ThZeal - The Zeal

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:

October 31

Date of reporting period:

April 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:

Manteio Managed Futures Strategy Fund

Class A/CSAAX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025

This semi-annual shareholder report contains important information about the Manteio Managed Futures Strategy Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.mast-funds.com/. You can also request this information by contacting us at (833) 829-0010.

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
Manteio Managed Futures Strategy Fund (Class A/CSAAX)	$73	1.55%¹

¹	Annualized.

Key Fund Statistics

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

Fund net assets	$125,555,874
Total number of portfolio holdings	55
Portfolio turnover rate as of the end of the reporting period	0%

Graphical Representation of Holdings

The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Asset Allocation

Graphical Representation - Allocation 1 Chart

Changes in and Disagreements with Accountants

Tait, Weller & Baker LLP was appointed to serve as the Trust's independent registered public accounting firm for the fiscal year ended October 31, 2025 upon the reorganization of the Fund. Previously, Ernst & Young LLP served as the independent registered public accounting firm for the Fund under the Credit Suisse Opportunity Funds. There were no 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://www.mast-funds.com/. You can also request this information by contacting us at (833) 829-0010.

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 (833) 829-0010 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Manteio Managed Futures Strategy Fund - Class A

Manteio Managed Futures Strategy Fund

Class C/CSACX

SEMI-ANNUAL SHAREHOLDER REPORT | April 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
Manteio Managed Futures Strategy Fund (Class C/CSACX)	$108	2.30%¹

¹	Annualized.

Key Fund Statistics

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

Fund net assets	$125,555,874
Total number of portfolio holdings	55
Portfolio turnover rate as of the end of the reporting period	0%

Graphical Representation of Holdings

The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Asset Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

Householding

Manteio Managed Futures Strategy Fund - Class C

Manteio Managed Futures Strategy Fund

Class I/CSAIX

SEMI-ANNUAL SHAREHOLDER REPORT | April 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
Manteio Managed Futures Strategy Fund (Class I/CSAIX)	$61	1.30%¹

¹	Annualized.

Key Fund Statistics

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

Fund net assets	$125,555,874
Total number of portfolio holdings	55
Portfolio turnover rate as of the end of the reporting period	0%

Graphical Representation of Holdings

The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Asset Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

Householding

Manteio Managed Futures Strategy Fund - Class I

Manteio Multialternative Strategy Fund

Class A/CSQAX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025

This semi-annual shareholder report contains important information about the Manteio Multialternative Strategy Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.mast-funds.com/. You can also request this information by contacting us at (833) 829-0010.

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
Manteio Multialternative Strategy Fund (Class A/CSQAX)	$55	1.10%¹

¹	Annualized.

Key Fund Statistics

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

Fund net assets	$189,215,538
Total number of portfolio holdings	150
Portfolio turnover rate as of the end of the reporting period	193%

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 Sector Allocation chart represents Common Stocks of the Fund.

Top Ten Holdings

iShares U.S. Aerospace & Defense ETF	2.2%
Discover Financial Services	1.3%
Coinbase Global, Inc. - Class A	1.1%
ChampionX Corp.	1.0%
ANSYS, Inc.	0.8%
UMB Financial Corp.	0.7%
South State Corp.	0.6%
Coeur Mining, Inc.	0.5%
Palantir Technologies, Inc. - Class A	0.5%
Tesla, Inc.	0.4%

Asset Allocation

Sector Allocation

Graphical Representation - Allocation 2 Chart

Changes in and Disagreements with Accountants

Availability of Additional Information

Householding

Manteio Multialternative Strategy Fund - Class A

Manteio Multialternative Strategy Fund

Class I/CSQIX

SEMI-ANNUAL SHAREHOLDER REPORT | April 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
Manteio Multialternative Strategy Fund (Class I/CSQIX)	$43	0.85%¹

¹	Annualized.

Key Fund Statistics

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

Fund net assets	$189,215,538
Total number of portfolio holdings	150
Portfolio turnover rate as of the end of the reporting period	193%

Graphical Representation of Holdings

Top Ten Holdings

iShares U.S. Aerospace & Defense ETF	2.2%
Discover Financial Services	1.3%
Coinbase Global, Inc. - Class A	1.1%
ChampionX Corp.	1.0%
ANSYS, Inc.	0.8%
UMB Financial Corp.	0.7%
South State Corp.	0.6%
Coeur Mining, Inc.	0.5%
Palantir Technologies, Inc. - Class A	0.5%
Tesla, Inc.	0.4%

Asset Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

Householding

Manteio Multialternative Strategy Fund - Class I

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

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

Manteio Managed Futures Strategy Fund (the “Managed Futures Strategy Fund”) and Manteio Multialternative Strategy Fund (the "Multialternative Strategy Fund") (each a “Fund” and collectively the “Funds”) are organized as a non-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"). Manteio Scalable Technologies LLC (the “Advisor”) serves as the investment advisor to the Funds and is a registered commodity pool operator with respect to the Funds.

The Managed Futures Strategy Fund’s investment objective is to seek absolute returns that have a low correlation to the returns of broad stock and bond markets. The Fund currently has three classes of shares: Class A Shares, Class C Shares, and Class I Shares.

The Multialternative Strategy Fund’s investment objective is to seek positive absolute returns. The Fund currently has two classes of shares: Class A Shares and Class I Shares.

On November 22, 2024, the Managed Futures Strategy Fund acquired the assets and assumed the liabilities of the Credit Suisse Managed Futures Strategy Fund, a series of Credit Suisse Opportunity Funds (the “Managed Futures Predecessor Fund”), which offered three classes of shares, Class A shares, Class C shares and Class I shares, in a tax-free reorganization as set out in the Agreement and Plan of Reorganization. The Agreement and Plan of Reorganization was approved by the Trust’s Board on August 14, 2025. The Managed Future Predecessor Fund’s Board approved the Agreement and Plan of Reorganization on August 15, 2025. As a result of the reorganization, the Managed Futures Strategy Fund assumed the performance and accounting history of the Managed Futures Predecessor Fund. Financial information included for the dates prior to the reorganization is that of the Managed Futures Predecessor Fund.

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

The net unrealized depreciation of investments transferred was $877,827 as of the date of acquisition.

On November 22, 2024, the Multialternative Strategy Fund acquired the assets and assumed the liabilities of the Credit Suisse Multialternative Strategy Fund, a series of Credit Suisse Opportunity Funds (the “Multialternative Predecessor Fund”), which offered two classes of shares, Class A shares and Class I shares, in a tax-free reorganization as set out in the Agreement and Plan of Reorganization. The Agreement and Plan of Reorganization was approved by the Trust’s Board on August 14, 2025. The Multialternative Predecessor Fund’s Board approved the Agreement and Plan of Reorganization on August 15, 2025. As a result of the reorganization, the Multialternative Strategy Fund assumed the performance and accounting history of the Multialternative Predecessor Fund. Financial information included for the dates prior to the reorganization is that of the Multialternative Predecessor Fund.

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

The net unrealized appreciation of investments transferred was $771,054 as of the date of acquisition.

Each 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".

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The

objective and strategy of each Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Consolidated Statements of Operations and the Consolidated Financial Highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to Consolidated Financial Statements and there are no resources allocated to a Fund based on performance measurements. The Advisor is deemed to be the Chief Operating Decision Maker with respect to the Funds’ investment decisions.

Each Fund may invest up to 25% of its total assets in the shares of its respective wholly-owned and controlled subsidiary, Manteio Cayman Managed Futures Strategy Fund, Ltd. and Manteio Cayman Multialternative Strategy Fund, Ltd. (each, a “Subsidiary”). Each Subsidiary is an exempted company incorporated with limited liability under the laws of the Cayman Islands and is overseen by its own board of directors. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights of each Fund include the accounts of its respective Subsidiary. All inter-company accounts and transactions have been eliminated in the consolidation for each Fund. Each Subsidiary is advised by the Advisor, and has the same investment objective as the corresponding Fund. Each Subsidiary invests primarily in commodity-linked derivative instruments, including swaps, commodity options, futures and options on futures. As of April 30, 2025, total assets of the Managed Futures Strategy Fund were $141,205,761 of which $30,254,996, or approximately 24.1%, represented the Fund’s ownership of the shares of the Fund’s Subsidiary. As of April 30, 2025, total assets of the Multialternative Strategy Fund were $394,152,269 of which $32,734,995, or approximately 8.3%, represented the Fund’s ownership of the shares of the Fund’s Subsidiary.

