# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001145549-25-043042
**Filing Date:** 2025-6
**Character Count:** 56141
**Document Hash:** d5215a8fbd2be1f1382194088f1c5a40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-043042.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-043042

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust II
- **CENTRAL INDEX KEY:** 0001587982

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22894
- **FILM NUMBER:** 251081557

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** INVESTMENT MANAGERS SERIES TRUST II

- **b. Investment Company Act file number:** 811-22894

- **c. CIK number of Registrant:** 0001587982

- **d. LEI of Registrant:** 549300SU7ER9OFETRU41

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

**Item A.2. Information about the Series.**

- **a. Name of Series:** The Ambassador Fund

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $514197388.12

**Total Liabilities:** $10971297.95

**Net Assets:** $503226090.17

**Delayed Delivery Securities:** $4139000.00

**Cash Not Reported:** $1047453.98

**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:** 11.435618022000 | **1-Year:** 618.028943335603 | **5-Year:** 829.010918539597 | **10-Year:** 12.496259938960 | **30-Year:** 2.818760061040

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231837 | 0.41%                | 0.48%                | 0.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $229890.56               | $-675093.92                                |
| Month 2  | $154769.82               | $-462599.04                                |
| Month 3  | $2508.67                 | $-184437.72                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VERAISON RE LTD                             | Veraison Re Ltd.                                    | CUSIP: 92335TAA7<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3868125.00   | 0.77%             | 2026-03-09      | Variable      | 6.91%                 | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                             | Veraison Re Ltd.                                    | CUSIP: 92335TAD1<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $2970600.00   | 0.59%             | 2028-03-08      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| WRIGLEY RE LTD                              | Wrigley Re Ltd.                                     | CUSIP: 982533AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1016500.00   | 0.20%             | 2026-08-07      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| WRIGLEY RE LTD                              | Wrigley Re Ltd.                                     | CUSIP: 982533AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259225.00    | 0.05%             | 2026-08-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| YOSEMITE RE LTD                             | Yosemite Re Ltd.                                    | CUSIP: 98740RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $251650.00    | 0.05%             | 2025-06-06      | Floating      | 10.60%                | Yes           |                  2 | On Loan: No      |
| YOSEMITE RE LTD                             | Yosemite Re Ltd.                                    | CUSIP: 98740RAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2496000.00   | 0.50%             | 2028-06-07      | Floating      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| LION III RE DAC                             | Lion III RE DAC                                     | CUSIP: 53625EAA1<br>LEI: 6354006E8VRXKKHS6U06 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $568936.22    | 0.11%             | 2025-07-16      | Floating      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| ASHERA RE                                   | Ashera Re                                           | CUSIP: 04401RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $255275.00    | 0.05%             | 2027-04-07      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| ATELA RE LTD                                | Atela Re Ltd.                                       | CUSIP: 04681FAA2<br>LEI: 2549006VU6TMK735XN50 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2151600.00   | 0.43%             | 2027-05-09      | Floating      | 14.25%                | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                           | Atlas Capital DAC                                   | CUSIP: 049207AC7<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   4000000 | PA      | $3994000.00   | 0.79%             | 2028-06-07      | Floating      | 0.50%                 | Yes           |                  2 | On Loan: No      |
| BAYOU RE LTD                                | Bayou Re Ltd.                                       | CUSIP: 07304LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6250000 | PA      | $6620625.00   | 1.32%             | 2027-04-30      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| FISH POND RE LTD                            | Fish Pond Re Ltd.                                   | CUSIP: 33774EAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   6750000 | PA      | $6900525.00   | 1.37%             | 2027-01-08      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION RE IV LTD                        | Foundation Re IV Ltd.                               | CUSIP: 349939AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4544550.00   | 0.90%             | 2027-01-08      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                           | Four Lakes Re Ltd.                                  | CUSIP: 35087TAD0<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2260000 | PA      | $2277402.00   | 0.45%             | 2026-01-07      | Floating      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                           | Four Lakes Re Ltd.                                  | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2238075.00   | 0.44%             | 2028-01-07      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                              | Gateway Re Ltd.                                     | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4723875.00   | 0.94%             | 2027-07-08      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                              | Gateway Re Ltd.                                     | CUSIP: 36779CAM8<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5676400.00   | 1.13%             | 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        |   4500000 | PA      | $4475700.00   | 0.89%             | 2027-07-07      | Floating      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                              | Gateway Re Ltd.                                     | CUSIP: 36779CAR7<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $458800.00    | 0.09%             | 2025-12-22      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                              | Gateway Re Ltd.                                     | CUSIP: 36779CAS5<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $1994000.00   | 0.40%             | 2028-07-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GENESEE STREET RE LTD                       | Genesee Street Re Ltd.                              | CUSIP: 37173WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5250000.00   | 1.04%             | 2028-04-07      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 06/10/2025   / | EUR FORWARD EMBASSY CONTRACT 06/10/2025   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1000000 | OU      | $-1135886.26  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| HERBIE RE LTD                               | Herbie Re Ltd.                                      | CUSIP: 42703VAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $998400.00    | 0.20%             | 2029-01-08      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| HESTIA RE LTD                               | Hestia Re Ltd.                                      | CUSIP: 42815KAC6<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1240625.00   | 0.25%             | 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        |    750000 | PA      | $753675.00    | 0.15%             | 2027-01-06      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                            | Integrity RE III Ltd.                               | CUSIP: 45870GAA4<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1238875.00   | 0.25%             | 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      | $2478750.00   | 0.49%             | 2028-06-06      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| KENDALL RE LTD                              | Kendall Re Ltd.                                     | CUSIP: 48878QAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2092400.00   | 0.42%             | 2027-04-30      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO III RE LTD                      | Kilimanjaro III Re Ltd.                             | CUSIP: 49407PAH3<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |   6900000 | PA      | $6915180.00   | 1.37%             | 2026-04-20      | Floating      | 12.36%                | Yes           |                  2 | On Loan: No      |
| KILIMANJARO III RE LTD                      | Kilimanjaro III Re Ltd.                             | CUSIP: 49407PAJ9<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $250425.00    | 0.05%             | 2026-04-20      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| LOCKE TAVERN RE LTD                         | Locke Tavern Re Ltd.                                | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1425000 | PA      | $1439962.50   | 0.29%             | 2026-04-09      | Floating      | 4.78%                 | Yes           |                  2 | On Loan: No      |
| LOGISTICS RE LTD                            | Logistics Re Ltd.                                   | CUSIP: 54143LAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1270125.00   | 0.25%             | 2027-12-21      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                            | Mona Lisa Re Ltd.                                   | CUSIP: 608800AF5<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259225.00    | 0.05%             | 2026-01-08      | Floating      | 12.25%                | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                            | Mona Lisa Re Ltd.                                   | CUSIP: 608800AH1<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |  16750000 | PA      | $18155325.00  | 3.61%             | 2027-06-25      | Floating      | 9.75%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                            | Mona Lisa Re Ltd.                                   | CUSIP: 608800AJ7<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |   3500000 | PA      | $3509100.00   | 0.70%             | 2029-01-08      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                              | Montoya Re Ltd.                                     | CUSIP: 613752AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4695375.00   | 0.93%             | 2028-04-07      | Floating      | 5.75%                 | 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      | $1101800.00   | 0.22%             | 2039-01-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                                | Alamo Re Ltd.                                       | CUSIP: 011395AN0<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5158500.00   | 1.03%             | 2027-06-07      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                        | Aquila Re I Ltd. Series 2023-1                      | CUSIP: 037987AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $507750.00    | 0.10%             | 2027-06-07      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                        | Aquila Re I Ltd. Series 2023-1                      | CUSIP: 03843AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2540750.00   | 0.50%             | 2026-06-08      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| ARAGONITE RE LTD                            | Aragonite Re Ltd.                                   | CUSIP: 03851YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $777300.00    | 0.15%             | 2027-04-07      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BAYOU RE LTD                                | Bayou Re Ltd.                                       | CUSIP: 07304LAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2503750.00   | 0.50%             | 2028-05-08      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                           | Blue Ridge Re Ltd.                                  | CUSIP: 096003AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5132500.00   | 1.02%             | 2027-01-08      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BLUE SKY RE DAC                             | Blue Sky Re DAC                                     | CUSIP: 09605UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2500000 | PA      | $2948906.76   | 0.59%             | 2027-01-26      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| BONANZA RE LTD                              | Bonanza RE Ltd.                                     | CUSIP: 09785EAK7<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1521750.00   | 0.30%             | 2026-01-08      | Floating      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| BRIDGE STREET RE LTD                        | Bridge Street Re Ltd.                               | CUSIP: 10807LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  12750000 | PA      | $12692625.00  | 2.52%             | 2028-01-07      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 04/20/2026   / | EUR FORWARD EMBASSY CONTRACT 04/20/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2450000 | OU      | $-2831101.11  | -0.56%            |  |  |  | No            |                  2 | On Loan: No      |
