Investment Managers Series Trust III – FPA Global Allocation ETF is an actively managed exchange-traded fund launched and managed by First Pacific Advisors, LP (FPA). Operating as a series of Investment Managers Series Trust III, a Delaware statutory trust and registered open-end management investment company, the fund seeks long-term capital growth through a diversified allocation to global equity and fixed-income investments. FPAA invests principally through underlying FPA exchange-traded funds, including the FPA Global Equity ETF and FPA Short Duration Government ETF, and may also invest directly in equity securities, government and corporate debt securities, mortgage-backed and asset-backed securities, inflation-indexed instruments, structured notes, loan assignments and participations, cash and cash equivalents, and other investment vehicles. The equity allocation targets companies across market capitalizations, sectors, and geographic regions, including emerging markets, while the fixed-income allocation emphasizes government, corporate, and related credit instruments. The fund applies fundamental, qualitative, and quantitative research and a value-oriented investment approach in constructing its portfolio for U.S. and international investors. Investment Managers Series Trust III is headquartered in Milwaukee, Wisconsin, and FPAA is advised by Los Angeles, California-based FPA. The FPA Global Allocation ETF was formed and began trading on June 5, 2026, representing FPA’s recent expansion of its ETF lineup and providing an ETF-format global moderate-allocation strategy. Since launch, the fund has principally allocated assets to the FPA Global Equity ETF and the FPA Short Duration Government ETF, with a smaller allocation to the iShares BB Rated Corporate Bond ETF and cash or other net assets.