# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001145549-23-010358
**Filing Date:** 2023-2
**Character Count:** 41788
**Document Hash:** a91be53de26bc474c01fbd4d4a6f940c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010358.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010358

**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:** 23671380

**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 Multi-Strategy Alternatives Fund (Series ID: S000066569)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000214744 | Investor Class | KCMTX           |
| C000214745 | Class I Shares | KCMIX           |

## Nport-Ex

**AXS Multi-Strategy Alternatives Fund**

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 45.0%** |  |
|  | **AGRICULTURE — 1.6%** |  |
| 3215 | Archer-Daniels-Midland Co. | $**298513** |
|  | **AUTO MANUFACTURERS — 3.3%** |  |
| 420 | Cummins, Inc. | 101762 |
| 1510 | PACCAR, Inc. | 149445 |
| 2875 | Tesla, Inc.\* | 354142 |
|  |  | **605349** |
|  | **AUTO PARTS & EQUIPMENT — 1.6%** |  |
| 7510 | BorgWarner, Inc. | **302278** |
|  | **BANKS — 1.2%** |  |
| 4300 | Regions Financial Corp. | 92708 |
| 935 | Western Alliance Bancorp | 55689 |
| 1460 | Zions Bancorp N.A. | 71773 |
|  |  | **220170** |
|  | **BEVERAGES — 2.1%** |  |
| 2170 | PepsiCo, Inc. | **392032** |
|  | **BIOTECHNOLOGY — 1.6%** |  |
| 2165 | Gilead Sciences, Inc. | 185866 |
| 1335 | Incyte Corp.\* | 107227 |
|  |  | **293093** |
|  | **BUILDING MATERIALS — 0.2%** |  |
| 565 | Builders FirstSource, Inc.\* | **36657** |
|  | **CHEMICALS — 0.3%** |  |
| 1130 | Olin Corp. | **59822** |
|  | **COMMERCIAL SERVICES — 1.0%** |  |
| 465 | Automatic Data Processing, Inc. | 111070 |
| 150 | Avis Budget Group, Inc.\* | 24590 |
| 115 | United Rentals, Inc.\* | 40873 |
|  |  | **176533** |
|  | **COMPUTERS — 3.0%** |  |
| 1470 | Apple, Inc. | 190997 |
| 9505 | Hewlett Packard Enterprise Co. | 151700 |
| 6445 | Western Digital Corp.\* | 203340 |
|  |  | **546037** |
|  | **DIVERSIFIED FINANCIAL SERVICES — 1.8%** |  |
| 735 | Capital One Financial Corp. | 68326 |

---

**AXS Multi-Strategy Alternatives Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **DIVERSIFIED FINANCIAL SERVICES (Continued)** |  |
| 5755 | Franklin Resources, Inc. | $151817 |
| 3130 | Jefferies Financial Group, Inc. | 107296 |
|  |  | **327439** |
|  | **ELECTRONICS — 1.3%** |  |
| 1305 | Garmin Ltd.<sup>1</sup> | 120438 |
| 570 | Honeywell International, Inc. | 122151 |
|  |  | **242589** |
|  | **FOOD — 0.6%** |  |
| 2635 | Kroger Co. | **117468** |
|  | **HEALTHCARE-PRODUCTS — 0.6%** |  |
| 415 | Intuitive Surgical, Inc.\* | **110120** |
|  | **HEALTHCARE-SERVICES — 0.8%** |  |
| 1900 | Centene Corp.\* | **155819** |
|  | **INSURANCE — 3.6%** |  |
| 2735 | American International Group, Inc. | 172961 |
| 460 | Everest Re Group Ltd.<sup>1</sup> | 152384 |
| 4360 | Hartford Financial Services Group, Inc. | 330619 |
|  |  | **655964** |
|  | **INTERNET — 1.7%** |  |
| 1730 | Meta Platforms, Inc. - Class A\* | 208188 |
| 360 | Netflix, Inc.\* | 106157 |
|  |  | **314345** |
|  | **IRON/STEEL — 1.1%** |  |
| 1955 | Cleveland-Cliffs, Inc.\* | 31495 |
| 410 | Nucor Corp. | 54042 |
| 715 | Steel Dynamics, Inc. | 69855 |
| 1675 | United States Steel Corp. | 41959 |
|  |  | **197351** |
|  | **MACHINERY-DIVERSIFIED — 0.3%** |  |
| 140 | Deere & Co. | **60026** |
|  | **MEDIA — 0.8%** |  |
| 10315 | DISH Network Corp. - Class A\* | **144823** |
|  | **MISCELLANEOUS MANUFACTURING — 1.6%** |  |
| 1155 | 3M Co. | 138508 |