| FUCHSIA 2023-1 LONDON BR                    | Fuchsia 2023-1 - London Bridge 2 PCC Ltd.           | CUSIP: 54180TAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1290000 | PA      | $1340439.00   | 0.27%             | 2027-04-06      | Floating      | 10.00%                | Yes           |                  2 | On Loan: No      |
| FUCHSIA 2024-1 LONDON BR                    | Fuchsia 2024-1 - London Bridge 2 PCC Ltd.           | CUSIP: 541917AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   4000000 | PA      | $4016000.00   | 0.80%             | 2028-04-06      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| LONG POINT RE IV LTD                        | Long Point Re IV Ltd.                               | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1006500.00   | 0.20%             | 2026-06-01      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LOWER FERRY RE LTD                          | Lower Ferry Re Ltd.                                 | CUSIP: 547915AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $253550.00    | 0.05%             | 2026-07-08      | Floating      | 4.43%                 | Yes           |                  2 | On Loan: No      |
| MARLON LTD                                  | Marlon Ltd.                                         | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1023400.00   | 0.20%             | 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        |   4500000 | PA      | $4485600.00   | 0.89%             | 2028-02-04      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                            | Mayflower Re Ltd.                                   | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $508750.00    | 0.10%             | 2027-07-08      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAF9<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5028000.00   | 1.00%             | 2025-07-07      | Floating      | 7.49%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAG7<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $251875.00    | 0.05%             | 2025-07-07      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAH5<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6652750.00   | 1.32%             | 2026-07-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                    | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5839700.00   | 1.16%             | 2027-07-07      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 07/15/2025   / | EUR FORWARD EMBASSY CONTRACT 07/15/2025   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2000000 | OU      | $-2276709.21  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| MONA LISA RE LTD                            | Mona Lisa Re Ltd.                                   | CUSIP: 608800AE8<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1250625.00   | 0.25%             | 2025-07-08      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                              | Montoya Re Ltd.                                     | CUSIP: 613752AE4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5245800.00   | 1.04%             | 2028-04-07      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                            | Mystic Re IV Ltd.                                   | CUSIP: 62865LAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7080000 | PA      | $7271868.00   | 1.45%             | 2026-01-08      | Floating      | 9.17%                 | 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      | $2985000.00   | 0.59%             | 2028-01-10      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                         | Cape Lookout Re Ltd.                                | CUSIP: 13947LAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4267000.00   | 0.85%             | 2028-03-13      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| CATAHOULA II RE PTE LTD                     | Catahoula II Re Pte Ltd.                            | CUSIP: 148805AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    780000 | PA      | $788424.00    | 0.16%             | 2025-06-16      | Floating      | 13.36%                | Yes           |                  2 | On Loan: No      |
| CHARLES RIVER RE LTD                        | Charles River Re Ltd.                               | CUSIP: 159873AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1528500.00   | 0.30%             | 2027-05-10      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NAKAMA RE PTE LTD                           | Nakama Re Pte Ltd.                                  | CUSIP: 62984JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   3110000 | PA      | $3137368.00   | 0.62%             | 2029-04-04      | Floating      | 2.35%                 | 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      | $2497500.00   | 0.50%             | 2030-04-23      | Floating      | 2.10%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                               | Citrus Re Ltd.                                      | CUSIP: 177510AM6<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3106800.00   | 0.62%             | 2026-06-07      | Floating      | 8.77%                 | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                               | Ocelot Re Ltd.                                      | CUSIP: 675951AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $5970000.00   | 1.19%             | 2029-02-26      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                         | Cape Lookout Re Ltd.                                | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9400000 | PA      | $9610560.00   | 1.91%             | 2026-04-28      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                         | Nature Coast Re Ltd.                                | CUSIP: 63901CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2900000 | PA      | $3003820.00   | 0.60%             | 2026-12-07      | Floating      | 10.00%                | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                               | Ocelot Re Ltd.                                      | CUSIP: 675951AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4967000.00   | 0.99%             | 2029-02-26      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PALM RE LTD                                 | Palm RE Ltd.                                        | CUSIP: 69664FAA6<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |   1600000 | PA      | $1678560.00   | 0.33%             | 2027-06-07      | Floating      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| PALM RE LTD                                 | Palm RE Ltd.                                        | CUSIP: 69664FAB4<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $1997000.00   | 0.40%             | 2028-06-07      | Floating      | 7.75%                 | 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      | $776850.00    | 0.15%             | 2026-12-07      | Floating      | 13.50%                | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                         | Nature Coast Re Ltd.                                | CUSIP: 63901CAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $3988400.00   | 0.79%             | 2029-01-16      | Floating      | 9.75%                 | Yes           |                  2 | On Loan: No      |
