# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-26-110059
**Filing Date:** 2026-3
**Character Count:** 75540
**Document Hash:** b605bf0a5746bc1574ec19274ec14536
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-110059.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001193125-26-110059

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260317

**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:** 26760323

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2295

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Series and Classes Contracts Data

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

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

## Nport-Ex

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS — 61.0%** |  |
|  | **CORPORATE — 61.0%** |  |
|  | **BASIC MATERIALS — 4.2%** |  |
| 242000 | Celanese U.S. Holdings LLC<br> 6.500%, 4/15/2030<sup>2</sup> | $246648 |
| 810000 | First Quantum Minerals, Ltd.<br> 9.375%, 3/1/2029<sup>2,3,4</sup> | 850747 |
| 550000 | Kronos International, Inc.<br> 9.500%, 3/15/2029<sup>2,3</sup> | 595072 |
| 100000 | SCIL USA Holdings LLC<br> 9.500%, 7/15/2028<sup>2</sup> | 124762 |
| 100000 | Stillwater Mining Co.<br> 4.500%, 11/16/2029<sup>2</sup> | 96323 |
| 275000 | ViaSat, Inc.<br> 5.625%, 4/15/2027<sup>2,3</sup> | 275270 |
|  |  | **2188822** |
|  | **COMMUNICATIONS — 15.3%** |  |
| 1010000 | Airbnb, Inc.<br> 0.000%, 3/15/2026<sup>5</sup> | 1005960 |
| 224680 | Altice France S.A.<br> 9.500%, 11/1/2029<sup>2,3,4</sup> | 230711 |
| 150000 | AMC Networks, Inc.<br> 10.250%, 1/15/2029<sup>2,3</sup> | 156519 |
| 242000 | BlackSky Technology, Inc.<br> 8.250%, 8/1/2033<sup>3,5</sup> | 279147 |
| 417000 | CCO Holdings LLC / CCO Holdings Capital Corp.<br> 5.125%, 5/1/2027<sup>2,3</sup> | 417367 |
| 250000 | Connect U.S. Finco LLC<br> 9.000%, 9/15/2029<sup>2,3,4</sup> | 265641 |
| 300000 | Delivery Hero S.E.<br> 3.250%, 2/21/2030<sup>5</sup> | 345308 |
|  | Directv Financing LLC |  |
| 800000 | 8.875%, 2/1/2030<sup>2,3</sup> | 810643 |
| 453000 | 10.000%, 2/15/2031<sup>2,3</sup> | 466942 |
| 701138 | EchoStar Corp.<br> 6.750%, 11/30/2030<sup>2</sup> | 714451 |
| 220000 | Frontier Communications Corp.<br> 8.625%, 3/15/2031<sup>2,3</sup> | 230437 |
| 218000 | Gray Media, Inc.<br> 10.500%, 7/15/2029<sup>2,3</sup> | 234272 |
|  | Hughes Satellite Systems Corp. |  |
| 550000 | 5.250%, 8/1/2026 | 520649 |
| 512000 | 6.625%, 8/1/2026 | 449420 |
| 250000 | SoftBank Group Corp.<br> 5.125%, 9/19/2027<sup>2,4</sup> | 248406 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **COMMUNICATIONS (Continued)** |  |
| 450000 | ViaSat, Inc.<br> 6.500%, 7/15/2028<sup>2,3</sup> | $444486 |
| 1002000 | Victoria's Secret & Co<br> 4.625%, 7/15/2029<sup>2</sup> | 980468 |
| 231000 | Windstream Services LLC<br> 8.250%, 10/1/2031<sup>2,3</sup> | 242112 |
|  |  | **8042939** |
|  | **CONSUMER, CYCLICAL — 6.1%** |  |
| 289000 | Allegiant Travel Co.<br> 7.250%, 8/15/2027<sup>2,3</sup> | 292493 |
| 800000 | Allwyn Entertainment Financing UK PLC<br> 7.875%, 4/30/2029<sup>2,3,4</sup> | 833970 |
| 200000 | Cooper-Standard Automotive, Inc.<br> 13.500%, 3/31/2027<sup>2,3</sup> | 207028 |
| 167407 | JetBlue Pass-Through Trust<br> 7.750%, 5/15/2030 | 170517 |
| 400000 | K Hovnanian Enterprises, Inc.<br> 8.000%, 4/1/2031<sup>2,3</sup> | 410031 |
| 59000 | Mattel, Inc.<br> 5.875%, 12/15/2027<sup>2,3</sup> | 59024 |
| 60000 | Petco Health & Wellness Co., Inc.<br> 8.250%, 2/1/2031<sup>2,3</sup> | 60307 |
| 500000 | Scientific Games International, Inc.<br> 7.250%, 11/15/2029<sup>2,3</sup> | 513576 |
| 134000 | Scotts Miracle-Gro Co.<br> 5.250%, 12/15/2026<sup>2</sup> | 134575 |
| 200000 | United Airlines, Inc.<br> 4.375%, 4/15/2026<sup>2,3</sup> | 199967 |
| 50000 | Victra Holdings LLC<br> 8.750%, 9/15/2029<sup>2,3</sup> | 52677 |
| 260000 | Wyndham Destinations, Inc.<br> 6.625%, 7/31/2026<sup>2,3</sup> | 261121 |
|  |  | **3195286** |
|  | **CONSUMER, NON-CYCLICAL — 10.4%** |  |
| 400000 | Alarm.com Holdings, Inc.<br> 2.250%, 6/1/2029<sup>5</sup> | 379400 |
| 350000 | Alta Equipment Group, Inc.<br> 9.000%, 6/1/2029<sup>2,3</sup> | 334637 |
|  | Block, Inc. |  |
| 471000 | 2.750%, 6/1/2026<sup>2</sup> | 468454 |
| 500000 | 5.625%, 8/15/2030<sup>2,3</sup> | 509170 |
| 250000 | Endo Finance Holdings, Inc.<br> 8.500%, 4/15/2031<sup>2,3</sup> | 264815 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, NON-CYCLICAL (Continued)** |  |
| 325000 | Herbalife Ltd.<br> 4.250%, 6/15/2028<sup>4,5</sup> | $424125 |
|  | HLF Financing Sarl LLC / Herbalife International, Inc. |  |
| 300000 | 12.250%, 4/15/2029<sup>2,3</sup> | 322773 |
| 86000 | 4.875%, 6/1/2029<sup>2,3</sup> | 81702 |
