# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-25-240132
**Filing Date:** 2025-10
**Character Count:** 26938
**Document Hash:** 325fa68528893492103822d73cc41796
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-240132.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001193125-25-240132

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22894
- **FILM NUMBER:** 251394530

**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

### ACR Opportunity Fund (Series ID: S000047911)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000150491 | Class I Shares | ACROX           |

## Nport-Ex

#### ACR Opportunity Fund

#### SCHEDULE OF INVESTMENTS

#### As of August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 82.3%** |  |
|  | **COMMUNICATIONS — 10.2%** |  |
| 30000 | IAC, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1098600 |
| 284500 | Liberty Global Ltd. - Class A\*<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340030 |
| 17839 | Liberty Latin America Ltd. - Class C\*<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146993 |
| 430000 | Vodafone Group PLC<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9728423** |
|  | **CONSUMER DISCRETIONARY — 18.5%** |  |
| 77800 | General Motors Co.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558302 |
| 1100000 | JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427814 |
| 6500 | Lennar Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826670 |
| 58500 | Magna International, Inc.<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685150 |
| 40000 | MGM Resorts International\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587600 |
| 184000 | Opmobility | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967420 |
| 10000 | Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096000 |
| 344110 | Victoria PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332809 |
| 260000 | Vistry Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17628812** |
|  | **CONSUMER STAPLES — 9.8%** |  |
| 530000 | B&M European Value Retail S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723807 |
| 2200000 | Budweiser Brewing Co. APAC Ltd.<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385697 |
| 20000 | Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175200 |
| 152136 | Naked Wines PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187112 |
| 42000 | Premium Brands Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9360501** |
|  | **ENERGY — 1.3%** |  |
| 8000 | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1284800** |
|  | **FINANCIALS — 16.3%** |  |
| 250000 | Barclays PLC<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907500 |
| 40000 | Citigroup, Inc.<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862800 |
| 53000 | Core Scientific, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760550 |
| 1800 | Fairfax Financial Holdings Ltd.<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098196 |
| 70000 | Power Corp. of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15591839** |
|  | **HEALTH CARE — 1.5%** |  |
| 103000 | Medmix A.G.<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1383086** |
|  | **INDUSTRIALS — 16.3%** |  |
| 29400 | Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166032 |
| 36000 | DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289306 |
| 1300000 | Eurocell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459792 |
| 20000 | Eurofins Scientific S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518654 |

---

------

#### ACR Opportunity Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| 11500 | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2657305 |
| 153000 | ISS A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15565733** |
|  | **MATERIALS — 3.3%** |  |
| 100000 | Azelis Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491460 |
| 55000 | Winpak Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3166209** |
|  | **REAL ESTATE — 0.8%** |  |
| 133898 | Five Point Holdings LLC - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**760541** |
|  | **TECHNOLOGY — 4.3%** |  |
| 13000 | Arrow Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642290 |
| 20000 | Dell Technologies, Inc. - Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4085290** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $62,372,217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78555234** |
|  | **PREFERRED STOCKS — 0.6%** |  |
|  | **ENERGY — 0.6%** |  |
| 3201 | EPI Preferred Holdings, Inc.\*<sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598555 |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | (Cost $185,363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**598555** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **U.S. TREASURY BILLS — 6.3%** |  |
|  | United States Treasury Bill |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3000000 | 0.000%, 9/04/2025 | 2999295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | 0.000%, 10/16/2025 | 2984748 |
|  |  | **5984043** |
|  | **TOTAL U.S. TREASURY BILLS** |  |
|  | (Cost $5,983,081) | **5984043** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **EXCHANGE-TRADED FUNDS — 3.1%** |  |
| 30000 | iShares 0-3 Month Treasury Bond ETF | 3022200 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | (Cost $3,019,275) | **3022200** |

---

------

#### ACR Opportunity Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of August 31, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5318526 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.8%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318526 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | (Cost $5,318,526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5318526** |
|  | **TOTAL INVESTMENTS — 97.9%** |  |
|  | (Cost $76,878,462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93478558** |
|  | Other Assets in Excess of Liabilities — 2.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000878 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$95479436** |

---

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

---

| |
|:---|
| \*Non-income producing security. |
| <sup>1</sup>Foreign security denominated in U.S. Dollars. |
| <sup>2</sup>All or a portion of this security is segregated as collateral for securities sold short. The market value of the securities pledged as collateral was $11,733,643, which represents 12.3% of total net assets of the Fund. |
| <sup>3</sup>Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $3,768,783 which represents 4.0% of total net assets of the Fund. |
| <sup>4</sup>The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy. |
| <sup>5</sup>Post-reorganization assets. |
| <sup>6</sup>Security in a privately owned company. |
| <sup>7</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:** ACR Opportunity Fund

- **b. EDGAR series identifier (if any):** S000047911

- **c. LEI of Series:** 549300DHQY7HQ5NBGY23

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**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:** $93899883.39

