# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001193125-25-246173
**Filing Date:** 2025-10
**Character Count:** 27929
**Document Hash:** d56fa2b1be01046619714cb9dd06d8f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-246173.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0001193125-25-246173

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust III
- **CENTRAL INDEX KEY:** 0000924727

**ORGANIZATION NAME:**
- **EIN:** 043236699
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08544
- **FILM NUMBER:** 251409191

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

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

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

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

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

## Series and Classes Contracts Data

### FPA Queens Road Small Cap Value Fund (Series ID: S000080694)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000244000 | Investor Class      | QRSVX           |
| C000244001 | Advisor Class       | QRSAX           |
| C000244002 | Institutional Class | QRSIX           |

## Nport-Ex

**FPA Queens Road Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number <br> of Shares |  | Value |
|  | **COMMON STOCKS — 89.6%** |  |
|  | **AEROSPACE & DEFENSE — 1.0%** |  |
| 109929 | Ducommun, Inc.\* | $**10027723** |
|  | **APPAREL & TEXTILE PRODUCTS — 5.1%** |  |
| 23807 | Deckers Outdoor Corp.\* | 2848031 |
| 878700 | Levi Strauss & Co. - Class A | 19656519 |
| 371552 | PVH Corp. | 31329265 |
|  |  | **53833815** |
|  | **BANKING — 6.4%** |  |
| 323282 | Axos Financial, Inc.\* | 29486551 |
| 97223 | Five Star Bancorp | 3185998 |
| 384754 | ServisFirst Bancshares, Inc. | 33916065 |
|  |  | **66588614** |
|  | **COMMERCIAL SUPPORT SERVICES — 2.5%** |  |
| 376114 | CSG Systems International, Inc. | 24131474 |
| 12712 | UniFirst Corp. | 2260448 |
|  |  | **26391922** |
|  | **CONSTRUCTION MATERIALS — 0.3%** |  |
| 34651 | Knife River Corp.\* | **2806731** |
|  | **CONSUMER SERVICES — 2.2%** |  |
| 917318 | Upbound Group, Inc. | **23309050** |
|  | **CONTAINERS & PACKAGING — 0.6%** |  |
| 272999 | Graphic Packaging Holding Co. | **6079688** |
|  | **ELECTRICAL EQUIPMENT — 2.3%** |  |
| 93761 | Littelfuse, Inc. | **24361921** |
|  | **ENGINEERING & CONSTRUCTION — 1.0%** |  |
| 139479 | Everus Construction Group, Inc.\* | **10940733** |
|  | **FOOD — 1.1%** |  |
| 331396 | Darling Ingredients, Inc.\* | 11254208 |
| 1796 | TreeHouse Foods, Inc.\* | 32939 |
|  |  | **11287147** |
|  | **GAS & WATER UTILITIES — 6.9%** |  |
| 1234938 | MDU Resources Group, Inc. | 20117140 |
| 486002 | New Jersey Resources Corp. | 22983035 |
| 832135 | UGI Corp. | 28825156 |
|  |  | **71925331** |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS — 0.3%** |  |
| 102635 | L B Foster Co. - Class A\* | **2671589** |
|  | **INDUSTRIAL SUPPORT SERVICES — 2.8%** |  |
| 258539 | MSC Industrial Direct Co., Inc. - Class A | 23327974 |
| 38669 | VSE Corp. | 6279846 |
|  |  | **29607820** |

