# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-25-334573
**Filing Date:** 2025-12
**Character Count:** 52237
**Document Hash:** 578026ea26e663763a82c73e9c10972e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-334573.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-334573

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust II
- **CENTRAL INDEX KEY:** 0001587982

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22894
- **FILM NUMBER:** 251607651

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2295

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Series and Classes Contracts Data

### Arena Strategic Income Fund (Series ID: S000077098)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000237262 | Class I Shares | ACSIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** INVESTMENT MANAGERS SERIES TRUST II

- **b. Investment Company Act file number:** 811-22894

- **c. CIK number of Registrant:** 0001587982

- **d. LEI of Registrant:** 549300SU7ER9OFETRU41

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Arena Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000077098

- **c. LEI of Series:** 549300AQPOVBDOCHRJ74

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $54822736.12

**Total Liabilities:** $1814513.91

**Net Assets:** $53008222.21

**Delayed Delivery Securities:** $752812.50

**Cash Not Reported:** $138079.69

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 5.563783500286 | **1-Year:** 2.085546119714 | **5-Year:** 33.997263035353 | **10-Year:** 35.027190714647 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 30.144464739743 | **1-Year:** 2493.835742117125 | **5-Year:** 5360.676507234849 | **10-Year:** 213.695985879282 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237262 | 1.46%                | 0.63%                | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $279320.59               | $112043.63                                 |
| Month 2  | $345907.39               | $-346732.22                                |
| Month 3  | $-71547.46               | $-234200.61                                |

