# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001145549-23-001906
**Filing Date:** 2023-1
**Character Count:** 53446
**Document Hash:** 7a0ff265123156f786ee364f3fa29aa7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-001906.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001145549-23-001906

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**PERIOD START**: 20230831

**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:** 23541516

**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 Income Opportunities Fund (Series ID: S000075333)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234278 | Class I      | OIOIX           |
| C000234279 | Class A      | OIOAX           |
| C000234280 | Class D      | OIODX           |

## Nport-Ex

#### AXS Income Opportunities Fund

#### SCHEDULE OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 33.6%** |  |
|  | **REITS — 33.0%** |  |
| 10000 | Alexandria Real Estate Equities, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1556100 |
| 37876 | American Assets Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109388 |
| 36075 | Annaly Capital Management, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781745 |
| 75755 | Arbor Realty Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127234 |
| 72550 | Brandywine Realty Trust - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501321 |
| 9600 | Camden Property Trust - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155168 |
| 14000 | Digital Realty Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574440 |
| 11000 | Federal Realty Investment Trust - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222100 |
| 104676 | Global Medical REIT, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057228 |
| 10000 | Highwoods Properties, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298000 |
| 36000 | Kimco Realty Corp. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825120 |
| 75199 | KKR Real Estate Finance Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244543 |
| 486573 | Macerich Co. - REIT<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6179477 |
| 105193 | Medical Properties Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380132 |
| 74112 | Piedmont Office Realty Trust, Inc. - Class A - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771506 |
| 28000 | Regency Centers Corp. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860040 |
| 40000 | Rexford Industrial Realty, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211600 |
| 70000 | Sabra Health Care REIT, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903700 |
| 38400 | Simon Property Group, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586496 |
| 23000 | SL Green Realty Corp. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965080 |
| 19675 | Spirit Realty Capital, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814939 |
| 14500 | STAG Industrial, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477195 |
| 170450 | Vornado Realty Trust - REIT<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36913232** |
|  | **VENTURE CAPITAL — 0.6%** |  |
| 35000 | Newlake Capital Partners, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**615300** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $43,993,081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37528532** |
|  | **EXCHANGE-TRADED FUNDS — 1.6%** |  |
| 20000 | iShares U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1783400** |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | (Cost $1,734,436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1783400** |
|  | **PREFERRED STOCKS — 71.7%** |  |
|  | **COMMERCIAL SERVICES — 1.9%** |  |
| 51500 | Triton International Ltd. - Series C, 7.375%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290590 |
| 35454 | Triton International Ltd. - Series D, 6.875%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2142195** |
|  | **REAL ESTATE — 0.7%** |  |
| 32452 | Seritage Growth Properties - Series A, 7.000%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**770735** |

