# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001145549-23-010363
**Filing Date:** 2023-2
**Character Count:** 66968
**Document Hash:** 1758a89cb2a264415c8a3a1ebd37d7b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010363.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010363

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust II
- **CENTRAL INDEX KEY:** 0001587982
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22894
- **FILM NUMBER:** 23671393

**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 Thomson Reuters Venture Capital Return Tracker Fund (Series ID: S000069733)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000222489 | Class C Shares | LDVCX           |
| C000222490 | Class I Shares | LDVIX           |
| C000222491 | Class A Shares | LDVAX           |

## Nport-Ex

**AXS Thomson Reuters Venture Capital Return Tracker Fund**

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 102.6%** |  |
|  | **AEROSPACE/DEFENSE — 1.7%** |  |
| 2860 | Boeing Co.\* | $544801 |
| 1149 | Lockheed Martin Corp. | 558977 |
| 6752 | Raytheon Technologies Corp. | 681412 |
|  |  | **1785190** |
|  | **AGRICULTURE — 0.6%** |  |
| 4044 | Altria Group, Inc. | 184851 |
| 1125 | Archer-Daniels-Midland Co. | 104456 |
| 3299 | Philip Morris International, Inc. | 333892 |
|  |  | **623199** |
|  | **AUTO MANUFACTURERS — 0.1%** |  |
| 687 | Tesla, Inc.\* | **84625** |
|  | **BANKS — 2.3%** |  |
| 16346 | Bank of America Corp. | 541379 |
| 799 | Goldman Sachs Group, Inc. | 274361 |
| 6867 | JPMorgan Chase & Co. | 920865 |
| 3131 | Morgan Stanley | 266198 |
| 8869 | Wells Fargo & Co. | 366201 |
|  |  | **2369004** |
|  | **BEVERAGES — 1.1%** |  |
| 9411 | Coca-Cola Co. | 598634 |
| 3136 | PepsiCo, Inc. | 566550 |
|  |  | **1165184** |
|  | **BIOTECHNOLOGY — 0.1%** |  |
| 532 | Illumina, Inc.\* | **107570** |
|  | **CHEMICALS — 0.9%** |  |
| 483 | Air Products and Chemicals, Inc. | 148889 |
| 272 | Albemarle Corp. | 58986 |
| 1670 | Dow, Inc. | 84151 |
| 1165 | DuPont de Nemours, Inc. | 79954 |
| 591 | Ecolab, Inc. | 86026 |
| 1159 | Linde PLC<sup>1</sup> | 378043 |
| 554 | Sherwin-Williams Co. | 131481 |
|  |  | **967530** |
|  | **COMMERCIAL SERVICES — 7.1%** |  |
| 10594 | Automatic Data Processing, Inc.<sup>2</sup> | 2530483 |
| 10642 | CoStar Group, Inc.\* | 822414 |
| 1916 | Gartner, Inc.\* | 644044 |
| 29504 | PayPal Holdings, Inc.\*<sup>,2</sup> | 2101275 |

