# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-26-123084
**Filing Date:** 2026-3
**Character Count:** 110483
**Document Hash:** c9b2efe140012f2263775a04330c762e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-123084.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001193125-26-123084

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**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:** 26789174

**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 | Institutional Class | EMPIX           |

## Nport-Ex

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **EVENT LINKED BONDS — 86.1%** |  |
|  | **EUROPE — 5.4%** |  |
|  | **EARTHQUAKE — 0.6%** |  |
|  | Azzurro Re II DAC |  |
| 3750000 | 8.524% (3-Month Euribor + 625.00 basis points), 4/20/2028<sup>1,2</sup> | $**4509246** |
|  | **MULTI-PERIL — 1.5%** |  |
|  | Hexagon IV Re Ltd. |  |
| 2500000 | 5.750% (3-Month Euribor + 575.00 basis points), 1/21/2028 | 2997866 |
| 2500000 | 4.960% (3-Month Euribor + 496.00 basis points), 1/22/2030 | 2975048 |
|  | Lion RE DAC |  |
| 2500000 | 5.500% (3-Month Euribor + 550.00 basis points), 6/15/2029<sup>1,2,3</sup> | 3001126 |
|  | Orange Capital Re DAC |  |
| 1250000 | 8.026% (3-Month Euribor + 600.00 basis points), 1/17/2029<sup>1,2</sup> | 1553461 |
|  |  | **10527501** |
|  | **WINDSTORM — 3.3%** |  |
|  | Blue Sky Re DAC |  |
| 7000000 | 8.011% (3-Month Euribor + 616.40 basis points), 1/26/2027<sup>1,2,3</sup> | 8605619 |
|  | Eiffel Re Ltd. |  |
| 2500000 | 5.604% (3-Month Euribor + 358.00 basis points), 1/19/2027<sup>1,2</sup> | 3017425 |
|  | Quercus Re DAC |  |
| 1000000 | 10.050% (3-Month Euribor + 800.00 basis points), 7/8/2027<sup>1,2</sup> | 1224870 |
|  | Recoletos RE DAC |  |
| 4500000 | 3.500% (3-Month U.S. Treasury Bill + 350.00 basis points), 12/8/2028 | 5359886 |
|  | Taranis Reinsurance DAC |  |
| 2850000 | 8.339% (3-Month Euribor + 631.00 basis points), 1/21/2028<sup>1,2,3</sup> | 3438514 |
| 1000000 | 11.019% (3-Month Euribor + 899.00 basis points), 1/21/2028<sup>1,2,3</sup> | 1258179 |
|  | Windmill III Re DAC |  |
| 1000000 | 7.210% (3-Month Euribor + 521.00 basis points), 7/5/2028<sup>1,2</sup> | 1225462 |
|  |  | **24129955** |
|  | **TOTAL EUROPE** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $36,991,376) | **39166702** |
|  | **GLOBAL — 32.8%** |  |
|  | **EARTHQUAKE — 1.1%** |  |
|  | Acorn Re Ltd. |  |
| 2500000 | 2.350% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 235.00 basis points), 11/7/2028<sup>1,2,3</sup> | 2496500 |
|  | Matterhorn Re Ltd. |  |
| 1750000 | 2.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 250.00 basis points), 9/22/2028<sup>1,2,3</sup> | 1758750 |
|  | Turris RE Ltd. |  |
| 4000000 | 2.400% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 240.00 basis points), 1/8/2029<sup>1,2,3</sup> | 3992800 |
|  |  | **8248050** |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **MULTI-PERIL — 31.7%** |  |
|  | 3264 Re Ltd. |  |
| 2200000 | 3.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 300.00 basis points), 2/7/2028<sup>1,2,3</sup> | $2221560 |
| 2500000 | 21.250% (Federated Hermes US Treasury Cash Reserves Fund Yield + 2,125.00 basis points), 2/7/2028<sup>1,2,3</sup> | 2668750 |
| 7250000 | 6.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 600.00 basis points), 1/8/2029<sup>1,2,3</sup> | 7234775 |
| 5250000 | 6.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 650.00 basis points), 1/8/2029<sup>1,2,3</sup> | 5236875 |
|  | Aragonite Re Ltd. |  |
| 750000 | 5.450% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 545.00 basis points), 4/7/2027<sup>1,2,3</sup> | 771600 |
|  | Ashera Re |  |
| 250000 | 5.190% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 519.00 basis points), 4/7/2027<sup>1,2,3</sup> | 256425 |
|  | Atlas Capital DAC |  |
| 250000 | 7.570% (SOFR + 757.00 basis points), 6/5/2026<sup>1,2</sup> | 257775 |
| 250000 | 12.220% (SOFR + 1,222.00 basis points), 6/8/2027<sup>1,2</sup> | 275025 |
| 8000000 | 7.250% (SOFR + 725.00 basis points), 6/7/2028<sup>1,2,3</sup> | 8257600 |
|  | Bridge Street Re Ltd. |  |
| 10250000 | 4.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 400.00 basis points), 1/7/2028<sup>1,2,3</sup> | 10393500 |
| 12750000 | 7.750% (3-Month U.S. Treasury Bill + 775.00 basis points), 1/8/2029<sup>1,2,3</sup> | 12737250 |
|  | Easton Re Pte Ltd. |  |
| 250000 | 7.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 750.00 basis points), 1/8/2027<sup>1,2,3</sup> | 253975 |
|  | Fuchsia 2023-1 - London Bridge 2 PCC Ltd. |  |
| 290000 | 10.290% (Western Asset Institutional US Treasury Reserves Ltd Fund Yield + 1,029.00 basis points), 4/6/2027<sup>1,2,3</sup> | 303340 |
|  | Fuchsia 2024-1 - London Bridge 2 PCC Ltd. |  |
| 3250000 | 5.140% (Western Asset Institutional US Treasury Reserves Ltd Fund Yield + 514.00 basis points), 4/6/2028<sup>1,2,3</sup> | 3356600 |
|  | Fuchsia 2025-1 - London Bridge 2 PCC Ltd. |  |
| 3500000 | 3.250% (Western Asset Institutional US Treasury Reserves Ltd Fund Yield + 325.00 basis points), 4/6/2029<sup>1,2,3</sup> | 3490200 |
|  | Galileo Re Ltd. |  |
| 500000 | 7.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 700.00 basis points), 1/7/2028<sup>1,2,3</sup> | 521850 |
| 3750000 | 3.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 325.00 basis points), 1/8/2030<sup>1,2,3</sup> | 3738000 |
| 1500000 | 5.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 500.00 basis points), 1/8/2030<sup>1,2,3</sup> | 1487250 |
|  | Kendall Re Ltd. |  |
| 4500000 | 6.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 625.00 basis points), 4/30/2027<sup>1,2</sup> | 4676400 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
| 250000 | 7.738% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 773.80 basis points), 4/30/2027<sup>1,2</sup> | $259775 |
|  | Kilimanjaro II Re Ltd. |  |
| 250000 | 6.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 625.00 basis points), 6/30/2028<sup>1,2,3</sup> | 262900 |
| 7000000 | 7.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 725.00 basis points), 6/30/2028<sup>1,2,3</sup> | 7396200 |
| 4000000 | 3.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 375.00 basis points), 7/9/2029<sup>1,2,3</sup> | 4077200 |
| 4750000 | 4.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 400.00 basis points), 7/9/2029<sup>1,2,3</sup> | 4878725 |
| 2075000 | 6.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 625.00 basis points), 7/9/2029<sup>1,2,3</sup> | 2152812 |
| 2743000 | 6.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 650.00 basis points), 7/9/2029<sup>1,2,3</sup> | 2835988 |
| 4250000 | 3.750% (Goldman Sachs Financial Square Funds - Treasury Instruments FundY ield + 375.00 basis points), 7/8/2030<sup>1,2,3</sup> | 4336700 |
| 4000000 | 4.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 400.00 basis points), 7/8/2030<sup>1,2,3</sup> | 4132000 |
|  | Matterhorn Re Ltd. |  |
| 2000000 | 7.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 700.00 basis points), 2/4/2028<sup>1,2,3</sup> | 2026800 |
| 3000000 | 12.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,225.00 basis points), 2/4/2028<sup>1,2,3</sup> | 3059700 |
|  | MMIFS Re Ltd. |  |
| 3250000 | 2.900% (Canadian Overnight Repo Rate Average + 290.00 basis points), 1/10/2028 | 2386484 |
|  | Mona Lisa Re Ltd. |  |
| 11250000 | 9.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 975.00 basis points), 6/25/2027<sup>1,2</sup> | 12107250 |
| 3500000 | 8.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 800.00 basis points), 1/8/2029<sup>1,2</sup> | 3561250 |
| 7250000 | 12.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,200.00 basis points), 1/8/2030<sup>1,2,3</sup> | 7228250 |
| 21250000 | 5.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 550.00 basis points), 1/8/2031<sup>1,2,3</sup> | 21203250 |
|  | Montoya Re Ltd. |  |
| 2250000 | 13.400% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,340.00 basis points), 4/7/2026<sup>1,2,3</sup> | 2295450 |
| 7500000 | 5.750% (MSILF Treasury Securities Portfolio Fund Yield + 575.00 basis points), 4/7/2028<sup>1,2,3</sup> | 7560000 |
| 4750000 | 6.610% (MSILF Treasury Securities Portfolio Fund Yield + 661.00 basis points), 4/7/2028<sup>1,2,3</sup> | 4870175 |
| 9750000 | 5.250% (1-Month U.S. Treasury Bill + 525.00 basis points), 4/9/2030<sup>1,2,3</sup> | 9745125 |
| 9500000 | 5.750% (1-Month U.S. Treasury Bill + 575.00 basis points), 4/9/2030<sup>1,2,3</sup> | 9495250 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
| 4000000 | 12.500% (1-Month U.S. Treasury Bill + 1,250.00 basis points), 4/9/2030<sup>1,2,3</sup> | $3988000 |
|  | Mystic Re IV Ltd. |  |