The following is a summary of the significant accounting policies consistently followed by the Funds 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 Funds value 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 Funds’ might reasonably expect to receive for the security upon its current sale). The Board of Directors has designated the Advisor as the Funds’ valuation designee (the “Valuation Designee”) to make all fair value determinations with respect to the Funds’ 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’s 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 Consolidated Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record 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 Funds 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.

The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted as of 4:00 PM Eastern Standard Time. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

The Funds may enter into interest rate, currency and index swaps and the purchase or sale of related caps, floors and collars. Each Fund may enter into these transactions to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations or to protect against any increase in the price of securities it anticipates purchasing at a later date. Swaps may be used in conjunction with other instruments to offset interest rate, currency or other underlying risks. For example, interest rate swaps may be offset with “caps,” “floors” or “collars”. A “cap” is essentially a call option which places a limit on the amount of floating rate interest that must be paid on a certain principal amount. A “floor” is essentially a put option which places a limit on the minimum amount that would be paid on a certain principal amount. A “collar” is essentially a combination of a long cap and a short floor where the limits are set at different levels.

A Fund will usually enter into swaps on a net basis; that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments.

Total Return Swaps. The Funds may enter into total return swaps for investment purposes. Total return swaps are contracts in which one party agrees to make periodic payments based on the change in market value of the underlying assets, which may include a specified security, basket of securities or security indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate of the total return from other underlying assets. Total return swaps may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market, including in cases in which there may be disadvantages associated with direct ownership of a particular security. In a typical total return equity swap, payments made by a Fund or the counterparty are based on the total return of a particular reference asset or assets (such as an equity security, a combination of such securities, or an index). That is, one party agrees to pay another party the return on a stock, basket of stocks, or stock index in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Total return swaps involve not only the risk associated with the investment in the underlying securities, but also the risk of the counterparty not fulfilling its obligations under the agreement.

Credit Default Swaps. The Funds may enter into credit default swaps for investment purposes. A credit default swap may have as reference obligations one or more securities that are not currently held by the Funds. The Funds may be either the buyer or seller in the transaction. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a seller, a Fund would generally receive an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full face amount of deliverable obligations of the reference obligations that may have little or no value. If a Fund were a buyer and no credit event occurs, the Funds would recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference obligation that may have little or no value. The use of swaps by a Fund entails certain risks, which may be different from, or possibly greater than, the risks associated with investing directly in the securities and other investments that are the referenced asset for the swaps. Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with stocks, bonds, and other traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index, but also of the swap itself, without the benefit of observing the performance of the swap under all the possible market conditions. Because some swaps have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

Each Fund may also purchase credit default swaps in order to hedge against the risk of default of the debt of a particular issuer or basket of issuers, in which case the Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to the Fund in the event of a default. The purchase of credit default swaps involves costs, which will reduce the Fund’s return.

Currency Swaps. The Funds may enter into currency swaps for investment purposes. Currency swaps are similar to interest rate swaps, except that they involve multiple currencies. A Fund may enter into a currency swap when it has exposure to one currency and desires exposure to a different currency. Typically the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap, however, the principal amounts are exchanged at the beginning of the contract and returned at the end of the contract. In addition to paying and receiving amounts at the beginning and termination of the agreements, both sides will also have to pay in full periodically based upon the currency they have borrowed. Change in foreign exchange rates and changes in interest rates, as described above, may negatively affect currency swaps.

Interest Rate Swaps. Each Fund may enter into an interest rate swap in an effort to protect against declines in the value of fixed income securities held by the Fund. In such an instance, the Fund may agree to pay a fixed rate (multiplied by a notional amount) while a counterparty agrees to pay a floating rate (multiplied by the same notional amount). If interest rates rise, resulting in a diminution in the value of the Fund’s portfolio, the fund would receive payments under the swap that would offset, in whole or in part, such diminution in value.

Options on Swaps. Each Fund may enter into options on swaps. An option on a swap, or a “swaption,” is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap or to shorten, extend, cancel or otherwise modify an existing swap, at some designated future time on specified terms. In return, the purchaser pays a “premium” to the seller of the contract. The seller of the contract receives the premium and bears the risk of unfavorable changes on the underlying swap. The Funds may write (sell) and purchase put and call swaptions. Each Fund may also enter into swaptions on either an asset-based or liability-based basis, depending on whether the Fund is hedging its assets or its liabilities. Each Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on securities or other instruments. A Fund may enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a duration management technique, to protect against an increase in the price of securities the Fund anticipates purchasing at a later date, or for any other purposes, such as for speculation to increase returns. Swaptions are generally subject to the same risks involved in the Fund’s use of options.

Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

The Funds may use interest rate, foreign currency, index and other futures contracts. The Funds may use options on futures contracts. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract originally was written. Although the value of an index might be a function of the value of certain specified securities, physical delivery of these securities is not always made. A public market exists in futures contracts covering a number of indexes, as well as financial instruments, including, without limitation: U.S. Treasury bonds; U.S. Treasury notes; GNMA Certificates; three-month U.S. Treasury bills; 90-day commercial paper; bank certificates of deposit; Eurodollar certificates of deposit; the Australian dollar; the Canadian dollar; the British Pound; the Japanese Yen; the Swiss Franc; the Mexican Peso; and certain multinational currencies, such as the Euro. It is expected that other futures contracts will be developed and traded in the future.

The Funds may invest in stock index futures only as a substitute for a comparable market position in the underlying securities. A stock index future obligates the seller to deliver (and the purchaser to accept), effectively, an amount of cash equal to a specific dollar amount times the difference between the value of a specific stock index at the close of the last trading day of the contract and the price at which the agreement is made. No physical delivery of the underlying stocks in the index is made. With respect to stock indices that are permitted investments, the Fund intends to purchase and sell futures contracts on the stock index for which it can obtain the best price with consideration also given to liquidity.

The Funds may enter into forward currency exchange contracts in order to hedge against foreign currency exchange rate risks. A forward involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains/(losses) from forward foreign currency contracts in the Consolidated Statement of Operations.

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Funds limit their 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 Advisor, at any time determines that the value of illiquid securities held by a Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds’ 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 Funds intend 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 Funds.

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 Consolidated Statement of Operations.

The Income Tax Statement requires management of the Funds 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 April 30, 2025, and during the prior three open tax years, the Fund did not have a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are 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 Funds will make distributions of net investment income quarterly 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.

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with Manteio Scalable Technologies LLC. Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor based on each Fund’s average daily net assets. The annual rates are listed by Fund in the table below. The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of each Fund to ensure that the total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), professional fees related to services for the collection of foreign tax reclaims, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed the limits (as a percentage of average daily net assets) set forth below:

In addition, the Advisor has agreed to voluntarily waive its advisory fees by 0.19% to 0.85% for Multialternative Strategy Fund until November 22, 2026, and it will not seek recoupment of the voluntary advisory fees waived. The agreement to limit annual operating expenses is in effect through November 22, 2026, with respect to each Fund and it may only be terminated or amended prior to the end of the term with the approval of the Trust’s Board of Trustees. Any reduction in advisory fees or payment of a Fund’s expenses made by the Advisor in a fiscal year may be reimbursed by the Fund for a period ending three years after the date of reduction or payment if the Advisor so requests. This reimbursement may be requested from a Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. However, the reimbursement amount may not exceed the total amount of fees waived and/or Fund expenses paid by the Advisor and will not include any amounts previously reimbursed to the Advisor by the Fund. Any such reimbursement is contingent upon the Board’s subsequent review of the reimbursed amounts. A Fund must pay current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or Fund expenses. For the period November 23, 2024 through April 30, 2025, the Advisor waived a portion of its advisory fee totaling $204,732 for the Managed Futures Strategy Fund, and $492,752 for the Multialternative Strategy Fund of which $177,379 was the voluntary waived advisory fee portion that the Advisor will not seek recoupment. The Advisor may recapture all or a portion of these amounts no later than October 31, 2028. These potential recoverable amounts are noted as “Commitments and Contingencies” in the Consolidated Statements of Assets and Liabilities.