---

**AXS Thomson Reuters Venture Capital Return Tracker Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **COMMERCIAL SERVICES (Continued)** |  |
| 1523 | S&P Global, Inc. | $510114 |
| 3803 | Verisk Analytics, Inc. - Class A | 670925 |
|  |  | **7279255** |
|  | **COMPUTERS — 10.8%** |  |
| 16137 | Accenture PLC - Class A<sup>1</sup> | 4305997 |
| 12606 | Apple, Inc.<sup>2</sup> | 1637898 |
| 13210 | Cognizant Technology Solutions Corp. - Class A<sup>2</sup> | 755480 |
| 5479 | Crowdstrike Holdings, Inc. - Class A\*<sup>,2</sup> | 576884 |
| 15088 | Fortinet, Inc.\*<sup>,2</sup> | 737652 |
| 21889 | International Business Machines Corp.<sup>2</sup> | 3083941 |
|  |  | **11097852** |
|  | **COSMETICS/PERSONAL CARE — 1.1%** |  |
| 1994 | Colgate-Palmolive Co. | 157107 |
| 553 | Estee Lauder Cos., Inc. - Class A | 137205 |
| 5705 | Procter & Gamble Co. | 864650 |
|  |  | **1158962** |
|  | **DIVERSIFIED FINANCIAL SERVICES — 10.0%** |  |
| 353 | BlackRock, Inc. | 250146 |
| 3570 | Charles Schwab Corp. | 297238 |
| 14129 | Mastercard, Inc. - Class A<sup>2</sup> | 4913077 |
| 23206 | Visa, Inc. - Class A<sup>2</sup> | 4821279 |
|  |  | **10281740** |
|  | **ELECTRIC — 0.0%** |  |
| 94 | Duke Energy Corp. | 9681 |
| 249 | NextEra Energy, Inc. | 20817 |
| 122 | Southern Co. | 8712 |
|  |  | **39210** |
|  | **ELECTRONICS — 0.8%** |  |
| 1086 | Agilent Technologies, Inc. | 162520 |
| 3243 | Honeywell International, Inc. | 694975 |
|  |  | **857495** |
|  | **FOOD — 0.2%** |  |
| 3279 | Mondelez International, Inc. - Class A | **218545** |
|  | **HEALTHCARE-PRODUCTS — 4.3%** |  |
| 7215 | Abbott Laboratories | 792135 |
| 1846 | Baxter International, Inc. | 94091 |
| 5898 | Boston Scientific Corp.\* | 272900 |
| 2818 | Danaher Corp. | 747954 |

---

**AXS Thomson Reuters Venture Capital Return Tracker Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **HEALTHCARE-PRODUCTS (Continued)** |  |
| 2426 | Edwards Lifesciences Corp.\* | $181004 |
| 323 | IDEXX Laboratories, Inc.\* | 131771 |
| 1369 | Intuitive Surgical, Inc.\* | 363264 |
| 5202 | Medtronic PLC<sup>1</sup> | 404299 |
| 567 | ResMed, Inc. | 118010 |
| 1388 | Stryker Corp. | 339352 |
| 1615 | Thermo Fisher Scientific, Inc. | 889364 |
| 822 | Zimmer Biomet Holdings, Inc. | 104805 |
|  |  | **4438949** |
|  | **HEALTHCARE-SERVICES — 3.0%** |  |
| 1907 | Centene Corp.\* | 156393 |
| 990 | Elevance Health, Inc. | 507840 |
| 897 | HCA Healthcare, Inc. | 215244 |
| 488 | Humana, Inc. | 249949 |
| 3661 | UnitedHealth Group, Inc.<sup>2</sup> | 1940989 |
|  |  | **3070415** |
|  | **INSURANCE — 2.5%** |  |
| 8369 | Berkshire Hathaway, Inc. - Class B\*<sup>,2</sup> | **2585184** |
|  | **INTERNET — 17.8%** |  |
| 10184 | Airbnb, Inc. - Class A\* | 870732 |
| 49862 | Alphabet, Inc. - Class A\*<sup>,2</sup> | 4399324 |
| 2368 | Amazon.com, Inc.\* | 198912 |
| 3451 | CDW Corp. | 616280 |
| 14015 | eBay, Inc.<sup>2</sup> | 581202 |
| 964 | MercadoLibre, Inc.\* | 815775 |
| 42638 | Meta Platforms, Inc. - Class A\*<sup>,2</sup> | 5131057 |
| 11346 | Netflix, Inc.\*<sup>,2</sup> | 3345709 |
| 7634 | Palo Alto Networks, Inc.\*<sup>,2</sup> | 1065248 |
| 50512 | Uber Technologies, Inc.\*<sup>,2</sup> | 1249162 |
|  |  | **18273401** |
|  | **IRON/STEEL — 0.1%** |  |
| 511 | Nucor Corp. | **67355** |
|  | **MACHINERY-CONSTRUCTION & MINING — 0.6%** |  |
| 2415 | Caterpillar, Inc. | **578537** |
|  | **MACHINERY-DIVERSIFIED — 0.6%** |  |
| 1350 | Deere & Co. | **578826** |
|  | **MEDIA — 0.2%** |  |
| 4 | Cable One, Inc. | 2848 |

