# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-26-067274
**Filing Date:** 2026-2
**Character Count:** 88241
**Document Hash:** bc3127602f1a9b3fdb53bcadee8acc18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-067274.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-067274

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260930

**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:** 26672427

**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

### First Trust Merger Arbitrage Fund (Series ID: S000048195)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152358 | Class A Shares | VARAX           |
| C000152359 | Class I Shares | VARBX           |
| C000248222 | Class C Shares | VARCX           |

## Nport-Ex

**First Trust Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 85.5%** |  |
|  | **COMMUNICATIONS — 2.2%** |  |
| 77109 | Electronic Arts, Inc. | $15755682 |
| 481266 | Frontier Communications Parent, Inc.\* | 18321797 |
| 3328 | Warner Bros Discovery, Inc.\* | 95913 |
|  |  | **34173392** |
|  | **CONSUMER DISCRETIONARY — 1.0%** |  |
| 647817 | Berto Acquisition Corp.\*<sup>,1</sup> | 6568864 |
| 1466713 | Denny's Corp.\*<sup>,2</sup> | 9122955 |
|  |  | **15691819** |
|  | **FINANCIALS — 56.4%** |  |
| 246528 | 1RT Acquisition Corp. - Class A\*<sup>,1</sup> | 2514586 |
| 43124 | A Paradise Acquisition Corp. - Class A\*<sup>,1</sup> | 433396 |
| 2700952 | AA Mission Acquisition Corp. - Class A\*<sup>,1,3</sup> | 28819158 |
| 215174 | AA Mission Acquisition Corp. II - Class A\*<sup>,1</sup> | 2136678 |
| 2512033 | Agriculture & Natural Solutions Acquisition Corp. - Class A\*<sup>,1,3</sup> | 28059409 |
| 649911 | Aimei Health Technology Co., Ltd.<sup>1,3</sup> | 7389488 |
| 43030 | American Exceptionalism Acquisition Corp. - Class A\*<sup>,1</sup> | 490112 |
| 534420 | Andretti Acquisition Corp. II - Class A\*<sup>,1</sup> | 5632787 |
| 732456 | Apex Treasury Corp. - Class A<sup>1</sup> | 7243990 |
| 382749 | Armada Acquisition Corp. II - Class A\*<sup>,1</sup> | 3919350 |
| 313581 | Artius II Acquisition, Inc. - Class A\*<sup>,1</sup> | 3229884 |
| 536265 | Axiom Intelligence Acquisition Corp. I - Class A\*<sup>,1</sup> | 5400189 |
| 519082 | Blue Foundry Bancorp\*<sup>,2</sup> | 6452189 |
| 206326 | Blue Water Acquisition Corp. - Class A\*<sup>,1</sup> | 2129284 |
| 645532 | BTC Development Corp. - Class A\*<sup>,1</sup> | 6465003 |
| 1798465 | Cadence Bank<sup>2</sup> | 77046241 |
| 333594 | Cal Redwood Acquisition Corp. - Class A\*<sup>,1</sup> | 3395987 |
| 353476 | Cantor Equity Partners I, Inc. - Class A\*<sup>,1</sup> | 3683220 |
| 145794 | Cantor Equity Partners II, Inc. - Class A\*<sup>,1</sup> | 1641640 |
| 1036601 | Cantor Equity Partners III, Inc. - Class A\*<sup>,1</sup> | 10573330 |
| 859811 | Cantor Equity Partners IV, Inc. - Class A\*<sup>,1</sup> | 8838857 |
| 521724 | Cantor Equity Partners V, Inc. - Class A\*<sup>,1</sup> | 5347671 |
| 66728 | Cayson Acquisition Corp.\*<sup>,1</sup> | 711320 |
| 2479407 | Centurion Acquisition Corp. - Class A\*<sup>,1,3</sup> | 26480067 |
| 425657 | ChampionsGate Acquisition Corp. - Class A\*<sup>,1,3</sup> | 4328932 |
| 716459 | Charlton Aria Acquisition Corp. - Class A\*<sup>,1,3</sup> | 7508490 |
| 164660 | Cohen Circle Acquisition Corp. II - Class A\*<sup>,1</sup> | 1686118 |
| 649605 | Comerica, Inc.<sup>2</sup> | 56470163 |
| 145338 | Crane Harbor Acquisition Corp. - Class A\*<sup>,1</sup> | 1565290 |
| 343986 | CSLM Digital Asset Acquisition Corp. III Ltd. - Class A\*<sup>,1</sup> | 3422661 |
| 731139 | Digital Asset Acquisition Corp. - Class A\*<sup>,1</sup> | 7457618 |
| 1929288 | Drugs Made In America Acquisition Corp.\*<sup>,1,3</sup> | 20006717 |

---

**First Trust Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 1779743 | Drugs Made In America Acquisition II Corp.\*<sup>,1</sup> | $17619456 |
| 584860 | Dune Acquisition Corp. II - Class A\*<sup>,1</sup> | 5959723 |
| 116741 | Dynamix Corp. - Class A\*<sup>,1</sup> | 1201265 |
| 430956 | Dynamix Corp. III - Class A\*<sup>,1</sup> | 4262155 |
| 515292 | EQV Ventures Acquisition Corp. II - Class A\*<sup>,1</sup> | 5168379 |
| 396730 | Evolution Global Acquisition Corp. - Class A\*<sup>,1</sup> | 3915725 |
| 372349 | Fifth Era Acquisition Corp. I - Class A\*<sup>,1</sup> | 3816577 |
| 209438 | FIGX Capital Acquisition Corp. - Class A\*<sup>,1</sup> | 2106946 |
| 265488 | Forge Global Holdings, Inc.\*<sup>,2</sup> | 11830145 |
| 344236 | FutureCrest Acquisition Corp. - Class A\*<sup>,1</sup> | 3476784 |
| 404792 | Gesher Acquisition Corp. II - Class A\*<sup>,1</sup> | 4145070 |
| 277431 | GigCapital7 Corp. - Class A\*<sup>,1</sup> | 2924123 |
| 407455 | Globa Terra Acquisition Corp. - Class A\*<sup>,1</sup> | 4115295 |
| 448535 | Gores Holdings X, Inc. - Class A\*<sup>,1</sup> | 4615425 |
| 1897607 | GP-Act III Acquisition Corp. - Class A\*<sup>,1,3</sup> | 20304395 |
| 1931321 | Graf Global Corp. - Class A\*<sup>,1,3</sup> | 20771357 |
| 813897 | GSR IV Acquisition Corp. - Class A\*<sup>,1</sup> | 8130831 |
| 1373180 | Haymaker Acquisition Corp. IV - Class A\*<sup>,1</sup> | 15626788 |
| 1335594 | Heritage Commerce Corp. | 16040484 |
| 214874 | Highview Merger Corp. - Class A\*<sup>,1</sup> | 2148740 |
| 432085 | Inflection Point Acquisition Corp. III - Class A\*<sup>,1</sup> | 4381342 |
| 492451 | Inflection Point Acquisition Corp. IV\*<sup>,1</sup> | 5279075 |
| 517030 | Insight Digital Partners II - Class A\*<sup>,1</sup> | 5123767 |
| 431528 | Invest Green Acquisition Corp. - Class A\*<sup>,1</sup> | 4246236 |
| 477663 | Jackson Acquisition Co. II - Class A\*<sup>,1</sup> | 4977248 |
| 183044 | Jena Acquisition Corp. II - Class A\*<sup>,1</sup> | 1861557 |
| 85590 | K&F Growth Acquisition Corp. II - Class A\*<sup>,1</sup> | 885001 |
| 91247 | Keen Vision Acquisition Corp.\*<sup>,1</sup> | 1072152 |
| 258482 | LaFayette Acquisition Corp.\*<sup>,1</sup> | 2558972 |
| 1866241 | Launch One Acquisition Corp. - Class A\*<sup>,1,3</sup> | 19763492 |
| 1183566 | Legato Merger Corp. III\*<sup>,1,3</sup> | 12877198 |
| 1938207 | Lionheart Holdings - Class A\*<sup>,1,3</sup> | 20700051 |
| 947683 | Live Oak Acquisition Corp. V - Class A\*<sup>,1</sup> | 9761135 |
| 343986 | M3-Brigade Acquisition VI Corp. - Class A\*<sup>,1</sup> | 3443300 |
| 1275345 | Melar Acquisition Corp. I - Class A\*<sup>,1,3</sup> | 13556917 |
| 840990 | Mountain Lake Acquisition Corp. - Class A\*<sup>,1</sup> | 8746296 |
| 30204 | New America Acquisition I Corp.\* | 314424 |
| 59190 | Newbury Street II Acquisition Corp. - Class A\*<sup>,1</sup> | 619127 |
| 768067 | NewHold Investment Corp. II - Class A\*<sup>,1</sup> | 7957174 |
| 69971 | OTG Acquisition Corp. I - Class A\*<sup>,1</sup> | 699710 |
| 125106 | Oyster Enterprises II Acquisition Corp. - Class A\*<sup>,1</sup> | 1264822 |

