# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001145549-23-010360
**Filing Date:** 2023-2
**Character Count:** 28400
**Document Hash:** 815d3571ae374349a3873f269a597e69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010360.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010360

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**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:** 23671390

**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 Merger Fund (Series ID: S000070590)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000224240 | Class I        | GAKIX           |
| C000224241 | Investor Class | GAKAX           |

## Nport-Ex

#### AXS Merger Fund

#### SCHEDULE OF INVESTMENTS

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

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 53.3%** |  |
|  | **AEROSPACE/DEFENSE — 2.2%** |  |
| 17100 | Aerojet Rocketdyne Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$956403** |
|  | **AIRLINES — 0.1%** |  |
| 3100 | Spirit Airlines, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60388** |
|  | **BANKS — 2.5%** |  |
| 60900 | Umpqua Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1087065** |
|  | **BIOTECHNOLOGY — 5.6%** |  |
| 66016 | AVEO Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986939 |
| 3600 | Horizon Therapeutics PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409680 |
| 28400 | Imago Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2417599** |
|  | **COMMERCIAL SERVICES — 3.8%** |  |
| 42434 | Evo Payments, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435967 |
| 17660 | Vivint Smart Home, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1646121** |
|  | **COMPUTERS — 1.7%** |  |
| 30000 | KnowBe4, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**743400** |
|  | **DIVERSIFIED FINANCIAL SERVICES — 3.8%** |  |
| 43123 | Cowen, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1665410** |
|  | **ENTERTAINMENT — 0.3%** |  |
| 19700 | Cineplex, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117124** |
|  | **GAS — 2.0%** |  |
| 25000 | South Jersey Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**888250** |
|  | **HEALTHCARE-SERVICES — 1.2%** |  |
| 2300 | LHC Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371887 |
| 4600 | Signify Health, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**503723** |
|  | **HOME FURNISHINGS — 0.4%** |  |
| 3300 | iRobot Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**158829** |
|  | **INSURANCE — 0.3%** |  |
| 25600 | Trean Insurance Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**153600** |
|  | **INTERNET — 3.6%** |  |
| 88200 | Poshmark, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1577016** |

---

------

#### AXS Merger Fund

#### SCHEDULE OF INVESTMENTS - Continued

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

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **PHARMACEUTICALS — 2.7%** |  |
| 43800 | Myovant Sciences Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1180848** |
|  | **REITS — 5.5%** |  |
| 7500 | Healthcare Realty Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144525 |
| 69800 | STORE Capital Corp. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2382313** |
|  | **RETAIL — 0.1%** |  |
| 1600 | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40400 |
| 99600 | The Fresh Market Inc. Escrow Shares<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40400** |
|  | **SOFTWARE — 10.1%** |  |
| 10200 | 1Life Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170442 |
| 21700 | Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661135 |
| 78000 | Benefitfocus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815880 |
| 1500 | Black Knight, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92625 |
| 5400 | Coupa Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427518 |
| 18800 | ForgeRock, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428076 |
| 20200 | Momentive Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141400 |
| 1 | Unity Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| 14400 | UserTesting, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108144 |
| 4600 | VMware, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4409938** |
|  | **TELECOMMUNICATIONS — 2.4%** |  |
| 2400 | Maxar Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124176 |
| 31900 | Sierra Wireless, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1048957** |
|  | **TRANSPORTATION — 5.0%** |  |
| 19700 | Atlas Air Worldwide Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985760 |
| 12300 | Atlas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2174442** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $23,496,920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23211826** |

---

------

#### AXS Merger Fund

#### SCHEDULE OF INVESTMENTS - Continued

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

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 38.5%** |  |
| 16760984 | Fidelity Investments Money Market Funds - Treasury Portfolio, Class I, 4.13%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$16760984** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | (Cost $16,760,984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16760984** |
|  | **TOTAL INVESTMENTS — 91.8%** |  |
|  | (Cost $40,257,904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39972810** |
|  | Other Assets in Excess of Liabilities — 8.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565536 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$43538346** |
|  | **SECURITIES SOLD SHORT — (3.5)%** |  |
|  | **COMMON STOCKS — (3.5)%** |  |
|  | **BANKS — (2.5)%** |  |
| (36283) | Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1093207)** |
|  | **REITS — (0.3)%** |  |
| (5800) | Healthcare Realty Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111766) |
| (1) | Prologis, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(111879)** |
|  | **SEMICONDUCTORS — (0.7)%** |  |
| (580) | Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(324295)** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Proceeds $1,615,147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1529381)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | (Proceeds $1,615,147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(1529381)** |