---

**AXS Thomson Reuters Venture Capital Return Tracker Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MEDIA (Continued)** |  |
| 92 | Charter Communications, Inc. - Class A\* | $31197 |
| 4059 | Comcast Corp. - Class A | 141943 |
| 437 | Liberty Global PLC - Class A\*<sup>,1</sup> | 8272 |
|  |  | **184260** |
|  | **MINING — 0.2%** |  |
| 3057 | Freeport-McMoRan, Inc. | 116166 |
| 1733 | Newmont Corp. | 81798 |
|  |  | **197964** |
|  | **OIL & GAS — 0.9%** |  |
| 1434 | Chevron Corp. | 257389 |
| 1012 | ConocoPhillips | 119416 |
| 493 | Devon Energy Corp. | 30324 |
| 392 | EOG Resources, Inc. | 50772 |
| 3317 | Exxon Mobil Corp. | 365865 |
| 373 | Marathon Petroleum Corp. | 43414 |
| 586 | Occidental Petroleum Corp. | 36912 |
| 364 | Phillips 66 | 37885 |
| 165 | Pioneer Natural Resources Co. | 37684 |
|  |  | **979661** |
|  | **OIL & GAS SERVICES — 0.1%** |  |
| 1069 | Schlumberger Ltd.<sup>1</sup> | **57149** |
|  | **PHARMACEUTICALS — 2.0%** |  |
| 680 | AbbVie, Inc. | 109895 |
| 632 | AmerisourceBergen Corp. | 104729 |
| 1069 | Becton, Dickinson and Co. | 271847 |
| 1195 | Cigna Corp. | 395951 |
| 5409 | CVS Health Corp. | 504065 |
| 1518 | Dexcom, Inc.\* | 171898 |
| 306 | Eli Lilly & Co. | 111947 |
| 1011 | Johnson & Johnson | 178593 |
| 926 | Merck & Co., Inc. | 102740 |
| 2050 | Pfizer, Inc. | 105042 |
|  |  | **2056707** |
|  | **RETAIL — 0.6%** |  |
| 114 | Costco Wholesale Corp. | 52041 |
| 264 | Home Depot, Inc. | 83387 |
| 3442 | Walmart, Inc. | 488041 |
|  |  | **623469** |

---

**AXS Thomson Reuters Venture Capital Return Tracker Fund** 

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SEMICONDUCTORS — 0.9%** |  |
| 1346 | Advanced Micro Devices, Inc.\* | $87180 |
| 430 | Analog Devices, Inc. | 70533 |
| 681 | Applied Materials, Inc. | 66316 |
| 270 | Broadcom, Inc. | 150965 |
| 3220 | Intel Corp. | 85105 |
| 1953 | NVIDIA Corp. | 285411 |
| 937 | QUALCOMM, Inc. | 103014 |
| 715 | Texas Instruments, Inc. | 118132 |
|  |  | **966656** |
|  | **SOFTWARE — 30.3%** |  |
| 18160 | Activision Blizzard, Inc.<sup>2</sup> | 1390148 |
| 11861 | Adobe, Inc.\*<sup>,2</sup> | 3991582 |
| 3129 | Atlassian Corp. - Class A\* | 402640 |
| 5508 | Autodesk, Inc.\*<sup>,2</sup> | 1029280 |
| 6568 | Cadence Design Systems, Inc.\*<sup>,2</sup> | 1055084 |
| 6529 | Datadog, Inc. - Class A<sup>\*</sup> | 479881 |
| 6242 | Electronic Arts, Inc. | 762648 |
| 14580 | Fidelity National Information Services, Inc.<sup>2</sup> | 989253 |
| 6760 | Intuit, Inc.<sup>2</sup> | 2631127 |
| 19737 | Microsoft Corp.<sup>2</sup> | 4733327 |
| 39895 | Oracle Corp.<sup>2</sup> | 3261017 |
| 11828 | ROBLOX Corp. - Class A\* | 336625 |
| 2409 | Roper Technologies, Inc.<sup>2</sup> | 1040905 |
| 25511 | Salesforce, Inc.\*<sup>,2</sup> | 3382503 |
| 4793 | ServiceNow, Inc.\*<sup>,2</sup> | 1860978 |
| 7755 | Snowflake, Inc. - Class A\*<sup>,2</sup> | 1113153 |
| 3433 | Synopsys, Inc.\*<sup>,2</sup> | 1096123 |
| 475 | Veeva Systems, Inc. - Class A\* | 76655 |
| 5720 | VMware, Inc. - Class A\* | 702187 |
| 5129 | Workday, Inc. - Class A\*<sup>,2</sup> | 858236 |
|  |  | **31193352** |
|  | **TELECOMMUNICATIONS — 0.5%** |  |
| 6568 | AT&T, Inc. | 120917 |
| 3258 | Cisco Systems, Inc. | 155211 |
| 227 | Frontier Communications Parent, Inc.\* | 5784 |
| 94 | Iridium Communications, Inc.\* | 4832 |
| 878 | Lumen Technologies, Inc. | 4583 |
| 591 | T-Mobile US, Inc.\* | 82740 |
| 3871 | Verizon Communications, Inc. | 152517 |
|  |  | **526584** |
|  | **TRANSPORTATION — 1.2%** |  |
| 3006 | Union Pacific Corp. | 622452 |