---

**First Trust Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 412498 | Pioneer Acquisition I Corp. - Class A\*<sup>,1</sup> | $4149730 |
| 558455 | Plum Acquisition Corp. IV - Class A\*<sup>,1</sup> | 5824686 |
| 372540 | ProCap Acquisition Corp.\*<sup>,1</sup> | 3773830 |
| 538832 | Pyrophyte Acquisition Corp. - Class A\*<sup>,1,3,4</sup> | 6363606 |
| 214568 | Pyrophyte Acquisition Corp. II - Class A\*<sup>,1</sup> | 2158554 |
| 644211 | Range Capital Acquisition Corp.\*<sup>,1,3</sup> | 6796426 |
| 756454 | Real Asset Acquisition Corp. - Class A\*<sup>,1</sup> | 7715831 |
| 274904 | Renatus Tactical Acquisition Corp. I - Class A\*<sup>,1</sup> | 2933226 |
| 292586 | Republic Digital Acquisition Co. - Class A\*<sup>,1</sup> | 2962433 |
| 469553 | RF Acquisition Corp. II\*<sup>,1,2</sup> | 5061781 |
| 4302 | Rice Acquisition Corp. III - Class A\*<sup>,1</sup> | 44139 |
| 996849 | Rithm Acquisition Corp. - Class A\*<sup>,1</sup> | 10357261 |
| 375130 | Roman DBDR Acquisition Corp. II - Class A\*<sup>,1</sup> | 3912606 |
| 258888 | Safeguard Acquisition Corp. - Class A\*<sup>,1</sup> | 2610885 |
| 1387164 | Siddhi Acquisition Corp. - Class A\*<sup>,1</sup> | 14246174 |
| 372735 | Silverbox Corp. IV - Class A\*<sup>,1</sup> | 3943536 |
| 172638 | SilverBox Corp. V\*<sup>,1</sup> | 1733286 |
| 1625271 | SIM Acquisition Corp. I - Class A\*<sup>,1,3</sup> | 17211620 |
| 339375 | Sizzle Acquisition Corp. II\* | 3448050 |
| 85806 | Solarius Capital Acquisition Corp. - Class A\*<sup>,1</sup> | 862350 |
| 879500 | Soulpower Acquisition Corp. - Class A\*<sup>,1</sup> | 8926925 |
| 295287 | Spring Valley Acquisition Corp. III - Class A\*<sup>,1</sup> | 2997163 |
| 722581 | Synovus Financial Corp.<sup>2</sup> | 36165179 |
| 344990 | Tailwind 2.0 Acquisition Corp. - Class A\*<sup>,1</sup> | 3401601 |
| 431985 | Tavia Acquisition Corp.\*<sup>,1</sup> | 4509923 |
| 1056702 | Texas Ventures Acquisition III Corp. - Class A\*<sup>,1</sup> | 11253876 |
| 627836 | Titan Acquisition Corp. - Class A\*<sup>,1</sup> | 6441597 |
| 172110 | Trailblazer Acquisition Corp. - Class A\*<sup>,1</sup> | 1722821 |
| 558342 | Translational Development Acquisition Corp. - Class A\*<sup>,1</sup> | 5857008 |
| 91025 | Two Harbors Investment Corp. | 955762 |
| 1520272 | Vendome Acquisition Corp. I - Class A\*<sup>,1,3</sup> | 15309139 |
| 558354 | Viking Acquisition Corp. I - Class A\*<sup>,1</sup> | 5527705 |
| 643428 | Vine Hill Capital Investment Corp. - Class A\*<sup>,1</sup> | 6929720 |
| 1808801 | Voyager Acquisition Corp. - Class A\*<sup>,1</sup> | 19299907 |
| 492766 | Wen Acquisition Corp. - Class A\*<sup>,1</sup> | 4976937 |
| 219022 | Yorkville Acquisition Corp. - Class A\*<sup>,1</sup> | 2218693 |
|  |  | **881352450** |
|  | **HEALTH CARE — 6.7%** |  |
| 938121 | Amicus Therapeutics, Inc.\* | 13358843 |
| 643781 | Astria Therapeutics, Inc.\*<sup>,2</sup> | 8427093 |
| 34462 | Avidity Biosciences, Inc.\*<sup>,2</sup> | 2485744 |

