Semi-Annual Report by Investment Company (Form N-CSRS)

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 W. Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

(626) 385-5777

Registrant's telephone number, including area code

Date of fiscal year end: September 30, 2026

Date of reporting period: March 31

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 Company Act"), is as follows:

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b)

Not Applicable.

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

FPA New Income Fund

(Investor Class: FPNRX)

(Institutional Class: FPNIX)

SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION

March 31, 2026

FPA New Income Fund

A series of Investment Managers Series Trust III

Table of Contents

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	14
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	19

This report and the financial statements contained herein are provided for the general information of the shareholders of the FPA New Income 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.

www.fpa.com

FPA New Income Fund

SCHEDULE OF INVESTMENTS

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				BONDS & DEBENTURES - 92.2%
				ASSET-BACKED SECURITIES - 25.2%
				AUTO - 6.0%
				Ally Auto Receivables Trust
$	8,996,000			Series 2023-1, Class A4, 5.270%, 11/15/2028		$	9,103,960
				BMW Vehicle Owner Trust
	6,776,000			Series 2023-A, Class A4, 5.250%, 11/26/2029			6,858,824
				CarMax Auto Owner Trust
	21,176,000			Series 2023-2, Class A4, 5.010%, 11/15/2028			21,359,560
	10,892,000			Series 2023-1, Class A4, 4.650%, 1/16/2029			10,925,961
	20,637,000			Series 2023-3, Class A4, 5.260%, 2/15/2029			20,894,750
				Ford Credit Auto Owner Trust
	14,487,000			Series 2023-A, Class A4, 4.560%, 12/15/2028			14,530,842
	7,137,000			Series 2023-B, Class A4, 5.060%, 2/15/2029			7,193,217
				GM Financial Consumer Automobile Receivables Trust
	15,767,000			Series 2023-1, Class A4, 4.590%, 7/17/2028			15,810,613
	13,758,000			Series 2023-3, Class A4, 5.340%, 12/18/2028			13,911,393
				GM Financial Revolving Receivables Trust
	38,305,000			Series 2021-1, Class A, 1.170%, 6/12/2034(a)			37,872,648
	49,942,000			Series 2023-1, Class A, 5.120%, 4/11/2035(a)			50,800,148
	12,704,000			Series 2023-2, Class A, 5.770%, 8/11/2036(a)			13,160,625
	64,237,000			Series 2024-1, Class A, 4.980%, 12/11/2036(a)			65,739,863
				Hyundai Auto Receivables Trust
	10,743,000			Series 2023-B, Class A4, 5.310%, 8/15/2029			10,888,183
				Mercedes-Benz Auto Receivables Trust
	10,006,000			Series 2023-1, Class A4, 4.310%, 4/16/2029			10,022,851
	8,831,000			Series 2024-1, Class A4, 4.790%, 7/15/2031			8,919,760
				Nissan Auto Receivables Owner Trust
	13,366,000			Series 2022-B, Class A4, 4.450%, 11/15/2029			13,382,166
	15,538,000			Series 2023-A, Class A4, 4.850%, 6/17/2030			15,605,836
				Porsche Financial Auto Securitization Trust
	17,279,000			Series 2023-1A, Class A4, 4.720%, 6/23/2031(a)			17,359,420
				SFS Auto Receivables Securitization Trust
	8,951,000			Series 2023-1A, Class A4, 5.470%, 12/20/2029(a)			9,063,371
	9,026,000			Series 2026-1A, Class A4, 4.070%, 1/20/2032(a)			8,940,495
				Toyota Auto Loan Extended Note Trust
	54,519,000			Series 2022-1A, Class A, 3.820%, 4/25/2035(a)			54,347,663
	43,813,000			Series 2023-1A, Class A, 4.930%, 6/25/2036(a)			44,622,550
	56,286,000			Series 2024-1A, Class A, 5.160%, 11/25/2036(a)			57,868,577
				Toyota Auto Receivables Owner Trust
	16,189,000			Series 2023-A, Class A4, 4.420%, 8/15/2028			16,256,678
	19,879,000			Series 2023-B, Class A4, 4.660%, 9/15/2028			19,987,470
	25,523,000			Series 2023-C, Class A4, 5.010%, 2/15/2029			25,816,410
				Volkswagen Auto Loan Enhanced Trust
	11,637,000			Series 2023-1, Class A4, 5.010%, 1/22/2030			11,723,655
				World Omni Auto Receivables Trust

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				AUTO (Continued)
$	14,612,000			Series 2023-A, Class A4, 4.660%, 5/15/2029		$	14,675,263
	21,627,000			Series 2023-B, Class A4, 4.680%, 5/15/2029			21,726,043
	10,417,000			Series 2023-C, Class A4, 5.030%, 11/15/2029			10,513,164
							659,881,959
				COLLATERALIZED LOAN OBLIGATION - 2.8%
				Cerberus Loan Funding LLC
	10,299,000			Series 2023-1A, Class A, 6.072% (3-Month Term SOFR+240 basis points), 3/22/2035(a),(b)			10,323,553
	51,840,000			Series 2023-2A, Class A1, 6.222% (3-Month Term SOFR+255 basis points), 7/15/2035(a),(b)			51,981,575
	52,569,000			Series 2023-4A, Class A, 6.097% (3-Month Term SOFR+242.5 basis points), 10/15/2035(a),(b)			52,859,128
				Fortress Credit Opportunities Ltd.
	104,086,718			Series 2017-9A, Class A1TR, 5.484% (3-Month Term SOFR+181.161 basis points), 10/15/2033(a),(b)			104,171,965
				Golub Capital Partners Ltd.
	43,478,000			Series 2023-67A, Class A1, 6.160% (3-Month Term SOFR+250 basis points), 5/9/2036(a),(b)			43,578,695
	41,996,000			Series 2019-46A, Class A1R, 5.478% (3-Month Term SOFR+181 basis points), 4/20/2037(a),(b)			42,044,589
							304,959,505
				EQUIPMENT - 9.5%
				Avis Budget Rental Car Funding AESOP LLC
	18,490,000			Series 2023-4A, Class A, 5.490%, 6/20/2029(a)			18,885,640
	48,017,000			Series 2023-6A, Class A, 5.810%, 12/20/2029(a)			49,530,011
	34,038,000			Series 2023-8A, Class A, 6.020%, 2/20/2030(a)			35,329,259
	14,768,000			Series 2024-1A, Class A, 5.360%, 6/20/2030(a)			15,106,183
	57,519,000			Series 2024-3A, Class A, 5.230%, 12/20/2030(a)			58,635,858
	14,596,000			Series 2026-2A, Class A, 4.600%, 8/20/2032(a)			14,437,555
				Barings Equipment Finance LLC
	4,947,000			Series 2026-A, Class A4, 4.240%, 11/13/2045(a)			4,897,130
				CNH Equipment Trust
	7,414,000			Series 2022-B, Class A4, 3.910%, 3/15/2028			7,399,403
	6,738,000			Series 2023-A, Class A4, 4.770%, 10/15/2030			6,778,809
	17,009,000			Series 2023-B, Class A4, 5.460%, 3/17/2031			17,327,546
				Enterprise Fleet Financing LLC
	37,963,000			Series 2023-2, Class A3, 5.500%, 4/22/2030(a)			38,405,702
	34,823,000			Series 2023-3, Class A3, 6.410%, 6/20/2030(a)			35,775,190
	11,576,000			Series 2024-4, Class A4, 4.700%, 6/20/2031(a)			11,713,593
	19,554,000			Series 2025-4, Class A4, 4.280%, 6/20/2032(a)			19,404,441
	22,250,000			Series 2026-1, Class A4, 4.290%, 9/20/2032(a)			22,072,122