---

------

#### AXS Income Opportunities Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **PREFERRED STOCKS (Continued)** |  |
|  | **REITS — 65.8%** |  |
| 145986 | AGNC Investment Corp. - Series C, 9.190% (3-Month USD Libor + 511.1 basis points)<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3601475 |
| 59017 | AGNC Investment Corp. - Series D, 6.875% (3-Month USD Libor + 433.2 basis points)<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238767 |
| 46015 | AGNC Investment Corp. - Series E, 6.500% (3-Month USD Libor + 499.3 basis points)<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993004 |
| 31100 | AGNC Investment Corp. - Series F, 6.125% (3-Month USD Libor + 469.7 basis points)<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639727 |
| 20000 | AGNC Investment Corp. - Series G, 7.750% (USD 5 Year Tsy + 439 basis points)<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 |
| 66316 | American Homes 4 Rent - Series G, 5.875%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476857 |
| 19659 | American Homes 4 Rent - Series H, 6.250%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455892 |
| 74673 | Annaly Capital Management, Inc. - Series F, 8.667% (3-Month USD Libor + 499.3 basis points)<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822021 |
| 39250 | Annaly Capital Management, Inc. - Series G, 6.500% (3-Month USD Libor + 417.2 basis points)<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902750 |
| 72916 | Annaly Capital Management, Inc. - Series I, 6.750% (3-Month USD Libor + 498.9 basis points)<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674151 |
| 75098 | Arbor Realty Trust, Inc. - Series D, 6.375%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369788 |
| 92000 | Arbor Realty Trust, Inc. - Series E, 6.250%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654160 |
| 85000 | Arbor Realty Trust, Inc. - Series F, 6.250% (SOFR Rate + 544 basis points)<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691500 |
| 94448 | Armada Hoffler Properties, Inc. - Series A, 6.750%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936184 |
| 19046 | Centerspace, 6.625%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469482 |
| 85575 | Chatham Lodging Trust - Series A, 6.625%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707221 |
| 54036 | Chimera Investment Corp. - Series A, 8.000%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058025 |
| 23812 | Chimera Investment Corp. - Series B, 8.000% (3-Month USD Libor + 579.1 basis points)<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511006 |
| 74632 | Chimera Investment Corp. - Series C, 7.750% (3-Month USD Libor + 474.3 basis points)<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412784 |
| 75733 | Chimera Investment Corp. - Series D, 8.000% (3-Month USD Libor + 537.9 basis points)<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528292 |
| 65305 | CorEnergy Infrastructure Trust, Inc., 7.375%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823496 |
| 30596 | CTO Realty Growth, Inc. - Series A, 6.375%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654142 |
| 76379 | DiamondRock Hospitality Co. - Series A, 8.250%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886561 |
| 2163 | Digital Realty Trust, Inc. - Series J, 5.250%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46937 |
| 80000 | EPR Properties - Series G, 5.750%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456800 |
| 48338 | Franklin BSP Realty Trust, Inc. - Series E, 7.500%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913105 |
| 52191 | Global Net Lease, Inc. - Series A, 7.250%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182126 |
| 57288 | Global Net Lease, Inc. - Series B, 6.875%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250024 |
| 48948 | Hersha Hospitality Trust - Series C, 6.875%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018118 |
| 132283 | Hersha Hospitality Trust - Series D, 6.500%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591424 |
| 159734 | Hersha Hospitality Trust - Series E, 6.500%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108424 |
| 17754 | iStar, Inc. - Series G, 7.650%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436926 |
| 46789 | iStar, Inc. - Series I, 7.500%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150542 |
| 154500 | KKR Real Estate Finance Trust, Inc. - Series A, 6.500%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742375 |

---

------

#### AXS Income Opportunities Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **PREFERRED STOCKS (Continued)** |  |
|  | **REITS (Continued)** |  |
| 47621 | National Storage Affiliates Trust - Series A, 6.000%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1092426 |
| 11159 | Necessity Retail REIT, Inc. - Series A, 7.500%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230880 |
| 54443 | Pebblebrook Hotel Trust - Series E, 6.375%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003384 |
| 91941 | Pebblebrook Hotel Trust - Series F, 6.300%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713780 |
| 88389 | Pebblebrook Hotel Trust - Series G, 6.375%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622822 |
| 100000 | Pebblebrook Hotel Trust - Series H, 5.700%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665000 |
| 47902 | PennyMac Mortgage Investment Trust - Series B, 8.000% (3-Month USD Libor + 599 basis points)<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045222 |
| 67000 | PennyMac Mortgage Investment Trust - Series C, 6.750%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194610 |
| 16900 | PS Business Parks, Inc. - Series Z, 4.875%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246909 |
| 4330 | Public Storage - Series F, 5.150%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97295 |
| 32337 | Public Storage - Series N, 3.875%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546495 |
| 7471 | Rithm Capital Corp. - Series A, 7.500% (3-Month USD Libor + 580.2 basis points)<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154650 |
| 57113 | Rithm Capital Corp. - Series B, 7.125% (3-Month USD Libor + 564 basis points)<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182239 |
| 98129 | Rithm Capital Corp. - Series C, 6.375% (3-Month USD Libor + 496.9 basis points)<sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784967 |
| 211759 | RLJ Lodging Trust, 1.950%<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230447 |
| 11056 | RPT Realty - Series D, 7.250%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566620 |
| 34765 | SL Green Realty Corp. - Series I, 6.500%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691476 |
| 52665 | Summit Hotel Properties, Inc. - Series E, 6.250%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938490 |
| 108000 | Summit Hotel Properties, Inc. - Series F, 5.875%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866240 |
| 66121 | Sunstone Hotel Investors, Inc. - Series H, 6.125%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282080 |
| 70000 | Sunstone Hotel Investors, Inc. - Series I, 5.700%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267350 |
| 53972 | TPG RE Finance Trust, Inc. - Series C, 6.250%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895390 |
| 34000 | UMH Properties, Inc. - Series D, 6.375%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785995 |
| 30162 | Vornado Realty Trust - Series M, 5.250%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**73435795** |
|  | **TELECOMMUNICATIONS — 3.3%** |  |
| 39587 | DigitalBridge Group, Inc. - Series H, 7.125%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732359 |
| 59892 | DigitalBridge Group, Inc. - Series I, 7.150%<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140344 |
| 95867 | DigitalBridge Group, Inc. - Series J, 7.125%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3676920** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | (Cost $94,986,277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80025645** |