---

**First Trust Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| 177036 | Cidara Therapeutics, Inc.\*<sup>,2</sup> | $39105482 |
| 227863 | Exact Sciences Corp.\*<sup>,2</sup> | 23141766 |
| 252089 | Hologic, Inc.\*<sup>,2</sup> | 18778110 |
|  |  | **105297038** |
|  | **INDUSTRIALS — 2.3%** |  |
| 1117678 | Hillenbrand, Inc.<sup>2</sup> | **35452746** |
|  | **MATERIALS — 1.4%** |  |
| 543140 | Sealed Air Corp.<sup>2</sup> | **22502290** |
|  | **REAL ESTATE — 3.6%** |  |
| 2029307 | Alexander & Baldwin, Inc.<sup>2</sup> | 41884897 |
| 684601 | Plymouth Industrial, Inc.<sup>2</sup> | 14979070 |
|  |  | **56863967** |
|  | **TECHNOLOGY — 11.9%** |  |
| 1274985 | Clearwater Analytics Holdings, Inc. - Class A\*<sup>,2</sup> | 30752638 |
| 356674 | Confluent, Inc. - Class A\*<sup>,2</sup> | 10785822 |
| 141553 | CyberArk Software Ltd.\*<sup>,1,2</sup> | 63141131 |
| 811953 | Dayforce, Inc.\*<sup>,2</sup> | 56154670 |
| 1404800 | Jamf Holding Corp.\*<sup>,2</sup> | 18276448 |
| 539415 | SEMrush Holdings, Inc. - Class A\*<sup>,2</sup> | 6413644 |
|  |  | **185524353** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,299,125,614) | **1336858055** |
|  | **MASTER LIMITED PARTNERSHIPS — 0.3%** |  |
| 115743 | Western Midstream Partners LP | **4571855** |
|  | **TOTAL MASTER LIMITED PARTNERSHIPS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,328,570) | **4571855** |
|  | **RIGHTS — 0.0%** |  |
| 287741 | Abiomed, Inc., Expiration Date: December 30, 2029\*<sup>,4</sup> | 293496 |
| 1779743 | Drugs Made In America Acquisition II Corp., Expiration Date: September 16, 2030\*<sup>,1</sup> | 249164 |
| 431528 | Invest Green Acquisition Corp., Expiration Date: November 17, 2030\*<sup>,1</sup> | 81990 |
| 258482 | LaFayette Acquisition Corp.\*<sup>,1</sup> | 34921 |
| 344990 | Tailwind 2.0 Acquisition Corp., Expiration Date: March 30, 2026\*<sup>,1</sup> | 56578 |
|  | **TOTAL RIGHTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $293,496) | **716149** |

---

**First Trust Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Units |  | Value |
|  | **UNITS — 3.4%** |  |
|  | **FINANCIALS — 3.4%** |  |
| 172592 | Activate Energy Acquisition Corp.\*<sup>,1</sup> | $1725920 |
| 172512 | Alussa Energy Acquisition Corp. II\*<sup>,1</sup> | 1742371 |
| 332926 | American Drive Acquisition Co.\*<sup>,1</sup> | 3325931 |
| 86256 | Blueport Acquisition Ltd.\*<sup>,1</sup> | 866010 |
| 286906 | Bluerock Acquisition Corp.\*<sup>,1</sup> | 2869060 |
| 193720 | Centurion Acquisition Corp. - Class A<sup>1,3,4</sup> | 2 |
| 242151 | Centurion Acquisition Corp. - Class B<sup>1,3,4</sup> | 2 |
| 516883 | Crane Harbor Acquisition Corp. II\*<sup>,1</sup> | 5202427 |
| 149484 | Daedalus Special Acquisition Corp.\*<sup>,1</sup> | 1502314 |
| 196235 | GP-Act III Acquisition Corp. - Class A<sup>1,3,4</sup> | 2 |
| 245295 | GP-Act III Acquisition Corp. - Class B<sup>1,3,4</sup> | 3 |
| 431446 | Hall Chadwick Acquisition Corp.\*<sup>,1</sup> | 4325246 |
| 516918 | Iron Horse Acquisition II Corp.\*<sup>,1</sup> | 5138165 |
| 258442 | ITHAX Acquisition Corp. III\*<sup>,1</sup> | 2574082 |
| 86296 | Leapfrog Acquisition Corp.\*<sup>,1</sup> | 863392 |
| 646050 | Meshflow Acquisition Corp.\*<sup>,1</sup> | 6460500 |
| 582567 | SC II Acquisition Corp.\*<sup>,1</sup> | 5869363 |
| 303378 | Silicon Valley Acquisition Corp.\*<sup>,1</sup> | 3017094 |
| 344668 | TGE Value Creative Solutions Corp.\*<sup>,1</sup> | 3426000 |
| 344619 | Vine Hill Capital Investment Corp. II\*<sup>,1</sup> | 3453082 |
|  |  | **52360966** |
|  | **TOTAL UNITS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $52,833,249) | **52360966** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **WARRANTS — 0.0%** |  |
| 107587 | AA Mission Acquisition Corp. II, Expiration Date: September 9, 2031\*<sup>,1</sup> | 21550 |
| 161383 | BTC Development Corp., Expiration Date: August 19, 2030\*<sup>,1</sup> | 72622 |
| 129286 | Dynamix Corp. III, Expiration Date: November 19, 2030\*<sup>,1</sup> | 41372 |
| 86059 | FutureCrest Acquisition Corp., Expiration Date: November 5, 2030\*<sup>,1</sup> | 62823 |
| 186118 | Viking Acquisition Corp. I, Expiration Date: October 30, 2030\*<sup>,1</sup> | 70725 |
| 49396 | Yorkville Acquisition Corp., Expiration Date: June 6, 2030\*<sup>,1</sup> | 24762 |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **293854** |
|  | **SHORT-TERM INVESTMENTS — 10.7%** |  |
| 41174983 | Morgan Stanley Institutional Liquidity Fund - Government Portfolio - Institutional Class, 3.64%<sup>2,5</sup> | 41174983 |

---

**First Trust Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS (Continued)** |  |
| 125219360 | UMB Bank, Money Market Special II Deposit Investment, 3.48%<sup>2,5</sup> | $125219360 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $166,394,343) | **166394343** |
|  | **TOTAL INVESTMENTS — 99.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,522,975,272) | **1561195222** |
|  | Assets in Excess of Other Liabilities — 0.1% | 1722769 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1562917991** |
|  | **SECURITIES SOLD SHORT — (16.5)%** |  |
|  | **COMMON STOCKS — (16.2)%** |  |
|  | **COMMUNICATIONS — (0.0)%** |  |
| (1) | Omnicom Group, Inc. | **(81)** |
|  | **FINANCIALS — (12.4)%** |  |
| (868134) | CVB Financial Corp. | (16147292) |
| (1212356) | Fifth Third Bancorp | (56750384) |
| (336743) | Fulton Financial Corp. | (6509242) |
| (4450769) | Huntington Bancshares, Inc. | (77220842) |
| (378350) | Steel Newco, Inc.\* | (36098374) |
| (212342) | UWM Holdings Corp. - Class A | (930058) |
|  |  | **(193656192)** |
|  | **HEALTH CARE — (0.2)%** |  |
| (379831) | BioCryst Pharmaceuticals, Inc.\* | **(2962682)** |
|  | **TECHNOLOGY — (3.6)%** |  |
| (311486) | Palo Alto Networks, Inc.\* | **(57375721)** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $250,513,024) | **(253994676)** |
|  | **MASTER LIMITED PARTNERSHIPS — (0.3)%** |  |
|  | **ENERGY — (0.3)%** |  |
| (115743) | Western Midstream Partners LP | **(4571849)** |
|  | **TOTAL MASTER LIMITED PARTNERSHIPS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $4,543,989) | **(4571849)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $255,057,013) | $**(258566525)** |