### Schedule of Portfolio Investments

| Name                                      | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AKAMAI TECHNOLOGIES INC                   | Akamai Technologies, Inc.                                                | CUSIP: 00971TAP6<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303750.00    | 0.57%             | 2033-05-15      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| ALARM.COM HLDGS INC                       | Alarm.com Holdings, Inc.                                                 | CUSIP: 011642AD7<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |    400000 | PA      | $377400.00    | 0.71%             | 2029-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                       | Allegiant Travel Co.                                                     | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    289000 | PA      | $292480.14    | 0.55%             | 2027-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                  | Allwyn Entertainment Financing UK PLC                                    | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $830420.80    | 1.57%             | 2029-04-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                          | Altice France S.A.                                                       | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    227010 | PA      | $231641.69    | 0.44%             | 2029-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                  | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.                       | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    837053 | PA      | $445730.72    | 0.84%             | 2030-03-12      | None          | 11.00%                | Yes           |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                       | Spirit Airlines LLC                                                      | CUSIP: 84863V135<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5680 | NC      | $2044.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP                      | Alta Equipment Group, Inc.                                               | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    350000 | PA      | $317573.55    | 0.60%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| AVATION CAPITAL SA                        | Avation Capital S.A.                                                     | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | LU        |    550937 | PA      | $551444.96    | 1.04%             | 2026-10-31      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                    | Spirit AeroSystems, Inc.                                                 | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262853.00    | 0.50%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| BLOCK INC                                 | Block, Inc.                                                              | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507857.00    | 0.96%             | 2030-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BLACKSKY TECHNOLOGY INC                   | BlackSky Technology, Inc.                                                | CUSIP: 09263BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $377850.00    | 0.71%             | 2033-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC                            | Bombardier, Inc.                                                         | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     52000 | PA      | $52221.00     | 0.10%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Enviva Holdings LP                        | Enviva Holdings LP                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9219 | NS      | $152113.50    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp.                            | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $298457.97    | 0.56%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CVR ENERGY INC                            | CVR Energy, Inc.                                                         | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    475000 | PA      | $487113.45    | 0.92%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                  | Celanese U.S. Holdings LLC                                               | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    242000 | PA      | $240132.73    | 0.45%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                      | CITGO Petroleum Corp.                                                    | CUSIP: 17302XAM8<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    112000 | PA      | $112174.94    | 0.21%             | 2026-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                      | CITGO Petroleum Corp.                                                    | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1016392.65   | 1.92%             | 2029-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| COMMSCOPE LLC                             | CommScope LLC                                                            | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    850000 | PA      | $865754.75    | 1.63%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                  | Saks Global Enterprises LLC                                              | CUSIP: 79380MAB1<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |   1533210 | PA      | $692995.59    | 1.31%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| SGUS LLC                                  | SGUS LLC                                                                 | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1008834 | PA      | $875173.58    | 1.65%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| SPECTRUM BRANDS INC                       | Spectrum Brands, Inc.                                                    | CUSIP: 84762LAZ8<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233312.50    | 0.44%             | 2029-06-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                    | First Brands Group LLC                                                   | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    943840 | PA      | $352052.35    | 0.66%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| WEST TECHNOLOGY GRP LLC                   | West Technology Group LLC                                                | CUSIP: 68162RAH4<br>LEI: 5493005Z5DB0O5S30R71 | Long             | LON              | CORP              | US        |    662070 | PA      | $293962.20    | 0.55%             | 2027-04-12      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                | Viasat, Inc.                                                             | CUSIP: 92555WAF2<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |     49000 | PA      | $48571.25     | 0.09%             | 2030-05-30      | Floating      | 8.97%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                            | 1011778 BC ULC                                                           | CUSIP: C6901LAK3<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |    637812 | PA      | $629441.21    | 1.19%             | 2028-09-21      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| PRETIUM PKG HOLDINGS INC                  | Pretium PKG Holdings, Inc.                                               | CUSIP: 74142KAJ8<br>LEI: 254900S6SXME9YWLU075 | Long             | LON              | CORP              | US        |    251591 | PA      | $245020.77    | 0.46%             | 2028-10-02      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| DS PARENT INC                             | DS Parent, Inc.                                                          | CUSIP: 23344YAG7<br>LEI: 254900EH8GRZUGRWRH57 | Long             | LON              | CORP              | US        |     98750 | PA      | $91549.64     | 0.17%             | 2031-01-31      | Floating      | 10.80%                | No            |                  2 | On Loan: No      |