---

------

#### AXS Income Opportunities Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 3.2%** |  |
| 3602313 | Goldman Sachs Financial Square Government Fund - Institutional Shares, 3.74%<sup>1,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$3602313** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | (Cost $3,602,313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3602313** |
|  | **TOTAL INVESTMENTS — 110.1%** |  |
|  | (Cost $144,316,107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**122939890** |
|  | Liabilities in Excess of Other Assets — (10.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11233520) |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$111706370** |

---

REIT – Real Estate Investment Trusts <br> ETF – Exchange-Traded Fund

---

| |
|:---|
| <sup>1</sup>All or a portion of the security is segregated as collateral for line of credit borrowings. As of November 30, 2022, the aggregate value of those securities was $38,779,370, representing 34.7% of net assets. |
| <sup>2</sup>Callable. |
| <sup>3</sup>Foreign security denominated in U.S. Dollars. |
| <sup>4</sup>Variable rate security. |
| <sup>5</sup>Convertible security. |
| <sup>6</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 Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000075333

- **c. LEI of Series:** 549300QQGKEJTVB7IH18

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $123207555.45

**Total Liabilities:** $11191230.49

**Net Assets:** $112016324.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234278 | -11.04%              | 0.29%                | 7.16%                |
| Class ID C000234279 | -11.15%              | 0.29%                | 7.19%                |
| Class ID C000234280 | -11.13%              | 0.22%                | 7.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-811264.18              | $-14709873.41                              |
| Month 2  | $-1708344.56             | $1773570.33                                |
| Month 3  | $-2277505.92             | $9353937.08                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGNC INVESTMENT CORP           | AGNC Investment Corp.                                      | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    145986 | NS      | $3601474.62   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp.                                      | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     59017 | NS      | $1238766.83   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp.                                      | CUSIP: 00123Q807<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     46015 | NS      | $993003.70    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp.                                      | CUSIP: 00123Q856<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     20000 | NS      | $435000.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp.                                      | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     31100 | NS      | $639727.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NECESSITY RETAIL REIT IN       | Necessity Retail REIT, Inc.                                | CUSIP: 02607T406<br>LEI: 549300GN4H0K3IUS8983 | Long             | EP               | CORP              | US        |     11159 | NS      | $230879.71    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT          | American Homes 4 Rent                                      | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     19659 | NS      | $455892.21    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT          | American Homes 4 Rent                                      | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     66316 | NS      | $1476857.32   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT            | Annaly Capital Management, Inc.                            | CUSIP: 035710847<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     72916 | NS      | $1674151.36   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT            | Annaly Capital Management, Inc.                            | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     39250 | NS      | $902750.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT            | Annaly Capital Management, Inc.                            | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     74673 | NS      | $1822021.20   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust, Inc.                                   | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     85000 | NS      | $1691500.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust, Inc.                                   | CUSIP: 038923868<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     92000 | NS      | $1654160.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust, Inc.                                   | CUSIP: 038923876<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     75098 | NS      | $1369787.52   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMADA HOFFLER PROPERTIE       | Armada Hoffler Properties, Inc.                            | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |     94448 | NS      | $1936184.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERSPACE                    | Centerspace                                                | CUSIP: 15202L206<br>LEI: 5493002LG2SH9EEHT720 | Long             | EP               | CORP              | US        |     19046 | NS      | $469482.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CHATHAM LODGING                | Chatham Lodging Trust                                      | CUSIP: 16208T201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     85575 | NS      | $1707221.25   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIMERA INVESTMENT CORP        | Chimera Investment Corp.                                   | CUSIP: 16934Q307<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     54036 | NS      | $1058024.88   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIMERA INVESTMENT CORP        | Chimera Investment Corp.                                   | CUSIP: 16934Q406<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     23812 | NS      | $511005.52    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIMERA INVESTMENT CORP        | Chimera Investment Corp.                                   | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     74632 | NS      | $1412783.76   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIMERA INVESTMENT CORP        | Chimera Investment Corp.                                   | CUSIP: 16934Q604<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     75733 | NS      | $1528291.94   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CORENERGY INFRASTRUCTURE       | CorEnergy Infrastructure Trust, Inc.                       | CUSIP: 21870U304<br>LEI: 549300RWMFYIPNXWXM78 | Long             | EP               | CORP              | US        |     65305 | NS      | $823496.05    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO REALTY GROWTH INC          | CTO Realty Growth, Inc.                                    | CUSIP: 22948Q200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30596 | NS      | $654142.48    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDROCK HOSPITALITY        | DiamondRock Hospitality Co.                                | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     76379 | NS      | $1886561.30   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST INC       | Digital Realty Trust, Inc.                                 | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |      2163 | NS      | $46937.10     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC        | DigitalBridge Group, Inc.                                  | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     95867 | NS      | $1804216.94   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC        | DigitalBridge Group, Inc.                                  | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     59892 | NS      | $1140343.68   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC        | DigitalBridge Group, Inc.                                  | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     39587 | NS      | $732359.50    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                 | EPR Properties                                             | CUSIP: 26884U505<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |     80000 | NS      | $1456800.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANKLIN BSP REALTY TRST       | Franklin BSP Realty Trust, Inc.                            | CUSIP: 35243J200<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | EP               | CORP              | US        |     48338 | NS      | $913104.82    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC           | Global Net Lease, Inc.                                     | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     52191 | NS      | $1182126.15   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC           | Global Net Lease, Inc.                                     | CUSIP: 379378409<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     57288 | NS      | $1250024.16   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HERSHA HOSPITALITY TRUST       | Hersha Hospitality Trust                                   | CUSIP: 427825401<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |     48948 | NS      | $1018118.40   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HERSHA HOSPITALITY TRUST       | Hersha Hospitality Trust                                   | CUSIP: 427825609<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |    132283 | NS      | $2591423.97   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HERSHA HOSPITALITY TRUST       | Hersha Hospitality Trust                                   | CUSIP: 427825708<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |    159734 | NS      | $3108423.64   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                      | iStar, Inc.                                                | CUSIP: 45031U705<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |     17754 | NS      | $436925.94    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                      | iStar, Inc.                                                | CUSIP: 45031U804<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |     46789 | NS      | $1150541.51   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR REAL ESTATE FIN            | KKR Real Estate Finance Trust, Inc.                        | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |    154500 | NS      | $2742375.00   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STORAGE AFFILIA       | National Storage Affiliates Trust                          | CUSIP: 637870205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     47621 | NS      | $1092425.74   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp.                                        | CUSIP: 64828T300<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |      7471 | NS      | $154649.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp.                                        | CUSIP: 64828T409<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     57113 | NS      | $1182239.10   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp.                                        | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     98129 | NS      | $1784966.51   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PS BUSINESS PARKS INC          | PS Business Parks, Inc.                                    | CUSIP: 69360J552<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     16900 | NS      | $246909.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                    | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     54443 | NS      | $1003384.49   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                    | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     91941 | NS      | $1713780.24   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                    | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     88389 | NS      | $1622822.04   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SERITAGE GROWTH PROPERT        | Seritage Growth Properties                                 | CUSIP: 81752R308<br>LEI: 5493003CJFC2MM82WB25 | Long             | EP               | CORP              | US        |     32452 | NS      | $770735.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES        | Summit Hotel Properties, Inc.                              | CUSIP: 866082605<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |     52665 | NS      | $938490.30    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES        | Summit Hotel Properties, Inc.                              | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |    108000 | NS      | $1866240.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNSTONE HOTEL INVESTORS       | Sunstone Hotel Investors, Inc.                             | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     66121 | NS      | $1282079.58   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNSTONE HOTEL INVESTORS       | Sunstone Hotel Investors, Inc.                             | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     70000 | NS      | $1267350.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE FINANCE TRUST INC       | TPG RE Finance Trust, Inc.                                 | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     53972 | NS      | $895390.08    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH PROPERTIES INC             | UMH Properties, Inc.                                       | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |     34000 | NS      | $785995.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST           | Vornado Realty Trust                                       | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30162 | NS      | $491942.22    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc      | American Assets Trust, Inc. - REIT                         | CUSIP: 024013104<br>LEI: N/A                  | Long             |  | CORP              | US        |     37876 | NS      | $1109388.04   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust Inc         | Arbor Realty Trust, Inc. - REIT                            | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             |  | CORP              | US        |     75755 | NS      | $1127234.40   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities, Inc. - REIT               | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             |  | CORP              | US        |     10000 | NS      | $1556100.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust        | Brandywine Realty Trust - REIT                             | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             |  | CORP              | US        |     72550 | NS      | $501320.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust - REIT                               | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             |  | CORP              | US        |      9600 | NS      | $1155168.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust, Inc. - REIT                          | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             |  | CORP              | US        |     14000 | NS      | $1574440.