Investment Managers Series Trust II (TSLW) NPORT-P AXS Alternative Value Fund (Jun 2024 report)

AXS Alternative Value Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited)

Number of Shares		Value
	COMMON STOCKS — 116.5%
	AEROSPACE/DEFENSE — 5.4%
778	General Dynamics Corp.1	$225,729
585	L3Harris Technologies, Inc.1	131,379
399	Lockheed Martin Corp.1	186,373
304	Northrop Grumman Corp.1	132,529
		676,010
	AGRICULTURE — 3.4%
4,155	Altria Group, Inc.1	189,260
347	Bunge Global S.A.1,2	37,049
1,945	Philip Morris International, Inc.1	197,087
		423,396
	BANKS — 1.0%
834	M&T Bank Corp.1	126,234
	BEVERAGES — 4.1%
534	Brown-Forman Corp. - Class B1	23,064
3,034	Coca-Cola Co.1	193,114
1,855	Molson Coors Beverage Co. - Class B1	94,290
595	Monster Beverage Corp.*,1	29,720
1,041	PepsiCo, Inc.1	171,692
		511,880
	BIOTECHNOLOGY — 9.4%
727	Amgen, Inc.1	227,151
562	Biogen, Inc.*,1	130,283
2,348	Gilead Sciences, Inc.1	161,096
2,877	Incyte Corp.*,1	174,404
229	Regeneron Pharmaceuticals, Inc.*,1	240,686
523	Vertex Pharmaceuticals, Inc.*,1	245,140
		1,178,760
	COMMERCIAL SERVICES — 2.0%
299	MarketAxess Holdings, Inc.1	59,958
951	Rollins, Inc.1	46,399
523	Verisk Analytics, Inc. - Class A1	140,975
		247,332
	COMPUTERS — 3.9%
1,246	International Business Machines Corp.1	215,496
1,859	Leidos Holdings, Inc.1	271,191
		486,687
	COSMETICS/PERSONAL CARE — 3.4%
2,344	Colgate-Palmolive Co.1	227,462

AXS Alternative Value Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited)

Number of Shares		Value
	COMMON STOCKS (Continued)
	COSMETICS/PERSONAL CARE (Continued)
1,228	Procter & Gamble Co.1	$202,522
		429,984
	DIVERSIFIED FINANCIAL SERVICES — 2.3%
631	Cboe Global Markets, Inc.1	107,308
931	CME Group, Inc.1	183,034
		290,342
	ELECTRIC — 4.4%
489	Ameren Corp.1	34,773
595	CMS Energy Corp.1	35,420
1,500	Dominion Energy, Inc.1	73,500
654	DTE Energy Co.1	72,600
704	Entergy Corp.1	75,328
678	Evergy, Inc.1	35,914
1,130	Public Service Enterprise Group, Inc.1	83,281
501	Sempra1	38,106
441	WEC Energy Group, Inc.1	34,601
1,258	Xcel Energy, Inc.1	67,190
		550,713
	ENVIRONMENTAL CONTROL — 4.4%
1,208	Republic Services, Inc.1	234,763
842	Veralto Corp.1	80,386
1,075	Waste Management, Inc.1	229,340
		544,489
	FOOD — 10.8%
3,883	Campbell Soup Co.1	175,473
5,706	Conagra Brands, Inc.1	162,165
2,470	General Mills, Inc.1	156,252
844	Hershey Co.1	155,153
4,972	Hormel Foods Corp.1	151,596
298	J M Smucker Co.1	32,494
2,997	Kellanova1	172,867
969	Kraft Heinz Co.1	31,221
627	Kroger Co.1	31,306
1,421	Lamb Weston Holdings, Inc.1	119,478
2,361	McCormick & Co., Inc.1	167,489
		1,355,494
	GAS — 1.2%
624	Atmos Energy Corp.1	72,789
2,686	NiSource, Inc.1	77,384
		150,173

AXS Alternative Value Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited)

