# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001104659-26-004258
**Filing Date:** 2026-1
**Character Count:** 35691
**Document Hash:** 2fbf3925772d313c98168bb095ea04f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-004258.hdr.sgml**: 20260116

**ACCESSION NUMBER**: 0001104659-26-004258

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260116

**DATE AS OF CHANGE**: 20260116

**EFFECTIVENESS DATE**: 20260116

**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:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289195
- **FILM NUMBER:** 26537563

**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

Filed with the Securities and Exchange Commission on January 16, 2026

1933 Act Registration File No.: 333-289195

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** ☒

☐ Pre-Effective Amendment No.

☒ Post-Effective Amendment No. 1

(Check appropriate box or boxes.)

**<u>INVESTMENT MANAGERS SERIES TRUST III</u>**

(Exact Name of Registrant as Specified in Charter)

235 West Galena Street

Milwaukee, WI 53212-3948

(Address of Principal Executive Offices, including Zip Code)

Registrant's Telephone Number, including Area Code: (626) 385-5777

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and Address of Agent for Service)

Copy to:

Laurie Dee

Morgan, Lewis & Bockius LLP

600 Anton Boulevard, Suite 1800

Costa Mesa, CA 92626

Approximate Date of Proposed Public Offering: As soon as practicable after the Registration Statement becomes effective under the Securities Act of 1933, as amended.

It is proposed that this filing will become effective on the 30<sup>th</sup> day pursuant to Rule 488.

Title of Securities Being Registered:

FPA Cresent Fund – Investor Shares, Institutional Shares and Supra Institutional Shares

No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940.

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 1 to the Investment Managers Series Trust III (the "Trust") Registration Statement on Form N-14 hereby incorporates [Part A and Part B](https://www.sec.gov/Archives/edgar/data/924727/000110465925073151/tm2521803d1_n14.htm) from the Registrant's Registration Statement on Form N-14 filed on August 1, 2025. This Post-Effective Amendment No. 1 is being filed for purposes of adding the final tax opinion as an exhibit to Part C of the Registration Statement.

**PART C: OTHER INFORMATION**

**Item 15.** **Indemnification**

Pursuant to Del. Code Ann. Title 12 Section 3817, a Delaware statutory trust may provide in its governing instrument for the indemnification of its officers and Trustees from and against any and all claims and demands whatsoever.

Reference is made to Article 8, Section 8.4 of the Registrant's Agreement and Declaration of Trust, which provides:

Subject to the limitations, if applicable, hereinafter set forth in this Section 8.4, the Trust shall indemnify (from the assets of the Series or Series to which the conduct in question relates) each of its Trustees, officers, employees and agents (including Persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter, together with such Person's heirs, executors, administrators or personal representative, referred to as a "Covered Person")) against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, except with respect to any matter as to which it has been determined that such Covered Person (i) did not act in good faith in the reasonable belief that such Covered Person's action was in or not opposed to the best interests of the Trust; (ii) had acted with willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office (iii) for a criminal proceeding, had reasonable cause to believe that his conduct was unlawful (the conduct described in (i), (ii) and (iii) being referred to hereafter as "Disabling Conduct"). A determination that the Covered Person is entitled to indemnification may be made by (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Covered Person to be indemnified was not liable by reason of Disabling Conduct, (ii) dismissal of a court action or an administrative proceeding against a Covered Person for insufficiency of evidence of Disabling Conduct, or (iii) a reasonable determination, based upon a review of the facts, that the indemnity was not liable by reason of Disabling Conduct by (a) a vote of a majority of a quorum of Trustees who are neither "interested persons" of the Trust as defined in Section 2(a)(19) of the 1940 Act nor parties to the proceeding (the "Disinterested Trustees"), or (b) an independent legal counsel in a written opinion. Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time by one or more Series to which the conduct in question related in advance of the final disposition of any such action, suit or proceeding; provided that the Covered Person shall have undertaken to repay the amounts so paid to such Series if it is ultimately determined that indemnification of such expenses is not authorized under this Article 8 and (i) the Covered Person shall have provided security for such undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the disinterested Trustees, or an independent legal counsel in a written opinion, shall have determined, based on a review of readily available facts (as opposed to a full trial type inquiry), that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The Registrant has also entered into Indemnification Agreements with each of its trustees which provide that the Registrant shall advance expenses and indemnify and hold harmless each trustee in certain circumstances against any expenses incurred by a trustee in any proceeding arising out of or in connection with the trustee's service to the Registrant, to the maximum extent permitted by the Delaware Statutory Trust Act, the Securities Act of 1933 and the Investment Company Act of 1940, and which provide for certain procedures in connection with such advancement of expenses and indemnification.

