# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-25-332205
**Filing Date:** 2025-12
**Character Count:** 76012
**Document Hash:** 2d6c475ceeb3758eaf91e1f148020259
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-332205.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-332205

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**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:** 251602837

**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:** 2025-10-31

**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:** $641274534.29

**Total Liabilities:** $15480165.46

**Net Assets:** $625794368.83

**Delayed Delivery Securities:** $12249739.01

**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:** 79.563552496156 | **1-Year:** 755.942609804881 | **5-Year:** 588.926398361863 | **10-Year:** 19.389165127992 | **30-Year:** 3.661994872008

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231837 | 1.52%                | 2.13%                | 0.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $337398.17               | $3669489.20                                |
| Month 2  | $376366.71               | $4521788.79                                |
| Month 3  | $378602.07               | $-56600.66                                 |

### Schedule of Portfolio Investments

| Name                                         | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CONSULATE RE 2025-11 PREFERRED NOTE   /      | CONSULATE RE 2025-11 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9968000.00   | 1.59%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-12 PREFERRED NOTE   /      | CONSULATE RE 2025-12 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4980500.00   | 0.80%             | 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      | $4759500.00   | 0.76%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-15 PREFERRED NOTE   /      | CONSULATE RE 2025-15 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4870500.00   | 0.78%             | 2026-03-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-17 PREFERRED NOTE   /      | CONSULATE RE 2025-17 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2459000.00   | 0.39%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-19 PREFERRED NOTE   /      | CONSULATE RE 2025-19 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2467250.00   | 0.39%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-20 PREFERRED NOTE   /      | CONSULATE RE 2025-20 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4767000.00   | 0.76%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-21 PREFERRED NOTE   /      | CONSULATE RE 2025-21 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4950500.00   | 0.79%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-24 PREFERRED NOTE   /      | CONSULATE RE 2025-24 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4857000.00   | 0.78%             | 2026-07-13      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-25 PREFERRED NOTE   /      | CONSULATE RE 2025-25 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4577000.00   | 0.73%             | 2026-07-29      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-2A PREFERRED NOTE   /      | CONSULATE RE 2025-2A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4900000.00   | 0.78%             | 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      | $4892500.00   | 0.78%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-5A PREFERRED NOTE   /      | CONSULATE RE 2025-5A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4976500.00   | 0.80%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-6A PREFERRED NOTE   /      | CONSULATE RE 2025-6A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4964000.00   | 0.79%             | 2025-12-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CONSULATE RE 2025-9A PREFERRED NOTE   /      | CONSULATE RE 2025-9A PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000002 | PA      | $9692001.94   | 1.55%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| EURO CURRENCY  /                             | EURO CURRENCY  /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |   2119233 | OU      | $2442637.86   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                | Fidelity Government Portfolio - Class Institutional | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  14159702 | PA      | $14159702.48  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 01/16/2026   /  | EUR FORWARD EMBASSY CONTRACT 01/16/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2510000 | OU      | $-2905674.40  | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                          | Cape Lookout Re Ltd.                                | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  15550000 | PA      | $16021165.00  | 2.56%             | 2026-04-28      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                          | Cape Lookout Re Ltd.                                | CUSIP: 13947LAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2889975.00   | 0.46%             | 2028-03-13      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| CHARLES RIVER RE LTD                         | Charles River Re Ltd.                               | CUSIP: 159873AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $795600.00    | 0.13%             | 2027-05-10      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| CHARTWELL RE LTD                             | Chartwell RE Ltd.                                   | CUSIP: 16140YAA0<br>LEI: 984500FFT645KFFE6F50 | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4979425.00   | 0.80%             | 2028-06-07      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                                | Citrus Re Ltd.                                      | CUSIP: 177510AL8<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258350.00    | 0.04%             | 2026-06-07      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                                | Citrus Re Ltd.                                      | CUSIP: 177510AQ7<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1290500.00   | 0.21%             | 2028-06-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                             | Mystic Re IV Ltd.                                   | CUSIP: 62865LAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3066300.00   | 0.49%             | 2028-01-10      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NAKAMA RE PTE LTD                            | Nakama Re Pte Ltd.                                  | CUSIP: 62984JAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   2500000 | PA      | $2524750.00   | 0.40%             | 2030-04-23      | Floating      | 2.10%                 | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                          | Nature Coast Re Ltd.                                | CUSIP: 63901CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4150000 | PA      | $4341730.00   | 0.69%             | 2026-12-07      | Floating      | 10.00%                | Yes           |                  2 | On Loan: No      |
| NATURE COAST RE LTD                          | Nature Coast Re Ltd.                                | CUSIP: 63901CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $784650.00    | 0.13%             | 2026-12-07      | Floating      | 13.50%                | Yes           |                  2 | On Loan: No      |
| NORTHSHORE RE II LTD                         | Northshore Re II Ltd.                               | CUSIP: 666842AF6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7647750.00   | 1.22%             | 2028-04-07      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                                | Ocelot Re Ltd.                                      | CUSIP: 675951AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $6148800.00   | 0.98%             | 2029-02-26      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| OCELOT RE LTD                                | Ocelot Re Ltd.                                      | CUSIP: 675951AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5476275.00   | 0.88%             | 2029-02-26      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| 1886 RE LTD                                  | 1886 Re Ltd.                                        | CUSIP: 68252UAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7250000 | PA      | $7595100.00   | 1.21%             | 2029-07-09      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| PALM RE LTD                                  | Palm RE Ltd.                                        | CUSIP: 69664FAB4<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3974625.00   | 0.64%             | 2028-06-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| PURPLE RE LTD                                | Purple Re Ltd.                                      | CUSIP: 74639NAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1594800.00   | 0.25%             | 2028-06-07      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| QUEEN STREET 2023 RE DAC                     | Queen Street 2023 RE DAC                            | CUSIP: 747977AA4<br>LEI: 635400VHHVVMXL5BJI05 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $502500.00    | 0.08%             | 2025-12-08      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| RAMBLE RE LTD                                | Ramble RE Ltd.                                      | CUSIP: 751443AA0<br>LEI: 254900X8K5BTBY971F92 | Long             | DBT              | CORP              | BM        |   3450000 | PA      | $3468285.00   | 0.55%             | 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        |   8700000 | PA      | $8924460.00   | 1.43%             | 2028-01-07      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 2023 LTD                      | Residential Reinsurance 2023 Ltd.                   | CUSIP: 76090WAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $532750.00    | 0.09%             | 2027-12-06      | Floating      | 8.70%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 2023 LTD                      | Residential Reinsurance 2023 Ltd.                   | CUSIP: 76090WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  10000000 | PA      | $10622000.00  | 1.70%             | 2027-12-06      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REINSUR 2025                     | Residential Reinsurance 2025 Ltd.                   | CUSIP: 76091DAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   7750000 | PA      | $8022025.00   | 1.28%             | 2029-06-06      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TOMONI RE PTE LTD                            | Tomoni Re Pte Ltd.                                  | CUSIP: 89009PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3082800.00   | 0.49%             | 2028-04-05      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                          | Torrey Pines Re Ltd.                                | CUSIP: 89141WAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5775000 | PA      | $5854695.00   | 0.94%             | 2026-06-05      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| ACORN RE LTD                                 | Acorn Re Ltd.                                       | CUSIP: 00485YAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2499750.00   | 0.40%             | 2028-11-07      | Floating      | 2.35%                 | Yes           |                  2 | On Loan: No      |
