# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-25-219647
**Filing Date:** 2025-9
**Character Count:** 84260
**Document Hash:** 45a44447fc13b75c18488cdb45b1469d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-219647.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-219647

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** 251346870

**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

### The Ambassador Fund (Series ID: S000074228)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000231837 | The Ambassador Fund | EMPIX           |

## Nport-Ex

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  |  |
|  | **EVENT LINKED BONDS — 83.8%** |  |
|  | **EUROPE — 2.7%** |  |
|  | **EARTHQUAKE — 0.5%** |  |
|  | Azzurro Re II DAC |  |
| 2250000 | 3-Month Euribor + 639.00 basis points, 4/20/2028<sup>2,3</sup> | $**2599709** |
|  | **MULTI-PERIL — 0.7%** |  |
|  | Lion RE DAC |  |
| 2500000 | 3-Month Euribor + 550.00 basis points, 6/15/2029<sup>2,3,4</sup> | 2831793 |
|  | Orange Capital Re DAC |  |
| 1250000 | 3-Month Euribor + 600.00 basis points, 1/17/2029<sup>2,3</sup> | 1435439 |
|  |  | **4267232** |
|  | **WINDSTORM — 1.5%** |  |
|  | Blue Sky Re DAC |  |
| 2500000 | 3-Month Euribor + 616.40 basis points, 1/26/2027<sup>2,3,4</sup> | 2956750 |
|  | Eiffel Re Ltd. |  |
| 2500000 | 3-Month Euribor + 358.00 basis points, 1/19/2027<sup>2,3</sup> | 2878295 |
|  | Taranis Reinsurance DAC |  |
| 1300000 | 3-Month Euribor + 631.00 basis points, 1/21/2028<sup>2,3,4</sup> | 1490037 |
|  | Windmill III Re DAC |  |
| 1000000 | 3-Month Euribor + 525.00 basis points, 7/5/2028<sup>2,3</sup> | 1154970 |
|  |  | **8480052** |
|  | **TOTAL EUROPE** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,560,155) | **15346993** |
|  | **GLOBAL — 24.9%** |  |
|  | **MULTI-PERIL — 24.9%** |  |
|  | 3264 re Ltd. |  |
| 4250000 | 3-Month U.S. Treasury Bill + 750.00 basis points, 6/8/2028<sup>2,3,4</sup> | 4369000 |
|  | 3264 Re Ltd. |  |
| 4200000 | 3-Month U.S. Treasury Bill + 300.00 basis points, 2/7/2028<sup>2,3,4</sup> | 4202100 |
|  | Aragonite Re Ltd. |  |
| 750000 | 3-Month U.S. Treasury Bill + 545.00 basis points, 4/7/2027<sup>2,3,4</sup> | 775725 |
|  | Ashera Re |  |
| 250000 | 3-Month U.S. Treasury Bill + 519.00 basis points, 4/7/2027<sup>2,3,4</sup> | 253900 |
|  | Atlas Capital DAC |  |
| 4000000 | SOFR + 725.00 basis points, 6/7/2028<sup>2,3,4</sup> | 4053600 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
|  | Bridge Street Re Ltd. |  |
| 8250000 | JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 400.00 basis points, 1/7/2028<sup>2,3,4</sup> | $8311875 |
|  | Fuchsia 2023-1 - London Bridge 2 PCC Ltd. |  |
| 1290000 | 3-Month U.S. Treasury Bill + 1,029.00 basis points, 4/6/2027<sup>2,3,4</sup> | 1336569 |
|  | Fuchsia 2024-1 - London Bridge 2 PCC Ltd. |  |
| 4250000 | 3-Month U.S. Treasury Bill + 514.00 basis points, 4/6/2028<sup>2,3,4</sup> | 4293775 |
|  | Hypatia Ltd. |  |
| 1000000 | 3-Month U.S. Treasury Bill + 850.00 basis points, 7/5/2028<sup>2,3,4</sup> | 997400 |
|  | Kendall Re Ltd. |  |
| 3000000 | 3-Month U.S. Treasury Bill + 625.00 basis points, 4/30/2027<sup>2,3</sup> | 3150000 |
|  | Kilimanjaro II Re Ltd. |  |
| 6500000 | 3-Month U.S. Treasury Bill + 625.00 basis points, 6/30/2028<sup>2,3,4</sup> | 6776250 |
| 4250000 | 3-Month U.S. Treasury Bill + 725.00 basis points, 6/30/2028<sup>2,3,4</sup> | 4482475 |
| 4000000 | 3-Month U.S. Treasury Bill + 375.00 basis points, 7/9/2029<sup>2,3,4</sup> | 4033600 |
| 3750000 | 3-Month U.S. Treasury Bill + 400.00 basis points, 7/9/2029<sup>2,3,4</sup> | 3787500 |
| 4250000 | 3-Month U.S. Treasury Bill + 375.00 basis points, 7/8/2030<sup>2,3,4</sup> | 4292925 |
| 4000000 | 3-Month U.S. Treasury Bill + 400.00 basis points, 7/8/2030<sup>2,3,4</sup> | 4048000 |
|  | Kilimanjaro III Re Ltd. |  |
| 250000 | 3-Month U.S. Treasury Bill + 486.00 basis points, 4/20/2026<sup>2,3,4</sup> | 248825 |
|  | Matterhorn Re Ltd. |  |
| 1250000 | SOFR + 575.00 basis points, 12/8/2025<sup>2,3</sup> | 1212750 |
| 4500000 | 3-Month U.S. Treasury Bill + 700.00 basis points, 2/4/2028<sup>2,3,4</sup> | 4500450 |
|  | MMIFS Re Ltd. |  |
| 3250000 | 1/10/2028 | 2353998 |
|  | Mona Lisa Re Ltd. |  |
| 250000 | 3-Month U.S. Treasury Bill + 1,225.00 basis points, 1/8/2026<sup>2,3,4</sup> | 258750 |
| 15500000 | 3-Month U.S. Treasury Bill + 975.00 basis points, 6/25/2027<sup>2,3,4</sup> | 16943050 |
| 3500000 | 3-Month U.S. Treasury Bill + 800.00 basis points, 1/8/2029<sup>2,3,4</sup> | 3535700 |
|  | Montoya Re Ltd. |  |
| 7500000 | 1-Month U.S. Treasury Bill + 575.00 basis points, 4/7/2028<sup>2,3,4</sup> | 7480500 |
| 5250000 | 1-Month U.S. Treasury Bill + 661.00 basis points, 4/7/2028<sup>2,3,4</sup> | 5143425 |
|  | Mystic Re IV Ltd. |  |
