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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-08544

Investment Managers Series Trust III

(Exact name of registrant as specified in charter)

235 West Galena Street

Milwaukee, Wisconsin 53212

(Address of Principal Executive Offices, including Zip Code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, California 91740

(Name and Address of Agent for Service)

COPIES TO:

Laurie Anne Dee

Morgan, Lewis & Bockius LLP

600 Anton Boulevard, Suite 1800

Costa Mesa, California 92626

Registrant's telephone number, including area code:

(626) 385-5777

Date of fiscal year end:

May 31

Date of reporting period:

November 30, 2025

Item 1. Report to Stockholders.

(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Act”), is as follows:

FPA Queens Road Small Cap Value Fund

Advisor Class/QRSAX

SEMI-ANNUAL SHAREHOLDER REPORT | November 30, 2025

This semi-annual shareholder report contains important information about the FPA Queens Road Small Cap Value Fund (“Fund”) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://fpa.com/funds/overview/fpa-queens-road-small-cap-value-fund. You can also request this information by contacting us at (800) 638-3060.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
FPA Queens Road Small Cap Value Fund (Advisor Class/QRSAX)	$46	0.86%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$1,076,396,133
Total number of portfolio holdings	48
Portfolio turnover rate as of the end of the reporting period	13%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer. The Sector Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

UGI Corp.	4.5%
Vanguard 0-3 Month Treasury Bill ETF, 0.238%	4.3%
RLI Corp.	4.2%
TD SYNNEX Corp.	4.0%
InterDigital, Inc.	3.8%
PVH Corp.	2.9%
Oshkosh Corp.	2.8%
CSG Systems International, Inc.	2.8%
REV Group, Inc.	2.7%
New Jersey Resources Corp.	2.6%

Asset Allocation

Graphical Representation - Allocation 1 Chart

Sector Allocation

Graphical Representation - Allocation 2 Chart

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://fpa.com/funds/overview/fpa-queens-road-small-cap-value-fund. You can also request this information by contacting us at (800) 638-3060.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 638-3060 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

FPA Queens Road Small Cap Value Fund - Advisor Class

FPA Queens Road Small Cap Value Fund

Institutional Class/QRSIX

SEMI-ANNUAL SHAREHOLDER REPORT | November 30, 2025

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
FPA Queens Road Small Cap Value Fund (Institutional Class/QRSIX)	$40	0.76%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$1,076,396,133
Total number of portfolio holdings	48
Portfolio turnover rate as of the end of the reporting period	13%

Graphical Representation of Holdings

Top Ten Holdings

UGI Corp.	4.5%
Vanguard 0-3 Month Treasury Bill ETF, 0.238%	4.3%
RLI Corp.	4.2%
TD SYNNEX Corp.	4.0%
InterDigital, Inc.	3.8%
PVH Corp.	2.9%
Oshkosh Corp.	2.8%
CSG Systems International, Inc.	2.8%
REV Group, Inc.	2.7%
New Jersey Resources Corp.	2.6%

Asset Allocation

Sector Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

Householding

FPA Queens Road Small Cap Value Fund - Institutional Class

FPA Queens Road Small Cap Value Fund

Investor Class/QRSVX

SEMI-ANNUAL SHAREHOLDER REPORT | November 30, 2025

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
FPA Queens Road Small Cap Value Fund (Investor Class/QRSVX)	$47	0.89%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$1,076,396,133
Total number of portfolio holdings	48
Portfolio turnover rate as of the end of the reporting period	13%

Graphical Representation of Holdings

Top Ten Holdings

UGI Corp.	4.5%
Vanguard 0-3 Month Treasury Bill ETF, 0.238%	4.3%
RLI Corp.	4.2%
TD SYNNEX Corp.	4.0%
InterDigital, Inc.	3.8%
PVH Corp.	2.9%
Oshkosh Corp.	2.8%
CSG Systems International, Inc.	2.8%
REV Group, Inc.	2.7%
New Jersey Resources Corp.	2.6%

Asset Allocation

Sector Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

Householding

FPA Queens Road Small Cap Value Fund - Investor Class

FPA Queens Road Value Fund

QRVLX

SEMI-ANNUAL SHAREHOLDER REPORT | November 30, 2025

This semi-annual shareholder report contains important information about the FPA Queens Road Value Fund (“Fund”) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://fpa.com/funds/overview/fpa-queens-value-fund. You can also request this information by contacting us at (800) 638-3060.

This report describes changes to the Fund that occurred during the reporting period.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
FPA Queens Road Value Fund (QRVLX)	$35	0.67%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$51,981,955
Total number of portfolio holdings	29
Portfolio turnover rate as of the end of the reporting period	0%

Graphical Representation of Holdings

Top Ten Holdings

American Express Co.	7.7%
Trane Technologies PLC	7.5%
Oracle Corp.	7.2%
Eaton Corp. PLC	6.6%
JPMorgan Chase & Co.	5.4%
Ameriprise Financial, Inc.	5.3%
General Dynamics Corp.	5.3%
Berkshire Hathaway, Inc. - Class A	4.4%
Pfizer, Inc.	3.8%
Hershey Co.	3.6%

Asset Allocation

Sector Allocation

Material Fund Changes

Effective October 1, 2025, the Fund's expense limitation is increased to 0.73% from 0.65%.

