FPA Funds Trust

09/11/2026 | Press release | Distributed by Public on 09/11/2026 14:36

Prospectus by Investment Company (Form 497)

Mast Multialternative Strategy Fund

Class A Shares (CSQAX)

Class I Shares (CSQIX)

A series of Investment Managers Series Trust III (the "Trust")

Supplement dated September 11, 2026, to the currently effective

Prospectus dated February 28, 2026, as supplemented.

Effective August 21, 2026, the second paragraph below the table under the "Investment Advisor" heading on page 36 of the Prospectus regarding the voluntary waiver of the Fund's advisory fee is deleted in its entirety.

Please file this Supplement with your records.

FPA Funds Trust published this content on September 11, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 11, 2026 at 20:36 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]