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				EQUIPMENT (Continued)
				Ford Credit Floorplan Master Owner Trust
$	83,977,000			Series 2018-4, Class A, 4.060%, 11/15/2030		$	83,364,153
	46,054,000			Series 2024-2, Class A, 5.240%, 4/15/2031(a)			47,278,880
	27,030,000			Series 2024-4, Class A, 4.400%, 9/15/2031(a)			27,034,279
				GMF Floorplan Owner Revolving Trust
	18,848,000			Series 2023-2, Class A, 5.340%, 6/15/2030(a)			19,283,962
	46,933,000			Series 2024-2A, Class A, 5.060%, 3/15/2031(a)			48,004,537
				GreatAmerica Leasing Receivables Funding LLC
	16,501,000			Series 2023-1, Class A4, 5.060%, 3/15/2030(a)			16,664,644
	8,123,000			Series 2025-2, Class A4, 4.290%, 9/15/2032(a)			8,132,906
				Hertz Vehicle Financing LLC
	24,795,000			Series 2021-2A, Class A, 1.680%, 12/27/2027(a)			24,426,631
	18,873,000			Series 2022-2A, Class A, 2.330%, 6/26/2028(a)			18,460,011
				John Deere Owner Trust
	15,675,000			Series 2023-A, Class A4, 5.010%, 12/17/2029			15,777,221
	11,706,000			Series 2023-B, Class A4, 5.110%, 5/15/2030			11,809,611
	15,742,000			Series 2023-C, Class A4, 5.390%, 8/15/2030			15,990,957
				Kubota Credit Owner Trust
	12,897,000			Series 2023-2A, Class A4, 5.230%, 6/15/2028(a)			13,025,854
	9,456,000			Series 2023-1A, Class A4, 5.070%, 2/15/2029(a)			9,514,974
				M&T Equipment Notes
	9,785,000			Series 2023-1A, Class A4, 5.750%, 7/15/2030(a)			9,879,774
	17,531,000			Series 2024-1A, Class A4, 4.940%, 8/18/2031(a)			17,741,437
				MMAF Equipment Finance LLC
	24,567,000			Series 2023-A, Class A4, 5.500%, 12/13/2038(a)			24,973,092
	7,081,000			Series 2020-A, Class A5, 1.560%, 10/9/2042(a)			6,879,254
	29,990,727			Series 2024-A, Class A4, 5.100%, 7/13/2049(a)			30,599,641
	16,651,000			Series 2025-A, Class A4, 5.020%, 6/13/2050(a)			16,975,187
	23,763,000			Series 2025-B, Class A4, 4.290%, 9/13/2050(a)			23,525,111
				Prop 2017-1A
	7,178,460			5.300%, 3/15/2042(c),(d)			6,855,429
				Verizon Master Trust
	76,585,000			Series 2023-6, Class A, 5.350%, 9/22/2031(a)			78,821,971
	85,708,000			Series 2024-2, Class A, 4.830%, 12/22/2031(a)			87,067,226
	31,930,000			Series 2024-7, Class A, 4.350%, 8/20/2032(a)			31,868,311
				Volvo Financial Equipment LLC
	4,788,000			Series 2025-2A, Class A4, 4.060%, 6/15/2033(a)			4,768,100
							1,054,421,595
				OTHER - 6.9%
				ABPCI Direct Lending Fund LLC
	19,889,828			Series 2022-2A, Class A1, 5.770% (3-Month Term SOFR+210 basis points), 3/1/2032(a),(b)			19,826,439

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				OTHER (Continued)
				ABPCI Direct Lending Fund Ltd.
$	20,112,753			Series 2020-1A, Class A, 3.199%, 12/29/2030(a)		$	18,324,669
	77,012,000			American Tower Trust 1 5.490%, 3/15/2028(a)			77,751,777
	6,881,996			Brazos Securitization LLC 5.014%, 9/1/2031(a)			6,920,272
				Centerpoint Energy Restoration Bond Co. II LLC
	61,032,000			4.255%, 12/15/2035			60,040,230
				Cleco Securitization LLC
	14,466,152			4.016%, 3/1/2031			14,303,408
				Consumers 2023 Securitization Funding LLC
	22,847,000			5.210%, 9/1/2031			22,924,173
				DTE Electric Securitization Funding II LLC
	22,782,420			5.970%, 3/1/2033			23,938,627
				Duke Energy Carolinas Nc Storm Funding II LLC
	30,094,000			4.226%, 7/1/2037			29,642,590
				Golub Capital Partners Funding Ltd.
	6,606,220			Series 2020-1A, Class A2, 3.208%, 1/22/2029(a)			6,400,066
	23,219,341			Series 2021-1A, Class A2, 2.773%, 4/20/2029(a)			22,122,366
	47,168,500			Series 2021-2A, Class A, 2.944%, 10/19/2029(a)			44,517,348
				Kansas Gas Service Securitization I LLC
	38,430,624			5.486%, 8/1/2032			39,583,838
				Monroe Capital Funding Ltd.
	16,592,066			Series 2021-1A, Class A2, 2.815%, 4/22/2031(a)			15,282,952
				Oklahoma Development Finance Authority
	22,036,713			4.135%, 12/1/2033			21,920,028
	7,854,317			4.285%, 2/1/2034			7,830,902
	18,690,137			3.877%, 5/1/2037			18,414,808
				PG&E Recovery Funding LLC
	29,285,358			5.045%, 7/15/2032			29,651,426
	11,550,710			4.838%, 6/1/2033			11,721,603
				PG&E Wildfire Recovery Funding LLC
	36,103,277			4.022%, 6/1/2031			35,651,986
				SBA Tower Trust
	14,427,000			1.631%, 11/15/2026(a)			14,144,741
	17,196,000			2.328%, 1/15/2028(a)			16,425,896
	12,423,000			6.599%, 1/15/2028(a)			12,578,337
				SCE Recovery Funding LLC
	73,845,000			4.453%, 3/15/2036			73,198,856
				SpringCastle America Funding LLC
	6,517,845			Series 2020-AA, Class A, 1.970%, 9/25/2037(a)			6,108,171
				Texas Electric Market Stabilization Funding N LLC
	27,673,243			4.265%, 8/1/2036(a)			27,457,688

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				OTHER (Continued)
				Texas Natural Gas Securitization Finance Corp.
$	7,168,189			5.102%, 4/1/2035		$	7,346,957
				VCP RRL Ltd.
	12,570,129			Series 2021-1A, Class A, 2.152%, 10/20/2031(a)			11,754,001
				Virginia Power Fuel Securitization LLC
	58,246,000			4.877%, 5/1/2031			58,537,230
				WEPCo Environmental Trust Finance LLC
	7,851,363			Series 2021-1, Class A, 1.578%, 12/15/2035			7,055,659
							761,377,044
				TOTAL ASSET-BACKED SECURITIES
				(Cost $2,758,420,512)			2,780,640,103
				COMMERCIAL MORTGAGE-BACKED SECURITIES - 14.1%
				AGENCY - 11.5%
				Federal Home Loan Mortgage Corp.
	40,575,561			Series K062, Class A2, 3.413%, 12/25/2026			40,365,664
	16,384,096			Series K063, Class A2, 3.430%, 1/25/2027(b)			16,295,063
	9,702,802			Series K065, Class A2, 3.243%, 4/25/2027			9,622,216
	7,146,855			Series K066, Class A2, 3.117%, 6/25/2027			7,073,872
	8,509,735			Series K068, Class A2, 3.244%, 8/25/2027			8,411,841
	12,338,034			Series K072, Class A2, 3.444%, 12/25/2027			12,206,606
	29,086,020			Series K073, Class A2, 3.350%, 1/25/2028			28,722,584
	16,051,256			Series K076, Class A2, 3.900%, 4/25/2028			15,967,478
	4,086,000			Series K077, Class A2, 3.850%, 5/25/2028(b)			4,060,675
	30,559,000			Series K079, Class A2, 3.926%, 6/25/2028			30,394,690
	25,020,308			Series K080, Class A2, 3.926%, 7/25/2028(b)			24,871,505
	62,664,000			Series K081, Class A2, 3.900%, 8/25/2028(b)			62,270,408
	46,777,000			Series K082, Class A2, 3.920%, 9/25/2028(b)			46,484,929
	24,028,000			Series K083, Class A2, 4.050%, 9/25/2028(b)			23,950,875
	68,841,723			Series K084, Class A2, 3.780%, 10/25/2028(b)			68,318,182
	27,924,000			Series K085, Class A2, 4.060%, 10/25/2028(b)			27,833,043
	27,195,714			Series K089, Class A2, 3.563%, 1/25/2029			26,771,322
	4,691,000			Series K088, Class A2, 3.690%, 1/25/2029			4,639,933
	43,626,000			Series K090, Class A2, 3.422%, 2/25/2029			42,793,328
	25,293,822			Series K091, Class A2, 3.505%, 3/25/2029			24,842,014
	2,376,000			Series K092, Class A2, 3.298%, 4/25/2029			2,318,895
	4,263,420			Series K093, Class A2, 2.982%, 5/25/2029			4,132,621
	84,442,000			Series K095, Class A2, 2.785%, 6/25/2029			81,020,968
	71,380,000			Series K094, Class A2, 2.903%, 6/25/2029			68,731,923
	40,814,000			Series K097, Class A2, 2.508%, 7/25/2029			38,758,570
	91,996,000			Series K096, Class A2, 2.519%, 7/25/2029			87,486,255
	19,173,000			Series K099, Class A2, 2.595%, 9/25/2029			18,226,467
	49,942,000			Series K101, Class A2, 2.524%, 10/25/2029			47,185,596