| 3000000 | 4.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 400.00 basis points), 1/10/2028<sup>1,2</sup> | 3042600 |
| 3500000 | 3.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 325.00 basis points), 1/8/2029<sup>1,2,3</sup> | 3494750 |
|  | Northshore Re II Ltd. |  |
| 7500000 | 5.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 500.00 basis points), 4/7/2028<sup>1,2,3</sup> | 7597500 |
|  | Ocelot Re Ltd. |  |
| 13000000 | 4.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 450.00 basis points), 2/26/2029<sup>1,2,3</sup> | 13280800 |
| 5250000 | 6.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 625.00 basis points), 2/26/2029<sup>1,2,3</sup> | 5475750 |
|  | Phoenix 2 RE Pte Ltd. |  |
| 2000000 | 0.000% ,1/4/2038 | 1994400 |
|  | Phoenix 3 RE Pte Ltd. |  |
| 1000000 | 0.000% ,1/4/2039<sup>3</sup> | 1199500 |
|  | Riverfront Re Ltd. |  |
| 1500000 | 5.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 550.00 basis points), 1/8/2029<sup>1,2,3</sup> | 1603200 |
|  | Titania Re Ltd. |  |
| 1000000 | 13.130% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,313.00 basis points), 2/27/2026<sup>1,2,3</sup> | 1007000 |
| 4500000 | 6.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 625.00 basis points), 11/26/2027<sup>1,2,3</sup> | 4517550 |
|  | Wrigley Re Ltd. |  |
| 1000000 | 6.230% (Federated Hermes US Treasury Cash Reserves Fund Yield + 623.00 basis points), 8/7/2026<sup>1,2,3</sup> | 1020500 |
|  |  | **232231584** |
|  | **TOTAL GLOBAL** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $238,433,713) | **240479634** |
|  | **JAPAN — 2.8%** |  |
|  | **EARTHQUAKE — 1.1%** |  |
|  | Nakama Re Pte Ltd. |  |
| 6000000 | 2.050% (FRMMUSTF + 205.00 basis points), 10/13/2026<sup>1,2</sup> | 6006000 |
| 2500000 | 2.100% (3-Month U.S. Treasury Bill + 210.00 basis points), 4/23/2030<sup>1,2</sup> | 2515000 |
|  |  | **8521000** |
|  | **MULTI-PERIL — 1.7%** |  |
|  | Tomoni Re Pte Ltd. |  |
| 9145000 | 2.090% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 209.00 basis points), 4/7/2026<sup>1,2</sup> | 9154145 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
| 3000000 | 4.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 400.00 basis points), 4/5/2028<sup>1,2</sup> | $3063300 |
|  |  | **12217445** |
|  | **TOTAL JAPAN** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,636,761) | **20738445** |
|  | **UNITED STATES — 45.1%** |  |
|  | **EARTHQUAKE — 3.1%** |  |
|  | Herbie Re Ltd. |  |
| 2000000 | 4.250% (MSILF Treasury Securities Portfolio Fund Yield + 425.00 basis points), 1/7/2030<sup>1,2,3</sup> | 1999000 |
|  | Logistics Re Ltd. |  |
| 1250000 | 6.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 600.00 basis points), 12/21/2027<sup>1,2,3</sup> | 1275750 |
|  | Torrey Pines Re Ltd. |  |
| 4275000 | 5.306% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 530.60 basis points), 6/5/2026<sup>1,2</sup> | 4300222 |
| 500000 | 6.036% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 603.60 basis points), 6/7/2027<sup>1,2</sup> | 521550 |
| 4125000 | 3.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 375.00 basis points), 6/7/2028<sup>1,2,3</sup> | 4240913 |
|  | Veraison Re Ltd. |  |
| 3000000 | 6.788% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 678.80 basis points), 3/9/2026<sup>2,4</sup> | 3009000 |
| 1250000 | 3.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 350.00 basis points), 3/8/2028<sup>1,2,3</sup> | 1274125 |
| 5750000 | 0.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 50.00 basis points), 3/8/2029<sup>1,2,3</sup> | 5750000 |
|  | Wrigley Re Ltd. |  |
| 250000 | 6.700% (Federated Hermes US Treasury Cash Reserves Fund Yield + 670.00 basis points), 8/7/2026<sup>1,2,3</sup> | 253800 |
|  |  | **22624360** |
|  | **MULTI-PERIL — 16.0%** |  |
|  | 3264 Re Ltd. |  |
| 4250000 | 7.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 750.00 basis points), 6/8/2028<sup>1,2,3</sup> | 4431475 |
|  | Atela Re Ltd. |  |
| 4000000 | 14.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,425.00 basis points), 5/9/2027<sup>1,2</sup> | 4306000 |
|  | Finca RE Ltd. |  |
| 1500000 | 5.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 525.00 basis points), 6/7/2028<sup>1,2,3</sup> | 1545750 |
|  | Foundation Re IV Ltd. |  |
| 9750000 | 6.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 625.00 basis points), 1/8/2027<sup>1,2,3</sup> | 10000575 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
| 7250000 | 3.500% (3-Month U.S. Treasury Bill + 350.00 basis points), 1/7/2030<sup>1,2,3</sup> | $7337000 |
|  | Four Lakes Re Ltd. |  |
| 250000 | 5.800% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 580.00 basis points), 1/7/2027<sup>1,2,3</sup> | 253650 |
| 2500000 | 5.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 550.00 basis points), 1/7/2028<sup>1,2,3</sup> | 2556500 |
| 2250000 | 3.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 325.00 basis points), 1/8/2029<sup>1,2,3</sup> | 2243475 |
|  | Genesee Street Re Ltd. |  |
| 6000000 | 3.250% (1-Month U.S. Treasury Bill + 325.00 basis points), 4/7/2028<sup>1,2,3</sup> | 6070200 |
|  | High Point Re Ltd. |  |
| 2500000 | 5.490% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 549.00 basis points), 1/6/2027<sup>1,2,3</sup> | 2529250 |
|  | Mayflower Re Ltd. |  |
| 2750000 | 3.500% (T-BILL + 350.00 basis points), 7/7/2028<sup>1,2,3</sup> | 2812150 |
|  | Merna Re Companywide Ltd. |  |
| 6920000 | 7.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 700.00 basis points), 7/7/2028<sup>1,2</sup> | 7271536 |
|  | Merna Re Enterprise Ltd. |  |
| 3500000 | 7.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 775.00 basis points), 7/7/2028<sup>1,2</sup> | 3578400 |
|  | Merna Reinsurance II Ltd. |  |
| 6500000 | 8.380% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 838.00 basis points), 7/7/2026<sup>1,2,5</sup> | 6704750 |
| 250000 | 7.470% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 747.00 basis points), 7/7/2027<sup>1,2</sup> | 263025 |
| 2250000 | 8.490% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 849.00 basis points), 7/7/2027<sup>1,2,3,5</sup> | 2330325 |
|  | Residential Reinsurance 2004 Ltd. |  |
| 1000000 | 5.380% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 538.00 basis points), 12/6/2028<sup>1,2</sup> | 1030300 |
|  | Residential Reinsurance 2022 Ltd. |  |
| 875000 | 7.590% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 759.00 basis points), 12/6/2026<sup>1,2</sup> | 900025 |
|  | Residential Reinsurance 2023 Ltd. |  |
| 6750000 | 5.970% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 597.00 basis points), 12/6/2027<sup>1,2</sup> | 7055100 |
|  | Residential Reinsurance 2025 Ltd. |  |
| 7750000 | 5.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 575.00 basis points), 6/6/2029<sup>1,2,3</sup> | 8029000 |
| 3000000 | 3.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 325.00 basis points), 12/6/2029<sup>1,2</sup> | 2977500 |
|  | Sanders RE II Ltd. |  |
| 250000 | 4.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 399.00 basis points), 4/7/2029<sup>1,2</sup> | 254675 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **MULTI-PERIL (Continued)** |  |
| 10250000 | 4.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 425.00 basis points), 4/8/2030<sup>1,2</sup> | $10862950 |
| 500000 | 4.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 475.00 basis points), 4/8/2030<sup>1,2</sup> | 528350 |
|  | Sanders Re III Ltd. |  |
| 6000000 | 7.720% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 772.00 basis points), 6/5/2026<sup>1,2</sup> | 6132000 |
| 250000 | 5.470% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 547.00 basis points), 4/7/2027<sup>1,2</sup> | 257225 |
| 3125000 | 5.990% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 599.00 basis points), 4/7/2027<sup>1,2</sup> | 3241563 |
|  | Stabilitas Re Ltd. |  |
| 500000 | 8.480% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 848.00 basis points), 6/5/2026<sup>1,2,3</sup> | 510200 |
|  | Topanga Re Ltd. |  |
| 9750000 | 4.750% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 475.00 basis points), 1/7/2030<sup>1,2,3</sup> | 9726600 |
|  | Yosemite Re Ltd. |  |
| 1500000 | 7.250% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 725.00 basis points), 6/7/2028<sup>1,2,3</sup> | 1583400 |
|  |  | **117322949** |
|  | **WINDSTORM — 26.0%** |  |
|  | 1886 Re Ltd. |  |
| 7250000 | 4.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 450.00 basis points), 7/9/2029<sup>1,2,3</sup> | 7532750 |
|  | 3264 Re Ltd. |  |
| 1000000 | 7.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 700.00 basis points), 7/8/2027<sup>1,2,3</sup> | 1051700 |
