# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001193125-26-079550
**Filing Date:** 2026-2
**Character Count:** 36437
**Document Hash:** 05131fa985927d48f9da510412ea433b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-079550.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-079550

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**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:** 26693087

**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 December 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 97.4%** |  |
|  | **AEROSPACE & DEFENSE — 3.1%** |  |
| 26154 | Safran S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9140940** |
|  | **APPAREL & TEXTILE PRODUCTS — 1.7%** |  |
| 22578 | Cie Financiere Richemont S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4904109** |
|  | **BANKING — 5.0%** |  |
| 102336 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11941588 |
| 31826 | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14907771** |
|  | **BEVERAGES — 8.6%** |  |
| 149180 | Heineken Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10939739 |
| 292344 | JDE Peet's N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10945907 |
| 44133 | Pernod Ricard S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25676985** |
|  | **BIOTECH & PHARMA — 1.1%** |  |
| 22850 | Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3292217** |
|  | **CABLE & SATELLITE — 5.2%** |  |
| 11045 | Charter Communications, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305644 |
| 352137 | Comcast Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10525375 |
| 52280 | Liberty Broadband Corp. - Class C\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15371827** |
|  | **CHEMICALS — 6.5%** |  |
| 209156 | Azelis Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298231 |
| 30497 | IMCD N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771871 |
| 151885 | International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10235530 |
| 618400 | Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19441064** |
|  | **COMMERCIAL SUPPORT SERVICES — 2.5%** |  |
| 81329 | Eurofins Scientific S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964057 |
| 26466 | Sodexo S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7323252** |
|  | **CONSTRUCTION MATERIALS — 3.6%** |  |
| 122052 | Amrize Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713553 |
| 40719 | Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10710914** |
|  | **E-COMMERCE DISCRETIONARY — 3.1%** |  |
| 40292 | Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9300199** |
|  | **ELECTRIC UTILITIES — 0.2%** |  |
| 35754 | PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**574567** |
|  | **ELECTRICAL EQUIPMENT — 3.7%** |  |
| 48900 | TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11125239** |

---

------

#### FPA Global Equity ETF

#### SCHEDULE OF INVESTMENTS - Continued

#### As of December 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION — 1.9%** |  |
| 33926 | Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$5640399** |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |
| 7317 | Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**178768** |
|  | **FOOD — 1.3%** |  |
|  | **HEALTH CARE FACILITIES & SVCS — 1.8%** |  |
| 29304 | ICON PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5339775** |
|  | **HOME CONSTRUCTION — 1.8%** |  |
| 105612 | Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5282712** |
|  | **HOUSEHOLD PRODUCTS — 0.0%** |  |
| 4200 | Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61080** |
|  | **INSURANCE — 2.7%** |  |
| 22302 | Aon PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7869930** |
|  | **INTERNET MEDIA & SERVICES — 15.6%** |  |
| 32908 | Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300204 |
| 42109 | Alphabet, Inc. - Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13213804 |
| 27364 | Delivery Hero S.E.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730634 |
| 17622 | Meta Platforms, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11632106 |
| 127248 | Prosus N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7903287 |
| 29854 | Uber Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46219405** |
|  | **LEISURE FACILITIES & SERVICES — 2.6%** |  |
| 11593 | Marriott International, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596612 |
| 32132 | Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7863742** |
|  | **MACHINERY — 0.5%** |  |
| 41200 | Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1371142** |
|  | **MEDICAL EQUIPMENT & DEVICES — 6.7%** |  |
| 124074 | Avantor, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421888 |
| 56799 | Becton, Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11022982 |
| 12003 | Bio-Rad Laboratories, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636789 |
| 6618 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19916459** |
|  | **METALS & MINING — 3.2%** |  |
| 1327107 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7272667 |
| 243058 | Grupo Mexico S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9569958** |
|  | **OIL & GAS PRODUCERS — 1.2%** |  |
| 124982 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3435755** |
|  | **OIL & GAS SERVICES & EQUIP — 1.3%** |  |
| 250080 | NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3908750** |