| 25000 | KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.<br> 9.000%, 2/15/2029<sup>2,3</sup> | 26283 |
|  | Radiology Partners, Inc. |  |
| 818513 | 9.781%, 2/15/2030<sup>2,3</sup> | 819536 |
| 250000 | 8.500%, 7/15/2032<sup>2,3</sup> | 262805 |
| 197000 | Shift4 Payments, Inc.<br> 0.500%, 8/1/2027<sup>5</sup> | 189711 |
| 500000 | Spectrum Brands, Inc.<br> 3.375%, 6/1/2029<sup>5</sup> | 484375 |
| 868000 | United Rentals North America, Inc.<br> 6.000%, 12/15/2029<sup>2,3</sup> | 890398 |
|  |  | **5458184** |
|  | **ENERGY — 7.7%** |  |
| 975000 | CITGO Petroleum Corp.<br> 8.375%, 1/15/2029<sup>2,3</sup> | 1016637 |
|  | CVR Energy, Inc. |  |
| 475000 | 8.500%, 1/15/2029<sup>2,3</sup> | 495732 |
| 400000 | 7.500%, 2/15/2031<sup>2,3</sup> | 399875 |
|  | Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |
| 350000 | 7.125%, 6/1/2028<sup>2,3</sup> | 352513 |
| 200000 | 8.625%, 3/15/2029<sup>2,3</sup> | 209120 |
| 450000 | NextEra Energy Partners LP<br> 2.500%, 6/15/2026<sup>3,5</sup> | 442710 |
|  | PBF Holding Co. LLC / PBF Finance Corp. |  |
| 240000 | 6.000%, 2/15/2028<sup>2</sup> | 239746 |
| 635000 | 9.875%, 3/15/2030<sup>2,3</sup> | 673792 |
| 226000 | Talos Production, Inc.<br> 9.000%, 2/1/2029<sup>2,3</sup> | 235617 |
|  |  | **4065742** |
|  | **FINANCIAL — 4.4%** |  |
| 400000 | HAT Holdings I LLC / HAT Holdings II LLC<br> 3.750%, 9/15/2030<sup>3</sup> | 373277 |
| 1245000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp.<br> 9.750%, 1/15/2029<sup>2</sup> | 1253627 |
| 200000 | Service Properties Trust<br> 8.625%, 11/15/2031<sup>2,3</sup> | 210219 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **FINANCIAL (Continued)** |  |
| 182000 | StoneX Group, Inc.<br> 7.875%, 3/1/2031<sup>2,3</sup> | $193741 |
| 269000 | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC<br> 4.750%, 4/15/2028<sup>2,3</sup> | 268561 |
|  |  | **2299425** |
|  | **INDUSTRIAL — 4.1%** |  |
| 771750 | INNOVATE Corp.<br> 10.500%, 2/1/2027<sup>3</sup> | 665634 |
| 110000 | Mauser Packaging Solutions Holding Co.<br> 7.875%, 4/15/2030<sup>2,3</sup> | 112152 |
| 456000 | Rand Parent LLC<br> 8.500%, 2/15/2030<sup>2,3</sup> | 476664 |
| 400000 | RXO, Inc.<br> 7.500%, 11/15/2027<sup>2,3</sup> | 408732 |
| 421000 | Tutor Perini Corp.<br> 11.875%, 4/30/2029<sup>2,3</sup> | 464874 |
|  |  | **2128056** |
|  | **TECHNOLOGY — 5.9%** |  |
| 160000 | Cloud Software Group, Inc.<br> 6.500%, 3/31/2029<sup>2,3</sup> | 159302 |
| 650000 | Consensus Cloud Solutions, Inc.<br> 6.500%, 10/15/2028<sup>2,3</sup> | 652042 |
| 450000 | CSG Systems International, Inc.<br> 3.875%, 9/15/2028<sup>5</sup> | 547988 |
| 175000 | Diebold Nixdorf, Inc.<br> 7.750%, 3/31/2030<sup>2,3</sup> | 185780 |
| 466000 | Evolent Health, Inc.<br> 4.500%, 8/15/2031<sup>3,5</sup> | 297949 |
| 425000 | NCR Atleos Escrow Corp.<br> 9.500%, 4/1/2029<sup>2,3</sup> | 455721 |
| 154000 | Super Micro Computer, Inc.<br> 2.250%, 7/15/2028<sup>3,5</sup> | 150199 |
| 600000 | X.AI LLC<br> 12.500%, 6/30/2030<sup>2</sup> | 662542 |
|  |  | **3111523** |
|  | **UTILITIES — 2.9%** |  |
| 597000 | NRG Energy, Inc.<br> 5.750%, 7/15/2029<sup>2,3</sup> | 601286 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **UTILITIES (Continued)** |  |
| 910000 | PG&E Corp.<br> 4.250%, 12/1/2027<sup>5</sup> | $926380 |
|  |  | **1527666** |
|  | **TOTAL CORPORATE** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $31,386,505) | **32017643** |
|  | **TOTAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $31,386,505) | **32017643** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **COMMON STOCKS — 1.9%** |  |
|  | **CONSUMER, CYCLICAL — 1.5%** |  |
| 9684 | Franchise Group Parent, LLC<sup>6</sup> |  |
| 9684 | Fusion LLC | 348624 |
| 18775 | Recovery Solutions Group, LLC<sup>6</sup> | 413054 |
| 28769 | Spirit Aviation Holdings, Inc. | 8631 |
|  |  | **770309** |
|  | **CONSUMER, NON-CYCLICAL — 0.1%** |  |
| 448 | Mallinckrodt PLC<sup>4,6</sup> | 43232 |
| 448 | Par Health, Inc.<sup>6</sup> | 4032 |
| 9044 | Wellpath Holdings, Inc<sup>6</sup> | 9044 |
|  |  | **56308** |
|  | **ENERGY — 0.3%** |  |
| 9219 | Enviva Holdings LP | 140014 |
| 100000 | Enviva Holdings LP<sup>6</sup> |  |
|  |  | **140014** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,731,402) | **966631** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **LEVERAGED LOANS — 23.8%** |  |
| 1298125 | AMC Entertainment Holdings, Inc.<br> 10.731% (1-Month Term SOFR+700 basis points), 1/4/2029<sup>2,7,8,9</sup> | 1292199 |
|  | AP Core Holdings II LLC |  |
| 75000 | 10.933% (1-Month USD Libor+550 basis points), 9/1/2027<sup>2,7,9</sup> | 74944 |