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| | |
|:---|:---|
| **ITEM 16.** | **EXHIBITS** |

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| | |
|:---|:---|
| (1) | Charter Documents: |
| (1)(a) | [Agreement and Declaration of Trust is incorporated herein by reference to Post-Effective Amendment No. 24 to Registrant's Registration Statement on Form N-1A filed with the Securities and Exchange Commission (the "Commission") on July 13, 1998.](http://www.sec.gov/Archives/edgar/data/924727/0001036050-98-001167.txt) |
| (1)(b) | [Amendment No. 1 to the Agreement and Declaration of Trust is incorporated herein by reference to Exhibit (a)(1)(i) to Post-Effective Amendment No. 127 to Registrant's Registration Statement on Form N-1A filed with the Commission on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000121390024100238/ea0219846-01_ex9928a1i.htm) |
| (1)(c) | [Amendment No. 2 to the Agreement and Declaration of Trust is incorporated herein by reference to Exhibit (a)(1)(ii) to Post-Effective Amendment No. 127 to Registrant's Registration Statement on Form N-1A filed with the Commission on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000121390024100238/ea0219846-01_ex9928a1ii.htm) |
| (1)(d) | [Amendment No. 3 to the Agreement and Declaration of Trust is incorporated herein by reference to Exhibit (a)(1)(iii) to Post-Effective Amendment No. 127 to Registrant's Registration Statement on Form N-1A filed with the Commission on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000121390024100238/ea0219846-01_ex9928a1iii.htm) |
| (1)(e) | [Amendment No. 4 to the Agreement and Declaration of Trust is incorporated herein by reference to Exhibit (a)(1)(i) to Post-Effective Amendment No. 113 to the Registrant's Registration Statement on Form N-1A filed with the Commission on January 26, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000110465924007331/tm243216d1_ex99-28xax1xi.htm) |
| (1)(f) | [Certificate of Trust is incorporated herein by reference to Post-Effective Amendment No. 24 to Registrant's Registration Statement on Form N-1A filed with the Commission on July 13, 1998.](https://www.sec.gov/Archives/edgar/data/924727/0001036050-98-001167.txt) |
| (1)(g) | [Certificate of Amendment to Certificate of Trust is incorporated herein by reference to Post-Effective Amendment No. 24 to Registrant's Registration Statement on Form N-1A filed with the Commission on July 13, 1998.](http://www.sec.gov/Archives/edgar/data/924727/0001036050-98-001167.txt) |
| (1)(h) | [Certificate of Amendment to Certificate of Trust is incorporated herein by reference to Post-Effective Amendment No. 52 to Registrant's Registration Statement on Form N-1A filed with the Commission on August 1, 2003.](http://www.sec.gov/Archives/edgar/data/924727/000104746903025882/a2115032zex-99_a4.txt) |
| (1)(i) | [Certificate of Amendment to the Certificate of Trust is incorporated herein by reference to Exhibit (a)(5) to Post-Effective Amendment No. 113 to the Registrant's Registration Statement on Form N-1A filed with the Commission on January 26, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000110465924007331/tm243216d1_ex99-28xax5.htm) |
| (2) | By-Laws: |
| (2)(a) | [By-Laws are incorporated herein by reference to Post-Effective Amendment No. 24 to Registrant's Registration Statement on Form N-1A filed with the Commission on July 13, 1998.](http://www.sec.gov/Archives/edgar/data/924727/0001036050-98-001167.txt) |
| (2)(b) | [Amendment to By-Laws dated December 10, 1998, is incorporated herein by reference to Post-Effective Amendment No. 27 to Registrant's Registration Statement on Form N-1A filed with the Commission on February 8, 1999.](http://www.sec.gov/Archives/edgar/data/924727/0000950109-99-000361.txt) |