On October 14, 2025, based on the recommendation of the Fund’s adviser, First Pacific Advisors, L.P. (the “Adviser”) and the Fund’s sub-adviser, Bragg Financial Advisors, Inc. (the “Sub-Adviser”), the Board of Trustees of the Trust has approved the reorganization of the Fund (the “Fund”) into an exchange-traded fund (the “Reorganization”). The Reorganization of the Fund is subject to approval by its shareholders and will occur pursuant to an Agreement and Plan of Reorganization whereby the Fund will transfer all of its assets and liabilities to the FPA Queens Road Value ETF (the “ETF”), a newly created series of the Trust. If approved, each shareholder of the Fund will receive shares of the ETF and/or cash equal to the value of the shares of the Fund owned by the shareholder.

The Trust will call a shareholder meeting at which shareholders of the Fund will be asked to consider and vote on the Reorganization. If the required shareholder approval for the Reorganization of the Fund is obtained, the Reorganization is expected to take effect in the fourth quarter of 2026.

This is a summary of certain changes to the Fund since June 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated September 30, 2025, at https://fpa.com/funds/overview/fpa-queens-value-fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://fpa.com/funds/overview/fpa-queens-value-fund. You can also request this information by contacting us at (800) 638-3060.

Householding

FPA Queens Road Value Fund

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

This report and the financial statements contained herein are provided for the general information of the shareholders of the FPA Queens Road Small Cap Value Fund (the “Fund”). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective shareholder report and prospectus.

FPA Queens Road Small Cap Value Fund (the “Fund”) is a diversified series of Investment Managers Series Trust III (the “Trust”), which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s primary investment objective is to seek long-term capital growth. First Pacific Advisors, LP (the “Adviser”) has served as the Fund’s investment adviser since November 1, 2020.

On July 28, 2023, the Fund acquired the assets and assumed the liabilities of FPA Queens Road Small Cap Value Fund, a series of Bragg Capital Trust, (the “Predecessor Fund”) in a tax-free reorganization pursuant to the Agreement and Plan of Reorganization (the “Plan of Reorganization”). The Plan of Reorganization was approved by the Trust’s Board and by the Predecessor Fund’s Board on May 8, 2023. The tax-free reorganization was accomplished on July 28, 2023. As a result of the reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund. Financial information included for the dates prior to the reorganization is that of the Predecessor Fund.

The reorganization was accomplished by the following tax-free exchange in which each shareholder of the Fund received the same aggregate share net asset value as noted below:

The net unrealized appreciation of investments transferred was $138,240,430 as of the date of the acquisition.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services— Investment Companies”.

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The management of the Fund’s Adviser is deemed to be the Chief Operating Decision Maker with respect to the Fund's investment decisions.

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

The Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Fund’s valuation designee (the “Valuation Designee”) to make all fair value determinations with respect to the Fund’s portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing.

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares relative net assets, except for distribution and service fees which are unique to each class of shares. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized gains to their shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund’s current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of November 30, 2025, and during the prior three open tax years, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examinations in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund will make distributions of net investment income annually and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limits its illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Adviser, at any time determines that the value of illiquid securities held by the Fund exceeds 15% of its net asset value, the Adviser will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Fund’s written LRMP.

The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the “Agreement”) with the Adviser. Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Adviser at the annual rate of 0.75% of the Fund’s average daily net assets up to $50 million and 0.65% of the Fund’s average daily net assets in excess of $50 million. The Adviser engages Bragg Financial Advisors, Inc. (the “Sub-Adviser”) to manage the Fund and pays the Sub-Adviser from its advisory fees.

UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Fund’s other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund’s custodian. The Fund’s allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended November 30, 2025 are reported as Fund services fees on the Statement of Operations.

Distribution Services, LLC, serves as the Fund’s distributor (the “Distributor”). The Distributor does not receive compensation from the Fund for its distribution services; The Adviser pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS, MFAC or Adviser. The Fund does not compensate trustees and officers affiliated with the Fund’s Adviser or co-administrators. For the six months ended November 30, 2025, the Fund’s allocated fees incurred to Trustees of the Trust who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (collectively, the “Independent Trustees”) are reported as Trustees’ fees and expenses on the Statement of Operations.

The Fund's Board of Trustees has adopted a Deferred Compensation Plan (the “Plan”) for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to defer some or all of their fees. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. A Trustee’s deferred fees are deemed to be invested in designated mutual funds available under the Plan. The Fund's liability for these amounts is adjusted for market value changes in the invested fund and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Fund and is disclosed in the Statement of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included in the Trustees' fees and expenses in the Statement of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Fund’s allocated fees incurred for CCO services for the six months ended November 30, 2025 are reported as Chief Compliance Officer fees on the Statement of Operations.