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
				AGENCY (Continued)
$	33,400,000			Series K102, Class A2, 2.537%, 10/25/2029		$	31,723,173
	47,045,000			Series K103, Class A2, 2.651%, 11/25/2029			44,686,474
	4,756,000			Series K107, Class A2, 1.639%, 1/25/2030			4,375,453
	3,071,000			Series K105, Class A2, 1.872%, 1/25/2030			2,825,326
	11,740,000			Series K106, Class A2, 2.069%, 1/25/2030			10,918,632
	16,200,000			Series K104, Class A2, 2.253%, 1/25/2030			15,227,417
	9,186,000			Series K108, Class A2, 1.517%, 3/25/2030			8,326,351
	61,806,000			Series K751, Class A2, 4.412%, 3/25/2030			62,140,748
	17,591,000			Series K109, Class A2, 1.558%, 4/25/2030			15,909,399
	22,485,000			Series K151, Class A3, 3.511%, 4/25/2030			21,904,691
	1,742,000			Series K111, Class A2, 1.350%, 5/25/2030			1,559,399
	9,465,000			Series K114, Class A2, 1.366%, 6/25/2030			8,473,895
	3,768,000			Series K116, Class A2, 1.378%, 7/25/2030			3,373,521
	18,741,000			Series K752, Class A2, 4.284%, 7/25/2030			18,745,608
	61,809,000			Series K117, Class A2, 1.406%, 8/25/2030			55,030,543
	15,691,000			Series K120, Class A2, 1.500%, 10/25/2030			13,971,794
	75,127,967			Series K754, Class A2, 4.940%, 11/25/2030(b)			77,183,078
							1,270,133,025
				AGENCY STRIPPED - 0.2%
				Government National Mortgage Association
	7,817,569			Series 2014-77, Class IO, 0.476%, 12/16/2047(b)			48,886
	11,489,589			Series 2012-150, Class IO, 0.427%, 11/16/2052(b)			147,219
	11,199,312			Series 2012-114, Class IO, 0.635%, 1/16/2053(b)			151,045
	29,616,364			Series 2012-125, Class IO, 0.159%, 2/16/2053(b)			169,640
	18,263,393			Series 2012-79, Class IO, 0.421%, 3/16/2053(b)			202,539
	14,622,298			Series 2013-45, Class IO, 0.039%, 12/16/2053(b)			917
	6,332,085			Series 2013-125, Class IO, 0.252%, 10/16/2054(b)			93,096
	20,842,835			Series 2014-157, Class IO, 0.179%, 5/16/2055(b)			107,413
	19,214,361			Series 2014-153, Class IO, 0.265%, 4/16/2056(b)			116,522
	47,611,692			Series 2014-175, Class IO, 0.462%, 4/16/2056(b)			603,002
	4,737,846			Series 2014-138, Class IO, 0.501%, 4/16/2056(b)			72,127
	46,955,085			Series 2014-187, Class IO, 0.550%, 5/16/2056(b)			821,864
	4,355,125			Series 2015-41, Class IO, 0.160%, 9/16/2056(b)			20,523
	1,309,187			Series 2015-108, Class IO, 0.341%, 10/16/2056(b)			5,543
	10,799,901			Series 2014-110, Class IO, 0.099%, 1/16/2057(b)			44,734
	26,058,359			Series 2015-19, Class IO, 0.292%, 1/16/2057(b)			318,584
	9,684,015			Series 2015-7, Class IO, 0.488%, 1/16/2057(b)			178,209
	42,236,559			Series 2015-169, Class IO, 0.246%, 7/16/2057(b)			384,429
	7,228,228			Series 2015-150, Class IO, 0.367%, 9/16/2057(b)			99,292
	28,371,907			Series 2016-125, Class IO, 0.816%, 12/16/2057(b)			894,526
	23,977,059			Series 2016-65, Class IO, 0.459%, 1/16/2058(b)			467,862
	78,641,715			Series 2016-106, Class IO, 0.969%, 9/16/2058(b)			3,064,384

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
				AGENCY STRIPPED (Continued)
$	37,701,507			Series 2020-43, Class IO, 1.257%, 11/16/2061(b)		$	3,034,979
	45,514,651			Series 2020-71, Class IO, 1.056%, 1/16/2062(b)			2,829,232
	90,515,049			Series 2020-75, Class IO, 0.877%, 2/16/2062(b)			5,119,658
	120,112,881			Series 2020-42, Class IO, 0.939%, 3/16/2062(b)			7,723,631
							26,719,856
				NON-AGENCY - 2.4%
				BANK5
	31,134,000			Series 2025-5YR18, Class A3, 5.145%, 12/15/2058			31,660,205
				BBCMS Trust
	4,019,175			Series 2015-SRCH, Class A1, 3.312%, 8/10/2035(a)			3,967,664
	9,736,000			Series 2025-5C36, Class A3, 5.517%, 8/15/2058			10,015,171
				Benchmark Mortgage Trust
	17,340,000			Series 2024-V11, Class A3, 5.909%, 11/15/2057(b)			17,983,392
				BMO Mortgage Trust
	17,350,000			Series 2024-5C7, Class A3, 5.566%, 11/15/2057(b)			17,787,742
	8,363,000			Series 2024-5C8, Class A3, 5.625%, 12/15/2057(b)			8,589,242
	15,541,000			Series 2025-5C13, Class A3, 5.227%, 12/15/2058			15,774,805
				Progress Residential Trust
	13,162,240			Series 2024-SFR5, Class A, 3.000%, 8/9/2029(a)			12,427,540
	13,629,642			Series 2021-SFR11, Class A, 2.283%, 1/17/2039(a)			12,869,885
	47,145,145			Series 2021-SFR10, Class A, 2.393%, 12/17/2040(a)			44,618,392
	16,051,066			Series 2024-SFR3, Class A, 3.000%, 6/17/2041(a)			15,199,760
	27,138,582			Series 2024-SFR4, Class A, 3.100%, 7/17/2041(a)			25,742,923
	21,841,259			Series 2025-SFR2, Class A, 3.305%, 4/17/2042(a)			20,603,878
	16,479,000			Series 2025-SFR3, Class A, 3.390%, 7/17/2042(a)			15,581,531
	14,804,000			Series 2025-SFR6, Class A, 4.000%, 12/17/2042(a)			14,290,819
							267,112,949
				TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
				(Cost $1,562,239,153)			1,563,965,830
				CORPORATE BANK DEBT - 0.2%
				Capstone Acquisition Holdings, Inc. Term Loan
	19,072,139			8.268% (1-Month Term SOFR+460 basis points), 11/12/2029(b),(c),(d),(e)			19,367,643
				JC Penney Corp., Inc.
	26,302,796			5.568% (3-Month USD Libor+425 basis points), 6/23/2027*,(b),(c),(d),(e),(f)			2,630
				Lealand Finance Company B.V. Senior Exit LC
	8,942,165			4.750%, 6/30/2027(c),(d),(e),(g),(h)			(961,283	)
				McDermott Technology Americas, Inc.
	359,953			7.782% (1-Month Term SOFR+400 basis points), 12/31/2027(b),(c),(d),(e)			295,162
				TOTAL CORPORATE BANK DEBT
				(Cost $19,183,800)			18,704,152