---

 **AXS Multi-Strategy Alternatives Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MISCELLANEOUS MANUFACTURING (Continued)** |  |
| 2100 | Textron, Inc. | $148680 |
|  |  | **287188** |
|  | **OIL & GAS — 3.4%** |  |
| 2500 | APA Corp. | 116700 |
| 1185 | ConocoPhillips | 139830 |
| 1695 | Devon Energy Corp. | 104260 |
| 1025 | EOG Resources, Inc. | 132758 |
| 4820 | Marathon Oil Corp. | 130477 |
|  |  | **624025** |
|  | **PACKAGING & CONTAINERS — 0.8%** |  |
| 4295 | Westrock Co. | **151012** |
|  | **PHARMACEUTICALS — 0.8%** |  |
| 1575 | CVS Health Corp. | **146774** |
|  | **RETAIL — 1.7%** |  |
| 3700 | Bath & Body Works, Inc. | 155918 |
| 1865 | Best Buy Co., Inc. | 149592 |
|  |  | **305510** |
|  | **SEMICONDUCTORS — 3.0%** |  |
| 1965 | NVIDIA Corp. | 287165 |
| 1615 | Skyworks Solutions, Inc. | 147175 |
| 670 | Texas Instruments, Inc. | 110698 |
|  |  | **545038** |
|  | **SOFTWARE — 3.5%** |  |
| 1680 | Electronic Arts, Inc. | 205262 |
| 285 | Intuit, Inc. | 110928 |
| 1390 | Microsoft Corp. | 333350 |
|  |  | **649540** |
|  | **TELECOMMUNICATIONS — 1.7%** |  |
| 8040 | AT&T, Inc. | 148016 |
| 5285 | Juniper Networks, Inc. | 168909 |
|  |  | **316925** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,543,548) | **8282440** |
|  | **EXCHANGE-TRADED FUNDS — 46.2%** |  |
| 3525 | Aberdeen Bloomberg All Commodity Strategy K-1 Free ETF - ETF | 77761 |
| 3070 | Aberdeen Physical Palladium Shares ETF - ETF\* | 506888 |
| 12375 | Energy Select Sector SPDR Fund - ETF | 1082441 |

---

**AXS Multi-Strategy Alternatives Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
| 25025 | Financial Select Sector SPDR Fund - ETF | $855855 |
| 1200 | Invesco KBW Bank ETF - ETF | 61944 |
| 5700 | Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF - ETF | 84246 |
| 11000 | iShares 3-7 Year Treasury Bond ETF - ETF | 1263790 |
| 4156 | iShares 7-10 Year Treasury Bond ETF - ETF | 398062 |
| 17273 | iShares MSCI Australia ETF - ETF | 383979 |
| 10699 | iShares MSCI Canada ETF - ETF | 350178 |
| 1248 | iShares MSCI China ETF - ETF | 59280 |
| 19039 | iShares MSCI Emerging Markets ETF - ETF | 721578 |
| 4218 | iShares MSCI France ETF - ETF | 139700 |
| 11906 | iShares MSCI Japan ETF - ETF | 648163 |
| 1239 | iShares MSCI Mexico ETF - ETF | 61269 |
| 8703 | iShares MSCI Pacific ex Japan ETF - ETF | 372401 |
| 1350 | iShares MSCI South Africa ETF - ETF | 57253 |
| 947 | iShares MSCI South Korea ETF - ETF | 53487 |
| 1133 | iShares MSCI Taiwan ETF - ETF | 45501 |
| 25397 | iShares MSCI United Kingdom ETF - ETF | 778672 |
| 955 | iShares U.S. Home Construction ETF - ETF | 57878 |
| 585 | VanEck Agribusiness ETF - ETF | 50216 |
| 6377 | Vanguard Long-Term Treasury ETF - ETF | 392951 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $8,895,259) | **8503493** |
|  | **SHORT-TERM INVESTMENTS — 8.1%** |  |
| 1495601 | Fidelity Investments Money Market Government Portfolio - Class I, 4.00%<sup>2,3</sup> | **1495601** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,495,601) | **1495601** |
|  | **TOTAL INVESTMENTS — 99.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,934,408) | **18281534** |
|  | Other Assets in Excess of Liabilities — 0.7% | 126043 |
|  | **TOTAL NET ASSETS — 100.0%** | $**18407577** |

---

ETF – Exchange-Traded Fund

\* 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 swap agreement. As of December 31, 2022, the aggregate value of those securities was $1,293,522, representing 7.0% of net assets.