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| | |
|:---|:---|
| (2)(c) | [Amendment to By-Laws dated February 6, 2006, is incorporated herein by reference to Post-Effective Amendment No. 55 to Registrant's Registration Statement on Form N-1A filed with the Commission on August 1, 2006.](http://www.sec.gov/Archives/edgar/data/924727/000110465906050192/a06-16218_2ex99dbd3.htm) |
| (2)(d) | [Amendment to By-Laws dated August 7, 2006, is incorporated herein by reference to Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A filed with the Commission on August 1, 2007.](http://www.sec.gov/Archives/edgar/data/924727/000110465907057787/a07-16080_2ex99dbd4.htm) |
| (2)(e) | [Amendment to By-Laws is incorporated herein by reference to Exhibit (b)(5) to Post-Effective Amendment No. 113 to the Registrant's Registration Statement on Form N-1A filed with the Commission on January 26, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000110465924007331/tm243216d1_ex99-28xbx5.htm) |
| (3) | Not applicable. |
| (4) | [Form of Agreement and Plan of Reorganization is incorporated herein by reference to Appendix A to Part A of the Registrant's Registration Statement on Form N-14 filed with the Commission on August 1, 2025.](https://www.sec.gov/Archives/edgar/data/924727/000110465925073151/tm2521803d1_n14.htm) |
| (5) | Instruments Defining Rights of Security Holders is incorporated by reference to Registrant's [Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/924727/0001036050-98-001167.txt) and [Bylaws](https://www.sec.gov/Archives/edgar/data/924727/0001036050-98-001167.txt). |
| (6) | Investment Advisory Agreements: |
| (6)(a) | [Investment Advisory Agreement between Registrant and First Pacific Advisors, LLC (now, First Pacific Advisors, LP) for the FPA Crescent Fund dated October 1, 2006 is incorporated herein by reference to Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A filed with the Commission on August 1, 2007.](http://www.sec.gov/Archives/edgar/data/924727/000110465907057787/a07-16080_2ex99ddd1.htm) |
| (6)(b) | [Expense Limit Agreement between Registrant and First Pacific Advisors, LP for FPA Crescent Fund is incorporated herein by reference to Exhibit 16.6(b) of the Registrant's Registration Statement on Form N-14 filed with the Commission on August 1, 2025.](https://www.sec.gov/Archives/edgar/data/924727/000110465925073151/tm2521803d1_ex99-x16x6xb.htm) |
| (6)(c) | [Fee Waiver Agreement between Registrant and First Pacific Advisors, LP for FPA Crescent Fund is incorporated herein by reference to Post-Effective Amendment No. 101 to Registrant's Registration Statement on Form N-1A filed with the Commission on April 30, 2021.](https://www.sec.gov/Archives/edgar/data/924727/000110465921058882/tm2112389d1_ex99d5.htm) |
| (7) | Distribution Agreements: |
| (7)(a) | [Distribution Agreement between Registrant and UMB Distribution Services, LLC dated as of September 28, 2012 is incorporated herein by reference to Post-Effective Amendment No. 67 to Registrant's Registration Statement on Form N-1A filed with the Commission on April 30, 2013.](http://www.sec.gov/Archives/edgar/data/924727/000110465913035260/a13-7447_4ex99ded1d.htm) |
| (7)(b) | [Amendment to Distribution Agreement between Registrant and UMB Distribution Services, LLC Fund is incorporated herein by reference to Post-Effective Amendment No. 84 to Registrant's Registration Statement on Form N-1A filed with the Commission on December 31, 2018.](http://www.sec.gov/Archives/edgar/data/924727/000110465918075294/a18-41896_2ex99de2.htm) |
| (7)(c) | [Amendment Agreement to the Distribution Agreement between Registrant and UMB Distribution Services, LLC and the Transfer Agency Agreement between the Registrant and UMB Fund Services, Inc. is incorporated herein by reference to Exhibit (e)(3) to Post-Effective Amendment No. 106 to Registrant's Registration Statement on Form N-1A filed on June 30, 2023.](https://www.sec.gov/Archives/edgar/data/924727/000110465923077184/tm2311455d5_ex99-28e3.htm) |
| (7)(d) | [Form of Amendment to the Distribution Agreement between Registrant and UMB Distribution Services, LLC is incorporated herein by reference to Exhibit (e)(2) to Post-Effective Amendment No. 127 to the Registrant's Registration Statement on Form N-1A filed with the Commission on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000121390024100238/ea0219846-01_ex9928e2.htm) |