Number of Shares		Value
	COMMON STOCKS (Continued)
	HEALTHCARE-PRODUCTS — 3.1%
760	Abbott Laboratories1	$78,971
454	Danaher Corp.1	113,432
395	ResMed, Inc.1	75,611
59	Thermo Fisher Scientific, Inc.1	32,627
283	Waters Corp.*,1	82,104
		382,745
	HEALTHCARE-SERVICES — 6.5%
2,653	Centene Corp.*,1	175,894
241	Elevance Health, Inc.1	130,588
407	Humana, Inc.1	152,076
575	Molina Healthcare, Inc.*,1	170,947
369	UnitedHealth Group, Inc.1	187,917
		817,422
	HOUSEHOLD PRODUCTS/WARES — 4.5%
1,960	Church & Dwight Co., Inc.1	203,213
1,197	Clorox Co.1	163,354
1,443	Kimberly-Clark Corp.1	199,423
		565,990
	INSURANCE — 11.8%
879	Arch Capital Group Ltd.*,1,2	88,682
392	Arthur J. Gallagher & Co.1	101,650
411	Assurant, Inc.1	68,329
2,271	Brown & Brown, Inc.1	203,050
305	Chubb Ltd.1,2	77,799
648	Cincinnati Financial Corp.1	76,529
190	Everest Group Ltd.1,2	72,394
725	Globe Life, Inc.1	59,653
1,088	Hartford Financial Services Group, Inc.1	109,387
1,848	Loews Corp.1	138,119
407	Progressive Corp.1	84,538
187	Travelers Cos., Inc.1	38,025
2,327	W R Berkley Corp.1	182,856
652	Willis Towers Watson PLC1,2	170,915
		1,471,926
	MEDIA — 1.8%
352	FactSet Research Systems, Inc.1	143,711
2,355	Fox Corp. - Class A1	80,941
		224,652
	OIL & GAS — 1.5%
7,077	Coterra Energy, Inc.1	188,744

AXS Alternative Value Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited)

Number of Shares		Value
	COMMON STOCKS (Continued)
	PHARMACEUTICALS — 12.6%
1,199	AbbVie, Inc.1	$205,652
2,028	Cardinal Health, Inc.1	199,393
638	Cigna Group1	210,904
2,457	CVS Health Corp.1	145,110
1,160	Johnson & Johnson1	169,546
370	McKesson Corp.1	216,095
1,637	Merck & Co., Inc.1	202,661
5,096	Organon & Co.1	105,487
4,247	Pfizer, Inc.1	118,831
		1,573,679
	REITS — 1.5%
627	Public Storage - REIT1	180,357
	RETAIL — 8.5%
70	AutoZone, Inc.*,1	207,487
269	Costco Wholesale Corp.1	228,647
570	Dollar General Corp.1	75,371
339	Domino's Pizza, Inc.1	175,036
646	McDonald's Corp.1	164,627
75	O'Reilly Automotive, Inc.*,1	79,204
498	Tractor Supply Co.1	134,460
		1,064,832
	SEMICONDUCTORS — 0.3%
1,292	Intel Corp.1	40,013
	SOFTWARE — 3.9%
1,870	Akamai Technologies, Inc.*,1	168,450
573	Electronic Arts, Inc.1	79,836
392	Fiserv, Inc.*,1	58,424
1,120	Jack Henry & Associates, Inc.1	185,942
		492,652
	TELECOMMUNICATIONS — 3.4%
11,175	AT&T, Inc.1	213,554
4,970	Verizon Communications, Inc.1	204,963
		418,517
	TOYS/GAMES/HOBBIES — 0.3%
706	Hasbro, Inc.1	41,301

AXS Alternative Value Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited)

Number of Shares		Value
	COMMON STOCKS (Continued)
	TRANSPORTATION — 1.1%
1,549	C.H. Robinson Worldwide, Inc.1	$136,498
	TOTAL COMMON STOCKS
	(Cost $13,438,887)	14,570,822

Principal Amount
	SHORT-TERM INVESTMENTS — 2.0%
$254,520	UMB Bank, Money Market Fiduciary Deposit Investment, 0.01%3	254,520
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $254,520)	254,520
	TOTAL INVESTMENTS — 118.5%
	(Cost $13,693,407)	14,825,342
	Liabilities in Excess of Other Assets — (18.5)%	(2,319,513)
	TOTAL NET ASSETS — 100.0%	$12,505,829

PLC – Public Limited Company

REIT – Real Estate Investment Trusts

*Non-income producing security.

¹All or a portion of the security is segregated as collateral for line of credit borrowings. As of June 30, 2024, the aggregate value of those securities was $14,570,822, representing 116.5% of net assets.

²Foreign security denominated in U.S. Dollars.

³The rate is the annualized seven-day yield at period end.