# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-26-056432
**Filing Date:** 2026-2
**Character Count:** 42598
**Document Hash:** 7c896350dd0667a1355dc1757341f56b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-056432.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001193125-26-056432

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**PERIOD START**: 20260331

**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:** 26646370

**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

### Astoria Real Assets ETF (Series ID: S000074985)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000233574 | Astoria Real Assets ETF | PPI             |

## Nport-Ex

#### Astoria Real Assets ETF

#### SCHEDULE OF INVESTMENTS

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

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 83.3%** |  |
|  | **AEROSPACE/DEFENSE — 10.6%** |  |
| 4432 | Airbus S.E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1032704 |
| 10924 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239639 |
| 38900 | IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683595 |
| 829 | Rheinmetall A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519819 |
| 162302 | Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510499 |
| 2562 | Safran S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8881115** |
|  | **BUILDING MATERIALS — 0.9%** |  |
| 8014 | Holcim A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**786581** |
|  | **CHEMICALS — 2.5%** |  |
| 8391 | Air Liquide S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579332 |
| 6690 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2096737** |
|  | **COMMERCIAL SERVICES — 1.8%** |  |
| 1830 | United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1481056** |
|  | **COMPUTERS — 0.8%** |  |
| 3580 | Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**645832** |
|  | **DISTRIBUTION/WHOLESALE — 0.8%** |  |
| 2766 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**676674** |
|  | **DIVERSIFIED FINANCIAL SERVICES — 0.8%** |  |
| 4611 | AerCap Holdings N.V.<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**662877** |
|  | **ELECTRIC — 17.8%** |  |
| 57257 | AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821065 |
| 6281 | Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627221 |
| 18019 | American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077771 |
| 9064 | Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202039 |
| 7094 | DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914984 |
| 12967 | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778279 |
| 8206 | Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758481 |
| 26163 | Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140445 |
| 14097 | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631123 |
| 5690 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906076 |
| 25110 | PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403518 |
| 2341 | Talen Energy Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877500 |
| 10706 | Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14865701** |

---

------

#### Astoria Real Assets ETF

#### SCHEDULE OF INVESTMENTS - Continued

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

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ELECTRICAL COMPONENTS & EQUIPMENT — 1.8%** |  |
| 11511 | ABB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$860437 |
| 5900 | Fujikura Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1516892** |
|  | **ENGINEERING & CONSTRUCTION — 5.1%** |  |
| 5008 | AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477413 |
| 948 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884759 |
| 1279 | Dycom Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432174 |
| 1688 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032702 |
| 3485 | MasTec, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757534 |
| 2173 | Sterling Infrastructure, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4250020** |
|  | **IRON/STEEL — 2.8%** |  |
| 7579 | ATI, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869766 |
| 2361 | Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743337 |
| 4411 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2360547** |
|  | **MACHINERY-CONSTRUCTION & MINING — 4.2%** |  |
| 2420 | GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581639 |
| 12073 | Vertiv Holdings Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3537586** |
|  | **METAL FABRICATE/HARDWARE — 0.9%** |  |
| 6610 | Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**758828** |
|  | **MINING — 10.4%** |  |
| 6896 | Agnico Eagle Mines Ltd.<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169079 |
| 27847 | Anglogold Ashanti Plc<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374792 |
| 4519 | Cameco Corp.<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413443 |
| 867 | Centrus Energy Corp. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210473 |
| 30934 | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088760 |
| 17691 | Rio Tinto PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8672358** |
|  | **OIL & GAS — 8.8%** |  |
| 18950 | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642703 |
| 16240 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520226 |
| 17924 | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656556 |
| 5241 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550357 |
| 10369 | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247806 |
| 37100 | Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740130 |
| 18344 | Shell PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347917 |

