# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001193125-25-213178
**Filing Date:** 2025-9
**Character Count:** 74660
**Document Hash:** bbd3bf9f1caacc9099e87da1815d87b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-213178.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001193125-25-213178

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**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:** 251333449

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS — 56.0%** |  |
|  | **CORPORATE — 56.0%** |  |
|  | **BASIC MATERIALS — 4.6%** |  |
| 242000 | Celanese U.S. Holdings LLC <br> 6.500%, 4/15/2030<sup>2</sup> | $244931 |
|  | First Quantum Minerals, Ltd. |  |
| 436000 | 6.875%, 10/15/2027<sup>2,3,4</sup> | 437049 |
| 560000 | 9.375%, 3/1/2029<sup>2,3,4</sup> | 594138 |
| 62000 | Mineral Resources, Ltd.<br> 8.125%, 5/1/2027<sup>2,3,4</sup> | 62239 |
|  | SCIL USA Holdings LLC |  |
| 500000 | 5.375%, 11/1/2026<sup>2,3</sup> | 497616 |
| 100000 | 9.500%, 7/15/2028<sup>2</sup> | 120032 |
| 100000 | Stillwater Mining Co.<br> 4.500%, 11/16/2029<sup>2</sup> | 91654 |
| 275000 | ViaSat, Inc.<br> 5.625%, 4/15/2027<sup>2,3</sup> | 273960 |
|  |  | **2321619** |
|  | **COMMUNICATIONS — 12.8%** |  |
| 100000 | Altice France S.A.<br> 8.125%, 2/1/2027<sup>2,3,4</sup> | 92809 |
| 200000 | BlackSky Technology, Inc.<br> 8.250%, 8/1/2033<sup>3,5</sup> | 215800 |
| 250000 | Connect U.S. Finco LLC<br> 9.000%, 9/15/2029<sup>2,3,4</sup> | 252737 |
| 300000 | Delivery Hero S.E.<br> 3.250%, 2/21/2030<sup>5</sup> | 337492 |
| 900000 | Directv Financing LLC<br> 8.875%, 2/1/2030<sup>2,3</sup> | 881091 |
| 542000 | DISH Network Corp.<br> 11.750%, 11/15/2027<sup>2,3</sup> | 564919 |
|  | EchoStar Corp. |  |
| 446515 | 3.875%, 11/30/2030<sup>5</sup> | 566404 |
| 311138 | 6.750%, 11/30/2030<sup>2</sup> | 295130 |
|  | Hughes Satellite Systems Corp. |  |
| 500000 | 5.250%, 8/1/2026 | 461336 |
| 625000 | 6.625%, 8/1/2026 | 473387 |
| 1000000 | Qwest Corp.<br> 7.250%, 9/15/2025 | 1004456 |
| 450000 | ViaSat, Inc.<br> 6.500%, 7/15/2028<sup>2,3</sup> | 424586 |
| 1002000 | Victoria's Secret & Co<br> 4.625%, 7/15/2029<sup>2</sup> | 933316 |
|  |  | **6503463** |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, CYCLICAL — 10.7%** |  |
| 375000 | Allegiant Travel Co.<br> 7.250%, 8/15/2027<sup>2,3</sup> | $375152 |
| 700000 | Allwyn Entertainment Financing UK PLC<br> 7.875%, 4/30/2029<sup>2,3,4</sup> | 729158 |
| 325000 | Century Communities, Inc.<br> 6.750%, 6/1/2027<sup>2</sup> | 325478 |
| 575000 | DraftKings Holdings, Inc.<br> 0.000%, 3/15/2028<sup>5</sup> | 524158 |
| 704000 | Evergreen Acqco LP / TVI, Inc.<br> 9.750%, 4/26/2028<sup>2,3</sup> | 734435 |
| 449000 | Jaguar Land Rover Automotive PLC<br> 7.750%, 10/15/2025<sup>2,3,4</sup> | 449071 |
| 185667 | JetBlue Pass-Through Trust<br> 7.750%, 5/15/2030 | 188380 |
| 215000 | Lucid Group, Inc.<br> 1.250%, 12/15/2026<sup>3,5</sup> | 198338 |
| 1176000 | QVC, Inc.<br> 6.875%, 4/15/2029<sup>2,3</sup> | 534942 |
| 148000 | Scientific Games International, Inc.<br> 7.000%, 5/15/2028<sup>2,3</sup> | 148249 |
| 492392 | SGUS LLC<br> 11.000%, 12/15/2029<sup>2,6</sup> | 462848 |