---

PLC – Public Limited Company <br> REIT – Real Estate Investment Trusts

---

| |
|:---|
| \*Non-income producing security. |
| <sup>1</sup>Level 3 securities fair valued under procedures established by the Board of Trustees, represents < Level 3 Securities as a Percentage of Total Net Assets >% of Net Assets. The total value of these securities is $< Total Value of Level 3 Securities >. |
| <sup>2</sup>The rate is the annualized seven-day yield at period end. |

---

## 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 Merger Fund

- **b. EDGAR series identifier (if any):** S000070590

- **c. LEI of Series:** 549300SF4NPZ7PDULE45

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

- **a. Date of fiscal year-end:** 2023-09-30

- **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:** $47201751.02

**Total Liabilities:** $3663649.91

**Net Assets:** $43538101.11

**Cash Not Reported:** $6797444.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224240 | 1.41%                | 0.46%                | 0.35%                |
| Class ID C000224241 | 1.36%                | 0.48%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $498616.57               | $161318.64                                 |
| Month 2  | $226060.21               | $-20942.13                                 |
| Month 3  | $319116.43               | $-292814.45                                |

**Designated Index Information**

- **Index Name:** S&P 500

- **Index Identifier:** SPX

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The Fresh Market Inc. Escrow Shares | The Fresh Market Inc. Escrow Shares   | CUSIP: 358ESC010<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99600 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Atlas Air Worldwide Holdings I      | Atlas Air Worldwide Holdings, Inc.    | CUSIP: 049164205<br>LEI: 549300R0A2TUVCYZB465 | Long             | EC               | CORP              | US        |     19700 | NS      | $1985760.00   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Aerojet Rocketdyne Holdings In      | Aerojet Rocketdyne Holdings, Inc.     | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |     17100 | NS      | $956403.00    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Corp                          | Atlas Corp.                           | CUSIP: Y0436Q109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     12300 | NS      | $188682.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc             | Activision Blizzard, Inc.             | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |     21700 | NS      | $1661135.00   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AVEO Pharmaceuticals Inc            | AVEO Pharmaceuticals, Inc.            | CUSIP: 053588307<br>LEI: 529900PLC55DUQO4CR76 | Long             | EC               | CORP              | US        |     66016 | NS      | $986939.20    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                        | Broadcom, Inc.                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Short            | EC               | CORP              | US        |      -580 | NS      | $-324295.40   | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Black Knight Inc                    | Black Knight, Inc.                    | CUSIP: 09215C105<br>LEI: 549300TUSNXS3BFFML48 | Long             | EC               | CORP              | US        |      1500 | NS      | $92625.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Benefitfocus Inc                    | Benefitfocus, Inc.                    | CUSIP: 08180D106<br>LEI: 254900W89KP1OS3RXO89 | Long             | EC               | CORP              | US        |     78000 | NS      | $815880.00    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN DOLLARS  /                 | CANADIAN DOLLARS  /                   | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | CA        |   -106043 | OU      | $-78318.35    | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Cineplex Inc                        | Cineplex, Inc.                        | CUSIP: 172454100<br>LEI: 549300WDU0AS30W35T75 | Long             | EC               | CORP              | CA        |     19700 | NS      | $117123.34    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc         | Columbia Banking System, Inc.         | CUSIP: 197236102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -36283 | NS      | $-1093206.79  | -2.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Coupa Software Inc                  | Coupa Software, Inc.                  | CUSIP: 22266L106<br>LEI: 549300Q95ICR2GFL2K37 | Long             | EC               | CORP              | US        |      5400 | NS      | $427518.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Cowen Inc                           | Cowen, Inc. - Class A                 | CUSIP: 223622606<br>LEI: 5493008QI0EFC5WBED75 | Long             | EC               | CORP              | US        |     43123 | NS      | $1665410.26   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO CURRENCY  /                    | EURO CURRENCY  /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |        18 | OU      | $19.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Evo Payments Inc                    | Evo Payments, Inc. - Class A          | CUSIP: 26927E104<br>LEI: 549300Z5UL344C8KEC55 | Long             | EC               | CORP              | US        |     42434 | NS      | $1435966.56   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Treasury Portfolio         | Fidelity Treasury Portfolio - Class I | CUSIP: 316175504<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  16843272 | PA      | $16843271.78  | 38.69%            |  |  |  | No            |                  1 | On Loan: No      |