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				CORPORATE BONDS - 1.5%
				FINANCIALS - 1.4%
				Apollo Debt Solutions BDC Senior Notes
$	26,023,000			8.620%, 9/28/2028(c),(d)		$	26,023,000
				Blue Owl Credit Income Corp.
	22,579,000			7.950%, 6/13/2028			23,120,806
	42,500,000			Hlend Senior Notes 8.170%, 3/15/2028(c),(d)			42,500,000
				HPS Corporate Lending Fund
	24,864,000			6.750%, 1/30/2029			25,188,886
				Oaktree Strategic Credit Fund
	27,351,000			8.400%, 11/14/2028			28,682,810
	12,891,000			OCREDIT BDC Senior Notes 7.770%, 3/7/2029(c),(d)			12,891,000
							158,406,502
				HEALTH CARE - 0.1%
				Heartland Dental LLC/Heartland Dental Finance Corp.
	8,756,000			10.500% (1-Month Term SOFR+500 basis points), 4/30/2028(a),(d)			8,996,790
				TOTAL CORPORATE BONDS
				(Cost $164,325,481)			167,403,292
				RESIDENTIAL MORTGAGE-BACKED SECURITIES - 22.1%
				AGENCY COLLATERALIZED MORTGAGE OBLIGATION - 1.1%
				Fannie Mae REMICS
	52,483,617			Series 2026-21, Class A, 2.000%, 9/25/2045(c)			47,801,094
				Federal National Mortgage Association
	126,369			Series 2010-43, Class MK, 5.500%, 5/25/2040			127,431
	5,236,125			Series 3810, Class PE, 4.000%, 2/15/2041			5,132,813
	645,868			Series 2012-144, Class PD, 3.500%, 4/25/2042			637,328
	379,467			Series 2013-93, Class PJ, 3.000%, 7/25/2042			369,529
	53,345,820			Series 2024-70, Class EC, 3.000%, 11/25/2047			49,745,436
				GS Mortgage-Backed Securities Trust
	14,870,430			Series 2024-95, Class AB, 2.500%, 6/20/2045(a),(b)			13,727,342
							117,540,973
				AGENCY POOL ADJUSTABLE RATE - 1.3%
				Fannie Mae Pool
	2,661,942			1.730% (30-Day SOFR Average+211 basis points), 7/1/2051(b)			2,430,440
	21,580,589			1.968% (30-Day SOFR Average+207.554 basis points), 8/1/2051(b)			19,847,664
	1,756,118			1.608% (30-Day SOFR Average+209.4 basis points), 9/1/2051(b)			1,592,560
	20,562,985			1.887% (30-Day SOFR Average+233.461 basis points), 4/1/2052(b)			18,731,018
				Freddie Mac Non Gold Pool
	8,597,831			1.662% (30-Day SOFR Average+213 basis points), 9/1/2051(b)			7,799,417
	10,234,816			2.554% (30-Day SOFR Average+213 basis points), 3/1/2052(b)			9,483,465
	6,859,744			2.520% (30-Day SOFR Average+214 basis points), 5/1/2052(b)			6,358,324
	71,967,745			2.155% (30-Day SOFR Average+217.793 basis points), 7/1/2052(b)			65,740,750

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
				AGENCY POOL ADJUSTABLE RATE (Continued)
$	8,609,894			3.313% (30-Day SOFR Average+222.211 basis points), 11/1/2052(b)		$	8,226,954
	10,613,049			2.161% (30-Day SOFR Average+217.884 basis points), 5/1/2053(b)			9,696,566
							149,907,158
				AGENCY POOL FIXED RATE - 13.9%
				Fannie Mae Pool
	12,475,908			1.500%, 12/1/2035			11,275,837
	14,112,688			1.000%, 4/1/2036			12,264,033
	21,991,828			1.000%, 9/1/2036			19,046,953
	13,573,406			1.000%, 11/1/2036			11,711,927
	87,823,746			1.000%, 12/1/2036			75,780,590
	123,857,497			1.000%, 3/1/2037			106,873,080
	10,756,985			2.000%, 6/1/2040			9,483,676
	4,011,953			2.000%, 9/1/2040			3,533,474
	4,361,368			2.000%, 10/1/2040			3,839,276
	12,607,332			2.000%, 10/1/2040			11,094,830
	3,180,893			1.500%, 11/1/2040			2,709,666
	20,783,331			2.000%, 11/1/2040			18,272,962
	13,107,134			1.500%, 12/1/2040			11,156,618
	15,585,704			2.000%, 12/1/2040			13,693,965
	4,472,535			1.500%, 1/1/2041			3,804,071
	12,458,447			1.500%, 2/1/2041			10,588,049
	14,511,941			1.500%, 5/1/2041			12,298,651
	13,867,542			2.500%, 5/1/2041			12,485,689
	8,423,007			2.000%, 7/1/2041			7,366,308
	57,024,485			2.000%, 9/1/2041			50,124,888
	55,655,168			1.500%, 10/1/2041			46,932,461
	82,153,309			1.500%, 11/1/2041			69,285,414
	6,021,464			1.500%, 12/1/2041			5,074,469
	5,561,896			1.500%, 3/1/2042			4,693,774
	17,726,260			1.500%, 3/1/2042			15,052,646
	27,563,550			1.500%, 3/1/2042			23,298,940
	40,996,206			1.500%, 3/1/2042			34,628,372
	49,858,750			1.500%, 3/1/2042			42,039,093
	19,671,100			2.000%, 8/1/2042			17,167,020
	55,410,692			2.000%, 8/1/2042			48,183,320
	27,275,997			3.500%, 4/1/2044			25,692,492
	36,412,720			4.000%, 6/1/2045			35,485,747
	63,307,061			4.000%, 3/1/2046			61,725,663
	7,779,892			4.000%, 7/1/2046			7,578,750
	8,923,600			4.000%, 10/1/2046			8,692,055
	4,910,864			4.000%, 10/1/2046			4,786,758
	7,402,833			4.000%, 3/1/2048			7,204,774

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
				AGENCY POOL FIXED RATE (Continued)
$	66,741,550			4.000%, 1/1/2049		$	64,966,625
	32,226,117			4.500%, 1/1/2050			32,078,032
	28,122,089			4.500%, 1/1/2050			27,997,789
				Freddie Mac Pool
	201,742			2.500%, 8/1/2028			198,611
	5,453,170			1.000%, 7/1/2036			4,721,223
	8,222,365			1.000%, 10/1/2036			7,136,803
	17,171,837			2.000%, 6/1/2040			15,140,311
	3,758,132			2.000%, 8/1/2040			3,311,508
	2,652,769			4.000%, 10/1/2040			2,587,536
	9,919,573			1.500%, 11/1/2040			8,450,297
	2,369,452			4.000%, 11/1/2040			2,311,931
	5,611,172			2.000%, 12/1/2040			4,929,682
	3,772,339			4.000%, 12/1/2040			3,677,428
	3,751,440			1.500%, 2/1/2041			3,193,233
	31,141,807			1.500%, 3/1/2041			26,445,532
	83,042,367			1.500%, 3/1/2041			70,515,443
	23,507,441			1.500%, 4/1/2041			19,930,650
	72,962,736			1.500%, 5/1/2041			61,822,610
	67,865,275			1.500%, 6/1/2041			57,454,586
	10,247,114			1.500%, 7/1/2041			8,666,745
	6,511,987			2.000%, 8/1/2041			5,688,561
	10,787,388			1.500%, 10/1/2041			9,096,779
	3,960,093			1.500%, 11/1/2041			3,355,074
	15,858,412			1.500%, 11/1/2041			13,364,036
	61,083,585			1.500%, 12/1/2041			51,443,691
	29,191,840			1.500%, 12/1/2041			24,769,341
	4,895,463			1.500%, 1/1/2042			4,137,734
	34,429,289			1.500%, 1/1/2042			29,057,287
	35,336,752			2.000%, 5/1/2042			30,817,977
	24,002,963			2.000%, 8/1/2042			20,921,720
	17,763,395			2.000%, 8/1/2042			15,529,043
	39,982,850			4.500%, 12/1/2045			39,806,353
							1,538,450,462
				NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION - 5.8%
				Citigroup Mortgage Loan Trust
	1,494,516			Series 2014-A, Class A, 4.000%, 1/25/2035(a),(b)			1,456,233
				GS Mortgage-Backed Securities Trust
	9,296,839			Series 2021-PJ4, Class A8, 2.500%, 9/25/2051(a),(b)			8,379,534
	36,028,767			Series 2021-PJ5, Class A8, 2.500%, 10/25/2051(a),(b)			32,437,603
	34,590,682			Series 2021-PJ6, Class A8, 2.500%, 11/25/2051(a),(b)			31,075,619
	27,409,708			Series 2021-PJ7, Class A8, 2.500%, 1/25/2052(a),(b)			24,581,357