|  | Armor RE II Ltd. |  |
| 2250000 | 8.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 850.00 basis points), 1/7/2028<sup>1,2</sup> | 2382525 |
|  | Bayou Re Ltd. |  |
| 6250000 | 8.332% (Dreyfus Treasury Securities Cash Management Fund Yield + 833.20 basis points), 4/30/2027<sup>1,2,3</sup> | 6573750 |
| 5000000 | 7.000% (Dreyfus Treasury Securities Cash Management Fund Yield + 700.00 basis points), 5/8/2028<sup>1,2</sup> | 4980000 |
|  | Blue Ridge Re Ltd. |  |
| 6500000 | 5.250% (Federated Hermes US Treasury Cash Reserves Fund Yield + 525.00 basis points), 1/8/2027<sup>1,2</sup> | 6604650 |
| 500000 | 8.270% (Federated Hermes US Treasury Cash Reserves Fund Yield + 827.00 basis points), 1/8/2027<sup>1,2</sup> | 514300 |
| 6000000 | 3.500% (Federated Hermes US Treasury Cash Reserves Fund Yield + 350.00 basis points), 1/8/2029<sup>1,2,3</sup> | 5980200 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **WINDSTORM (Continued)** |  |
| 3000000 | 8.000% (Federated Hermes US Treasury Cash Reserves Fund Yield + 800.00 basis points), 1/8/2029<sup>1,2,3</sup> | $2983800 |
|  | Cape Lookout Re Ltd. |  |
| 7750000 | 6.900% (Federated Hermes US Treasury Cash Reserves Fund Yield + 690.00 basis points), 3/13/2028<sup>1,2,3</sup> | 8158425 |
|  | Charles River Re Ltd. |  |
| 2750000 | 7.632% (Dreyfus Treasury Securities Cash Management Fund Yield + 763.20 basis points), 5/10/2027<sup>1,2</sup> | 2859175 |
|  | Chartwell RE Ltd. |  |
| 6750000 | 6.000% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 600.00 basis points), 6/7/2028<sup>1,2,3</sup> | 7027425 |
|  | Citrus Re Ltd. |  |
| 250000 | 6.590% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 659.00 basis points), 6/7/2026<sup>1,2,3</sup> | 254000 |
| 3250000 | 4.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 450.00 basis points), 6/7/2028<sup>1,2,3</sup> | 3370575 |
| 1250000 | 7.750% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 775.00 basis points), 6/7/2028<sup>1,2,3</sup> | 1273250 |
|  | Commonwealth Re Ltd. |  |
| 4750000 | 3.857% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 385.70 basis points), 7/8/2026<sup>1,2</sup> | 4783250 |
|  | Everglades Re II Ltd. |  |
| 7450000 | 10.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,050.00 basis points), 5/13/2027<sup>1,2</sup> | 7744275 |
| 6000000 | 8.750% (1-Month U.S. Treasury Bill + 875.00 basis points), 5/19/2028<sup>1,2,3</sup> | 6238200 |
|  | First Coast Re IV Ltd. |  |
| 5030000 | 9.940% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 994.00 basis points), 4/7/2026<sup>1,2,3</sup> | 5095390 |
| 1000000 | 6.500% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 650.00 basis points), 3/10/2028<sup>1,2,3</sup> | 1024900 |
|  | Fish Pond Re Ltd. |  |
| 3000000 | 4.020% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 402.00 basis points), 1/8/2027<sup>1,2,3</sup> | 3041100 |
|  | Gateway Re II Ltd. |  |
| 250000 | 9.570% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 957.00 basis points), 4/27/2026<sup>1,2,3</sup> | 254400 |
|  | Gateway Re Ltd. |  |
| 250000 | 13.940% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 1,394.00 basis points), 2/24/2026<sup>1,2,3</sup> | 252000 |
| 3557000 | 9.500% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 950.00 basis points), 7/7/2027<sup>1,2,3</sup> | 3704971 |
| 4750000 | 5.900% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 590.00 basis points), 7/8/2027<sup>1,2,3</sup> | 4870175 |
| 5750000 | 4.250% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 425.00 basis points), 7/7/2028<sup>1,2,3</sup> | 5739650 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **WINDSTORM (Continued)** |  |
| 7950000 | 7.000% (BlackRock Liquidity Funds Treasury Trust Fund Portfolio Yield + 700.00 basis points), 7/7/2028<sup>1,2,3</sup> | $8205195 |
|  | Hestia Re Ltd. |  |
| 1250000 | 6.750% (Dreyfus Treasury Securities Cash Management Fund Yield + 675.00 basis points), 3/13/2028<sup>1,2,3</sup> | 1280500 |
|  | Integrity RE III Ltd. |  |
| 1250000 | 8.000% (1-Month U.S. Treasury Bill + 800.00 basis points), 6/6/2027<sup>1,2</sup> | 1286750 |
| 2500000 | 8.000% (1-Month U.S. Treasury Bill + 800.00 basis points), 6/6/2028<sup>1,2</sup> | 2576750 |
|  | Integrity Re Ltd. |  |
| 5000000 | 10.554% (Federated Hermes US Treasury Cash Reserves Fund Yield + 1,055.40 basis points), 6/6/2026<sup>1,2</sup> | 5150000 |
|  | Lightning Re Series 2023-1 |  |
| 13000000 | 11.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,100.00 basis points), 3/31/2026<sup>1,2,3</sup> | 13169000 |
|  | Lower Ferry Re Ltd. |  |
| 250000 | 4.646% (MSILF Treasury Securities Portfolio Fund Yield + 464.60 basis points), 7/8/2026<sup>1,2,3</sup> | 252750 |
|  | Marlon Ltd. |  |
| 1750000 | 7.306% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 730.60 basis points), 6/7/2027<sup>1,2,3</sup> | 1846250 |
|  | Meadows Ltd. |  |
| 1500000 | 7.500% (3-Month U.S. Treasury Bill + 750.00 basis points), 12/7/2029<sup>1,2,3</sup> | 1498050 |
| 2250000 | 11.500% (3-Month U.S. Treasury Bill + 1,150.00 basis points), 12/7/2029<sup>1,2,3</sup> | 2220525 |
| 1500000 | 12.250% (3-Month U.S. Treasury Bill + 1,225.00 basis points), 12/7/2029<sup>1,2,3</sup> | 1479450 |
|  | Meritage RE Ltd. |  |
| 6250000 | 5.500% (1-Month U.S. Treasury Bill + 550.00 basis points), 3/8/2029<sup>1,2,3</sup> | 6240625 |
|  | Merna Reinsurance II Ltd. |  |
| 250000 | 10.740% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,047.00 basis points), 7/7/2026<sup>1,2</sup> | 258500 |
| 250000 | 8.750% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 875.00 basis points), 7/7/2027<sup>1,2</sup> | 262075 |
|  | Nature Coast Re Ltd. |  |
| 4150000 | 10.000% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,000.00 basis points), 12/7/2026<sup>1,2,3</sup> | 4224285 |
| 750000 | 13.500% (Goldman Sachs Financial Square Funds - Treasury Instruments Fund Yield + 1,350.00 basis points), 12/7/2026<sup>1,2,3</sup> | 763425 |
|  | Palm RE Ltd. |  |
| 2000000 | 7.750% (Dreyfus Treasury Securities Cash Management Fund Yield + 775.00 basis points), 6/7/2028<sup>1,2,3</sup> | 2081000 |
|  | Purple Re Ltd. |  |
| 1500000 | 7.250% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 725.00 basis points), 6/7/2028<sup>1,2,3</sup> | 1572000 |
|  | Recoletos Re DAC |  |
| 8700000 | 5.000% (3-Month U.S. Treasury Bill + 500.00 basis points), 1/7/2028<sup>1,2,3</sup> | 8781780 |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **WINDSTORM (Continued)** |  |
|  | Sabine Re Ltd. |  |
| 2500000 | 8.520% (Dreyfus Treasury Securities Cash Management Fund Yield + 852.00 basis points), 4/7/2027<sup>1,2,3</sup> | $2592750 |
|  | Solis RE Ltd. |  |
| 2000000 | 3.500% (JPMorgan 100% US Treasury Securities Money Market Fund Yield Index + 350.00 basis points), 7/7/2028<sup>1,2,3</sup> | 2045200 |
|  | Windrose Re Ltd. |  |
| 6250000 | 8.000% (3-Month U.S. Treasury Bill + 800.00 basis points), 2/13/2029<sup>1,2,3</sup> | 6250000 |
| 7000000 | 12.250% (3-Month U.S. Treasury Bill + 1,225.00 basis points), 2/13/2029<sup>1,2,3</sup> | 7000000 |
|  | Winston Re Ltd. |  |
| 2000000 | 10.210% (Dreyfus Treasury Securities Cash Management Fund Yield + 1,021.00 basis points), 2/26/2027<sup>1,2,3</sup> | 2108000 |
|  | Winston RE Ltd. |  |
| 3250000 | 6.500% (Dreyfus Treasury Securities Cash Management Fund Yield + 650.00 basis points), 2/21/2028<sup>1,2,3</sup> | 3331900 |
|  |  | **190771596** |
|  | **TOTAL UNITED STATES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $326,316,564) | **330718905** |
|  | **TOTAL EVENT LINKED BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $622,378,414) | **631103686** |
|  | **PREFERRED NOTES — 10.2%** |  |
|  | **GLOBAL — 8.2%** |  |
|  | **MULTI-PERIL — 8.2%** |  |
|  | Consulate Re 2025-15 |  |
| 5000000 | 4.044%, 3/31/2026<sup>6,7</sup> | 4965500 |
|  | Consulate Re 2025-25 |  |
| 5000000 | 4.044%, 7/29/2026<sup>6,7</sup> | 4778500 |
|  | Consulate Re 2026-10 |  |
| 10000000 | 3.033%, 12/31/2026<sup>6,7</sup> | 9437000 |
|  | Consulate Re 2026-28 |  |
| 9780000 | 0.000%, 12/31/2026<sup>6,7</sup> | 9067038 |
|  | Consulate Re 2026-29 |  |
| 4000000 | 3.033%, 12/31/2026<sup>6,7</sup> | 3361200 |
|  | Consulate Re 2026-31 |  |
| 10000000 | 3.033%, 12/31/2026<sup>6,7</sup> | 9144000 |
|  | Consulate Re 2026-32 |  |
| 2083333 | 3.033%, 12/31/2026<sup>6,7</sup> | 1795624 |
|  | Consulate Re 2026-3A |  |
| 10000000 | 3.033%, 12/31/2026<sup>6,7</sup> | 9109000 |
|  | Consulate Re 2026-9A |  |
| 10000000 | 3.033%, 12/31/2026<sup>6,7</sup> | 8296000 |
|  | **TOTAL GLOBAL** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $59,954,841) | **59953862** |