| 837053 | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.<br> 11.000%, 3/6/2030<sup>2,3,4</sup> | 537807 |
| 200000 | United Airlines, Inc.<br> 4.375%, 4/15/2026<sup>2,3</sup> | 198933 |
| 50000 | Victra Holdings LLC<br> 8.750%, 9/15/2029<sup>2,3</sup> | 52476 |
|  |  | **5459425** |
|  | **CONSUMER, NON-CYCLICAL — 6.2%** |  |
| 400000 | Alarm.com Holdings, Inc.<br> 2.250%, 6/1/2029<sup>5</sup> | 387400 |
| 350000 | Alta Equipment Group, Inc.<br> 9.000%, 6/1/2029<sup>2,3</sup> | 332415 |
|  | Herbalife Ltd. |  |
| 186000 | 7.875%, 9/1/2025<sup>2,3,4</sup> | 187068 |
| 250000 | 4.250%, 6/15/2028<sup>4,5</sup> | 233750 |
| 400000 | Herc Holdings, Inc.<br> 5.500%, 7/15/2027<sup>2,3</sup> | 398897 |
|  | HLF Financing Sarl LLC / Herbalife International, Inc. |  |
| 550000 | 12.250%, 4/15/2029<sup>2,3</sup> | 601871 |
| 131000 | 4.875%, 6/1/2029<sup>2,3</sup> | 109867 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, NON-CYCLICAL (Continued)** |  |
| 25000 | KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.<br> 9.000%, 2/15/2029<sup>2,3</sup> | $26124 |
|  | Radiology Partners, Inc. |  |
| 399000 | 9.781%, 2/15/2030<sup>2,3</sup> | 394511 |
| 500000 | 8.500%, 7/15/2032<sup>2,3</sup> | 507120 |
|  |  | **3179023** |
|  | **ENERGY — 6.6%** |  |
|  | CITGO Petroleum Corp. |  |
| 112000 | 6.375%, 6/15/2026<sup>2,3</sup> | 111921 |
| 975000 | 8.375%, 1/15/2029<sup>2,3</sup> | 1013521 |
| 850000 | CVR Energy, Inc.<br> 8.500%, 1/15/2029<sup>2,3</sup> | 833986 |
|  | Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |
| 100000 | 7.125%, 6/1/2028<sup>2,3</sup> | 100591 |
| 200000 | 8.625%, 3/15/2029<sup>2,3</sup> | 208320 |
| 450000 | NextEra Energy Partners LP<br> 2.500%, 6/15/2026<sup>3,5</sup> | 432585 |
| 240000 | PBF Holding Co. LLC / PBF Finance Corp.<br> 6.000%, 2/15/2028<sup>2</sup> | 231240 |
| 193000 | Peabody Energy Corp.<br> 3.250%, 3/1/2028<sup>5</sup> | 218148 |
| 226000 | Talos Production, Inc.<br> 9.000%, 2/1/2029<sup>2,3</sup> | 231827 |
|  |  | **3382139** |
|  | **FINANCIAL — 7.1%** |  |
| 550937 | Avation Capital SA<br> 9.000%, 10/31/2026<sup>2,3,4</sup> | 545922 |
| 75000 | BGC Group, Inc.<br> 8.000%, 5/25/2028<sup>2</sup> | 79971 |
| 1285000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp.<br> 9.750%, 1/15/2029<sup>2</sup> | 1293117 |
| 1715000 | Saks Global Enterprises LLC<br> 11.000%, 12/15/2029<sup>2,3,6</sup> | 857500 |
|  | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |  |
| 551000 | 10.500%, 2/15/2028<sup>2,3</sup> | 582263 |
| 269000 | 4.750%, 4/15/2028<sup>2,3</sup> | 261068 |
|  |  | **3619841** |
|  | **INDUSTRIAL — 3.5%** |  |
| 94000 | Bombardier, Inc.<br> 7.875%, 4/15/2027<sup>2,3,4</sup> | 94525 |
| 100000 | Brundage-Bone Concrete Pumping Holdings, Inc.<br> 7.500%, 2/1/2032<sup>2,3</sup> | 99590 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **INDUSTRIAL (Continued)** |  |
| 700000 | INNOVATE Corp.<br> 8.500%, 2/1/2026<sup>2,3</sup> | $612500 |
| 250000 | Mauser Packaging Solutions Holding Co.<br> 7.875%, 4/15/2027<sup>2,3</sup> | 252543 |
| 250000 | Spirit AeroSystems, Inc.<br> 9.375%, 11/30/2029<sup>2,3</sup> | 264460 |