The Fund may participate in “Liquidity Programs” or “Programs” offered by independent third-party service providers, which are designed to provide an alternative liquidity source when conducting normal business activities. Under the programs, cash is provided to the Fund to meet net shareowner redemptions, manage and optimize portfolio composition, offset transaction costs, and/or more efficiently manage the portfolio. Following purchases of Fund shares, the programs then generally redeem those shares when the Fund experiences net sales, at the end of a maximum holding period ranging from 2 to 8 days or at other times at the discretion of the program or the Adviser. For use of certain services, the Fund pays a fee calculated by applying a fee rate to the purchase amount determined through an automated daily auction. The current minimum fee rate is 0.14% of the value of the Fund shares purchased, although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareowners. In accordance with federal securities laws, certain providers are prohibited from acquiring more than 3% of the outstanding voting securities of a Fund, while others are prohibited from acquiring more than 5%. The providers will periodically redeem their entire share position in the Fund and request that such redemption be met in kind in accordance with the Fund’s in-kind redemption policies. There is no assurance that these programs will have sufficient funds available to meet the Funds’ liquidity needs on a particular day. During the six months ended November 30, 2025, the fees associated with these programs are disclosed in the Statement of Operations within redemption liquidity service fees.

At November 30, 2025, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

For the six months ended November 30, 2025, purchases, sales, and in-kind redemptions of investments, excluding short-term investments, were $169,144,126, $111,254,281, and $9,335,822, respectively.

Pursuant to the Shareholder Service Plan adopted by the Board, on behalf of the Fund, the Fund may pay a fee at an annual rate of up to 0.25%, 0.10%, and 0.15% of its average daily net assets attributable to Investor Class, Institutional Class, and Advisor Class shares of the Fund, respectively. The Fund does not pay these service fees on shares purchased directly. In addition, the Adviser may, at its own expense, pay financial representatives and/or shareholder servicing agents for these services. For the six months ended November 30, 2025, the Fund’s shareholder servicing fees incurred are disclosed on the Statement of Operations.

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad Levels as described below:

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of November 30, 2025, in valuing the Fund’s assets carried at fair value:

Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period. There were no transfers into or out of Level 3 during the six months ended November 30, 2025.

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund’s financial statements.

The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Fund’s related events and transactions that occurred through the date of issuance of the Fund’s financial statements.

There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund’s financial statements.

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

This report and the financial statements contained herein are provided for the general information of the shareholders of the FPA Queens Road Value Fund (the “Fund”). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective shareholder report and prospectus.

FPA Queens Road Value Fund (the “Fund”) is a diversified series of Investment Managers Series Trust III (the “Trust”), which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s primary investment objective is to seek long-term capital growth. First Pacific Advisors, LP (the “Adviser”) has served as the Fund’s investment adviser since November 1, 2020.

On July 28, 2023, the Fund acquired the assets and assumed the liabilities of FPA Queens Road Value Fund, a series of Bragg Capital Trust, (the “Predecessor Fund”) in a tax-free reorganization pursuant to the Agreement and Plan of Reorganization (the “Plan of Reorganization”). The Plan of Reorganization was approved by the Trust’s Board and by the Predecessor Fund’s Board on May 8, 2023. The tax-free reorganization was accomplished on July 28, 2023. As a result of the reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund. Financial information included for the dates prior to the reorganization is that of the Predecessor Fund.

The reorganization was accomplished by the following tax-free exchange in which each shareholder of the Fund received the same aggregate share net asset value as noted below:

The net unrealized appreciation of investments transferred was $22,847,187 as of the date of the acquisition.

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

The Fund will make distributions of net investment income and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the “Agreement”) with the Adviser. Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Adviser at the annual rate of 0.95% of the Fund’s average daily net assets. The Adviser engages Bragg Financial Advisors, Inc. (the “Sub-Adviser”) to manage the Fund and pays the Sub-Adviser from its advisory fees.

The Adviser has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, fees and expenses of other funds in which the Fund invests, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business) do not exceed 0.73% of the Fund’s average daily net assets. Prior to October 1, 2025, the Adviser had contractually agreed to limit the annual fund operating expenses to 0.65%. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Trust’s Board of Trustees. For the six months ended November 30, 2025, the Adviser waived a portion of its advisory fees totaling $177,524.

