# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001193125-26-022140
**Filing Date:** 2026-1
**Character Count:** 19930
**Document Hash:** f83a73e9580c56294808da68c36816b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-022140.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001193125-26-022140

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**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:** 26559400

**BUSINESS ADDRESS:**
- **STREET 1:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-385-5777

**MAIL ADDRESS:**
- **STREET 1:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FPA FUNDS TRUST
- **DATE OF NAME CHANGE:** 20021028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UAM FUNDS TRUST
- **DATE OF NAME CHANGE:** 19951101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REGIS FUND II
- **DATE OF NAME CHANGE:** 19940606

## Series and Classes Contracts Data

### FPA Queens Road Small Cap Value Fund (Series ID: S000080694)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000244000 | Investor Class      | QRSVX           |
| C000244001 | Advisor Class       | QRSAX           |
| C000244002 | Institutional Class | QRSIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Investment Managers Series Trust III

- **b. Investment Company Act file number:** 811-08544

- **c. CIK number of Registrant:** 0000924727

- **d. LEI of Registrant:** 549300H7BXP5EUEHOJ64

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 W. Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 626-385-5777

**Item A.2. Information about the Series.**

- **a. Name of Series:** FPA Queens Road Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000080694

- **c. LEI of Series:** 5493000N6VDKZDLI5T83

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1077016630.40

**Total Liabilities:** $715143.77

**Net Assets:** $1076301486.63

**Cash Not Reported:** $911821.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244000 | 0.25%                | -2.30%               | 3.00%                |
| Class ID C000244001 | 0.23%                | -2.31%               | 2.98%                |
| Class ID C000244002 | 0.25%                | -2.28%               | 3.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3996366.83              | $-3043954.86                               |
| Month 2  | $13206508.98             | $-38255080.51                              |
| Month 3  | $31294599.41             | $-1993299.01                               |

### 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        |    343013 | NS      | $17795514.44  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                      | AGCO Corp.                                     | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |    224475 | NS      | $23785371.00  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics, Inc.                        | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |    249675 | NS      | $26967396.75  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc             | Axos Financial, Inc.                           | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |    323282 | NS      | $26567314.76  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group, Inc.                      | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    639304 | NS      | $26166712.72  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                | Concentrix Corp.                               | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |    125731 | NS      | $4552719.51   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc  | CSG Systems International, Inc.                | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |    376114 | NS      | $29626499.78  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials, Inc.                          | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     15520 | NS      | $4219422.40   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc        | Darling Ingredients, Inc.                      | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    331396 | NS      | $12132407.56  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                   | Ducommun, Inc.                                 | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |    109929 | NS      | $10079390.01  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp           | Deckers Outdoor Corp.                          | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     23807 | NS      | $2095730.21   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc  | Everus Construction Group, Inc.                | CUSIP: 300426103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139479 | NS      | $12826488.84  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                       | Fabrinet                                       | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |     43673 | NS      | $20063812.93  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp              | Five Star Bancorp                              | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |     97223 | NS      | $3353221.27   | 0.31%             |  |  |  | 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      | $2769092.30   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                      | Graco, Inc.                                    | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     81171 | NS      | $6691737.24   | 0.62%             |  |  |  | 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      | $19747376.00  | 1.83%             |  |  |  | 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      | $5887125.36   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp     | Horace Mann Educators Corp.                    | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |    415832 | NS      | $19036788.96  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                        | IAC, Inc.                                      | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |    341303 | NS      | $11969496.21  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital, Inc.                             | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115774 | NS      | $41418148.50  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc             | Ingles Markets, Inc. - Class A                 | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |    325061 | NS      | $25003692.12  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                 | JBT Marel Corp.                                | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    173045 | NS      | $24318013.85  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co              | Levi Strauss & Co.                             | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |    878700 | NS      | $19357761.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse, Inc.                               | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     93761 | NS      | $24004691.22  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group, Inc.                      | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1234938 | NS      | $26328878.16  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Treasury Portfolio       | MSILF Treasury Portfolio - Class Institutional | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |  90030112 | PA      | $90030111.63  | 8.36%             |  |  |  | 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      | $22999629.44  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp.                          | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    891532 | NS      | $25274932.20  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp      | New Jersey Resources Corp.                     | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |    590009 | NS      | $28367632.72  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                     | Nelnet, Inc. - Class A                         | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |    200594 | NS      | $25924768.56  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp.                                  | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |    235640 | NS      | $30204335.20  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                      | ePlus, Inc.                                    | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |    134726 | NS      | $12071449.60  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp.                                      | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |    371552 | NS      | $31492747.52  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                      | Qorvo, Inc.                                    | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |    136153 | NS      | $11694181.17  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                  | REV Group, Inc.                                | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |    539334 | NS      | $28730322.18  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                       | RLI Corp.                                      | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |    726288 | NS      | $44782918.08  | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp.       | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |    154904 | NS      | $13354273.84  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                | Scholastic Corp.                               | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    581707 | NS      | $17183624.78  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares, Inc.                   | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    384754 | NS      | $27367552.02  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc     | Sprouts Farmers Market, Inc.                   | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |    139656 | NS      | $11704569.36  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                 | TD SYNNEX Corp.                                | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |    284230 | NS      | $43339390.40  | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                  | Synaptics, Inc.                                | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |    332713 | NS      | $22794167.63  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp.                                      | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |   1228590 | NS      | $48590734.50  | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group, Inc.                            | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |    955661 | NS      | $17125445.12  | 1.59%             |  |  |  | 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      | $45813776.25  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                       | VSE Corp.                                      | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |     30204 | NS      | $5442458.76   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology, Inc.                   | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |   1665006 | NS      | $22760632.02  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-16

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President