| 5080000 | 3-Month U.S. Treasury Bill + 893.00 basis points, 1/8/2026<sup>2,3,4</sup> | 5219700 |
| 3000000 | 3-Month U.S. Treasury Bill + 400.00 basis points, 1/10/2028<sup>2,3</sup> | 2982900 |
|  | Northshore Re II Ltd. |  |
| 7500000 | 3-Month U.S. Treasury Bill + 500.00 basis points, 4/7/2028<sup>2,3,4</sup> | 7507500 |
|  | Ocelot Re Ltd. |  |
| 6000000 | 3-Month U.S. Treasury Bill + 450.00 basis points, 2/26/2029<sup>2,3,4</sup> | 6042600 |
| 5000000 | 3-Month U.S. Treasury Bill + 625.00 basis points, 2/26/2029<sup>2,3,4</sup> | 4932000 |
|  | Phoenix 3 RE Pte Ltd. |  |
| 1000000 | 1/4/2039<sup>4</sup> | 1126000 |
|  | Ramble Re Ltd. |  |
| 3000000 | 3-Month U.S. Treasury Bill + 625.00 basis points, 3/5/2027<sup>2,3,4</sup> | 3003300 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
|  | Riverfront Re Ltd. |  |
| 3750000 | 3-Month U.S. Treasury Bill + 550.00 basis points, 1/8/2029<sup>2,3,4</sup> | $3726375 |
|  | Titania Re Ltd. |  |
| 2500000 | 1-Month U.S. Treasury Bill + 625.00 basis points, 11/26/2027<sup>2,3,4</sup> | 2514000 |
|  | Wrigley Re Ltd. |  |
| 1000000 | 3-Month U.S. Treasury Bill + 623.00 basis points, 8/7/2026<sup>2,3,4</sup> | 1020400 |
|  | **TOTAL GLOBAL** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $137,815,684) | **138916917** |
|  | **JAPAN — 2.7%** |  |
|  | **EARTHQUAKE — 0.4%** |  |
|  | Nakama Re Pte Ltd. |  |
| 2500000 | 3-Month U.S. Treasury Bill + 210.00 basis points, 4/23/2030<sup>2,3</sup> | **2475250** |
|  | **MULTI-PERIL — 2.3%** |  |
|  | Tomoni Re Pte Ltd. |  |
| 9145000 | 3-Month U.S. Treasury Bill + 209.00 basis points, 4/7/2026<sup>2,3</sup> | 9107506 |
| 500000 | 3-Month U.S. Treasury Bill + 275.00 basis points, 4/7/2026<sup>2,3</sup> | 501650 |
| 3000000 | 3-Month U.S. Treasury Bill + 400.00 basis points, 4/5/2028<sup>2,3</sup> | 3034200 |
|  |  | **12643356** |
|  | **TOTAL JAPAN** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,108,726) | **15118606** |
|  | **UNITED STATES — 53.5%** |  |
|  | **EARTHQUAKE — 4.7%** |  |
|  | Logistics Re Ltd. |  |
| 1250000 | 1-Month U.S. Treasury Bill + 600.00 basis points, 12/21/2027<sup>2,3,4</sup> | 1277875 |
|  | Torrey Pines Re Ltd. |  |
| 5475000 | 3-Month U.S. Treasury Bill + 521.60 basis points, 6/5/2026<sup>2,3</sup> | 5566980 |
| 4125000 | 3-Month U.S. Treasury Bill + 375.00 basis points, 6/7/2028<sup>2,3,4</sup> | 4164600 |
|  | Ursa Re II Ltd. |  |
| 4000000 | 3-Month U.S. Treasury Bill + 700.00 basis points, 12/6/2025<sup>2,3,4</sup> | 4058400 |
|  | Ursa Re Ltd. |  |
| 4000000 | 3-Month U.S. Treasury Bill + 550.00 basis points, 12/6/2025<sup>2,3,4</sup> | 4038000 |
|  | Veraison Re Ltd. |  |
| 3750000 | 1-Month U.S. Treasury Bill + 678.80 basis points, 3/9/2026<sup>3,5</sup> | 3839625 |
| 3000000 | 1-Month U.S. Treasury Bill + 350.00 basis points, 3/8/2028<sup>2,3,4</sup> | 2988000 |
|  | Wrigley Re Ltd. |  |
| 250000 | 3-Month U.S. Treasury Bill + 670.00 basis points, 8/7/2026<sup>2,3,4</sup> | 259000 |
|  |  | **26192480** |
|  | **MULTI-PERIL — 21.5%** |  |
|  | Aquila Re I Ltd. Series 2023-1 |  |
| 2500000 | 3-Month U.S. Treasury Bill + 534.00 basis points, 6/8/2026<sup>2,3,4</sup> | 2513500 |
|  | Atela Re Ltd. |  |
| 2000000 | 3-Month U.S. Treasury Bill + 1,425.00 basis points, 5/9/2027<sup>2,3</sup> | 2123400 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
|  | Finca RE Ltd. |  |
| 3750000 | 3-Month U.S. Treasury Bill + 525.00 basis points, 6/7/2028<sup>2,3,4</sup> | $3811875 |
|  | Foundation Re IV Ltd. |  |
| 13250000 | 3-Month U.S. Treasury Bill + 625.00 basis points, 1/8/2027<sup>2,3,4</sup> | 13503075 |
|  | Four Lakes Re Ltd. |  |
| 2760000 | 3-Month U.S. Treasury Bill + 681.00 basis points, 1/7/2026<sup>2,3,4</sup> | 2761656 |
| 2500000 | 3-Month U.S. Treasury Bill + 550.00 basis points, 1/7/2028<sup>2,3,4</sup> | 2493750 |
|  | Genesee Street Re Ltd. |  |
| 6750000 | 1-Month U.S. Treasury Bill + 325.00 basis points, 4/7/2028<sup>2,3,4</sup> | 6760125 |
|  | Herbie Re Ltd. |  |
| 1000000 | 3-Month U.S. Treasury Bill + 1,075.00 basis points, 1/8/2029<sup>2,3,4</sup> | 1031000 |
|  | High Point Re Ltd. |  |
| 750000 | BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield Index + 575.00 basis points, 1/6/2027<sup>2,3,4</sup> | 759900 |
|  | Locke Tavern Re Ltd. |  |
| 1425000 | 3-Month U.S. Treasury Bill + 478.20 basis points, 4/9/2026<sup>2,3</sup> | 1449225 |
|  | Long Point Re IV Ltd. |  |
| 1250000 | 3-Month U.S. Treasury Bill + 425.00 basis points, 6/1/2026<sup>2,3,4</sup> | 1261875 |
|  | Mayflower Re Ltd. |  |
| 500000 | 1-Month U.S. Treasury Bill + 450.00 basis points, 7/8/2027<sup>2,3,4</sup> | 509200 |
| 2750000 | T-BILL + 350.00 basis points, 7/7/2028<sup>2,3,4</sup> | 2763200 |
|  | Merna Re Companywide Ltd. |  |