---

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **UNITED STATES — 2.0%** |  |
|  | **MULTI-PERIL — 2.0%** |  |
|  | Consulate Re 2025-24 |  |
| 5000000 | 4.044%, 7/13/2026<sup>6,7</sup> | $4913500 |
|  | Consulate Re 2026-12 |  |
| 6000000 | 3.033%, 12/31/2026<sup>6,7</sup> | 5397000 |
|  | Consulate Re 2026-13 |  |
| 6000000 | 3.033%, 12/31/2026<sup>6,7</sup> | 4892400 |
|  | **TOTAL UNITED STATES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,202,803) | **15202900** |
|  | **TOTAL PREFERRED NOTES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $75,157,644) | **75156762** |

---

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  |  |
|  | **SHORT-TERM INVESTMENTS — 5.7%** |  |
| 41836012 | Fidelity Investments Money Market Government Portfolio - Class I 3.53%<sup>8</sup> | **41836012** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $41,836,012) | **41836012** |
|  | **TOTAL INVESTMENTS — 102.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $739,372,070) | **748096460** |
|  | Liabilities in Excess of Other Assets — 2.0% | (14678238) |
|  | **TOTAL NET ASSETS — 100.0%** | $**733418222** |

---

SOFR – Secured Overnight Financing Rate

US – United States

<sup>1</sup> Floating rate security. Reference rates may vary based on the reset date of the security.

<sup>2</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 $614,190,502, which represents 83.7% of total net assets of the Fund.