| 421000 | Tutor Perini Corp.<br> 11.875%, 4/30/2029<sup>2,3</sup> | 473753 |
|  |  | **1797371** |
|  | **TECHNOLOGY — 1.6%** |  |
| 175000 | Diebold Nixdorf, Inc.<br> 7.750%, 3/31/2030<sup>2,3</sup> | 186058 |
| 75000 | NCR Atleos Escrow Corp.<br> 9.500%, 4/1/2029<sup>2,3</sup> | 81318 |
| 400000 | X.AI LLC<br> 12.500%, 6/30/2030<sup>2</sup> | 403074 |
| 250000 | Xerox Holdings Corp.<br> 3.750%, 3/15/2030<sup>5</sup> | 121000 |
|  |  | **791450** |
|  | **UTILITIES — 2.9%** |  |
| 597000 | NRG Energy, Inc.<br> 5.750%, 7/15/2029<sup>2,3</sup> | 594693 |
| 910000 | PG&E Corp.<br> 4.250%, 12/1/2027<sup>5</sup> | 908635 |
|  |  | **1503328** |
|  | **TOTAL CORPORATE** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $29,451,614) | **28557659** |
|  | **TOTAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $29,451,614) | **28557659** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **COMMON STOCKS — 2.2%** |  |
|  | **CONSUMER, CYCLICAL — 1.4%** |  |
| 9684 | Fusion LLC | 282453 |
| 18775 | Recovery Solutions Group, LLC<sup>6</sup> | 309791 |
| 28769 | Spirit Aviation Holdings, Inc. | 117665 |
|  |  | **709909** |
|  | **CONSUMER, NON-CYCLICAL — 0.1%** |  |
| 10000 | Endo, Inc.<sup>6</sup> |  |
| 170000 | Endo, Inc.<sup>6</sup> |  |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **CONSUMER, NON-CYCLICAL (Continued)** |  |
| 1742 | Endo, Inc. | $41094 |
| 9044 | Wellpath Holdings, Inc<sup>6</sup> | 30477 |
|  |  | **71571** |
|  | **ENERGY — 0.4%** |  |
| 9219 | Enviva Holdings LP | 179775 |
| 100000 | Enviva Holdings LP<sup>6</sup> |  |
|  |  | **179775** |
|  | **TECHNOLOGY — 0.3%** |  |
| 2440 | Diebold Nixdorf, Inc. | **137348** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,776,750) | **1098603** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **LEVERAGED LOANS — 33.1%** |  |
| 691600 | AAdvantage Loyalty IP Ltd.<br> 6.543% (3-Month Term SOFR+225 basis points), 4/20/2028<sup>2,4,7,8</sup> | 689698 |
|  | Altice France S.A. |  |
| 398980 | 9.802% (1-Month Term SOFR+275 basis points), 7/31/2025<sup>2,4,7,8</sup> | 361077 |
| 794428 | 9.802% (1-Month Term SOFR+550 basis points), 8/31/2028<sup>2,4,7,8</sup> | 740681 |
|  | AP Core Holdings II LLC |  |
| 275000 | 10.933% (1-Month USD Libor+550 basis points), 9/1/2027<sup>2,7,8</sup> | 264114 |
| 875424 | 10.945% (1-Month Term SOFR+550 basis points), 9/1/2027<sup>2,7,8</sup> | 841230 |
|  | Asurion LLC |  |
| 725000 | 10.404% (1-Month USD Libor+525 basis points), 2/3/2028<sup>2,7,8</sup> | 699233 |
| 248227 | 9.676% (1-Month Term SOFR+425 basis points), 8/19/2028<sup>2,7,8</sup> | 246313 |
| 200000 | 10.708% (1-Month Term SOFR+525 basis points), 1/22/2029<sup>2,7,8</sup> | 188563 |
| 497500 | Chinos Intermediate 2 LLC<br> 10.855% (1-Month Term SOFR+600 basis points), 9/29/2031<sup>2,7,8</sup> | 423497 |
| 296992 | Connect U.S. Finco LLC<br> 8.812% (1-Month Term SOFR+450 basis points), 9/28/2029<sup>2,4,7,8</sup> | 292027 |
| 296954 | Delek U.S. Holdings, Inc.<br> 8.944% (1-Month Term SOFR+350 basis points), 11/19/2029<sup>2,7,8</sup> | 296503 |
| 395000 | Delivery Hero S.E.<br> 5.130%, 12/20/2029<sup>2,7,8</sup> | 398909 |