| 5250000 | 3-Month U.S. Treasury Bill + 700.00 basis points, 7/7/2028<sup>2,3</sup> | 5395425 |
|  | Merna Re Enterprise Ltd. |  |
| 5500000 | 3-Month U.S. Treasury Bill + 775.00 basis points, 7/7/2028<sup>2,3</sup> | 5506050 |
|  | Merna Reinsurance II Ltd. |  |
| 6500000 | 3-Month U.S. Treasury Bill + 775.00 basis points, 7/7/2026<sup>2,3,6</sup> | 6615050 |
| 2000000 | 3-Month U.S. Treasury Bill + 850.00 basis points, 7/7/2027<sup>2,3,4,6</sup> | 2006000 |
| 1000000 | 1-Month U.S. Treasury Bill + 775.00 basis points, 7/7/2028<sup>2,3</sup> | 1000600 |
| 1000000 | 3-Month U.S. Treasury Bill + 875.00 basis points, 7/7/2028<sup>2,3</sup> | 1001600 |
|  | Residential Reinsurance 2004 Ltd. |  |
| 1000000 | 3-Month U.S. Treasury Bill + 538.00 basis points, 12/6/2028<sup>2,3</sup> | 1023000 |
|  | Residential Reinsurance 2022 Ltd. |  |
| 500000 | 3-Month U.S. Treasury Bill + 759.00 basis points, 12/6/2029<sup>2,3</sup> | 517800 |
|  | Residential Reinsurance 2023 Ltd. |  |
| 11875000 | 3-Month U.S. Treasury Bill + 597.00 basis points, 12/6/2027<sup>2,3</sup> | 12395125 |
|  | Residential Reinsurance 2025 Ltd. |  |
| 7750000 | 3-Month U.S. Treasury Bill + 575.00 basis points, 6/6/2029<sup>2,3,4</sup> | 7827500 |
|  | Sanders RE II Ltd. |  |
| 2500000 | 3-Month U.S. Treasury Bill + 400.00 basis points, 4/7/2028<sup>2,3</sup> | 2526500 |
| 2750000 | 3-Month U.S. Treasury Bill + 450.00 basis points, 4/7/2028<sup>2,3</sup> | 2762100 |
| 250000 | 3-Month U.S. Treasury Bill + 700.00 basis points, 6/7/2028<sup>2,3</sup> | 249000 |
| 250000 | JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 400.00 basis points, 4/7/2029<sup>2,3</sup> | 247225 |
| 8975000 | 3-Month U.S. Treasury Bill + 425.00 basis points, 4/8/2030<sup>2,3</sup> | 9243352 |
| 2750000 | 3-Month U.S. Treasury Bill + 475.00 basis points, 4/8/2030<sup>2,3</sup> | 2811050 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
|  | Sanders Re III Ltd. |  |
| 9250000 | 3-Month U.S. Treasury Bill + 814.00 basis points, 6/5/2026<sup>2,3</sup> | $9443325 |
| 3125000 | 3-Month U.S. Treasury Bill + 627.00 basis points, 4/7/2027<sup>2,3</sup> | 3224063 |
|  | Topanga Re Ltd. |  |
| 3000000 | 3-Month U.S. Treasury Bill + 477.00 basis points, 1/8/2026<sup>2,3</sup> | 2876400 |
|  | Yosemite Re Ltd. |  |
| 1500000 | 3-Month U.S. Treasury Bill + 725.00 basis points, 6/7/2028<sup>2,3,4</sup> | 1513500 |
|  |  | **119926446**  |
|  | **WINDSTORM — 27.3%** |  |
|  | 1886 Re Ltd. |  |
| 5500000 | 3-Month U.S. Treasury Bill + 450.00 basis points, 7/9/2029<sup>2,3,4</sup> | 5636400 |
|  | 3264 Re Ltd. |  |
| 1000000 | 3-Month U.S. Treasury Bill + 700.00 basis points, 7/8/2027<sup>2,3,4</sup> | 1052700 |
|  | Alamo Re Ltd. |  |
| 6750000 | 1-Month U.S. Treasury Bill + 654.00 basis points, 6/7/2027<sup>2,3</sup> | 7003800 |
|  | Bayou Re Ltd. |  |
| 6250000 | 1-Month U.S. Treasury Bill + 833.20 basis points, 4/30/2027<sup>2,3,4</sup> | 6560625 |
|  | Blue Ridge Re Ltd. |  |
| 6500000 | 3-Month U.S. Treasury Bill + 525.00 basis points, 1/8/2027<sup>2,3,4</sup> | 6654050 |
|  | Bluebonnet RE Ltd. |  |
| 5750000 | 1-Month U.S. Treasury Bill + 575.00 basis points, 6/7/2028<sup>2,3</sup> | 5962750 |
|  | Bonanza Re Ltd. |  |
| 1500000 | 3-Month U.S. Treasury Bill + 845.00 basis points, 1/8/2026<sup>2,3</sup> | 1496250 |
|  | Cape Lookout Re Ltd. |  |
| 11050000 | 1-Month U.S. Treasury Bill + 720.20 basis points, 4/28/2026<sup>2,3</sup> | 11327355 |
|  | Charles River Re Ltd. |  |
| 750000 | 1-Month U.S. Treasury Bill + 763.20 basis points, 5/10/2027<sup>2,3</sup> | 775200 |
|  | Chartwell RE Ltd. |  |
| 4750000 | 3-Month U.S. Treasury Bill + 600.00 basis points, 6/7/2028<sup>2,3,4</sup> | 4859725 |
|  | Citrus Re Ltd. |  |
| 3750000 | 3-Month U.S. Treasury Bill + 871.00 basis points, 6/7/2026<sup>2,3,4</sup> | 3870375 |
| 3250000 | 3-Month U.S. Treasury Bill + 450.00 basis points, 6/7/2028<sup>2,3,4</sup> | 3274700 |
| 1250000 | 3-Month U.S. Treasury Bill + 775.00 basis points, 6/7/2028<sup>2,3,4</sup> | 1231750 |
|  | Commonwealth Re Ltd. |  |
| 7750000 | 3-Month U.S. Treasury Bill + 385.70 basis points, 7/8/2026<sup>2,3</sup> | 7810450 |
|  | Everglades Re II Ltd. |  |
| 4650000 | 1-Month U.S. Treasury Bill + 1,050.00 basis points, 5/13/2027<sup>2,3,4</sup> | 4881105 |
| 12000000 | 1-Month U.S. Treasury Bill + 875.00 basis points, 5/19/2028<sup>2,3,4</sup> | 12121200 |
|  | First Coast Re IV Ltd. |  |
| 1000000 | 3-Month U.S. Treasury Bill + 650.00 basis points, 3/10/2028<sup>2,3,4</sup> | 1008500 |
|  | Fish Pond Re Ltd. |  |
| 7000000 | 1-Month U.S. Treasury Bill + 402.00 basis points, 1/8/2027<sup>2,3,4</sup> | 7125300 |
|  | Gateway Re Ltd. |  |
| 500000 | 3-Month U.S. Treasury Bill, 12/22/2025<sup>2,3</sup> | 460450 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **WINDSTORM (Continued)** |  |
