# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-26-067182
**Filing Date:** 2026-2
**Character Count:** 22580
**Document Hash:** 24ec03626c147f25bb0be18a32590a7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-067182.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-067182

**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:** 26672087

**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 Dynamic Opportunity Fund (Series ID: S000079775)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000241127 | Class I Shares | ADOIX           |

## Nport-Ex

**AXS Dynamic Opportunity Fund**

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 68.2%** |  |
|  | **ADVERTISING — 0.3%** |  |
| 5000 | Trade Desk, Inc. - Class A\* | $**189800** |
|  | **AEROSPACE/DEFENSE — 1.9%** |  |
| 5500 | FTAI Aviation Ltd. | **1082675** |
|  | **AUTO MANUFACTURERS — 5.2%** |  |
| 6567 | Tesla, Inc.\* | **2953311** |
|  | **COMMERCIAL SERVICES — 1.5%** |  |
| 2209 | Automatic Data Processing, Inc. | 568221 |
| 350 | United Rentals, Inc. | 283262 |
|  |  | **851483** |
|  | **COMPUTERS — 6.7%** |  |
| 10575 | Apple, Inc. | 2874920 |
| 1557 | Crowdstrike Holdings, Inc. - Class A\* | 729859 |
| 600 | Leidos Holdings, Inc. | 108240 |
| 1000 | Parsons Corp.\* | 61800 |
|  |  | **3774819** |
|  | **DIVERSIFIED FINANCIAL SERVICES — 1.0%** |  |
| 2300 | Apollo Global Management, Inc. | 332948 |
| 700 | Visa, Inc. - Class A | 245497 |
|  |  | **578445** |
|  | **ENGINEERING & CONSTRUCTION — 2.2%** |  |
| 600 | Comfort Systems USA, Inc. | 559974 |
| 6000 | Granite Construction, Inc. | 692100 |
|  |  | **1252074** |
|  | **HEALTHCARE-PRODUCTS — 1.3%** |  |
| 1314 | Intuitive Surgical, Inc.\* | **744197** |
|  | **INSURANCE — 1.0%** |  |
| 12000 | Equitable Holdings, Inc. | **571800** |
|  | **INTERNET — 15.3%** |  |
| 5000 | Alphabet, Inc. - Class A | 1565000 |
| 8500 | Amazon.com, Inc.\* | 1961970 |
| 2800 | Meta Platforms, Inc. - Class A | 1848252 |
| 18170 | Netflix, Inc.\* | 1703619 |
| 3696 | Palo Alto Networks, Inc.\* | 680803 |
| 1500 | Spotify Technology S.A.\* | 871065 |
|  |  | **8630709** |

---

**AXS Dynamic Opportunity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MACHINERY-CONSTRUCTION & MINING — 3.6%** |  |
| 12500 | Vertiv Holdings Co. - Class A | $**2025125** |
|  | **METAL FABRICATE/HARDWARE — 0.9%** |  |
| 3300 | Advanced Drainage Systems, Inc. | **477939** |
|  | **OIL & GAS SERVICES — 0.1%** |  |
| 1500 | Tidewater, Inc.\* | **75765** |
|  | **PHARMACEUTICALS — 0.5%** |  |
| 6000 | Novo Nordisk A/S – ADR | **305280** |
|  | **SEMICONDUCTORS — 17.1%** |  |
| 6000 | Advanced Micro Devices, Inc.\* | 1284960 |
| 3006 | Broadcom, Inc. | 1040377 |
| 32440 | NVIDIA Corp. | 6050060 |
| 4300 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 1306727 |
|  |  | **9682124** |
|  | **SOFTWARE — 8.7%** |  |
| 1700 | Microsoft Corp. | 822154 |
| 21626 | Palantir Technologies, Inc. - Class A\* | 3844022 |
| 1500 | ServiceNow, Inc.\* | 229785 |
|  |  | **4895961** |
|  | **TELECOMMUNICATIONS — 0.9%** |  |
| 4000 | Arista Networks, Inc.\* | **524120** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $23,438,760) | **38615627** |
|  | **EXCHANGE-TRADED FUNDS — 11.3%** |  |
| 55000 | ProShares Short S&P500 | 1981650 |
| 42689 | ProShares UltraPro Short QQQ | 2924196 |
| 22120 | ProShares UltraShort S&P500 | 1514999 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $8,932,346) | **6420845** |
|  | **MUTUAL FUNDS — 17.3%** |  |
|  | **EQUITY FUND — 17.3%** |  |
| 906685 | AXS Adaptive Plus Fund - Class I<sup>1</sup> | **9792199** |
|  | **TOTAL MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $10,585,934) | **9792199** |
|  | **SHORT-TERM INVESTMENTS — 2.7%** |  |
| 322390 | Goldman Sachs Financial Square Government Fund, 3.39%<sup>2</sup> | 322390 |

---

**AXS Dynamic Opportunity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS (Continued)** |  |
| 1178284 | JPMorgan U.S. Government Money Market Fund, 3.37%<sup>2</sup> | $1178284 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,500,674) | **1500674** |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $44,457,714) | **56329345** |
|  | Other Assets in Excess of Liabilities — 0.5% | 281067 |
|  | **TOTAL NET ASSETS — 100.0%** | $**56610412** |

---

ADR – American Depository Receipt

\* Non-income producing security.