---

------

#### FPA Global Equity ETF

#### SCHEDULE OF INVESTMENTS - Continued

#### As of December 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.3%** |  |
| 115933 | Swire Pacific Ltd. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$933995** |
|  | **RETAIL - DISCRETIONARY — 2.9%** |  |
| 88594 | CarMax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423272 |
| 23462 | Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5223345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8646617** |
|  | **SEMICONDUCTORS — 6.5%** |  |
| 50737 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13759874 |
| 2945 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019265 |
| 21170 | NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19374299** |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |
| 17082 | Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1155412** |
|  | **TECHNOLOGY SERVICES — 1.3%** |  |
| 71435 | LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4001808** |
|  | **TRANSPORTATION EQUIPMENT — 1.0%** |  |
| 13194 | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2816259** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $247,160,088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**289306433** |
|  | **EXCHANGE-TRADED FUNDS — 2.3%** |  |
| 39970 | iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012189 |
| 19743 | Vanguard Total World Stock ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784947 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | (Cost $6,040,520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6797136** |
|  | **TOTAL INVESTMENTS — 99.7%** |  |
|  | (Cost $253,200,608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**296103569** |
|  | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875505 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$296979074** |

---

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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $298726141.76

**Total Liabilities:** $1746545.95

**Net Assets:** $296979595.81

**Cash Not Reported:** $1301019.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247942 | 1.17%                | 1.55%                | 1.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14895560.32            | $379422.98                                 |
| Month 2  | $4290965.73              | $-178650.90                                |
| Month 3  | $-1611868.99             | $42820052.46                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Azelis Group Nv                           | Azelis Group Nv NPV                                      | CUSIP: B0R5SJ106<br>LEI: N/A                  | Long             | EC               | CORP              | BE        |    209156 | NS      | $2298231.21   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                          | Pernod Ricard SA EUR1.55                                 | CUSIP: F72027109<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |     44133 | NS      | $3791338.90   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sodexo S.A.                               | Sodexo S.A. EUR4                                         | CUSIP: F84941123<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |     25424 | NS      | $1305681.04   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                 | Safran SA EUR0.20                                        | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     26154 | NS      | $9140940.10   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck KGaA                                | Merck KGaA NPV                                           | CUSIP: D5357W103<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |     22850 | NS      | $3292217.01   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Delivery Hero SE                          | DELIVERY HERO SE /EUR/                                   | CUSIP: D1T0KZ103<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |     27364 | NS      | $730633.68    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Swire Pacific Ltd.                        | Swire Pacific Ltd. 'A' NPV                               | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |    115933 | NS      | $933994.51    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Icon PLC                                  | Icon PLC ORD EUR0.06                                     | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     29304 | NS      | $5339774.88   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                   | Aon PLC SHS CL A                                         | CUSIP: G0403H108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     22302 | NS      | $7869929.76   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                       | TE Connectivity PLC ORD SHS                              | CUSIP: G87052109<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     48900 | NS      | $11125239.00  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd.                          | Nintendo Co Ltd. NPV                                     | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     17082 | NS      | $1155412.35   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Paint Holdings Co Ltd.             | Nippon Paint Holdings Co Ltd. NPV                        | CUSIP: J55053128<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |    618400 | NS      | $4135431.56   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Shiseido Co Ltd.                          | Shiseido Co Ltd. NPV                                     | CUSIP: J74358144<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4200 | NS      | $61080.18     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshizaki Corp.                           | Hoshizaki Corp. NPV                                      | CUSIP: J23254105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     41200 | NS      | $1371141.47   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexon Co Ltd.                             | Nexon Co Ltd. NPV                                        | CUSIP: J4914X104<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |      7317 | NS      | $178767.61    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                              | Glencore PLC ORD USD0.01                                 | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   1327107 | NS      | $7272666.51   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurofins Scientific SE                    | Eurofins Scientific SE EUR0.01                           | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     81329 | NS      | $5964057.22   | 2.01%             |  |  |  | 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        |    243058 | NS      | $2297291.22   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| IMCD NV                                   | IMCD NV EUR0.16                                          | CUSIP: N4447S106<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |     30497 | NS      | $2771871.33   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnum Ice Cream Co. NV (The)             | Magnum Ice Cream Co. NV (The) ORD EUR3.50 (DI)           | CUSIP: N5505D105<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |    179954 | NS      | $2879538.08   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                     | NXP Semiconductors NV EUR0.20                            | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     21170 | NS      | $4595160.20   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnum Ice Cream Co. NV (The)             | Magnum Ice Cream Co. NV (The) ORD EUR3.50 (DI)           | CUSIP: N5505D105<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |     50061 | NS      | $793466.85    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp                                   | LG Corp KRW5000                                          | CUSIP: Y52755108<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     71435 | NS      | $4001807.99   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corporation                   | Samsung C&T Corporation KRW100                           | CUSIP: Y7T71K106<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |     33926 | NS      | $5640399.15   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                                 | Holcim AG CHF2 (REGD)                                    | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     40719 | NS      | $3997360.74   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Financiere Richemont Sa         | Compagnie Financiere Richemont Sa CHF1 (REGD)            | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     22578 | NS      | $4904109.20   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize Ltd.                               | Amrize Ltd. USD0.01                                      | CUSIP: H2927K103<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    122052 | NS      | $6713553.39   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                             | Alphabet Inc. CAP USD0.001 CL C                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     42109 | NS      | $13213804.20  | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                             | Alphabet Inc. CAP STK USD0.001 CL A                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     32908 | NS      | $10300204.00  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                          | Amazon.com, Inc. COM USD0.01                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     40292 | NS      | $9300199.44   | 3.13%             |  |  |  | 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        |     50737 | NS      | $13759874.40  | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                               | Avantor Inc COM USD0.01                                  | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124074 | NS      | $1421888.04   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company             | Becton, Dickinson and Company COM USD1.00                | CUSIP: 075887109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56799 | NS      | $11022981.93  | 3.71%             |  |  |  | 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        |     12003 | NS      | $3636788.97   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                              | Broadcom Inc COM USD0.001                                | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2945 | NS      | $1019264.50   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                | Carmax Inc COM USD0.50                                   | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |     88594 | NS      | $3423272.16   | 1.15%             |  |  |  | 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        |     12083 | NS      | $2522326.25   | 0.85%             |  |  |  | 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        |    105612 | NS      | $5282712.24   | 1.78%             |  |  |  | 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        |    151885 | NS      | $10235530.15  | 3.45%             |  |  |  | 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        |     39970 | NS      | $4012188.60   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                       | Kinder Morgan, Inc. COM USD0.01                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    124982 | NS      | $3435755.18   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corporation             | Liberty Broadband Corporation COM USD0.01 CLASS C        | CUSIP: 530307305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48164 | NS      | $2340770.40   | 0.79%             |  |  |  | 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        |     11593 | NS      | $3596612.32   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                  | NOV Inc. COM                                             | CUSIP: 62955J103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    250080 | NS      | $3908750.40   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                          | PG&E Corporation COM NPV                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     35754 | NS      | $574566.78    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc              | Thermo Fisher Scientific Inc COM USD1                    | CUSIP: 883556102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6618 | NS      | $3834800.10   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                     | Uber Technologies Inc COM USD0.00001                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     29854 | NS      | $2439370.34   | 0.82%             |  |  |  | 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        |     32132 | NS      | $4267129.60   | 1.44%             |  |  |  | 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        |     19743 | NS      | $2784947.58   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabtec Corp                               | Wabtec Corp COM USD0.01                                  | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |     13194 | NS      | $2816259.30   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                         | Wells Fargo & Co. COM USD1.666                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     31826 | NS      | $2966183.20   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnum Ice Cream Co. NV (The)             | Magnum Ice Cream Co. NV (The) ORD EUR3.50 (DI)           | CUSIP: N5505D105<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |     17520 | NS      | $278079.38    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding N.V.                     | Heineken Holding N.V. EUR1.60                            | CUSIP: N39338194<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |    149180 | NS      | $10939739.29  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                 | Prosus NV EUR0.05 (N SHARES)                             | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    127248 | NS      | $7903286.69   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE Peets N.V                             | JDE Peets N.V EUR0.01                                    | CUSIP: N44664105<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |    292344 | NS      | $10945906.55  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                            | Citigroup Inc. COM USD0.01                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    102336 | NS      | $11941587.84  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                       | Comcast Corporation COM USD0.01 CL A                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    352137 | NS      | $10525374.93  | 3.54%             |  |  |  | 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        |     17622 | NS      | $11632105.98  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                  | Ferguson Enterprises Inc COMMON STOCK NEW                | CUSIP: 31488V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23462 | NS      | $5223345.06   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-07

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President