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| | |
|:---|:---|
| (7)(e) | [Form of Novation to the Distribution Agreement between Registrant and Distribution Services, LLC is incorporated herein by reference to Exhibit (e)(5) to Post-Effective Amendment No. 128 to the Registrant's Registration Statement on Form N-1A filed with the Commission on January 27, 2025.](https://www.sec.gov/Archives/edgar/data/924727/000110465925006231/tm252174d1_ex99-28xex5.htm) |
| (8) | Not applicable. |
| (9) | [Form of Custody Agreement between Registrant and UMB Bank, N.A. is incorporated herein by reference to Exhibit (g)(4) to Post-Effective Amendment No. 106 to Registrant's Registration Statement on Form N-1A filed on June 30, 2023.](https://www.sec.gov/Archives/edgar/data/924727/000110465923077184/tm2311455d5_ex99-28g4.htm) |
| (10) | Distribution Plan and Rule 18f-3 Plan: |
| (10)(a) | Distribution Plan – Not applicable. |
| (10)(b) | [Rule 18f-3 Plan is incorporated herein by reference to Exhibit (n) to Post-Effective Amendment No. 118 to Registrant's Registration Statement on Form N-1A filed on April 29, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000110465924054182/tm246067d1_ex99-28xn.htm) |
| (11) | [Opinion and Consent of Counsel is incorporated herein by reference to Exhibit 16.11 of the Registrant's Registration Statement on Form N-14 filed with the Commission on August 1, 2025.](https://www.sec.gov/Archives/edgar/data/924727/000110465925073151/tm2521803d1_ex99-x16x11.htm) |
| (12) | [Final Tax Opinion – **filed herewith.**](tm263217d1_ex16-12.htm) |
| (13) | Other Material Contracts: |
| (13)(a) | [Transfer Agency Agreement between Registrant and UMB Fund Services, Inc. is incorporated herein by reference to Post-Effective Amendment No. 75 to Registrant's Registration Statement of Form N-1A filed with the Commission on April 30, 2015.](http://www.sec.gov/Archives/edgar/data/924727/000110465915032670/a15-7276_3ex99dh2.htm) |
| (13)(b) | [Amendment to Transfer Agency Agreement between Registrant and UMB Fund Services, LLC Fund is incorporated herein by reference to Post-Effective Amendment No. 84 to Registrant's Registration Statement on Form N-1A filed with the Commission on December 31, 2018.](http://www.sec.gov/Archives/edgar/data/924727/000110465918075294/a18-41896_2ex99dh2b.htm) |
| (13)(c) | [Co-Administration Agreement among Registrant and UMB Fund Services, Inc. and Mutual Fund Administration LLC is incorporated herein by reference to Exhibit (h)(2) to Post-Effective Amendment No. 113 to the Registrant's Registration Statement on Form N-1A filed with the Commission on January 26, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000110465924007331/tm243216d1_ex99-28xhx2.htm) |
| (13)(d) | [Amended and Restated Schedule A to Co-Administration Agreement among Registrant, UMBFS and MFAC is incorporated herein by reference to Exhibit (h)(3) to Post-Effective Amendment No. 113 to the Registrant's Registration Statement on Form N-1A filed with the Commission on January 26, 2024.](https://www.sec.gov/Archives/edgar/data/924727/000110465924007331/tm243216d1_ex99-28xhx3.htm) |
| (13)(e) | [Form of Fund Accounting Agreement between Registrant and UMB Fund Services, Inc. is incorporated herein by reference to Exhibit (h)(5) to Post-Effective Amendment No. 106 to Registrant's Registration Statement on Form N-1A filed on June 30, 2023.](https://www.sec.gov/Archives/edgar/data/924727/000110465923077184/tm2311455d5_ex99-28h5.htm) |
| (13)(f) | [Form of Amended and Restated Administrative Services Agreement between Registrant and First Pacific Advisors, LP for FPA Crescent Fund is incorporated herein by reference to Exhibit (h)(6) to Post-Effective Amendment No. 118 to Registrant's Registration Statement on Form N-1A filed on April 29, 2024<u>.</u>](https://www.sec.gov/Archives/edgar/data/924727/000110465924054182/tm246067d1_ex99-28xhx6.htm) |