---

**First Trust Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Contracts |  | Value |
|  | **WRITTEN OPTIONS CONTRACTS — (0.0)%** |  |
|  | **CALL OPTIONS — (0.0)%** |  |
|  | Amicus Therapeutics, Inc. |  |
| (42) | Exercise Price: $14.00, Notional Amount: $(58800),<br> Expiration Date: January 16, 2026\* | $(840) |
| (302) | Exercise Price: $15.00, Notional Amount: $(453000),<br> Expiration Date: January 16, 2026\* | (755) |
|  | Clearwater Analytics Holdings, Inc. |  |
| (3070) | Exercise Price: $25.00, Notional Amount: $(7675000),<br> Expiration Date: February 20, 2026\* | (15350) |
| (1724) | Exercise Price: $25.00, Notional Amount: $(4310000),<br> Expiration Date: March 20, 2026\* | (12930) |
|  | SEMrush Holdings, Inc. |  |
| (431) | Exercise Price: $12.50, Notional Amount: $(538750),<br> Expiration Date: January 16, 2026\* | (1078) |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $50,176) | **(30953)** |
|  | **TOTAL WRITTEN OPTIONS CONTRACTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $50,176) | $**(30953)** |

---

LP — Limited Partnership

\* 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 or written options contracts. The market value of the securities pledged as collateral is $495,486,162, which represents 31.70% of the total net assets of the Fund.

<sup>3</sup> Affiliated company.

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

**First Trust Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

**First Trust Merger Arbitrage Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares/Principal<br> Amount End<br> of Period** | **Value<br> Beginning of<br> Period** | **Additions** | **Reductions** | **Net Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value End<br> of Period** | **Dividend <br> Income\*** |
| **Common Stocks** |  |  |  |  |  |  |  |  |
| **Specified Purpose Acquisitions - 17.7%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AI Transportation Acquisition Corp.<sup>(1)</sup> |  | $5571071 | $- | $(5589932) | $362772 | $(343911) | $- |  |
| &nbsp;&nbsp;&nbsp;AA Mission Acquisition Corp. - Class A | 2700952 | 28409281 | 4804 | (1) |  | 405074 | 28819158 |  |
| &nbsp;&nbsp;&nbsp;Agriculture & Natural Solutions Acquisition Corp. - Class A | 2512033 | 30894962 | 5037 | (3521566) | 232333 | 448643 | 28059409 |  |
| &nbsp;&nbsp;&nbsp;Aimei Health Technology Co., Ltd. | 649911 | 7356992 |  |  |  | 32496 | 7389488 |  |
| &nbsp;&nbsp;&nbsp;Centurion Acquisition Corp. - Class A | 2479407 | 26157744 |  |  |  | 322323 | 26480067 |  |
| &nbsp;&nbsp;&nbsp;ChampionsGate Acquisition Corp. - Class A<sup>(2)</sup> | 425657 |  | 4265868 |  |  | 63064 | 4328932 |  |
| &nbsp;&nbsp;&nbsp;Charlton Aria Acquisition Corp. - Class A | 716459 | 7436844 |  |  |  | 71646 | 7508490 |  |
| &nbsp;&nbsp;&nbsp;Drugs Made In America Acquisition Corp. | 1929288 | 19813788 |  |  |  | 192929 | 20006717 |  |
| &nbsp;&nbsp;&nbsp;Embrace Change Acquistion Corp.<sup>(1)</sup> |  | 2174400 |  | (2254320) | 252652 | (172732) |  |  |
| &nbsp;&nbsp;&nbsp;GP Act III Acquisition Corp. - Class A | 1897607 | 20114634 |  |  |  | 189761 | 20304395 |  |
| &nbsp;&nbsp;&nbsp;Graf Global Corp. - Class A | 1931321 | 20356123 |  |  |  | 415234 | 20771357 |  |
| &nbsp;&nbsp;&nbsp;Horizon Space Acquisition I Corp.<sup>(1)</sup> |  | 3454651 |  | (3496191) | 512132 | (470592) |  |  |
| &nbsp;&nbsp;&nbsp;Inflection Point Acquisition Corp. IV<sup>(1)</sup> |  | 18647504 |  | (19635419) | 1674141 | (686226) |  |  |
| &nbsp;&nbsp;&nbsp;Launch One Acquisition Corp. - Class A | 1866241 | 19632855 |  |  |  | 130637 | 19763492 |  |
| &nbsp;&nbsp;&nbsp;Legato Merger Corp. III | 1183566 | 17275816 |  | (4634260) | 303683 | (68041) | 12877198 |  |
| &nbsp;&nbsp;&nbsp;Lionheart Holdings - Class A | 1938207 | 20370556 |  |  |  | 329495 | 20700051 |  |
| &nbsp;&nbsp;&nbsp;Melar Acquisition Corp. I - Class A | 1275345 | 13403876 |  |  |  | 153041 | 13556917 |  |
| &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp. - Class A<sup>(1)</sup> |  | 6103920 | 1 | (6134181) | 935029 | (904769) |  |  |
| &nbsp;&nbsp;&nbsp;Pyrophyte Acquisition Corp. - Class A<sup>(2)</sup> | 538832 |  | 5985252 |  |  | 378354 | 6363606 |  |
| &nbsp;&nbsp;&nbsp;Range Capital Acquisition Corp.<sup>(2)</sup> | 644211 |  | 6442110 |  |  | 354316 | 6796426 |  |
| &nbsp;&nbsp;&nbsp;RF Acquisition Corp. II<sup>(1)</sup> |  | 10021189 |  | (9755320) | 325652 | (591521) |  |  |
| &nbsp;&nbsp;&nbsp;SIM Acquisition Corp. I - Class A | 1625271 | 17065345 |  |  |  | 146275 | 17211620 |  |
| &nbsp;&nbsp;&nbsp;Vendome Acquisition Corp. I - Class A | 1520272 | 15096301 |  |  |  | 212838 | 15309139 |  |
|  |  |  |  |  |  |  | 276246462 |  |
| **Units** |  |  |  |  |  |  |  |  |
| **Specified Purpose Acquisitions - 0.0%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centurion Acquisition Corp. - Class A | 193720 | 2 |  |  |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;Centurion Acquisition Corp. - Class B | 242151 | 2 |  |  |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;GP-Act III Acquisition Corp. - Class A | 196235 | 2 |  |  |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;GP-Act III Acquisition Corp. - Class B | 245295 | 3 |  |  |  | (1) | 2 |  |
|  |  |  |  |  |  |  | 8 |  |
| **Total** | **26711981** | $**309357861** | $**16703072** | $**(55021190)** | $**4598394** | $**608333** | $**276246470** | $**-** |

---

<sup>\*</sup> Net of foreign withholding taxes.

<sup>(1)</sup> Not an affiliate at the end of the period.

<sup>(2)</sup> Not an affiliate at the beginning of the period.