| 847641 | 10.945% (1-Month Term SOFR+550 basis points), 9/1/2027<sup>2,7,9</sup> | 846878 |
| 78505 | Asurion LLC<br> 10.708% (1-Month Term SOFR+525 basis points), 1/22/2029<sup>2,7,9</sup> | 78603 |
| 495000 | Chinos Intermediate 2 LLC<br> 10.855% (1-Month Term SOFR+600 basis points), 9/29/2031<sup>2,7,9</sup> | 395896 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **LEVERAGED LOANS (Continued)** |  |
| 295431 | Delek U.S. Holdings, Inc.<br> 8.944% (1-Month Term SOFR+350 basis points), 11/19/2029<sup>2,7,9</sup> | $295169 |
| 393000 | Delivery Hero S.E.<br> 5.130%, 12/20/2029<sup>2,7,9</sup> | 393982 |
| 98500 | DS Parent, Inc.<br> 9.463% (1-Month Term SOFR+550 basis points), 12/16/2030<sup>2,7,9</sup> | 89019 |
| 450000 | Eyecare Partners LLC<br> 10.043% (3-Month Term SOFR+575 basis points), 8/31/2028<sup>7,9</sup> | 447001 |
|  | First Brands Group LLC |  |
| 799008 | 10.671%, 6/29/2026<sup>7,9</sup> | 6296 |
| 320985 | 14.129% (1-Month Term SOFR+155 basis points), 6/29/2026<sup>7,9</sup> | 48416 |
| 58179 | 5.000% (3-Month Term SOFR+500 basis points), 3/30/2027<sup>2,7,9</sup> | 325 |
| 313782 | 10.591% (3-Month Term SOFR+500 basis points), 3/30/2027<sup>2,7,9</sup> | 1752 |
| 400000 | Frontier Communications Corp.<br> 5.000%, 5/1/2028<sup>2,3,7</sup> | 400252 |
| 436090 | HLF Financing Sarl LLC / Herbalife International, Inc.<br> 11.062% (1-Month Term SOFR+675 basis points), 4/12/2029<sup>2,7,9</sup> | 441814 |
|  | Lasership, Inc. |  |
| 268143 | 8.380% (1-Month Term SOFR+450 basis points), 8/10/2029<sup>7,9</sup> | 74544 |
| 943081 | 8.380% (1-Month Term SOFR+450 basis points), 8/10/2029<sup>7,9</sup> | 715058 |
| 798000 | LendingTree, Inc.<br> 8.841% (1-Month Term SOFR+425 basis points), 8/21/2030<sup>2,7,9</sup> | 800992 |
| 969857 | Likewize Corp.<br> 10.350% (1-Month Term SOFR+575 basis points), 8/15/2029<sup>2,7,9</sup> | 932677 |
| 205054 | New WPCC Parent LLC<br> 13.798% (1-Month Term SOFR+950 basis points), 5/9/2030<sup>6,7,9</sup> | 205054 |
|  | Numericable U.S. LLC |  |
| 303088 | 4.125% (1-Month Term SOFR+412.5 basis points), 4/28/2028<sup>7,9</sup> | 303467 |
| 475260 | 6.875% (1-Month Term SOFR+687.5 basis points), 5/15/2031<sup>7,9</sup> | 483378 |
| 250000 | Oregon Tool Lux LP<br> 9.674% (3-Month Term SOFR+525 basis points), 10/15/2029<sup>4,7,9</sup> | 254922 |
| 252106 | Pretium PKG Holdings, Inc.<br> 5.000% (3-Month Term SOFR+500 basis points), 10/2/2028<sup>7,9</sup> | 261785 |
| 340544 | Recovery Solutions Group LLC<br> 12.800%, 1/27/2030<sup>7,9</sup> | 335436 |
| 633750 | Restaurant Brands International<br> 5.607% (1-Month Term SOFR+125 basis points), 9/21/2028<sup>4,7,9</sup> | 625432 |
|  | Spirit Airlines |  |
| 651891 | 11.679% (1-Month Term SOFR+800 basis points), 3/5/2029<sup>6,7</sup> | 537810 |
| 110050 | 11.680%, 3/5/2029<sup>6,7</sup> | 107299 |
| 224674 | 12.048%, 3/5/2029<sup>6,7</sup> | 219058 |
| 196044 | 11.679% (1-Month Term SOFR+800 basis points), 12/31/2030<sup>6,7</sup> | 39209 |
| 55721 | 11.680%, 12/31/2030<sup>6,7</sup> | 54328 |
| 523183 | Viasat, Inc.<br> 9.833% (1-Month Term SOFR+450 basis points), 3/4/2029<sup>2,7,9</sup> | 523102 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **LEVERAGED LOANS (Continued)** |  |
| 48875 | 8.917% (1-Month Term SOFR+450 basis points), 5/30/2030<sup>2,7,9</sup> | $48778 |
| 660795 | West Technology Group LLC<br> 8.541% (3-Month Term SOFR+400 basis points), 4/10/2027<sup>7,9</sup> | 209185 |
| 250000 | Windstream Services LLC<br> 9.750% (1-Month Term SOFR+475 basis points), 9/26/2031<sup>2,7,9</sup> | 252188 |
| 650000 | X Corp.<br> 9.500% (Fixed+0 basis points), 10/29/2029<sup>2,7</sup> | 673887 |
|  | **TOTAL LEVERAGED LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $14,475,826) | **12470135** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **PREFERRED STOCKS — 0.2%** |  |
|  | **CONSUMER, NON-CYCLICAL — 0.2%** |  |
| 8763 | Wellpath Holdings, Inc<br> 0.000%, <sup>6</sup> | **122686** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $88,939) | **122686** |
|  | **WARRANTS — 0.0%** |  |
|  | **CONSUMER, CYCLICAL — 0.0%** |  |
| 5680 | Spirit Airlines, Expiration Date: March 12, 2030 | **1704** |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $—) | **1704** |
|  | **SHORT-TERM INVESTMENTS — 12.8%** |  |
| 6714095 | Fidelity Institutional Government Portfolio Class I, 3.69%<sup>10</sup> | 6714095 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $6,714,095) | **6714095** |
|  | **TOTAL INVESTMENTS — 99.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $54,396,767) | $**52292894** |
|  | Other Assets in Excess of Liabilities — 0.3% | 171841 |
|  | **TOTAL NET ASSETS — 100.0%** | $**52464735** |

