# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001145549-25-052881
**Filing Date:** 2025-8
**Character Count:** 32258
**Document Hash:** b9e64b528b5954b71a64a6b3cc63e8bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052881.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001145549-25-052881

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20250930

**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:** 251248194

**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 Global Equity ETF (Series ID: S000083872)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000247942 | FPA Global Equity ETF | FPAG            |

## Nport-Ex

#### FPA Global Equity ETF

#### SCHEDULE OF INVESTMENTS

#### As of June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 96.1%** |  |
|  | **AEROSPACE & DEFENSE — 4.6%** |  |
| 11069 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2060273 |
| 23883 | Safran S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7761889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9822162** |
|  | **APPAREL & TEXTILE PRODUCTS — 1.7%** |  |
| 19134 | Cie Financiere Richemont S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3603978** |
|  | **BANKING — 7.5%** |  |
| 129276 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11003973 |
| 61797 | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15955149** |
|  | **BEVERAGES — 7.5%** |  |
| 98773 | Heineken Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7359115 |
| 206716 | JDE Peet's N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902467 |
| 28871 | Pernod Ricard S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16138709** |
|  | **CABLE & SATELLITE — 6.9%** |  |
| 14112 | Charter Communications, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5769127 |
| 254250 | Comcast Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9074182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14843309** |
|  | **CHEMICALS — 3.2%** |  |
| 93140 | International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6850447** |
|  | **COMMERCIAL SUPPORT SERVICES — 1.9%** |  |
| 57496 | Eurofins Scientific S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4093445** |
|  | **CONSTRUCTION MATERIALS — 5.1%** |  |
| 87727 | Amrize Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376123 |
| 86683 | Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10810843** |
|  | **E-COMMERCE DISCRETIONARY — 3.4%** |  |
| 32962 | Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231533 |
| 4147 | Vipshop Holdings Ltd. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7293945** |
|  | **ELECTRIC UTILITIES — 0.2%** |  |
| 25850 | PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**360349** |
|  | **ELECTRICAL EQUIPMENT — 4.5%** |  |
| 57323 | TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9668670** |
|  | **ENGINEERING & CONSTRUCTION — 1.4%** |  |
| 24392 | Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2917063** |
|  | **ENTERTAINMENT CONTENT — 1.1%** |  |
| 112897 | Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2281381** |
|  | **HEALTH CARE FACILITIES & SVCS — 1.4%** |  |
| 21339 | ICON PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3103758** |

---

------

#### FPA Global Equity ETF

#### SCHEDULE OF INVESTMENTS - Continued

#### As of June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **HOME CONSTRUCTION — 1.1%** |  |
| 47338 | Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2436960** |
|  | **HOUSEHOLD PRODUCTS — 0.3%** |  |
| 31100 | Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**555785** |
|  | **INSURANCE — 2.9%** |  |
| 17183 | Aon PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6130207** |
|  | **INTERNET MEDIA & SERVICES — 15.7%** |  |
| 34205 | Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027947 |
| 34645 | Alphabet, Inc. - Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145677 |
| 19374 | Delivery Hero S.E.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524212 |
| 17503 | Meta Platforms, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12918789 |
| 101234 | Prosus N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660731 |
| 24310 | Uber Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33545479** |
|  | **LEISURE FACILITIES & SERVICES — 3.0%** |  |
| 10389 | Marriott International, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838379 |
| 22402 | Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6358405** |
|  | **MACHINERY — 0.4%** |  |
| 27300 | Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**943334** |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.4%** |  |
| 8707 | Bio-Rad Laboratories, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101173 |
| 2047 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2931150** |
|  | **METALS & MINING — 2.2%** |  |
| 946062 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682863 |
| 183359 | Grupo Mexico S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4789496** |
|  | **OIL & GAS PRODUCERS — 1.2%** |  |
| 90270 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2653938** |
|  | **OIL & GAS SERVICES & EQUIP — 0.9%** |  |
| 157690 | NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1960087** |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.3%** |  |
| 81933 | Swire Pacific Ltd. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**701915** |
|  | **RETAIL - DISCRETIONARY — 4.6%** |  |
| 53424 | CarMax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590627 |
| 28335 | Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9760573** |
|  | **SEMICONDUCTORS — 7.2%** |  |
| 45545 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10840621 |
| 2623 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723030 |