---

------

#### Astoria Real Assets ETF

#### SCHEDULE OF INVESTMENTS - Continued

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

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **OIL & GAS (Continued)** |  |
| 14404 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$640155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7345850** |
|  | **OIL & GAS SERVICES — 0.9%** |  |
| 17431 | TechnipFMC PLC<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**776725** |
|  | **PACKAGING & CONTAINERS — 0.7%** |  |
| 5760 | Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**593107** |
|  | **REAL ESTATE — 3.3%** |  |
| 10457 | CBRE Group, Inc. - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681381 |
| 3124 | Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2732513** |
|  | **REITS — 7.4%** |  |
| 15619 | CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564783 |
| 43235 | Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766556 |
| 6564 | Lamar Advertising Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830871 |
| 19467 | Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863167 |
| 5511 | SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065993 |
| 46148 | VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297682 |
| 12038 | WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6163818** |
|  | **TRANSPORTATION — 1.0%** |  |
| 15684 | Deutsche Post A.G. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**860770** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $58,322,684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69665587** |
|  | **EXCHANGE-TRADED FUNDS — 16.0%** |  |
| 1507 | abrdn Physical Palladium Shares ETF\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219088 |
| 27349 | abrdn Physical Silver Shares ETF\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849886 |
| 51987 | Bitwise Bitcoin ETF\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472502 |
| 7876 | Bitwise Ethereum ETF\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167522 |
| 11979 | GraniteShares Platinum Trust\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236346 |

---

------

#### Astoria Real Assets ETF

#### SCHEDULE OF INVESTMENTS - Continued

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

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
| 98324 | SPDR Gold MiniShares Trust\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8393920 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | (Cost $10,415,592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13339264** |
|  | **TOTAL INVESTMENTS — 99.3%** |  |
|  | (Cost $68,738,276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83004851** |
|  | Other Assets in Excess of Liabilities — 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610141 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$83614992** |

---

---

| |
|:---|
| PLC – Public Limited Company |
| ADR – American Depository Receipt |
| REIT – Real Estate Investment Trusts |
| ETF – Exchange-Traded Fund |

---

\*Non-income producing security. <br> <sup>1</sup>Foreign security denominated in U.S. Dollars.