| NORTHSHORE RE II LTD                        | Northshore Re II Ltd.                               | CUSIP: 666842AF6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4729575.00   | 0.94%             | 2028-04-07      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RAMBLE RE LTD                               | Ramble RE Ltd.                                      | CUSIP: 751443AA0<br>LEI: 254900X8K5BTBY971F92 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $2988300.00   | 0.59%             | 2027-03-05      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| RECOLETOS RE DAC                            | Recoletos RE DAC                                    | CUSIP: 755933AA6<br>LEI: 635400FIY9UG8ZHKYH56 | Long             | DBT              | CORP              | IE        |   9300000 | PA      | $9273030.00   | 1.84%             | 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        |   6875000 | PA      | $7056500.00   | 1.40%             | 2027-12-06      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                       | Residential Reinsurance 2004 Ltd.                   | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   5115000 | PA      | $5159500.50   | 1.03%             | 2028-12-06      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 2022 LTD                     | Residential Reinsurance 2022 Ltd.                   | CUSIP: 76119YAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $516050.00    | 0.10%             | 2026-12-06      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| RIVERFRONT RE LTD                           | Riverfront Re Ltd.                                  | CUSIP: 76870YAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3749625.00   | 0.75%             | 2029-01-08      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SABINE RE LTD                               | Sabine Re Ltd.                                      | CUSIP: 785628AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6643650.00   | 1.32%             | 2027-04-07      | Floating      | 8.25%                 | 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      | $3227500.00   | 0.64%             | 2027-04-07      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                          | Sanders Re III Ltd.                                 | CUSIP: 80001EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3451000 | PA      | $3451000.00   | 0.69%             | 2025-06-07      | Floating      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                           | Sanders RE II Ltd.                                  | CUSIP: 80001TAA5<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2497500.00   | 0.50%             | 2028-04-07      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                           | Sanders RE II Ltd.                                  | CUSIP: 80001TAB3<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   8000000 | PA      | $7992000.00   | 1.59%             | 2030-04-08      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                           | Sanders RE II Ltd.                                  | CUSIP: 80001TAC1<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2747250.00   | 0.55%             | 2028-04-07      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                           | Sanders RE II Ltd.                                  | CUSIP: 80001TAD9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2747250.00   | 0.55%             | 2030-04-08      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                 | 3264 re Ltd.                                        | CUSIP: 88577CAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1578300.00   | 0.31%             | 2027-07-08      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                 | 3264 re Ltd.                                        | CUSIP: 88577CAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2503500.00   | 0.50%             | 2028-02-07      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                              | Titania RE Ltd.                                     | CUSIP: 888329AE9<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4262750.00   | 0.85%             | 2027-11-26      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                              | Titania RE Ltd.                                     | CUSIP: 888329AF6<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2004400.00   | 0.40%             | 2027-11-26      | Floating      | 9.50%                 | 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      | $9142256.50   | 1.82%             | 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      | $3047400.00   | 0.61%             | 2028-04-05      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TOPANGA RE LIMITED                          | Topanga Re Ltd.                                     | CUSIP: 89055TAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $2892000.00   | 0.57%             | 2026-01-08      | Floating      | 5.05%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                         | Torrey Pines Re Ltd.                                | CUSIP: 89141WAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5475000 | PA      | $5594355.00   | 1.11%             | 2026-06-05      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                         | Torrey Pines Re Ltd.                                | CUSIP: 89141WAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4125000 | PA      | $4125000.00   | 0.82%             | 2028-06-07      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| URSA RE LTD                                 | Ursa Re Ltd.                                        | CUSIP: 90323WAL4<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4058800.00   | 0.81%             | 2025-12-06      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| URSA RE II LTD                              | Ursa Re II Ltd.                                     | CUSIP: 91734PAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2925000 | PA      | $2925877.50   | 0.58%             | 2025-06-16      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| URSA RE II LTD                              | Ursa Re II Ltd.                                     | CUSIP: 91734PAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $6139800.00   | 1.22%             | 2025-12-06      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| AZZURRO RE II DAC                           | Azzurro Re II DAC                                   | CUSIP: G07543AB0<br>LEI: 635400NZWVDIAI82JP08 | Long             | DBT              | CORP              | IE        |   2250000 | PA      | $2582899.06   | 0.51%             | 2028-04-20      | Floating      | 8.74%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                               | Citrus Re Ltd.                                      | CUSIP: 177510AQ7<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1239750.00   | 0.25%             | 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        |   3000000 | PA      | $2985600.00   | 0.59%             | 2028-06-07      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CONSULATE RE 2024-6A PREFERRED NOTE   /     | CONSULATE RE 2024-6A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5007500.00   | 1.00%             | 2025-05-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2024-8A PREFERRED NOTE   /     | CONSULATE RE 2024-8A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4941000.00   | 0.98%             | 2025-07-14      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CAD FORWARD EMBASSY CONTRACT 09/04/25   /   | CAD FORWARD EMBASSY CONTRACT 09/04/25   /           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | CA        |  -3250000 | OU      | $-2371964.74  | -0.47%            |  |  |  | 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      | $-2594872.81  | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| CONSULATE RE 2025-10 PREFERRED NOTE   /     | CONSULATE RE 2025-10 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9511000.00   | 1.89%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-11 PREFERRED NOTE   /     | CONSULATE RE 2025-11 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9384000.00   | 1.86%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 06/10/2025   / | EUR FORWARD EMBASSY CONTRACT 06/10/2025   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1500000 | OU      | $-1703829.40  | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMONWEALTH RE LTD                         | Commonwealth RE Ltd.                                | CUSIP: 203235AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $7839125.00   | 1.56%             | 2026-07-08      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 06/10/2025   / | EUR FORWARD EMBASSY CONTRACT 06/10/2025   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1848000 | OU      | $-2099117.81  | -0.42%            |  |  |  | No            |                  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      | $2357464.09   | 0.47%             | 2028-01-10      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| EVERGLADES RE II LTD                        | Everglades Re II Ltd.                               | CUSIP: 30014LAM6<br>LEI: 5493000EE11S6ONK0372 | Long             | DBT              | CORP              | BM        |   3650000 | PA      | $3815710.00   | 0.76%             | 2027-05-13      | Floating      | 10.50%                | 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      | $998000.00    | 0.20%             | 2028-03-10      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CONSULATE RE 2025-12 PREFERRED NOTE   /     | CONSULATE RE 2025-12 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4477000.00   | 0.89%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-13 PREFERRED NOTE   /     | CONSULATE RE 2025-13 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $3875000.00   | 0.77%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| KILIMANJARO III RE LTD                      | Kilimanjaro III Re Ltd.                             | CUSIP: 49407PAK6<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |   3740000 | PA      | $3747106.00   | 0.74%             | 2026-04-20      | Floating      | 4.56%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                       | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6778850.00   | 1.35%             | 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        |   1000000 | PA      | $1051200.00   | 0.21%             | 2028-06-30      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| LIGHTNING RE SERIES 2023                    | Lightning Re Series 2023-1                          | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  13725000 | PA      | $14095575.00  | 2.80%             | 2026-03-31      | Floating      | 11.00%                | 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      | $4156000.00   | 0.83%             | 2026-03-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-2A PREFERRED NOTE   /     | CONSULATE RE 2025-2A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4713500.00   | 0.94%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-3A PREFERRED NOTE   /     | CONSULATE RE 2025-3A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4667000.00   | 0.93%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-9A PREFERRED NOTE   /     | CONSULATE RE 2025-9A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000002 | PA      | $8331001.67   | 1.66%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| EURO CURRENCY  /                            | EURO CURRENCY  /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |   1013893 | OU      | $1148626.53   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio               | Fidelity Government Portfolio - Class Institutional | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  34743526 | PA      | $34743525.99  | 6.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ORANGE CAPITAL RE DAC                       | Orange Capital RE DAC                               | CUSIP: 999999999<br>LEI: 635400PXTZAPQFEPH515 | Long             | DBT              | CORP              | IE        |   1250000 | PA      | $1417667.38   | 0.28%             | 2029-01-17      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| WINDMILL III RE DAC                         | Windmill III Re DAC                                 | CUSIP: G96996AA4<br>LEI: 635400PB5AXUZ6R7CT68 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1147048.83   | 0.23%             | 2028-07-05      | Floating      | 8.49%                 | Yes           |                  2 | On Loan: No      |
| TARANIS REINSURANCE DAC                     | Taranis Reinsurance DAC                             | CUSIP: 87609TAB4<br>LEI: 635400FQ9HHTLYKADZ22 | Long             | DBT              | CORP              | IE        |   1300000 | PA      | $1498527.25   | 0.30%             | 2028-01-21      | Floating      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| EIFFEL RE LTD                               | Eiffel Re Ltd.                                      | CUSIP: 999999999<br>LEI: 5493000KHTJQAOS8QP53 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2869887.84   | 0.57%             | 2027-01-19      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-07

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

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

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

**Title:** President