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| | |
|:---|:---|
| (14) | Other Opinions: |
| (14)(a) | [Consent of Independent Registered Public Accounting Firm for the Acquired Fund is incorporated herein by reference to Exhibit 16.14(a) of the Registrant's Registration Statement on Form N-14 filed with the Commission on August 1, 2025.](https://www.sec.gov/Archives/edgar/data/924727/000110465925073151/tm2521803d1_ex99-x16x14xa.htm) |
| (14)(b) | [Consent of Independent Registered Public Accounting Firm for the Acquiring Fund is incorporated herein by reference to Exhibit 16.14(b) of the Registrant's Registration Statement on Form N-14 filed with the Commission on August 1, 2025.](https://www.sec.gov/Archives/edgar/data/924727/000110465925073151/tm2521803d1_ex99-x16x14xb.htm) |
| (15) | Not applicable. |
| (16) | [Powers of Attorney is incorporated herein by reference to Exhibit 16.16 of the Registrant's Registration Statement on Form N-14 filed with the Commission on August 1, 2025.](https://www.sec.gov/Archives/edgar/data/924727/000110465925073151/tm2521803d1_ex99-x16x16.htm) |
| (17) | [Proxy Card is incorporated herein by reference to Exhibit 16.17 of the Registrant's Registration Statement on Form N-14 filed with the Commission on August 1, 2025.](https://www.sec.gov/Archives/edgar/data/924727/000110465925073151/tm2521803d1_ex99-x16x17.htm) |

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**Item 17.** **Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which
 is a part of the registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of
 the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings
 by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment
 to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under
 the Securities Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein,
 and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 undersigned registrant undertakes to file an opinion of counsel supporting the tax consequences to shareholders discussed in the
 combined proxy statement and prospectus in a post-effective amendment to this registration statement.

**SIGNATURES**

As required by the Securities Act of 1933, this registration statement has been signed on behalf of the Registrant, duly authorized, in the City of Milwaukee, and State of Wisconsin, on the **16<sup>th</sup> day of January, 2026**.

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| | |
|:---|:---|
| **INVESTMENT MANAGERS SERIES TRUST III** | **INVESTMENT MANAGERS SERIES TRUST III** |
| By: | /s/ Maureen Quill |
|  | Maureen Quill |
|  | President and Principal Executive Officer |

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As required by the Securities Act of 1933, this registration statement has been signed on the **16<sup>th</sup> day of January, 2026** by the following persons in the capacities indicated below.

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| | |
|:---|:---|
| **<u>Signatures</u>** | **<u>Title</u>** |
| /s/ Maureen Quill | Trustee, President & Principal Executive Officer |
| Maureen Quill |  |
| /s/ Sandra Brown† | Trustee |
| Sandra Brown |  |
| /s/ Robert F. Goldrich† | Trustee |
| Robert F. Goldrich |  |
| /s/ John P. Zader† | Trustee |
| John P. Zader |  |
| /s/ J. Richard Atwood† | Trustee |
| J. Richard Atwood |  |
| /s/ Rita Dam | Treasurer, Principal Accounting Officer & Principal |
| Rita Dam | Financial Officer |

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| | |
|:---|:---|
| † By: | /s/Rita Dam |
|  | Rita Dam |
|  | Pursuant to Power of Attorney previously filed on August 1, 2025. |

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**Exhibit Index**

<u>[Final Tax Opinion](tm263217d1_ex16-12.htm)</u> <u>[EX-16.12](tm263217d1_ex16-12.htm)</u>