| CITRUS RE LTD                                | Citrus Re Ltd.                                      | CUSIP: 177510AR5<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |   3250000 | PA      | $3367000.00   | 0.54%             | 2028-06-07      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CAD FORWARD EMBASSY CONTRACT 09/04/26   /    | CAD FORWARD EMBASSY CONTRACT 09/04/26   /           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | CA        |  -3250000 | OU      | $-2351699.31  | -0.38%            |  |  |  | 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      | $-2611990.55  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 09/09/2026   /  | EUR FORWARD EMBASSY CONTRACT 09/09/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1620000 | OU      | $-1895338.89  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMONWEALTH RE LTD                          | Commonwealth RE Ltd.                                | CUSIP: 203235AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $7881750.00   | 1.26%             | 2026-07-08      | Floating      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| TARANIS REINSURANCE DAC                      | Taranis Reinsurance DAC                             | CUSIP: 87609TAA6<br>LEI: 635400FQ9HHTLYKADZ22 | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $2398340.25   | 0.38%             | 2028-01-21      | Floating      | 11.00%                | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 09/11/2026   /  | EUR FORWARD EMBASSY CONTRACT 09/11/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2820000 | OU      | $-3299611.14  | -0.53%            |  |  |  | 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      | $2324308.43   | 0.37%             | 2028-01-10      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| LIGHTNING RE SERIES 2023                     | Lightning Re Series 2023-1                          | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  14225000 | PA      | $14795422.50  | 2.36%             | 2026-03-31      | Floating      | 11.00%                | Yes           |                  2 | On Loan: No      |
| LOCKE TAVERN RE LTD                          | Locke Tavern Re Ltd.                                | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1425000 | PA      | $1449367.50   | 0.23%             | 2026-04-09      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| LOGISTICS RE LTD                             | Logistics Re Ltd.                                   | CUSIP: 54143LAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1278250.00   | 0.20%             | 2027-12-21      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FUCHSIA 2023-1 LONDON BR                     | Fuchsia 2023-1 - London Bridge 2 PCC Ltd.           | CUSIP: 54180TAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1290000 | PA      | $1350888.00   | 0.22%             | 2027-04-06      | Floating      | 10.00%                | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                         | Aquila Re I Ltd. Series 2023-1                      | CUSIP: 03843AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2564250.00   | 0.41%             | 2026-06-08      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| AQUILA RE LTD 2023-1                         | Aquila Re I Ltd. Series 2023-1                      | CUSIP: 03843AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259250.00    | 0.04%             | 2026-06-08      | Floating      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| ARAGONITE RE LTD                             | Aragonite Re Ltd.                                   | CUSIP: 03851YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    750000 | PA      | $776100.00    | 0.12%             | 2027-04-07      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| ARMOR RE II LTD                              | Armor RE II Ltd.                                    | CUSIP: 04227FAF2<br>LEI: 549300X573KDIHEJL317 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1065800.00   | 0.17%             | 2028-01-07      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| ASHERA RE                                    | Ashera Re                                           | CUSIP: 04401RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258950.00    | 0.04%             | 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      | $2208200.00   | 0.35%             | 2027-05-09      | Floating      | 14.25%                | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                            | Atlas Capital DAC                                   | CUSIP: 049207AA1<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $259050.00    | 0.04%             | 2026-06-05      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                            | Atlas Capital DAC                                   | CUSIP: 049207AB9<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $278600.00    | 0.04%             | 2027-06-08      | Floating      | 12.22%                | Yes           |                  2 | On Loan: No      |
| ATLAS CAPITAL DAC                            | Atlas Capital DAC                                   | CUSIP: 049207AC7<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |   4000000 | PA      | $4135600.00   | 0.66%             | 2028-06-07      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BAYOU RE LTD                                 | Bayou Re Ltd.                                       | CUSIP: 07304LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6250000 | PA      | $6668750.00   | 1.07%             | 2027-04-30      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| BAYOU RE LTD                                 | Bayou Re Ltd.                                       | CUSIP: 07304LAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1900000 | PA      | $1919760.00   | 0.31%             | 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        |   6500000 | PA      | $6724900.00   | 1.07%             | 2027-01-08      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BLUE RIDGE RE LTD                            | Blue Ridge Re Ltd.                                  | CUSIP: 096003AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $528750.00    | 0.08%             | 2027-01-08      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| BLUE SKY RE DAC                              | Blue Sky Re DAC                                     | CUSIP: 09605UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   5500000 | PA      | $6554863.99   | 1.05%             | 2027-01-26      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| BLUEBONNET RE LTD                            | Bluebonnet RE Ltd.                                  | CUSIP: 09610NAA0<br>LEI: 2549007DQLA6K2ACFN15 | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4221600.00   | 0.67%             | 2028-06-07      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BONANZA RE LTD                               | Bonanza RE Ltd.                                     | CUSIP: 09785EAK7<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1766625.00   | 0.28%             | 2026-01-08      | Floating      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| BONANZA RE LTD                               | Bonanza RE Ltd.                                     | CUSIP: 09785EAN1<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $495100.00    | 0.08%             | 2026-01-08      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                  | 3264 re Ltd.                                        | CUSIP: 88577CAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4200000 | PA      | $4263840.00   | 0.68%             | 2028-02-07      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                  | 3264 re Ltd.                                        | CUSIP: 88577CAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4479925.00   | 0.72%             | 2028-06-08      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BRIDGE STREET RE LTD                         | Bridge Street Re Ltd.                               | CUSIP: 10807LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   8250000 | PA      | $8429025.00   | 1.35%             | 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      | $-2849435.26  | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| RESIDENTIAL REINSUR 2025                     | Residential Reinsurance 2025 Ltd.                   | CUSIP: 76091JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $2000000.00   | 0.32%             | 2029-12-06      | Floating      | 10.25%                | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REINSUR 2025                     | Residential Reinsurance 2025 Ltd.                   | CUSIP: 76091JAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   3000000 | PA      | $3000000.00   | 0.48%             | 2029-12-06      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| TITANIA RE LTD                               | Titania RE Ltd.                                     | CUSIP: 888329AE9<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4648050.00   | 0.74%             | 2027-11-26      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TOMONI RE PTE LTD                            | Tomoni Re Pte Ltd.                                  | CUSIP: 89009PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9145000 | PA      | $9188896.00   | 1.47%             | 2026-04-07      | Floating      | 2.09%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL REIN 2024                        | Residential Reinsurance 2004 Ltd.                   | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $1043400.00   | 0.17%             | 2028-12-06      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| RESIDENTIAL RE 2022 LTD                      | Residential Reinsurance 2022 Ltd.                   | CUSIP: 76119YAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    875000 | PA      | $917087.50    | 0.15%             | 2026-12-06      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| RIVERFRONT RE LTD                            | Riverfront Re Ltd.                                  | CUSIP: 76870YAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2894650.00   | 0.46%             | 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        |   5000000 | PA      | $5250000.00   | 0.84%             | 2027-04-07      | Floating      | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                           | Sanders Re III Ltd.                                 | CUSIP: 799925AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   9750000 | PA      | $10130250.00  | 1.62%             | 2026-06-05      | Floating      | 8.14%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                           | Sanders Re III Ltd.                                 | CUSIP: 799927AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $264350.00    | 0.04%             | 2028-04-07      | Floating      | 5.56%                 | 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      | $3276875.00   | 0.52%             | 2027-04-07      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001AAA6<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $264600.00    | 0.04%             | 2028-06-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE III LTD                           | Sanders Re III Ltd.                                 | CUSIP: 80001QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259975.00    | 0.04%             | 2027-04-07      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001RAA9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $254975.00    | 0.04%             | 2029-04-07      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001TAA5<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1545300.00   | 0.25%             | 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        |  10250000 | PA      | $10773775.00  | 1.72%             | 2030-04-08      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SANDERS RE II LTD                            | Sanders RE II Ltd.                                  | CUSIP: 80001TAD9<br>LEI: 254900VRQU0N0MF3CT92 | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2914175.00   | 0.47%             | 2030-04-08      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SOLIS RE LTD                                 | Solis RE Ltd.                                       | CUSIP: 83423TAA9<br>LEI: 98450059AF1FA0FE4B29 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2045200.00   | 0.33%             | 2028-07-07      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| STABILITAS RE LTD                            | Stabilitas Re Ltd.                                  | CUSIP: 85237TAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $517200.00    | 0.08%             | 2026-06-05      | Floating      | 8.48%                 | Yes           |                  2 | On Loan: No      |