<sup>3</sup> Callable.

<sup>4</sup> Variable rate security. Rate shown is the rate in effect as of January 31, 2026.

<sup>5</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 $14,981,120, which represents 2.0% of total net assets of the Fund.

<sup>6</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>7</sup> Restricted securities, representing 10.2% of Total Net Assets. The total value of these securities is $75,156,762.

<sup>8</sup> The rate is the annualized seven-day yield at period end.

**The Ambassador Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of January 31, 2026 (Unaudited)**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Sale Contracts** | <br>**Counterparty** | <br>**Currency**<br>**Exchange** | <br>**Settlement**<br>**Date** | **Currency**<br>**Amount**<br>**Sold** | **Value At**<br>**Settlement**<br>**Date** |<br>**Value At**<br>**January 31, 2026** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Euro | UMB Bank NA | EUR per USD | 1/16/2026 | (2510000) | (2492177) | (2673011) | (180834) |
| Euro | UMB Bank NA | EUR per USD | 3/16/2026 | (2250000) | (2864246) | (2915032) | (50786) |
| Euro | UMB Bank NA | EUR per USD | 4/20/2026 | (2450000) | (2896025) | (2979169) | (83144) |
| Euro | UMB Bank NA | EUR per USD | 5/26/2026 | (2500000) | (3881336) | (3992255) | (110919) |
| Canadian Dollar | UMB Bank NA | CAD per USD | 6/9/2026 | (3348000) | (2376600) | (2408242) | (31642) |
| Euro | UMB Bank NA | EUR per USD | 7/14/2026 | (2000000) | (1924884) | (1938144) | (13260) |
| Euro | UMB Bank NA | EUR per USD | 9/4/2026 | (3250000) | (3352980) | (3374088) | (21108) |
| Euro | UMB Bank NA | EUR per USD | 9/9/2026 | (1620000) | (3701880) | (3773971) | (72091) |
| Euro | UMB Bank NA | EUR per USD | 9/11/2026 | (2820000) | (2343200) | (2398178) | (54978) |
| Euro | UMB Bank NA | EUR per USD | 10/13/2026 | (3150000) | (7286875) | (7494934) | (208059) |
| Euro | UMB Bank NA | EUR per USD | 9/11/2026 | (2820000) | (1790712) | (1847138) | (56426) |
| Euro | UMB Bank NA | EUR per USD | 10/13/2026 | (3150000) | (4015110) | (4140670) | (125560) |
| Euro | UMB Bank NA | EUR per USD | 11/2/2026 | (2000000) | (2376800) | (2388675) | (11875) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |  | $(41302825) | $(42323507) | $(1020682) |

---

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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $782866709.47

**Total Liabilities:** $50314206.98

**Net Assets:** $732552502.49

**Delayed Delivery Securities:** $49513212.05

**Cash Not Reported:** $12026699.14

**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:** 19.709167766243 | **1-Year:** 2719.188242218298 | **5-Year:** 949.715341205460 | **10-Year:** 24.982800912520 | **30-Year:** 4.284999087480