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square | Goldman Sachs Financial Square Government Fund - Class FST | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   3769300 | PA      | $3769300.26   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus | Federal Realty Investment Trust - REIT                     | CUSIP: 313745101<br>LEI: N/A                  | Long             |  | CORP              | US        |     11000 | NS      | $1222100.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TRITON INTERNATIONAL LTD       | Triton International Ltd.                                  | CUSIP: G9078F149<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |     51500 | NS      | $1290590.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TRITON INTERNATIONAL LTD       | Triton International Ltd.                                  | CUSIP: G9078F206<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |     35454 | NS      | $851605.08    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc        | Global Medical REIT, Inc. - REIT                           | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             |  | CORP              | US        |    104676 | NS      | $1057227.60   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc       | Highwoods Properties, Inc. - REIT                          | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             |  | CORP              | US        |     10000 | NS      | $298000.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Real Estate ETF   | iShares U.S. Real Estate ETF                               | CUSIP: 464287739<br>LEI: 549300SJWB2CPZFPT616 | Long             |  | RF                | US        |     20000 | NS      | $1783400.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp              | Kimco Realty Corp. - REIT                                  | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             |  | CORP              | US        |     36000 | NS      | $825120.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust  | KKR Real Estate Finance Trust, Inc. - REIT                 | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             |  | CORP              | US        |     75199 | NS      | $1244543.45   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                | Macerich Co. - REIT                                        | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             |  | CORP              | US        |    486573 | NS      | $6179477.10   | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc   | Medical Properties Trust, Inc. - REIT                      | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             |  | CORP              | US        |    105193 | NS      | $1380132.16   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Newlake Capital Partners Inc/M | Newlake Capital Partners, Inc. - REIT                      | CUSIP: 651495103<br>LEI: 549300SW6G33FGNP2338 | Long             |  | CORP              | US        |     35000 | NS      | $615300.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc  | Annaly Capital Management, Inc. - REIT                     | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             |  | CORP              | US        |     36075 | NS      | $781745.25    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Office Realty Trust I | Piedmont Office Realty Trust, Inc. - Class A - REIT        | CUSIP: 720190206<br>LEI: N/A                  | Long             |  | CORP              | US        |     74112 | NS      | $771505.92    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp           | Regency Centers Corp. - REIT                               | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             |  | CORP              | US        |     28000 | NS      | $1860040.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc  | Rexford Industrial Realty, Inc. - REIT                     | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             |  | CORP              | US        |     40000 | NS      | $2211600.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc     | Sabra Health Care REIT, Inc. - REIT                        | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             |  | CORP              | US        |     70000 | NS      | $903700.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp           | SL Green Realty Corp. - REIT                               | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             |  | CORP              | US        |     23000 | NS      | $965080.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc       | Simon Property Group, Inc. - REIT                          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             |  | CORP              | US        |     38400 | NS      | $4586496.00   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc      | Spirit Realty Capital, Inc. - REIT                         | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             |  | CORP              | US        |     19675 | NS      | $814938.50    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc            | STAG Industrial, Inc. - REIT                               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             |  | CORP              | US        |     14500 | NS      | $477195.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust           | Vornado Realty Trust - REIT                                | CUSIP: 929042109<br>LEI: N/A                  | Long             |  | CORP              | US        |    170450 | NS      | $4310680.50   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                    | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    100000 | NS      | $1665000.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT       | PennyMac Mortgage Investment Trust                         | CUSIP: 70931T400<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     47902 | NS      | $1045221.64   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT       | PennyMac Mortgage Investment Trust                         | CUSIP: 70931T509<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     67000 | NS      | $1194610.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                 | Public Storage                                             | CUSIP: 74460W511<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     32337 | NS      | $546495.30    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                 | Public Storage                                             | CUSIP: 74460W685<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      4330 | NS      | $97295.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TRUST              | RLJ Lodging Trust                                          | CUSIP: 74965L200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    211759 | NS      | $5230447.30   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RPT REALTY                     | RPT Realty                                                 | CUSIP: 74971D200<br>LEI: 549300T03GDH1L37S188 | Long             | EP               | CORP              | US        |     11056 | NS      | $566620.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SL GREEN REALTY CORP           | SL Green Realty Corp.                                      | CUSIP: 78440X507<br>LEI: 549300VQZPJU97H3GT17 | Long             | EP               | CORP              | US        |     34765 | NS      | $691475.85    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-07

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

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

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

**Title:** President