---

**AXS Thomson Reuters Venture Capital Return Tracker Fund** 

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TRANSPORTATION (Continued)** |  |
| 3346 | United Parcel Service, Inc. - Class B | $581669 |
|  |  | **1204121** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $122,955,486) | **105617951** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.6%** |  |
| $1654310 | UMB Bank Demand Deposit, 0.01%<sup>3</sup> | **1654310** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,654,310) | **1654310** |
|  | **TOTAL INVESTMENTS — 104.2%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $124,609,796) | **107272261** |
|  | Liabilities in Excess of Other Assets — (4.2)% | (4340945) |
|  | **TOTAL NET ASSETS — 100.0%** | $**102931316** |

---

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> Foreign security denominated in U.S. Dollars.

<sup>2</sup> All or a portion of this security is segregated as collateral for swap agreement. As of December 31, 2022, the aggregate value of those securities was $43,648,482, representing 42.4% of net assets.

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

**AXS Thomson Reuters Venture Capital Return Tracker Fund** 

**SCHEDULE OF INVESTMENTS - Continued**

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

**SWAP CONTRACTS** 

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Fund Pays | Fund Receives | Pay/Receive <br>Frequency | Termination <br>Date | Notional <br>Amount | Premium <br>Paid <br>(Received) | Unrealized <br>Appreciation <br>(Depreciation) |
| &nbsp;&nbsp;&nbsp;BNP Paribas BNP Paribas Index Swap<sup>1</sup> | 0.50% | Index Return | Monthly | 1/3/23 | $116050479 | $4576 | $578163 |
| &nbsp;&nbsp;&nbsp;BNP Paribas BNP Paribas Equity Basket Swap<sup>2</sup> | 1-Month Federal Funds + 0.57% | Basket Return | Monthly | 1/3/23 | 49388840 | 10310 | $(3398973) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  |  | $**(2820810)** |

---

<sup>1</sup> The BNP Paribas Index Swap is made up of the NASDAQ 100 Total Return Index and the S&P 500 Total Return Index and exposure to each index was (34.69)% and 35.90%, respectively.