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231837 | 0.44%                | 0.48%                | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1764241.71              | $-1655597.77                               |
| Month 2  | $364885.27               | $-1341107.90                               |
| Month 3  | $240847.07               | $-1025390.33                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATLAS CAPITAL DAC                             | Atlas Capital DAC                                   | CUSIP: 049207AC7<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   8000000 | PA      | $8257600.00   | 1.13%             | 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      | $6573750.00   | 0.90%             | 2027-04-30      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| BAYOU RE LTD                                  | Bayou Re Ltd.                                       | CUSIP: 07304LAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4980000.00   | 0.68%             | 2028-05-08      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BLUE SKY RE DAC                               | Blue Sky Re DAC                                     | CUSIP: 09605UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $8605618.78   | 1.17%             | 2027-01-26      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| BRIDGE STREET RE LTD                          | Bridge Street Re Ltd.                               | CUSIP: 10807LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10250000 | PA      | $10393500.00  | 1.42%             | 2028-01-07      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BRIDGE STREET RE LTD                          | Bridge Street Re Ltd.                               | CUSIP: 10807LAB3<br>LEI: 2549008NKPLMU6X7ID58 | Long             | DBT              | CORP              | BM        |  12750000 | PA      | $12737250.00  | 1.74%             | 2029-01-08      | Floating      | 7.75%                 | 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      | $-2915031.78  | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                           | Cape Lookout Re Ltd.                                | CUSIP: 13947LAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $8158425.00   | 1.11%             | 2028-03-13      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| CHARLES RIVER RE LTD                          | Charles River Re Ltd.                               | CUSIP: 159873AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2859175.00   | 0.39%             | 2027-05-10      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| CHARTWELL RE LTD                              | Chartwell RE Ltd.                                   | CUSIP: 16140YAA0<br>LEI: 984500FFT645KFFE6F50 | Long             | DBT              | CORP              | BM        |   6750000 | PA      | $7027425.00   | 0.96%             | 2028-06-07      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                                 | Citrus Re Ltd.                                      | CUSIP: 177510AL8<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $254000.00    | 0.03%             | 2026-06-07      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                                 | Citrus Re Ltd.                                      | CUSIP: 177510AQ7<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1273250.00   | 0.17%             | 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      | $3370575.00   | 0.46%             | 2028-06-07      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| EURO FORWARD EMBASSY CONTRACT 11/09/2026   /  | EURO FORWARD EMBASSY CONTRACT 11/09/2026   /        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1540000 | OU      | $-1847138.19  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| CAD FORWARD EMBASSY CONTRACT 09/04/26   /     | CAD FORWARD EMBASSY CONTRACT 09/04/26   /           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | CA        |  -3250000 | OU      | $-2408241.68  | -0.33%            |  |  |  | No            |                  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      | $-2673010.61  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 09/09/2026   /   | EUR FORWARD EMBASSY CONTRACT 09/09/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1620000 | OU      | $-1938143.81  | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMONWEALTH RE LTD                           | Commonwealth RE Ltd.                                | CUSIP: 203235AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4783250.00   | 0.65%             | 2026-07-08      | Floating      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| EURO FORWARD EMBASSY CONTRACT 11/24/2026   /  | EURO FORWARD EMBASSY CONTRACT 11/24/2026   /        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -3450000 | OU      | $-4140669.59  | -0.57%            |  |  |  | No            |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                             | Blue Ridge Re Ltd.                                  | CUSIP: 096003AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6604650.00   | 0.90%             | 2027-01-08      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                             | Blue Ridge Re Ltd.                                  | CUSIP: 096003AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $514300.00    | 0.07%             | 2027-01-08      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                             | Blue Ridge Re Ltd.                                  | CUSIP: 096003AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $5980200.00   | 0.82%             | 2029-01-08      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                             | Blue Ridge Re Ltd.                                  | CUSIP: 096003AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $2983800.00   | 0.41%             | 2029-01-08      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                             | Four Lakes Re Ltd.                                  | CUSIP: 35087TAE8<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $253650.00    | 0.03%             | 2027-01-07      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                             | Four Lakes Re Ltd.                                  | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2556500.00   | 0.35%             | 2028-01-07      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                             | Four Lakes Re Ltd.                                  | CUSIP: 35087TAJ7<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2243475.00   | 0.31%             | 2029-01-08      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                                | Galileo Re Ltd.                                     | CUSIP: 36354TAN2<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $521850.00    | 0.07%             | 2028-01-07      | 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        |   6000000 | PA      | $6070200.00   | 0.83%             | 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      | $-3992254.51  | -0.54%            |  |  |  | No            |                  2 | On Loan: No      |
| HERBIE RE LTD                                 | Herbie Re Ltd.                                      | CUSIP: 42703VAN3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $1999000.00   | 0.27%             | 2030-01-07      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HESTIA RE LTD                                 | Hestia Re Ltd.                                      | CUSIP: 42815KAC6<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1280500.00   | 0.17%             | 2028-03-13      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HIGH POINT RE LTD                             | High Point Re Ltd.                                  | CUSIP: 429932AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2529250.00   | 0.35%             | 2027-01-06      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE LTD                              | Integrity Re Ltd.                                   | CUSIP: 45833UAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5150000.00   | 0.70%             | 2026-06-06      | Floating      | 10.55%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                              | Integrity RE III Ltd.                               | CUSIP: 45870GAA4<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1286750.00   | 0.18%             | 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      | $2576750.00   | 0.35%             | 2028-06-06      | Floating      | 8.00%                 | 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      | $4077200.00   | 0.56%             | 2029-07-09      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                         | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2075000 | PA      | $2152812.50   | 0.29%             | 2029-07-09      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                         | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4878725.00   | 0.67%             | 2029-07-09      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                         | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2743000 | PA      | $2835987.70   | 0.39%             | 2029-07-09      | Floating      | 6.50%                 | 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      | $4336700.00   | 0.59%             | 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      | $4132000.00   | 0.56%             | 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        |  13000000 | PA      | $13169000.00  | 1.80%             | 2026-03-31      | Floating      | 11.00%                | Yes           |                  2 | On Loan: No      |
| LOGISTICS RE LTD                              | Logistics Re Ltd.                                   | CUSIP: 54143LAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1275750.00   | 0.17%             | 2027-12-21      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FUCHSIA 2025-1 LONDON BR                      | Fuchsia 2025-1 - London Bridge 2 PCC Ltd.           | CUSIP: 54180EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3490200.00   | 0.48%             | 2029-04-06      | Floating      | 3.25%                 | 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              | BM        |    290000 | PA      | $303340.00    | 0.04%             | 2027-04-06      | Floating      | 10.29%                | 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              | BM        |   3250000 | PA      | $3356600.00   | 0.46%             | 2028-04-06      | Floating      | 5.14%                 | 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      | $252750.00    | 0.03%             | 2026-07-08      | Floating      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                      | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAK8<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $263025.00    | 0.04%             | 2027-07-07      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION RE IV LTD                          | Foundation Re IV Ltd.                               | CUSIP: 349939AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9750000 | PA      | $10000575.00  | 1.37%             | 2027-01-08      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION RE IV LTD                          | Foundation Re IV Ltd.                               | CUSIP: 349939AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7250000 | PA      | $7337000.00   | 1.00%             | 2030-01-07      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                                | Galileo Re Ltd.                                     | CUSIP: 36354TAQ5<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3738000.00   | 0.51%             | 2030-01-08      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                                | Galileo Re Ltd.                                     | CUSIP: 36354TAR3<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1487250.00   | 0.20%             | 2030-01-08      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                                | Gateway Re Ltd.                                     | CUSIP: 36779CAC0<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252000.00    | 0.03%             | 2026-02-24      | Floating      | 13.94%                | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                                | Gateway Re Ltd.                                     | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4870175.00   | 0.66%             | 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      | $5739650.00   | 0.78%             | 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        |   3557000 | PA      | $3704971.20   | 0.51%             | 2027-07-07      | Floating      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                                | Gateway Re Ltd.                                     | CUSIP: 36779CAS5<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   7950000 | PA      | $8205195.00   | 1.12%             | 2028-07-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE II LTD                             | Gateway Re II Ltd.                                  | CUSIP: 367927AA8<br>LEI: 5493000ENKV5WXNA8Z86 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $254400.00    | 0.03%             | 2026-04-27      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                      | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAL6<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $262075.00    | 0.04%             | 2027-07-07      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                      | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2330325.00   | 0.32%             | 2027-07-07      | Floating      | 8.50%                 | Yes           |                  2 | 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      | $4913500.00   | 0.67%             | 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      | $4778500.00   | 0.65%             | 2026-07-29      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2026-10 PREFERRED NOTE   /       | CONSULATE RE 2026-10 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9437000.00   | 1.29%             | 2026-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2026-12 PREFERRED NOTE   /       | CONSULATE RE 2026-12 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $5397000.00   | 0.74%             | 2026-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2026-13 PREFERRED NOTE   /       | CONSULATE RE 2026-13 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $4892400.00   | 0.67%             | 2026-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2026-28 PREFERRED NOTE   /       | CONSULATE RE 2026-28 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9780000 | PA      | $9067038.00   | 1.24%             | 2026-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2026-29 PREFERRED NOTE   /       | CONSULATE RE 2026-29 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $3361200.00   | 0.46%             | 2026-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2026-31 PREFERRED NOTE   /       | CONSULATE RE 2026-31 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9144000.00   | 1.25%             | 2026-12-31      | Floating      | 0.00%                 | Yes           |                  3 | 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      | $-2979170.43  | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| MONA LISA RE LTD                              | Mona Lisa Re Ltd.                                   | CUSIP: 608800AH1<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |  11250000 | PA      | $12107250.00  | 1.65%             | 2027-06-25      | Floating      | 9.75%                 | Yes           |                  2 | On Loan: No      |