---

**FPA Queens Road Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number <br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INSURANCE — 7.5%** |  |
| 589304 | CNO Financial Group, Inc. | $23259829 |
| 415832 | Horace Mann Educators Corp. | 19119955 |
| 528374 | RLI Corp. | 35786771 |
|  |  | **78166555** |
|  | **INTERNET MEDIA & SERVICES — 1.4%** |  |
| 406195 | IAC, Inc.\* | **14874861** |
|  | **MACHINERY — 8.4%** |  |
| 174475 | AGCO Corp. | 18876450 |
| 15520 | CSW Industrials, Inc. | 4245341 |
| 81171 | Graco, Inc. | 6931192 |
| 173045 | JBT Marel Corp. | 24795618 |
| 235640 | Oshkosh Corp. | 32841147 |
|  |  | **87689748** |
|  | **PUBLISHING & BROADCASTING — 1.3%** |  |
| 512340 | Scholastic Corp. | **13146644** |
|  | **REIT — 0.0%** |  |
| 393071 | Equity CommonWealth<sup>(a)</sup> | **—** |
|  | **RETAIL - CONSUMER STAPLES — 3.6%** |  |
| 270680 | Ingles Markets, Inc. - Class A | 18322329 |
| 139656 | Sprouts Farmers Market, Inc.\* | 19627254 |
|  |  | **37949583** |
|  | **RETAIL - DISCRETIONARY — 2.0%** |  |
| 343013 | Advance Auto Parts, Inc. | **20920363** |
|  | **SEMICONDUCTORS — 5.6%** |  |
| 136153 | Qorvo, Inc.\* | 12349077 |
| 297713 | Synaptics, Inc.\* | 20798230 |
| 1665006 | Vishay Intertechnology, Inc. | 25740993 |
|  |  | **58888300** |
|  | **SOFTWARE — 0.9%** |  |
| 180422 | Concentrix Corp. | **9519065** |
|  | **SPECIALTY FINANCE — 4.5%** |  |
| 850202 | MGIC Investment Corp. | 23661121 |
| 183711 | Nelnet, Inc., Class A | 23627072 |
|  |  | **47288193** |
|  | **TECHNOLOGY HARDWARE — 15.2%** |  |
| 229675 | Arrow Electronics, Inc.\* | 29014843 |
| 140039 | Fabrinet\* | 46393520 |
| 152493 | InterDigital, Inc. | 41433873 |
| 284230 | TD SYNNEX Corp. | 42085936 |
|  |  | **158928172** |

---

**FPA Queens Road Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number <br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY SERVICES — 2.3%** |  |
| 201610 | Science Applications International Corp. | $**23729497** |
|  | **TRANSPORTATION EQUIPMENT — 2.7%** |  |
| 539334 | REV Group, Inc. | **28697962** |
|  | **WHOLESALE - DISCRETIONARY — 1.7%** |  |
| 677440 | G-III Apparel Group Ltd.\* | **18290880** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $640,433,870) | **937921907** |
|  | **EXCHANGE-TRADED FUNDS — 4.4%** |  |
| 605802 | Vanguard 0-3 Month Treasury Bill ETF | 45804689 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $45,682,494) | **45804689** |
|  | **SHORT-TERM INVESTMENTS — 6.0%** |  |
|  | **MONEY MARKET INVESTMENTS — 6.0%** |  |
| 62300025 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.08%<sup>(b)</sup> | **62300025** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $62,300,025) | **62300025** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $748,416,389) | **1046026621** |
|  | Other Assets in Excess of Liabilities — 0.0% | 473888 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1046500509** |

---

ETF – Exchange-Traded Fund

REIT – Real Estate Investment Trust

\* Non-income producing security.

<sup>(a)</sup> Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Trustees. The total value of these securities is $0, which represents 0.00% of Total Net Assets.

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

**FPA Queens Road Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of August 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Initial Acquisition Date** | **Cost** | **Fair Value** | **Fair Value as a % of Net Assets** |
| Equity CommonWealth | 6/16/2025 | $- | $- | 0.00% |
|  |  | $- | $- | 0.00% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Investment Managers Series Trust III

- **b. Investment Company Act file number:** 811-08544

- **c. CIK number of Registrant:** 0000924727

- **d. LEI of Registrant:** 549300H7BXP5EUEHOJ64

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 W. Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 626-385-5777

**Item A.2. Information about the Series.**

- **a. Name of Series:** FPA Queens Road Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000080694

- **c. LEI of Series:** 5493000N6VDKZDLI5T83

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1047715295.37

**Total Liabilities:** $660862.69

**Net Assets:** $1047054432.68

**Cash Not Reported:** $1006530.70

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244000 | 3.79%                | 2.78%                | 4.29%                |
| Class ID C000244001 | 3.81%                | 2.77%                | 4.30%                |
| Class ID C000244002 | 3.82%                | 2.79%                | 4.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $258003.93               | $33390473.03                               |
| Month 2  | $3004641.07              | $22784261.77                               |
| Month 3  | $1639132.98              | $41085920.71                               |