| ForgeRock Inc                       | ForgeRock, Inc. - Class A             | CUSIP: 34631B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18800 | NS      | $428076.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT BRITAIN POUND  /              | GREAT BRITAIN POUND  /                | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | GB        |      -135 | OU      | $-162.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc         | Healthcare Realty Trust, Inc. - REIT  | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             |  | CORP              | US        |      7500 | NS      | $144525.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc         | Healthcare Realty Trust, Inc. - REIT  | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Short            |  | CORP              | US        |     -5800 | NS      | $-111766.00   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics Plc            | Horizon Therapeutics Plc              | CUSIP: G46188101<br>LEI: 529900P0GSQ79OOZEV53 | Long             | EC               | CORP              | US        |      3600 | NS      | $409680.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Imago Biosciences Inc               | Imago Biosciences, Inc.               | CUSIP: 45250K107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28400 | NS      | $1020980.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| iRobot Corp                         | iRobot Corp.                          | CUSIP: 462726100<br>LEI: 5493009PRNKOUKBAT390 | Long             | EC               | CORP              | US        |      3300 | NS      | $158829.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KnowBe4 Inc                         | KnowBe4, Inc. - Class A               | CUSIP: 49926T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $743400.00    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                         | Kohl's Corp.                          | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |      1600 | NS      | $40400.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LHC Group Inc                       | LHC Group, Inc.                       | CUSIP: 50187A107<br>LEI: 5299009NPLWAMRQYZX73 | Long             | EC               | CORP              | US        |      2300 | NS      | $371887.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Maxar Technologies Inc              | Maxar Technologies, Inc.              | CUSIP: 57778K105<br>LEI: 549300OEN2G821MIJ922 | Long             | EC               | CORP              | US        |      2400 | NS      | $124176.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Momentive Global Inc                | Momentive Global, Inc.                | CUSIP: 60878Y108<br>LEI: 549300PR9RG3VC9OH575 | Long             | EC               | CORP              | US        |     20200 | NS      | $141400.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Myovant Sciences Ltd                | Myovant Sciences Ltd.                 | CUSIP: G637AM102<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     43800 | NS      | $1180848.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| 1Life Healthcare Inc                | 1Life Healthcare, Inc.                | CUSIP: 68269G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10200 | NS      | $170442.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                        | Prologis, Inc. - REIT                 | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Short            |  | CORP              | US        |        -1 | NS      | $-112.73      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Poshmark Inc                        | Poshmark, Inc. - Class A              | CUSIP: 73739W104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88200 | NS      | $1577016.00   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Airlines Inc                 | Spirit Airlines, Inc.                 | CUSIP: 848577102<br>LEI: 549300DCAFIXFNFR3304 | Long             | EC               | CORP              | US        |      3100 | NS      | $60388.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Signify Health Inc                  | Signify Health, Inc. - Class A        | CUSIP: 82671G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4600 | NS      | $131836.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| South Jersey Industries Inc         | South Jersey Industries, Inc.         | CUSIP: 838518108<br>LEI: 549300DJYWYT5VXLFA46 | Long             | EC               | CORP              | US        |     25000 | NS      | $888250.00    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| STORE Capital Corp                  | STORE Capital Corp. - REIT            | CUSIP: 862121100<br>LEI: 5493004EA6C9IHDZ7N66 | Long             |  | CORP              | US        |     69800 | NS      | $2237788.00   | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Wireless Inc                 | Sierra Wireless, Inc.                 | CUSIP: 826516106<br>LEI: 549300E33RZ5BJ726L53 | Long             | EC               | CORP              | CA        |     31900 | NS      | $924781.00    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Trean Insurance Group Inc           | Trean Insurance Group, Inc.           | CUSIP: 89457R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25600 | NS      | $153600.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                  | Unity Software, Inc.                  | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |         1 | NS      | $22.30        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Umpqua Holdings Corp                | Umpqua Holdings Corp.                 | CUSIP: 904214103<br>LEI: 5299002ENJ7CY215BW86 | Long             | EC               | CORP              | US        |     60900 | NS      | $1087065.00   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| UserTesting Inc                     | UserTesting, Inc.                     | CUSIP: 91734E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14400 | NS      | $108144.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                          | VMware, Inc. - Class A                | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |      4600 | NS      | $564696.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivint Smart Home Inc               | Vivint Smart Home, Inc.               | CUSIP: 928542109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17660 | NS      | $210154.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-10

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

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

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

**Title:** President