## 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:** Astoria Real Assets ETF

- **b. EDGAR series identifier (if any):** S000074985

- **c. LEI of Series:** 5493001KW9J3YXBP6156

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

- **a. Date of fiscal year-end:** 2026-03-31

- **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:** $83676804.57

**Total Liabilities:** $61813.10

**Net Assets:** $83614991.47

**Cash Not Reported:** $387265.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233574 | 2.62%                | -1.12%               | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-69.00                  | $1794510.60                                |
| Month 2  | $-84111.73               | $-603371.12                                |
| Month 3  | $-592.36                 | $191931.24                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Canadian Natural Resources Limited | Canadian Natural Resources Limited COM NPV              | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     18950 | NS      | $642703.26    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                 | Suncor Energy Inc. COM NPV 'NEW'                        | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     14404 | NS      | $640154.43    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd             | Agnico Eagle Mines Ltd COM NPV                          | CUSIP: 008474108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      6896 | NS      | $1169078.88   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                 | Cameco Corporation COM NPV                              | CUSIP: 13321L108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      4519 | NS      | $413443.31    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                          | Safran SA EUR0.20                                       | CUSIP: F4035A557<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      2562 | NS      | $894859.01    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide S.A.(L')               | Air Liquide S.A.(L') EUR5.50                            | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |      8391 | NS      | $1579331.82   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                   | Deutsche Post AG NPV(REGD)                              | CUSIP: D19225107<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |     15684 | NS      | $860770.03    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                     | Rheinmetall AG NPV                                      | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |       829 | NS      | $1519819.31   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujikura Ltd.                      | Fujikura Ltd. NPV                                       | CUSIP: J14784128<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5900 | NS      | $656454.75    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| IHI Corp.                          | IHI Corp. NPV                                           | CUSIP: J2398N113<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     38900 | NS      | $683594.69    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp.                        | Inpex Corp. NPV                                         | CUSIP: J2467E101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     37100 | NS      | $740130.15    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                          | Airbus SE EUR1                                          | CUSIP: N0280G100<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |      4432 | NS      | $1032704.20   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.               | AerCap Holdings N.V. EUR0.01                            | CUSIP: N00985106<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |      4611 | NS      | $662877.36    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                          | Shell PLC SPON ADS                                      | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     18344 | NS      | $1347917.12   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                     | TechnipFMC PLC USD1                                     | CUSIP: G87110105<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     17431 | NS      | $776725.36    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC              | Anglogold Ashanti PLC COM SHS                           | CUSIP: G0378L100<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     27847 | NS      | $2374792.16   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                          | AES Corp. COM USD0.01                                   | CUSIP: 00130H105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57257 | NS      | $821065.38    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Palladium ETF Trust          | abrdn Palladium ETF Trust PHYSICAL PALLADIUM SHARES ETF | CUSIP: 003262102<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1507 | NS      | $219087.66    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                              | AECOM COM STK USD0.01                                   | CUSIP: 00766T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5008 | NS      | $477412.64    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                            | ATI Inc COM USD0.10                                     | CUSIP: 01741R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7579 | NS      | $869766.04    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                       | Ameren Corp. COM USD0.01                                | CUSIP: 023608102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6281 | NS      | $627220.66    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co, Inc.   | American Electric Power Co, Inc. COM USD6.50            | CUSIP: 025537101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18019 | NS      | $2077770.89   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitwise Bitcoin ETF                | Bitwise Bitcoin ETF SHARES OF BENEFICIAL INTEREST       | CUSIP: 09174C104<br>LEI: N/A                  | Long             | EC               | RF                | US        |     51987 | NS      | $2472501.72   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitwise Ethereum ETF               | Bitwise Ethereum ETF SHS                                | CUSIP: 091955104<br>LEI: N/A                  | Long             | EC               | RF                | US        |      7876 | NS      | $167522.52    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                    | CBRE Group Inc. COM USD0.01 CLASS A                     | CUSIP: 12504L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10457 | NS      | $1681381.03   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.       | CF Industries Holdings, Inc. COM USD0.01                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      6690 | NS      | $517404.60    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                 | Caretrust Reit Inc COM USD0.01 WHEN ISSUED              | CUSIP: 14174T107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15619 | NS      | $564783.04    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corporation   | Carpenter Technology Corporation COM USD5               | CUSIP: 144285103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2361 | NS      | $743337.24    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp.               | Centrus Energy Corp. CL A                               | CUSIP: 15643U104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       867 | NS      | $210472.92    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.           | Comfort Systems USA Inc. COM USD0.01                    | CUSIP: 199908104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       948 | NS      | $884758.92    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                     | ConocoPhillips COM USD0.01                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     16240 | NS      | $1520226.40   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.         | Constellation Energy Corp. COM                          | CUSIP: 21037T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9064 | NS      | $3202039.28   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                 | EOG Resources Inc. COM USD0.01                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      5241 | NS      | $550357.41    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International               | Edison International COM NPV                            | CUSIP: 281020107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12967 | NS      | $778279.34    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Emcor Group Inc                    | Emcor Group Inc COM STK USD0.01                         | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      1688 | NS      | $1032701.52   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corporation                | Entergy Corporation COM USD0.01                         | CUSIP: 29364G103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8206 | NS      | $758480.58    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                       | Exelon Corp. COM NPV                                    | CUSIP: 30161N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26163 | NS      | $1140445.17   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                  | Exxon Mobil Corp. COM NPV                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     10369 | NS      | $1247805.46   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                  | FirstEnergy Corp. COM USD0.10                           | CUSIP: 337932107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14097 | NS      | $631122.69    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                    | GE Vernova Inc. COM                                     | CUSIP: 36828A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2420 | NS      | $1581639.40   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Graniteshares Platinum Tr          | Graniteshares Platinum Tr SHS BEN INT                   | CUSIP: 38748T103<br>LEI: N/A                  | Long             | EC               | RF                | US        |     11979 | NS      | $236345.67    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc          | Host Hotels & Resorts Inc COM STK USD0.01               | CUSIP: 44107P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43235 | NS      | $766556.55    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc               | Howmet Aerospace Inc COM                                | CUSIP: 443201108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10924 | NS      | $2239638.48   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated    | Jones Lang LaSalle Incorporated COM USD0.01             | CUSIP: 48020Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3124 | NS      | $1051132.28   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company          | Lamar Advertising Company COM USD0.001 CL A             | CUSIP: 512816109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6564 | NS      | $830871.12    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                | Leidos Holdings Inc COM USD0.0001                       | CUSIP: 525327102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3580 | NS      | $645832.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastec, Inc.                       | Mastec, Inc. COM USD0.10                                | CUSIP: 576323109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3485 | NS      | $757534.45    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc.            | Mueller Industries Inc. COM USD0.01                     | CUSIP: 624756102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6610 | NS      | $758828.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                   | NRG Energy, Inc. COM USD0.01                            | CUSIP: 629377508<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5690 | NS      | $906075.60    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                | Newmont Corporation COM USD1.60                         | CUSIP: 651639106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30934 | NS      | $3088759.90   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.   | Omega Healthcare Investors, Inc. COM STK USD0.10        | CUSIP: 681936100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19467 | NS      | $863166.78    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corporation           | Talen Energy Corporation COM                            | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2341 | NS      | $877500.44    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.               | United Rentals, Inc. COM USD0.01                        | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1830 | NS      | $1481055.60   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                 | Vertiv Holdings Co COM CL A                             | CUSIP: 92537N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12073 | NS      | $1955946.73   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                | Vici Properties Inc COM USD0.01                         | CUSIP: 925652109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46148 | NS      | $1297681.76   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                        | Vistra Corp COM USD0.01                                 | CUSIP: 92840M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10706 | NS      | $1727198.98   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| W. P. Carey Inc                    | W. P. Carey Inc COM USD0.001                            | CUSIP: 92936U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12038 | NS      | $774765.68    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.          | Wesco International, Inc. COM USD0.01                   | CUSIP: 95082P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2766 | NS      | $676674.24    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| World Gold Trust                   | World Gold Trust SPDR GLD MINIS                         | CUSIP: 98149E303<br>LEI: 549300DGCWLK8TGZ0C89 | Long             | EC               | RF                | US        |     98324 | NS      | $8393919.88   | 10.04%            |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Silver ETF Trust             | abrdn Silver ETF Trust PHYSICAL SILVER SHARES ETF       | CUSIP: 003264108<br>LEI: N/A                  | Long             | EC               | RF                | US        |     27349 | NS      | $1849886.36   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd.                           | ABB Ltd. CHF0.12 (REGD)                                 | CUSIP: H0010V101<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     11511 | NS      | $860437.26    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                          | Holcim AG CHF2 (REGD)                                   | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |      8014 | NS      | $786580.80    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC           | Rolls-Royce Holdings PLC ORD GBP0.20                    | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    162302 | NS      | $2510499.42   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                      | Rio Tinto PLC ADR EACH REP 1 ORD                        | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     17691 | NS      | $1415810.73   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                 | Crown Holdings Inc COM USD5                             | CUSIP: 228368106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5760 | NS      | $593107.20    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co.                     | DTE Energy Co. COM NPV                                  | CUSIP: 233331107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7094 | NS      | $914984.12    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation           | Devon Energy Corporation COM USD0.10                    | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     17924 | NS      | $656556.12    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.             | Dycom Industries, Inc. COM USD0.333                     | CUSIP: 267475101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1279 | NS      | $432174.10    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                   | PG&E Corporation COM NPV                                | CUSIP: 69331C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25110 | NS      | $403517.70    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.           | SBA Communications Corp. COM USD0.01 CL A               | CUSIP: 78410G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5511 | NS      | $1065992.73   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.               | Steel Dynamics, Inc. COM STK USD0.01                    | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      4411 | NS      | $747443.95    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc        | Sterling Infrastructure Inc COM USD0.01                 | CUSIP: 859241101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2173 | NS      | $665437.79    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-13

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

**Signature:** /s/ Scott Schulenburg

**Name of Signer:** Scott Schulenburg

**Title:** President