---

LLC – Limited Liability Company

PLC – Public Limited Company

LP – Limited Partnership

<sup>1</sup> Local currency.

<sup>2</sup> Callable.

<sup>3</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $21,804,060, which represents 41.56% of Net Assets.

<sup>4</sup> Foreign security denominated in U.S. dollars.

<sup>5</sup> Convertible security.

<sup>6</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, represents 3.34% of Net Assets. The total value of these securities is $1,754,806.

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

<sup>7</sup> Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR"), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate ("SOFR"). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

<sup>8</sup> Denotes investments purchased on a when-issued or delayed delivery basis.

<sup>9</sup> Floating rate security.

<sup>10</sup> The rate is the annualized seven-day yield at period end.

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale Contracts** | **Counterparty** | **Currency<br> Exchange** | **Setlement<br> Date** | **Currency<br> Amount<br> Sold** | **Value At<br> Settlement<br> Date** | **Value At<br> January 31, 2026** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Euro | Pershing, LLC. | EUR per USD | 2/11/2026 | (525000) | $(612728) | $(622652) | $(9924) |
| Euro | Pershing, LLC. | EUR per USD | 2/17/2026 | (110000) | (129437) | (130494) | (1057) |
| Euro | Pershing, LLC. | EUR per USD | 2/27/2026 | (295000) | (348366) | (350110) | (1744) |
| Euro | Pershing, LLC. | EUR per USD | 3/12/2026 | (535000) | (625468) | (635458) | (9990) |
|  |  |  |  |  | (1715999) | (1738714) | (22715) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | $(1715999) | $(1738714) | $(22715) |

---

EUR – Euro

## 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:** Arena Strategic Income Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $54351384.38

**Total Liabilities:** $1231015.53

**Net Assets:** $53120368.85

**Delayed Delivery Securities:** $1010237.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3.819365880000 | **1-Year:** 63.783375508609 | **5-Year:** 236.434528371667 | **10-Year:** 0.060724348724 | **30-Year:** 0.000000000000