<sup>2</sup> BNP Paribas Equity Basket Swap Top 50 Holdings^

---

| | | | |
|:---|:---|:---|:---|
| Number of <br>Shares | Description | Value | Percentage of Equity <br>Swap's Notional Amount |
| 20012 | Meta Platforms, Inc. - Class A | $2408244 | 4.88% |
| 6631 | Mastercard, Inc. - Class A | 2305798 | 4.67% |
| 10891 | Visa, Inc. - Class A | 2262714 | 4.58% |
| 9263 | Microsoft Corp. | 2221453 | 4.50% |
| 23403 | Alphabet, Inc. - Class A | 2064847 | 4.18% |
| 7574 | Accenture PLC - Class A | 2021046 | 4.09% |
| 5566 | Adobe, Inc. | 1873126 | 3.79% |
| 11974 | Salesforce, Inc. | 1587633 | 3.21% |
| 5325 | Netflix, Inc. | 1570236 | 3.18% |
| 18724 | Oracle Corp. | 1530500 | 3.10% |
| 10275 | International Business Machines Corp. | 1447645 | 2.93% |
| 3172 | Intuit, Inc. | 1234606 | 2.50% |
| 3928 | Berkshire Hathaway, Inc. - Class B | 1213359 | 2.46% |
| 4973 | Automatic Data Processing, Inc. | 1187851 | 2.41% |
| 13848 | PayPal Holdings, Inc. | 986255 | 2.00% |
| 1718 | UnitedHealth Group, Inc. | 910849 | 1.84% |
| 2249 | ServiceNow, Inc. | 873219 | 1.77% |
| 5917 | Apple, Inc. | 768796 | 1.56% |
| 8525 | Activision Blizzard, Inc. | 652589 | 1.32% |
| 23708 | Uber Technologies, Inc. | 586299 | 1.19% |
| 3640 | Snowflake, Inc. - Class A | 522486 | 1.06% |
| 1611 | Synopsys, Inc. | 514376 | 1.04% |
| 3582 | Palo Alto Networks, Inc. | 499832 | 1.01% |
| 3082 | Cadence Design Systems, Inc. | 495092 | 1.00% |
| 1129 | Roper Technologies, Inc. | 487830 | 0.99% |
| 2585 | Autodesk, Inc. | 483059 | 0.98% |
| 6843 | Fidelity National Information Services, Inc. | 464298 | 0.94% |
| 3224 | JPMorgan Chase & Co. | 432338 | 0.88% |
| 757 | Thermo Fisher Scientific, Inc. | 416872 | 0.84% |
| 4780 | Airbnb, Inc. - Class A | 408690 | 0.83% |
| 2678 | Procter & Gamble Co. | 405878 | 0.82% |
| 2407 | Workday, Inc. - Class A | 402763 | 0.82% |
| 4996 | CoStar Group, Inc. | 386091 | 0.78% |
| 451 | MercadoLibre, Inc. | 381654 | 0.77% |
| 3386 | Abbott Laboratories | 371749 | 0.75% |
| 2930 | Electronic Arts, Inc. | 357987 | 0.72% |
| 6200 | Cognizant Technology Solutions Corp. - Class A | 354578 | 0.72% |
| 1321 | Danaher Corp. | 350620 | 0.71% |
| 7081 | Fortinet, Inc. | 346190 | 0.70% |
| 2684 | VMware, Inc. - Class A | 329488 | 0.67% |
| 1522 | Honeywell International, Inc. | 326165 | 0.66% |
| 3169 | Raytheon Technologies Corp. | 319815 | 0.65% |
| 1786 | Verisk Analytics, Inc. - Class A | 315086 | 0.64% |
| 901 | Gartner, Inc. | 302862 | 0.61% |
| 1411 | Union Pacific Corp. | 292176 | 0.59% |
| 1618 | CDW Corp. | 288942 | 0.59% |
| 4418 | Coca-Cola Co. | 281029 | 0.57% |
| 1572 | United Parcel Service, Inc. - Class B | 273276 | 0.55% |
| 6579 | eBay, Inc. | 272831 | 0.55% |
| 634 | Deere & Co. | 271834 | 0.55% |

---

^ These investments are not direct holdings of the Fund. The holdings were determined based on the absolute notional values of the positions within the underlying swap basket.

## 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 Thomson Reuters Venture Capital Return Tracker Fund

- **b. EDGAR series identifier (if any):** S000069733

- **c. LEI of Series:** 549300W2M0C1HHKJ9U18

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $104630650.71

**Total Liabilities:** $591605.17

**Net Assets:** $104039045.54

**Cash Not Reported:** $1691748.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222489 | 9.36%                | 5.70%                | -8.17%               |
| Class ID C000222490 | 9.43%                | 5.77%                | -8.03%               |
| Class ID C000222491 | 9.42%                | 5.72%                | -8.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2637222.00             | $10956255.59                               |
| Month 2  | $-2292920.31             | $7888632.97                                |
| Month 3  | $-4588409.18             | $-2045182.20                               |

