# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001145549-23-007210
**Filing Date:** 2023-2
**Character Count:** 33365
**Document Hash:** c8f380d39ae2c791e3a31b8c44f41903
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-007210.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001145549-23-007210

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust II
- **CENTRAL INDEX KEY:** 0001587982
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22894
- **FILM NUMBER:** 23647659

**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

### AXS Astoria Inflation Sensitive ETF (Series ID: S000074985)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000233574 | AXS Astoria Inflation Sensitive ETF | PPI             |

## Nport-Ex

#### AXS Astoria Inflation Sensitive ETF

#### SCHEDULE OF INVESTMENTS

#### As of December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 70.4%** |  |
|  | **AEROSPACE/DEFENSE — 2.5%** |  |
| 7096 | Airbus S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$840777 |
| 63625 | Bae Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1495913** |
|  | **BANKS — 14.9%** |  |
| 56400 | ANZ Group Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904939 |
| 9261 | Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838373 |
| 112530 | Commerzbank A.G.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061183 |
| 46392 | National Australia Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945710 |
| 15168 | Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005942 |
| 58464 | Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260484 |
| 123025 | Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921070 |
| 16704 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994890 |
| 22702 | Zions Bancorp N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9048621** |
|  | **BUILDING MATERIALS — 1.8%** |  |
| 17214 | Builders FirstSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1116844** |
|  | **CHEMICALS — 4.3%** |  |
| 15172 | Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106869 |
| 28908 | Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2637259** |
|  | **COMMERCIAL SERVICES — 3.2%** |  |
| 4797 | Avis Budget Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786372 |
| 3275 | United Rentals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1950373** |
|  | **DISTRIBUTION/WHOLESALE — 1.0%** |  |
| 21275 | Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**621263** |
|  | **DIVERSIFIED FINANCIAL SERVICES — 1.6%** |  |
| 10272 | Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**954885** |
|  | **ELECTRICAL COMPONENTS & EQUIPMENT — 1.7%** |  |
| 33386 | ABB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1012550** |
|  | **FOREST PRODUCTS & PAPER — 2.1%** |  |
| 17650 | West Fraser Timber Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1273583** |
|  | **IRON/STEEL — 10.4%** |  |
| 19135 | ArcelorMittal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501866 |
| 56217 | Cleveland-Cliffs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905656 |
| 51982 | Fortescue Metals Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723010 |

---

------

#### AXS Astoria Inflation Sensitive ETF

#### SCHEDULE OF INVESTMENTS - Continued

#### As of December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **IRON/STEEL (Continued)** |  |
| 10260 | Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1352371 |
| 16204 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583131 |
| 49565 | United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6307637** |
|  | **MACHINERY-CONSTRUCTION & MINING — 1.3%** |  |
| 16266 | Hitachi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**824857** |
|  | **MACHINERY-DIVERSIFIED — 6.3%** |  |
| 13720 | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902827 |
| 119410 | CNH Industrial N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3820551** |
|  | **MINING — 1.9%** |  |
| 9377 | Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653991 |
| 12874 | Teck Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1140180** |
|  | **OIL & GAS — 17.4%** |  |
| 33715 | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573816 |
| 23519 | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305136 |
| 9182 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083476 |
| 45747 | Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124004 |
| 21395 | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316007 |
| 52348 | Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417060 |
| 33680 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942348 |
| 32526 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031028 |
| 16425 | Tourmaline Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10621065** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $42,067,509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42825581** |
|  | **EXCHANGE-TRADED FUNDS — 27.7%** |  |
| 40211 | Aberdeen Bloomberg All Commodity Strategy K-1 Free ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887055 |
| 21615 | Aberdeen Standard Physical Precious Metals Basket Shares ETF\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928707 |
| 35982 | GraniteShares Bloomberg Commodity Broad Strategy No. K-1 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809235 |
| 72185 | Invesco PureBeta 0-5 Year U.S. TIPS ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760592 |
| 20004 | iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939588 |
| 28581 | iShares Floating Rate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438482 |
| 67204 | SPDR Bloomberg 1-10 Year TIPS ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239914 |
| 65747 | SPDR Gold MiniShares Trust\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379384 |
| 39962 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866625 |
| 46570 | WisdomTree Enhanced Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848505 |

---

------

#### AXS Astoria Inflation Sensitive ETF

#### SCHEDULE OF INVESTMENTS - Continued

#### As of December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
| 35560 | WisdomTree Floating Rate Treasury Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1787601 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | (Cost $18,057,941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16885688** |
|  | **TOTAL INVESTMENTS — 98.1%** |  |
|  | (Cost $60,125,450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59711269** |
|  | Other Assets in Excess of Liabilities — 1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157763 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$60869032** |

---

PLC – Public Limited Company <br> ETF – Exchange-Traded Fund

\*Non-income producing security.