### Schedule of Portfolio Investments

| Name                                       | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ESC EQUITY ESCROW ESCROW FOR 294628102   / | ESC EQUITY ESCROW ESCROW FOR 294628102   /     | CUSIP: 294ESC017<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    393071 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Advance Auto Parts Inc                     | Advance Auto Parts, Inc.                       | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |    343013 | NS      | $20920362.87  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                                  | AGCO Corp.                                     | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |    174475 | NS      | $18876450.25  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                      | Arrow Electronics, Inc.                        | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |    229675 | NS      | $29014842.75  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                         | Axos Financial, Inc.                           | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |    323282 | NS      | $29486551.22  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc                    | CNO Financial Group, Inc.                      | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    589304 | NS      | $23259828.88  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                            | Concentrix Corp.                               | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |    180422 | NS      | $9519064.72   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc              | CSG Systems International, Inc.                | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |    376114 | NS      | $24131474.24  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc                        | CSW Industrials, Inc.                          | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     15520 | NS      | $4245340.80   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                    | Darling Ingredients, Inc.                      | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    331396 | NS      | $11254208.16  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                               | Ducommun, Inc.                                 | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |    109929 | NS      | $10027723.38  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                       | Deckers Outdoor Corp.                          | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     23807 | NS      | $2848031.41   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc              | Everus Construction Group, Inc.                | CUSIP: 300426103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139479 | NS      | $10940732.76  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                   | Fabrinet                                       | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |    140039 | NS      | $46393520.31  | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                          | Five Star Bancorp                              | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |     97223 | NS      | $3185997.71   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| L B Foster Co                              | L B Foster Co. - Class A                       | CUSIP: 350060109<br>LEI: 549300AUUJGJ2T2L2179 | Long             | EC               | CORP              | US        |    102635 | NS      | $2671589.05   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                  | Graco, Inc.                                    | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     81171 | NS      | $6931191.69   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd                    | G-III Apparel Group Ltd.                       | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |    677440 | NS      | $18290880.00  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co               | Graphic Packaging Holding Co.                  | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    272999 | NS      | $6079687.73   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp                 | Horace Mann Educators Corp.                    | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |    415832 | NS      | $19119955.36  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                                    | IAC, Inc.                                      | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |    406195 | NS      | $14874860.90  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                           | InterDigital, Inc.                             | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    152493 | NS      | $41433873.03  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc                         | Ingles Markets, Inc. - Class A                 | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |    270680 | NS      | $18322329.20  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                             | JBT Marel Corp.                                | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    173045 | NS      | $24795618.05  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                           | Knife River Corp.                              | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34651 | NS      | $2806731.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co                          | Levi Strauss & Co.                             | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |    878700 | NS      | $19656519.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                             | Littelfuse, Inc.                               | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     93761 | NS      | $24361920.63  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc                    | MDU Resources Group, Inc.                      | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1234938 | NS      | $20117140.02  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Treasury Portfolio                   | MSILF Treasury Portfolio - Class Institutional | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |  62300025 | PA      | $62300024.80  | 5.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc               | MSC Industrial Direct Co., Inc. - Class A      | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |    258539 | NS      | $23327973.97  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                       | MGIC Investment Corp.                          | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    850202 | NS      | $23661121.66  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp                  | New Jersey Resources Corp.                     | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |    486002 | NS      | $22983034.58  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                                 | Nelnet, Inc. - Class A                         | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |    183711 | NS      | $23627071.71  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                               | Oshkosh Corp.                                  | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |    235640 | NS      | $32841146.80  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                                   | PVH Corp.                                      | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |    371552 | NS      | $31329264.64  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                  | Qorvo, Inc.                                    | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |    136153 | NS      | $12349077.10  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                              | REV Group, Inc.                                | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |    539334 | NS      | $28697962.14  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                   | RLI Corp.                                      | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |    528374 | NS      | $35786771.02  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati             | Science Applications International Corp.       | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |    201610 | NS      | $23729497.00  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                            | Scholastic Corp.                               | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    512340 | NS      | $13146644.40  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc                 | ServisFirst Bancshares, Inc.                   | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    384754 | NS      | $33916065.10  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc                 | Sprouts Farmers Market, Inc.                   | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |    139656 | NS      | $19627254.24  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                             | TD SYNNEX Corp.                                | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |    284230 | NS      | $42085936.10  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                              | Synaptics, Inc.                                | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |    297713 | NS      | $20798230.18  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc                        | TreeHouse Foods, Inc.                          | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |      1796 | NS      | $32938.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                   | UGI Corp.                                      | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    832135 | NS      | $28825156.40  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                           | UniFirst Corp.                                 | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     12712 | NS      | $2260447.84   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc                          | Upbound Group, Inc.                            | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |    917318 | NS      | $23309050.38  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard 0-3 Month Treasury Bi             | Vanguard 0-3 Month Treasury Bill ETF           | CUSIP: 922040845<br>LEI: 52990070DGBTWFWX8S21 | Long             |  | RF                | US        |    605802 | NS      | $45804689.22  | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                                   | VSE Corp.                                      | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |     38669 | NS      | $6279845.60   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc                 | Vishay Intertechnology, Inc.                   | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |   1665006 | NS      | $25740992.76  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-08

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President