# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001145549-25-042798
**Filing Date:** 2025-6
**Character Count:** 55235
**Document Hash:** 4319cc488066ba073a0e2e2ee7f21945
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-042798.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001145549-25-042798

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**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:** 251079318

**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

### Arena Strategic Income Fund (Series ID: S000077098)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000237262 | Class I Shares | ACSIX           |

## 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:** 549300NRIBSC1UHX5D84

- **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:** Arena Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000077098

- **c. LEI of Series:** 549300AQPOVBDOCHRJ74

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

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

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $47875296.25

**Total Liabilities:** $2024189.98

**Net Assets:** $45851106.27

**Delayed Delivery Securities:** $1943587.50

**Cash Not Reported:** $433379.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.420245524397 | **1-Year:** 16.990158707066 | **5-Year:** 10.567621322537 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 63.745614957908 | **1-Year:** 2778.469860132360 | **5-Year:** 6178.330119223954 | **10-Year:** 249.838052616978 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237262 | 0.89%                | -1.17%               | -1.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $44401.54                | $6039.64                                   |
| Month 2  | $-91109.27               | $-913531.92                                |
| Month 3  | $-101169.97              | $-943537.18                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ICAHN ENTERPRISES/FIN                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                   | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1269901.25   | 2.77%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                    | Jaguar Land Rover Automotive PLC                                         | CUSIP: 47010BAJ3<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    449000 | PA      | $449573.37    | 0.98%             | 2025-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| JETBLUE 2020-1 CLASS B                      | JetBlue 2020-1 Class B Pass-Through Trust                                | CUSIP: 477164AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    203926 | PA      | $206821.68    | 0.45%             | 2030-05-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ALARM.COM HLDGS INC                         | Alarm.com Holdings, Inc.                                                 | CUSIP: 011642AC9<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |    400000 | PA      | $384400.00    | 0.84%             | 2029-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                         | Allegiant Travel Co.                                                     | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    375000 | PA      | $346362.00    | 0.76%             | 2027-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                    | Allwyn Entertainment Financing UK PLC                                    | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $726444.60    | 1.58%             | 2029-04-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP                        | Alta Equipment Group, Inc.                                               | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    350000 | PA      | $294965.65    | 0.64%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                            | Altice France S.A.                                                       | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $91595.90     | 0.20%             | 2027-02-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| AVATION CAPITAL SA                          | Avation Capital S.A.                                                     | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | LU        |    550937 | PA      | $536386.75    | 1.17%             | 2026-10-31      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| BGC GROUP INC                               | BGC Group, Inc.                                                          | CUSIP: 088929AC8<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79552.58     | 0.17%             | 2028-05-25      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                              | Bombardier, Inc.                                                         | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $351095.85    | 0.77%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Enviva Holdings LP                          | Enviva Holdings LP                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9219 | NS      | $133675.50    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| CSG SYSTEMS INTERNATIONA                    | CSG Systems International, Inc.                                          | CUSIP: 126349AH2<br>LEI: 549300D7FJZUOHHXUA81 | Long             | DBT              | CORP              | US        |    400000 | PA      | $436200.00    | 0.95%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                              | CVR Energy, Inc.                                                         | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    850000 | PA      | $782097.75    | 1.71%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP                               | Carnival Corp.                                                           | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    450000 | PA      | $451740.60    | 0.99%             | 2026-03-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                    | Celanese U.S. Holdings LLC                                               | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    242000 | PA      | $236709.40    | 0.52%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                        | CITGO Petroleum Corp.                                                    | CUSIP: 17302XAM8<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111511.23    | 0.24%             | 2026-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                       | Endo Finance Holdings, Inc.                                              | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1033805 | PA      | $1004083.11   | 2.19%             | 2031-04-23      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| FRANCHISE GROUP INC                         | Franchise Group, Inc.                                                    | CUSIP: 35180YAL7<br>LEI: 549300MWCHSL8BSOMV77 | Long             | LON              | CORP              | US        |    211799 | PA      | $212505.42    | 0.46%             | 2025-05-06      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| FRANCHISE GROUP INC                         | Franchise Group, Inc.                                                    | CUSIP: 35180YAB9<br>LEI: 549300MWCHSL8BSOMV77 | Long             | LON              | CORP              | US        |    373627 | PA      | $371758.41    | 0.81%             | 2025-05-06      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| LASERSHIP INC                               | Lasership, Inc.                                                          | CUSIP: 51809EAP0<br>LEI: 254900NGHREGOQUFUT53 | Long             | LON              | CORP              | US        |    260114 | PA      | $39099.05     | 0.09%             | 2029-08-10      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| LASERSHIP INC                               | Lasership, Inc.                                                          | CUSIP: 51809EAM7<br>LEI: 254900NGHREGOQUFUT53 | Long             | LON              | CORP              | US        |    914842 | PA      | $454676.36    | 0.99%             | 2029-08-10      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| X CORP                                      | X Corp.                                                                  | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    350000 | PA      | $344207.50    | 0.75%             | 2029-10-29      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                        | CITGO Petroleum Corp.                                                    | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    975000 | PA      | $977998.13    | 2.13%             | 2029-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                    | Connect Finco SARL / Connect U.S. Finco LLC                              | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    250000 | PA      | $234137.50    | 0.51%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| VICTRA HOLDINGS LLC                         | Victra Holdings LLC                                                      | CUSIP: 50226BAM0<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | LON              | CORP              | US        |    297500 | PA      | $290434.38    | 0.63%             | 2029-03-29      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP                       | AAdvantage Loyalty IP Ltd.                                               | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    693333 | PA      | $680177.34    | 1.48%             | 2028-04-20      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO AG                            | Delivery Hero S.E.                                                       | CUSIP: D1T28ZAG8<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $327493.15    | 0.71%             | 2030-02-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Diebold Nixdorf Inc                         | Diebold Nixdorf, Inc.                                                    | CUSIP: 253651202<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |      3490 | NS      | $154711.70    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DELEK LOG PART/FINANCE                      | Delek Logistics Partners LP / Delek Logistics Finance Corp.              | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98884.90     | 0.22%             | 2028-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                         | Diebold Nixdorf, Inc.                                                    | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    175000 | PA      | $182669.55    | 0.40%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| EURO CURRENCY  /                            | EURO CURRENCY  /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | XX        |    -80210 | OU      | $-90868.77    | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| EUR FORWARD CONTRACT 07/07/25   /           | EUR FORWARD CONTRACT 07/07/25   /                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -290000 | OU      | $-329955.23   | -0.72%            |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio               | Fidelity Government Portfolio - Class Institutional                      | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   2096153 | PA      | $2096152.91   | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Aviation Holdings Inc                | Spirit Aviation Holdings, Inc.                                           | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28769 | NS      | $240221.15    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Endo Inc                                    | Endo, Inc.                                                               | CUSIP: 29290D117<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1742 | NS      | $37087.18     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RECOVERY SOLUTIONS    /                     | RECOVERY SOLUTIONS    /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18775 | NS      | $300403.20    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                        | Stillwater Mining Co.                                                    | CUSIP: ZG3019988<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |    600000 | PA      | $677700.00    | 1.48%             | 2028-11-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                       | Directv Financing LLC                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $859563.00    | 1.87%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| DISH NETWORK CORP                           | DISH Network Corp.                                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    475000 | PA      | $499926.10    | 1.09%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| DRAFTKINGS HOLDINGS INC                     | DraftKings Holdings, Inc.                                                | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |    575000 | PA      | $507345.50    | 1.11%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                               | EchoStar Corp.                                                           | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    300000 | PA      | $280077.00    | 0.61%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                               | EchoStar Corp.                                                           | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    237197 | PA      | $256315.08    | 0.56%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENDO DAC ESCROW    /                        | ENDO DAC ESCROW    /                                                     | CUSIP: 292ESCB17<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENVIVA PRTNR ESCROW    /                    | ENVIVA PRTNR ESCROW    /                                                 | CUSIP: 294ESCAA6<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                        | Talos Production, Inc.                                                   | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    226000 | PA      | $216746.88    | 0.47%             | 2029-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| TUTOR PERINI CORP                           | Tutor Perini Corp.                                                       | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |    121000 | PA      | $130654.95    | 0.28%             | 2029-04-30      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| UNITED AIRLINES INC                         | United Airlines, Inc.                                                    | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     88000 | PA      | $86769.23     | 0.19%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| QWEST CORP                                  | Qwest Corp.                                                              | CUSIP: 912920AK1<br>LEI: 549300R2L4N683OO1509 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002015.00   | 2.19%             | 2025-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                     | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC        | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1019000 | PA      | $975705.75    | 2.13%             | 2028-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                     | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC        | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    670000 | PA      | $711942.00    | 1.55%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| VIASAT INC                                  | Viasat, Inc.                                                             | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    450000 | PA      | $395756.55    | 0.86%             | 2028-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VICTORIA'S SECRET & CO                      | Victoria's Secret & Co.                                                  | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |   1002000 | PA      | $873342.20    | 1.90%             | 2029-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| VICTRA HLDG/VICTRA FIN                      | Victra Holdings LLC / Victra Finance Corp.                               | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50827.25     | 0.11%             | 2029-09-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                         | Xerox Holdings Corp.                                                     | CUSIP: 98421MAE6<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $118437.50    | 0.26%             | 2030-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                         | SoftBank Group Corp.                                                     | CUSIP: J7596PAA7<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $499998.50    | 1.09%             | 2025-07-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                            | Altice France S.A.                                                       | CUSIP: 67053NAK0<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    400000 | PA      | $349714.00    | 0.76%             | 2025-07-31      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                 | Asurion LLC                                                              | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    725000 | PA      | $679557.00    | 1.48%             | 2028-02-03      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| FRANCHISE GROUP INC                         | Franchise Group, Inc.                                                    | CUSIP: 35180YAB9<br>LEI: 549300MWCHSL8BSOMV77 | Long             | LON              | CORP              | US        |    785848 | PA      | $145873.12    | 0.32%             | 2026-03-10      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| AP CORE HOLDINGS II LLC                     | AP Core Holdings II LLC                                                  | CUSIP: 00187GAC3<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    889009 | PA      | $802805.86    | 1.75%             | 2027-09-01      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                              | Hertz Corp.                                                              | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |    125439 | PA      | $97685.31     | 0.21%             | 2028-06-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                              | Hertz Corp.                                                              | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |     24561 | PA      | $19127.19     | 0.04%             | 2028-06-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| AP CORE HOLDINGS II LLC                     | AP Core Holdings II LLC                                                  | CUSIP: 00187GAD1<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    275000 | PA      | $246812.50    | 0.54%             | 2027-09-01      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| ASURION LLC                                 | Asurion LLC                                                              | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    200000 | PA      | $184250.00    | 0.40%             | 2029-01-22      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| LENDINGTREE LLC                             | LendingTree LLC                                                          | CUSIP: 52602KAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    446052 | PA      | $442985.79    | 0.97%             | 2028-09-15      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                  | Viasat, Inc.                                                             | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    346319 | PA      | $325875.85    | 0.71%             | 2029-03-05      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                      | Spirit AeroSystems, Inc.                                                 | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |     98237 | PA      | $98411.14     | 0.21%             | 2027-01-15      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| DELEK US HOLDINGS INC                       | Delek U.S. Holdings, Inc.                                                | CUSIP: 24664GAF8<br>LEI: 5493003O53JMENV1N385 | Long             | LON              | CORP              | US        |    297716 | PA      | $286040.82    | 0.62%             | 2029-11-19      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                      | First Brands Group LLC                                                   | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    495545 | PA      | $461785.74    | 1.01%             | 2027-03-30      | Floating      | 10.51%                | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                            | Altice France S.A.                                                       | CUSIP: F6628DAN4<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    794428 | PA      | $718361.35    | 1.57%             | 2028-08-31      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                 | Asurion LLC                                                              | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    248861 | PA      | $241884.56    | 0.53%             | 2028-08-21      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| WEST TECHNOLOGY GRP LLC                     | West Technology Group LLC                                                | CUSIP: 68162RAH4<br>LEI: 5493005Z5DB0O5S30R71 | Long             | LON              | CORP              | US        |   1224662 | PA      | $889031.13    | 1.94%             | 2027-04-12      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| REVLON INTERMEDIATE HOLD                    | Revlon Intermediate Holdings IV LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    450000 | PA      | $427500.00    | 0.93%             | 2028-05-02      | Floating      | 11.28%                | No            |                  2 | On Loan: No      |