## Exhibit 16.12

**Exhibit 16.(12)**

![](tm263217d1_ex16x12img001.jpg)

January 9, 2026

Northern Lights Fund Trust III

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

Investment Managers Series Trust III

235 West Galena Street

Milwaukee, Wisconsin 53212

Ladies and Gentlemen:

This opinion is furnished to you pursuant to paragraph 8.5 of the Agreement and Plan of Reorganization (the "<u>Agreement</u>"), dated as of January 9, 2026, by and among Northern Lights Fund Trust III (the "<u>Trust</u>"), a Delaware statutory trust, on behalf of its series Centerstone Investors Fund (the "<u>Acquired Fund</u>"), and Investment Managers Series Trust III ("<u>IMST III</u>"), a Delaware statutory trust, on behalf of its series FPA Crescent Fund (the "<u>Acquiring Fund</u>"). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement.

The Agreement contemplates (i) the transfer of all the Acquired Assets to the Acquiring Fund in exchange for (A) the Acquiring Fund Shares, and (B) the assumption by the Acquiring Fund of all the Assumed Liabilities of the Acquired Fund; and (ii) the distribution, in accordance with paragraph 1.4 of the Agreement, of the Acquiring Fund Shares to the Acquired Fund Shareholders in exchange for their shares in the Acquired Fund and in liquidation of the Acquired Fund (such transfer, assumption, and distribution is referred to herein as the "<u>Reorganization</u>").

In connection with this opinion we have examined and relied upon the originals or copies, certified or otherwise identified to us to our satisfaction, of the Agreement, the Combined Proxy Statement and Prospectus for the Reorganization of Acquired Fund, a series of the Trust, into Acquiring Fund, a series of IMST III, dated September 3, 2025, and related documents (collectively, the "<u>Reorganization Documents</u>"). In that examination, we have assumed the genuineness of all signatures, the capacity and authority of each party executing a document to so execute the document, the authenticity and completeness of all documents purporting to be originals (whether reviewed by us in original or copy form) and the conformity to the originals of all documents purporting to be copies (including electronic copies). We have also assumed that each agreement and other instrument reviewed by us is valid and binding on the party or parties thereto and is enforceable in accordance with its terms, and that there are no contracts, agreements, arrangements, or understandings, either written or oral, that are inconsistent with or that would materially alter the terms of the Agreement or the other Reorganization Documents.

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| | |
|:---|:---|
| **Morgan, Lewis & Bockius LLP** | **Morgan, Lewis & Bockius LLP** |
| One Federal Street<br>|  |
| Boston, MA 02110-1726 | ![](tm263217d1_ex16x12img002.jpg) +1.617.341.7700 |
| United States | ![](tm263217d1_ex16x12img003.jpg) +1.617.341.7701 |

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Northern Lights Funds Trust III

Investment Managers Series Trust III

January 9, 2026

Page Two

As to certain factual matters, we have relied with your consent upon, and our opinion is limited by, the representations of the various parties set forth in the Reorganization Documents and in certificates of the Trust, on behalf of the Acquired Fund, and IMST III, on behalf of the Acquiring Fund, each dated as of the date hereof (the "<u>Certificates</u>"). Our opinion assumes (i) that all representations set forth in the Reorganization Documents and in the Certificates will be true and correct in all material respects as of the date of the Reorganization (and that any such representations made "to the best knowledge of", "to the knowledge of", or "in the belief of", or otherwise similarly qualified, are true and correct in all material respects without any such qualification), and (ii) that the Agreement is implemented in accordance with its terms and consistent with the representations set forth in the Reorganization Documents and Certificates. Our opinion is limited solely to the provisions of the Internal Revenue Code of 1986, as amended and as presently in effect (the "<u>Code</u>"), existing case law, existing permanent and temporary treasury regulations promulgated under the Code, and existing published revenue rulings and procedures of the Internal Revenue Service that are in effect as of the date hereof, all of which are subject to change and new interpretation, both prospectively and retroactively. We assume no obligation to update our opinion to reflect other facts or any changes in law or in the interpretation thereof that may hereafter occur.