## 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:** First Trust Merger Arbitrage Fund

- **b. EDGAR series identifier (if any):** S000048195

- **c. LEI of Series:** 549300T1RVAXYLDWYR96

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $1833547912.46

**Total Liabilities:** $271835756.79

**Net Assets:** $1561712155.67

**Cash Not Reported:** $345106692.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000152358 | 0.93%                | 0.09%                | 0.33%                |
| Class ID C000152359 | 0.91%                | 0.18%                | 0.35%                |
| Class ID C000248222 | 0.83%                | 0.09%                | 0.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12192389.81             | $1521444.69                                |
| Month 2  | $3803671.72              | $-1685374.58                               |
| Month 3  | $5946514.34              | $-2612170.80                               |

**Designated Index Information**

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

- **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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amicus Therapeutics, Inc.                | Amicus Therapeutics, Inc.                               | CUSIP: 999999999<br>LEI: 549300MRD1SMUTNBPQ53 | N/A              | DE               |  | US        |      -302 | NC      | $-755.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Amicus Therapeutics, Inc.                | Amicus Therapeutics, Inc.                               | CUSIP: 999999999<br>LEI: 549300MRD1SMUTNBPQ53 | N/A              | DE               |  | US        |       -42 | NC      | $-840.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Artius II Acquisition Inc                | Artius II Acquisition, Inc. - Class A                   | CUSIP: G0509J115<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    313581 | NS      | $3229884.30   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AA Mission Acquisition Corp              | AA Mission Acquisition Corp. - Class A                  | CUSIP: G1000R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2700952 | NS      | $28819157.84  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| New America Acquisition I Corp           | New America Acquisition I Corp. - Class A               | CUSIP: 023634207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30204 | NS      | $314423.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                        | Omnicom Group, Inc.                                     | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Short            | EC               | CORP              | US        |        -1 | NS      | $-80.75       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| 1RT Acquisition Corp                     | 1RT Acquisition Corp. - Class A                         | CUSIP: G6757R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    246528 | NS      | $2514585.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| OTG Acquisition Corp I                   | OTG Acquisition Corp. I - Class A                       | CUSIP: G6791A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69971 | NS      | $699710.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMrush Holdings Inc                     | SEMrush Holdings, Inc. - Class A                        | CUSIP: 81686C104<br>LEI: 254900WQEX0OLGK16D27 | Long             | EC               | CORP              | US        |    539415 | NS      | $6413644.35   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SIM Acquisition Corp I                   | SIM Acquisition Corp. I - Class A                       | CUSIP: G8431T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1625271 | NS      | $17211619.89  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /          | UMB MONEY MARKET II SPECIAL   /                         | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  58890740 | PA      | $58890740.47  | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                   | Synovus Financial Corp.                                 | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |    722581 | NS      | $36165179.05  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Solarius Capital Acquisition C           | Solarius Capital Acquisition Corp. - Class A            | CUSIP: G82617104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85806 | NS      | $862350.30    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Soulpower Acquisition Corp               | Soulpower Acquisition Corp. - Class A                   | CUSIP: G82745103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    879500 | NS      | $8926925.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Spring Valley Acquisition Corp           | Spring Valley Acquisition Corp. III - Class A           | CUSIP: G8377R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    295287 | NS      | $2997163.05   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Valley Acquisition Cor           | Silicon Valley Acquisition Corp.                        | CUSIP: G81306105<br>LEI: N/A                  | Long             |  | CORP              | US        |    303378 | NS      | $3017094.21   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sizzle Acquisition Corp II               | Sizzle Acquisition Corp. II - Class A                   | CUSIP: G8193F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    339375 | NS      | $3448050.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Acquisition Corp                   | Titan Acquisition Corp. - Class A                       | CUSIP: G8901A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    627836 | NS      | $6441597.36   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SilverBox Corp V                         | SilverBox Corp. V - Class A                             | CUSIP: G8148S123<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    172638 | NS      | $1733285.52   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SC II Acquisition Corp                   | SC II Acquisition Corp.                                 | CUSIP: G7866D128<br>LEI: N/A                  | Long             |  | CORP              | US        |    582567 | NS      | $5869362.53   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Siddhi Acquisition Corp                  | Siddhi Acquisition Corp. - Class A                      | CUSIP: G8118C124<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1387164 | NS      | $14246174.28  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                          | Sealed Air Corp.                                        | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    543140 | NS      | $22502290.20  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Oyster Enterprises II Acquisit           | Oyster Enterprises II Acquisition Corp. - Class A       | CUSIP: G6861F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125106 | NS      | $1264821.66   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Acquisition I Corp               | Pioneer Acquisition I Corp. - Class A                   | CUSIP: G7117W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    412498 | NS      | $4149729.88   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Pyrophyte Acquisition Corp II            | Pyrophyte Acquisition Corp. II - Class A                | CUSIP: G7309T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214568 | NS      | $2158554.08   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                   | Palo Alto Networks, Inc.                                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |   -311486 | NS      | $-57375721.20 | -3.67%            |  |  |  | No            |                  1 | On Loan: No      |
| ProCap Acquisition Corp                  | ProCap Acquisition Corp. - Class A                      | CUSIP: G7257A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    372540 | NS      | $3773830.20   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pyrophyte Acquisition Corp               | Pyrophyte Acquisition Corp. - Class A                   | CUSIP: G7308P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    538832 | NS      | $6363605.92   | 0.41%             |  |  |  | No            |                  3 | On Loan: No      |
| Plum Acquisition Corp IV                 | Plum Acquisition Corp. IV                               | CUSIP: G7134A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    558455 | NS      | $5824685.65   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc             | Plymouth Industrial REIT, Inc. - REIT                   | CUSIP: 729640102<br>LEI: N/A                  | Long             |  | CORP              | US        |    684601 | NS      | $14979069.88  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Newco Inc                          | Steel Newco, Inc.                                       | CUSIP: 72348N109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -378350 | NS      | $-36098373.50 | -2.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Andretti Acquisition Corp II             | Andretti Acquisition Corp. II - Class A                 | CUSIP: G26745102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    534420 | NS      | $5632786.80   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Asset Acquisition Corp              | Real Asset Acquisition Corp. - Class A                  | CUSIP: G73944103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    756454 | NS      | $7715830.80   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Acquisition Corp                   | Rithm Acquisition Corp. - Class A                       | CUSIP: G75751100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    996849 | NS      | $10357261.11  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Capital Acquisition Corp           | Range Capital Acquisition Corp.                         | CUSIP: G7375C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    644211 | NS      | $6796426.05   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Digital Acquisition C           | Republic Digital Acquisition Co. - Class A              | CUSIP: G7515A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    292586 | NS      | $2962433.25   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RF Acquisition Corp II                   | RF Acquisition Corp. II                                 | CUSIP: G75389109<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    469553 | NS      | $5061781.34   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc                  | Avidity Biosciences, Inc.                               | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34462 | NS      | $2485744.06   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Renatus Tactical Acquisition C           | Renatus Tactical Acquisition Corp. I - Class A          | CUSIP: G7490F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    274904 | NS      | $2933225.68   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Safeguard Acquisition Corp               | Safeguard Acquisition Corp. - Class A                   | CUSIP: G77676123<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    258888 | NS      | $2610885.48   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Silverbox Corp IV                        | Silverbox Corp. IV - Class A                            | CUSIP: G81354105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    372735 | NS      | $3943536.30   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Acquisition Corp V              | Live Oak Acquisition Corp. V - Class A                  | CUSIP: G5509P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    947683 | NS      | $9761134.90   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Launch One Acquisition Corp              | Launch One Acquisition Corp.                            | CUSIP: G5S86M100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1866241 | NS      | $19763492.19  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Melar Acquisition Corp I                 | Melar Acquisition Corp. I - Class A                     | CUSIP: G6004G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1275345 | NS      | $13556917.35  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| M3-Brigade Acquisition VI Corp           | M3-Brigade Acquisition VI Corp. - Class A               | CUSIP: G63221108<br>LEI: 529900K3KULJYPOBI946 | Long             | EC               | CORP              | US        |    343986 | NS      | $3443299.86   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Yorkville Acquisition Corp               | Yorkville Acquisition Corp. - Class A                   | CUSIP: G98659116<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    219022 | NS      | $2218692.86   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| YORKVILLE ACQUISITION CORP-A             | Yorkville Acquisition Corp.                             | CUSIP: G98659124<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     49396 | NC      | $24762.21     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Meshflow Acquisition Corp                | Meshflow Acquisition Corp.                              | CUSIP: G6032N127<br>LEI: N/A                  | Long             |  | CORP              | US        |    646050 | NS      | $6460500.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Mountain Lake Acquisition Corp           | Mountain Lake Acquisition Corp. - Class A               | CUSIP: G6301B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    840990 | NS      | $8746296.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio               | MSILF Government Portfolio - Class Institutional        | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  35672702 | PA      | $35672702.29  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NewHold Investment Corp III              | NewHold Investment Corp. III - Class A                  | CUSIP: G6486E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    768067 | NS      | $7957174.12   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Newbury Street II Acquisition            | Newbury Street II Acquisition Corp. - Class A           | CUSIP: G6439S109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59190 | NS      | $619127.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alussa Energy Acquisition Corp           | Alussa Energy Acquisition Corp. II                      | CUSIP: G0233J126<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    172512 | NS      | $1742371.20   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Agriculture & Natural Solution           | Agriculture & Natural Solutions Acquisition Corp.       | CUSIP: G0131Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2512033 | NS      | $28059408.61  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| A Paradise Acquisition Corp              | A Paradise Acquisition Corp. - Class A                  | CUSIP: G04819101<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |     43124 | NS      | $433396.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| APEX TREAS Corp. ORD SHS CL A   /        | APEX TREAS Corp. ORD SHS CL A   /                       | CUSIP: G04104108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    732456 | NS      | $7243989.84   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Astria Therapeutics Inc                  | Astria Therapeutics, Inc.                               | CUSIP: 04635X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    643781 | NS      | $8427093.29   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Axiom Intelligence Acquisition           | Axiom Intelligence Acquisition Corp. 1 - Class A        | CUSIP: G0750N104<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    536265 | NS      | $5400188.55   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Inflection Point Acquisition C           | Inflection Point Acquisition Corp. IV                   | CUSIP: G1169T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    492451 | NS      | $5279074.72   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings, Inc.      | Clearwater Analytics Holdings, Inc.                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               |  | US        |     -1724 | NC      | $-12930.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings, Inc.      | Clearwater Analytics Holdings, Inc.                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               |  | US        |     -3070 | NC      | $-15350.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SEMrush Holdings, Inc.                   | SEMrush Holdings, Inc.                                  | CUSIP: 999999999<br>LEI: 254900WQEX0OLGK16D27 | N/A              | DE               |  | US        |      -431 | NC      | $-1077.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED, Inc. CONTINGENT VALUE RHT   /   | ABIOMED, Inc. CONTINGENT VALUE RHT   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    287741 | NC      | $293495.82    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| American Drive Acquisition Co            | American Drive Acquisition Co.                          | CUSIP: G0R91M121<br>LEI: N/A                  | Long             |  | CORP              | US        |    332926 | NS      | $3325930.74   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Activate Energy Acquisition Co           | Activate Energy Acquisition Corp.                       | CUSIP: G0081J129<br>LEI: N/A                  | Long             |  | CORP              | KY        |    172592 | NS      | $1725920.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Exceptionalism Acquis           | American Exceptionalism Acquisition Corp. A - Class A   | CUSIP: G0273J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43030 | NS      | $490111.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AIMEI HEALTH TECHNOL TENDERED SHARES   / | AIMEI HEALTH TECHNOL TENDERED SHARES   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    649911 | NS      | $7389488.07   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                  | Alexander & Baldwin, Inc. - REIT                        | CUSIP: 014491104<br>LEI: N/A                  | Long             |  | CORP              | US        |   2029307 | NS      | $41884896.48  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Centurion Acquisition Corp               | Centurion Acquisition Corp.                             | CUSIP: G20315100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2479407 | NS      | $26480066.76  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURION CL A CL A   /                  | CENTURION CL A CL A   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    193720 | NS      | $1.94         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CENTURION CL B CL B   /                  | CENTURION CL B CL B   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    242151 | NS      | $2.42         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Blueport Acquisition Ltd                 | Blueport Acquisition Ltd.                               | CUSIP: G1196A128<br>LEI: N/A                  | Long             |  | CORP              | US        |     86256 | NS      | $866010.24    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN DOLLARS  /                      | CANADIAN DOLLARS  /                                     | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | CA        |    -47925 | OU      | $-34915.54    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                             | Cadence Bank                                            | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |   1798465 | NS      | $77046240.60  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners III Inc           | Cantor Equity Partners III, Inc. - Class A              | CUSIP: G1828A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1036601 | NS      | $10573330.20  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cayson Acquisition Corp                  | Cayson Acquisition Corp.                                | CUSIP: G1993W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66728 | NS      | $711320.48    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen Circle Acquisition Corp            | Cohen Circle Acquisition Corp. II - Class A             | CUSIP: G2254C121<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    164660 | NS      | $1686118.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cidara Therapeutics Inc                  | Cidara Therapeutics, Inc.                               | CUSIP: 171757206<br>LEI: 549300IHQ9Z7RI1X2D22 | Long             | EC               | CORP              | US        |    177036 | NS      | $39105482.04  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners IV Inc            | Cantor Equity Partners IV, Inc. - Class A               | CUSIP: G1828E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    859811 | NS      | $8838857.08   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners I Inc             | Cantor Equity Partners I, Inc. - Class A                | CUSIP: G1827K107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    353476 | NS      | $3683219.92   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners II Inc            | Cantor Equity Partners II, Inc. - Class A               | CUSIP: G1827P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145794 | NS      | $1641640.44   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners V Inc             | Cantor Equity Partners V, Inc. - Class A                | CUSIP: G1828S109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    521724 | NS      | $5347671.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                            | Confluent, Inc. - Class A                               | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    356674 | NS      | $10785821.76  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Harbor Acquisition Corp            | Crane Harbor Acquisition Corp. - Class A                | CUSIP: G24979109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145338 | NS      | $1565290.26   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Foundry Bancorp                     | Blue Foundry Bancorp                                    | CUSIP: 09549B104<br>LEI: 5493008KPK5NJT0FNK56 | Long             | EC               | CORP              | US        |    519082 | NS      | $6452189.26   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Charlton Aria Acquisition Corp           | Charlton Aria Acquisition Corp. - Class A               | CUSIP: G9877L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    716459 | NS      | $7508490.32   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionsGate Acquisition Corp           | ChampionsGate Acquisition Corp. - Class A               | CUSIP: G2124S108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    425657 | NS      | $4328931.69   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bluerock Acquisition Corp                | Bluerock Acquisition Corp.                              | CUSIP: G1352R121<br>LEI: N/A                  | Long             |  | CORP              | US        |    286906 | NS      | $2869060.