**Designated Index Information**

- **Index Name:** Thomson Reuters Venture Capital Index

- **Index Identifier:** TRVCI

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agilent Technologies Inc           | Agilent Technologies, Inc.                     | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      1086 | NS      | $162519.90    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                          | Apple, Inc.                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     12606 | NS      | $1637897.58   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                         | AbbVie, Inc.                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       680 | NS      | $109894.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp             | AmerisourceBergen Corp.                        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       632 | NS      | $104728.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                         | Airbnb, Inc. - Class A                         | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     10184 | NS      | $870732.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                | Abbott Laboratories                            | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      7215 | NS      | $792134.85    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                      | Accenture PLC - Class A                        | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     16137 | NS      | $4305997.08   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                          | Adobe, Inc.                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     11861 | NS      | $3991582.33   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                 | Analog Devices, Inc.                           | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       430 | NS      | $70532.90     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co          | Archer-Daniels-Midland Co.                     | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      1125 | NS      | $104456.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc      | Automatic Data Processing, Inc.                | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     10594 | NS      | $2530482.84   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                       | Autodesk, Inc.                                 | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      5508 | NS      | $1029279.96   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                     | Albemarle Corp.                                | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       272 | NS      | $58985.92     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc              | Applied Materials, Inc.                        | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |       681 | NS      | $66315.78     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc         | Advanced Micro Devices, Inc.                   | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      1346 | NS      | $87180.42     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                     | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      2368 | NS      | $198912.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc     | Air Products and Chemicals, Inc.               | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |       483 | NS      | $148889.58    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc            | Activision Blizzard, Inc.                      | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |     18160 | NS      | $1390148.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                       | Broadcom, Inc.                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       270 | NS      | $150965.10    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                      | Boeing Co.                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      2860 | NS      | $544801.40    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp               | Bank of America Corp.                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     16346 | NS      | $541379.52    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc           | Baxter International, Inc.                     | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |      1846 | NS      | $94090.62     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BNPP Equity Swap BCKTAXVC   /      | BNPP Equity Swap BCKTAXVC   /                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               |  | US        |   1130783 | NC      | $587590.55    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co            | Becton, Dickinson and Co.                      | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      1069 | NS      | $271846.70    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc                      | BlackRock, Inc.                                | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |       353 | NS      | $250146.39    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BNPP Equity Swap UA XS2 Basket   / | BNPP Equity Swap UA XS2 Basket   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               |  | US        |    362118 | NC      | $-3219301.11  | -3.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc             | Berkshire Hathaway, Inc. - Class B             | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      8369 | NS      | $2585184.10   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp             | Boston Scientific Corp.                        | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      5898 | NS      | $272900.46    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                      | Cable One, Inc.                                | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |         4 | NS      | $2847.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                    | Caterpillar, Inc.                              | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      2415 | NS      | $578537.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc         | Cadence Design Systems, Inc.                   | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      6568 | NS      | $1055083.52   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                        | CDW Corp.                                      | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |      3451 | NS      | $616279.58    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc         | Charter Communications, Inc. - Class A         | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |        92 | NS      | $31197.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp                         | Cigna Corp.                                    | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1195 | NS      | $395951.30    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co               | Colgate-Palmolive Co.                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      1994 | NS      | $157107.26    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                       | Comcast Corp. - Class A                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      4059 | NS      | $141943.23    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                       | Centene Corp.                                  | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      1907 | NS      | $156393.07    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                     | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      1012 | NS      | $119416.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp              | Costco Wholesale Corp.                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       114 | NS      | $52041.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                     | Salesforce, Inc.                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     25511 | NS      | $3382503.49   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc           | Crowdstrike Holdings, Inc. - Class A           | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      5479 | NS      | $576883.91    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                  | Cisco Systems, Inc.                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      3258 | NS      | $155211.12    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                   | CoStar Group, Inc.                             | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10642 | NS      | $822413.76    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions     | Cognizant Technology Solutions Corp. - Class A | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     13210 | NS      | $755479.90    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                    | CVS Health Corp.                               | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      5409 | NS      | $504064.71    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                       | Chevron Corp.                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1434 | NS      | $257388.66    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc              | DuPont de Nemours, Inc.                        | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      1165 | NS      | $79953.95     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                        | Datadog, Inc.                                  | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      6529 | NS      | $479881.50    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                         | Deere & Co.                                    | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1350 | NS      | $578826.