**Total Liabilities:** $172439.10

**Net Assets:** $93727444.29

**Cash Not Reported:** $893736.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000150491 | 4.32%                | 0.85%                | 3.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $409197.96               | $3054025.15                                |
| Month 2  | $769967.53               | $-783.69                                   |
| Month 3  | $-2746.10                | $3423145.09                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Budweiser Brewing Co APAC Ltd  | Budweiser Brewing Co. APAC Ltd.      | CUSIP: G1674K101<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | HK        |   2200000 | NS      | $2385696.88   | 2.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill          | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2999295.00   | 3.20%             | 2025-09-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill          | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2984748.00   | 3.18%             | 2025-10-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                    | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     29400 | NS      | $2166031.79   | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics, Inc.              | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     13000 | NS      | $1642290.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Azelis Group NV                | Azelis Group N.V.                    | CUSIP: B0R5SJ106<br>LEI: 699400M9RRMTV264FM70 | Long             | EC               | CORP              | BE        |    100000 | NS      | $1491459.99   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                   | Barclays PLC - ADR ADR               | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             |  | CORP              | GB        |    250000 | NS      | $4907500.00   | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| B&M European Value Retail SA   | B&M European Value Retail S.A.       | CUSIP: L1175H106<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | GB        |    530000 | NS      | $1723807.27   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                      | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     40000 | NS      | $3862800.00   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc            | Core Scientific, Inc.                | CUSIP: 21874A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53000 | NS      | $760550.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                        | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $1284800.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DCC PLC                        | DCC PLC                              | CUSIP: G2689P101<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |     36000 | NS      | $2289306.12   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies, Inc. - Class C    | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     20000 | NS      | $2443000.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp.                 | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     20000 | NS      | $2175200.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurocell PLC                   | Eurocell PLC                         | CUSIP: G3143F101<br>LEI: 213800RH62IQ7S9OFQ55 | Long             | EC               | CORP              | GB        |   1300000 | NS      | $2459791.86   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| EPI PREF HOLDINGS SERIES B   / | EPI PREF HOLDINGS SERIES B   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3201 | NS      | $598554.54    | 0.64%             |  |  |  | No            |                  3 | On Loan: No      |
| Eurofins Scientific SE         | Eurofins Scientific S.E.             | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     20000 | NS      | $1518654.66   | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| FedEx Corp                     | FedEx Corp.                          | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     11500 | NS      | $2657305.00   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Point Holdings LLC        | Five Point Holdings LLC - Class A    | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133898 | NS      | $760540.64    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd.      | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |      1800 | NS      | $3098196.00   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co.                   | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     77800 | NS      | $4558302.00   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                        | IAC, Inc.                            | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |     30000 | NS      | $1098600.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB IB MONEY MARKET II   /     | UMB IB MONEY MARKET II   /           | CUSIP: SF8888627<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   4522075 | PA      | $4522074.76   | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ISS A/S                        | ISS A/S                              | CUSIP: K5591Y107<br>LEI: 213800LEZA58SZNCBN19 | Long             | EC               | CORP              | DK        |    153000 | NS      | $4474643.94   | 4.77%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Sports Fashion PLC          | JD Sports Fashion PLC                | CUSIP: G5144Y120<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |   1100000 | NS      | $1427814.57   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Global Ltd             | Liberty Global Ltd. - Class A        | CUSIP: G61188101<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | GB        |    284500 | NS      | $3340030.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp.                         | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      6500 | NS      | $826670.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Latin America Ltd      | Liberty Latin America Ltd. - Class C | CUSIP: G9001E128<br>LEI: 213800YWQHEAX7CAVO83 | Long             | EC               | CORP              | US        |     17839 | NS      | $146993.36    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Medmix AG                      | Medmix A.G.                          | CUSIP: H5316Q102<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    103000 | NS      | $1383085.85   | 1.48%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Magna International Inc        | Magna International, Inc.            | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     58500 | NS      | $2685150.00   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International      | MGM Resorts International            | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |     40000 | NS      | $1587600.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Opmobility                     | Opmobility                           | CUSIP: F73325106<br>LEI: 9695001VLC2KYXX0DW73 | Long             | EC               | CORP              | FR        |    184000 | NS      | $2967419.75   | 3.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Premium Brands Holdings Corp   | Premium Brands Holdings Corp.        | CUSIP: 74061A108<br>LEI: 529900F5EXPGUY8WV366 | Long             | EC               | CORP              | CA        |     42000 | NS      | $2888685.02   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Corp of Canada           | Power Corp. of Canada                | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |     70000 | NS      | $2962793.07   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 0-3 Month Treasury Bon | iShares 0-3 Month Treasury Bond ETF  | CUSIP: 46436E718<br>LEI: 549300L2T50TTT4U6186 | Long             |  | RF                | US        |     30000 | NS      | $3022200.00   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc            | Thor Industries, Inc.                | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |     10000 | NS      | $1096000.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria PLC                   | Victoria PLC                         | CUSIP: G93509100<br>LEI: 2138002K6ECECHVCQN25 | Long             | EC               | CORP              | GB        |    344110 | NS      | $332808.64    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group PLC - ADR ADR         | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             |  | CORP              | GB        |    430000 | NS      | $5142800.00   | 5.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistry Group PLC               | Vistry Group PLC                     | CUSIP: G9424B107<br>LEI: 2138001KOWN7CG9SLK53 | Long             | EC               | CORP              | GB        |    260000 | NS      | $2147046.90   | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Naked Wines PLC                | Naked Wines PLC                      | CUSIP: G6361W102<br>LEI: 213800IYPFIRRQQE9R62 | Long             | EC               | CORP              | GB        |    152136 | NS      | $187111.45    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Winpak Ltd                     | Winpak Ltd.                          | CUSIP: 97535P104<br>LEI: 549300FWDGJBHZHH8U59 | Long             | EC               | CORP              | CA        |     55000 | NS      | $1674748.80   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-05

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

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

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

**Title:** President