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
				NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued)
$	9,340,182			Series 2021-PJ10, Class A8, 2.500%, 3/25/2052(a),(b)		$	8,361,743
	5,833,766			Series 2022-PJ1, Class A8, 2.500%, 5/28/2052(a),(b)			5,204,204
	12,906,502			Series 2022-PJ2, Class A24, 3.000%, 6/25/2052(a),(b)			11,801,543
	9,668,915			Series 2022-PJ3, Class A22, 2.500%, 8/25/2052(a),(b)			8,645,898
	4,997,821			Series 2022-PJ3, Class A24, 3.000%, 8/25/2052(a),(b)			4,567,653
	32,112,708			Series 2022-PJ4, Class A22, 2.500%, 9/25/2052(a),(b)			28,643,768
	5,998,598			Series 2022-PJ4, Class A24, 3.000%, 9/25/2052(a),(b)			5,471,243
	74,381,372			Series 2022-PJ5, Class A22, 2.500%, 10/25/2052(a),(b)			66,100,821
	46,917,288			Series 2022-PJ6, Class A15, 2.500%, 1/25/2053(a),(b)			41,769,439
				J.P. Morgan Mortgage Trust
	4,721,245			Series 2021-6, Class A4, 2.500%, 10/25/2051(a),(b)			4,260,448
	10,211,857			Series 2021-7, Class A4, 2.500%, 11/25/2051(a),(b)			9,201,905
	14,812,703			Series 2021-10, Class A4A, 2.000%, 12/25/2051(a),(b)			13,017,234
	39,822,760			Series 2021-10, Class A4, 2.500%, 12/25/2051(a),(b)			35,756,521
	10,781,408			Series 2021-8, Class A4, 2.500%, 12/25/2051(a),(b)			9,717,019
	49,921,906			Series 2021-11, Class A4, 2.500%, 1/25/2052(a),(b)			44,922,372
	55,731,540			Series 2021-13, Class A4, 2.500%, 4/25/2052(a),(b)			50,228,508
	3,159,736			Series 2021-15, Class A4, 2.500%, 6/25/2052(a),(b)			2,829,848
	2,877,226			Series 2022-3, Class A4A, 2.500%, 8/25/2052(a),(b)			2,570,861
	5,229,101			Series 2022-4, Class A4, 3.000%, 10/25/2052(a),(b)			4,776,053
	26,262,986			Series 2024-3, Class A4, 3.000%, 5/25/2054(a),(b)			23,974,615
	25,395,044			Series 2025-1, Class A4, 3.684%, 1/25/2063(a),(b)			23,748,356
				OBX Trust
	2,272,502			Series 2021-J3, Class A4, 2.500%, 10/25/2051(a),(b)			2,042,898
	37,081,104			Series 2022-J1, Class A3, 3.000%, 2/25/2052(a),(b)			33,781,720
				Pretium Mortgage Credit Partners LLC
	6,950,780			Series 2024-RPL1, Class A1, 3.900%, 10/25/2063(a),(b)			6,659,154
				Sequoia Mortgage Trust
	3,613,928			Series 2021-4, Class A4, 2.500%, 6/25/2051(a),(b)			3,251,794
	4,264,252			Series 2021-5, Class A4, 2.500%, 7/25/2051(a),(b)			3,836,255
	4,100,505			Series 2022-1, Class A4, 2.500%, 2/25/2052(a),(b)			3,659,936
	46,369,978			Series 2025-S1, Class A4, 2.500%, 9/25/2054(a),(b)			41,325,152
				Towd Point Mortgage Trust
	5,962,354			Series 2020-4, Class A1, 1.750%, 10/25/2060(a)			5,463,580
	16,907,717			Series 2023-1, Class A1, 3.750%, 1/25/2063(a)			16,293,764
				Wells Fargo Mortgage Backed Securities
	5,737,694			Series 2021-2, Class A3, 2.500%, 6/25/2051(a),(b)			5,144,713
	2,391,907			Series 2022-1, Class A3, 2.500%, 8/25/2051(a),(b)			2,135,683

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
				NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued)
$	12,457,562			Series 2022-2, Class A4, 2.500%, 12/25/2051(a),(b)		$	11,094,473
							638,189,520
				TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
				(Cost $2,381,559,221)			2,444,088,113
				U.S. TREASURY NOTES & BONDS - 29.1%
				U.S. Treasury Note
	836,812,000			3.625%, 10/31/2030			826,024,991
	366,750,000			3.500%, 11/30/2030			360,016,690
	222,098,000			3.625%, 12/31/2030			219,096,212
	817,547,000			3.750%, 1/31/2031			810,648,947
	1,025,343,000			3.500%, 2/28/2031			1,005,476,980
				TOTAL U.S. TREASURY NOTES & BONDS
				(Cost $3,249,446,001)			3,221,263,820
				TOTAL BONDS & DEBENTURES
				(Cost $10,135,174,168)			10,196,065,310

Number of Shares
				COMMON STOCKS - 1.5%
				METALS & MINING - 0.5%
	39,831,957			AIPCF VIII A-BL Aggregator Cayman LP (c),(d),(i)			49,921,392
				REAL ESTATE SERVICES - 0.0%
	520,208			Copper Property CTL Pass Through Trust(d)			5,649,459
				TRANSPORTATION & LOGISTICS - 1.0%
	3,806,420			PHI Group, Inc.(c),(d),(i)			114,002,279
				TOTAL COMMON STOCKS
				(Cost $125,200,428)			169,573,130
				SHORT-TERM INVESTMENTS - 5.8%
				MONEY MARKET INVESTMENTS - 0.3%
	29,082,005			Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.46%(j)			29,082,005

Principal Amount
				TREASURY BILLS - 5.5%
				U.S. Treasury Bill
$	115,702,000			3.67%, 4/2/2026(k)			115,690,365
	286,726,999			3.65%, 4/9/2026(k)			286,497,618

FPA New Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2026 (Unaudited)

Principal Amount						Value
				TREASURY BILLS (Continued)
$	207,355,000			3.66%, 4/16/2026(k)		$	207,043,535
							609,231,518
				TOTAL SHORT-TERM INVESTMENTS
				(Cost $638,313,523)			638,313,523
				TOTAL INVESTMENTS - 99.5%
				(Cost $10,898,688,119)			11,003,951,963
				Other Assets in Excess of Liabilities - 0.5%			50,804,637
				TOTAL NET ASSETS - 100.0%		$	11,054,756,600

BDC - Business Development Company

IO - Interest Only

LLC - Limited Liability Company

LP - Limited Partnership

*

Non-income producing security.

(a)

Security exempt from registration under Section 4(a)(2) and/or Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $2,679,684,098, which represents 24.24% of Total Net Assets.

(b)

Variable or floating rate security.

(c)

The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

(d)

Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Trustees. The total value of these securities is $285,543,501, which represents 2.58% of Total Net Assets.

(e)

Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR"), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate ("SOFR"). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

(f)

Security is in default.

(g)

As of March 31, 2026, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied. See Note 8 of the Notes to Financial Statements for further information on these commitments and contingencies.

(h)

All or a portion of the loan is unfunded.