| 3264 RE LTD                                  | 3264 re Ltd.                                        | CUSIP: 88577CAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1056900.00   | 0.17%             | 2027-07-08      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FUCHSIA 2024-1 LONDON BR                     | Fuchsia 2024-1 - London Bridge 2 PCC Ltd.           | CUSIP: 541917AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   4250000 | PA      | $4373250.00   | 0.70%             | 2028-04-06      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| LONG POINT RE IV LTD                         | Long Point Re IV Ltd.                               | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1268125.00   | 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      | $256225.00    | 0.04%             | 2026-07-08      | Floating      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| MARLON LTD                                   | Marlon Ltd.                                         | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1872850.00   | 0.30%             | 2027-06-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ORANGE CAPITAL RE DAC                        | Orange Capital RE DAC                               | CUSIP: 999999999<br>LEI: 635400PXTZAPQFEPH515 | Long             | DBT              | CORP              | IE        |   1250000 | PA      | $1488445.14   | 0.24%             | 2029-01-17      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| QUERCUS RE DAC                               | Quercus Re DAC                                      | CUSIP: 999999999<br>LEI: 635400YNKWICCYBDBC76 | Long             | DBT              | CORP              | IE        |   2650000 | PA      | $3090444.91   | 0.49%             | 2027-07-08      | Floating      | 11.67%                | Yes           |                  2 | On Loan: No      |
| WINDMILL III RE DAC                          | Windmill III Re DAC                                 | CUSIP: G96996AA4<br>LEI: 635400PB5AXUZ6R7CT68 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1176233.29   | 0.19%             | 2028-07-05      | Floating      | 7.21%                 | Yes           |                  2 | On Loan: No      |
| TARANIS REINSURANCE DAC                      | Taranis Reinsurance DAC                             | CUSIP: 87609TAB4<br>LEI: 635400FQ9HHTLYKADZ22 | Long             | DBT              | CORP              | IE        |   2850000 | PA      | $3264557.40   | 0.52%             | 2028-01-21      | Floating      | 8.32%                 | Yes           |                  2 | On Loan: No      |
| EIFFEL RE LTD                                | Eiffel Re Ltd.                                      | CUSIP: 999999999<br>LEI: 5493000KHTJQAOS8QP53 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2914937.76   | 0.47%             | 2027-01-19      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| EVERGLADES RE II LTD                         | Everglades Re II Ltd.                               | CUSIP: 30014LAM6<br>LEI: 5493000EE11S6ONK0372 | Long             | DBT              | CORP              | BM        |   8650000 | PA      | $9287505.00   | 1.48%             | 2027-05-13      | Floating      | 10.50%                | Yes           |                  2 | On Loan: No      |
| EVERGLADES RE II LTD                         | Everglades Re II Ltd.                               | CUSIP: 30014LAT1<br>LEI: 5493000EE11S6ONK0372 | Long             | DBT              | CORP              | BM        |  11000000 | PA      | $11660000.00  | 1.86%             | 2028-05-19      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| FINCA RE LTD                                 | Finca RE Ltd.                                       | CUSIP: 31771QAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3750000 | PA      | $3901125.00   | 0.62%             | 2028-06-07      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FIRST COAST RE IV LTD                        | First Coast Re IV Ltd.                              | CUSIP: 31969UAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1038700.00   | 0.17%             | 2028-03-10      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                            | Matterhorn Re Ltd.                                  | CUSIP: 577092AN9<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2005000.00   | 0.32%             | 2025-12-08      | Floating      | 10.11%                | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                            | Matterhorn Re Ltd.                                  | CUSIP: 577092AW9<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2076800.00   | 0.33%             | 2028-02-04      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MATTERHORN RE LTD                            | Matterhorn Re Ltd.                                  | CUSIP: 577092AZ2<br>LEI: 549300QRZ77PO1BYWT39 | Long             | DBT              | CORP              | BM        |   1750000 | PA      | $1759800.00   | 0.28%             | 2028-09-22      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                             | Mayflower Re Ltd.                                   | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $515500.00    | 0.08%             | 2027-07-08      | Floating      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| MAYFLOWER RE LTD                             | Mayflower Re Ltd.                                   | CUSIP: 57839MAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2750000 | PA      | $2824250.00   | 0.45%             | 2028-07-07      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| MERNA RE COMPANYWIDE                         | Merna Re Co.wide Ltd.                               | CUSIP: 59013FAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5639025.00   | 0.90%             | 2028-07-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MERNA RE ENTERPRISE                          | Merna Re Enterprise Ltd.                            | CUSIP: 59013HAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5723300.00   | 0.91%             | 2028-07-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAH5<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   6500000 | PA      | $6817850.00   | 1.09%             | 2026-07-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAJ1<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $265775.00    | 0.04%             | 2026-07-07      | Floating      | 10.74%                | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAK8<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $266925.00    | 0.04%             | 2027-07-07      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAL6<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $266325.00    | 0.04%             | 2027-07-07      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   2250000 | PA      | $2357325.00   | 0.38%             | 2027-07-07      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAN2<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1044800.00   | 0.17%             | 2028-07-07      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MERNA REINSURANCE II LTD                     | Merna Reinsurance II Ltd.                           | CUSIP: 59013MAP7<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1062000.00   | 0.17%             | 2028-07-07      | Floating      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 05/26/2026   /  | EUR FORWARD EMBASSY CONTRACT 05/26/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2500000 | OU      | $-2910064.53  | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| GENESEE STREET RE LTD                        | Genesee Street Re Ltd.                              | CUSIP: 37173WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6750000 | PA      | $6855300.00   | 1.10%             | 2028-04-07      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| EURO FORWARD EMBASSY CONTRACT 06/09/2026   / | EURO FORWARD EMBASSY CONTRACT 06/09/2026   /        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -3348000 | OU      | $-3899771.89  | -0.62%            |  |  |  | No            |                  2 | On Loan: No      |
| HERBIE RE LTD                                | Herbie Re Ltd.                                      | CUSIP: 42703VAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1072600.00   | 0.17%             | 2029-01-08      | Floating      | 10.75%                | Yes           |                  2 | On Loan: No      |
| HESTIA RE LTD                                | Hestia Re Ltd.                                      | CUSIP: 42815KAC6<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1279875.00   | 0.20%             | 2028-03-13      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HEXAGON III RE PTE LTD                       | Hexagon III RE Pte Ltd.                             | CUSIP: 42829WAA8<br>LEI: 9845003Q740XB9CF0598 | Long             | DBT              | CORP              | SG        |   2500000 | PA      | $2848951.13   | 0.46%             | 2026-01-15      | Floating      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| HIGH POINT RE LTD                            | High Point Re Ltd.                                  | CUSIP: 429932AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2562500.00   | 0.41%             | 2027-01-06      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HYPATIA LTD                                  | Hypatia Ltd.                                        | CUSIP: 44914CAD8<br>LEI: 98450041F85DB4C2C372 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1048000.00   | 0.17%             | 2028-07-05      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE LTD                             | Integrity Re Ltd.                                   | CUSIP: 45833UAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5277500.00   | 0.84%             | 2026-06-06      | Floating      | 10.55%                | Yes           |                  2 | On Loan: No      |
| INTEGRITY RE III                             | Integrity RE III Ltd.                               | CUSIP: 45870GAA4<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1308625.00   | 0.21%             | 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      | $2618000.00   | 0.42%             | 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        |   5000000 | PA      | $5258000.00   | 0.84%             | 2027-04-30      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| KENDALL RE LTD                               | Kendall Re Ltd.                                     | CUSIP: 48878QAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $262850.00    | 0.04%             | 2027-04-30      | Floating      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO III RE LTD                       | Kilimanjaro III Re Ltd.                             | CUSIP: 49407PAJ9<br>LEI: 254900T37LD5YQ545V53 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252625.00    | 0.04%             | 2026-04-20      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $261400.00    | 0.04%             | 2028-06-30      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4500000 | PA      | $4737150.00   | 0.76%             | 2028-06-30      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4095200.00   | 0.65%             | 2029-07-09      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2075000 | PA      | $2177712.50   | 0.35%             | 2029-07-09      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4903425.00   | 0.78%             | 2029-07-09      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAN8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4354975.00   | 0.70%             | 2030-07-08      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| KILIMANJARO II RE LTD                        | Kilimanjaro II Re Ltd.                              | CUSIP: 49407QAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4151600.00   | 0.66%             | 2030-07-08      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                             | Mona Lisa Re Ltd.                                   | CUSIP: 608800AF5<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $254750.00    | 0.04%             | 2026-01-08      | Floating      | 12.25%                | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                             | Mona Lisa Re Ltd.                                   | CUSIP: 608800AG3<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $254875.00    | 0.04%             | 2026-01-08      | Floating      | 12.50%                | Yes           |                  2 | On Loan: No      |
| MONA LISA RE LTD                             | Mona Lisa Re Ltd.                                   | CUSIP: 608800AH1<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |  11250000 | PA      | $12334500.00  | 1.97%             | 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      | $3615500.00   | 0.58%             | 2029-01-08      | Floating      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                               | Montoya Re Ltd.                                     | CUSIP: 613752AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $262475.00    | 0.04%             | 2026-04-07      | Floating      | 13.40%                | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                               | Montoya Re Ltd.                                     | CUSIP: 613752AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7500000 | PA      | $7648500.00   | 1.22%             | 2028-04-07      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MONTOYA RE LTD                               | Montoya Re Ltd.                                     | CUSIP: 613752AE4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5250000 | PA      | $5336625.00   | 0.85%             | 2028-04-07      | Floating      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| MYSTIC RE IV LTD                             | Mystic Re IV Ltd.                                   | CUSIP: 62865LAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5080000 | PA      | $5146040.00   | 0.82%             | 2026-01-08      | Floating      | 8.93%                 | Yes           |                  2 | On Loan: No      |
| TORREY PINES RE LTD                          | Torrey Pines Re Ltd.                                | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $523450.00    | 0.08%             | 2027-06-07      | Floating      | 6.00%                 | 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      | $4221525.00   | 0.67%             | 2028-06-07      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| EUR FORWARD EMBASSY CONTRACT 10/13/2026   /  | EUR FORWARD EMBASSY CONTRACT 10/13/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -3150000 | OU      | $-3691419.72  | -0.59%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO FORWARD EMBASSY CONTRACT 11/02/2026   / | EURO FORWARD EMBASSY CONTRACT 11/02/2026   /        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2000000 | OU      | $-2340773.06  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| URSA RE LTD                                  | Ursa Re Ltd.                                        | CUSIP: 90323WAL4<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   4250000 | PA      | $4256375.00   | 0.68%             | 2025-12-06      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| URSA RE II LTD                               | Ursa Re II Ltd.                                     | CUSIP: 91734PAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5500000 | PA      | $5516500.00   | 0.88%             | 2025-12-06      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                              | Veraison Re Ltd.                                    | CUSIP: 92335TAA7<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   7750000 | PA      | $7854625.00   | 1.26%             | 2026-03-09      | Variable      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| VERAISON RE LTD                              | Veraison Re Ltd.                                    | CUSIP: 92335TAD1<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3034200.00   | 0.48%             | 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      | $1031800.00   | 0.16%             | 2026-08-07      | Floating      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| WRIGLEY RE LTD                               | Wrigley Re Ltd.                                     | CUSIP: 982533AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $257625.00    | 0.04%             | 2026-08-07      | Floating      | 6.70%                 | Yes           |                  2 | On Loan: No      |