The Advisor is responsible for each Subsidiary’s day-to-day business pursuant to an advisory agreement with each Subsidiary. Under this agreement, the Advisor provides each Subsidiary with the same type of management services, under substantially the same terms, as are provided to the Funds. The Subsidiary advisory agreement provides for automatic termination upon the termination of the investment advisory agreement with respect to each Fund. The Advisor receives no compensation for the services it provides to each Subsidiary.

UMB Fund Services, Inc. (“UMBFS”) serves as the Funds’ fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Funds’ other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds’ custodian. The Funds’ allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the period from November 23, 2024 through April 30, 2025 was $88,706 and $99,695 for Managed Futures Strategy Fund and Multialternative Strategy Fund, respectively. The inclusion of these fees are reported as “Fund services fees” on the Consolidated Statement of Operations. The Funds have a fee agreement with their custodian, UMB Bank, N.A., which provides for custody fees to be reduced by earnings credit based on cash balances left on deposit with the custodian. For the period from November 23, 2024 through April 30, 2025, the fees waived for the Managed Futures Strategy Fund and Multialternative Strategy Fund were $13,332 and $16,685, respectively. These amounts are shown as a reduction of expenses, “Fees paid indirectly” on the Consolidated Statements of Operations.

Prior to November 23, 2024, State Street Bank and Trust Company served as the Managed Futures Predecessor Fund and Multialternative Predecessor Fund’s fund accounting, custodian and co-administrator. Credit Suisse Asset Management, LLC served as the Managed Futures Predecessor Fund and Multialternative Predecessor Fund’s other co-administrator. The Managed Futures Predecessor Fund and Multialternative Predecessor Fund allocated fund accounting, custody and administration fees for the period from November 1, 2024 to November 22, 2024 was $6,506 and $7,473, respectively. The inclusion of such fees are reported on the Consolidated Statements of Operations.

SS&C Global Investor & Distribution Solutions, Inc. served as the Managed Futures Predecessor Fund and Multialternative Predecessor Fund’s transfer agent. The Managed Futures Predecessor Fund and Multialternative Predecessor Fund allocated transfer agent fees incurred for the period from November 1, 2024 to November 22, 2024 was $5,190 and $1,028, respectively. The inclusion of such fees are reported on the Consolidated Statements of Operations.

Distribution Services, LLC, serves as the Funds’ distributor (the “Distributor”). Prior to December 6, 2024, UMB Distribution Services, LLC, a wholly owned subsidiary of UMBFS, served as the Funds’ distributor. Prior to November 23, 2024, UBS Asset Management (Americas) LLC served as the Managed Futures Predecessor Fund and Multialternative Predecessor Fund’s distributor. The Distributor does not receive compensation from the Fund for its distribution services except the distribution/service fees with respect to the shares of those classes for which a Rule 12b-1 distribution plan is effective. The Advisor pays the Distributor a fee for certain distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds’ co-administrators. For the period from November 23, 2024 through April 30, 2025, the Managed Futures Strategy Fund and Multialternative Strategy Fund 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”) were $22,548 and $33,377, respectively. The inclusion of such fees are reported on the Consolidated Statement of Operations. Prior to November 23, 2024, the Managed Futures Predecessor Fund and Multialternative Predecessor Fund allocated fees incurred for Independent Trustees for the period from November 1, 2024 to November 22, 2024 was $20,000 and $20,000, respectively. The inclusion of such fees are reported on the Consolidated Statements of Operations.

The Funds’ 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 select various fund(s) in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds’ liability for these amounts is adjusted for market value changes in the invested fund and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees’ Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Funds and is disclosed in the Statements 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 Consolidated Statements of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Managed Futures Strategy Fund and Multialternative Strategy Fund allocated fees incurred for CCO services for the period from November 23, 2024 through April 30, 2025, were $4,559 and $6,710, respectively. The inclusion of such fees are reported on the Consolidated Statements of Operations.

Prior to November 23, 2024, Ms. Brandi Sinkovich provided the Managed Futures Predecessor Fund and Multialternative Predecessor Fund CCO services to the Trust. The Managed Futures Predecessor Fund and Multialternative Predecessor Fund did not incur fees for CCO services for the period from November 1, 2024 to November 22, 2024.

During the six months ended April 30, 2025, a third-party agreed to reimburse Multialternative Strategy Fund $394,857 for losses from a trade error. This amount is reported on the Fund’s Consolidated Statement of Assets and Liabilities under the captain “Other receivable” and on the Consolidated Statements of Operations and Consolidated Statements of Changes under the caption “Net increase from payments by non-affiliate.”

At April 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 wash sale loss deferrals.

For the six months ended April 30, 2025, purchases and sales of investments, excluding short-term investments, were as follows:

The Trust has adopted a plan on behalf of the Funds pursuant to Rule 12b-1 which allows each Fund to pay distribution fees for the sale and distribution of its Class A shares and Class C shares and/or shareholder liaison service fees in connection with the provision of personal services to shareholders of Class A shares and Class C shares and the maintenance of their shareholder accounts. The 12b-1 Plan provides for the payment of such fees at the annual rate of up to 0.25% of average daily net assets attributable to Class A shares and up to 1.00% of average daily net assets attributable to Class C shares. Since these fees are paid out of each Fund’s assets attributable to the Fund’s Class A shares and Class C shares, these fees will increase the cost of your investment and, over time, may cost you more than paying other types of sales charges. The net income attributable to Class A shares and Class C shares will be reduced by the amount of distribution and shareholder liaison service fees and other expenses of a Fund associated with that class of shares. For the period from November 23, 2024 through April 30, 2025, distribution fees incurred were $2,757 and $2,053, respectively. The inclusion of such fees are reported on the Consolidated Statements of Operations. Prior to November 23, 2024, the Managed Futures Predecessor Fund and Multialternative Predecessor Fund incurred distribution fees for the period from November 1, 2024 to November 22, 2024 were $1,370 and $348, respectively. The inclusion of such fees are reported on the Consolidated Statements of Operations.

In the normal course of business, the Funds enters into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds 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 April 30, 2025, in valuing the Fund’s assets carried at fair value:

Derivatives and Hedging requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effects on the Funds’ financial position and performance.

The effects of these derivative instruments on the Funds’ financial position and financial performance as reflected in the Consolidated Statements of Assets and Liabilities and Consolidated Statements of Operations are presented in the tables below. The fair values of derivative instruments as of April 30, 2025, by risk category are as follows:

The effects of derivative instruments on the Consolidated Statements of Operations for the six months ended April 30, 2025, are as follows:

The average quarterly volume of derivative instruments held by the Funds during the six months ended April 30, 2025 are as follows:

Disclosures about Offsetting Assets and Liabilities requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.

A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivative Association (“ISDA”) Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Funds and each of its counterparties. These agreements allow the Funds and each counterparty to offset certain derivative financial instruments’ payables and/or receivables against each other and/or with collateral, which is generally held by the Funds’ custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Funds from its counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

The Fund’s Consolidated Statement of Assets and Liabilities presents financial instruments on a gross basis, therefore there are no net amounts and no offset amounts within the Consolidated Statement of Assets and Liabilities to present below. Gross amounts of the financial instruments, amounts related to financial instruments/cash collateral not offset in the Consolidated Statement of Assets and Liabilities and net amounts are presented below:

The Predecessor Funds, together with other funds/portfolios advised by UBS AM (collectively, the "Participating Funds"), participated in a committed, unsecured line of credit facility ("Credit Facility"), with State Street Bank and Trust Company in an aggregated amount of $250 million for temporary or emergency purposes on a first-come, first-served basis. Of the aggregate $250 million amount, $125 million was specifically designated for the Predecessor Funds. The remaining $125 million was available to all Participating Funds, including the Predecessor Funds. Under the terms of the Credit Facility, the Participating Funds paid an aggregate commitment fee on the average unused amount of the Credit Facility, which was allocated among the Participating Funds in such manner as was determined by the governing boards of the Participating Funds. In addition, the Participating Funds paid interest on borrowings at either the Federal Funds Effective rate or the Overnight Bank Funding rate plus a spread. At April 30, 2025, the Funds no longer participate in the Credit Facility. For the six months ended April 30, 2025, no fees were incurred.