(i)

Affiliated company.

(j)

The rate is the annualized seven-day yield at period end.

(k)

Treasury bill discount rate.

See accompanying Notes to Financial Statements.

FPA New Income Fund

STATEMENT OF ASSETS AND LIABILITIES

As of March 31, 2026 (Unaudited)

Assets:
Investments, at value (cost $10,867,556,714)		$	10,889,949,684
Investments in affiliates, at value (cost $31,131,405)			114,002,279
Cash			189,015
Receivables:
Investment securities sold			799,736
Fund shares sold			10,663,737
Dividends and interest			55,179,205
Prepaid expenses			200,302
Total assets			11,070,983,958
Liabilities:
Payables:
Fund shares redeemed			10,905,707
Advisory fees			3,476,102
Shareholder servicing fees (Note 7)			1,215,262
Fund services fees			277,478
Trustees' deferred compensation (Note 3)			46,757
Legal fees			38,453
Auditing fees			8,508
Chief Compliance Officer fees			6,858
Shareholder reporting fees			5,399
Trustees' fees and expenses			4,236
Accrued other expenses			242,598
Total liabilities			16,227,358
Commitments and contingencies (Note 8)
Net Assets		$	11,054,756,600
Components of Net Assets:
Capital Stock - par value $0.01 per share; authorized 1,500,000,000 shares; outstanding 1,106,046,317 shares		$	11,614,177,207
Total distributable earnings (accumulated deficit)			(559,420,607	)
Net Assets		$	11,054,756,600
Maximum Offering Price per Share:
Investor Class Shares:
Net assets applicable to shares outstanding		$	61,260,144
Shares of beneficial interest issued and outstanding			6,118,578
Redemption price per share		$	10.01
Institutional Class Shares:
Net assets applicable to shares outstanding		$	10,993,496,456
Shares of beneficial interest issued and outstanding			1,099,927,739
Redemption price per share		$	9.99

See accompanying Notes to Financial Statements.

FPA New Income Fund

STATEMENT OF OPERATIONS

For the Six Months Ended March 31, 2026 (Unaudited)

Investment income:
Interest		$	237,437,898
Dividends from affiliated issuers			7,803,161
Dividends			341,129
Total investment income			245,582,188
Expenses:
Advisory fees			26,751,169
Shareholder servicing fees - Investor Class (Note 7)			38,871
Shareholder servicing fees - Institutional Class (Note 7)			3,598,820
Fund services fees			570,924
Registration fees			165,540
Shareholder reporting fees			120,856
Trustees' fees and expenses			75,126
Legal fees			46,807
Miscellaneous			41,837
Insurance fees			27,402
Chief Compliance Officer fees			9,169
Auditing fees			8,008
Total expenses			31,454,529
Advisory fees waived and shareholder servicing fees reimbursed (Note 3 and 7)			(7,139,999	)
Net expenses			24,314,530
Net investment income (loss)			221,267,658
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			36,391,170
Total realized gain (loss)			36,391,170
Net change in unrealized appreciation (depreciation) on:
Investments			(121,539,735	)
Investments in affiliated issuers			10,592,073
Net change in unrealized appreciation (depreciation)			(110,947,662	)
Net realized and unrealized gain (loss)			(74,556,492	)
Net Increase (Decrease) in Net Assets from Operations		$	146,711,166

See accompanying Notes to Financial Statements.

FPA New Income Fund

STATEMENTS OF CHANGES IN NET ASSETS

		For the Six Months Ended March 31, 2026 (Unaudited)				For the Year Ended September 30, 2025
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)		$	221,267,658			$	390,890,503
Total realized gain (loss) on investments			36,391,170				3,449,589
Net change in unrealized appreciation (depreciation) on investments and Investments in affiliated issuers - unrealized			(110,947,662	)			58,868,520
Net increase (decrease) in net assets resulting from operations			146,711,166				453,208,612
Distributions to Shareholders:
Distributions:
Investor Class			(1,101,309	)			(653,513	)
Institutional Class			(247,329,056	)			(369,436,565	)
Total distributions to shareholders			(248,430,365	)			(370,090,078	)
Capital Transactions:
Net proceeds from shares sold:
Investor Class			40,582,536				26,790,740
Institutional Class			1,711,815,376				3,275,851,451
Reinvestment of distributions:
Investor Class			979,056				525,220
Institutional Class			222,076,894				324,630,316
Cost of shares redeemed:
Investor Class			(8,908,636	)			(8,512,295	)
Institutional Class			(1,098,646,585	)			(2,170,166,498	)
Net increase (decrease) in net assets from capital transactions			867,898,641				1,449,118,934
Total increase (decrease) in net assets			766,179,442				1,532,237,468
Net Assets:
Beginning of period			10,288,577,158				8,756,339,690
End of period		$	11,054,756,600			$	10,288,577,158
Capital Share Transactions:
Shares sold:
Investor Class			4,012,268				2,689,720
Institutional Class			169,497,127				329,511,487
Shares reinvested:
Investor Class			97,053				52,771
Institutional Class			22,050,982				32,795,272
Shares redeemed:
Investor Class			(881,296)				(856,888	)
Institutional Class			(108,869,765	)			(219,207,441	)
Net increase (decrease) in capital share transactions			85,906,369				144,984,921

See accompanying Notes to Financial Statements.

FPA New Income Fund

FINANCIAL HIGHLIGHTS

Investor Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Six Months Ended March 31, 2026 (Unaudited)				For the Year Ended September 30, 2025				For the Period Ended September 30, 20241
Net asset value, beginning of period		$	10.11			$	10.02			$	9.63
Income from Investment Operations:
Net investment income (loss)2			0.20				0.42				0.18
Net realized and unrealized gain (loss)			(0.07	)			0.06				0.37
Total from investment operations			0.13				0.48				0.55
Less Distributions:
From net investment income			(0.23	)			(0.39	)			(0.16	)
Total distributions			(0.23	)			(0.39	)			(0.16	)
Net asset value, end of period		$	10.01			$	10.11			$	10.02
Total return3			1.33	%4			4.93	%			5.80	%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	61,260			$	29,220			$	10,072
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			0.69	%5			0.77	%6			0.78	%5
After fees waived and expenses absorbed			0.55	%5			0.55	%6,7			0.55	%8
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			3.90	%5			3.99	%			4.15	%5
After fees waived and expenses absorbed			4.04	%5			4.21	%			4.38	%5
Portfolio turnover rate			30	%4			41	%			63	%4

1

The Investor Class commenced operations on April 30, 2024. The data shown reflects operations for the period April 30, 2024 to September 30, 2024.

2

Based on average shares outstanding for the period.

3

Total returns would have been higher/lower had expenses not been recovered/waived and absorbed by the Adviser. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

4

Not annualized.

5

Annualized.

6

If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended September 30, 2025.

7

The Adviser has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, and extraordinary expenses, including litigation expenses not incurred in the Fund's ordinary course of business) in excess of 0.454% of the average daily net assets of the Institutional Class shares of the Fund through January 31, 2025, and in excess of 0.554% of the average daily net assets of the Investor Class shares of the Fund from through January 31, 2026. This agreement may only be terminated earlier by the Fund's Board of Trustees (the "Board") or upon termination of the Advisory Agreement.

8

The Adviser has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, and extraordinary expenses, including litigation expenses not incurred in the Fund's ordinary course of business) in excess of 0.55% of the average daily net assets of the Investor Class shares of the Fund from inception through July 27, 2024, and in excess of 0.554% of the average daily net assets of the Investor Class shares of the Fund from July 28, 2024 through April 30, 2025. This agreement may only be terminated earlier by the Fund's Board of Trustees (the "Board") or upon termination of the Advisory Agreement.

See accompanying Notes to Financial Statements.