<sup>1</sup> Affiliated company.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

**AXS Dynamic Opportunity Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value Beginning<br> of Period** | **Additions** | **Reductions** | **Net Realized<br> Gain (Loss)** | **Change in Unrealized<br> Appreciation<br> (Depreciation)** | **Value End of<br> Period** | **Dividend Income** |
| **Mutual Funds - 17.3%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AXS Adaptive Plus Fund - Class I | $9928669 | $197400 | $- | $- | $(333870) | $9792199 | $197400 |
| **Total** | $**9928669** | $**197400** | $**-** | $**-** | $**(333870)** | $**9792199** | $**197400** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares<br> Beginning of<br> Period** | **Additions** | **Reductions** | **Shares End of<br> Period** |
| **Mutual Funds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AXS Adaptive Plus Fund - Class I | 888870 | 17815 |  | 906685 |
| **Total** | **888870** | **17815** |  | **906685** |

---

## 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 Dynamic Opportunity Fund

- **b. EDGAR series identifier (if any):** S000079775

- **c. LEI of Series:** 984500EAE557I6E91412

**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:** $57058377.28

**Total Liabilities:** $164296.00

**Net Assets:** $56894081.28

**Cash Not Reported:** $799857.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241127 | 3.38%                | -3.42%               | -0.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $2034588.05                                |
| Month 2  | $0.00                    | $-1996585.84                               |
| Month 3  | $-6.46                   | $-603932.03                                |

**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        |     10575 | NS      | $2874919.50   | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management, Inc.                                        | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      2300 | NS      | $332948.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom, Inc.                                                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3006 | NS      | $1040376.60   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AXS Adaptive Plus Fund         | AXS Adaptive Plus Fund - Class I                                      | CUSIP: 46144X552<br>LEI: 549300DWQNJRFE5NVQ23 | Long             |  | RF                | US        |    906685 | NS      | $9792199.59   | 17.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings, Inc. - Class A                                  | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      1557 | NS      | $729859.32    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings, Inc.                                              | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     12000 | NS      | $571800.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA, Inc.                                             | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       600 | NS      | $559974.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square | Goldman Sachs Financial Square Government Fund - Class Administration | CUSIP: 38141W265<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    322390 | PA      | $322390.06    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd              | FTAI Aviation Ltd.                                                    | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5500 | NS      | $1082675.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc. - Class A                                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5000 | NS      | $1565000.00   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc       | Granite Construction, Inc.                                            | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      6000 | NS      | $692100.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical, Inc.                                              | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1314 | NS      | $744197.04    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc            | Leidos Holdings, Inc.                                                 | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |       600 | NS      | $108240.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms, Inc. - Class A                                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2800 | NS      | $1848252.00   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1700 | NS      | $822154.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix, Inc.                                                         | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     18170 | NS      | $1703619.20   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow, Inc.                                                      | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1500 | NS      | $229785.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp.                                                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     32440 | NS      | $6050060.00   | 10.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S - ADR                                                | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             |  | CORP              | DK        |      6000 | NS      | $305280.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan US Government Money M | JPMorgan U.S. Government Money Market Fund - Class Premier            | CUSIP: 4812C0688<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |   1085513 | PA      | $1085513.12   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks, Inc.                                              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      3696 | NS      | $680803.20    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies, Inc. - Class A                                 | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     21626 | NS      | $3844021.50   | 6.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                   | Parsons Corp.                                                         | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      1000 | NS      | $61800.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraShort S&P500    | ProShares UltraShort S&P500 - Class USD INC                           | CUSIP: 74347G416<br>LEI: 1X5PN4N7IS336EIQEE06 | Long             |  | RF                | US        |     22120 | NS      | $1514998.80   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk, Inc. - Class A                                            | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |      5000 | NS      | $189800.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals, Inc.                                                  | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       350 | NS      | $283262.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa, Inc. - Class A                                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       700 | NS      | $245497.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co. - Class A                                         | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     12500 | NS      | $2025125.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc  | Advanced Drainage Systems, Inc.                                       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |      3300 | NS      | $477939.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing, Inc.                                       | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2209 | NS      | $568221.07    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices, Inc.                                          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      6000 | NS      | $1284960.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com, Inc.                                                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8500 | NS      | $1961970.00   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks, Inc.                                                 | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      4000 | NS      | $524120.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Short S&P500         | ProShares Short S&P500 - Class USD INC                                | CUSIP: 74349Y753<br>LEI: XSY494HNCRZV64FNKS70 | Long             |  | RF                | US        |     55000 | NS      | $1981650.00   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology S.A.                                               | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |      1500 | NS      | $871065.00    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraPro Short QQQ   | ProShares UltraPro Short QQQ                                          | CUSIP: 74347G192<br>LEI: KC8ZSAS0N653Z8PPTO65 | Long             |  | RF                | US        |     42689 | NS      | $2924196.50   | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                  | Tidewater, Inc.                                                       | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      1500 | NS      | $75765.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla, Inc.                                                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      6567 | NS      | $2953311.24   | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR                    | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             |  | CORP              | TW        |      4300 | NS      | $1306727.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-07

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

**Signature:** /s/ Scott Schulenburg

**Name of Signer:** Scott Schulenburg

**Title:** President