| 5057000 | 1-Month U.S. Treasury Bill + 950.00 basis points, 7/7/2027<sup>2,3,4</sup> | $5048909 |
| 4750000 | 1-Month U.S. Treasury Bill + 590.00 basis points, 7/8/2027<sup>2,3,4</sup> | 4800350 |
| 5750000 | 1-Month U.S. Treasury Bill + 425.00 basis points, 7/7/2028<sup>2,3,4</sup> | 5663175 |
| 2000000 | BlackRock Liquidity Funds Treasury Trust Fund Portfolio Fund Yield Index + 700.00 basis points, 7/7/2028<sup>2,3,4</sup> | 2007600 |
|  | Hestia Re Ltd. |  |
| 1250000 | T-BILL + 675.00 basis points, 3/13/2028<sup>2,3,4</sup> | 1232000 |
|  | Integrity RE III Ltd. |  |
| 1250000 | 1-Month U.S. Treasury Bill + 800.00 basis points, 6/6/2027<sup>2,3</sup> | 1250875 |
| 2500000 | 1-Month U.S. Treasury Bill + 800.00 basis points, 6/6/2028<sup>2,3</sup> | 2507750 |
|  | Lightning Re Series 2023-1 |  |
| 13975000 | 3-Month U.S. Treasury Bill + 1,100.00 basis points, 3/31/2026<sup>2,3,4</sup> | 14267077 |
|  | Lower Ferry Re Ltd. |  |
| 250000 | 1-Month U.S. Treasury Bill + 443.00 basis points, 7/8/2026<sup>2,3,4</sup> | 252775 |
|  | Marlon Ltd. |  |
| 1250000 | 3-Month U.S. Treasury Bill + 700.00 basis points, 6/7/2027<sup>2,3,4</sup> | 1306000 |
|  | Nature Coast Re Ltd. |  |
| 4150000 | 3-Month U.S. Treasury Bill + 1,000.00 basis points, 12/7/2026<sup>2,3,4</sup> | 4209760 |
| 750000 | 3-Month U.S. Treasury Bill + 1,350.00 basis points, 12/7/2026<sup>2,3,4</sup> | 760800 |
|  | Palm RE Ltd. |  |
| 2000000 | 1-Month U.S. Treasury Bill + 775.00 basis points, 6/7/2028<sup>2,3,4</sup> | 1995800 |
|  | Purple Re Ltd. |  |
| 750000 | 1-Month U.S. Treasury Bill + 725.00 basis points, 6/7/2028<sup>2,3,4</sup> | 770400 |
|  | Recoletos Re DAC |  |
| 8300000 | 3-Month U.S. Treasury Bill + 500.00 basis points, 1/7/2028<sup>2,3,4</sup> | 8461850 |
|  | Sabine Re Ltd. |  |
| 3000000 | 1-Month U.S. Treasury Bill + 825.00 basis points, 4/7/2027<sup>2,3,4</sup> | 3097500 |
|  | Solis RE Ltd. |  |
| 2000000 | 3-Month U.S. Treasury Bill + 350.00 basis points, 7/7/2028<sup>2,3,4</sup> | 2004600 |
|  |  | **152749906** |
|  | **TOTAL UNITED STATES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $296,146,174) | **298868832** |
|  | **TOTAL EVENT LINKED BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $463,630,739) | **468251348** |
|  | **PREFERRED NOTES — 14.4%** |  |
|  | **GLOBAL — 8.2%** |  |
|  | **MULTI-PERIL — 8.2%** |  |
|  | Consulate Re 2025-10 |  |
| 10000000 | 4.044%, 12/31/2025<sup>7,8</sup> | 9630000 |
|  | Consulate Re 2025-11 |  |
| 10000000 | 4.044%, 12/31/2025<sup>7,8</sup> | 9507000 |
|  | Consulate Re 2025-15 |  |
| 5000000 | 4.044%, 3/31/2026<sup>7,8</sup> | 4315000 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
|  | Consulate Re 2025-25 |  |
| 5000000 | 2.600%, 7/29/2026<sup>7,8</sup> | $4394000 |
|  | Consulate Re 2025-2A |  |
| 5000000 | 4.044%, 12/31/2025<sup>7,8</sup> | 4786000 |
|  | Consulate Re 2025-3A |  |
| 5000000 | 4.044%, 12/31/2025<sup>7,8</sup> | 4721000 |
|  | Consulate Re 2025-9A |  |
| 10000002 | 4.044%, 12/31/2025<sup>7,8</sup> | 8709002 |
|  | **TOTAL GLOBAL** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $46,061,509) | **46062002** |
|  | **UNITED STATES — 6.2%** |  |
|  | **MULTI-PERIL — 2.4%** |  |
|  | Consulate Re 2025-12 |  |
| 5000000 | 4.044%, 12/31/2025<sup>7,8</sup> | 4576000 |
|  | Consulate Re 2025-13 |  |
| 5000000 | 4.044%, 12/31/2025<sup>7,8</sup> | 4049000 |
|  | Consulate Re 2025-24 |  |
| 5000000 | 4.044%, 7/13/2026<sup>7,8</sup> | 4579000 |
|  |  | **13204000** |
|  | **WINDSTORM — 3.8%** |  |
|  | Consulate Re 2025-17 |  |
| 2500000 | 4.044%, 12/15/2025<sup>7,8</sup> | 1916750 |
|  | Consulate Re 2025-19 |  |
| 2500000 | 4.044%, 12/15/2025<sup>7,8</sup> | 2003250 |
|  | Consulate Re 2025-20 |  |
| 5000000 | 4.044%, 12/15/2025<sup>7,8</sup> | 3966000 |
|  | Consulate Re 2025-21 |  |
| 5000000 | 4.044%, 12/15/2025<sup>7,8</sup> | 4229500 |
|  | Consulate Re 2025-5A |  |
| 5000000 | 4.044%, 12/15/2025<sup>7,8</sup> | 4673000 |
|  | Consulate Re 2025-6A |  |
| 5000000 | 4.044%, 12/15/2025<sup>7,8</sup> | 4502500 |
|  |  | **21291000** |
|  | **TOTAL UNITED STATES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,494,561) | **34495000** |
|  | **TOTAL PREFERRED NOTES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $80,556,070) | **80557002** |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 0.8%** |  |
| 4461416 | Fidelity Investments Money Market Government Portfolio - Class I 4.17%<sup>9</sup> | $**4461416** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,461,416) | **4461416** |
|  | **TOTAL INVESTMENTS — 99.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $548,648,225) | **553269766** |
|  | Other Assets in Excess of Liabilities — 1.0% | 5849961 |
|  | **TOTAL NET ASSETS — 100.0%** | $**559119727** |