| DELIVERY HERO FINCO LLC                   | Delivery Hero Finco LLC                                                  | CUSIP: D2007ZAE7<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    394000 | PA      | $397530.24    | 0.75%             | 2029-12-12      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| HLF FINANCING SARL LLC                    | HLF Financing Sarl LLC                                                   | CUSIP: 40421YAG7<br>LEI: 549300VKVJUV5OGV2R51 | Long             | LON              | CORP              | US        |    441984 | PA      | $449141.48    | 0.85%             | 2029-04-12      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| EYECARE PARTNERS LLC                      | Eyecare Partners LLC                                                     | CUSIP: 30233PAQ3<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    450000 | PA      | $455064.75    | 0.86%             | 2028-08-31      | Floating      | 10.37%                | No            |                  2 | On Loan: No      |
| LIKEWIZE CORP                             | Likewize Corp.                                                           | CUSIP: 53235UAB5<br>LEI: TF9O1XIG83ZLXX7WN472 | Long             | LON              | CORP              | US        |    982452 | PA      | $956358.30    | 1.80%             | 2029-08-27      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                   | AMC Entertainment Holdings, Inc.                                         | CUSIP: 00164CAD7<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |    750000 | PA      | $752771.25    | 1.42%             | 2029-01-04      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CHINOS INTERMEDIATE 2 LL                  | Chinos Intermediate 2 LLC                                                | CUSIP: 16961YAB4<br>LEI: 54930061EIIAONXJMZ79 | Long             | LON              | CORP              | US        |    497500 | PA      | $426481.88    | 0.80%             | 2031-09-29      | Floating      | 9.84%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                   | Windstream Services LLC                                                  | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    250000 | PA      | $249375.00    | 0.47%             | 2031-10-01      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| LASERSHIP INC                             | Lasership, Inc.                                                          | CUSIP: 51809EAP0<br>LEI: 254900NGHREGOQUFUT53 | Long             | LON              | CORP              | US        |    265430 | PA      | $76974.70     | 0.15%             | 2029-08-10      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| LASERSHIP INC                             | Lasership, Inc.                                                          | CUSIP: 51809EAM7<br>LEI: 254900NGHREGOQUFUT53 | Long             | LON              | CORP              | US        |    933538 | PA      | $664366.41    | 1.25%             | 2029-08-10      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| X CORP                                    | X Corp.                                                                  | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    350000 | PA      | $351531.25    | 0.66%             | 2029-10-29      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| OREGON TOOL LUX LP                        | Oregon Tool Lux LP                                                       | CUSIP: L7266PAC9<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    250000 | PA      | $255000.00    | 0.48%             | 2029-10-15      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                     | Trivium Packaging Finance B.V.                                           | CUSIP: BL5094620<br>LEI: 724500GMZWW3PVYET548 | Long             | LON              | CORP              | NL        |    250000 | PA      | $288571.92    | 0.54%             | 2030-05-28      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| NEW WPCC PARENT LLC                       | New WPCC Parent LLC                                                      | CUSIP: 64929VAA3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    229557 | PA      | $229556.76    | 0.43%             | 2030-05-09      | Floating      | 13.80%                | No            |                  3 | On Loan: No      |
| STILLWATER MINING CO                      | Stillwater Mining Co.                                                    | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93739.90     | 0.18%             | 2029-11-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                      | Talos Production, Inc.                                                   | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    226000 | PA      | $232537.73    | 0.44%             | 2029-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| TUTOR PERINI CORP                         | Tutor Perini Corp.                                                       | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |    421000 | PA      | $471187.41    | 0.89%             | 2029-04-30      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| UNITED AIRLINES INC                       | United Airlines, Inc.                                                    | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199721.40    | 0.38%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                   | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC        | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    269000 | PA      | $262668.55    | 0.50%             | 2028-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VIASAT INC                                | Viasat, Inc.                                                             | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    275000 | PA      | $274804.48    | 0.52%             | 2027-04-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| VIASAT INC                                | Viasat, Inc.                                                             | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    450000 | PA      | $437036.40    | 0.82%             | 2028-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VICTORIA'S SECRET & CO                    | Victoria's Secret & Co.                                                  | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |   1002000 | PA      | $965653.45    | 1.82%             | 2029-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| VICTRA HLDG/VICTRA FIN                    | Victra Holdings LLC / Victra Finance Corp.                               | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $53110.10     | 0.10%             | 2029-09-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| X.AI LLC/X.AI CO ISSUER                   | X.AI LLC / X.AI Co. Issuer Corp.                                         | CUSIP: 983984AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $422945.60    | 0.80%             | 2030-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                       | Xerox Holdings Corp.                                                     | CUSIP: 98421MAE6<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $92500.00     | 0.17%             | 2030-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                               | Asurion LLC                                                              | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    725000 | PA      | $712200.13    | 1.34%             | 2028-02-03      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                    | First Brands Group LLC                                                   | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    175000 | PA      | $65275.00     | 0.12%             | 2027-03-30      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| AP CORE HOLDINGS II LLC                   | AP Core Holdings II LLC                                                  | CUSIP: 00187GAC3<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    861532 | PA      | $846726.72    | 1.60%             | 2027-09-01      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| AP CORE HOLDINGS II LLC                   | AP Core Holdings II LLC                                                  | CUSIP: 00187GAD1<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    275000 | PA      | $269568.75    | 0.51%             | 2027-09-01      | Floating      | 9.78%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                               | Asurion LLC                                                              | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    200000 | PA      | $191236.00    | 0.36%             | 2029-01-22      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                | Viasat, Inc.                                                             | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    344538 | PA      | $342600.44    | 0.65%             | 2029-03-05      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                    | Spirit AeroSystems, Inc.                                                 | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |     97733 | PA      | $98130.22     | 0.19%             | 2027-01-15      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| DELEK US HOLDINGS INC                     | Delek U.S. Holdings, Inc.                                                | CUSIP: 24664GAF8<br>LEI: 5493003O53JMENV1N385 | Long             | LON              | CORP              | US        |    296193 | PA      | $296238.81    | 0.56%             | 2029-11-19      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| LENDINGTREE INC                           | LendingTree, Inc.                                                        | CUSIP: 52602KAE8<br>LEI: 549300ISY5YHUJZTON08 | Long             | LON              | CORP              | US        |    800000 | PA      | $797000.00    | 1.50%             | 2030-08-21      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                    | First Brands Group LLC                                                   | CUSIP: 31935HAM9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    166086 | PA      | $176673.58    | 0.33%             | 2026-06-29      | Floating      | 14.13%                | No            |                  2 | On Loan: No      |
| NUMERICABLE US LLC                        | Numericable U.S. LLC                                                     | CUSIP: F6628DAN4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    611789 | PA      | $611244.37    | 1.15%             | 2031-05-15      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| NUMERICABLE US LLC                        | Numericable U.S. LLC                                                     | CUSIP: 67053NAK0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    307254 | PA      | $302646.90    | 0.57%             | 2028-04-28      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO AG                          | Delivery Hero S.E.                                                       | CUSIP: D1T28ZAG8<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $335902.49    | 0.63%             | 2030-02-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| EURO FORWARD CONTRACT 12/11/2025   /      | EURO FORWARD CONTRACT 12/11/2025   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -317000 | OU      | $-366267.14   | -0.69%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO FORWARD CONTRACT 12/15/2025   /      | EURO FORWARD CONTRACT 12/15/2025   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -105000 | OU      | $-121347.65   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| EUR FORWARD CONTRACT 12/29/25   /         | EUR FORWARD CONTRACT 12/29/25   /                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -295000 | OU      | $-341213.44   | -0.64%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO CURRENCY  /                          | EURO CURRENCY  /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |     34336 | OU      | $39575.97     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Treasury Portfolio               | Fidelity Treasury Portfolio - Class III                                  | CUSIP: 316175884<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   9875359 | PA      | $9875359.20   | 18.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Aviation Holdings Inc              | Spirit Aviation Holdings, Inc.                                           | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28769 | NS      | $10356.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FUSION PARENT LLC CLASS A   /             | FUSION PARENT LLC CLASS A   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9684 | NS      | $335715.23    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FUSION BUYER LLC FIRST LIEN TERM LOAN   / | FUSION BUYER LLC FIRST LIEN TERM LOAN   /                                | CUSIP: 36119LAA3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    455099 | PA      | $466760.91    | 0.88%             | 2030-06-06      | Fixed         | 12.41%                | No            |                  3 | On Loan: No      |
| Mallinckrodt PLC                          | Mallinckrodt PLC                                                         | CUSIP: G5890A102<br>LEI: 549300LMDE3RUP8Z3L60 | Long             | EC               | CORP              | IE        |       448 | NS      | $45996.16     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| RECOVERY SOLUTIONS    /                   | RECOVERY SOLUTIONS    /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18775 | NS      | $342647.40    | 0.65%             |  |  |  | No            |                  3 | On Loan: No      |
| WELLPATH HOLDINGS COMMON EQUITY   /       | WELLPATH HOLDINGS COMMON EQUITY   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9044 | NS      | $30477.62     | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| WELLPATH HOLDINGS PREFERRED EQUITY   /    | WELLPATH HOLDINGS PREFERRED EQUITY   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8763 | NS      | $114273.48    | 0.22%             |  |  |  | No            |                  3 | On Loan: No      |
| FIRST QUANTUM MINERALS L                  | First Quantum Minerals Ltd.                                              | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    560000 | PA      | $593208.56    | 1.12%             | 2029-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                   | Frontier Communications Holdings LLC                                     | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399709.60    | 0.75%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                  | HLF Financing Sarl LLC / Herbalife International, Inc.                   | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131000 | PA      | $115636.06    | 0.22%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                  | HLF Financing Sarl LLC / Herbalife International, Inc.                   | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $325914.30    | 0.61%             | 2029-04-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| HERBALIFE LTD                             | Herbalife Ltd.                                                           | CUSIP: 42703MAF0<br>LEI: 549300BA7TYPBSZZIA41 | Long             | DBT              | CORP              | KY        |    325000 | PA      | $308555.00    | 0.58%             | 2028-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                  | Hughes Satellite Systems Corp.                                           | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $492457.50    | 0.93%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                  | Hughes Satellite Systems Corp.                                           | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $592415.00    | 1.12%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                  | Connect Finco SARL / Connect U.S. Finco LLC                              | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    250000 | PA      | $265019.75    | 0.50%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                    | Delek Logistics Partners LP / Delek Logistics Finance Corp.              | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100880.00    | 0.19%             | 2028-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                    | Delek Logistics Partners LP / Delek Logistics Finance Corp.              | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $208845.80    | 0.39%             | 2029-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                       | Diebold Nixdorf, Inc.                                                    | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    175000 | PA      | $185746.93    | 0.35%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                     | Directv Financing LLC                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $895660.20    | 1.69%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                     | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.              | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    453000 | PA      | $452634.43    | 0.85%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Altice France Lux 3                       | Altice France Lux 3                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      4075 | NS      | $68151.51     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DRAFTKINGS HOLDINGS INC                   | DraftKings Holdings, Inc.                                                | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |    575000 | PA      | $512900.00    | 0.97%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                             | EchoStar Corp.                                                           | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    751138 | PA      | $775910.53    | 1.46%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                              | Enerflex Ltd.                                                            | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    664000 | PA      | $679770.00    | 1.28%             | 2027-10-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ENDO DAC ESCROW    /                      | ENDO DAC ESCROW    /                                                     | CUSIP: 292ESCB17<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ENVIVA PRTNR ESCROW    /                  | ENVIVA PRTNR ESCROW    /                                                 | CUSIP: 294ESCAA6<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KRONOS INTERNATIONAL INC                  | Kronos International, Inc.                                               | CUSIP: 276352059<br>LEI: 529900NTVDLUSYY9F493 | Long             | DBT              | CORP              | US        |    550000 | PA      | $631091.40    | 1.19%             | 2029-03-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                  | SCIL IV LLC / SCIL USA Holdings LLC                                      | CUSIP: ZJ2443688<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $121068.81    | 0.23%             | 2028-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| EVOLENT HEALTH INC                        | Evolent Health, Inc.                                                     | CUSIP: 30050BAJ0<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | DBT              | CORP              | US        |    426000 | PA      | $392168.36    | 0.74%             | 2031-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                     | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                   | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1291168.00   | 2.44%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| INNOVATE CORP                             | INNOVATE Corp.                                                           | CUSIP: 45784JAB1<br>LEI: 549300S6O246JWQQ1K58 | Long             | DBT              | CORP              | US        |    771750 | PA      | $684194.96    | 1.29%             | 2027-02-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| JETBLUE 2020-1 CLASS B                    | JetBlue 2020-1 Class B Pass-Through Trust                                | CUSIP: 477164AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185667 | PA      | $188856.35    | 0.36%             | 2030-05-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                  | KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc. | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26198.63     | 0.05%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| LASERSHIP INC                             | Lasership, Inc.                                                          | CUSIP: 51809EAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    348418 | PA      | $353644.48    | 0.67%             | 2029-01-30      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                    | Mauser Packaging Solutions Holding Co.                                   | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250849.00    | 0.47%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC                            | NRG Energy, Inc.                                                         | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    597000 | PA      | $597464.47    | 1.13%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NCR ATLEOS LLC                            | NCR Atleos Corp.                                                         | CUSIP: 638962AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $81050.48     | 0.15%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                    | XPLR Infrastructure LP                                                   | CUSIP: 65341BAG1<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |    450000 | PA      | $442125.00    | 0.83%             | 2026-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                    | Brundage-Bone Concrete Pumping Holdings, Inc.                            | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101019.40    | 0.19%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                        | PBF Holding Co. LLC / PBF Finance Corp.                                  | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $238134.48    | 0.45%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                        | PBF Holding Co. LLC / PBF Finance Corp.                                  | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $583477.40    | 1.10%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| PG&E CORP                                 | PG&E Corp.                                                               | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    910000 | PA      | $936299.00    | 1.77%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENDO PAR PHAR ESCROW    /                 | ENDO PAR PHAR ESCROW    /                                                | CUSIP: 698ESCAA8<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| QVC INC                                   | QVC, Inc.                                                                | CUSIP: 747262BA0<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |    376000 | PA      | $174516.64    | 0.33%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                    | Radiology Partners, Inc.                                                 | CUSIP: 75041VAC8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    568513 | PA      | $557347.40    | 1.05%             | 2030-02-15      | None          | 9.78%                 | Yes           |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                    | Radiology Partners, Inc.                                                 | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    500000 | PA      | $520610.00    | 0.98%             | 2032-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| RECOVERY SOLUTIONS PAREN                  | Recovery Solutions Parent LLC                                            | CUSIP: 75627HAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    341383 | PA      | $343303.02    | 0.65%             | 2030-01-27      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                  | SCIL IV LLC / SCIL USA Holdings LLC                                      | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499438.50    | 0.94%             | 2026-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-05

**Name of Applicant:** INVESTMENT MANAGERS SERIES TRUST II

**Signature:** /s/ Terrance P. Gallagher

**Name of Signer:** Terrance P. Gallagher

**Title:** Assistant VicePresident