FPA New Income Fund

FINANCIAL HIGHLIGHTS

Institutional Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Six Months Ended March 31, 2026				For the Year Ended September 30,
		(Unaudited)				2025				2024				2023				20221				20211
Net asset value, beginning of period		$	10.09			$	10.01			$	9.51			$	9.48			$	10.02			$	10.00
Income from Investment Operations:
Net investment income (loss)2			0.21				0.43				0.44				0.36				0.15				0.13
Net realized and unrealized gain (loss)			(0.08	)			0.05				0.47				0.03				(0.53	)			0.03
Total from investment operations			0.13				0.48				0.91				0.39				(0.38	)			0.16
Less Distributions:
From net investment income			(0.23	)			(0.40	)			(0.41	)			(0.36	)			(0.16	)			(0.14	)
Total distributions			(0.23	)			(0.40	)			(0.41	)			(0.36	)			(0.16	)			(0.14	)
Net asset value, end of period		$	9.99			$	10.09			$	10.01			$	9.51			$	9.48			$	10.02
Total return3			1.32	%4			5.00	%			9.74	%			4.21	%			(3.87	)%			1.56	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	10,993,496			$	10,259,358			$	8,746,268			$	7,819,065			$	9,465,665			$	11,944,191
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			0.59	%5			0.59	%6,7			0.58	%			0.59	%			0.59	%			0.58	%
After fees waived and expenses absorbed			0.45	%5			0.45	%6,7			0.45	%8			0.45	%			0.46	%			0.48	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			4.00	%5			4.17	%			4.35	%			3.59	%			1.43	%			1.18	%
After fees waived and expenses absorbed			4.14	%5			4.31	%			4.48	%			3.73	%			1.56	%			1.28	%
Portfolio turnover rate			30	%4			41	%			63	%			50	%			103	%			81	%

*

All existing class of shares were designated as Institutional Class Shares, effective April 30, 2024. The ticker symbol for Institutional Class Shares remains "FPNIX".

1

Audits performed for the fiscal years indicated by the Fund's previous auditor, Ernst & Young LLP.

2

Based on average shares outstanding for the period.

3

Total returns would have been higher/lower had expenses not been recovered/waived and absorbed by the Adviser. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

4

Not annualized.

5

Annualized.

6

The Adviser has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage fees

and

commissions payable by the Fund in connection with the purchase or sale of portfolio securities, and extraordinary expenses, including litigation expenses not incurred in the Fund's ordinary course of business) in excess of 0.454% of the average daily net assets of the Institutional Class shares of the Fund from through January 31, 2026. This agreement may only be terminated earlier by the Fund's Board of Trustees (the "Board") or upon termination of the Advisory Agreement.

7

If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended September 30, 2025.

8

The Adviser has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, and extraordinary expenses, including litigation expenses not incurred in the Fund's ordinary course of business) in excess of 0.45% of the average daily net assets of the Institutional Class shares of the Fund through July 27, 2024, and in excess of 0.454% of the average daily net assets of the Institutional Class shares of the Fund from July 28, 2024 through April 30, 2025. This agreement may only be terminated earlier by the Fund's Board of Trustees (the "Board") or upon termination of the Advisory Agreement.

See accompanying Notes to Financial Statements.

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

Note 1 - Organization

FPA New Income Fund (the "Fund") is a diversified series of Investment Managers Series Trust III, (formerly, FPA Funds Trust), (the "Trust"), which is registered as an open-end management company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's primary investment objective is to seek current income and long-term total return taking into consideration capital preservation. First Pacific Advisors, LP (the "Adviser") has served as the Fund's investment adviser since July 11, 1984.

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.

Note 2 - Accounting Policies

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.

(a) Valuation of Investments

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 Adviser 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 Adviser has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing.

(b) Investment Transactions, Investment Income and Expenses

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 relative net assets. 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.

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS - Continued

March 31, 2026 (Unaudited)

(c) Mortgage-Backed Securities

The Fund may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying residential or commercial mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government. Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of residential or commercial mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but may contain some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates.

(d) Federal Income Taxes

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.

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS - Continued

March 31, 2026 (Unaudited)

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 March 31, 2026 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.

(e) Distributions to Shareholders

The Fund will make distributions of net investment income monthly 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.

(f) Illiquid Securities

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.

(g) Use of Estimates

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.

(h) Stripped Mortgage-Backed Interest Only ("I/O") and Principal Only ("P/O") Securities

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest payments on the underlying mortgages (the I/O class), while the other class will receive all of the principal payments (the P/O class). The Fund currently has investments in I/O securities. The yield to maturity on I/Os is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield-to-maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in I/Os.

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS - Continued

March 31, 2026 (Unaudited)

(i) Credit Risk

Debt securities are subject to credit risk, meaning that the issuer of the debt security may default or fail to make timely payments of principal or interest. The values of any of the Fund's investments may also decline in response to events affecting the issuer or its credit rating. The lower rated debt securities in which the Fund may invest are considered speculative and are generally subject to greater volatility and risk of loss than investment grade securities, particularly in deteriorating economic conditions. The Fund invests a significant portion of its assets in securities of issuers that hold mortgage-and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market's perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain securities held by the Fund.

Note 3 - Investment Advisory and Other Agreements

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 0.50% of the Fund's average daily net assets. In addition, the Adviser has voluntarily agreed to waive the advisory fee it receives from the Fund by 0.046% through January 31, 2027 of the Fund's average daily net assets. The Adviser will not seek recoupment of the advisory fees voluntarily waived.

The Adviser has contractually agreed to reimburse the Fund for Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, and extraordinary expenses, including litigation expenses not incurred in the Fund's ordinary course of business) in excess of 0.454% of the average daily net assets of the Institutional Class shares of the Fund through January 31, 2027, and in excess of 0.554% of the average daily net assets of the Investor Class shares of the Fund through January 31, 2027. This agreement may only be terminated earlier by the Fund's Board of Trustees (the "Board") or upon termination of the Agreement. For the six-months ended March 31, 2026, the Adviser waived a portion of its advisory fees totaling $7,139,999.

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 March 31, 2026, 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.

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 March 31, 2026 are reported on the Statement of Operations.

Certain trustees and officers of the Trust are employees of UMBFS, MFAC or the Adviser. The Fund does not compensate trustees and officers affiliated with the Fund's co-administrators or the Adviser. For the six-months ended March 31, 2026, 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 on the Statement of Operations.

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS - Continued

March 31, 2026 (Unaudited)

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.

Note 4 - Federal Income Taxes

At March 31, 2026, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

Cost of investments		$	10,899,120,169
Gross unrealized appreciation		$	212,348,160
Gross unrealized depreciation			(107,516,366	)
Net unrealized appreciation/(depreciation)		$	104,831,794

Note 5 - Investment Transactions

For the six-months ended March 31, 2026, purchases and sales of investments, excluding short-term investments, were $3,829,917,778 and $2,995,277,277, respectively.

Note 6 - Indemnifications

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.

Note 7 - Shareholder Servicing Plan

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 0.10% and 0.25% of its average daily net assets attributable to the Institutional Class and Investor 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 March 31, 2026, Adviser reimbursed shareholder service fee of $3,598,820 and $16,329 for Institutional Class shares and Investor Class shares, respectively. Such fees are reported on the Statement of Operations.

Note 8 - Commitments and Contingencies

The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 2(a) and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities. As of March 31, 2026, the total unfunded amount was 0.08% of the Fund's net assets.

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS - Continued

March 31, 2026 (Unaudited)

As of March 31, 2026, the Fund had the following unfunded loan commitments outstanding:

Loan		Principal				Cost				Value				Unrealized Appreciation/ (Depreciation)				Unfunded Commitment
Lealand Finance Super Senior Exit LC		$	8,942,164			$	(7,788	)		$	(961,283	)		$	(953,495	)		$	8,942,164

Note 9 - Fair Value Measurements and Disclosure

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:

●

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

●

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

●

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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.