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 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, 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 Funds’ performance, the performance of the securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Funds’ investments is not reasonably estimable at this time. Management is actively monitoring these events.

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments to require mutual funds and exchange-traded funds (“ETFs”) to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Certain information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Fund has adopted procedures in accordance with the SEC’s rules and form amendments.

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.

The Funds have 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 Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements.

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

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

On October 30, 2024, the Audit Committee of the Board of Trustees of Investment Managers Series Trust III (the “Trust”) appointed Tait, Weller & Baker LLP to serve as the independent registered public accounting firm to audit the financial statements of the Manteio Managed Futures Strategy Fund and the Manteio Multialternative Strategy Fund (the “Funds”) upon the reorganization of the Credit Suisse Managed Futures Strategy Fund (the “Managed Futures Predecessor Fund”) and the Credit Suisse Multialternative Strategy Fund (the “Multialternative Predecessor Fund”), each a series of Credit Suisse Opportunity Funds for the fiscal year ending October 31, 2025. Previously, Ernst & Young LLP served as the independent registered public accounting firm to the Predecessor Funds.

Ernst & Young LLP’s report on the financial statements for the Predecessor Funds for the fiscal year ended October 31, 2024 contained no adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles. During such fiscal year and the interim period November 1, 2024 through November 22, 2024 (the “Interim Period”), there were no (i) disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Ernst & Young LLP, would have caused it to make reference to the subject matter of the disagreements in connection with its report on the Predecessor Funds’ financial statements for such period, nor (ii) “reportable events” of the kinds described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the fiscal year ended October 31, 2024 and the Interim Period, neither the Predecessor Funds nor anyone on their behalf has consulted with Tait, Weller & Baker LLP on items that concerned (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds’ financial statements, or (b) the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K and related instructions) or reportable events (as described in paragraph (a)(1)(v) of Item 304 of Regulation S-K). The selection of Tait, Weller & Baker LLP does not reflect any disagreements with Ernst & Young LLP or dissatisfaction by the Funds, the Board, or the Audit Committee with the performance of Ernst & Young LLP.

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.

Manteio Managed Futures Strategy Fund and Manteio Multialternative Strategy Fund

At an in-person meeting held on October 30, 2024, the Board of Trustees (the “Board”) of Investment Managers Series Trust III (the “Trust”), including the trustees who are not “interested persons” of the Trust (the “Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), reviewed and unanimously approved the investment advisory agreement (the “Advisory Agreement”) between the Trust and Manteio Scalable Technologies LLC (the “Advisor”) with respect to the Manteio Managed Futures Strategy Fund (the “Managed Futures Fund”) and Manteio Multialternative Strategy Fund (the “Multialternative Fund” and together with the Managed Futures Fund, the “Funds”) series of the Trust for an initial two-year term.

At the same meeting, the Board and the Independent Trustees also reviewed and unanimously approved the following investment advisory agreements, each for an initial two-year term:

The Advisory Agreement and the Subsidiary Agreements are collectively referred to below as the “Fund Advisory Agreements.” In approving each Fund Advisory Agreement, the Board, including the Independent Trustees, determined that such approval was in the best interests of the Funds, the Subsidiaries, and the shareholders of the Funds and the Subsidiaries, as applicable.

In advance of the meeting, the Board received information about the Funds, the Subsidiaries, and the Fund Advisory Agreements from the Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust’s co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the Advisor’s organization and financial condition; information regarding the background, experience, and compensation structure of relevant personnel who would be providing services to the Funds and the Subsidiaries; information about the Advisor’s compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the estimated profitability of the Advisor’s overall relationship with each Fund; reports comparing the performance of each of the Credit Suisse Managed Futures Strategy Fund (the “Managed Futures Predecessor Fund”) and the Credit Suisse Multialternative Strategy Fund (the “Multialternative Predecessor Fund” and together with the Managed Futures Predecessor Fund, the “Predecessor Funds”), with returns of its benchmark index and a group of comparable funds (each, a “Peer Group”) selected by Broadridge Financial Solutions, Inc. (”Broadridge”) from Morningstar, Inc.’s relevant category (each, a “Fund Universe”) for various periods ended July 31, 2024; and reports comparing the proposed advisory fee and estimated total expenses of each Fund with those of its Peer Group and Fund Universe. The Board also received a memorandum from legal counsel to the Trust and the Independent Trustees discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed approval of the Fund Advisory Agreements. No representatives of the Advisor were present during the Board’s consideration of the Fund Advisory Agreements, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

Manteio Managed Futures Strategy Fund and Manteio Multialternative Strategy Fund

In approving the Fund Advisory Agreements, the Independent Trustees met separately in an executive session to consider the Fund Advisory Agreements, including the items discussed below. The Board, including all of the Independent Trustees, then met and also considered a variety of factors for approval of the Fund Advisory Agreements, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

With respect to the performance results of the Predecessor Funds, the meeting materials indicated the following:

Manteio Managed Futures Strategy Fund and Manteio Multialternative Strategy Fund

The Board considered the overall quality of services to be provided by the Advisor to the Funds and the Subsidiaries. In doing so, the Board considered the Advisor’s specific responsibilities in all aspects of the day-to-day management and oversight of the Funds and the Subsidiaries, as well as the qualifications, experience and responsibilities of the personnel who would be involved in the day-to-day activities of the Funds and the Subsidiaries. The Board also considered the overall quality of the organization and operations of the Advisor, as well as its compliance structure and compliance procedures.

The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the Advisor would have the capabilities, resources, and personnel necessary to manage the Funds and the Subsidiaries, and that the Advisor would provide each Fund and its Subsidiary with a reasonable potential for good investment results.

With respect to the proposed advisory fees and estimated annual total expenses, the meeting materials indicated the following:

The Board and the Independent Trustees concluded that, in light of the nature and quality of the services proposed to be provided by the Advisor to each Fund and its respective Subsidiary, the compensation proposed to be paid to the Advisor under the Advisory Agreement would be fair and reasonable.

The Board next reviewed the estimated profitability to the Advisor of its proposed relationship with each Fund during the Fund’s first year of operations, taking into account estimated assets of $200 million for the Managed Futures Fund and $400 million for the Multialternative Fund. The Board observed that the Advisor anticipated waiving a portion of its advisory fee for the Managed Futures Fund and a significant portion of its advisory fee for the Multialternative Fund. The Board concluded that the profits of the Advisor from its relationship with each Fund were reasonable.

Manteio Managed Futures Strategy Fund and Manteio Multialternative Strategy Fund

The Board noted that the potential benefits received by the Advisor as a result of its proposed relationships with the Funds, other than the receipt of its advisory fees, would include the usual types of “fall out” benefits received by advisors to the Trust, including any research received from broker-dealers providing execution services to the Funds and the Subsidiaries, the beneficial effects from the review by the Trust’s Chief Compliance Officer of the Advisor’s compliance program, the intangible benefits of the Advisor’s association with the Funds and the Subsidiaries generally, and any favorable publicity arising in connection with the Funds’ performance. The Board also noted that although the Advisory Agreement does not provide for any advisory fee breakpoints, the Funds’ asset levels following the reorganizations would likely be too low to achieve significant economies of scale, and that any such economies would be considered in the future as the Funds’ assets grow.

Based on these and other factors, the Board and the Independent Trustees concluded that approval of each Fund Advisory Agreements was in the best interests of each Fund, each Subsidiary, and the shareholders of the Funds and the Subsidiaries and, accordingly, approved each Fund Advisory Agreement with respect to the Funds and the Subsidiaries, as applicable.

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.

