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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFC FUNDING 2019-VI LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2019-6A A1R</title>
        <cusip>12555XAN1</cusip>
        <identifiers>
          <isin value="US12555XAN12"/>
          <ticker value="CIFC"/>
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        <balance>1000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001851.00</valUSD>
        <pctVal>2.2309714513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.242860000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARVAL CLO XI-C LTD</name>
        <lei>N/A</lei>
        <title>CARVL 2024-3A A1</title>
        <cusip>14688RAA8</cusip>
        <identifiers>
          <isin value="US14688RAA86"/>
          <ticker value="CARVL"/>
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        <balance>1000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002000.00</valUSD>
        <pctVal>2.2313032519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.119210000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CAYUGA PARK CLO LTD</name>
        <lei>N/A</lei>
        <title>CYGPK 2020-1A AR2</title>
        <cusip>149791BG9</cusip>
        <identifiers>
          <isin value="US149791BG90"/>
          <ticker value="CYGPK"/>
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        <balance>2000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2001982.20</valUSD>
        <pctVal>4.4581131667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.949520000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CEDAR FUNDING VIII CLO LTD</name>
        <lei>N/A</lei>
        <title>CEDF 2017-8A ARR</title>
        <cusip>15032EAY5</cusip>
        <identifiers>
          <isin value="US15032EAY59"/>
          <ticker value="CEDF"/>
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        <balance>2000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2001463.40</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.969520000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CEDAR FUNDING IX CLO LTD</name>
        <lei>N/A</lei>
        <title>CEDF 2018-9A AR</title>
        <cusip>15033EAN8</cusip>
        <identifiers>
          <isin value="US15033EAN85"/>
          <ticker value="CEDF"/>
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        <balance>1000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002461.70</valUSD>
        <pctVal>2.2323313883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.149210000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FORTRESS CREDIT BSL XXVI LTD</name>
        <lei>N/A</lei>
        <title>FCBSL 2024-4A A</title>
        <cusip>34966VAA0</cusip>
        <identifiers>
          <isin value="US34966VAA08"/>
          <ticker value="FCBSL"/>
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        <balance>2000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2004500.20</valUSD>
        <pctVal>4.4637203738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.152920000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTRESS CREDIT BSL XXIII LTD</name>
        <lei>N/A</lei>
        <title>FCBSL 2025-2A A</title>
        <cusip>34967CAC7</cusip>
        <identifiers>
          <isin value="US34967CAC73"/>
          <ticker value="FCBSL"/>
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        <balance>2000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2004000.00</valUSD>
        <pctVal>4.4626065037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.152920000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENNEDY LEWIS CLO 9 LTD</name>
        <lei>N/A</lei>
        <title>KLLM 9A AR</title>
        <cusip>37147LAN9</cusip>
        <identifiers>
          <isin value="US37147LAN91"/>
          <ticker value="KLLM"/>
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        <balance>1000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002000.00</valUSD>
        <pctVal>2.2313032519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.079210000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HARVEST US CLO 2024-2 LTD</name>
        <lei>N/A</lei>
        <title>HARUS 2024-2A A1</title>
        <cusip>41756YAA3</cusip>
        <identifiers>
          <isin value="US41756YAA38"/>
          <ticker value="HARUS"/>
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        <balance>1000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002249.40</valUSD>
        <pctVal>2.2318586281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.152920000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LCM 32 LTD</name>
        <lei>549300PWEMQKJMMXR454</lei>
        <title>LCM 32A A1</title>
        <cusip>50204AAA4</cusip>
        <identifiers>
          <isin value="US50204AAA43"/>
          <ticker value="LCM"/>
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        <balance>900000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>900507.24</valUSD>
        <pctVal>2.0052941446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.100820000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MADISON PARK FUNDING XXXIV LTD</name>
        <lei>N/A</lei>
        <title>MDPK 2025-71A A1</title>
        <cusip>55817DAA6</cusip>
        <identifiers>
          <isin value="US55817DAA63"/>
          <ticker value="MDPK"/>
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        <balance>2000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1999943.60</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.892170000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MAGNETITE XXXIV LTD</name>
        <lei>N/A</lei>
        <title>MAGNE 2023-34A A1R</title>
        <cusip>55952MAJ2</cusip>
        <identifiers>
          <isin value="US55952MAJ27"/>
          <ticker value="MAGNE"/>
          <other otherDesc="SEDOL" value="BSNMNP4"/>
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        <balance>2000000.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000343.40</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>MAGNETITE LV LTD</name>
        <lei>N/A</lei>
        <title>MAGNE 2026-55A A1</title>
        <cusip>55956RAA6</cusip>
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          <isin value="US55956RAA68"/>
          <ticker value="MAGNE"/>
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        <balance>1284000.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>1283913.84</valUSD>
        <pctVal>2.8590829604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OCTAGON INVESTMENT PARTNERS 47 LTD</name>
        <lei>N/A</lei>
        <title>OCT47 2020-1A A1R2</title>
        <cusip>67576XAW0</cusip>
        <identifiers>
          <isin value="US67576XAW02"/>
          <ticker value="OCT47"/>
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        <balance>1000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1001993.30</valUSD>
        <pctVal>2.2312883320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.013220000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROCKFORD TOWER CLO 2021-1 LTD</name>
        <lei>N/A</lei>
        <title>ROCKT 2021-1A A1</title>
        <cusip>77341KAA9</cusip>
        <identifiers>
          <isin value="US77341KAA97"/>
          <ticker value="ROCKT"/>
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        <balance>300000.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>300225.00</valUSD>
        <pctVal>0.6685559070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.160820000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROCKFORD TOWER CLO 2024-1 LTD</name>
        <lei>N/A</lei>
        <title>ROCKT 2024-1A A1</title>
        <cusip>77342BAA8</cusip>
        <identifiers>
          <isin value="US77342BAA89"/>
          <ticker value="ROCKT"/>
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        <balance>1000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000050.00</valUSD>
        <pctVal>2.2269608952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SILVER POINT CLO 7 LTD</name>
        <lei>N/A</lei>
        <title>SPCLO 2024-7A A1</title>
        <cusip>82808UAA3</cusip>
        <identifiers>
          <isin value="US82808UAA34"/>
          <ticker value="SPCLO"/>
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        <balance>1500000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1503360.60</valUSD>
        <pctVal>3.3477578797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.112920000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-27</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST II</ncom:nameOfApplicant>
      <ncom:signature>/s/ Scott Schulenburg</ncom:signature>
      <ncom:signerName>Scott Schulenburg</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