<sup>3</sup> The rate is the annualized seven-day yield at period end.

**AXS Multi-Strategy Alternatives Fund** 

**SCHEDULE OF INVESTMENTS - Continued**

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

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Pay/Receive <br> Equity on <br> Reference Entity  | Pay/Receive <br> Frequency  | Termination <br> Date  | Notional <br> Amount  | Premium <br> Paid <br> (Received)  | Unrealized <br> Appreciation <br> (Depreciation)  |
| Cowen | Cowen Financial Product - AXS Multi-Strat Short | Pay 3.32% (OBRF01<sup>\*</sup> - Spread) | Monthly | 8/31/2023 | (2334173) |  | $181928 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**181928** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 4.32% as of December 31, 2022.

**Equity Swap Top 50 Holdings^**

---

| | |
|:---|:---|
| **Cowen Financial Product - AXS Multi-Strat Short** | **EQUITIES** |

---

---

| | | | |
|:---|:---|:---|:---|
| Number of <br> Shares  | Description | Notional <br> Value  | Percentage of Equity <br> Swap's Notional Amount  |
| (3525) | Invesco S&P 500 Equal Weight ETF | $(497906) | 21.33% |
| (3130) | Invesco S&P 500 Pure Growth ETF | (474539) | 20.33% |
| (2760) | iShares S&P 100 ETF | (470774) | 20.17% |
| (1675) | Invesco QQQ Trust Series 1 ETF | (446019) | 19.11% |
| (5655) | First Trust US Equity Opportunities ETF | (444935) | 19.06% |

---

---

| | |
|:---|:---|
| ^ | These investments are not direct holdings of the Fund. The holdings were determined based on the absolute notional values of the positions within the underlying swap basket. This basket contains only 5 investments. |