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

- **3-Month:** 58.142345158340 | **1-Year:** 2349.870309719380 | **5-Year:** 4381.525454029510 | **10-Year:** 101.913496858130 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237262 | -0.00%               | -2.19%               | 1.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-104112.15              | $-254388.99                                |
| Month 2  | $-1683147.78             | $326054.32                                 |
| Month 3  | $64801.69                | $102343.41                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIRBNB INC                             | Airbnb, Inc.                                                             | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1005960.00   | 1.89%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALARM.COM HLDGS INC                    | Alarm.com Holdings, Inc.                                                 | CUSIP: 011642AD7<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |    400000 | PA      | $379400.00    | 0.71%             | 2029-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                    | Allegiant Travel Co.                                                     | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    289000 | PA      | $292493.43    | 0.55%             | 2027-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN               | Allwyn Entertainment Financing UK PLC                                    | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $833969.60    | 1.57%             | 2029-04-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                       | Altice France S.A.                                                       | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    224680 | PA      | $230710.86    | 0.43%             | 2029-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP                   | Alta Equipment Group, Inc.                                               | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    350000 | PA      | $334637.45    | 0.63%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| BLACKSKY TECHNOLOGY INC                | BlackSky Technology, Inc.                                                | CUSIP: 09263BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    242000 | PA      | $279147.00    | 0.53%             | 2033-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Enviva Holdings LP                     | Enviva Holdings LP                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9219 | NS      | $140013.56    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                 | CCO Holdings LLC / CCO Holdings Capital Corp.                            | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    417000 | PA      | $417366.54    | 0.79%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CSG SYSTEMS INTERNATIONA               | CSG Systems International, Inc.                                          | CUSIP: 126349AH2<br>LEI: 549300D7FJZUOHHXUA81 | Long             | DBT              | CORP              | US        |    450000 | PA      | $547987.50    | 1.03%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                         | CVR Energy, Inc.                                                         | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    475000 | PA      | $495731.85    | 0.93%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CVR ENERGY INC                         | CVR Energy, Inc.                                                         | CUSIP: 12662PAH1<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    400000 | PA      | $399875.20    | 0.75%             | 2031-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC               | Celanese U.S. Holdings LLC                                               | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    242000 | PA      | $246647.85    | 0.46%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                   | CITGO Petroleum Corp.                                                    | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1016637.38   | 1.91%             | 2029-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE               | Connect Finco SARL / Connect U.S. Finco LLC                              | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    250000 | PA      | $265640.50    | 0.50%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION               | Consensus Cloud Solutions, Inc.                                          | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $652042.30    | 1.23%             | 2028-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| COOPER-STANDARD AUTOMOTI               | Cooper-Standard Automotive, Inc.                                         | CUSIP: 216762AH7<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207027.80    | 0.39%             | 2027-03-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                 | Delek Logistics Partners LP / Delek Logistics Finance Corp.              | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $352513.00    | 0.66%             | 2028-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                 | Delek Logistics Partners LP / Delek Logistics Finance Corp.              | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $209120.20    | 0.39%             | 2029-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| ECHOSTAR CORP                          | EchoStar Corp.                                                           | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    701138 | PA      | $714451.21    | 1.34%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS LP               | Endo Finance Holdings LP                                                 | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $264814.50    | 0.50%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| ENVIVA PRTNR ESCROW    /               | ENVIVA PRTNR ESCROW    /                                                 | CUSIP: 294ESCAA6<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KRONOS INTERNATIONAL INC               | Kronos International, Inc.                                               | CUSIP: 276352059<br>LEI: 529900NTVDLUSYY9F493 | Long             | DBT              | CORP              | US        |    550000 | PA      | $595071.83    | 1.12%             | 2029-03-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H               | SCIL IV LLC / SCIL USA Holdings LLC                                      | CUSIP: ZJ2443688<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $124762.09    | 0.23%             | 2028-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                   | Talos Production, Inc.                                                   | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    226000 | PA      | $235616.98    | 0.44%             | 2029-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                 | Cloud Software Group, Inc.                                               | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    160000 | PA      | $159302.08    | 0.30%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GRAY MEDIA INC                         | Gray Media, Inc.                                                         | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    218000 | PA      | $234271.96    | 0.44%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI               | HLF Financing Sarl LLC / Herbalife International, Inc.                   | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     86000 | PA      | $81701.98     | 0.15%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI               | HLF Financing Sarl LLC / Herbalife International, Inc.                   | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $322773.00    | 0.61%             | 2029-04-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                 | HAT Holdings I LLC / HAT Holdings II LLC                                 | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $373277.20    | 0.70%             | 2030-09-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| RAND PARENT LLC                        | Rand Parent LLC                                                          | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    456000 | PA      | $476663.64    | 0.90%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| RECOVERY SOLUTIONS PAREN               | Recovery Solutions Parent LLC                                            | CUSIP: 75627HAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    340544 | PA      | $335435.72    | 0.63%             | 2030-01-27      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| LIGHT & WONDER INTL INC                | Light & Wonder International, Inc.                                       | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513576.50    | 0.97%             | 2029-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                  | Scotts Miracle-Gro Co.                                                   | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    134000 | PA      | $134575.13    | 0.25%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EURO FORWARD CONTRACT 02/11/2026   /   | EURO FORWARD CONTRACT 02/11/2026   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -525000 | OU      | $-622651.71   | -1.17%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO FORWARD CONTRACT 03/12/26   /     | EURO FORWARD CONTRACT 03/12/26   /                                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -535000 | OU      | $-635458.21   | -1.20%            |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Treasury Portfolio            | Fidelity Treasury Portfolio - Class III                                  | CUSIP: 316175884<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   7028885 | PA      | $7028884.88   | 13.23%            |  |  |  | No            |                  1 | On Loan: No      |