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS - Continued

March 31, 2026 (Unaudited)

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 March 31, 2026, in valuing the Fund's assets carried at fair value:

Investments		Level 1				Level 2				Level 3				Total
Asset-Backed Securities
Auto		$	-			$	659,881,959			$	-			$	659,881,959
Collateralized Loan Obligation			-				304,959,505				-				304,959,505
Equipment			-				1,047,566,165				6,855,430				1,054,421,595
Other			-				761,377,044				-				761,377,044
Commercial Mortgage-Backed Securities
Agency			-				1,270,133,025				-				1,270,133,025
Agency Stripped			-				26,719,856				-				26,719,856
Non-Agency			-				267,112,949				-				267,112,949
Corporate Bank Debt			-				-				18,704,152				18,704,152
Corporate Bonds
Financials			-				76,992,502				81,414,000				158,406,502
Health Care			-				8,996,790				-				8,996,790
Residential Mortgage-Backed Securities
Agency Collateralized Mortgage Obligation			-				69,739,879				47,801,094				117,540,973
Agency Pool Adjustable Rate			-				149,907,158				-				149,907,158
Agency Pool Fixed Rate			-				1,538,450,462				-				1,538,450,462
Non-Agency Collateralized Mortgage Obligation			-				638,189,520				-				638,189,520
U.S. Treasury Notes & Bonds			-				3,221,263,820				-				3,221,263,820
Common Stocks
Metals & Mining			-				-				49,921,392				49,921,392
Real Estate Services			5,649,459				-				-				5,649,459
Transportation & Logistics			-				-				114,002,279				114,002,279
Short-Term Investments			29,082,005				609,231,518								638,313,523
		$	34,731,464			$	10,650,522,152			$	318,698,347			$	11,003,951,963

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

		Asset-Backed Securities				Common Stocks				Corporate Bank Debt				Corporate Bonds				Residential Mortgage- Backed Securities
Beginning balance September 30, 2025		$	7,864,954			$	171,726,832			$	18,577,645			$	81,414,000			$	-
Transfers into Level 3 during the period			-				-				-				-				-
Transfers out of Level 3 during the period			-				-				-				-				-
Total realized gain/(loss)			652				-				225,005				-				-
Total unrealized appreciation/(depreciation)			268,303				(7,803,161	)			188,727				-				(498	)
Amortization of Discount (Amortization of Premium)			-				-				27,755				-				498
Net purchases			-				-				5,411				-				47,801,094
Net sales			(1,278,479	)			-				(320,391	)			-				-
Balance as of March 31, 2026		$	6,855,430			$	163,923,671			$	18,704,152			$	81,414,000			$	47,801,094

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS - Continued

March 31, 2026 (Unaudited)

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2026:

Asset Class		Fair Value March 31, 2026				Valuation Methodologies		Unobservable Input		Input Range/Value				Valuation Weighted Average of Input				Impact to Valuation From an Increase in Input(1)
Residential Mortgage-Backed Securities - Agency Collateralized Mortgage Obligation		$	47,801,094			Third-Party Broker Quote(2)		Quotes/Prices		$	90.99			$	90.99			Increase
Asset-Backed Securities - Equipment		$	6,855,430			Third-Party Broker Quote(2)		Quotes/Prices		$	95.50			$	95.50			Increase
Common Stocks		$	114,002,279			Pricing Model(3)		Last Reported Trade		$	29.95			$	29.95			Increase
		$	49,921,392			Pricing Model(4)		Transaction Terms		$	1.25			$	1.25			Increase
Corporate Bank Debt		$	19,367,643			Third-Party Broker Quote(2)		Quotes/Prices		$	101.55			$	101.55			Increase
		$	(666,120	)		Pricing Model(5)		Quotes/Prices		$	77.00			$	77.00			Increase
		$	2,630			Asset Approach(6)		Estimated Recover Proceeds		$	0.01			$	0.01			Increase
Corporate Bonds		$	81,414,000			Pricing Model(7)		Cost		$	100.00			$	100.00			Increase

(1)

This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

(2)

The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the security.

(3)

The Pricing Model technique for Level 3 securities involves the last reported trade in the security.

(4)

The Pricing Model technique for Level 3 securities involves the terms of a completed third-party acquisition of the company. If the financial condition of the underlying assets were to deteriorate, or if the market comparables were to fall, the value of the investment could be lower.

(5)

The Pricing Model technique for Level 3 securities involves recently quoted funding prices of the security.

(6)

The Asset Approach technique for Level 3 securities involves the potential of likelihood of future bankruptcy distributions.

(7)

The fair value of the investment is based on the initial purchase price or more recent capital activity. If the financial condition of the underlying assets were to deteriorate, or if the market comparables were to fall, the value of the investment could be lower.

Note 10 - Investments in Affiliated Issuers

An affiliated issuer is an entity in which the Fund has ownership of a least 5% of the voting securities. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2026 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end:

Security Description		Shares as of September 30, 2025				Ending Value as of September 30, 2025				Purchases at Cost				Proceeds from Sales				Net Realized Gain (Loss) on Sales Affiliated Investment				Accretion of Discount (Amortization of Premium and Return of Capital)				Change in Unrealized Appreciation (Depreciation)				Transfer In (Out)				Ending Value as of March 31, 2026				Shares as of March 31, 2026				Dividend Income From Affiliated Investments
AIPCF VIII A-BL Aggregator Cayman LP			39,831,957			$	49,921,392			$	-			$	-			$	-			$	-			$	-			$	-			$	49,921,392				39,831,957			$	-
PHI Group, Inc. Restricted			3,806,420			$	121,805,440			$	-			$	-			$	-			$	-			$	(7,803,161	)		$	-			$	114,002,279				3,806,420			$	7,803,161
Total						$	171,726,832			$	-			$	-			$	-			$	-			$	(7,803,161	)		$	-			$	163,923,671							$	7,803,161

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS - Continued

March 31, 2026 (Unaudited)

Note 11 - Restricted Securities

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objective and investment strategies. Investments in restricted securities are valued at net asset value as a practical expedient for fair value, or fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

As of March 31, 2026, the Fund invested in the following restricted securities:

Issuer		Initial Acquisition Date		Cost				Fair Value				Fair Value as a % of Net Assets
AIPCF VIII A-BL Aggregator Cayman LP		4/18/2024		$	68,316,627			$	49,921,392				0.45	%
Apollo Debt Solution BDC Senior Notes, 8.620%, 9/28/2028		8/10/2023			26,023,000				26,023,000				0.24	%
Capstone Acquisition Holdings, Inc. Term Loan, 8.268% (1-Month Term SOFR+460 basis points), 11/12/2029		11/12/2020			18,964,731				19,367,643				0.18	%
Copper Property CTL Pass Through Trust		10/5/2017			25,752,396				5,649,459				0.05	%
Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028		5/25/2023			8,646,044				8,996,790				0.08	%
Hlend Senior Notes, 8.170%, 3/15/2028		2/16/2023			42,500,000				42,500,000				0.38	%
JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2027		2/3/2021			-				2,630				0.00	%
Lealand Finance Company B.V. Senior Exit LC, 4.750%, 6/30/2027		2/28/2020			(7,788	)			(961,283	)			-0.09	%
McDermott Technology Americas, Inc., 7.782%, (1-Month Term SOFR+400 basis points), 12/31/2027		3/25/2024			226,858				295,162				0.00	%
OCREDIT BDC Senior Notes, 7.770%, 3/07/2029		2/22/2024			12,891,000				12,891,000				0.12	%
PHI Group, Inc.		8/19/2019			31,131,405				114,002,279				1.03	%
Prop 2017-1A, 5.300% 3/15/2042		2/9/2017			7,174,798				6,855,429				0.06	%
				$	241,619,071			$	285,543,501				2.50	%

Note 12 - Market Disruption and Geopolitical Risks

Certain local, regional, or global events such as war, acts of terrorism, the spread of infectious illness 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 others 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 Funds 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.

Note 13 - New Accounting Pronouncements

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Fund's financial position or the results of its operations.

FPA New Income Fund

NOTES TO FINANCIAL STATEMENTS - Continued

March 31, 2026 (Unaudited)

Note 14 - Events Subsequent to the Fiscal Period End

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.

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

Not Applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not Applicable.

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

This information is included in Item 7, as part of the financial statements.

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

Not Applicable.

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

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

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 16. Controls and Procedures.

(a)

The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2). - Not Applicable.

(a) (4) Not Applicable

(a) (5) Not Applicable

(b)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

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.

(Registrant)	Investment Managers Series Trust III
By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer
Date	6/8/2026

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.

By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer
Date	6/8/2026
By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer and Principal Financial Officer
Date	6/8/2026