Principal
Amount			Value
		SHORT-TERM INVESTMENTS — 84.3%
		MONEY MARKET INVESTMENTS — 19.1%
$	24,005,642	UMB Bank, Money Market Special II Deposit Investment, 4.19%^(a),(b)	$	24,005,642

		TREASURY BILLS — 65.2%
		United States Treasury Bill
	8,000,000	4.93%, 5/15/2025^(c)		7,986,888
	10,000,000	4.88%, 6/12/2025^(b),(c)		9,950,620
	10,000,000	4.40%, 7/10/2025^(b),(c)		9,918,630
	15,000,000	4.19%, 8/7/2025^(b),(c)		14,829,120
	10,000,000	3.92%, 9/4/2025^(b),(c)		9,855,030
	10,000,000	4.21%, 10/2/2025^(b),(c)		9,824,870
	5,000,000	4.12%, 10/30/2025^(b),(c)		4,897,895
	5,000,000	4.03%, 11/28/2025^(b),(c)		4,884,945
	5,000,000	4.02%, 12/26/2025^(b),(c)		4,871,775
	5,000,000	4.02%, 1/22/2026^(b),(c)		4,858,890
				81,878,663
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $105,891,781)		105,884,305

		TOTAL INVESTMENTS — 84.3%
		(Cost $105,891,781)		105,884,305

		Other Assets in Excess of Liabilities — 15.7%		19,671,569
		TOTAL NET ASSETS — 100.0%	$	125,555,874

						Value/Unrealized
	Expiration	Number of		Notional		Appreciation
Long Contracts	Date	Contracts		Value		(Depreciation)
Commodity Futures
CBOT Corn¹	July 2025		108		2,567,700		(49,809	)
CBOT Soybean¹	July 2025		53		2,767,925		(11,517	)
CBOT Soybean Meal¹	July 2025		51		1,519,800		(10,293	)
CBOT Soybean Oil¹	July 2025		60		1,762,920		8,782
CBOT Wheat¹	July 2025		76		2,016,850		(58,319	)
CMX Gold¹	June 2025		55		18,255,050		1,533,899
CMX Silver¹	July 2025		30		4,924,200		71,165
LME Lead¹	May 2025		62		3,034,466		(51,601	)
LME Primary Aluminum¹	May 2025		208		12,413,388		(1,082,920	)
LME Primary Aluminum¹	July 2025		1		59,966		(861	)
LME Primary Nickel¹	May 2025		88		8,062,549		(219,604	)
LME Zinc¹	May 2025		103		6,618,368		(624,514	)
NYBOT Coffee 'C'¹	July 2025		11		1,653,094		75,926
NYBOT Cotton #2¹	July 2025		21		693,210		(9,776	)
NYBOT Sugar #11¹	July 2025		61		1,178,520		(32,831	)

Currency Futures
CME British Pound	June 2025		366		30,519,825		788,928
CME Euro	June 2025		192		27,312,000		860,338
CME Japanese Yen	June 2025		272		23,941,100		246,725

Index Futures
EUX Euro STOXX 50	June 2025		29		1,683,561		(400	)
Hang Seng Index	May 2025		80		11,392,317		118,050

Interest Rate Futures
CBOT 10-Year U.S. Treasury Note	June 2025		64		7,182,000		(528	)
			1,991		169,558,809		1,550,840

								Value/Unrealized
	Expiration	Number of			Notional			Appreciation
Short Contracts	Date	Contracts			Value			(Depreciation)
Commodity Futures
CMX Copper¹	July 2025		(40	)		(4,609,000	)		(3,862	)
ICE Brent Crude Oil¹	July 2025		(29	)		(1,770,740	)		68,374
ICE Low Sulphur Gas¹	July 2025		(11	)		(652,850	)		3,013
LME Lead¹	May 2025		(62	)		(3,034,466	)		(76,018	)
LME Lead¹	July 2025		(15	)		(735,011	)		(18,214	)
LME Primary Aluminum¹	May 2025		(208	)		(12,413,388	)		186,979
LME Primary Aluminum¹	July 2025		(53	)		(3,178,198	)		(21,600	)
LME Primary Nickel¹	May 2025		(88	)		(8,062,549	)		(289,682	)
LME Primary Nickel¹	July 2025		(20	)		(1,847,843	)		(12,764	)
LME Zinc¹	May 2025		(103	)		(6,618,368	)		224,101
LME Zinc¹	July 2025		(25	)		(1,616,589	)		22,048
NYMEX Natural Gas¹	July 2025		(71	)		(2,580,850	)		66,050
NYMEX NY Harbor ULSD¹	July 2025		(6	)		(500,220	)		11,202
NYMEX RBOB Gasoline¹	July 2025		(7	)		(585,854	)		(367	)
NYMEX WTI Crude Oil¹	July 2025		(26	)		(1,498,120	)		67,802

Currency Futures
CME Australian Dollar	June 2025		(216	)		(13,839,120	)		(315,171	)
CME Canadian Dollar	June 2025		(51	)		(3,708,465	)		(67,474	)

Index Futures
CME E-Mini S&P 500	June 2025		(56	)		(15,643,600	)		(67,883	)
ICF FTSE 100 Index	June 2025		(11	)		(1,243,590	)		(78,518	)
Nikkei Stock Index	June 2025		(63	)		(15,913,427	)		297,640

Interest Rate Futures
EUX Euro-Bund	June 2025		(208	)		(31,158,590	)		(142,803	)
ICF Long Gilt	June 2025		(138	)		(17,238,224	)		(156,519	)
OSE Japanese 10-Year Bond	June 2025		(44	)		(43,386,170	)		(240,718	)
			(1,551	)		(191,835,232	)		(544,384	)

TOTAL FUTURES CONTRACTS					$	(22,276,423	)	$	1,006,456

Number
of Shares			Value
		COMMON STOCKS — 16.0%
		ASSET MANAGEMENT — 0.8%
	61,779	Bridge Investment Group Holdings, Inc. - Class A	$	592,461
	17,301	Robinhood Markets, Inc. - Class A*		849,652
				1,442,113
		AUTOMOTIVE — 0.4%
	3,060	Tesla, Inc.*		863,410
		BANKING — 2.2%
	1	AIB Group PLC		7
	1	CaixaBank S.A.		7
	13,295	First Busey Corp.		276,403
	6,330	National Bank of Canada		555,953
	19,259	Renasant Corp.		617,636
	12,726	South State Corp.		1,104,362
	13,379	UMB Financial Corp.		1,265,252
	10,810	WesBanco, Inc.		321,922
				4,141,542
		BIOTECH & PHARMA — 0.4%
	6,902	Gilead Sciences, Inc.		735,339
		DIVERSIFIED INDUSTRIALS — 0.4%
	5,342	3M Co.		742,057
		E-COMMERCE DISCRETIONARY — 0.4%
	10,861	eBay, Inc.		740,286
		ENTERTAINMENT CONTENT — 0.8%
	3,063	Applovin Corp. - Class A*		824,896
	700	Netflix, Inc.*		792,204
				1,617,100
		INSTITUTIONAL FINANCIAL SVCS — 1.1%
	10,061	Coinbase Global, Inc. - Class A*		2,041,276
		INTERNET MEDIA & SERVICES — 0.8%
	4,123	DoorDash, Inc. - Class A*		795,286
	1,233	Spotify Technology S.A.*		757,037
				1,552,323
		MEDICAL EQUIPMENT & DEVICES — 0.4%
	1,521	Intuitive Surgical, Inc.*		784,532
		METALS & MINING — 0.5%
	172,925	Coeur Mining, Inc.*		959,734
		OIL & GAS SERVICES & EQUIP — 1.0%
	77,611	ChampionX Corp.		1,872,753
		RETAIL - CONSUMER STAPLES — 0.4%
	1	Carrefour SA		16

Number
of Shares			Value
		COMMON STOCKS (Continued)
		RETAIL - CONSUMER STAPLES (Continued)
	7,677	Wal–Mart Stores, Inc.	$	746,588
				746,604
		RETAIL - DISCRETIONARY — 0.4%
	3,436	Carvana Co.*		839,587
		SEMICONDUCTORS — 0.9%
	4,294	Broadcom Ltd.		826,466
	7,364	NVIDIA Corp.		802,087
				1,628,553
		SOFTWARE — 2.6%
	4,825	ANSYS, Inc.*		1,553,071
	9,814	DocuSign, Inc.*		802,294
	7,717	Fortinet, Inc.*		800,716
	7,748	Palantir Technologies, Inc. - Class A*		917,673
	8,683	Twilio, Inc. - Cl. A*		839,733
				4,913,487
		SPECIALTY FINANCE — 1.3%
	13,830	Discover Financial Services		2,526,326
		TECHNOLOGY HARDWARE — 0.4%
	3,804	Garmin Ltd.		710,853
		TECHNOLOGY SERVICES — 0.4%
	3,023	International Business Machines Corp.		731,022
		TELECOMMUNICATIONS — 0.4%
	27,011	AT&T, Inc.		748,205
		TOTAL COMMON STOCKS
		(Cost $30,252,677)		30,337,102
		EXCHANGE-TRADED FUNDS — 2.2%
	26,157	iShares U.S. Aerospace & Defense ETF		4,104,295
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $3,991,880)		4,104,295