| 452880 | Directv Financing LLC<br> 10.650% (1-Month Term SOFR+525 basis points), 8/2/2029<sup>2,7,8</sup> | 449983 |
| 228987 | Discovery Energy Holding Corp.<br> 10.085% (1-Month Term SOFR+475 basis points), 5/1/2031<sup>2,7,8</sup> | 230383 |
| 99000 | DS Parent, Inc.<br> 9.463% (1-Month Term SOFR+550 basis points), 12/16/2030<sup>2,7,8</sup> | 90369 |
| 1031208 | Endo, Inc.<br> 8.357% (1-Month Term SOFR+400 basis points), 4/23/2031<sup>2,7,8</sup> | 1034946 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **LEVERAGED LOANS (Continued)** |  |
| 450000 | Eyecare Partners LLC<br> 10.043% (3-Month Term SOFR+575 basis points), 8/31/2028<sup>7,8</sup> | $458275 |
|  | First Brands Group LLC |  |
| 100000 | 5.000% (3-Month Term SOFR+500 basis points), 3/30/2027<sup>2,8,9</sup> | 98322 |
| 943840 | 10.591% (3-Month Term SOFR+500 basis points), 3/30/2027<sup>2,7,8</sup> | 926341 |
| 400000 | Frontier Communications Corp.<br> 5.000%, 5/1/2028<sup>2,3,7</sup> | 399844 |
| 455099 | Fusion LLC<br> 12.413%, 6/6/2030<sup>6,7</sup> | 459650 |
| 447877 | HLF Financing Sarl LLC / Herbalife International, Inc.<br> 11.062% (1-Month Term SOFR+675 basis points), 4/12/2029<sup>2,7,8</sup> | 455900 |
|  | Lasership, Inc. |  |
| 348418 | 10.035%, 1/30/2029<sup>7,8</sup> | 347199 |
| 262744 | 8.380% (1-Month Term SOFR+450 basis points), 8/10/2029<sup>7,8</sup> | 75539 |
| 924092 | 8.380% (1-Month Term SOFR+450 basis points), 8/10/2029<sup>7,8</sup> | 544752 |
| 444906 | LendingTree LLC<br> 3.750% (1-Month Term SOFR+400 basis points), 9/15/2028<sup>2,7,8</sup> | 447130 |
| 988750 | Likewize Corp.<br> 10.350% (1-Month Term SOFR+575 basis points), 8/15/2029<sup>2,7,8</sup> | 962182 |
| 248734 | Mallinckrodt PLC<br> 13.841% (1-Month Term SOFR+950 basis points), 11/14/2028<sup>4,7,8</sup> | 255808 |
| 232136 | New WPCC Parent LLC<br> 13.798% (1-Month Term SOFR+950 basis points), 5/9/2030<sup>6,7,8</sup> | 232136 |
| 250000 | Oregon Tool Lux LP<br> 9.674% (3-Month Term SOFR+525 basis points), 10/15/2029<sup>4,7,8</sup> | 255390 |
| 250790 | Pretium PKG Holdings, Inc.<br> 5.000% (3-Month Term SOFR+500 basis points), 10/2/2028<sup>7,8</sup> | 251280 |
| 342222 | Recovery Solutions Group LLC<br> 12.800%, 1/27/2030<sup>6,7,8</sup> | 342222 |
| 641875 | Restaurant Brands International<br> 5.607% (1-Month Term SOFR+125 basis points), 9/21/2028<sup>4,7,8</sup> | 633049 |
| 450000 | Revlon Intermediate Holdings IV LLC<br> 11.255% (1-Month Term SOFR+687.5 basis points), 5/2/2028<sup>2,7,8</sup> | 444280 |
| 97985 | Spirit AeroSystems, Inc.<br> 9.563% (1-Month Term SOFR+450 basis points), 1/15/2027<sup>2,7,8</sup> | 98303 |
| 250000 | Trivium Packaging Finance B.V.<br> 4.500% (3-Month Euribor+450 basis points), 5/28/2030<sup>2,7,8,9</sup> | 286583 |
|  | Viasat, Inc. |  |
| 345429 | 9.833% (1-Month Term SOFR+450 basis points), 3/4/2029<sup>2,7,8</sup> | 341759 |
| 49125 | 8.917% (1-Month Term SOFR+450 basis points), 5/30/2030<sup>2,7,8</sup> | 48397 |
| 293734 | Victra Holdings LLC<br> 8.591% (1-Month Term SOFR+425 basis points), 3/29/2029<sup>2,7,8</sup> | 294974 |
| 671191 | West Technology Group LLC<br> 8.541% (3-Month Term SOFR+400 basis points), 4/10/2027<sup>7,8</sup> | 363494 |