These expense reimbursements are subject to possible recoupment by the Adviser from the Fund in future years (within the three years from the date when the amount is waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the then-current expense limits. Similarly, the Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made by the Adviser to the Predecessor Fund prior to the Predecessor Fund's reorganization on July 28, 2023 for a period ending three years after the date of the waiver or payment. This agreement may be terminated only by the Fund’s Board of Trustees (the “Board”), upon written notice to the adviser. The potential recoverable amount is noted as “Commitments and contingencies” as reported on the Statement of Assets and Liabilities. As of November 30, 2025, the Adviser may seek recoupment for previously waived or reimbursed expenses, subject to the limitations noted above, no later than the dates as outlined below:

The Fund’s Board of Trustees has adopted a Deferred Compensation Plan (the “Plan”) for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to defer some or all of their fees. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. A Trustee’s deferred fees are deemed to be invested in designated mutual funds available under the Plan. The Fund’s liability for these amounts is adjusted for market value changes in the invested fund and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Fund and is disclosed in the Statement of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included in the Trustees’ fees and expenses in the Statement of Operations.

At November 30, 2025, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

For the six months ended November 30, 2025, purchases and sales of investments, excluding short-term investments, were $0 and $1,661,283, respectively.

Pursuant to the Shareholder Service Plan adopted by the Board, on behalf of the Fund, the Fund may pay a fee at an annual rate of up to 0.25% of its average daily net assets attributable to shares of the Fund. The Fund does not pay these service fees on shares purchased directly. In addition, the Adviser may, at its own expense, pay financial representatives and/or shareholder servicing agents for these services. For the six months ended November 30, 2025, the Fund’s shareholder servicing fees incurred are disclosed on the Statement of Operations.

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad Levels as described below:

Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period. There were no significant transfers into or out of Level 3 during the six months ended November 30, 2025.

On October 14, 2025, based on the recommendation of the Fund’s Adviser and Sub-Adviser, the Board of Trustees of the Trust has approved the reorganization of the Fund into an exchange-traded fund (the “Reorganization”). The Reorganization of the Fund is subject to approval by its shareholders and will occur pursuant to an Agreement and Plan of Reorganization whereby the Fund will transfer all of its assets and liabilities to the FPA Queens Road Value ETF (the “ETF”), a newly created series of the Trust. If approved, each shareholder of the Fund will receive shares of the ETF and/or cash equal to the value of the shares of the Fund owned by the shareholder.

There will be no change in the Fund’s investment objective, principal investment strategies or portfolio management in connection with the Reorganization. Further, there will be no change to the Adviser or the Sub-Adviser serving as the investment adviser and sub-adviser, respectively, to the ETF following the Reorganization. The Reorganization is not generally expected to result in the recognition of gain or loss by the Fund or its shareholders for U.S. federal income tax purposes (except with respect to cash received by shareholders in lieu of fractional shares, if any, or with respect to redemptions of shares held through an account that is not permitted to hold the ETF shares as discussed below). The costs of the Reorganization will be borne by the Adviser and Sub-Adviser.

There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund’s financial statements.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Number of Shares			Value
		COMMON STOCKS — 87.1%
		AEROSPACE & DEFENSE — 0.9%
	109,929	Ducommun, Inc.*	$	10,079,390
		APPAREL & TEXTILE PRODUCTS — 4.9%
	23,807	Deckers Outdoor Corp.*		2,095,730
	878,700	Levi Strauss & Co. - Class A		19,357,761
	371,552	PVH Corp.		31,492,748
				52,946,239
		BANKING — 5.3%
	323,282	Axos Financial, Inc.*		26,567,315
	97,223	Five Star Bancorp		3,353,221
	384,754	ServisFirst Bancshares, Inc.		27,367,552
				57,288,088
		COMMERCIAL SUPPORT SERVICES — 2.8%
	376,114	CSG Systems International, Inc.		29,626,500
		CONSUMER SERVICES — 1.6%
	955,661	Upbound Group, Inc.		17,125,445
		CONTAINERS & PACKAGING — 0.5%
	363,852	Graphic Packaging Holding Co.		5,887,125
		ELECTRICAL EQUIPMENT — 2.2%
	93,761	Littelfuse, Inc.		24,004,691
		ENGINEERING & CONSTRUCTION — 1.2%
	139,479	Everus Construction Group, Inc.*		12,826,489
		FOOD — 1.1%
	331,396	Darling Ingredients, Inc.*		12,132,408
		GAS & WATER UTILITIES — 9.6%
	1,234,938	MDU Resources Group, Inc.		26,328,878
	590,009	New Jersey Resources Corp.		28,367,633
	1,228,590	UGI Corp.		48,590,734
				103,287,245
		INDUSTRIAL INTERMEDIATE PRODUCTS — 0.3%
	102,635	L B Foster Co. - Class A*		2,769,092
		INDUSTRIAL SUPPORT SERVICES — 2.6%
	258,539	MSC Industrial Direct Co., Inc. - Class A		22,999,629
	30,204	VSE Corp.		5,442,459
				28,442,088
		INSURANCE — 8.4%
	639,304	CNO Financial Group, Inc.		26,166,713
	415,832	Horace Mann Educators Corp.		19,036,789
	726,288	RLI Corp.		44,782,918
				89,986,420