---

US – United States

<sup>1</sup> Local currency.

<sup>2</sup> Floating rate security. Floating rate security. Reference rates as of July 31, 2025 are as follows: 1-Month U.S. Treasury Bill 4.49%, 3-Month U.S. Treasury Bill 4.41%, Secured Overnight Financing Rate (SOFR) 4.39%, and 3-Month Term SOFR 4.34%. Actual reference rates may vary based on the reset date of the security.

<sup>3</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $464,771,350, which represents 83.1% of total net assets of the Fund.

<sup>4</sup> Callable.

<sup>5</sup> Variable rate security. Rate shown is the rate in effect as of July 31, 2025.

<sup>6</sup> All or a portion of this security is segregated as collateral for forward contracts. The market value of the securities pledged as collateral was $8,047,868, which represents 1.4% of total net assets of the Fund.

<sup>7</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>8</sup> Restricted securities, representing 14.4% of Total Net Assets. The total value of these securities is $80,557,002.

<sup>9</sup> The rate is the annualized seven-day yield at period end.

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale Contracts** | **Counterparty** | **Currency<br> Exchange** | **Settlement<br> Date** | **Currency<br> Amount<br> Sold** | **Value At<br> Settlement<br> Date** | **Value At<br> July 31, 2025** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Canadian Dollar | UMB Bank NA | CAD per USD | 9/4/2025 | (3250000) | (2265914) | (2349631) | (83717) |
| Euro | UMB Bank NA | EUR per USD | 3/16/2026 | (2250000) | (2492177) | (2603431) | (111254) |
| Euro | UMB Bank NA | EUR per USD | 4/20/2026 | (2450000) | (2864246) | (2840931) | 23315 |
| Euro | UMB Bank NA | EUR per USD | 5/26/2026 | (2500000) | (2896025) | (2905322) | (9297) |
| Euro | UMB Bank NA | EUR per USD | 6/9/2026 | (3348000) | (3881336) | (3894157) | (12821) |
| Euro | UMB Bank NA | EUR per USD | 7/14/2026 | (2000000) | (2376800) | (2331277) | 45523 |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | $(16776498) | $(16924749) | $(148251) |

---

EUR – Euro

CAD – Canadian Dollar

## 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:** The Ambassador Fund

- **b. EDGAR series identifier (if any):** S000074228

- **c. LEI of Series:** 549300DDL54RZT5L9Z07

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $563611220.81

**Total Liabilities:** $5103813.79

**Net Assets:** $558507407.02

**Delayed Delivery Securities:** $4394125.00

**Cash Not Reported:** $2358697.34

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 32.931482167238 | **1-Year:** 655.755503020969 | **5-Year:** 680.737486896394 | **10-Year:** 14.553839111760 | **30-Year:** 3.011760888240