On the basis of and subject to the foregoing, with respect to the Reorganization, we are of the opinion that, for United States federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The transfer to the Acquiring Fund of
 all the Acquired Assets in exchange solely for Acquiring Fund Shares and the assumption by
 IMST III, on behalf of the Acquiring Fund, of all the Assumed Liabilities, followed by the
 distribution of the Acquiring Fund Shares to the Acquired Fund Shareholders in complete liquidation
 of the Acquired Fund, will constitute a "reorganization" within the meaning of
 Section 368(a)(1) of the Code, and each of the Acquired Fund and the Acquiring
 Fund will be a "party to a reorganization" within the meaning of Section 368(b) of
 the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No gain or loss will be recognized by
 the Acquired Fund upon the transfer of all the Acquired Assets to the Acquiring Fund in the
 Reorganization solely in exchange for the Acquiring Fund Shares and the assumption by the
 Acquiring Fund of all the Assumed Liabilities of the Acquired Fund, or upon the distribution
 of the Acquiring Fund Shares to the Acquired Fund Shareholders, except for (A) gain
 or loss that may be recognized on the transfer of "section 1256 contracts" as
 defined in Section 1256(b) of the Code, (B) gain that may be recognized on
 the transfer of stock in a "passive foreign investment company" as defined in
 Section 1297(a) of the Code, and (C) any other gain or loss that may be required
 to be recognized as a result of the closing of the Acquired Fund's taxable year or
 upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition
 transaction under the Code.

Northern Lights Funds Trust III

Investment Managers Series Trust III

January 9, 2026

Page Three

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The tax basis in the hands of the Acquiring
 Fund of each Acquired Asset transferred from the Acquired Fund to the Acquiring Fund in the
 Reorganization will be the same as the tax basis of such Acquired Asset in the hands of the
 Acquired Fund immediately prior to the transfer thereof, increased by the amount of gain
 (or decreased by the amount of loss), if any, recognized by the Acquired Fund on the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The holding period in the hands of the
 Acquiring Fund of each Acquired Asset transferred from the Acquired Fund to the Acquiring
 Fund in the Reorganization, other than Acquired Assets with respect to which gain or loss
 is required to be recognized, will include the Acquired Fund's holding period for such
 Acquired Asset (except where investment activities of the Acquiring Fund have the effect
 of reducing or eliminating the holding period with respect to an asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No gain or loss will be recognized by
 the Acquiring Fund upon its receipt of all the Acquired Assets solely in exchange for Acquiring
 Fund Shares and the assumption by the Acquiring Fund of all the Assumed Liabilities of the
 Acquired Fund as part of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No gain or loss will be recognized by
 the Acquired Fund Shareholders upon the exchange of their Acquired Fund Shares solely for
 Acquiring Fund Shares as part of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The aggregate tax basis of the Acquiring
 Fund Shares that each Acquired Fund Shareholder receives in the Reorganization will be the
 same as the aggregate tax basis of the Acquired Fund Shares exchanged therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Each Acquired Fund Shareholder's
 holding period for the Acquiring Fund Shares received in the Reorganization will include
 the Acquired Fund Shareholder's holding period for the Acquired Fund Shares exchanged
 therefor, provided that the Acquired Fund Shareholder held such Acquired Fund Shares as capital
 assets on the date of the exchange.

This opinion is furnished to IMST III, on behalf of the Acquiring Fund, and the Trust, on behalf of the Acquired Fund, in connection with the Reorganization and is not to be quoted, circulated, published, or otherwise referred to for any other purpose, in whole or in part, without our express prior written consent. This opinion may be disclosed to the Acquired Fund Shareholders, and they may rely on it in connection with the Reorganization, it being understood that we are not establishing any attorney-client relationship with any shareholder. This letter is not to be relied upon for the benefit of any other person or for any other purpose.

Northern Lights Funds Trust III

Investment Managers Series Trust III

January 9, 2026

Page Four

We hereby consent to the filing of this opinion as an exhibit to the N-14 Registration Statement relating to the Reorganization and to the use of our name and any reference to our firm in such N-14 Registration Statement or in the prospectus constituting a part thereof. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

/s/ MORGAN, LEWIS & BOCKIUS LLP

MORGAN, LEWIS & BOCKIUS LLP