# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-25-286051
**Filing Date:** 2025-11
**Character Count:** 63775
**Document Hash:** f5bb4a0974bed1a34d3795aff26fb9a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-286051.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001193125-25-286051

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**PERIOD START**: 20251231

**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:** 251494200

**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

### KENNEDY CAPITAL SMALL CAP VALUE FUND (Series ID: S000076118)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000235565 | Institutional Class Shares | KVALX           |

## Nport-Ex

#### Kennedy Capital Small Cap Value Fund

#### SCHEDULE OF INVESTMENTS

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 52.3%** |  |
|  | **CONSUMER DISCRETIONARY — 5.4%** |  |
| 5225 | Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$410110 |
| 19307 | Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386912 |
| 6340 | Green Brick Partners, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468272 |
| 1332 | Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328551 |
| 3936 | Johnson Outdoors, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158975 |
| 3597 | Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286933 |
| 2025 | Modine Manufacturing Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287874 |
| 4593 | Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475054 |
| 4943 | Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287337 |
| 12325 | Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291240 |
| 8267 | YETI Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3655557** |
|  | **CONSUMER STAPLES — 0.5%** |  |
| 5334 | Chefs' Warehouse, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**311132** |
|  | **ENERGY — 3.0%** |  |
| 7442 | Aris Water Solutions, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183520 |
| 25417 | Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288991 |
| 8541 | HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447036 |
| 14526 | Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360245 |
| 17431 | Oil States International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105632 |
| 10309 | Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388031 |
| 9879 | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2020133** |
|  | **FINANCIALS — 13.2%** |  |
| 8140 | 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501098 |
| 5141 | Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181426 |
| 5153 | Axos Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436201 |
| 12922 | Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658763 |
| 6588 | BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251398 |
| 7255 | Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272353 |
| 7263 | ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180195 |
| 5596 | Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324456 |
| 6228 | Equity Bancshares, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253480 |
| 8780 | Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282716 |
| 6489 | Hamilton Insurance Group, Ltd. - Class B\*<sup>,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160927 |
| 25653 | Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254734 |
| 14752 | Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417482 |
| 3564 | Jackson Financial, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360784 |
| 5265 | Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271411 |
| 4050 | Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260010 |
| 11124 | National Bank Holdings Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429831 |
| 16108 | Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278427 |

---

------

#### Kennedy Capital Small Cap Value Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 12398 | Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$427979 |
| 1096 | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380301 |
| 5099 | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460899 |
| 5961 | QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450890 |
| 4589 | Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372030 |
| 5106 | Texas Capital Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431610 |
| 1549 | WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46919 |
| 3990 | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8874756** |
|  | **HEALTH CARE — 5.4%** |  |
| 33862 | AdaptHealth Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303065 |
| 3373 | Addus HomeCare Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397980 |
| 16093 | ADMA Biologics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235923 |
| 3627 | ANI Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332233 |
| 22855 | Catalyst Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450244 |
| 3995 | Corcept Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332024 |
| 6770 | Halozyme Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496512 |
| 2160 | ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259114 |
| 751 | Krystal Biotech, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132574 |
| 3631 | LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317749 |
| 3688 | Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247133 |
| 8990 | Simulations Plus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3640030** |
|  | **INDUSTRIALS — 12.0%** |  |
| 994 | AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92879 |
| 934 | Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321660 |
| 2719 | Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519057 |
| 1165 | Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304123 |
| 7019 | Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337825 |
| 5854 | AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638847 |
| 7378 | Enerpac Tool Group Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302498 |
| 3547 | EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400669 |
| 1770 | Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400020 |
| 20314 | Gates Industrial Corp. PLC\*<sup>,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504194 |
| 6431 | Gibraltar Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403867 |
| 7299 | Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380497 |
| 1050 | IES Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417533 |
| 17858 | Manitowoc Co., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178759 |
| 5727 | Mercury Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443270 |
| 12365 | MRC Global, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178303 |
| 2526 | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327622 |
| 9823 | Resideo Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424157 |
| 2001 | Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335087 |