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                       | Danaher Corp.                                  | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2818 | NS      | $747953.56    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                            | Dow, Inc.                                      | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      1670 | NS      | $84151.30     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                   | Duke Energy Corp.                              | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |        94 | NS      | $9681.06      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                  | Devon Energy Corp.                             | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |       493 | NS      | $30324.43     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                         | Dexcom, Inc.                                   | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      1518 | NS      | $171898.32    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                | Electronic Arts, Inc.                          | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      6242 | NS      | $762647.56    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                           | eBay, Inc.                                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     14015 | NS      | $581202.05    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                         | Ecolab, Inc.                                   | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       591 | NS      | $86025.96     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The           | Estee Lauder Cos., Inc. - Class A              | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |       553 | NS      | $137204.83    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                | Elevance Health, Inc.                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       990 | NS      | $507840.30    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                  | EOG Resources, Inc.                            | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       392 | NS      | $50771.84     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp          | Edwards Lifesciences Corp.                     | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      2426 | NS      | $181003.86    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc               | Freeport-McMoRan, Inc.                         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      3057 | NS      | $116166.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information      | Fidelity National Information Services, Inc.   | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     14580 | NS      | $989253.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                       | Fortinet, Inc.                                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     15088 | NS      | $737652.32    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent     | Frontier Communications Parent, Inc.           | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       227 | NS      | $5783.96      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                       | Alphabet, Inc. - Class A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     49862 | NS      | $4399324.26   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The        | Goldman Sachs Group, Inc.                      | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       799 | NS      | $274360.62    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                 | HCA Healthcare, Inc.                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       897 | NS      | $215244.12    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                 | Home Depot, Inc.                               | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       264 | NS      | $83387.04     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc        | Honeywell International, Inc.                  | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      3243 | NS      | $694974.90    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                         | Humana, Inc.                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       488 | NS      | $249948.72    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                                | International Business Machines Corp.          | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     21889 | NS      | $3083941.21   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc             | IDEXX Laboratories, Inc.                       | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       323 | NS      | $131771.08    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                       | Illumina, Inc.                                 | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       532 | NS      | $107570.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                         | Intel Corp.                                    | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      3220 | NS      | $85104.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                         | Intuit, Inc.                                   | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      6760 | NS      | $2631127.20   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc         | Iridium Communications, Inc.                   | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |        94 | NS      | $4831.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc             | Intuitive Surgical, Inc.                       | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1369 | NS      | $363264.15    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                        | Gartner, Inc.                                  | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      1916 | NS      | $644044.24    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                  | Johnson & Johnson                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1011 | NS      | $178593.15    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                | JPMorgan Chase & Co.                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      6867 | NS      | $920864.70    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                   | Coca-Cola Co.                                  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      9411 | NS      | $598633.71    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global PLC                 | Liberty Global PLC - Class A                   | CUSIP: G5480U104<br>LEI: 549300BSGXG3QLIQYT84 | Long             | EC               | CORP              | GB        |       437 | NS      | $8272.41      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                          | Linde PLC                                      | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | GB        |      1159 | NS      | $378042.62    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                     | Eli Lilly & Co.                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       306 | NS      | $111947.04    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp               | Lockheed Martin Corp.                          | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1149 | NS      | $558977.01    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc             | Lumen Technologies, Inc.                       | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |       878 | NS      | $4583.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                     | Mastercard, Inc. - Class A                     | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     14129 | NS      | $4913077.17   | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc         | Mondelez International, Inc. - Class A         | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      3279 | NS      | $218545.35    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                      | Medtronic PLC                                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      5202 | NS      | $404299.44    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                   | MercadoLibre, Inc.                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       964 | NS      | $815775.36    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                 | Meta Platforms, Inc. - Class A                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     42638 | NS      | $5131056.92   | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                   | Altria Group, Inc.                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      4044 | NS      | $184851.24    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp            | Marathon Petroleum Corp.                       | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |       373 | NS      | $43413.47     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                     | Merck & Co., Inc.                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       926 | NS      | $102739.70    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                     | Morgan Stanley                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      3131 | NS      | $266197.62    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                     | Microsoft Corp.                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     19737 | NS      | $4733327.34   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                 | NextEra Energy, Inc.                           | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       249 | NS      | $20816.