---

## 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 Multi-Strategy Alternatives Fund

- **b. EDGAR series identifier (if any):** S000066569

- **c. LEI of Series:** 5493003YXEXBF22M5W83

**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:** $18517946.78

**Total Liabilities:** $59643.29

**Net Assets:** $18458303.49

**Cash Not Reported:** $1222953.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214744 | 5.35%                | 5.61%                | -3.61%               |
| Class ID C000214745 | 5.43%                | 5.67%                | -3.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-71267.33               | $1272906.49                                |
| Month 2  | $153293.14               | $984934.99                                 |
| Month 3  | $114919.83               | $-1119613.04                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Apple Inc                             | Apple, Inc.                                                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      1470 | NS      | $190997.10    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co             | Archer-Daniels-Midland Co.                                             | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      3215 | NS      | $298512.75    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc         | Automatic Data Processing, Inc.                                        | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       465 | NS      | $111069.90    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I        | American International Group, Inc.                                     | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      2735 | NS      | $172961.40    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                              | APA Corp.                                                              | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      2500 | NS      | $116700.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                 | Bath & Body Works, Inc.                                                | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |      3700 | NS      | $155918.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                       | Best Buy Co., Inc.                                                     | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      1865 | NS      | $149591.65    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Bloomberg All Commodity         | abrdn Bloomberg All Commodity Strategy K-1 Free ETF - ETF              | CUSIP: 003261104<br>LEI: 549300PWXO8WGDSMS419 | Long             |  | RF                | US        |      3525 | NS      | $77761.50     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                | Franklin Resources, Inc.                                               | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      5755 | NS      | $151816.90    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc              | Builders FirstSource, Inc.                                             | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |       565 | NS      | $36657.20     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                        | BorgWarner, Inc.                                                       | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |      7510 | NS      | $302277.50    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Group Inc                 | Avis Budget Group, Inc.                                                | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |       150 | NS      | $24589.50     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                  | Cleveland-Cliffs, Inc.                                                 | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |      1955 | NS      | $31495.05     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                           | Cummins, Inc.                                                          | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |       420 | NS      | $101761.80    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Optimum Yield Diversif        | Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF - ETF | CUSIP: 46090F100<br>LEI: 549300FMDZNC0BEIYQ10 | Long             |  | RF                | US        |      5700 | NS      | $84246.00     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                           | PepsiCo, Inc.                                                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      2170 | NS      | $392032.20    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                          | Centene Corp.                                                          | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      1900 | NS      | $155819.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp            | Capital One Financial Corp.                                            | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       735 | NS      | $68325.60     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd                  | Everest Re Group Ltd.                                                  | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |       460 | NS      | $152384.20    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                | Regions Financial Corp.                                                | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      4300 | NS      | $92708.00     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                        | ConocoPhillips                                                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      1185 | NS      | $139830.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                       | CVS Health Corp.                                                       | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      1575 | NS      | $146774.25    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                    | Steel Dynamics, Inc.                                                   | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       715 | NS      | $69855.50     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                | Skyworks Solutions, Inc.                                               | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |      1615 | NS      | $147174.95    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                            | Deere & Co.                                                            | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       140 | NS      | $60026.40     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corp                     | DISH Network Corp. - Class A                                           | CUSIP: 25470M109<br>LEI: 529900U350CWHH15G169 | Long             | EC               | CORP              | US        |     10315 | NS      | $144822.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                              | AT&T, Inc.                                                             | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      8040 | NS      | $148016.40    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                             | Tesla, Inc.                                                            | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2875 | NS      | $354142.50    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                     | Devon Energy Corp.                                                     | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      1695 | NS      | $104259.45    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                   | Electronic Arts, Inc.                                                  | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      1680 | NS      | $205262.40    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                 | Texas Instruments, Inc.                                                | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       670 | NS      | $110697.40    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                           | Textron, Inc.                                                          | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      2100 | NS      | $148680.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Emerging Markets         | iShares MSCI Emerging Markets ETF - ETF                                | CUSIP: 464287234<br>LEI: 549300BPYHDEDI59G670 | Long             |  | RF                | US        |     19039 | NS      | $721578.10    | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                     | EOG Resources, Inc.                                                    | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      1025 | NS      | $132758.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                    | United Rentals, Inc.                                                   | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       115 | NS      | $40873.30     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Long-Term Treasury ET        | Vanguard Long-Term Treasury ETF - ETF                                  | CUSIP: 92206C847<br>LEI: N/A                  | Long             |  | RF                | US        |      6377 | NS      | $392950.74    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Pacific ex Japan         | iShares MSCI Pacific ex Japan ETF - ETF                                | CUSIP: 464286665<br>LEI: 549300BD232B3QSQRR65 | Long             |  | RF                | US        |      8703 | NS      | $372401.37    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Australia ETF            | iShares MSCI Australia ETF - ETF                                       | CUSIP: 464286103<br>LEI: 549300X7CW3B8850WA94 | Long             |  | RF                | US        |     17273 | NS      | $383978.79    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp              | Western Alliance Bancorp                                               | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |       935 | NS      | $55688.60     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                  | Western Digital Corp.                                                  | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      6445 | NS      | $203339.75    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Canada ETF               | iShares MSCI Canada ETF - ETF                                          | CUSIP: 464286509<br>LEI: 549300DXCD53F4JK3H45 | Long             |  | RF                | US        |     10699 | NS      | $350178.27    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Japan ETF                | iShares MSCI Japan ETF - ETF                                           | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             |  | RF                | US        |     11906 | NS      | $648162.64    | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI France ETF               | iShares MSCI France ETF - ETF                                          | CUSIP: 464286707<br>LEI: 549300DTW3LGNTWLQA96 | Long             |  | RF                | US        |      4218 | NS      | $139700.16    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Taiwan ETF               | iShares MSCI Taiwan ETF - ETF                                          | CUSIP: 46434G772<br>LEI: NOTS2OVXOI43240U2196 | Long             |  | RF                | US        |      1133 | NS      | $45501.28     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Westrock Co                           | Westrock Co.                                                           | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |      4295 | NS      | $151012.20    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corp              | United States Steel Corp.                                              | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |      1675 | NS      | $41958.75     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI United Kingdom ET        | iShares MSCI United Kingdom ETF - ETF                                  | CUSIP: 46435G334<br>LEI: 549300D5PVRLB9ULJS58 | Long             |  | RF                | US        |     25397 | NS      | $778672.02    | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Mexico ETF               | iShares MSCI Mexico ETF - ETF                                          | CUSIP: 464286822<br>LEI: 549300SQ92O6OZ19G545 | Long             |  | RF                | US        |      1239 | NS      | $61268.55     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI South Korea ETF          | iShares MSCI South Korea ETF - ETF                                     | CUSIP: 464286772<br>LEI: GR1QY1XUY5M0EJSI5J57 | Long             |  | RF                | US        |       947 | NS      | $53486.56     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI South Africa ETF         | iShares MSCI South Africa ETF - ETF                                    | CUSIP: 464286780<br>LEI: 549300N26GW1II0BPW20 | Long             |  | RF                | US        |      1350 | NS      | $57253.50     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Select Sector SPDR Fund        | Energy Select Sector SPDR Fund - ETF                                   | CUSIP: 81369Y506<br>LEI: 54930064FLK0RD4TRU75 | Long             |  | RF                | US        |     12375 | NS      | $1082441.25   | 5.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Select Sector SPDR F        | Financial Select Sector SPDR Fund - ETF                                | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             |  | RF                | US        |     25025 | NS      | $855855.00    | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio         | Fidelity Government Portfolio - Class Institutional                    | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1566157 | PA      | $1566157.40   | 8.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                   | Gilead Sciences, Inc.                                                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      2165 | NS      | $185865.25    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                            | Garmin Ltd.                                                            | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |      1305 | NS      | $120438.45    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Gr        | Hartford Financial Services Group, Inc.                                | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      4360 | NS      | $330618.80    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                      | Zions Bancorp N.A.                                                     | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      1460 | NS      | $71773.60     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc           | Honeywell International, Inc.                                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |       570 | NS      | $122151.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co         | Hewlett Packard Enterprise Co.                                         | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      9505 | NS      | $151699.80    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bon        | iShares 7-10 Year Treasury Bond ETF - ETF                              | CUSIP: 464287440<br>LEI: 549300XS1PPZG92M8L16 | Long             |  | RF                | US        |      4156 | NS      | $398061.68    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 3-7 Year Treasury Bond        | iShares 3-7 Year Treasury Bond ETF - ETF                               | CUSIP: 464288661<br>LEI: 549300BUGBHWMFPSNL42 | Long             |  | RF                | US        |     11000 | NS      | $1263790.00   | 6.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                           | Incyte Corp.                                                           | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      1335 | NS      | $107227.20    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                            | Intuit, Inc.                                                           | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       285 | NS      | $110927.70    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                | Intuitive Surgical, Inc.                                               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       415 | NS      | $110120.25    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Home Construction        | iShares U.S. Home Construction ETF - ETF                               | CUSIP: 464288752<br>LEI: 549300E4UYBNT92O5488 | Long             |  | RF                | US        |       955 | NS      | $57877.78     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc         | Jefferies Financial Group, Inc.                                        | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |      3130 | NS      | $107296.40    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks Inc                  | Juniper Networks, Inc.                                                 | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |      5285 | NS      | $168908.60    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco KBW Bank ETF                  | Invesco KBW Bank ETF - ETF                                             | CUSIP: 46138E628<br>LEI: 5493006QRDPX6RZ3LB17 | Long             |  | RF                | US        |      1200 | NS      | $61944.00     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| KCM SWAP SHORT 8 CUSTOM TRS ASSET   / | KCM SWAP SHORT 8 CUSTOM TRS ASSET   /                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               |  | US        |    -16745 | NC      | $186908.85    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                         | Kroger Co.                                                             | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      2635 | NS      | $117468.30    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI China ETF                | iShares MSCI China ETF - ETF                                           | CUSIP: 46429B671<br>LEI: 549300Q0IWAYMYXW0R77 | Long             |  | RF                | US        |      1248 | NS      | $59280.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                    | Meta Platforms, Inc. - Class A                                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1730 | NS      | $208188.20    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                 | 3M Co.                                                                 | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      1155 | NS      | $138507.60    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Agribusiness ETF               | VanEck Agribusiness ETF - ETF                                          | CUSIP: 92189F700<br>LEI: 549300PY1GVOA1FO5J32 | Long             |  | RF                | US        |       585 | NS      | $50216.40     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp                     | Marathon Oil Corp.                                                     | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |      4820 | NS      | $130477.40    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                        | Microsoft Corp.                                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1390 | NS      | $333349.80    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                           | Netflix, Inc.                                                          | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       360 | NS      | $106156.80    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                            | Nucor Corp.                                                            | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       410 | NS      | $54042.10     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                           | NVIDIA Corp.                                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      1965 | NS      | $287165.10    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                             | Olin Corp.                                                             | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |      1130 | NS      | $59822.20     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Physical Palladium Share        | abrdn Physical Palladium Shares ETF - ETF                              | CUSIP: 003262102<br>LEI: 549300EIRBI2WQDV5H69 | Long             |  | RF                | US        |      3070 | NS      | $506887.70    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                            | PACCAR, Inc.                                                           | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      1510 | NS      | $149444.70    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-09

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

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

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

**Title:** President