| FG PARENT, LLC    /                    | FG PARENT, LLC    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9684 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Spirit Aviation Holdings Inc           | Spirit Aviation Holdings, Inc.                                           | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28769 | NS      | $8630.70      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FUSION PARENT LLC CLASS A   /          | FUSION PARENT LLC CLASS A   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9684 | NS      | $348624.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Keenova Therapeutics PLC               | Keenova Therapeutics PLC                                                 | CUSIP: G5890A102<br>LEI: 549300LMDE3RUP8Z3L60 | Long             | EC               | CORP              | IE        |       448 | NS      | $43232.00     | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| RECOVERY SOLUTIONS    /                | RECOVERY SOLUTIONS    /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18775 | NS      | $413054.40    | 0.78%             |  |  |  | No            |                  3 | On Loan: No      |
| WELLPATH HOLDINGS COMMON EQUITY   /    | WELLPATH HOLDINGS COMMON EQUITY   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9044 | NS      | $9043.80      | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| WELLPATH HOLDINGS PREFERRED EQUITY   / | WELLPATH HOLDINGS PREFERRED EQUITY   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8763 | NS      | $122686.26    | 0.23%             |  |  |  | No            |                  3 | On Loan: No      |
| TUTOR PERINI CORP                      | Tutor Perini Corp.                                                       | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |    421000 | PA      | $464873.67    | 0.88%             | 2029-04-30      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| UNITED AIRLINES INC                    | United Airlines, Inc.                                                    | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199966.80    | 0.38%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                | United Rentals North America, Inc.                                       | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    868000 | PA      | $890397.87    | 1.68%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC        | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    269000 | PA      | $268560.72    | 0.51%             | 2028-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VIASAT INC                             | Viasat, Inc.                                                             | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    275000 | PA      | $275269.78    | 0.52%             | 2027-04-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| VIASAT INC                             | Viasat, Inc.                                                             | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    450000 | PA      | $444485.70    | 0.84%             | 2028-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VICTORIA'S SECRET & CO                 | Victoria's Secret & Co.                                                  | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |   1002000 | PA      | $980468.02    | 1.85%             | 2029-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| VICTRA HLDG/VICTRA FIN                 | Victra Holdings LLC / Victra Finance Corp.                               | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52677.15     | 0.10%             | 2029-09-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR               | Windstream Services LLC / Windstream Escrow Finance Corp.                | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    231000 | PA      | $242111.79    | 0.46%             | 2031-10-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                    | Travel + Leisure Co.                                                     | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    260000 | PA      | $261120.60    | 0.49%             | 2026-07-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| RXO INC                                | RXO, Inc.                                                                | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $408732.00    | 0.77%             | 2027-11-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| X.AI LLC/X.AI CO ISSUER                | X.AI LLC / X.AI Co. Issuer Corp.                                         | CUSIP: 983984AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $662541.60    | 1.25%             | 2030-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| AP CORE HOLDINGS II LLC                | AP Core Holdings II LLC                                                  | CUSIP: 00187GAD1<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |     75000 | PA      | $74944.13     | 0.14%             | 2027-09-01      | Floating      | 9.78%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                            | Asurion LLC                                                              | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    200000 | PA      | $200250.00    | 0.38%             | 2029-01-22      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                    | Diebold Nixdorf, Inc.                                                    | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    175000 | PA      | $185779.83    | 0.35%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                  | Directv Financing LLC                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $810643.20    | 1.53%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                  | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.              | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    453000 | PA      | $466941.98    | 0.88%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Par Health Inc                         | Par Health, Inc.                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       448 | NS      | $4032.00      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| VIASAT INC                             | Viasat, Inc.                                                             | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    523183 | PA      | $523101.98    | 0.98%             | 2029-03-05      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| DELEK US HOLDINGS INC                  | Delek U.S. Holdings, Inc.                                                | CUSIP: 24664GAF8<br>LEI: 5493003O53JMENV1N385 | Long             | LON              | CORP              | US        |    295431 | PA      | $295168.55    | 0.56%             | 2029-11-19      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| EVOLENT HEALTH INC                     | Evolent Health, Inc.                                                     | CUSIP: 30050BAJ0<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | DBT              | CORP              | US        |    466000 | PA      | $297948.75    | 0.56%             | 2031-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L               | First Quantum Minerals Ltd.                                              | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    810000 | PA      | $850747.05    | 1.60%             | 2029-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                | Frontier Communications Holdings LLC                                     | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $400252.40    | 0.75%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                | Frontier Communications Holdings LLC                                     | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $230437.02    | 0.43%             | 2031-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                 | First Brands Group LLC                                                   | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    313782 | PA      | $1752.47      | 0.00%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| WEST TECHNOLOGY GRP LLC                | West Technology Group LLC                                                | CUSIP: 68162RAH4<br>LEI: 5493005Z5DB0O5S30R71 | Long             | LON              | CORP              | US        |    660795 | PA      | $209184.61    | 0.39%             | 2027-04-12      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                             | Viasat, Inc.                                                             | CUSIP: 92555WAF2<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |     48875 | PA      | $48778.23     | 0.09%             | 2030-05-30      | Floating      | 8.97%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                         | 1011778 BC ULC                                                           | CUSIP: C6901LAK3<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |    633750 | PA      | $625432.03    | 1.18%             | 2028-09-21      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| HERBALIFE LTD                          | Herbalife Ltd.                                                           | CUSIP: 42703MAF0<br>LEI: 549300BA7TYPBSZZIA41 | Long             | DBT              | CORP              | KY        |    325000 | PA      | $424125.00    | 0.80%             | 2028-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS               | Hughes Satellite Systems Corp.                                           | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $520649.25    | 0.98%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                       | AMC Networks, Inc.                                                       | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156518.70    | 0.29%             | 2029-01-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| PRETIUM PKG HOLDINGS INC               | Pretium PKG Holdings, Inc.                                               | CUSIP: 74142KAJ8<br>LEI: 254900S6SXME9YWLU075 | Long             | LON              | CORP              | US        |    252106 | PA      | $261784.85    | 0.49%             | 2028-10-02      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| DS PARENT INC                          | DS Parent, Inc.                                                          | CUSIP: 23344YAG7<br>LEI: 254900EH8GRZUGRWRH57 | Long             | LON              | CORP              | US        |     98500 | PA      | $89019.38     | 0.17%             | 2031-01-31      | Floating      | 10.80%                | No            |                  2 | On Loan: No      |
| DELIVERY HERO FINCO LLC                | Delivery Hero Finco LLC                                                  | CUSIP: D2007ZAE7<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    393000 | PA      | $393982.50    | 0.74%             | 2029-12-12      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| HLF FINANCING SARL LLC                 | HLF Financing Sarl LLC                                                   | CUSIP: 40421YAG7<br>LEI: 549300VKVJUV5OGV2R51 | Long             | LON              | CORP              | US        |    436090 | PA      | $441814.14    | 0.83%             | 2029-04-12      | Floating      | 10.71%                | No            |                  2 | On Loan: No      |
| EYECARE PARTNERS LLC                   | Eyecare Partners LLC                                                     | CUSIP: 30233PAQ3<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    450000 | PA      | $447000.75    | 0.84%             | 2028-08-31      | Floating      | 10.37%                | No            |                  2 | On Loan: No      |
| LIKEWIZE CORP                          | Likewize Corp.                                                           | CUSIP: 53235UAB5<br>LEI: TF9O1XIG83ZLXX7WN472 | Long             | LON              | CORP              | US        |    969857 | PA      | $932677.23    | 1.76%             | 2029-08-27      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                | AMC Entertainment Holdings, Inc.                                         | CUSIP: 00164CAD7<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |   1298125 | PA      | $1292199.06   | 2.43%             | 2029-01-04      | Floating      | 11.03%                | No            |                  2 | On Loan: No      |
| CHINOS INTERMEDIATE 2 LL               | Chinos Intermediate 2 LLC                                                | CUSIP: 16961YAB4<br>LEI: 54930061EIIAONXJMZ79 | Long             | LON              | CORP              | US        |    496250 | PA      | $396895.79    | 0.75%             | 2031-09-29      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                | Uniti Services LLC                                                       | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    250000 | PA      | $252187.50    | 0.47%             | 2031-10-01      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| LASERSHIP INC                          | Lasership, Inc.                                                          | CUSIP: 51809EAP0<br>LEI: 254900NGHREGOQUFUT53 | Long             | LON              | CORP              | US        |    268143 | PA      | $74543.83     | 0.14%             | 2029-08-10      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| LASERSHIP INC                          | Lasership, Inc.                                                          | CUSIP: 51809EAM7<br>LEI: 254900NGHREGOQUFUT53 | Long             | LON              | CORP              | US        |    943081 | PA      | $715058.12    | 1.35%             | 2029-08-10      | Floating      | 9.76%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO AG                       | Delivery Hero S.E.                                                       | CUSIP: D1T28ZAG8<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $345308.32    | 0.65%             | 2030-02-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| EUR FORWARD CONTRACT 02/27/26   /      | EUR FORWARD CONTRACT 02/27/26   /                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -295000 | OU      | $-350110.14   | -0.66%            |  |  |  | No            |                  2 | On Loan: No      |
| EUR FORWARD CONTRACT 02/17/26   /      | EUR FORWARD CONTRACT 02/17/26   /                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -110000 | OU      | $-130493.79   | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO CURRENCY  /                       | EURO CURRENCY  /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |    656189 | OU      | $777844.23    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS               | Hughes Satellite Systems Corp.                                           | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    512000 | PA      | $449420.29    | 0.85%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                  | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                   | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1253626.61   | 2.36%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| INNOVATE CORP                          | INNOVATE Corp.                                                           | CUSIP: 45784JAB1<br>LEI: 549300S6O246JWQQ1K58 | Long             | DBT              | CORP              | US        |    771750 | PA      | $665634.38    | 1.25%             | 2027-02-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| JETBLUE 2020-1 CLASS B                 | JetBlue 2020-1 Class B Pass-Through Trust                                | CUSIP: 477164AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    167407 | PA      | $170516.61    | 0.32%             | 2030-05-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                | K Hovnanian Enterprises, Inc.                                            | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    400000 | PA      | $410031.20    | 0.77%             | 2031-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE               | KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc. | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26282.98     | 0.05%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MATTEL INC                             | Mattel, Inc.                                                             | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59024.01     | 0.11%             | 2027-12-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                 | Mauser Packaging Solutions Holding Co.                                   | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112152.15    | 0.21%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC                         | NRG Energy, Inc.                                                         | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    597000 | PA      | $601286.46    | 1.13%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NCR ATLEOS LLC                         | NCR Atleos Corp.                                                         | CUSIP: 638962AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $455721.13    | 0.86%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                 | XPLR Infrastructure LP                                                   | CUSIP: 65341BAG1<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |    450000 | PA      | $442710.00    | 0.83%             | 2026-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                     | PBF Holding Co. LLC / PBF Finance Corp.                                  | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $239745.60    | 0.45%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                     | PBF Holding Co. LLC / PBF Finance Corp.                                  | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    635000 | PA      | $673792.15    | 1.27%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| PG&E CORP                              | PG&E Corp.                                                               | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    910000 | PA      | $926380.00    | 1.74%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PETCO HEALTH & WELLNESS                | Petco Health & Wellness Co., Inc.                                        | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60307.26     | 0.11%             | 2031-02-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                 | Radiology Partners, Inc.                                                 | CUSIP: 75041VAC8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    818513 | PA      | $819536.14    | 1.54%             | 2030-02-15      | None          | 9.78%                 | Yes           |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                 | Radiology Partners, Inc.                                                 | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262804.75    | 0.49%             | 2032-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST               | Service Properties Trust                                                 | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    200000 | PA      | $210219.60    | 0.40%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                    | Shift4 Payments, Inc.                                                    | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    197000 | PA      | $189711.00    | 0.36%             | 2027-08-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                    | Spectrum Brands, Inc.                                                    | CUSIP: 84762LAZ8<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484375.00    | 0.91%             | 2029-06-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                    | Spirit Airlines LLC                                                      | CUSIP: 84863V135<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5680 | NC      | $1704.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLOCK INC                              | Block, Inc.                                                              | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    471000 | PA      | $468454.25    | 0.88%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                              | Block, Inc.                                                              | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509170.50    | 0.96%             | 2030-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| STILLWATER MINING CO                   | Stillwater Mining Co.                                                    | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96323.30     | 0.18%             | 2029-11-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| STONEX GROUP INC                       | StoneX Group, Inc.                                                       | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    182000 | PA      | $193741.00    | 0.36%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER INC               | Super Micro Computer, Inc.                                               | CUSIP: 86800UAC8<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |    154000 | PA      | $150199.28    | 0.28%             | 2028-07-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                    | SoftBank Group Corp.                                                     | CUSIP: J7596PAP4<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $248406.25    | 0.47%             | 2027-09-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                            | Asurion LLC                                                              | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    725000 | PA      | $725511.13    | 1.37%             | 2028-01-31      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                 | First Brands Group LLC                                                   | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     58179 | PA      | $324.93       | 0.00%             | 2027-03-30      | Floating      | 10.81%                | No            |                  2 | On Loan: No      |
| AP CORE HOLDINGS II LLC                | AP Core Holdings II LLC                                                  | CUSIP: 00187GAC3<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    847641 | PA      | $846877.79    | 1.59%             | 2027-09-01      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| X CORP                                 | X Corp.                                                                  | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    650000 | PA      | $673887.50    | 1.27%             | 2029-10-29      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| OREGON TOOL LUX LP                     | Oregon Tool Lux LP                                                       | CUSIP: L7266PAC9<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    250000 | PA      | $254922.50    | 0.48%             | 2029-10-15      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| NEW WPCC PARENT LLC                    | New WPCC Parent LLC                                                      | CUSIP: 64929VAA3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    205054 | PA      | $205053.51    | 0.39%             | 2030-05-09      | Floating      | 13.80%                | No            |                  3 | On Loan: No      |
| LENDINGTREE INC                        | LendingTree, Inc.                                                        | CUSIP: 52602KAE8<br>LEI: 549300ISY5YHUJZTON08 | Long             | LON              | CORP              | US        |    798000 | PA      | $800992.50    | 1.51%             | 2030-08-21      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                 | First Brands Group LLC                                                   | CUSIP: 31935HAM9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    320985 | PA      | $48415.79     | 0.09%             | 2026-06-29      | Floating      | 13.69%                | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                 | First Brands Group LLC                                                   | CUSIP: 31935HAN7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    799008 | PA      | $6296.18      | 0.01%             | 2026-06-29      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| NUMERICABLE US LLC                     | Numericable U.S. LLC                                                     | CUSIP: F6628DAN4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    475260 | PA      | $483377.68    | 0.91%             | 2031-05-15      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| NUMERICABLE US LLC                     | Numericable U.S. LLC                                                     | CUSIP: 67053NAK0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    304101 | PA      | $304480.69    | 0.57%             | 2028-04-28      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| SAVE DIP-TL TL 1L U.S. BANK LOAN   /   | SAVE DIP-TL TL 1L U.S. BANK LOAN   /                                     | CUSIP: BLA0FNHR8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    224674 | PA      | $219057.57    | 0.41%             | 2029-03-05      | Variable      | 12.05%                | No            |                  3 | On Loan: No      |
| SAVE DIP-TL TL 2L U.S. BANK LOAN   /   | SAVE DIP-TL TL 2L U.S. BANK LOAN   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     55721 | PA      | $54327.81     | 0.10%             | 2029-03-05      | Variable      | 11.68%                | No            |                  3 | On Loan: No      |
| SAVE DIP ROLL UP BANK LOAN   /         | SAVE DIP ROLL UP BANK LOAN   /                                           | CUSIP: BLA0FPWX3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    651891 | PA      | $537809.85    | 1.01%             | 2029-03-05      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| SPIRIT AIRLINES (10/25) DIP   /        | SPIRIT AIRLINES (10/25) DIP   /                                          | CUSIP: 84859TAA0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    196044 | PA      | $39208.79     | 0.07%             | 2030-12-31      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| SAVE DIP-TL 3L 1L U.S. BANK LOAN   /   | SAVE DIP-TL 3L 1L U.S. BANK LOAN   /                                     | CUSIP: BLA0FQT49<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    110050 | PA      | $107299.19    | 0.20%             | 2029-03-05      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-11

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

**Signature:** /s/ Scott Schulenburg

**Name of Signer:** Scott Schulenburg

**Title:** President