Item 7. Financial Statements and Financial Highlights
Consolidated Schedule of Investments	1
Consolidated Statements of Assets and Liabilities	13
Consolidated Statements of Operations	15
Consolidated Statements of Changes in Net Assets	16
Consolidated Financial Highlights	18
Notes to Financial Statements	23

Number
of Contracts
		PURCHASED OPTIONS CONTRACTS — 1.7%
		CALL OPTIONS — 1.7%
		S&P 500 Index
		Exercise Price: $5,300.00, Notional Amount: $37,100,000
	70	Expiration Date: July 31, 2025	3,295,600
		TOTAL PURCHASED OPTIONS CONTRACTS
		(Cost $2,091,738)	3,295,600

Number
of Contracts
			WRITTEN OPTIONS CONTRACTS — (1.5)%
			CALL OPTIONS — (1.3)%
			S&P 500 Index
			Exercise Price: $5,450.00, Notional Amount: $(38,150,000)
	(70	)	Expiration Date: July 31, 2025		(2,524,200	)
			TOTAL CALL OPTIONS
			(Proceeds $1,494,482)		(2,524,200	)
			PUT OPTIONS — (0.2)%
			S&P 500 Index
			Exercise Price: $5,030.00, Notional Amount: $(17,605,000)
	(35	)	Expiration Date: July 31, 2025		(349,195	)
			TOTAL PUT OPTIONS
			(Proceeds $576,021)		(349,195	)
			TOTAL WRITTEN OPTIONS CONTRACTS
			(Proceeds $2,070,503)	$	(2,873,395	)

Counterparty	Reference Entity	Fund Pays	Fund Receives	Pay/Receive Frequency	Termination Date	Notional Amount		Premium Paid (Received)		Unrealized Appreciation (Depreciation)
BNP Paribas	BNP Paribas PPP Long Term Value G10 USD Index ²	0.00%	Basket Return	At Maturity	6/30/25	$	10,908,242	$	-	$	136,531
BNP Paribas	BNP Paribas Alpha Momentum ex-Agriculture and Livestock Net Index ^1,2	0.30%	Basket Return	At Maturity	6/30/25		18,994,172		-		929,027
BNP Paribas	BNP Paribas Buy Write Call Gold Daily Index ^1,2	0.50%	Basket Return	At Maturity	6/30/25		14,173,802		-		435,827
BNP Paribas	BNP Paribas PPP Long Term Value G10 USD Index ²	0.00%	Basket Return	At Maturity	6/30/25		137,096		-		1,558
BNP Paribas	BNP Paribas Volatility Index ER ²	0.35%	Basket Return	At Maturity	6/30/25		14,383,958		-		(103,073	)
BNP Paribas	BNP Paribas Equity Low Volatility Europe LS Index ²	1.50%	Basket Return	At Maturity	6/30/25		16,310,263		-		(167,083	)
BNP Paribas	BNP Paribas GALAXY World Excess Return USD LS Index ²	0.08%	Basket Return	At Maturity	6/30/25		18,315,738		-		(120,631	)
BNP Paribas	BNP Paribas Dynamic Pre-Roll Alpha ex-Agriculture and Livestock Index ^1,2	0.35%	Basket Return	At Maturity	6/30/25		18,317,389		-		30,754
Goldman Sachs & Co. LLC	Goldman Sachs USD Custom Equity Basket ²	4.88%	Basket Return	At Maturity	6/30/25		9,999,988		-		(5,000	)
Goldman Sachs & Co. LLC	Goldman Sachs USD Custom Equity Basket ²	4.08%	Basket Return	At Maturity	6/30/25		9,989,996		-		(5,000	)
Goldman Sachs & Co. LLC	Bloomberg Industrial Metals Subindex ¹	Index Return	0.10%	At Maturity	6/30/25		2,850,896		-		(70,330	)
Goldman Sachs & Co. LLC	Bloomberg Energy Subindex ¹	Index Return	0.09%	At Maturity	6/30/25		2,255,863		-		66,903
Goldman Sachs & Co. LLC	Bloomberg Agriculture Subindex ¹	0.18%	Index Return	At Maturity	6/30/25		3,567,731		-		(27,469	)
Goldman Sachs & Co. LLC	Bloomberg Precious Metals Subindex ¹	0.07%	Index Return	At Maturity	6/30/25		5,775,853		-		145,729
Macquarie Bank Ltd.	Macquarie WTI Intraday Mean Reversion ¹	0.15%	Index Return	At Maturity	6/30/25		9,207,047		-		16,578
BNP Paribas	BNP Paribas Equity Low Volatility US LS Index ²	0.35%	Basket Return	At Maturity	6/30/25		9,184,077		-		(18,226	)
Goldman Sachs & Co. LLC	Alerian MLP Infrastructure Index	Daily SOFR + 1.05%	Index Return	At Maturity	7/1/25		7,322,235		-		386,412
Goldman Sachs & Co. LLC	Goldman Sachs USD Custom Equity Basket ²	5.08%	Basket Return	At Maturity	7/1/25		18,321,837		-		1,847,076
Goldman Sachs & Co. LLC	S&P 500 Total Return Index	Index Return	Daily SOFR + 0.48%	Monthly	7/1/25		20,625,402		-		(1,736,707	)
Goldman Sachs & Co. LLC	Alerian MLP Infrastructure Index	Daily SOFR + 1.05%	Index Return	Monthly	7/1/25		3,487,699		-		93,855
Goldman Sachs & Co. LLC	Goldman Sachs RP Equity World Long Short Series 110 Excess Return Strategy ²	0.00%	Basket Return - 0.60%	At Maturity	7/2/25		9,173,493		-		(394,438	)
Goldman Sachs & Co. LLC	Goldman Sachs SAGE Commodity Pairs Strategy ^1,2	0.00%	Basket Return	At Maturity	7/2/25		17,813,402		-		(144,062	)
Goldman Sachs & Co. LLC	Goldman Sachs Commodity COT Strategy ^1,2	0.00%	Basket Return	At Maturity	7/2/25		21,712,254		-		82,921
Goldman Sachs & Co. LLC	Goldman Sachs Commodity COT Timespread Strategy ^1,2	0.00%	Basket Return	At Maturity	7/2/25		18,264,809		-		(34,165	)
Goldman Sachs & Co. LLC	Goldman Sachs Dispersion US Series 31 Excess Return Strategy ²	0.00%	Basket Return	At Maturity	7/2/25		14,119,824		-		893,058
Goldman Sachs & Co. LLC	Goldman Sachs RP Equity World Long Short Series 109 Excess Return Strategy ²	0.00%	Basket Return - 0.60%	At Maturity	7/2/25		8,402,811		-		389,723
Goldman Sachs & Co. LLC	Goldman Sachs RP Equity World Long Short Series 111 Excess Return Strategy ²	0.00%	Basket Return - 0.60%	At Maturity	7/2/25		18,582,971		-		(148,358	)
Goldman Sachs & Co. LLC	Goldman Sachs RP Equity World Long Short Series 112 Excess Return Strategy ²	0.00%	Basket Return - 0.60%	At Maturity	7/2/25		12,340,512		-		(42,418	)
Goldman Sachs & Co. LLC	Goldman Sachs RP Equity World Long Short Series 112 Excess Return Strategy ²	0.00%	Basket Return - 0.60%	At Maturity	7/2/25		9,870,718		-		548,088
Goldman Sachs & Co. LLC	National Bank of Canada	Equity Return	Daily CORRA - 0.1045%	Monthly	11/27/25		630,670		-		(44,234	)


				Currency			Value At						Unrealized
		Currency	Settlement	Amount			Settlement			Value At			Appreciation
Sale Contracts	Counterparty	Exchange	Date	Sold			Date			April 30, 2025			(Depreciation)
Euro	Goldman Sachs	EUR per USD	5/20/2025		(12,480,204	)		(14,143,191	)		(14,155,990	)		(12,799	)
								(14,143,191	)		(14,155,990	)		(12,799	)
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS							$	66,145		$	-		$	(66,145	)