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Water Acquisition Corp II           | Blue Water Acquisition Corp. III - Class A              | CUSIP: G1368E106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    206326 | NS      | $2129284.32   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Trailblazer Acquisition Corp             | Trailblazer Acquisition Corp. - Class A                 | CUSIP: G9009S103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    172110 | NS      | $1722821.10   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                       | CVB Financial Corp.                                     | CUSIP: 126600105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -868134 | NS      | $-16147292.40 | -1.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings            | Clearwater Analytics Holdings, Inc. - Class A           | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1274985 | NS      | $30752638.20  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                    | CyberArk Software Ltd.                                  | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |    141553 | NS      | $63141131.18  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Asset Acquisition Corp           | Digital Asset Acquisition Corp. - Class A               | CUSIP: G2868C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    731139 | NS      | $7457617.80   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Digital Partners II              | Insight Digital Partners II - Class A                   | CUSIP: G4814G105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    517030 | NS      | $5123767.30   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc             | BioCryst Pharmaceuticals, Inc.                          | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Short            | EC               | CORP              | US        |   -379831 | NS      | $-2962681.80  | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                      | Electronic Arts, Inc.                                   | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     77109 | NS      | $15755681.97  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynamix Corp                             | Dynamix Corp.                                           | CUSIP: G2949D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116741 | NS      | $1201264.89   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BTC Development Corp                     | BTC Development Corp. - Class A                         | CUSIP: G0701G109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    645532 | NS      | $6465002.98   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BTC DEVELOPMENT CORP-CL A                | BTC Development Corp.                                   | CUSIP: G0701G117<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    161383 | NC      | $72622.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TGE Value Creative Solutions C           | TGE Value Creative Solutions Corp.                      | CUSIP: G8773E126<br>LEI: N/A                  | Long             |  | CORP              | FR        |    344668 | NS      | $3425999.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EQV Ventures Acquisition Corp            | EQV Ventures Acquisition Corp. II - Class A             | CUSIP: G3106Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    515292 | NS      | $5168378.76   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Global Acquisition C           | Evolution Global Acquisition Corp. - Class A            | CUSIP: G3226F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    396730 | NS      | $3915725.10   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                      | Exact Sciences Corp.                                    | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    227863 | NS      | $23141766.28  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FutureCrest Acquisition Corp             | FutureCrest Acquisition Corp. - Class A                 | CUSIP: G3730U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    344236 | NS      | $3476783.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FUTURECREST ACQUISITION-CL A             | FutureCrest Acquisition Corp.                           | CUSIP: G3730U115<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     86059 | NC      | $62823.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Era Acquisition Corp I             | Fifth Era Acquisition Corp. I - Class A                 | CUSIP: G3415K101<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    372349 | NS      | $3816577.25   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FIGX Capital Acquisition Corp            | FIGX Capital Acquisition Corp. - Class A                | CUSIP: G3473K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209438 | NS      | $2106946.28   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                      | Fifth Third Bancorp                                     | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Short            | EC               | CORP              | US        |  -1212356 | NS      | $-56750384.36 | -3.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc                  | Amicus Therapeutics, Inc.                               | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |    938121 | NS      | $13358843.04  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GP-Act III Acquisition Corp              | GP-Act III Acquisition Corp. - Class A                  | CUSIP: G4035N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1897607 | NS      | $20304394.90  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                             | Comerica, Inc.                                          | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |    649605 | NS      | $56470162.65  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Harbor Acquisition Corp            | Crane Harbor Acquisition Corp. II                       | CUSIP: G25014120<br>LEI: N/A                  | Long             |  | CORP              | US        |    516883 | NS      | $5202427.40   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GP-ACT III ACQ CORP. CLASS A UNITS   /   | GP-ACT III ACQ CORP. CLASS A UNITS   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    196235 | NS      | $1.96         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GP-ACT III ACQ Corp. CLASS B UNITS   /   | GP-ACT III ACQ Corp. CLASS B UNITS   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    245295 | NS      | $2.45         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cal Redwood Acquisition Corp             | Cal Redwood Acquisition Corp. - Class A                 | CUSIP: G17564108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    333594 | NS      | $3395986.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lionheart Holdings                       | Lionheart Holdings - Class A                            | CUSIP: G5501C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1938207 | NS      | $20700050.76  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Graf Global Corp                         | Graf Global Corp. - Class A                             | CUSIP: G4036C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1931321 | NS      | $20771357.36  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gesher Acquisition Corp II               | Gesher Acquisition Corp. II - Class A                   | CUSIP: G3852D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    404792 | NS      | $4145070.08   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GSR IV Acquisition Corp                  | GSR IV Acquisition Corp. - Class A                      | CUSIP: G4R12K107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    813897 | NS      | $8130831.03   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Gores Holdings X Inc                     | Gores Holdings X, Inc. - Class A                        | CUSIP: G4002F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    448535 | NS      | $4615425.15   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                             | Dayforce, Inc.                                          | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |    811953 | NS      | $56154669.48  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp                             | Denny's Corp.                                           | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |   1466713 | NS      | $9122954.86   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Globa Terra Acquisition Corp             | Globa Terra Acquisition Corp. - Class A                 | CUSIP: G3933N116<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    407455 | NS      | $4115295.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH             | Huntington Bancshares, Inc.                             | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Short            | EC               | CORP              | US        |  -4450769 | NS      | $-77220842.15 | -4.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Drugs Made In America Acquisit           | Drugs Made In America Acquisition Corp.                 | CUSIP: G2847J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1929288 | NS      | $20006716.56  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Drugs Made In America Acquisit           | Drugs Made In America Acquisition II Corp.              | CUSIP: G2851K104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1779743 | NS      | $17619455.70  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Drugs Made In America Acquisit           | Drugs Made In America Acquisition II Corp.              | CUSIP: G2851K112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |   1779743 | NC      | $249164.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynamix Corp III                         | Dynamix Corp. III - Class A                             | CUSIP: G2949T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    430956 | NS      | $4262154.84   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hall Chadwick Acquisition Corp           | Hall Chadwick Acquisition Corp.                         | CUSIP: G42386121<br>LEI: N/A                  | Long             |  | CORP              | SG        |    431446 | NS      | $4325246.15   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                          | Hillenbrand, Inc.                                       | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |   1117678 | NS      | $35452746.16  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAMIX CORP III-CL A                    | Dynamix Corp. III                                       | CUSIP: G2949T117<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    129286 | NC      | $41371.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Roman DBDR Acquisition Corp II           | Roman DBDR Acquisition Corp. II                         | CUSIP: G7633M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    375130 | NS      | $3912605.90   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Daedalus Special Acquisition C           | Daedalus Special Acquisition Corp.                      | CUSIP: G2616C124<br>LEI: N/A                  | Long             |  | CORP              | GB        |    149484 | NS      | $1502314.20   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Forge Global Holdings Inc                | Forge Global Holdings, Inc.                             | CUSIP: 34629L202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    265488 | NS      | $11830145.28  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corp                    | Fulton Financial Corp.                                  | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Short            | EC               | CORP              | US        |   -336743 | NS      | $-6509242.19  | -0.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent           | Frontier Communications Parent, Inc.                    | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    481266 | NS      | $18321796.62  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                              | Hologic, Inc.                                           | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    252089 | NS      | $18778109.61  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp                   | Heritage Commerce Corp.                                 | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |   1335594 | NS      | $16040483.94  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Highview Merger Corp                     | Highview Merger Corp. - Class A                         | CUSIP: G4569C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214874 | NS      | $2148740.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Haymaker Acquisition Corp 4              | Haymaker Acquisition Corp. 4                            | CUSIP: G4375F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1373180 | NS      | $15626788.40  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GigCapital7 Corp                         | GigCapital7 Corp. - Class A                             | CUSIP: G38648104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    277431 | NS      | $2924122.74   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Horse Acquisition II Corp           | Iron Horse Acquisition II Corp.                         | CUSIP: 46283H202<br>LEI: N/A                  | Long             |  | CORP              | US        |    516918 | NS      | $5138164.92   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ITHAX Acquisition Corp III               | ITHAX Acquisition Corp. III                             | CUSIP: G4977S128<br>LEI: N/A                  | Long             |  | CORP              | US        |    258442 | NS      | $2574082.32   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Acquisition Co II                | Jackson Acquisition Co. II - Class A                    | CUSIP: G4992A110<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    477663 | NS      | $4977248.46   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Invest Green Acquisition Corp            | Invest Green Acquisition Corp. - Class A                | CUSIP: G4924G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    431528 | NS      | $4246235.52   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Invest Green Acquisition Corp            | Invest Green Acquisition Corp.                          | CUSIP: G4924G110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    431528 | NC      | $81990.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Inflection Point Acquisition C           | Inflection Point Acquisition Corp. III - Class A        | CUSIP: G47875102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    432085 | NS      | $4381341.90   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Dune Acquisition Corp II                 | Dune Acquisition Corp. II                               | CUSIP: G2867S109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    584860 | NS      | $5959723.40   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Jamf Holding Corp                        | Jamf Holding Corp.                                      | CUSIP: 47074L105<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | EC               | CORP              | US        |   1404800 | NS      | $18276448.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BERTO ACQUISITION CORP                   | BERTO ACQUISITION Corp.                                 | CUSIP: G1051H101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    647817 | NS      | $6568864.38   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Jena Acquisition Corp II                 | Jena Acquisition Corp. II - Class A                     | CUSIP: G5093B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    183044 | NS      | $1861557.48   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| K&F Growth Acquisition Corp II           | K&F Growth Acquisition Corp. II - Class A               | CUSIP: G52258111<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85590 | NS      | $885000.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CSLM Digital Asset Acquisition           | CSLM Digital Asset Acquisition Corp. III Ltd. - Class A | CUSIP: G2584S101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    343986 | NS      | $3422660.70   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Rice Acquisition Corp 3                  | Rice Acquisition Corp. 3 - Class A                      | CUSIP: G7553X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4302 | NS      | $44138.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tavia Acquisition Corp                   | Tavia Acquisition Corp.                                 | CUSIP: G86880104<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    431985 | NS      | $4509923.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Translational Development Acqu           | Translational Development Acquisition Corp.             | CUSIP: G9008W105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    558342 | NS      | $5857007.58   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tailwind 2.0 Acquisition Corp            | Tailwind 2.0 Acquisition Corp. - Class A                | CUSIP: G8662J111<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    344990 | NS      | $3401601.40   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tailwind 2.0 Acquisition Corp            | Tailwind 2.0 Acquisition Corp.                          | CUSIP: G8662J129<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    344990 | NC      | $56578.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Keen Vision Acquisition Corp             | Keen Vision Acquisition Corp.                           | CUSIP: G52443119<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91247 | NS      | $1072152.25   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LaFayette Acquisition Corp               | LaFayette Acquisition Corp.                             | CUSIP: G53426105<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    258482 | NS      | $2558971.80   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Ventures Acquisition III           | Texas Ventures Acquisition III Corp. - Class A          | CUSIP: G8772L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1056702 | NS      | $11253876.30  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Two Harbors Investment Corp              | Two Harbors Investment Corp. - REIT                     | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             |  | CORP              | US        |     91025 | NS      | $955762.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LaFayette Acquisition Corp               | LaFayette Acquisition Corp.                             | CUSIP: G53426113<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    258482 | NS      | $34920.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Legato Merger Corp III                   | Legato Merger Corp. III                                 | CUSIP: G5451A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1183566 | NS      | $12877198.08  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Leapfrog Acquisition Corp                | Leapfrog Acquisition Corp.                              | CUSIP: G5414D129<br>LEI: N/A                  | Long             |  | CORP              | US        |     86296 | NS      | $863391.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                | Warner Bros Discovery, Inc.                             | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      3328 | NS      | $95912.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                        | UWM Holdings Corp.                                      | CUSIP: 91823B109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -212342 | NS      | $-930057.96   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Acquisition Corp                 | Voyager Acquisition Corp.                               | CUSIP: G93A7H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1808801 | NS      | $19299906.67  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Acquisition Corp I                | Viking Acquisition Corp. I - Class A                    | CUSIP: G9582G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    558354 | NS      | $5527704.60   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VIKING ACQUISITIONS CORP I               | Viking Acquisition Corp. I                              | CUSIP: G9582G112<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    186118 | NC      | $70724.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wen Acquisition Corp                     | Wen Acquisition Corp. - Class A                         | CUSIP: G9R39C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    492766 | NS      | $4976936.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP            | Western Midstream Partners LP                           | CUSIP: 958669103<br>LEI: N/A                  | Long             |  | CORP              | US        |    115743 | NS      | $4571854.82   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vine Hill Capital Investment C           | Vine Hill Capital Investment Corp. - Class A            | CUSIP: G93Y09107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    643428 | NS      | $6929719.56   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Vine Hill Capital Investment C           | Vine Hill Capital Investment Corp. II                   | CUSIP: G9709D125<br>LEI: N/A                  | Long             |  | CORP              | US        |    344619 | NS      | $3453082.38   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Vendome Acquisition Corp I               | Vendome Acquisition Corp. I - Class A                   | CUSIP: G9580A109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1520272 | NS      | $15309139.04  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP            | Western Midstream Partners LP                           | CUSIP: 958669103<br>LEI: N/A                  | Short            |  | CORP              | US        |   -115743 | NS      | $-4571848.50  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Armada Acquisition Corp II               | Armada Acquisition Corp. II - Class A                   | CUSIP: G0R38G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    382749 | NS      | $3919349.76   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AA Mission Acquisition Corp II           | AA Mission Acquisition Corp. II - Class A               | CUSIP: G1000S109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    215174 | NS      | $2136677.82   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AA MISSION ACQUISITION-A                 | AA Mission Acquisition Corp. II                         | CUSIP: G1000S125<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |    107587 | NC      | $21549.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-08

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

**Signature:** /s/ Scott Schulenburg

**Name of Signer:** Scott Schulenburg

**Title:** President