| CONSULATE RE 2026-32 PREFERRED NOTE   /       | CONSULATE RE 2026-32 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2083333 | PA      | $1795624.71   | 0.25%             | 2026-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2026-3A PREFERRED NOTE   /       | CONSULATE RE 2026-3A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9109000.00   | 1.24%             | 2026-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2026-9A PREFERRED NOTE   /       | CONSULATE RE 2026-9A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $8296000.00   | 1.13%             | 2026-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Fidelity Government Portfolio                 | Fidelity Government Portfolio - Class Institutional | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  41414923 | PA      | $41414922.92  | 5.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ORANGE CAPITAL RE DAC                         | Orange Capital RE DAC                               | CUSIP: 999999999<br>LEI: 635400PXTZAPQFEPH515 | Long             | DBT              | CORP              | IE        |   1250000 | PA      | $1553461.36   | 0.21%             | 2029-01-17      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| QUERCUS RE DAC                                | Quercus Re DAC                                      | CUSIP: 999999999<br>LEI: 635400YNKWICCYBDBC76 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1224869.61   | 0.17%             | 2027-07-08      | Floating      | 10.05%                | Yes           |                  2 | On Loan: No      |
| WINDMILL III RE DAC                           | Windmill III Re DAC                                 | CUSIP: G96996AA4<br>LEI: 635400PB5AXUZ6R7CT68 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1225462.30   | 0.17%             | 2028-07-05      | Floating      | 7.21%                 | Yes           |                  2 | On Loan: No      |
| TARANIS REINSURANCE DAC                       | Taranis Reinsurance DAC                             | CUSIP: 87609TAB4<br>LEI: 635400FQ9HHTLYKADZ22 | Long             | DBT              | CORP              | IE        |   2850000 | PA      | $3438513.51   | 0.47%             | 2028-01-21      | Floating      | 8.34%                 | Yes           |                  2 | On Loan: No      |
| EIFFEL RE LTD                                 | Eiffel Re Ltd.                                      | CUSIP: 999999999<br>LEI: 5493000KHTJQAOS8QP53 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $3017425.32   | 0.41%             | 2027-01-19      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                              | Mona Lisa Re Ltd.                                   | CUSIP: 608800AJ7<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3561250.00   | 0.49%             | 2029-01-08      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                              | Mona Lisa Re Ltd.                                   | CUSIP: 608800AL2<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |  21250000 | PA      | $21203250.00  | 2.89%             | 2031-01-08      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                              | Mona Lisa Re Ltd.                                   | CUSIP: 608800AM0<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |   7250000 | PA      | $7228250.00   | 0.99%             | 2030-01-08      | Floating      | 12.00%                | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                                | Montoya Re Ltd.                                     | CUSIP: 613752AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2295450.00   | 0.31%             | 2026-04-07      | Floating      | 13.40%                | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                                | Montoya Re Ltd.                                     | CUSIP: 613752AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7560000.00   | 1.03%             | 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        |   4750000 | PA      | $4870175.00   | 0.66%             | 2028-04-07      | Floating      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                                | Montoya Re Ltd.                                     | CUSIP: 613752AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9750000 | PA      | $9745125.00   | 1.33%             | 2030-04-09      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                                | Montoya Re Ltd.                                     | CUSIP: 613752AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $3988000.00   | 0.54%             | 2030-04-09      | Floating      | 12.50%                | Yes           |                  2 | On Loan: No      |
| SABINE RE LTD                                 | Sabine Re Ltd.                                      | CUSIP: 785628AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2592750.00   | 0.35%             | 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        |   6000000 | PA      | $6132000.00   | 0.84%             | 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      | $3241562.50   | 0.44%             | 2027-04-07      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                            | Sanders Re III Ltd.                                 | CUSIP: 80001QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $257225.00    | 0.04%             | 2027-04-07      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                                | Montoya Re Ltd.                                     | CUSIP: 613752AH7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9500000 | PA      | $9495250.00   | 1.30%             | 2030-04-09      | Floating      | 5.75%                 | 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      | $3042600.00   | 0.42%             | 2028-01-10      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                              | Mystic Re IV Ltd.                                   | CUSIP: 62865LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3494750.00   | 0.48%             | 2029-01-08      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| NAKAMA RE PTE LTD                             | Nakama Re Pte Ltd.                                  | CUSIP: 62984JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   6000000 | PA      | $6006000.00   | 0.82%             | 2026-10-13      | Floating      | 2.05%                 | 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      | $2515000.00   | 0.34%             | 2030-04-23      | Floating      | 2.10%                 | 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      | $4224285.00   | 0.58%             | 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      | $763425.00    | 0.10%             | 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      | $7597500.00   | 1.04%             | 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        |  13000000 | PA      | $13280800.00  | 1.81%             | 2029-02-26      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                                 | Ocelot Re Ltd.                                      | CUSIP: 675951AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5475750.00   | 0.75%             | 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        |   7250000 | PA      | $7532750.00   | 1.03%             | 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      | $2081000.00   | 0.28%             | 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        |   1500000 | PA      | $1572000.00   | 0.21%             | 2028-06-07      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| WINSTON RE LTD                                | Winston RE Ltd.                                     | CUSIP: 975660AC5<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3331900.00   | 0.45%             | 2028-02-21      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| WRIGLEY RE LTD                                | Wrigley Re Ltd.                                     | CUSIP: 982533AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1020500.00   | 0.14%             | 2026-08-07      | Floating      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| WRIGLEY RE LTD                                | Wrigley Re Ltd.                                     | CUSIP: 982533AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $253800.00    | 0.03%             | 2026-08-07      | Floating      | 6.70%                 | Yes           |                  2 | On Loan: No      |
| YOSEMITE RE LTD                               | Yosemite Re Ltd.                                    | CUSIP: 98740RAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1583400.00   | 0.22%             | 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      | $-2388675.29  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO FORWARD EMBASSY CONTRACT 11/04/2026   /  | EURO FORWARD EMBASSY CONTRACT 11/04/2026   /        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -6250000 | OU      | $-7494933.50  | -1.02%            |  |  |  | No            |                  2 | On Loan: No      |
| KENDALL RE LTD                                | Kendall Re Ltd.                                     | CUSIP: 48878QAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4676400.00   | 0.64%             | 2027-04-30      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| KENDALL RE LTD                                | Kendall Re Ltd.                                     | CUSIP: 48878QAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259775.00    | 0.04%             | 2027-04-30      | Floating      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                         | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $262900.00    | 0.04%             | 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        |   7000000 | PA      | $7396200.00   | 1.01%             | 2028-06-30      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| RECOLETOS RE DAC                              | Recoletos RE DAC                                    | CUSIP: 755933AA6<br>LEI: 635400FIY9UG8ZHKYH56 | Long             | DBT              | CORP              | IE        |   8700000 | PA      | $8781780.00   | 1.20%             | 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        |   6750000 | PA      | $7055100.00   | 0.96%             | 2027-12-06      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| TARANIS REINSURANCE DAC                       | Taranis Reinsurance DAC                             | CUSIP: 87609TAA6<br>LEI: 635400FQ9HHTLYKADZ22 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1258179.23   | 0.17%             | 2028-01-21      | Floating      | 11.02%                | Yes           |                  2 | On Loan: No      |
| EASTON RE LTD                                 | Easton Re Ltd.                                      | CUSIP: 27777AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $253975.00    | 0.03%             | 2027-01-08      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 09/11/2026   /   | EUR FORWARD EMBASSY CONTRACT 09/11/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2820000 | OU      | $-3374087.69  | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                         | First Coast Re IV Ltd.                              | CUSIP: 31969UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5030000 | PA      | $5095390.00   | 0.70%             | 2026-04-07      | Floating      | 9.94%                 | 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      | $1024900.00   | 0.14%             | 2028-03-10      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| HEXAGON IV RE Ltd. CAT VAR RT 01/22/30   /    | HEXAGON IV RE Ltd. CAT VAR RT 01/22/30   /          | CUSIP: 321620868<br>LEI: N/A                  | Long             | DBT              | NUSS              | BM        |   2500000 | PA      | $2975047.42   | 0.41%             | 2030-01-22      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HEXAGON IV RE Ltd. CAT VAR RT 01/21/28   /    | HEXAGON IV RE Ltd. CAT VAR RT 01/21/28   /          | CUSIP: 321749917<br>LEI: N/A                  | Long             | DBT              | NUSS              | BM        |   2500000 | PA      | $2997866.29   | 0.41%             | 2028-01-21      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| RECOLETOS RE DAC CAT VAR RT 12/08/28   /      | RECOLETOS RE DAC CAT VAR RT 12/08/28   /            | CUSIP: 323065039<br>LEI: N/A                  | Long             | DBT              | NUSS              | IE        |   4500000 | PA      | $5359886.20   | 0.73%             | 2028-12-08      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PHEONIX 2 RE PTE Ltd. CAT VAR RT 01/04/38   / | PHEONIX 2 RE PTE Ltd. CAT VAR RT 01/04/38   /       | CUSIP: 323877475<br>LEI: N/A                  | Long             | DBT              | NUSS              | SG        |   2000000 | PA      | $1994400.00   | 0.27%             | 2038-01-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FISH POND RE LTD                              | Fish Pond Re Ltd.                                   | CUSIP: 33774EAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   3000000 | PA      | $3041100.00   | 0.42%             | 2027-01-08      | Floating      | 4.02%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REINSUR 2025                      | Residential Reinsurance 2025 Ltd.                   | CUSIP: 76091DAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   7750000 | PA      | $8029000.00   | 1.10%             | 2029-06-06      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REINSUR 2025                      | Residential Reinsurance 2025 Ltd.                   | CUSIP: 76091JAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   3000000 | PA      | $2977500.00   | 0.41%             | 2029-12-06      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                         | Residential Reinsurance 2004 Ltd.                   | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $1030300.00   | 0.14%             | 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        |    875000 | PA      | $900025.00    | 0.12%             | 2029-12-06      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| RIVERFRONT RE LTD                             | Riverfront Re Ltd.                                  | CUSIP: 76870YAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1603200.00   | 0.22%             | 2029-01-08      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                             | Sanders RE II Ltd.                                  | CUSIP: 80001RAA9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $254675.00    | 0.03%             | 2029-04-07      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ACORN RE LTD                                  | Acorn Re Ltd.                                       | CUSIP: 00485YAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2496500.00   | 0.34%             | 2028-11-07      | Floating      | 2.35%                 | Yes           |                  2 | On Loan: No      |
