# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001145549-25-048580
**Filing Date:** 2025-7
**Character Count:** 22005
**Document Hash:** 5c50f73a8654cb776bd2934ab251c924
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-048580.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001145549-25-048580

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250531

**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:** 251153872

**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           |

## 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:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $924017766.18

**Total Liabilities:** $14867727.46

**Net Assets:** $909150038.72

**Cash Not Reported:** $1775426.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244000 | -3.96%               | -2.29%               | 7.08%                |
| Class ID C000244001 | -3.95%               | -2.32%               | 7.07%                |
| Class ID C000244002 | -3.94%               | -2.29%               | 7.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10273917.90             | $-44663869.21                              |
| Month 2  | $-6592001.53             | $-12518637.45                              |
| Month 3  | $712861.19               | $57726430.44                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CSG Systems International Inc  | CSG Systems International, Inc.                        | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |    376114 | NS      | $24846090.84  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials, Inc.                                  | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     15520 | NS      | $4745860.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc        | Darling Ingredients, Inc.                              | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    331396 | NS      | $10326299.36  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                   | Ducommun, Inc.                                         | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |    109929 | NS      | $7736803.02   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp           | Deckers Outdoor Corp.                                  | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     23807 | NS      | $2512114.64   | 0.28%             |  |  |  | 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      | $8077228.89   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Enstar Group Ltd               | Enstar Group Ltd.                                      | CUSIP: G3075P101<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | BM        |     62211 | NS      | $20841307.11  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                       | Fabrinet                                               | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |    140039 | NS      | $32610881.93  | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL INC        | WESCO International, Inc.                              | CUSIP: 95082P303<br>LEI: 529900TXOGREY3WNJ434 | Long             | EP               | CORP              | US        |      4835 | NS      | $123389.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts, Inc.                               | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |    343013 | NS      | $16440613.09  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                      | AGCO Corp.                                             | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |    174475 | NS      | $17095060.50  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Angi Inc                       | Angi, Inc.                                             | CUSIP: 00183L201<br>LEI: 5493003ENY577E6SZL06 | Long             | EC               | CORP              | US        |    187037 | NS      | $2927129.05   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics, Inc.                                | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |    229675 | NS      | $27188926.50  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc             | Axos Financial, Inc.                                   | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |    323282 | NS      | $22481030.28  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd. - Class A             | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |     55915 | NS      | $3136831.50   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group, Inc.                              | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    589304 | NS      | $22369979.84  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                | Concentrix Corp.                                       | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |    180422 | NS      | $10097317.23  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp              | Five Star Bancorp                                      | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |     97223 | NS      | $2718355.08   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp.                                      | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34651 | NS      | $3260659.10   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co              | Levi Strauss & Co.                                     | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |    878700 | NS      | $15245445.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse, Inc.                                       | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     93761 | NS      | $19226630.66  | 2.11%             |  |  |  | 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      | $21228584.22  | 2.33%             |  |  |  | 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      | $1938775.15   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                      | Graco, Inc.                                            | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     81171 | NS      | $6871936.86   | 0.76%             |  |  |  | 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      | $19679632.00  | 2.16%             |  |  |  | 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      | $6066037.78   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp     | Horace Mann Educators Corp.                            | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |    415832 | NS      | $18059583.76  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                        | IAC, Inc.                                              | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |    356195 | NS      | $12808772.20  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital, Inc.                                     | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153793 | NS      | $33413067.18  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc             | Ingles Markets, Inc. - Class A                         | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |    125198 | NS      | $7799835.40   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                 | JBT Marel Corp.                                        | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    173045 | NS      | $19867296.45  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Treasury Portfolio       | MSILF Treasury Portfolio - Class Institutional USD INC | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |  93706002 | PA      | $93706002.24  | 10.31%            |  |  |  | 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      | $20993366.80  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp.                                  | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    850202 | NS      | $22487842.90  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp      | New Jersey Resources Corp.                             | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |    436002 | NS      | $20008131.78  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                     | Nelnet, Inc. - Class A                                 | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |     56879 | NS      | $6608202.22   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp.                                          | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |    235640 | NS      | $23373131.60  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp.                                              | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |    371552 | NS      | $31124911.04  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                      | Qorvo, Inc.                                            | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |    136153 | NS      | $10350351.06  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                  | REV Group, Inc.                                        | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |    539334 | NS      | $20219631.66  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                       | RLI Corp.                                              | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |    372659 | NS      | $28646297.33  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp.               | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |    201610 | NS      | $23294019.40  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                | Scholastic Corp.                                       | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    483801 | NS      | $8355243.27   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares, Inc.                           | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    384754 | NS      | $28637240.22  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc     | Sprouts Farmers Market, Inc.                           | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |    139656 | NS      | $24140936.16  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                 | TD SYNNEX Corp.                                        | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |    284230 | NS      | $34488468.20  | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                  | Synaptics, Inc.                                        | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |    297713 | NS      | $17493615.88  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc            | TreeHouse Foods, Inc.                                  | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |    154992 | NS      | $3481120.32   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp.                                              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    832135 | NS      | $30006788.10  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA               | UniFirst Corp.                                         | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     12712 | NS      | $2396974.72   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group, Inc.                                    | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |    844867 | NS      | $19381248.98  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                       | VSE Corp.                                              | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |     55401 | NS      | $7207116.09   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology, Inc.                           | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |   1665006 | NS      | $23426634.42  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-10

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President