Number of Shares			Value
		COMMON STOCKS (Continued)
		INTERNET MEDIA & SERVICES — 1.1%
	341,303	IAC, Inc.*	$	11,969,496
		MACHINERY — 8.3%
	224,475	AGCO Corp.		23,785,371
	15,520	CSW Industrials, Inc.		4,219,423
	81,171	Graco, Inc.		6,691,737
	173,045	JBT Marel Corp.		24,318,014
	235,640	Oshkosh Corp.		30,204,335
				89,218,880
		PUBLISHING & BROADCASTING — 1.6%
	581,707	Scholastic Corp.		17,183,625
		RETAIL - CONSUMER STAPLES — 3.4%
	325,061	Ingles Markets, Inc. - Class A		25,003,692
	139,656	Sprouts Farmers Market, Inc.*		11,704,569
				36,708,261
		RETAIL - DISCRETIONARY — 1.7%
	343,013	Advance Auto Parts, Inc.		17,795,514
		SEMICONDUCTORS — 5.3%
	136,153	Qorvo, Inc.*		11,694,181
	332,713	Synaptics, Inc.*		22,794,168
	1,665,006	Vishay Intertechnology, Inc.		22,760,632
				57,248,981
		SOFTWARE — 0.4%
	125,731	Concentrix Corp.		4,552,719
		SPECIALTY FINANCE — 4.8%
	891,532	MGIC Investment Corp.		25,274,932
	200,594	Nelnet, Inc., Class A		25,924,769
				51,199,701
		TECHNOLOGY HARDWARE — 12.2%
	249,675	Arrow Electronics, Inc.*		26,967,397
	43,673	Fabrinet*		20,063,813
	115,774	InterDigital, Inc.		41,418,149
	284,230	TD SYNNEX Corp.		43,339,390
				131,788,749
		TECHNOLOGY SERVICES — 1.2%
	154,904	Science Applications International Corp.		13,354,274
		TRANSPORTATION EQUIPMENT — 2.7%
	539,334	REV Group, Inc.		28,730,322
		WHOLESALE - DISCRETIONARY — 3.0%
	134,726	ePlus, Inc.		12,071,450

Number of Shares			Value
		COMMON STOCKS (Continued)
		WHOLESALE - DISCRETIONARY (Continued)
	677,440	G-III Apparel Group Ltd.*	$	19,747,376
				31,818,826
		TOTAL COMMON STOCKS
		(Cost $683,783,952)		937,970,568
		EXCHANGE-TRADED FUNDS — 4.3%
	605,802	Vanguard 0-3 Month Treasury Bill ETF		45,813,776
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $45,682,494)		45,813,776
		SHORT-TERM INVESTMENTS — 8.4%
		MONEY MARKET INVESTMENTS — 8.4%
	90,941,933	Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.77%^(a)		90,941,933
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $90,941,933)		90,941,933
		TOTAL INVESTMENTS — 99.8%
		(Cost $820,408,379)		1,074,726,277
		Other Assets in Excess of Liabilities — 0.2%		1,669,856
		TOTAL NET ASSETS — 100.0%	$	1,076,396,133

Assets:
Investments, at value (cost $820,408,379)	$	1,074,726,277
Receivables:
Fund shares sold		644,866
Dividends and interest		2,260,508
Prepaid expenses		29,845
Total assets		1,077,661,496

Liabilities:
Payables:
Fund shares redeemed		550,219
Advisory fees		566,277
Shareholder servicing fees (Note 7)		49,651
Fund services fees		33,816
Shareholder reporting fees		16,429
Legal fees		12,144
Trustees' deferred compensation (Note 3)		8,760
Auditing fees		8,608
Chief Compliance Officer fees		2,994
Trustees' fees and expenses		1,754
Accrued other expenses		14,711
Total liabilities		1,265,363

Net Assets	$	1,076,396,133

Components of Net Assets:
Capital Stock (no par value with an unlimited number of shares authorized)	$	742,071,344
Total distributable earnings (accumulated deficit)		334,324,789
Net Assets	$	1,076,396,133

Maximum Offering Price per Share:
Investor Class Shares:
Net assets applicable to shares outstanding	$	128,379,195
Shares of beneficial interest issued and outstanding		2,874,874
Redemption price per share	$	44.66

Institutional Class Shares:
Net assets applicable to shares outstanding	$	903,824,786
Shares of beneficial interest issued and outstanding		20,243,489
Redemption price per share	$	44.65

Advisor Class Shares:
Net assets applicable to shares outstanding	$	44,192,152
Shares of beneficial interest issued and outstanding		992,786
Redemption price per share	$	44.51

Investment income:
Dividends	$	8,830,134
Interest		1,261,105
Total investment income		10,091,239

Expenses:
Advisory fees		3,337,475
Shareholder servicing fees - Investor Class (Note 7)		105,078
Shareholder servicing fees - Institutional Class (Note 7)		229,485
Shareholder servicing fees - Advisor Class (Note 7)		29,238
Fund services fees		118,715
Registration fees		38,067
Trustees' fees and expenses		24,144
Miscellaneous		23,693
Shareholder reporting fees		19,821
Redemption liquidity service		12,795
Legal fees		12,453
Insurance fees		10,021
Auditing fees		9,089
Chief Compliance Officer fees		5,364
Total expenses		3,975,438
Net investment income (loss)		6,115,801