| VIASAT INC                                  | Viasat, Inc.                                                             | CUSIP: 92555WAF2<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |     49250 | PA      | $45091.08     | 0.10%             | 2030-05-30      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                              | 1011778 BC ULC                                                           | CUSIP: C6901LAK3<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |    645938 | PA      | $628174.22    | 1.37%             | 2028-09-21      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| PRETIUM PKG HOLDINGS INC                    | Pretium PKG Holdings, Inc.                                               | CUSIP: 74142KAJ8<br>LEI: 254900S6SXME9YWLU075 | Long             | LON              | CORP              | US        |    250000 | PA      | $249896.25    | 0.55%             | 2028-10-02      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| MALLINCKRODT PLC                            | Mallinckrodt PLC                                                         | CUSIP: L6232UAV9<br>LEI: 549300LMDE3RUP8Z3L60 | Long             | LON              | CORP              | IE        |    250000 | PA      | $259843.75    | 0.57%             | 2028-11-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| DS PARENT INC                               | DS Parent, Inc.                                                          | CUSIP: 23344YAG7<br>LEI: 254900EH8GRZUGRWRH57 | Long             | LON              | CORP              | US        |     99250 | PA      | $88425.80     | 0.19%             | 2031-01-31      | Floating      | 10.80%                | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                       | Directv Financing LLC                                                    | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    464660 | PA      | $450896.48    | 0.98%             | 2029-08-02      | Floating      | 10.10%                | No            |                  2 | On Loan: No      |
| DISCOVERY ENERGY HOLDING                    | Discovery Energy Holding Corp.                                           | CUSIP: 25472PAB6<br>LEI: 254900T31FAYMRQSAA12 | Long             | LON              | CORP              | US        |    228987 | PA      | $224408.55    | 0.49%             | 2031-05-02      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                      | Radiology Partners, Inc.                                                 | CUSIP: 75041EAJ1<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |     45627 | PA      | $44252.70     | 0.10%             | 2029-01-31      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO FINCO LLC                     | Delivery Hero Finco LLC                                                  | CUSIP: D2007ZAE7<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    396000 | PA      | $396693.00    | 0.87%             | 2029-12-12      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL                          | Connect Finco SARL                                                       | CUSIP: L2000DAH7<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |    297744 | PA      | $268343.59    | 0.59%             | 2029-09-28      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| HLF FINANCING SARL LLC                      | HLF Financing Sarl LLC                                                   | CUSIP: 40421YAG7<br>LEI: 549300VKVJUV5OGV2R51 | Long             | LON              | CORP              | US        |    203770 | PA      | $203352.05    | 0.44%             | 2029-04-12      | Floating      | 11.44%                | No            |                  2 | On Loan: No      |
| EYECARE PARTNERS LLC                        | Eyecare Partners LLC                                                     | CUSIP: 30233PAQ3<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    450000 | PA      | $456374.25    | 1.00%             | 2028-08-31      | Floating      | 10.37%                | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                    | SCIL IV LLC / SCIL USA Holdings LLC                                      | CUSIP: ZJ2443688<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $118839.92    | 0.26%             | 2028-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| EVERGREEN ACQCO/TVI INC                     | Evergreen Acqco 1 LP / TVI, Inc.                                         | CUSIP: 30015DAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    504000 | PA      | $518817.60    | 1.13%             | 2028-04-26      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                    | First Quantum Minerals Ltd.                                              | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    436000 | PA      | $431088.90    | 0.94%             | 2027-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                    | First Quantum Minerals Ltd.                                              | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $273028.08    | 0.60%             | 2029-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                     | Frontier Communications Holdings LLC                                     | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $395903.60    | 0.86%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                    | HLF Financing Sarl LLC / Herbalife International, Inc.                   | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131000 | PA      | $100692.50    | 0.22%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                    | HLF Financing Sarl LLC / Herbalife International, Inc.                   | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $586622.30    | 1.28%             | 2029-04-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| INNOVATE CORP                               | INNOVATE Corp.                                                           | CUSIP: 404139AJ6<br>LEI: 549300S6O246JWQQ1K58 | Long             | DBT              | CORP              | US        |    700000 | PA      | $622412.00    | 1.36%             | 2026-02-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| HERBALIFE LTD                               | Herbalife Ltd.                                                           | CUSIP: 42703MAF0<br>LEI: 549300BA7TYPBSZZIA41 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $206100.00    | 0.45%             | 2028-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                           | Herc Holdings, Inc.                                                      | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148458.75    | 0.32%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                    | Hughes Satellite Systems Corp.                                           | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $466720.50    | 1.02%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                    | Hughes Satellite Systems Corp.                                           | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $508176.25    | 1.11%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                    | KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc. | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25610.85     | 0.06%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| LASERSHIP INC                               | Lasership, Inc.                                                          | CUSIP: 51809EAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    348418 | PA      | $339707.75    | 0.74%             | 2029-01-30      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| LENDINGTREE INC                             | LendingTree, Inc.                                                        | CUSIP: 52603BAD9<br>LEI: 549300ISY5YHUJZTON08 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295875.00    | 0.65%             | 2025-07-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| LUCID GROUP INC                             | Lucid Group, Inc.                                                        | CUSIP: 549498AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $305812.50    | 0.67%             | 2026-12-15      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                       | Mineral Resources Ltd.                                                   | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     62000 | PA      | $60354.09     | 0.13%             | 2027-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC                              | NRG Energy, Inc.                                                         | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    597000 | PA      | $596882.39    | 1.30%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NCR ATLEOS LLC                              | NCR Atleos Corp.                                                         | CUSIP: 638962AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $80736.38     | 0.18%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                      | XPLR Infrastructure LP                                                   | CUSIP: 65341BAG1<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |    450000 | PA      | $424125.00    | 0.93%             | 2026-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| STILLWATER MINING CO                        | Stillwater Mining Co.                                                    | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84352.10     | 0.18%             | 2029-11-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| LIKEWIZE CORP                               | Likewize Corp.                                                           | CUSIP: 53235UAB5<br>LEI: TF9O1XIG83ZLXX7WN472 | Long             | LON              | CORP              | US        |    592500 | PA      | $575465.63    | 1.26%             | 2029-08-27      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                      | Brundage-Bone Concrete Pumping Holdings, Inc.                            | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $97668.50     | 0.21%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| OWENS & MINOR INC                           | Owens & Minor, Inc.                                                      | CUSIP: 690732AH5<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103307.20    | 0.23%             | 2030-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| CHINOS INTERMEDIATE 2 LL                    | Chinos Intermediate 2 LLC                                                | CUSIP: 16961YAB4<br>LEI: 54930061EIIAONXJMZ79 | Long             | LON              | CORP              | US        |    500000 | PA      | $476042.50    | 1.04%             | 2031-09-29      | Floating      | 10.29%                | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                     | Windstream Services LLC                                                  | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    250000 | PA      | $249062.50    | 0.54%             | 2031-10-06      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                          | PBF Holding Co. LLC / PBF Finance Corp.                                  | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $145791.53    | 0.32%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                   | PG&E Corp.                                                               | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    372000 | PA      | $387400.80    | 0.84%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENDO PAR PHAR ESCROW    /                   | ENDO PAR PHAR ESCROW    /                                                | CUSIP: 698ESCAA8<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PEABODY ENERGY CORP                         | Peabody Energy Corp.                                                     | CUSIP: 704551AD2<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | DBT              | CORP              | US        |    193000 | PA      | $192517.50    | 0.42%             | 2028-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| QVC INC                                     | QVC, Inc.                                                                | CUSIP: 747262BA0<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |   1176000 | PA      | $782902.01    | 1.71%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                      | Radiology Partners, Inc.                                                 | CUSIP: 75041VAB0<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    822942 | PA      | $806236.28    | 1.76%             | 2029-01-31      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| RECOVERY SOLUTIONS REC  SOLUTIO 1/27/30   / | RECOVERY SOLUTIONS REC  SOLUTIO 1/27/30   /                              | CUSIP: 75627HAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    343060 | PA      | $343060.46    | 0.75%             | 2030-01-27      | Fixed         | 12.80%                | No            |                  2 | On Loan: No      |
| RIVIAN HLD/AUTO LLC                         | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC                     | CUSIP: 76954LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    725000 | PA      | $725000.00    | 1.58%             | 2026-10-15      | Floating      | 10.15%                | Yes           |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                    | SCIL IV LLC / SCIL USA Holdings LLC                                      | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $148169.70    | 0.32%             | 2026-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES                     | Saks Global Enterprises LLC                                              | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1412000 | PA      | $853532.82    | 1.86%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                    | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.                       | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    725225 | PA      | $575194.08    | 1.25%             | 2030-03-06      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                         | Spirit Airlines LLC                                                      | CUSIP: 84863V135<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5680 | NC      | $47428.00     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                      | Spirit AeroSystems, Inc.                                                 | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    650000 | PA      | $692474.25    | 1.51%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| STAPLES INC                                 | Staples, Inc.                                                            | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    225000 | PA      | $196804.80    | 0.43%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-13

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

**Signature:** /s/ Terrance P. Gallagher

**Name of Signer:** Terrance P. Gallagher

**Title:** Assistant VicePresident