| ARAGONITE RE LTD                              | Aragonite Re Ltd.                                   | CUSIP: 03851YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $771600.00    | 0.11%             | 2027-04-07      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| ARMOR RE II LTD                               | Armor RE II Ltd.                                    | CUSIP: 04227FAF2<br>LEI: 549300X573KDIHEJL317 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2382525.00   | 0.33%             | 2028-01-07      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| ASHERA RE                                     | Ashera Re                                           | CUSIP: 04401RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $256425.00    | 0.04%             | 2027-04-07      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| MARLON LTD                                    | Marlon Ltd.                                         | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1846250.00   | 0.25%             | 2027-06-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                             | Matterhorn Re Ltd.                                  | CUSIP: 577092AW9<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2026800.00   | 0.28%             | 2028-02-04      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                             | Matterhorn Re Ltd.                                  | CUSIP: 577092AX7<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3059700.00   | 0.42%             | 2028-02-04      | Floating      | 12.25%                | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                             | Matterhorn Re Ltd.                                  | CUSIP: 577092AZ2<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1758750.00   | 0.24%             | 2028-09-22      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                              | Mayflower Re Ltd.                                   | CUSIP: 57839MAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2812150.00   | 0.38%             | 2028-07-07      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| MEADOWS LTD                                   | Meadows Ltd.                                        | CUSIP: 58320RAA9<br>LEI: 254900W9CHL6SO5U0P81 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1479450.00   | 0.20%             | 2029-12-07      | Floating      | 12.25%                | Yes           |                  2 | On Loan: No      |
| MEADOWS LTD                                   | Meadows Ltd.                                        | CUSIP: 58320RAB7<br>LEI: 254900W9CHL6SO5U0P81 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2220525.00   | 0.30%             | 2029-12-07      | Floating      | 11.50%                | Yes           |                  2 | On Loan: No      |
| MEADOWS LTD                                   | Meadows Ltd.                                        | CUSIP: 58320RAC5<br>LEI: 254900W9CHL6SO5U0P81 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1498050.00   | 0.20%             | 2029-12-07      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| MERITAGE RE LTD                               | Meritage RE Ltd.                                    | CUSIP: 59002JAA0<br>LEI: 254900TG8PO2J3ZD4Q82 | Long             | DBT              | CORP              | BM        |   6250000 | PA      | $6240625.00   | 0.85%             | 2029-03-08      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MERNA RE COMPANYWIDE                          | Merna Re Co.wide Ltd.                               | CUSIP: 59013FAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6920000 | PA      | $7271536.00   | 0.99%             | 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        |   3500000 | PA      | $3578400.00   | 0.49%             | 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      | $6704750.00   | 0.92%             | 2026-07-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                      | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAJ1<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258500.00    | 0.04%             | 2026-07-07      | Floating      | 10.74%                | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                             | Sanders RE II Ltd.                                  | CUSIP: 80001TAB3<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |  10250000 | PA      | $10862950.00  | 1.48%             | 2030-04-08      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                             | Sanders RE II Ltd.                                  | CUSIP: 80001TAD9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $528350.00    | 0.07%             | 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      | $2045200.00   | 0.28%             | 2028-07-07      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| STABILITAS RE LTD                             | Stabilitas Re Ltd.                                  | CUSIP: 85237TAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $510200.00    | 0.07%             | 2026-06-05      | Floating      | 8.48%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                   | 3264 re Ltd.                                        | CUSIP: 88577CAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1051700.00   | 0.14%             | 2027-07-08      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                   | 3264 re Ltd.                                        | CUSIP: 88577CAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2668750.00   | 0.36%             | 2028-02-07      | Floating      | 21.25%                | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                   | 3264 re Ltd.                                        | CUSIP: 88577CAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2200000 | PA      | $2221560.00   | 0.30%             | 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      | $4431475.00   | 0.60%             | 2028-06-08      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                   | 3264 re Ltd.                                        | CUSIP: 88577CAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5236875.00   | 0.71%             | 2029-01-08      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                   | 3264 re Ltd.                                        | CUSIP: 88577CAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7250000 | PA      | $7234775.00   | 0.99%             | 2029-01-08      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                                | Titania RE Ltd.                                     | CUSIP: 888329AC3<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1007000.00   | 0.14%             | 2026-02-27      | Floating      | 13.13%                | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                                | Titania RE Ltd.                                     | CUSIP: 888329AE9<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4517550.00   | 0.62%             | 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      | $9154145.00   | 1.25%             | 2026-04-07      | Floating      | 2.09%                 | 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      | $3063300.00   | 0.42%             | 2028-04-05      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TOPANGA RE LIMITED                            | Topanga Re Ltd.                                     | CUSIP: 89055TAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9750000 | PA      | $9726600.00   | 1.33%             | 2030-01-07      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                           | Torrey Pines Re Ltd.                                | CUSIP: 89141WAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4275000 | PA      | $4300222.50   | 0.59%             | 2026-06-05      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                           | Torrey Pines Re Ltd.                                | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $521550.00    | 0.07%             | 2027-06-07      | Floating      | 6.04%                 | 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      | $4240912.50   | 0.58%             | 2028-06-07      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                               | Veraison Re Ltd.                                    | CUSIP: 92335TAA7<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3009000.00   | 0.41%             | 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        |   1250000 | PA      | $1274125.00   | 0.17%             | 2028-03-08      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                               | Veraison Re Ltd.                                    | CUSIP: 92335TAF6<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5750000.00   | 0.78%             | 2029-03-08      | Floating      | 0.50%                 | Yes           |                  2 | On Loan: No      |
| WINDROSE RE LTD                               | Windrose Re Ltd.                                    | CUSIP: 972917AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6250000 | PA      | $6250000.00   | 0.85%             | 2029-02-13      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| WINDROSE RE LTD                               | Windrose Re Ltd.                                    | CUSIP: 972917AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7000000 | PA      | $7000000.00   | 0.96%             | 2029-02-13      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| WINSTON RE LTD                                | Winston RE Ltd.                                     | CUSIP: 975660AA9<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2108000.00   | 0.29%             | 2027-02-26      | Floating      | 10.21%                | Yes           |                  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      | $1199500.00   | 0.16%             | 2039-01-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AZZURRO RE II DAC                             | Azzurro Re II DAC                                   | CUSIP: G07543AB0<br>LEI: 635400NZWVDIAI82JP08 | Long             | DBT              | CORP              | IE        |   3750000 | PA      | $4509246.09   | 0.62%             | 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      | $3001126.13   | 0.41%             | 2029-06-15      | Floating      | 5.50%                 | Yes           |                  2 | 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      | $4965500.00   | 0.68%             | 2026-03-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 10/13/2026   /   | EUR FORWARD EMBASSY CONTRACT 10/13/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -3150000 | OU      | $-3773971.24  | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO FORWARD EMBASSY CONTRACT 11/02/2026   /  | EURO FORWARD EMBASSY CONTRACT 11/02/2026   /        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2000000 | OU      | $-2398177.96  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| TURRIS RE LTD                                 | Turris RE Ltd.                                      | CUSIP: 900442AA2<br>LEI: 254900AYLTVDMB8FO181 | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $3992800.00   | 0.55%             | 2029-01-08      | Floating      | 2.40%                 | Yes           |                  2 | On Loan: No      |
| ATELA RE LTD                                  | Atela Re Ltd.                                       | CUSIP: 04681FAA2<br>LEI: 2549006VU6TMK735XN50 | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4306000.00   | 0.59%             | 2027-05-09      | Floating      | 14.25%                | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                             | Atlas Capital DAC                                   | CUSIP: 049207AA1<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $257775.00    | 0.04%             | 2026-06-05      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                             | Atlas Capital DAC                                   | CUSIP: 049207AB9<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $275025.00    | 0.04%             | 2027-06-08      | Floating      | 12.22%                | 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      | $2386483.81   | 0.33%             | 2028-01-10      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| EVERGLADES RE II LTD                          | Everglades Re II Ltd.                               | CUSIP: 30014LAM6<br>LEI: 5493000EE11S6ONK0372 | Long             | DBT              | CORP              | BM        |   7450000 | PA      | $7744275.00   | 1.06%             | 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        |   6000000 | PA      | $6238200.00   | 0.85%             | 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        |   1500000 | PA      | $1545750.00   | 0.21%             | 2028-06-07      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-09

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

**Signature:** /s/ Scott Schulenburg

**Name of Signer:** Scott Schulenburg

**Title:** President