# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001193125-26-170722
**Filing Date:** 2026-4
**Character Count:** 29288
**Document Hash:** c4209df5a513e541543d01bb7508e252
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-170722.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001193125-26-170722

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**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:** 26884544

**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 February 28, 2026 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 86.7%** |  |
|  | **AEROSPACE & DEFENSE — 1.1%** |  |
| 109929 | Ducommun, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13586125** |
|  | **APPAREL & TEXTILE PRODUCTS — 3.9%** |  |
| 878700 | Levi Strauss & Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19471992 |
| 387628 | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26591281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46063273** |
|  | **BANKING — 5.5%** |  |
| 323282 | Axos Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28067343 |
| 120104 | Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675649 |
| 404754 | ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32789122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65532114** |
|  | **COMMERCIAL SUPPORT SERVICES — 2.1%** |  |
| 305956 | CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24445884** |
|  | **CONSUMER SERVICES — 1.9%** |  |
| 1055661 | Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22643928** |
|  | **CONTAINERS & PACKAGING — 0.4%** |  |
| 363852 | Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4449910** |
|  | **ELECTRICAL EQUIPMENT — 2.8%** |  |
| 93761 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33047002** |
|  | **ENGINEERING & CONSTRUCTION — 0.4%** |  |
| 43519 | Everus Construction Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5260142** |
|  | **FOOD — 1.5%** |  |
| 331396 | Darling Ingredients, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17617011** |
|  | **GAS & WATER UTILITIES — 9.5%** |  |
| 1358295 | MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28089540 |
| 704091 | New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38189896 |
| 1228590 | UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45961552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**112240988** |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS — 0.3%** |  |
| 102635 | L B Foster Co. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3153974** |
|  | **INDUSTRIAL SUPPORT SERVICES — 2.0%** |  |
| 258539 | MSC Industrial Direct Co., Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24261300** |
|  | **INSURANCE — 7.8%** |  |
| 675283 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28233582 |
| 415832 | Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18092850 |
| 750524 | RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46772656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93099088** |
|  | **INTERNET MEDIA & SERVICES — 1.1%** |  |
| 341303 | IAC, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13078731** |
|  | **MACHINERY — 11.5%** |  |
| 224475 | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30640837 |

---

------

#### FPA Queens Road Small Cap Value Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of February 28, 2026 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MACHINERY (Continued)** |  |
| 14730 | CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4335481 |
| 81171 | Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7623580 |
| 173045 | JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26648930 |
| 235640 | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40063513 |
| 394682 | Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27150175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**136462516** |
|  | **PUBLISHING & BROADCASTING — 1.9%** |  |
| 631707 | Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21964452** |
|  | **RETAIL - CONSUMER STAPLES — 4.2%** |  |
| 356802 | Ingles Markets, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30363850 |
| 264656 | Sprouts Farmers Market, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19550139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49913989** |
|  | **RETAIL - DISCRETIONARY — 1.6%** |  |
| 347996 | Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18502947** |
|  | **SEMICONDUCTORS — 5.0%** |  |
| 332713 | Synaptics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27102801 |
| 1735006 | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32479312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59582113** |
|  | **SOFTWARE — 0.3%** |  |
| 125731 | Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4123977** |
|  | **SPECIALTY FINANCE — 5.6%** |  |
| 204989 | First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14371779 |
| 941532 | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24978844 |
| 213043 | Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27580547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66931170** |
|  | **TECHNOLOGY HARDWARE — 11.8%** |  |
| 249675 | Arrow Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37990548 |
| 43673 | Fabrinet\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23829299 |
| 90289 | InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33093627 |
| 284230 | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44570107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**139483581** |
|  | **TECHNOLOGY SERVICES — 1.2%** |  |
| 154904 | Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14291443** |
|  | **WHOLESALE - DISCRETIONARY — 3.3%** |  |
| 232171 | ePlus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18726913 |
| 677440 | G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20722890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39449803** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $716,249,826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1029185461** |

---

------

#### FPA Queens Road Small Cap Value Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of February 28, 2026 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 3.9%** |  |
| 605802 | Vanguard 0-3 Month Treasury Bill ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45810747 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | (Cost $45,682,494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45810747** |
|  | **SHORT-TERM INVESTMENTS — 10.7%** |  |
|  | **MONEY MARKET INVESTMENTS — 10.7%** |  |
| 127484256 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.50%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**127484256** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | (Cost $127,484,256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**127484256** |
|  | **TOTAL INVESTMENTS — 101.3%** |  |
|  | (Cost $889,416,576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1202480464** |
|  | Liabilities in Excess of Other Assets — (1.3)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15642156) |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1186838308** |

---

ETF – Exchange-Traded Fund

\*Non-income producing security. <br> <sup>(a)</sup>The rate is the annualized seven-day yield at period end.