---

------

#### Kennedy Capital Small Cap Value Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| 2803 | UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$262052 |
| 1382 | Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535843 |
| 8416 | Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83066 |
| 1261 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8058530** |
|  | **INFORMATION TECHNOLOGY — 3.7%** |  |
| 3479 | Axcelis Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339690 |
| 3320 | Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399296 |
| 4443 | Diodes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236412 |
| 10398 | Ichor Holdings, Ltd.\*<sup>,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182173 |
| 1633 | Insight Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185198 |
| 4127 | MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510799 |
| 1993 | Plexus Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288367 |
| 7961 | Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2491662** |
|  | **MATERIALS — 2.5%** |  |
| 1473 | Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343268 |
| 7709 | H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456990 |
| 2140 | Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391021 |
| 1740 | Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210209 |
| 2024 | Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1668150** |
|  | **REAL ESTATE — 4.3%** |  |
| 12862 | American Assets Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261356 |
| 14170 | Americold Realty Trust - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173441 |
| 11456 | Community Healthcare Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175277 |
| 6746 | COPT Defense Properties - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196039 |
| 14766 | Cushman & Wakefield PLC\*<sup>,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235075 |
| 1229 | EastGroup Properties, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208020 |
| 5176 | Essential Properties Realty Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154038 |
| 4536 | First Industrial Realty Trust, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233468 |
| 15181 | Kite Realty Group Trust - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338536 |
| 8959 | Phillips Edison & Co., Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307562 |
| 8652 | PotlatchDeltic Corp. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352569 |
| 9573 | UMH Properties, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142159 |
| 10373 | Xenia Hotels & Resorts, Inc. - REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2919858** |
|  | **UTILITIES — 2.3%** |  |
| 2018 | ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133995 |
| 4115 | American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301712 |
| 7825 | Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295863 |

---

------

#### Kennedy Capital Small Cap Value Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UTILITIES (Continued)** |  |
| 3621 | IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$478515 |
| 11038 | UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1577209** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $31,469,747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35217017** |
|  | **EXCHANGE-TRADED FUNDS — 0.3%** |  |
| 1061 | iShares Russell 2000 Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187596 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | (Cost $175,828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**187596** |
|  | **SHORT-TERM INVESTMENTS — 1.5%** |  |
| 1013823 | Goldman Sachs FS Government Fund - Institutional Class, 3.96%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013823 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | (Cost $1,013,823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1013823** |
|  | **TOTAL INVESTMENTS — 54.1%** |  |
|  | (Cost $32,659,398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36418436** |
|  | Other Assets in Excess of Liabilities — 45.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30924997 |
|  | **NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$67343433** |

---

PLC – Public Limited Company <br> REIT – Real Estate Investment Trusts <br> ETF – Exchange-Traded Fund

\* Non-income producing security. <br> <sup>1</sup> Foreign security denominated in U.S. Dollars. <br> <sup>2</sup> The rate is the annualized seven-day yield at period end.

## 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:** Kennedy Capital Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000076118