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231837 | 0.27%                | 0.66%                | 1.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $87787.10                | $-934635.05                                |
| Month 2  | $214478.93               | $749727.41                                 |
| Month 3  | $545458.69               | $2255326.66                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CITRUS RE LTD                                | Citrus Re Ltd.                                      | CUSIP: 177510AM6<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3870375.00   | 0.69%             | 2026-06-07      | Floating      | 8.77%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                                | Citrus Re Ltd.                                      | CUSIP: 177510AQ7<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1231750.00   | 0.22%             | 2028-06-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                                | Citrus Re Ltd.                                      | CUSIP: 177510AR5<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3274700.00   | 0.59%             | 2028-06-07      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CAD FORWARD EMBASSY CONTRACT 09/04/25   /    | CAD FORWARD EMBASSY CONTRACT 09/04/25   /           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | CA        |  -3250000 | OU      | $-2349630.71  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| HESTIA RE LTD                                | Hestia Re Ltd.                                      | CUSIP: 42815KAC6<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1232000.00   | 0.22%             | 2028-03-13      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SABINE RE LTD                                | Sabine Re Ltd.                                      | CUSIP: 785628AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3097500.00   | 0.55%             | 2027-04-07      | Floating      | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                           | Sanders Re III Ltd.                                 | CUSIP: 799925AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9250000 | PA      | $9443325.00   | 1.69%             | 2026-06-05      | Floating      | 8.14%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                           | Sanders Re III Ltd.                                 | CUSIP: 80000YAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3125000 | PA      | $3224062.50   | 0.58%             | 2027-04-07      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001AAA6<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $249000.00    | 0.04%             | 2028-06-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001RAA9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $247225.00    | 0.04%             | 2029-04-07      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001TAA5<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2526500.00   | 0.45%             | 2028-04-07      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ALAMO RE LTD                                 | Alamo Re Ltd.                                       | CUSIP: 011395AN0<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   6750000 | PA      | $7003800.00   | 1.25%             | 2027-06-07      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                         | Aquila Re I Ltd. Series 2023-1                      | CUSIP: 03843AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2513500.00   | 0.45%             | 2026-06-08      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| ARAGONITE RE LTD                             | Aragonite Re Ltd.                                   | CUSIP: 03851YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $775725.00    | 0.14%             | 2027-04-07      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ASHERA RE                                    | Ashera Re                                           | CUSIP: 04401RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $253900.00    | 0.05%             | 2027-04-07      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| ATELA RE LTD                                 | Atela Re Ltd.                                       | CUSIP: 04681FAA2<br>LEI: 2549006VU6TMK735XN50 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2123400.00   | 0.38%             | 2027-05-09      | Floating      | 14.25%                | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                            | Atlas Capital DAC                                   | CUSIP: 049207AC7<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   4000000 | PA      | $4053600.00   | 0.73%             | 2028-06-07      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BAYOU RE LTD                                 | Bayou Re Ltd.                                       | CUSIP: 07304LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6250000 | PA      | $6560625.00   | 1.17%             | 2027-04-30      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                            | Blue Ridge Re Ltd.                                  | CUSIP: 096003AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6654050.00   | 1.19%             | 2027-01-08      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BLUE SKY RE DAC                              | Blue Sky Re DAC                                     | CUSIP: 09605UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2500000 | PA      | $2956749.97   | 0.53%             | 2027-01-26      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                            | Bluebonnet RE Ltd.                                  | CUSIP: 09610NAA0<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5962750.00   | 1.07%             | 2028-06-07      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BONANZA RE LTD                               | Bonanza RE Ltd.                                     | CUSIP: 09785EAK7<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1496250.00   | 0.27%             | 2026-01-08      | Floating      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| BRIDGE STREET RE LTD                         | Bridge Street Re Ltd.                               | CUSIP: 10807LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8250000 | PA      | $8311875.00   | 1.49%             | 2028-01-07      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 04/20/2026   /  | EUR FORWARD EMBASSY CONTRACT 04/20/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2450000 | OU      | $-2840930.75  | -0.51%            |  |  |  | No            |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                          | Cape Lookout Re Ltd.                                | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  11050000 | PA      | $11327355.00  | 2.03%             | 2026-04-28      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| CHARLES RIVER RE LTD                         | Charles River Re Ltd.                               | CUSIP: 159873AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $775200.00    | 0.14%             | 2027-05-10      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CHARTWELL RE LTD                             | Chartwell RE Ltd.                                   | CUSIP: 16140YAA0<br>LEI: 984500FFT645KFFE6F50 | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4859725.00   | 0.87%             | 2028-06-07      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 03/16/2026   /  | EUR FORWARD EMBASSY CONTRACT 03/16/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2250000 | OU      | $-2603431.11  | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMONWEALTH RE LTD                          | Commonwealth RE Ltd.                                | CUSIP: 203235AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $7810450.00   | 1.40%             | 2026-07-08      | Floating      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| MMIFS RE Ltd. CAT BOND 01/10/2028   /        | MMIFS RE Ltd. CAT BOND 01/10/2028   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | BM        |   3250000 | PA      | $2353998.27   | 0.42%             | 2028-01-10      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| EVERGLADES RE II LTD                         | Everglades Re II Ltd.                               | CUSIP: 30014LAM6<br>LEI: 5493000EE11S6ONK0372 | Long             | DBT              | CORP              | BM        |   4650000 | PA      | $4881105.00   | 0.87%             | 2027-05-13      | Floating      | 10.50%                | Yes           |                  2 | On Loan: No      |
| EVERGLADES RE II LTD                         | Everglades Re II Ltd.                               | CUSIP: 30014LAT1<br>LEI: 5493000EE11S6ONK0372 | Long             | DBT              | CORP              | BM        |  12000000 | PA      | $12121200.00  | 2.17%             | 2028-05-19      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| FINCA RE LTD                                 | Finca RE Ltd.                                       | CUSIP: 31771QAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3811875.00   | 0.68%             | 2028-06-07      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                        | First Coast Re IV Ltd.                              | CUSIP: 31969UAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1008500.00   | 0.18%             | 2028-03-10      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FISH POND RE LTD                             | Fish Pond Re Ltd.                                   | CUSIP: 33774EAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   7000000 | PA      | $7125300.00   | 1.28%             | 2027-01-08      | Floating      | 4.02%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION RE IV LTD                         | Foundation Re IV Ltd.                               | CUSIP: 349939AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  13250000 | PA      | $13503075.00  | 2.42%             | 2027-01-08      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                            | Four Lakes Re Ltd.                                  | CUSIP: 35087TAD0<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2760000 | PA      | $2761656.00   | 0.49%             | 2026-01-07      | Floating      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                            | Four Lakes Re Ltd.                                  | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2493750.00   | 0.45%             | 2028-01-07      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4800350.00   | 0.86%             | 2027-07-08      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAM8<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5663175.00   | 1.01%             | 2028-07-07      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAN6<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5057000 | PA      | $5048908.80   | 0.90%             | 2027-07-07      | Floating      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAR7<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $460450.00    | 0.08%             | 2025-12-22      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAS5<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2007600.00   | 0.36%             | 2028-07-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GENESEE STREET RE LTD                        | Genesee Street Re Ltd.                              | CUSIP: 37173WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6750000 | PA      | $6760125.00   | 1.21%             | 2028-04-07      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| EURO FORWARD EMBASSY CONTRACT 06/09/2026   / | EURO FORWARD EMBASSY CONTRACT 06/09/2026   /        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -3348000 | OU      | $-3894157.14  | -0.70%            |  |  |  | No            |                  2 | On Loan: No      |