| YOSEMITE RE LTD                              | Yosemite Re Ltd.                                    | CUSIP: 98740RAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1592550.00   | 0.25%             | 2028-06-07      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| EURO FORWARD EMBASSY CONTRACT 7/14/2026   /  | EURO FORWARD EMBASSY CONTRACT 7/14/2026   /         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2000000 | OU      | $-2333525.05  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| PHOENIX 3 RE PTE LTD                         | Phoenix 3 RE Pte Ltd.                               | CUSIP: 999999999<br>LEI: 254900KZ3HFPS3H5FZ50 | Long             | DBT              | CORP              | SG        |   1000000 | PA      | $1164200.00   | 0.19%             | 2039-01-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AZZURRO RE II DAC                            | Azzurro Re II DAC                                   | CUSIP: G07543AB0<br>LEI: 635400NZWVDIAI82JP08 | Long             | DBT              | CORP              | IE        |   2250000 | PA      | $2640819.50   | 0.42%             | 2028-04-20      | Floating      | 8.52%                 | Yes           |                  2 | On Loan: No      |
| LION RE DAC                                  | Lion RE DAC                                         | CUSIP: 999999999<br>LEI: 635400VAABXOBOWHZR32 | Long             | DBT              | CORP              | IE        |   2500000 | PA      | $2830797.60   | 0.45%             | 2029-06-15      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CONSULATE RE 2025-10 PREFERRED NOTE   /      | CONSULATE RE 2025-10 PREFERRED NOTE   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $9822000.00   | 1.57%             | 2025-12-31      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| HEXAGON IV RE Ltd. CAT VAR RT 01/22/30   /   | HEXAGON IV RE Ltd. CAT VAR RT 01/22/30   /          | CUSIP: 321620868<br>LEI: N/A                  | Long             | DBT              | NUSS              | BM        |   2500000 | PA      | $2881512.22   | 0.46%             | 2030-01-22      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HEXAGON IV RE Ltd. CAT VAR RT 01/21/28   /   | HEXAGON IV RE Ltd. CAT VAR RT 01/21/28   /          | CUSIP: 321749917<br>LEI: N/A                  | Long             | DBT              | NUSS              | BM        |   3750000 | PA      | $4322268.33   | 0.69%             | 2028-01-21      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| FISH POND RE LTD                             | Fish Pond Re Ltd.                                   | CUSIP: 33774EAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   7000000 | PA      | $7168000.00   | 1.15%             | 2027-01-08      | Floating      | 4.02%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION RE IV LTD                         | Foundation Re IV Ltd.                               | CUSIP: 349939AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  15250000 | PA      | $15692250.00  | 2.51%             | 2027-01-08      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                            | Four Lakes Re Ltd.                                  | CUSIP: 35087TAD0<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2760000 | PA      | $2784840.00   | 0.45%             | 2026-01-07      | Floating      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                            | Four Lakes Re Ltd.                                  | CUSIP: 35087TAE8<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $256475.00    | 0.04%             | 2027-01-07      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FOUR LAKES RE LTD                            | Four Lakes Re Ltd.                                  | CUSIP: 35087TAG3<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |   2500000 | PA      | $2543250.00   | 0.41%             | 2028-01-07      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                               | Galileo Re Ltd.                                     | CUSIP: 36354TAN2<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $524600.00    | 0.08%             | 2028-01-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GALILEO RE LTD                               | Galileo Re Ltd.                                     | CUSIP: 36354TAP7<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $756750.00    | 0.12%             | 2026-01-08      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAC0<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260125.00    | 0.04%             | 2026-02-24      | Floating      | 13.94%                | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   4750000 | PA      | $4950925.00   | 0.79%             | 2027-07-08      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAM8<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5750000 | PA      | $5833950.00   | 0.93%             | 2028-07-07      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAN6<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   5057000 | PA      | $5342720.50   | 0.85%             | 2027-07-07      | Floating      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAP1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $1990000.00   | 0.32%             | 2025-12-22      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAR7<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $498250.00    | 0.08%             | 2025-12-22      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE LTD                               | Gateway Re Ltd.                                     | CUSIP: 36779CAS5<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |   4950000 | PA      | $5165325.00   | 0.83%             | 2028-07-07      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY RE II LTD                            | Gateway Re II Ltd.                                  | CUSIP: 367927AA8<br>LEI: 5493000ENKV5WXNA8Z86 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260550.00    | 0.04%             | 2026-04-27      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-17

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

**Signature:** /s/ Scott Schulenburg

**Name of Signer:** Scott Schulenburg

**Title:** President