---

------

#### FPA Global Equity ETF

#### SCHEDULE OF INVESTMENTS - Continued

#### As of June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SEMICONDUCTORS (Continued)** |  |
| 17202 | NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3758465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15322116** |
|  | **TECHNOLOGY HARDWARE — 2.1%** |  |
| 45702 | Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4405012** |
|  | **TECHNOLOGY SERVICES — 1.4%** |  |
| 51352 | LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3028763** |
|  | **TRANSPORTATION EQUIPMENT — 1.0%** |  |
| 10093 | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2112970** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $172,984,894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**205379398** |
|  | **EXCHANGE-TRADED FUNDS — 3.3%** |  |
| 48123 | iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845505 |
| 16777 | Vanguard Total World Stock ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156180 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | (Cost $6,450,934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7001685** |
|  | **TOTAL INVESTMENTS — 99.4%** |  |
|  | (Cost $179,435,828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**212381083** |
|  | Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359766 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$213740849** |

---

ADR – American Depository Receipt <br> ETF – Exchange-Traded Fund <br> PLC – Public Limited Company

\*Non-income producing security.

## 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 Global Equity ETF

- **b. EDGAR series identifier (if any):** S000083872

- **c. LEI of Series:** 984500846E7BP4DC9B68

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $214000389.34

**Total Liabilities:** $258876.38

**Net Assets:** $213741512.96

**Cash Not Reported:** $1255472.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247942 | 0.30%                | 6.83%                | 6.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-68453.63               | $435262.95                                 |
| Month 2  | $658693.98               | $11386543.37                               |
| Month 3  | $995751.49               | $11342012.64                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Shiseido Co Ltd.                          | Shiseido Co Ltd. NPV                                     | CUSIP: J74358144<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31100 | NS      | $555785.22    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshizaki Corp.                           | Hoshizaki Corp. NPV                                      | CUSIP: J23254105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27200 | NS      | $939878.48    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexon Co Ltd.                             | Nexon Co Ltd. NPV                                        | CUSIP: J4914X104<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |    112897 | NS      | $2281380.99   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                              | Glencore PLC ORD USD0.01                                 | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    946062 | NS      | $3682863.52   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Vipshop Holdings Ltd.                     | Vipshop Holdings Ltd. SPON ADS EA REP 0.2 ORD A          | CUSIP: 92763W103<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      3255 | NS      | $48987.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                          | Pernod Ricard SA EUR1.55                                 | CUSIP: F72027109<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |     28871 | NS      | $2877127.04   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                 | Safran SA EUR0.20                                        | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     23883 | NS      | $7761889.01   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Delivery Hero SE                          | DELIVERY HERO SE /EUR/                                   | CUSIP: D1T0KZ103<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |     19374 | NS      | $524212.22    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Swire Pacific Ltd.                        | Swire Pacific Ltd. 'A' NPV                               | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |     81933 | NS      | $701914.57    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Icon PLC                                  | Icon PLC ORD EUR0.06                                     | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     21339 | NS      | $3103757.55   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                   | Aon PLC SHS CL A                                         | CUSIP: G0403H108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     17183 | NS      | $6130207.08   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                       | TE Connectivity PLC ORD SHS                              | CUSIP: G87052109<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     57323 | NS      | $9668670.41   | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd.                          | Nintendo Co Ltd. NPV                                     | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     45702 | NS      | $4405012.05   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                            | Citigroup Inc. COM USD0.01                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    129276 | NS      | $11003973.12  | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                       | Comcast Corporation COM USD0.01 CL A                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    248925 | NS      | $8884133.25   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                        | Meta Platforms Inc COM USD0.000006 CL 'A'                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     17503 | NS      | $12918789.27  | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                  | Ferguson Enterprises Inc COMMON STOCK NEW                | CUSIP: 31488V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28042 | NS      | $6106145.50   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc            | Fortune Brands Innovations Inc USD0.01                   | CUSIP: 34964C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43194 | NS      | $2223627.12   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                      | Howmet Aerospace Inc COM                                 | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     11069 | NS      | $2060272.97   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.   | International Flavors & Fragrances Inc. COM USD0.125     | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     91186 | NS      | $6706730.30   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                             | iShares Trust ISHARES 0-3 MONTH TREASURY BOND ETF        | CUSIP: 46436E718<br>LEI: N/A                  | Long             | EC               | RF                | US        |     65123 | NS      | $6557234.87   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                       | Kinder Morgan, Inc. COM USD0.01                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     89849 | NS      | $2641560.60   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.              | Marriott International, Inc. COM USD0.01 CLASS A         | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     10389 | NS      | $2838378.69   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                  | NOV Inc. COM                                             | CUSIP: 62955J103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157690 | NS      | $1960086.70   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                          | PG&E Corporation COM NPV                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     25306 | NS      | $352765.64    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                     | Uber Technologies Inc COM USD0.00001                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     24034 | NS      | $2242372.20   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                        | Vail Resorts, Inc. COM STK USD0.01                       | CUSIP: 91879Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22402 | NS      | $3520026.26   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds | Vanguard International Equity Index Funds TT WRLD ST ETF | CUSIP: 922042742<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     16777 | NS      | $2156180.04   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabtec Corp                               | Wabtec Corp COM USD0.01                                  | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      9974 | NS      | $2088056.90   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                         | Wells Fargo & Co. COM USD1.666                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     61797 | NS      | $4951175.64   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurofins Scientific SE                    | Eurofins Scientific SE EUR0.01                           | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     57496 | NS      | $4093444.79   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                    | Grupo Mexico SAB de CV SER'B'COM NPV                     | CUSIP: P49538112<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    183359 | NS      | $1106632.56   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding N.V.                     | Heineken Holding N.V. EUR1.60                            | CUSIP: N39338194<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |     98773 | NS      | $7359115.58   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                 | Prosus NV EUR0.05 (N SHARES)                             | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    101234 | NS      | $5660730.49   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE Peets N.V                             | JDE Peets N.V EUR0.01                                    | CUSIP: N44664105<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |    206716 | NS      | $5902466.86   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                     | NXP Semiconductors NV EUR0.20                            | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     16994 | NS      | $3713019.06   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp                                   | LG Corp KRW5000                                          | CUSIP: Y52755108<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     51352 | NS      | $3028763.49   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corporation                   | Samsung C&T Corporation KRW100                           | CUSIP: Y7T71K106<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |     24392 | NS      | $2917063.43   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                                 | Holcim AG CHF2 (REGD)                                    | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     86683 | NS      | $6434720.15   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Financiere Richemont Sa         | Compagnie Financiere Richemont Sa CHF1 (REGD)            | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     19134 | NS      | $3603977.94   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize Ltd.                               | Amrize Ltd. USD0.01                                      | CUSIP: H2927K103<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     87727 | NS      | $4376122.83   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                             | Alphabet Inc. CAP USD0.001 CL C                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     34645 | NS      | $6145676.55   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                             | Alphabet Inc. CAP STK USD0.001 CL A                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     34205 | NS      | $6027947.15   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                          | Amazon.com, Inc. COM USD0.01                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     32532 | NS      | $7137195.48   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                       | Analog Devices Inc. COM USD0.16 2/3                      | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     45545 | NS      | $10840620.90  | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories, Inc.                | Bio-Rad Laboratories, Inc. CLASS'A'COM USD0.0001         | CUSIP: 090572207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8707 | NS      | $2101173.24   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                              | Broadcom Inc COM USD0.001                                | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2623 | NS      | $723029.95    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                | Carmax Inc COM USD0.50                                   | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |     53424 | NS      | $3590627.04   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.              | Charter Communications, Inc. COM USD0.001 CLASS A        | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     13805 | NS      | $5643622.05   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-07

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President