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                       | Newmont Corp.                                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      1733 | NS      | $81797.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                        | Netflix, Inc.                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     11346 | NS      | $3345708.48   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                     | ServiceNow, Inc.                               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      4793 | NS      | $1860978.11   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                         | Nucor Corp.                                    | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       511 | NS      | $67354.91     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                        | NVIDIA Corp.                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      1953 | NS      | $285411.42    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                        | Oracle Corp.                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     39895 | NS      | $3261017.30   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp          | Occidental Petroleum Corp.                     | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |       586 | NS      | $36912.14     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc             | Palo Alto Networks, Inc.                       | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      7634 | NS      | $1065248.36   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                        | PepsiCo, Inc.                                  | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      3136 | NS      | $566549.76    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                         | Pfizer, Inc.                                   | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      2050 | NS      | $105042.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The            | Procter & Gamble Co.                           | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5705 | NS      | $864649.80    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In     | Philip Morris International, Inc.              | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      3299 | NS      | $333891.79    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                        | Phillips 66                                    | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |       364 | NS      | $37885.12     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co       | Pioneer Natural Resources Co.                  | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |       165 | NS      | $37684.35     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                | PayPal Holdings, Inc.                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     29504 | NS      | $2101274.88   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                       | QUALCOMM, Inc.                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       937 | NS      | $103013.78    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                        | ROBLOX Corp. - Class A                         | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11828 | NS      | $336624.88    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                         | ResMed, Inc.                                   | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       567 | NS      | $118009.71    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc             | Roper Technologies, Inc.                       | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      2409 | NS      | $1040904.81   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corp         | Raytheon Technologies Corp.                    | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      6752 | NS      | $681411.84    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The            | Charles Schwab Corp.                           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      3570 | NS      | $297238.20    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The            | Sherwin-Williams Co.                           | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |       554 | NS      | $131480.82    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd                   | Schlumberger Ltd.                              | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      1069 | NS      | $57148.74     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                      | Snowflake, Inc. - Class A                      | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      7755 | NS      | $1113152.70   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                       | Synopsys, Inc.                                 | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      3433 | NS      | $1096122.57   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                    | Southern Co.                                   | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |       122 | NS      | $8712.02      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                     | S&P Global, Inc.                               | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      1523 | NS      | $510113.62    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                       | Stryker Corp.                                  | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      1388 | NS      | $339352.12    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                           | AT&T, Inc.                                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      6568 | NS      | $120916.88    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                     | Atlassian Corp. - Class A                      | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |      3129 | NS      | $402639.72    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc       | Thermo Fisher Scientific, Inc.                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1615 | NS      | $889364.35    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                    | T-Mobile US, Inc.                              | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       591 | NS      | $82740.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                          | Tesla, Inc.                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       687 | NS      | $84624.66     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc              | Texas Instruments, Inc.                        | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       715 | NS      | $118132.30    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc              | Uber Technologies, Inc.                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     50512 | NS      | $1249161.76   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc             | UnitedHealth Group, Inc.                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3661 | NS      | $1940988.98   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                 | Union Pacific Corp.                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      3006 | NS      | $622452.42    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc          | United Parcel Service, Inc. - Class B          | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      3346 | NS      | $581668.64    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                           | Visa, Inc. - Class A                           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     23206 | NS      | $4821278.56   | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                  | Veeva Systems, Inc. - Class A                  | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       475 | NS      | $76655.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                         | VMware, Inc. - Class A                         | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |      5720 | NS      | $702187.20    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc               | Verisk Analytics, Inc.                         | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      3803 | NS      | $670925.26    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc         | Verizon Communications, Inc.                   | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      3871 | NS      | $152517.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                        | Workday, Inc. - Class A                        | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      5129 | NS      | $858235.57    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                   | Wells Fargo & Co.                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      8869 | NS      | $366201.01    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                        | Walmart, Inc.                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      3442 | NS      | $488041.18    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                   | Exxon Mobil Corp.                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      3317 | NS      | $365865.10    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc         | Zimmer Biomet Holdings, Inc.                   | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |       822 | NS      | $104805.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

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

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

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

**Title:** President