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		44,973,901
In-kind redemptions		8,425,352
Total realized gain (loss)		53,399,253
Net change in unrealized appreciation (depreciation) on:
Investments		53,968,321
Net change in unrealized appreciation (depreciation)		53,968,321
Net realized and unrealized gain (loss)		107,367,574

Net Increase (Decrease) in Net Assets from Operations	$	113,483,375

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights
Investor Class	7
Institutional Class	8
Advisor Class	9
Notes to Financial Statements	10

	For the Six Months Ended November 30, 2025 (Unaudited)			For the Year Ended May 31, 2025
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	6,115,801		$	8,038,370
Total realized gain (loss) on investments		53,399,253			32,898,512
Net change in unrealized appreciation (depreciation) on investments		53,968,321			25,946,662
Net increase (decrease) in net assets resulting from operations		113,483,375			66,883,544

Distributions to Shareholders:
Distributions:
Investor Class		-			(4,334,028	)
Institutional Class		-			(32,840,884	)
Advisor Class		-			(1,546,449	)
Total distributions to shareholders		-			(38,721,361	)

Capital Transactions:
Net proceeds from shares sold:
Investor Class		41,282,663			31,256,196
Institutional Class		83,662,670			215,903,807
Advisor Class		9,387,677			12,763,673
Reinvestment of distributions:
Investor Class		-			4,326,093
Institutional Class		-			30,073,326
Advisor Class		-			1,510,109
Cost of shares redeemed:
Investor Class		(20,208,564	)		(25,937,442	)
Institutional Class		(58,282,058	)		(89,648,643	)
Advisor Class		(2,409,491	)		(23,869,104	)
Net increase (decrease) in net assets from capital transactions		53,432,897			156,378,015

Total increase (decrease) in net assets		166,916,272			184,540,198

Net Assets:
Beginning of period		909,479,861			724,939,663
End of period	$	1,076,396,133		$	909,479,861
Capital Share Transactions:
Shares sold:
Investor Class		945,557			795,691
Institutional Class		1,935,219			5,549,972
Advisor Class		217,093			323,488
Shares reinvested:
Investor Class		-			111,411
Institutional Class		-			775,485
Advisor Class		-			39,001
Shares redeemed:
Investor Class		(465,901	)		(668,386	)
Institutional Class		(1,342,745	)		(2,330,783	)
Advisor Class		(56,229	)		(611,069	)
Net increase (decrease) in capital share transactions		1,232,994			3,984,810

	For the Six Months Ended November 30, 2025			For the Year Ended May 31,
	(Unaudited)			2025			2024			2023¹			2022¹			2021¹
Net asset value, beginning of period	$	39.79		$	38.40		$	32.12		$	34.03		$	35.52		$	23.22
Income from Investment Operations:
Net investment income (loss)²		0.24			0.35			0.27			0.31			0.07			0.06
Net realized and unrealized gain (loss)		4.63			2.93			6.96			(1.54	)		(0.95	)		12.34
Total from investment operations		4.87			3.28			7.23			(1.23	)		(0.88	)		12.40

Less Distributions:
From net investment income		-			(0.31	)		(0.44	)		-			-			(0.09	)
From net realized gain		-			(1.58	)		(0.51	)		(0.68	)		(0.61	)		(0.01	)
Total distributions		-			(1.89	)		(0.95	)		(0.68	)		(0.61	)		(0.10	)
Net asset value, end of period	$	44.66		$	39.79		$	38.40		$	32.12		$	34.03		$	35.52

Total return³		12.24	%⁴		8.67	%		22.62	%		(3.63	)%		(2.52	)%		53.51	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	128,379		$	95,295		$	82,801		$	72,820		$	82,461		$	193,922

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		0.89	%⁵		0.92	%		0.98	%		1.00	%		1.00	%		1.11	%
After fees waived and expenses absorbed		0.89	%⁵		0.92	%		0.98	%		1.00	%		1.00	%		1.09	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		1.09	%⁵		0.89	%		0.77	%		0.95	%		0.21	%		0.22	%
After fees waived and expenses absorbed		1.09	%⁵		0.89	%		0.77	%		0.95	%		0.21	%		0.20	%

Portfolio turnover rate		13	%⁴		15	%		19	%		13	%		10	%		15	%

	For the Six Months Ended November 30, 2025			For the Year Ended May 31,												For the Period Ended May 31,
	(Unaudited)			2025			2024			2023¹			2022¹			2021^1,2
Net asset value, beginning of period	$	39.75		$	38.37		$	32.10		$	33.99		$	35.52		$	28.16
Income from Investment Operations:
Net investment income (loss)³		0.26			0.41			0.34			0.37			0.13			0.02
Net realized and unrealized gain (loss)		4.64			2.93			6.95			(1.54	)		(0.94	)		7.44
Total from investment operations		4.90			3.34			7.29			(1.17	)		(0.81	)		7.46