## 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:** 2026-02-28

**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:** $1203366580.08

**Total Liabilities:** $16500481.46

**Net Assets:** $1186866098.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244000 | -0.98%               | 5.62%                | 4.47%                |
| Class ID C000244001 | -0.97%               | 5.64%                | 4.46%                |
| Class ID C000244002 | -0.97%               | 5.65%                | 4.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $212984.87               | $-12265024.18                              |
| Month 2  | $243865.10               | $59081999.26                               |
| Month 3  | $39029155.94             | $11929014.45                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advance Auto Parts Inc         | Advance Auto Parts, Inc.                       | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |    347996 | NS      | $18502947.32  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                      | AGCO Corp.                                     | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |    224475 | NS      | $30640837.50  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics, Inc.                        | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |    249675 | NS      | $37990548.00  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc             | Axos Financial, Inc.                           | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |    323282 | NS      | $28067343.24  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group, Inc.                      | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    675283 | NS      | $28233582.23  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                | Concentrix Corp.                               | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |    125731 | NS      | $4123976.80   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc  | CSG Systems International, Inc.                | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |    305956 | NS      | $24445884.40  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials, Inc.                          | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     14730 | NS      | $4335480.90   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc        | Darling Ingredients, Inc.                      | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    331396 | NS      | $17617011.36  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                   | Ducommun, Inc.                                 | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |    109929 | NS      | $13586125.11  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc  | Everus Construction Group, Inc.                | CUSIP: 300426103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43519 | NS      | $5260141.53   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp  | First American Financial Corp.                 | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    204989 | NS      | $14371778.79  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Treasury Portfolio       | MSILF Treasury Portfolio - Class Institutional | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        | 130008924 | PA      | $130008923.92 | 10.95%            |  |  |  | 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      | $24261299.76  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp.                          | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    941532 | NS      | $24978843.96  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp      | New Jersey Resources Corp.                     | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |    704091 | NS      | $38189895.84  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                     | Nelnet, Inc. - Class A                         | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |    213043 | NS      | $27580546.78  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp.                                  | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |    235640 | NS      | $40063512.80  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                      | ePlus, Inc.                                    | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |    232171 | NS      | $18726912.86  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp.                                      | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |    387628 | NS      | $26591280.80  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                       | RLI Corp.                                      | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |    750524 | NS      | $46772655.68  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp.       | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |    154904 | NS      | $14291443.04  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                | Scholastic Corp.                               | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    631707 | NS      | $21964452.39  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares, Inc.                   | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    404754 | NS      | $32789121.54  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc     | Sprouts Farmers Market, Inc.                   | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |    264656 | NS      | $19550138.72  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                 | TD SYNNEX Corp.                                | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |    284230 | NS      | $44570106.30  | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                  | Synaptics, Inc.                                | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |    332713 | NS      | $27102800.98  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                     | Terex Corp.                                    | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |    394682 | NS      | $27150174.78  | 2.29%             |  |  |  | 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      | $20722889.60  | 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        |    363852 | NS      | $4449909.96   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp     | Horace Mann Educators Corp.                    | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |    415832 | NS      | $18092850.32  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                        | IAC, Inc.                                      | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |    341303 | NS      | $13078730.96  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital, Inc.                             | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90289 | NS      | $33093627.17  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc             | Ingles Markets, Inc. - Class A                 | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |    356802 | NS      | $30363850.20  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                 | JBT Marel Corp.                                | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    173045 | NS      | $26648930.00  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co              | Levi Strauss & Co.                             | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |    878700 | NS      | $19471992.00  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse, Inc.                               | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     93761 | NS      | $33047002.06  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group, Inc.                      | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1358295 | NS      | $28089540.60  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                       | Fabrinet                                       | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |     43673 | NS      | $23829298.99  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp              | Five Star Bancorp                              | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |    120104 | NS      | $4675648.72   | 0.39%             |  |  |  | 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      | $3153973.55   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                      | Graco, Inc.                                    | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     81171 | NS      | $7623580.32   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp.                                      | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |   1228590 | NS      | $45961551.90  | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group, Inc.                            | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |   1055661 | NS      | $22643928.45  | 1.91%             |  |  |  | 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      | $45810747.24  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology, Inc.                   | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |   1735006 | NS      | $32479312.32  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-12

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President