## 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:** AXS Astoria Inflation Sensitive ETF

- **b. EDGAR series identifier (if any):** S000074985

- **c. LEI of Series:** 5493001KW9J3YXBP6156

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $61255575.08

**Total Liabilities:** $395533.26

**Net Assets:** $60860041.82

**Cash Not Reported:** $875906.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233574 | 11.55%               | 5.96%                | -3.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6321.81                | $6273962.27                                |
| Month 2  | $316939.03               | $3233640.08                                |
| Month 3  | $-391951.70              | $-2517717.74                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fortescue Metals Group Ltd                 | Fortescue Metals Group Ltd NPV                                                    | CUSIP: Q39360104<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |     67324 | NS      | $936399.81    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| National Australia Bank Ltd.               | National Australia Bank Ltd. NPV                                                  | CUSIP: Q65336119<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |     46392 | NS      | $945709.64    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Anz Group Hldgs Ltd                        | Anz Group Hldgs Ltd NPV DFD 03/01/23 (EX-RECONSTRUCTION)                          | CUSIP: Q0429F101<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     56400 | NS      | $904939.59    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal                           | Bank of Montreal COM NPV                                                          | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | CA        |      9261 | NS      | $838373.56    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited         | Canadian Natural Resources Limited COM NPV                                        | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     23519 | NS      | $1305135.70   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                     | Teck Resources Limited CLASS'B'SUB-VTG COM NPV                                    | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     12874 | NS      | $486189.59    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp.                       | Tourmaline Oil Corp. COM NPV                                                      | CUSIP: 89156V106<br>LEI: 549300EWGW5PUCV5A109 | Long             | EC               | CORP              | CA        |     16425 | NS      | $828189.97    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd.                 | West Fraser Timber Co Ltd. COM NPV                                                | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     17650 | NS      | $1273582.42   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                         | Suncor Energy Inc. COM NPV 'NEW'                                                  | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     32526 | NS      | $1031028.23   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                | Nutrien Ltd COM NPV                                                               | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     15172 | NS      | $1106869.04   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerzbank AG                             | Commerzbank AG NPV                                                                | CUSIP: D172W1279<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | EC               | CORP              | DE        |    112530 | NS      | $1061182.75   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd.                               | Hitachi Ltd. NPV                                                                  | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     16266 | NS      | $824857.37    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui & Co Ltd                            | Mitsui & Co Ltd NPV                                                               | CUSIP: J44690139<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |     21275 | NS      | $621263.22    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal S.A.                         | ArcelorMittal S.A. NPV                                                            | CUSIP: L0302D210<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     19135 | NS      | $501866.44    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                  | Airbus SE EUR1                                                                    | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |      7096 | NS      | $840777.31    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial N.V.                        | CNH Industrial N.V. COM EUR0.01                                                   | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |    119410 | NS      | $1917724.60   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                              | Popular, Inc. COM USD0.01                                                         | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     15168 | NS      | $1005941.76   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Limited                                | ABB Limited CHF0.12 (REGD)                                                        | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     33386 | NS      | $1012549.89   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                            | BAE Systems PLC ORD GBP0.025                                                      | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     63625 | NS      | $655135.41    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC                     | Standard Chartered PLC ORD USD0.50                                                | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |    123025 | NS      | $921069.65    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                              | Rio Tinto PLC ORD GBP0.10                                                         | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      9377 | NS      | $653990.80    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                  | Shell PLC ORD EUR0.07                                                             | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     33680 | NS      | $942347.98    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Agco Corporation                           | Agco Corporation COM USD0.01                                                      | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     13720 | NS      | $1902826.80   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Abrdn Etfs                                 | Abrdn Etfs BBRG ALL COMD K1                                                       | CUSIP: 003261104<br>LEI: 54930044UD4VERB62W69 | Long             | EC               | RF                | US        |     40211 | NS      | $887054.66    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Precious Metals Basket ETF Trust     | abrdn Precious Metals Basket ETF Trust PHYSICAL PRECIOUS METALS BASKET SHARES ETF | CUSIP: 003263100<br>LEI: N/A                  | Long             | EC               | RF                | US        |     21615 | NS      | $1928706.45   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                  | APA Corp. COM                                                                     | CUSIP: 03743Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33715 | NS      | $1573816.20   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Group, Inc.                    | Avis Budget Group, Inc. COM STK USD0.01                                           | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |      4797 | NS      | $786372.21    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders Firstsource, Inc.                 | Builders Firstsource, Inc. COM USD0.01                                            | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     17214 | NS      | $1116844.32   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                         | Coterra Energy Inc COM USD0.10                                                    | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     45747 | NS      | $1124003.79   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation          | Capital One Financial Corporation COM USD0.01                                     | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     10272 | NS      | $954885.12    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                       | Cleveland-Cliffs Inc COM USD0.125                                                 | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     56217 | NS      | $905655.87    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips Co.                         | ConocoPhillips Co. COM USD0.01                                                    | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      9182 | NS      | $1083476.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                   | Devon Energy Corporation COM USD0.10                                              | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     21395 | NS      | $1316006.45   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Graniteshares Etf Trust                    | Graniteshares Etf Trust BBG COMMD K 1                                             | CUSIP: 38747R108<br>LEI: 549300ODHHSS5JB0RB94 | Long             | EC               | RF                | US        |     35982 | NS      | $809235.18    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II      | Invesco Exchange Traded Fund Trust II PURBTA 0 5 YR                               | CUSIP: 46138E495<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     72185 | NS      | $1760592.15   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                              | Ishares Trust FLOATING RATE NOTE ETF                                              | CUSIP: 46429B655<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     28581 | NS      | $1438481.73   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                              | Ishares Trust 0-5 YR TIPS ETF                                                     | CUSIP: 46429B747<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     20004 | NS      | $1939587.84   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corporation                   | Marathon Oil Corporation COM USD1.00                                              | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |     52348 | NS      | $1417060.36   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                          | Nucor Corporation COM USD0.40                                                     | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     10260 | NS      | $1352370.60   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                           | Olin Corporation COM USD1                                                         | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     28908 | NS      | $1530389.52   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation              | Regions Financial Corporation COM STK USD0.01                                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     58464 | NS      | $1260483.84   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Series Trust                          | Spdr Series Trust BLOOMBERG 1 10 YEAR TIPS ETF                                    | CUSIP: 78468R861<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     67204 | NS      | $1239913.80   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                       | Steel Dynamics, Inc. COM STK USD0.01                                              | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     16204 | NS      | $1583130.80   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                       | United Rentals, Inc. COM USD0.01                                                  | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      3275 | NS      | $1164000.50   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corporation            | United States Steel Corporation COM USD1                                          | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     49565 | NS      | $1241603.25   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Asset All                         | Vanguard Asset All SH-TERM INFL PROTECTED ETF                                     | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |     39962 | NS      | $1866625.02   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorporation            | Western Alliance Bancorporation COM USD0.0001                                     | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     16704 | NS      | $994890.24    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisdomtree Trust                           | Wisdomtree Trust FLOATING RATE TREASURY FUND                                      | CUSIP: 97717Y527<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     35560 | NS      | $1787601.20   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisdomtree Trust                           | Wisdomtree Trust ENHANCED COMMODITY STRATEGY FD                                   | CUSIP: 97717Y683<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     46570 | NS      | $848505.40    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| World Gold Trust                           | World Gold Trust SPDR GLD MINIS                                                   | CUSIP: 98149E303<br>LEI: 549300DGCWLK8TGZ0C89 | Long             | EC               | RF                | US        |     65747 | NS      | $2379383.93   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank | Zions Bancorporation Natl Assn Global Bank COM USD0.001                           | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     22702 | NS      | $1116030.32   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-11

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

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

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

**Title:** President