	Manteio Managed Futures Strategy Fund			Manteio Multialternative Strategy Fund
Assets:
Investments, at value (cost $105,891,781 and $118,050,949, respectively)	$	105,884,305		$	118,245,011
Purchased options contracts, at value (cost $0 and $2,091,738, respectively)		-			3,295,600
Foreign currency at brokers, at value (cost $0 and $2,487,296, respectively)		-			2,514,845
Foreign currency, at value (cost $0 and $225,382, respectively)		-			224,356
Cash		-			58,231,448
Cash deposited with brokers for options contracts		-			189,876
Cash deposited with brokers for futures contracts		33,958,887			8,819,410
Variation margin on futures contracts		694,088			882,589
Receivables:
Unrealized appreciation on open swap contracts		-			6,424,547
Investment securities sold		-			194,805,951
Fund shares sold		619,564			20,200
Dividends and interest		9,667			9,228
Reclaims receivable		-			42,587
Other receivable (Note 3)		-			394,857
Prepaid expenses		39,250			51,303
Other assets		-			461
Total assets		141,205,761			394,152,269

Liabilities:
Written options contracts, at value (proceeds $0 and $2,070,503, respectively)		-			2,873,395
Foreign currency due to broker, at value (proceeds $14,160,227 and $0, respectively)		14,448,933			-
Payables:
Investment securities purchased		-			194,559,221
Fund shares redeemed		73,136			5,035
Unrealized depreciation on forward foreign currency exchange contracts		-			66,145
Unrealized depreciation on open swap contracts		-			5,950,349
Variation margin on futures contracts		775,198			1,142,838
Advisory fees		156,673			168,613
Distribution fees (Note 6)		321			364
Fund services fees		68,128			79,089
Sub-transfer agent fees		62,821			26,917
Auditing fees		15,063			5,162
Shareholder reporting fees		21,893			16,135
Chief Compliance Officer fees		1,645			4,220
Trustees' deferred compensation (Note 3)		1,893			1,947
Trustees' fees and expenses		1,524			11,834
Legal fees		11,988			14,723
Accrued other expenses		10,671			10,744
Total liabilities		15,649,887			204,936,731
Commitments and contingencies (Note 3)
Net Assets	$	125,555,874		$	189,215,538

Components of Net Assets:
Paid-in capital (no par value with an unlimited number of shares authorized)	$	179,492,218		$	209,527,398
Total distributable earnings (accumulated deficit)		(53,936,344	)		(20,311,860	)
Net Assets	$	125,555,874		$	189,215,538

	Manteio Managed Futures Strategy Fund			Manteio Multialternative Strategy Fund
Maximum Offering Price per Share:
Class A Shares:
Net assets applicable to shares outstanding	$	1,459,908		$	1,585,792
Shares of beneficial interest issued and outstanding		194,910			183,514
Redemption price per share¹	$	7.49		$	8.64
Maximum sales charge (5.25% and 5.25%, respectively, of offering price)		0.42			0.48
Maximum offering price per share	$	7.91		$	9.12

Class C Shares:
Net assets applicable to shares outstanding	$	16,597		$	-
Shares of beneficial interest issued and outstanding		2,374			-
Offering and redemption price per share	$	6.99	²	$	-

Class I Shares:
Net assets applicable to shares outstanding	$	124,079,369		$	187,629,746
Shares of beneficial interest issued and outstanding		16,434,046			22,699,333
Offering and redemption price per share	$	7.55		$	8.27

	Manteio Managed Futures Strategy Fund			Manteio Multialternative Strategy Fund
Investment income:
Dividends (net of foreign withholding taxes of $0 and $1,447, respectively)	$	-		$	58,631
Interest		2,890,992			2,462,641
Securities lending		-			49
Total investment income		2,890,992			2,521,321

Expenses:
Advisory fees		801,353			1,117,000
Distribution fees (Note 6)		4,127			2,401
Fund services fees		100,401			108,196
Sub-transfer agent fees		165,677			47,809
Registration fees		32,681			24,778
Shareholder reporting fees		33,201			27,080
Auditing fees		12,095			8,297
Chief Compliance Officer fees		4,559			6,710
Trustees' fees and expenses		42,548			53,377
Legal fees		11,863			13,622
Miscellaneous		14,316			15,576
Insurance fees		2,358			1,291
Total expenses		1,225,179			1,426,137
Advisory fees waived		(204,732	)		(492,752	)
Fees paid indirectly (Note 3)		(13,332	)		(16,685	)
Net expenses		1,007,115			916,700
Net investment income (loss)		1,883,877			1,604,621

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		12,234			101,186
Written options contracts		-			620,462
Swap contracts		(2,674,940	)		6,593,778
Futures contracts		(11,893,201	)		843,864
Forward foreign currency contracts		-			(160,702	)
Foreign currency transactions		(204,960	)		(544,957	)
Total realized gain (loss)		(14,760,867	)		7,453,631
Net change in unrealized appreciation (depreciation) on:
Investments		(164,628	)		(690,132	)
Purchased options contracts		-			1,203,862
Written options contracts		-			(713,181	)
Swap contracts		527,712			(185,556	)
Futures contracts		546,906			(1,777,690	)
Forward foreign currency contracts		-			(73,860	)
Foreign currency translations		(336,315	)		29,562
Net change in unrealized appreciation (depreciation)		573,675			(2,206,995	)
Net increase from payments by non-affiliate		-			394,857
Net realized and unrealized gain (loss)		(14,187,192	)		5,641,493

Net Increase (Decrease) in Net Assets from Operations	$	(12,303,315	)	$	7,246,114

	For the Six Months Ended April 30, 2025 (Unaudited)			For the Year Ended October 31, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	1,883,877		$	7,555,473
Total realized gain (loss) on investments, Swap contracts - realized, futures contracts and foreign currency transactions		(14,760,867	)		(20,603,735	)
Net change in unrealized appreciation (depreciation) on investments, Swap contracts - unrealized, futures contracts and foreign currency translations		573,675			(7,453,144	)
Net increase (decrease) in net assets resulting from operations		(12,303,315	)		(20,501,406	)

Distributions to Shareholders:
Distributions:
Class A		(39,222	)		(22,549	)
Class C		(243	)		-
Class I		(5,186,254	)		(1,016,487	)
Total distributions to shareholders		(5,225,719	)		(1,039,036	)

Capital Transactions:
Net proceeds from shares sold:
Class A		273,734			3,263,962
Class C		-			166,209
Class I		42,893,275			75,145,730
Reinvestment of distributions:
Class A		37,259			21,585
Class C		243			-
Class I		4,947,707			958,671
Cost of shares redeemed:
Class A		(6,806,492	)		(3,679,368	)
Class C		(127	)		(211,246	)
Class I		(99,813,098	)		(109,906,892	)
Net increase (decrease) in net assets from capital transactions		(58,467,499	)		(34,241,349	)

Total increase (decrease) in net assets		(75,996,533	)		(55,781,791	)

Net Assets:
Beginning of period		201,552,407			257,334,198
End of period	$	125,555,874		$	201,552,407
Capital Share Transactions:
Shares sold:
Class A		32,583			361,790
Class C		-			19,835
Class I		5,213,493			8,213,885
Shares reinvested:
Class A		4,405			2,375
Class C		30			-
Class I		580,615			103,640
Shares redeemed:
Class A		(800,683	)		(405,542	)
Class C		(16	)		(25,280	)
Class I		(11,745,888	)		(11,944,714	)
Net increase (decrease) in capital share transactions		(6,715,461	)		(3,674,011	)

	For the Six Months Ended April 30, 2025			For the Year Ended October 31,
	(Unaudited)			2024¹			2023²			2022²			2021²			2020²
Net asset value, beginning of period	$	8.48		$	9.35		$	12.11		$	10.88		$	9.14		$	9.82
Income from Investment Operations:
Net investment income (loss) ³		0.09			0.31			0.24			(0.08	)		(0.16	)		(0.05	)
Net realized and unrealized gain (loss)		(0.88	)		(1.16	)		(1.16	)		2.14			1.90			(0.49	)
Total from investment operations		(0.79	)		(0.85	)		(0.92	)		2.06			1.74			(0.54	)