Less Distributions:
From net investment income		-			(0.38	)		(0.51	)		(0.04	)		(0.11	)		(0.09	)
From net realized gain		-			(1.58	)		(0.51	)		(0.68	)		(0.61	)		(0.01	)
Total distributions		-			(1.96	)		(1.02	)		(0.72	)		(0.72	)		(0.10	)

Redemption fee proceeds		-			-			-			-			-			-
Net asset value, end of period	$	44.65		$	39.75		$	38.37		$	32.10		$	33.99		$	35.52

Total return⁴		12.33	%⁵		8.82	%		22.82	%		(3.44	)%		(2.34	)%		26.59	%⁵

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	903,825		$	781,187		$	600,743		$	367,607		$	376,221		$	301,941

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		0.76	%⁶		0.78	%		0.79	%		0.81	%		0.83	%		0.91	%⁶
After fees waived and expenses absorbed		0.76	%⁶		0.78	%		0.79	%		0.81	%		0.83	%		0.89	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		1.22	%⁶		1.03	%		0.97	%		1.14	%		0.38	%		0.08	%⁶
After fees waived and expenses absorbed		1.22	%⁶		1.03	%		0.97	%		1.14	%		0.38	%		0.10	%⁶

Portfolio turnover rate		13	%⁵		15	%		19	%		13	%		10	%		15	%⁵

Shares Issued		Net Assets
Investor Class	2,273,407	$	80,361,287
Institutional Class	11,451,635		404,622,337
Advisor Class	1,384,548		48,836,652

Cost of investments	$	822,205,175

Gross unrealized appreciation	$	284,842,242
Gross unrealized depreciation		(32,321,140	)

Net unrealized appreciation/(depreciation)	$	252,521,102

	Level 1		Level 2**		Level 3**		Total
Common Stocks*	$	937,970,568	$	-	$	-	$	937,970,568
Exchange-Traded Funds		45,813,776		-		-		45,813,776
Short-Term Investments		90,941,933		-		-		90,941,933
Total	$	1,074,726,277	$	-	$	-	$	1,074,726,277

Number of Shares			Value
		COMMON STOCKS — 91.3%
		AEROSPACE & DEFENSE — 7.5%
	8,000	General Dynamics Corp.	$	2,733,040
	6,600	RTX Corp.		1,154,406
				3,887,446
		ASSET MANAGEMENT — 6.8%
	6,000	Ameriprise Financial, Inc.		2,734,440
	7,900	T. Rowe Price Group, Inc.		808,802
				3,543,242
		BANKING — 5.4%
	9,000	JPMorgan Chase & Co.		2,817,720
		BIOTECH & PHARMA — 6.6%
	13,820	Merck & Co., Inc.		1,448,751
	76,000	Pfizer, Inc.		1,956,240
				3,404,991
		DIVERSIFIED INDUSTRIALS — 1.2%
	3,600	3M Co.		619,380
		ELECTRICAL EQUIPMENT — 15.2%
	3,400	Allegion PLC		564,502
	10,000	Eaton Corp. PLC		3,458,900
	9,200	Trane Technologies PLC		3,877,616
				7,901,018
		ENTERTAINMENT CONTENT — 1.0%
	5,151	Walt Disney Co.		538,125
		FOOD — 4.6%
	10,000	Hershey Co.		1,880,800
	9,000	Mondelez International, Inc. - Class A		518,130
				2,398,930
		HEALTH CARE FACILITIES & SVCS — 5.2%
	30,000	Centene Corp.*		1,180,200
	4,500	Elevance Health, Inc.		1,522,170
				2,702,370
		INSTITUTIONAL FINANCIAL SVCS — 3.1%
	14,500	Bank of New York Mellon Corp.		1,625,450
		INSURANCE — 6.5%
	3	Berkshire Hathaway, Inc. - Class A*		2,310,300
	10,000	Prudential Financial, Inc.		1,082,500
				3,392,800
		LEISURE FACILITIES & SERVICES — 2.5%
	4,225	McDonald's Corp.		1,317,439
		MACHINERY — 1.4%
	9,000	Ingersoll Rand, Inc.		723,060

Number of Shares			Value
		COMMON STOCKS (Continued)
		MEDICAL EQUIPMENT & DEVICES — 2.9%
	6,300	Danaher Corp.	$	1,428,714
	900	Solventum Corp.*		76,734
				1,505,448
		SEMICONDUCTORS — 2.0%
	26,000	Intel Corp.*		1,054,560
		SOFTWARE — 7.2%
	18,395	Oracle Corp.		3,714,870
		SPECIALTY FINANCE — 7.7%
	11,000	American Express Co.		4,017,970
		TECHNOLOGY HARDWARE — 3.1%
	20,700	Cisco Systems, Inc.		1,592,658
		TRANSPORTATION & LOGISTICS — 1.4%
	3,000	Union Pacific Corp.		695,490
		TOTAL COMMON STOCKS
		(Cost $14,724,589)		47,452,967
		SHORT-TERM INVESTMENTS — 8.7%
		MONEY MARKET INVESTMENTS — 8.7%
	4,516,830	Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.77%^(a)		4,516,830
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $4,516,830)		4,516,830