| HERBIE RE LTD                                | Herbie Re Ltd.                                      | CUSIP: 42703VAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1031000.00   | 0.18%             | 2029-01-08      | Floating      | 10.75%                | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                          | Nature Coast Re Ltd.                                | CUSIP: 63901CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4150000 | PA      | $4209760.00   | 0.75%             | 2026-12-07      | Floating      | 10.00%                | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                          | Nature Coast Re Ltd.                                | CUSIP: 63901CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $760800.00    | 0.14%             | 2026-12-07      | Floating      | 13.50%                | Yes           |                  2 | On Loan: No      |
| NORTHSHORE RE II LTD                         | Northshore Re II Ltd.                               | CUSIP: 666842AF6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7507500.00   | 1.34%             | 2028-04-07      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                                | Ocelot Re Ltd.                                      | CUSIP: 675951AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $6042600.00   | 1.08%             | 2029-02-26      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001TAB3<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   8975000 | PA      | $9243352.50   | 1.66%             | 2030-04-08      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001TAC1<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2762100.00   | 0.49%             | 2028-04-07      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001TAD9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2811050.00   | 0.50%             | 2030-04-08      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SOLIS RE LTD                                 | Solis RE Ltd.                                       | CUSIP: 83423TAA9<br>LEI: 98450059AF1FA0FE4B29 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2004600.00   | 0.36%             | 2028-07-07      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                  | 3264 re Ltd.                                        | CUSIP: 88577CAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1052700.00   | 0.19%             | 2027-07-08      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                  | 3264 re Ltd.                                        | CUSIP: 88577CAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4200000 | PA      | $4202100.00   | 0.75%             | 2028-02-07      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                  | 3264 re Ltd.                                        | CUSIP: 88577CAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4369000.00   | 0.78%             | 2028-06-08      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                               | Titania RE Ltd.                                     | CUSIP: 888329AE9<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2514000.00   | 0.45%             | 2027-11-26      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TOMONI RE PTE LTD                            | Tomoni Re Pte Ltd.                                  | CUSIP: 89009PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9145000 | PA      | $9107505.50   | 1.63%             | 2026-04-07      | Floating      | 2.09%                 | Yes           |                  2 | On Loan: No      |
| TOMONI RE PTE LTD                            | Tomoni Re Pte Ltd.                                  | CUSIP: 89009PAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $501650.00    | 0.09%             | 2026-04-07      | Floating      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| TOMONI RE PTE LTD                            | Tomoni Re Pte Ltd.                                  | CUSIP: 89009PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3034200.00   | 0.54%             | 2028-04-05      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TOPANGA RE LIMITED                           | Topanga Re Ltd.                                     | CUSIP: 89055TAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $2876400.00   | 0.52%             | 2026-01-08      | Floating      | 4.77%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                          | Torrey Pines Re Ltd.                                | CUSIP: 89141WAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5475000 | PA      | $5566980.00   | 1.00%             | 2026-06-05      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                          | Torrey Pines Re Ltd.                                | CUSIP: 89141WAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4125000 | PA      | $4164600.00   | 0.75%             | 2028-06-07      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                                  | Ursa Re Ltd.                                        | CUSIP: 90323WAL4<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4038000.00   | 0.72%             | 2025-12-06      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| URSA RE II LTD                               | Ursa Re II Ltd.                                     | CUSIP: 91734PAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4058400.00   | 0.73%             | 2025-12-06      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                              | Veraison Re Ltd.                                    | CUSIP: 92335TAA7<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3839625.00   | 0.69%             | 2026-03-09      | Variable      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                              | Veraison Re Ltd.                                    | CUSIP: 92335TAD1<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $2988000.00   | 0.53%             | 2028-03-08      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| WRIGLEY RE LTD                               | Wrigley Re Ltd.                                     | CUSIP: 982533AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1020400.00   | 0.18%             | 2026-08-07      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| AZZURRO RE II DAC                            | Azzurro Re II DAC                                   | CUSIP: G07543AB0<br>LEI: 635400NZWVDIAI82JP08 | Long             | DBT              | CORP              | IE        |   2250000 | PA      | $2599709.00   | 0.47%             | 2028-04-20      | Floating      | 8.52%                 | Yes           |                  2 | On Loan: No      |
| LION RE DAC                                  | Lion RE DAC                                         | CUSIP: 999999999<br>LEI: 635400VAABXOBOWHZR32 | Long             | DBT              | CORP              | IE        |   2500000 | PA      | $2831792.77   | 0.51%             | 2029-06-15      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CONSULATE RE 2025-10 PREFERRED NOTE   /      | CONSULATE RE 2025-10 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9630000.00   | 1.72%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-11 PREFERRED NOTE   /      | CONSULATE RE 2025-11 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9507000.00   | 1.70%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-12 PREFERRED NOTE   /      | CONSULATE RE 2025-12 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4576000.00   | 0.82%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-13 PREFERRED NOTE   /      | CONSULATE RE 2025-13 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4049000.00   | 0.72%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-15 PREFERRED NOTE   /      | CONSULATE RE 2025-15 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4315000.00   | 0.77%             | 2026-03-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-17 PREFERRED NOTE   /      | CONSULATE RE 2025-17 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $1916750.00   | 0.34%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-19 PREFERRED NOTE   /      | CONSULATE RE 2025-19 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2003250.00   | 0.36%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-20 PREFERRED NOTE   /      | CONSULATE RE 2025-20 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $3966000.00   | 0.71%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-21 PREFERRED NOTE   /      | CONSULATE RE 2025-21 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4229500.00   | 0.76%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-24 PREFERRED NOTE   /      | CONSULATE RE 2025-24 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4579000.00   | 0.82%             | 2026-07-13      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-25 PREFERRED NOTE   /      | CONSULATE RE 2025-25 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4394000.00   | 0.79%             | 2026-07-29      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-2A PREFERRED NOTE   /      | CONSULATE RE 2025-2A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4786000.00   | 0.86%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-3A PREFERRED NOTE   /      | CONSULATE RE 2025-3A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4721000.00   | 0.85%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-5A PREFERRED NOTE   /      | CONSULATE RE 2025-5A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4673000.00   | 0.84%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-6A PREFERRED NOTE   /      | CONSULATE RE 2025-6A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4502500.00   | 0.81%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-9A PREFERRED NOTE   /      | CONSULATE RE 2025-9A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000002 | PA      | $8709001.74   | 1.56%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| EURO CURRENCY  /                             | EURO CURRENCY  /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |    513893 | OU      | $586434.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EIFFEL RE LTD                                | Eiffel Re Ltd.                                      | CUSIP: 999999999<br>LEI: 5493000KHTJQAOS8QP53 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2878295.10   | 0.52%             | 2027-01-19      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| HIGH POINT RE LTD                            | High Point Re Ltd.                                  | CUSIP: 429932AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $759900.00    | 0.14%             | 2027-01-06      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HYPATIA LTD                                  | Hypatia Ltd.                                        | CUSIP: 44914CAD8<br>LEI: 98450041F85DB4C2C372 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $997400.00    | 0.18%             | 2028-07-05      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                             | Integrity RE III Ltd.                               | CUSIP: 45870GAA4<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1250875.00   | 0.22%             | 2027-06-06      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                             | Integrity RE III Ltd.                               | CUSIP: 45870GAB2<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2507750.00   | 0.45%             | 2028-06-06      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2006000.00   | 0.36%             | 2027-07-07      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAN2<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1000600.00   | 0.18%             | 2028-07-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAP7<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1001600.00   | 0.18%             | 2028-07-07      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 05/26/2026   /  | EUR FORWARD EMBASSY CONTRACT 05/26/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2500000 | OU      | $-2905321.85  | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| MONA LISA RE LTD                             | Mona Lisa Re Ltd.                                   | CUSIP: 608800AF5<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258750.00    | 0.05%             | 2026-01-08      | Floating      | 12.25%                | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                             | Mona Lisa Re Ltd.                                   | CUSIP: 608800AH1<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |  15500000 | PA      | $16943050.00  | 3.03%             | 2027-06-25      | Floating      | 9.75%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                             | Mona Lisa Re Ltd.                                   | CUSIP: 608800AJ7<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3535700.00   | 0.63%             | 2029-01-08      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                               | Montoya Re Ltd.                                     | CUSIP: 613752AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7480500.00   | 1.34%             | 2028-04-07      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                               | Montoya Re Ltd.                                     | CUSIP: 613752AE4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5143425.00   | 0.92%             | 2028-04-07      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                             | Mystic Re IV Ltd.                                   | CUSIP: 62865LAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5080000 | PA      | $5219700.00   | 0.93%             | 2026-01-08      | Floating      | 8.93%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                             | Mystic Re IV Ltd.                                   | CUSIP: 62865LAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $2982900.00   | 0.53%             | 2028-01-10      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NAKAMA RE PTE LTD                            | Nakama Re Pte Ltd.                                  | CUSIP: 62984JAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   2500000 | PA      | $2475250.00   | 0.44%             | 2030-04-23      | Floating      | 2.10%                 | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                                | Ocelot Re Ltd.                                      | CUSIP: 675951AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4932000.00   | 0.88%             | 2029-02-26      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| 1886 RE LTD                                  | 1886 Re Ltd.                                        | CUSIP: 68252UAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5636400.00   | 1.01%             | 2029-07-09      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| PALM RE LTD                                  | Palm RE Ltd.                                        | CUSIP: 69664FAB4<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $1995800.00   | 0.36%             | 2028-06-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| PURPLE RE LTD                                | Purple Re Ltd.                                      | CUSIP: 74639NAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $770400.00    | 0.14%             | 2028-06-07      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| RAMBLE RE LTD                                | Ramble RE Ltd.                                      | CUSIP: 751443AA0<br>LEI: 254900X8K5BTBY971F92 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3003300.00   | 0.54%             | 2027-03-05      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| RECOLETOS RE DAC                             | Recoletos RE DAC                                    | CUSIP: 755933AA6<br>LEI: 635400FIY9UG8ZHKYH56 | Long             | DBT              | CORP              | IE        |   8300000 | PA      | $8461850.00   | 1.52%             | 2028-01-07      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 2023 LTD                      | Residential Reinsurance 2023 Ltd.                   | CUSIP: 76090WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  11875000 | PA      | $12395125.00  | 2.22%             | 2027-12-06      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REINSUR 2025                     | Residential Reinsurance 2025 Ltd.                   | CUSIP: 76091DAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   7750000 | PA      | $7827500.00   | 1.40%             | 2029-06-06      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                        | Residential Reinsurance 2004 Ltd.                   | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $1023000.00   | 0.18%             | 2028-12-06      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 2022 LTD                      | Residential Reinsurance 2022 Ltd.                   | CUSIP: 76119YAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $517800.00    | 0.09%             | 2026-12-06      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| RIVERFRONT RE LTD                            | Riverfront Re Ltd.                                  | CUSIP: 76870YAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3726375.00   | 0.67%             | 2029-01-08      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| WRIGLEY RE LTD                               | Wrigley Re Ltd.                                     | CUSIP: 982533AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259000.00    | 0.05%             | 2026-08-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| YOSEMITE RE LTD                              | Yosemite Re Ltd.                                    | CUSIP: 98740RAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1513500.00   | 0.27%             | 2028-06-07      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| EURO FORWARD EMBASSY CONTRACT 7/14/2026   /  | EURO FORWARD EMBASSY CONTRACT 7/14/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2000000 | OU      | $-2331277.02  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| PHOENIX 3 RE PTE LTD                         | Phoenix 3 RE Pte Ltd.                               | CUSIP: 999999999<br>LEI: 254900KZ3HFPS3H5FZ50 | Long             | DBT              | CORP              | SG        |   1000000 | PA      | $1126000.00   | 0.20%             | 2039-01-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                | Fidelity Government Portfolio - Class Institutional | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   3002075 | PA      | $3002074.93   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ORANGE CAPITAL RE DAC                        | Orange Capital RE DAC                               | CUSIP: 999999999<br>LEI: 635400PXTZAPQFEPH515 | Long             | DBT              | CORP              | IE        |   1250000 | PA      | $1435438.78   | 0.26%             | 2029-01-17      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| WINDMILL III RE DAC                          | Windmill III Re DAC                                 | CUSIP: G96996AA4<br>LEI: 635400PB5AXUZ6R7CT68 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1154969.76   | 0.21%             | 2028-07-05      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| TARANIS REINSURANCE DAC                      | Taranis Reinsurance DAC                             | CUSIP: 87609TAB4<br>LEI: 635400FQ9HHTLYKADZ22 | Long             | DBT              | CORP              | IE        |   1300000 | PA      | $1490037.66   | 0.27%             | 2028-01-21      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| KENDALL RE LTD                               | Kendall Re Ltd.                                     | CUSIP: 48878QAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3150000.00   | 0.56%             | 2027-04-30      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO III RE LTD                       | Kilimanjaro III Re Ltd.                             | CUSIP: 49407PAJ9<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $248825.00    | 0.04%             | 2026-04-20      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6776250.00   | 1.21%             | 2028-06-30      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4482475.00   | 0.80%             | 2028-06-30      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4033600.00   | 0.72%             | 2029-07-09      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3787500.00   | 0.68%             | 2029-07-09      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAN8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4292925.00   | 0.77%             | 2030-07-08      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4048000.00   | 0.72%             | 2030-07-08      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LIGHTNING RE SERIES 2023                     | Lightning Re Series 2023-1                          | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  13975000 | PA      | $14267077.50  | 2.55%             | 2026-03-31      | Floating      | 11.00%                | Yes           |                  2 | On Loan: No      |
| LOCKE TAVERN RE LTD                          | Locke Tavern Re Ltd.                                | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1425000 | PA      | $1449225.00   | 0.26%             | 2026-04-09      | Floating      | 4.78%                 | Yes           |                  2 | On Loan: No      |
| LOGISTICS RE LTD                             | Logistics Re Ltd.                                   | CUSIP: 54143LAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1277875.00   | 0.23%             | 2027-12-21      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FUCHSIA 2023-1 LONDON BR                     | Fuchsia 2023-1 - London Bridge 2 PCC Ltd.           | CUSIP: 54180TAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1290000 | PA      | $1336569.00   | 0.24%             | 2027-04-06      | Floating      | 10.00%                | Yes           |                  2 | On Loan: No      |
| FUCHSIA 2024-1 LONDON BR                     | Fuchsia 2024-1 - London Bridge 2 PCC Ltd.           | CUSIP: 541917AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   4250000 | PA      | $4293775.00   | 0.77%             | 2028-04-06      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| LONG POINT RE IV LTD                         | Long Point Re IV Ltd.                               | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1261875.00   | 0.23%             | 2026-06-01      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LOWER FERRY RE LTD                           | Lower Ferry Re Ltd.                                 | CUSIP: 547915AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252775.00    | 0.05%             | 2026-07-08      | Floating      | 4.43%                 | Yes           |                  2 | On Loan: No      |
| MARLON LTD                                   | Marlon Ltd.                                         | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1306000.00   | 0.23%             | 2027-06-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                            | Matterhorn Re Ltd.                                  | CUSIP: 577092AN9<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1212750.00   | 0.22%             | 2025-12-08      | Floating      | 10.10%                | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                            | Matterhorn Re Ltd.                                  | CUSIP: 577092AW9<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4500450.00   | 0.81%             | 2028-02-04      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                             | Mayflower Re Ltd.                                   | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $509200.00    | 0.09%             | 2027-07-08      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                             | Mayflower Re Ltd.                                   | CUSIP: 57839MAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2763200.00   | 0.49%             | 2028-07-07      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| MERNA RE COMPANYWIDE                         | Merna Re Co.wide Ltd.                               | CUSIP: 59013FAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5395425.00   | 0.97%             | 2028-07-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MERNA RE ENTERPRISE                          | Merna Re Enterprise Ltd.                            | CUSIP: 59013HAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5506050.00   | 0.99%             | 2028-07-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAH5<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6615050.00   | 1.18%             | 2026-07-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-06

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

**Signature:** /s/ Scott Schulenburg

**Name of Signer:** Scott Schulenburg

**Title:** President