Less Distributions:
From net investment income		(0.20	)		(0.02	)		(0.42	)		(0.83	)		-			(0.14	)
From net realized gain		-			-			(1.42	)		-			-			-
Total distributions		(0.20	)		(0.02	)		(1.84	)		(0.83	)		-			(0.14	)
Net asset value, end of period	$	7.49		$	8.48		$	9.35		$	12.11		$	10.88		$	9.14

Total return⁴		(9.60	)%⁵		(9.06	)%		(8.15	)%		20.83	%		19.04	%		(5.53	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,460		$	8,125		$	9,350		$	27,406		$	15,682		$	12,506

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.83	%⁶		1.68	%		1.57	%		1.55	%		1.57	%		1.60	%
After fees waived and expenses absorbed		1.55	%⁶		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		1.92	%⁶		3.28	%		2.43	%		(0.68	)%		(1.55	)%		(0.56	)%
After fees waived and expenses absorbed		2.20	%⁶		3.41	%		2.45	%		(0.68	)%		(1.53	)%		(0.51	)%

Portfolio turnover rate⁷		0	%⁵		0	%		0	%		0	%		0	%		0	%

	For the Six Months Ended April 30, 2025			For the Year Ended October 31,
	(Unaudited)			2024¹			2023²			2022²			2021²			2020²
Net asset value, beginning of period	$	8.91		$	9.03	³	$	9.16	³	$	9.43	³	$	9.39	³	$	9.73
Income from Investment Operations:
Net investment income (loss) ⁴		0.05			0.27			0.25			0.04			(0.04	)		-	⁵
Net realized and unrealized gain (loss)		0.21			(0.17	)		(0.15	)		0.49			1.24			0.10
Net increase from payments by (non-affiliate/affiliate, respectively)(Note 3)		0.02	⁶		0.02			-			-			-			-
Total from investment operations		0.28			0.12			0.10			0.53			1.20			0.10

Less Distributions:
From net investment income		(0.55	)		(0.12	)		(0.12	)		(0.80	)		(1.16	)		(0.44	)
From net realized gain		-			(0.12	)		(0.11	)		-			-			-
Total distributions		(0.55	)		(0.24	)		(0.23	)		(0.80	)		(1.16	)		(0.44	)
Net asset value, end of period	$	8.64	³	$	8.91		$	9.03	³	$	9.16	³	$	9.43	³	$	9.39	³

Total return⁷		3.31	%^6,8		1.38	%⁹		1.15	%		5.94	%		13.64	%		1.10	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,586		$	2,169		$	70,290		$	8,267		$	5,763		$	4,350

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.58	%¹⁰		1.50	%		1.48	%		1.68	%		2.51	%		2.19	%
After fees waived and expenses absorbed		1.10	%¹⁰		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		0.77	%¹⁰		2.58	%		2.41	%		(0.11	)%		(1.83	)%		(1.13	)%
After fees waived and expenses absorbed		1.25	%¹⁰		2.98	%		2.79	%		0.47	%		(0.42	)%		(0.04	)%

Portfolio turnover rate¹¹		193	%⁸		214	%		375	%		482	%		532	%		571	%

	Shares Issued	Net Assets
Class A Shares	976,326	8,324,703
Class C Shares	2,360	18,644
Class I Shares	20,375,519	177,156,432

	Contractual Advisory	Total Limit on Annual Operating Expenses
	Fees	Class A	Class C	Class I
Managed Futures Strategy Fund	1.04%	1.55%	2.30%	1.30%
Multialternative Strategy Fund	1.04%	1.10%	N/A	0.85%

	Managed Futures Strategy Fund			Multialternative Strategy Fund
Cost of investments	$	105,891,781		$	118,212,860

Gross unrealized appreciation	$	11,928		$	3,602,522
Gross unrealized depreciation		(19,404	)		(3,148,166	)
Net unrealized appreciation/(depreciation)	$	(7,476	)	$	454,356

	Purchases		Sales
Managed Futures Strategy Fund	$	-	$	-
Multialternative Strategy Fund		76,207,020		63,386,569

Managed Futures Strategy Fund	Level 1		Level 2		Level 3**		Total
Assets
Investments
Short-Term Investments	$	105,884,305	$	-	$	-	$	105,884,305
Total Investments		105,884,305		-		-		105,884,305
Other Financial Instruments*
Futures Contracts		4,651,022		-		-		4,651,022
Total Assets	$	110,535,327	$	-	$	-	$	110,535,327

Liabilities
Other Financial Instruments*
Futures Contracts	$	3,644,566	$	-	$	-	$	3,644,566
Total Liabilities	$	3,644,566	$	-	$	-	$	3,644,566

Managed Futures Strategy Fund
	Asset Derivatives			Liability Derivatives
Derivatives designated as non-hedging instruments	Consolidated Statements of Assets and Liabilities	Value		Consolidated Statements of Assets and Liabilities	Value
Commodity contracts	Variation margin on futures contracts - receivable	$	597,132	Variation margin on futures contracts - payable	$	234,579
Foreign exchange contracts	Variation margin on futures contracts - receivable		-	Variation margin on futures contracts - payable		336,810
Index contracts	Variation margin on futures contracts - receivable		96,956	Variation margin on futures contracts - payable		57,524
Interest rate contracts	Variation margin on futures contracts - receivable		-	Variation margin on futures contracts - payable		146,285
Total		$	694,088		$	775,198

Managed Futures Strategy Fund
Amount of Realized Gain or (Loss) on Derivatives Recognized in the Consolidated Statements of Operations
Derivatives designated as non-hedging instruments	Futures Contracts			Swap Contracts			Total
Commodity contracts	$	(3,934,876	)	$	-		$	(3,934,876	)
Equity contracts		(3,361,321	)		-			(3,361,321	)
Foreign exchange contracts		2,498,295			-			2,498,295
Index contracts		(5,972,176	)		-			(5,972,176	)
Interest rate contracts		(1,123,123	)		-			(1,123,123	)
Mixed: Commodity, interest rate, equity and foreign exchange contracts		-			(2,674,940	)		(2,674,940	)
Total	$	(11,893,201	)	$	(2,674,940	)	$	(14,568,141	)

Managed Futures Strategy Fund
Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
Derivatives designated as non-hedging instruments	Futures Contracts			Swap Contracts		Total
Commodity contracts	$	(235,211	)	$	-	$	(235,211	)
Equity contracts		-			-		-
Foreign exchange contracts		960,432			-		960,432
Index contracts		1,277,783			-		1,277,783
Interest rate contracts		(1,456,098	)		-		(1,456,098	)
Mixed: Commodity, interest rate, equity and foreign exchange contracts		-			527,712		527,712
Total	$	546,906		$	527,712	$	1,074,618

Managed Futures Strategy Fund
		Notional Value
Commodity contracts	Long futures contracts	$	41,846,171
	Short futures contracts		(24,022,150	)
Equity contracts	Open total return swap contracts		25,323,025
Index contracts	Long futures contracts		67,851,033
	Short futures contracts		(10,933,539	)
Interest rate contracts	Long futures contracts		33,686,577
	Short futures contracts		(138,438,028	)
Foreign exchange contracts	Long futures contracts		41,856,108
	Short futures contracts		(137,963,442	)

Multialternative Strategy Fund
					Amounts Not Offset in Consolidated Statements of Assets and Liabilities
Description	Counterparty	Gross Amounts Recognized in the Consolidated Statements of Assets and Liabilities			Financial Instruments*		Cash Collateral*		Net Amount
Unrealized appreciation on open swap contracts - asset	BNP Paribas	$	1,533,697		$	-	$	-	$	1,533,697
Unrealized depreciation on open swap contracts - liability	BNP Paribas		(409,513	)		-		-		(409,513	)
Unrealized appreciation on open swap contracts - asset	Goldman Sachs & Co. LLC		4,874,272			-		-		4,874,272
Unrealized depreciation on open swap contracts - liability	Goldman Sachs & Co. LLC		(3,513,132	)		-		-		(3,513,132	)
Unrealized appreciation on open swap contracts - asset	Macquarie Bank Ltd.		16,578			-		-		16,578
Unrealized depreciation on open swap contracts - liability	Macquarie Bank Ltd.		(2,027,704	)		-		-		(2,027,704	)

(Registrant)	Investment Managers Series Trust III

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

Date	7/7/25