		TOTAL INVESTMENTS — 100.0%
		(Cost $19,241,419)		51,969,797
		Other Assets in Excess of Liabilities — 0.0%		12,158
		TOTAL NET ASSETS — 100.0%	$	51,981,955

Assets:
Investments, at value (cost $19,241,419)	$	51,969,797
Receivables:
Fund shares sold		150
Dividends and interest		80,152
Prepaid expenses		15,156
Total assets		52,065,255

Liabilities:
Payables:
Fund shares redeemed		625
Advisory fees		11,677
Shareholder servicing fees (Note 6)		856
Fund services fees		22,049
Shareholder reporting fees		12,867
Legal fees		12,526
Auditing fees		7,417
Trustees' deferred compensation (Note 3)		5,760
Trustees' fees and expenses		1,856
Chief Compliance Officer fees		1,774
Accrued other expenses		5,893
Total liabilities		83,300
Commitments and contingencies (Note 3)
Net Assets	$	51,981,955

Components of Net Assets:
Capital Stock (no par value with an unlimited number of shares authorized)	$	18,394,168
Total distributable earnings (accumulated deficit)		33,587,787
Net Assets	$	51,981,955
Number of shares issued and outstanding		1,562,219
Net asset value per share	$	33.27

Investment income:
Dividends	$	408,213
Interest		84,331
Total investment income		492,544

Expenses:
Advisory fees		249,232
Shareholder servicing fees (Note 6)		13,818
Fund services fees		33,290
Trustees' fees and expenses		16,431
Legal fees		8,753
Auditing fees		8,601
Registration fees		7,929
Insurance fees		7,023
Miscellaneous		3,860
Chief Compliance Officer fees		3,851
Shareholder reporting fees		2,406
Total expenses		355,194
Advisory fees waived		(177,524	)
Net expenses		177,670
Net investment income (loss)		314,874

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		274,524
Total realized gain (loss)		274,524
Net change in unrealized appreciation (depreciation) on:
Investments		2,904,920
Net change in unrealized appreciation (depreciation)		2,904,920
Net realized and unrealized gain (loss)		3,179,444

Net Increase (Decrease) in Net Assets from Operations	$	3,494,318

	For the Six Months Ended November 30, 2025			For the Year Ended May 31,
	(Unaudited)			2025			2024			2023¹			2022¹			2021¹
Net asset value, beginning of period	$	31.08		$	30.71		$	23.86		$	24.37		$	29.21		$	22.45
Income from Investment Operations:
Net investment income²		0.20			0.41			0.39			0.36			0.32			0.39
Net realized and unrealized gain (loss)		1.99			1.10			7.26			(0.20	)		(0.63	)		7.99
Total from investment operations		2.19			1.51			7.65			0.16			(0.31	)		8.38

Less Distributions:
From net investment income		-			(0.40	)		(0.35	)		(0.36	)		(0.37	)		(0.48	)
From net realized gains		-			(0.74	)		(0.45	)		(0.31	)		(4.16	)		(1.14	)
Total distributions		-			(1.14	)		(0.80	)		(0.67	)		(4.53	)		(1.62	)
Net asset value, end of period	$	33.27		$	31.08		$	30.71		$	23.86		$	24.37		$	29.21

Total return³		7.05	%⁴		4.91	%		32.53	%		0.65	%		(2.19	)%		38.62	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	51,982		$	50,295		$	47,468		$	31,729		$	34,335		$	41,935

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.35	%⁵		1.35	%		1.61	%		2.10	%		1.95	%		1.43	%
After fees waived and expenses absorbed		0.67	%^5,6		0.65	%		0.65	%		0.65	%		0.65	%		0.77	%⁷
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		0.52	%⁵		0.60	%		0.47	%		0.04	%		(0.18	)%		0.89	%
After fees waived and expenses absorbed		1.20	%⁵		1.30	%		1.43	%		1.49	%		1.12	%		1.55	%

Portfolio turnover rate		0	%⁴		0	%		9	%		0	%		4	%		0	%

May 31, 2026	$	474,577
May 31, 2027		354,046
May 31, 2028		352,543
May 31, 2029		177,524
Total	$	1,358,690

Cost of investments	$	19,249,653

Gross unrealized appreciation	$	33,990,236
Gross unrealized depreciation		(1,270,092	)

Net unrealized appreciation/(depreciation)	$	32,720,144

(Registrant)	Investment Managers Series Trust III

By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer

Date	2/6/2026