- **c. LEI of Series:** 549300ZGCFKGI0M06414

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $36472223.46

**Total Liabilities:** $305511.22

**Net Assets:** $36166712.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235565 | 1.82%                | 5.70%                | -0.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $175540.71               | $397850.17                                 |
| Month 2  | $229260.47               | $1692597.21                                |
| Month 3  | $252628.43               | $-467681.68                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alamo Group Inc                | Alamo Group, Inc.                                                    | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |      2719 | NS      | $519057.10    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc        | ANI Pharmaceuticals, Inc.                                            | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |      3627 | NS      | $332233.20    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc       | Aris Water Solutions, Inc. - Class A                                 | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7442 | NS      | $183519.72    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc           | Astec Industries, Inc.                                               | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |      7019 | NS      | $337824.47    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                     | Diodes, Inc.                                                         | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      4443 | NS      | $236412.03    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc             | UMH Properties, Inc. - REIT                                          | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             |  | CORP              | US        |      9573 | NS      | $142159.05    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services  | Enterprise Financial Services Corp.                                  | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |      5596 | NS      | $324456.08    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc       | EastGroup Properties, Inc. - REIT                                    | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             |  | CORP              | US        |      1229 | NS      | $208020.54    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group, Inc.                                                  | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     12325 | NS      | $291239.75    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc         | Valmont Industries, Inc.                                             | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      1382 | NS      | $535842.86    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                        | EnerSys                                                              | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |      3547 | NS      | $400669.12    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc        | WESCO International, Inc.                                            | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      1261 | NS      | $266701.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                       | WaFd, Inc.                                                           | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1549 | NS      | $46919.21     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp           | Wabash National Corp.                                                | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |      8416 | NS      | $83065.92     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp        | Wintrust Financial Corp.                                             | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |      3990 | NS      | $528435.60    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc     | Xenia Hotels & Resorts, Inc. - REIT                                  | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             |  | CORP              | US        |     10373 | NS      | $142317.56    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc              | YETI Holdings, Inc.                                                  | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      8267 | NS      | $274299.06    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular, Inc.                                              | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      3631 | NS      | $317748.81    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS, Inc.                                                            | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |      4127 | NS      | $510798.79    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesa Laboratories Inc          | Mesa Laboratories, Inc.                                              | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |      3688 | NS      | $247132.88    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co.                                             | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      2025 | NS      | $287874.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                    | Plexus Corp.                                                         | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |      1993 | NS      | $288367.17    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp         | Progress Software Corp.                                              | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      7961 | NS      | $349726.73    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc               | QCR Holdings, Inc.                                                   | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |      5961 | NS      | $450890.04    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc       | Resideo Technologies, Inc.                                           | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      9823 | NS      | $424157.14    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC Global Inc                 | MRC Global, Inc.                                                     | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |     12365 | NS      | $178303.30    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc            | Mercury Systems, Inc.                                                | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |      5727 | NS      | $443269.80    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                  | Materion Corp.                                                       | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      1740 | NS      | $210209.40    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Manitowoc Co Inc/The           | Manitowoc Co., Inc.                                                  | CUSIP: 563571405<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | EC               | CORP              | US        |     17858 | NS      | $178758.58    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank Holdings Corp    | National Bank Holdings Corp. - Class A                               | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11124 | NS      | $429831.36    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc         | Northern Oil & Gas, Inc.                                             | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     14526 | NS      | $360244.80    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                      | Enpro, Inc.                                                          | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |      1770 | NS      | $400020.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc        | Insight Enterprises, Inc.                                            | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      1633 | NS      | $185198.53    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Bancorp Inc             | Origin Bancorp, Inc.                                                 | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     12398 | NS      | $427978.96    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil States International Inc   | Oil States International, Inc.                                       | CUSIP: 678026105<br>LEI: 5493004TF4KQJGMYL777 | Long             | EC               | CORP              | US        |     17431 | NS      | $105631.86    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc         | Old Second Bancorp, Inc.                                             | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     16108 | NS      | $278426.78    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp.                                                        | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |      2526 | NS      | $327622.20    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                       | Bank OZK                                                             | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     12922 | NS      | $658763.56    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc         | Patrick Industries, Inc.                                             | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      4593 | NS      | $475053.99    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp            | PotlatchDeltic Corp. - REIT                                          | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             |  | CORP              | US        |      8652 | NS      | $352569.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc       | Phillips Edison & Co., Inc. - REIT                                   | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             |  | CORP              | US        |      8959 | NS      | $307562.47    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA  | Preferred Bank/Los Angeles CA                                        | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      5099 | NS      | $460898.61    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                    | Polaris, Inc.                                                        | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |      4943 | NS      | $287336.59    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos              | Piper Sandler Cos.                                                   | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      1096 | NS      | $380301.04    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc       | Gibraltar Industries, Inc.                                           | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6431 | NS      | $403866.80    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp           | Range Resources Corp.                                                | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     10309 | NS      | $388030.76    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc  | Selective Insurance Group, Inc.                                      | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      4589 | NS      | $372030.23    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc           | Simulations Plus, Inc.                                               | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8990 | NS      | $135479.30    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                   | SM Energy Co.                                                        | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      9879 | NS      | $246678.63    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR         | Home BancShares, Inc.                                                | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14752 | NS      | $417481.60    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp         | Heritage Commerce Corp.                                              | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |     25653 | NS      | $254734.29    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                    | Hawkins, Inc.                                                        | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      2140 | NS      | $391020.80    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In | Installed Building Products, Inc.                                    | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1332 | NS      | $328551.12    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd             | Ichor Holdings Ltd.                                                  | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | US        |     10398 | NS      | $182172.96    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                | ICU Medical, Inc.                                                    | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |      2160 | NS      | $259113.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                    | IDACORP, Inc.                                                        | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      3621 | NS      | $478515.15    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc               | IES Holdings, Inc.                                                   | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |      1050 | NS      | $417532.50    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 Value ETF | iShares Russell 2000 Value ETF - ETF                                 | CUSIP: 464287630<br>LEI: 549300WJAJCAZZLTQD63 | Long             |  | RF                | US        |      1061 | NS      | $187595.41    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Outdoors Inc           | Johnson Outdoors, Inc. - Class A                                     | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3936 | NS      | $158975.04    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc          | Jackson Financial, Inc. - Class A                                    | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      3564 | NS      | $360783.72    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                    | Kemper Corp.                                                         | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |      5265 | NS      | $271410.75    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust        | Kite Realty Group Trust - REIT                                       | CUSIP: 49803T300<br>LEI: N/A                  | Long             |  | CORP              | US        |     15181 | NS      | $338536.30    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc            | Krystal Biotech, Inc.                                                | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |       751 | NS      | $132574.03    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc             | Kontoor Brands, Inc.                                                 | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |      3597 | NS      | $286932.69    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp           | Quaker Chemical Corp.                                                | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      2024 | NS      | $266662.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp        | Lakeland Financial Corp.                                             | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4050 | NS      | $260010.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                       | AAON, Inc.                                                           | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       994 | NS      | $92879.36     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc      | American Assets Trust, Inc. - REIT                                   | CUSIP: 024013104<br>LEI: N/A                  | Long             |  | CORP              | US        |     12862 | NS      | $261355.84    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc       | Axcelis Technologies, Inc.                                           | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      3479 | NS      | $339689.56    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc             | ADMA Biologics, Inc.                                                 | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16093 | NS      | $235923.38    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp            | Addus HomeCare Corp.                                                 | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      3373 | NS      | $397980.27    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Energy Solutions Inc     | Atlas Energy Solutions, Inc.                                         | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25417 | NS      | $288991.29    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corp               | AdaptHealth Corp.                                                    | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33862 | NS      | $303064.90    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies, Inc.                                | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      1165 | NS      | $304123.25    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE Inc                     | ALLETE, Inc.                                                         | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |      2018 | NS      | $133995.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp | Atlantic Union Bankshares Corp.                                      | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5141 | NS      | $181425.89    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                    | Avista Corp.                                                         | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      7825 | NS      | $295863.25    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co       | American States Water Co.                                            | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      4115 | NS      | $301711.80    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc             | Axos Financial, Inc.                                                 | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      5153 | NS      | $436201.45    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc                     | Acuity, Inc.                                                         | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       934 | NS      | $321660.26    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                        | AZZ, Inc.                                                            | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |      5854 | NS      | $638847.02    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                     | Belden, Inc.                                                         | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |      3320 | NS      | $399296.40    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                 | BankUnited, Inc.                                                     | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |      6588 | NS      | $251398.08    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                   | Cadence Bank                                                         | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |      7255 | NS      | $272352.70    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties        | COPT Defense Properties - REIT                                       | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             |  | CORP              | US        |      6746 | NS      | $196038.76    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc | Community Healthcare Trust, Inc. - REIT                              | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             |  | CORP              | US        |     11456 | NS      | $175276.80    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The       | Chefs' Warehouse, Inc.                                               | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      5334 | NS      | $311132.22    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc         | ConnectOne Bancorp, Inc.                                             | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |      7263 | NS      | $180195.03    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc     | Americold Realty Trust, Inc. - REIT                                  | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             |  | CORP              | US        |     14170 | NS      | $173440.80    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc       | Corcept Therapeutics, Inc.                                           | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      3995 | NS      | $332024.45    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc   | Catalyst Pharmaceuticals, Inc.                                       | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     22855 | NS      | $450243.50    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC        | Cushman & Wakefield PLC                                              | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14766 | NS      | $235074.72    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                       | Dana, Inc.                                                           | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     19307 | NS      | $386912.28    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp               | HF Sinclair Corp.                                                    | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |      8541 | NS      | $447035.94    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp        | Enerpac Tool Group Corp.                                             | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |      7378 | NS      | $302498.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust, Inc. - REIT                       | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             |  | CORP              | US        |      5176 | NS      | $154037.76    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Bancshares Inc          | Equity Bancshares, Inc. - Class A                                    | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |      6228 | NS      | $253479.60    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials, Inc.                                                | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      1473 | NS      | $343267.92    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square | Goldman Sachs Financial Square Government Fund - Class Institutional | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   1090449 | PA      | $1090449.20   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust  | First Industrial Realty Trust, Inc. - REIT                           | CUSIP: 32054K103<br>LEI: N/A                  | Long             |  | CORP              | US        |      4536 | NS      | $233467.92    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp              | Five Star Bancorp                                                    | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |      8780 | NS      | $282716.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                   | H.B. Fuller Co.                                                      | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |      7709 | NS      | $456989.52    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Acushnet Holdings Corp         | Acushnet Holdings Corp.                                              | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |      5225 | NS      | $410110.25    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc       | Green Brick Partners, Inc.                                           | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |      6340 | NS      | $468272.40    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC      | Gates Industrial Corp. PLC                                           | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |     20314 | NS      | $504193.48    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics, Inc.                                          | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      6770 | NS      | $496511.80    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd   | Hamilton Insurance Group Ltd. - Class B                              | CUSIP: G42706104<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |      6489 | NS      | $160927.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Helios Technologies Inc        | Helios Technologies, Inc.                                            | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               | CORP              | US        |      7299 | NS      | $380496.87    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| 1st Source Corp                | 1st Source Corp.                                                     | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8140 | NS      | $501098.40    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc   | Simpson Manufacturing Co., Inc.                                      | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      2001 | NS      | $335087.46    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc   | Texas Capital Bancshares, Inc.                                       | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |      5106 | NS      | $431610.18    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc             | UFP Industries, Inc.                                                 | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |      2803 | NS      | $262052.47    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp.                                                            | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     11038 | NS      | $367123.88    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-01

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

**Signature:** /s/ Scott Schulenburg

**Name of Signer:** Scott Schulenburg

**Title:** President