---

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **LEVERAGED LOANS (Continued)** |  |
| 250000 | Windstream Services LLC<br> 9.750% (1-Month Term SOFR+475 basis points), 9/26/2031<sup>2,7,8</sup> | $251562 |
| 350000 | X Corp.<br> 9.500% (Fixed+0 basis points), 10/29/2029<sup>2,7</sup> | 340060 |
|  | **TOTAL LEVERAGED LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $17,060,125) | **16861957** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **PREFERRED STOCKS — 0.2%** |  |
|  | **CONSUMER, NON-CYCLICAL — 0.2%** |  |
| 8763 | Wellpath Holdings, Inc<br> 0.000%, <sup>6</sup> | **114273** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $88,939) | **114273** |
|  | **WARRANTS — 0.0%** |  |
|  | **CONSUMER, CYCLICAL — 0.0%** |  |
| 5680 | Spirit Airlines LLC, Expiration Date: March 11, 2030 | **23231** |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $—) | **23231** |
|  | **SHORT-TERM INVESTMENTS — 7.6%** |  |
| 3869237 | Fidelity Institutional Government Portfolio Class I, 5.22%<sup>10</sup> | 3869237 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $3,869,237) | **3869237** |
|  | **TOTAL INVESTMENTS — 99.1%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $52,246,665) | $**50524960** |
|  | Other Assets in Excess of Liabilities — 0.9% | 447028 |
|  | **TOTAL NET ASSETS — 100.0%** | $**50971988** |

---

LLC – Limited Liability Company

PLC – Public Limited Company

LP – Limited Partnership

<sup>1</sup> Local currency.

<sup>2</sup> Callable.

<sup>3</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $19,052,166, which represents 37.38% of Net Assets.

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

<sup>5</sup> Convertible security.

<sup>6</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

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

<sup>8</sup> Floating rate security.

<sup>9</sup> Denotes investments purchased on a when-issued or delayed delivery basis. <br> <sup>10</sup> The rate is the annualized seven-day yield at period end.

**Arena Strategic Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of July 31, 2025 (Unaudited)**

 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale Contracts** | **Counterparty** | **Currency<br> Exchange** | **Setlement<br> Date** | **Currency<br> Amount<br> Sold** | **Value At<br> Settlement<br> Date** | **Value At<br> July 31, 2025** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Euro | Pershing, LLC. | EUR per USD | 8/11/2025 | (110000) | $(125692) | $(125624) | $68 |
| Euro | Pershing, LLC. | EUR per USD | 12/29/2025 | (295000) | (349899) | (340044) | 9855 |
|  |  |  |  |  | (475591) | (465668) | 9923 |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |  | $(475591) | $(465668) | $9923 |

---

EUR – Euro

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

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

- **a. Name of Series:** Arena Strategic Income Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $51527963.10

**Total Liabilities:** $557681.84

**Net Assets:** $50970281.26

**Delayed Delivery Securities:** $387430.82

**Cash Not Reported:** $2689396.74

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4.883381615578 | **1-Year:** 18.163450393775 | **5-Year:** 8.803143895647 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 32.532125725266 | **1-Year:** 2867.375729253612 | **5-Year:** 5961.468828416104 | **10-Year:** 266.527342455018 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237262 | 1.49%                | 1.83%                | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $76002.79                | $246851.45                                 |
| Month 2  | $284259.17               | $246208.25                                 |
| Month 3  | $328627.97               | $-349313.41                                |

### Schedule of Portfolio Investments

| Name                                      | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INNOVATE CORP                             | INNOVATE Corp.                                                           | CUSIP: 404139AJ6<br>LEI: 549300S6O246JWQQ1K58 | Long             | DBT              | CORP              | US        |    700000 | PA      | $612500.00    | 1.20%             | 2026-02-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| HERBALIFE LTD                             | Herbalife Ltd.                                                           | CUSIP: 42703MAF0<br>LEI: 549300BA7TYPBSZZIA41 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $233750.00    | 0.46%             | 2028-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                         | Herc Holdings, Inc.                                                      | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398897.20    | 0.78%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HERBALIFE/HLF FINANCING                   | Herbalife Nutrition Ltd. / HLF Financing, Inc.                           | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    186000 | PA      | $187067.64    | 0.37%             | 2025-09-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                  | Hughes Satellite Systems Corp.                                           | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $461336.00    | 0.91%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                    | Radiology Partners, Inc.                                                 | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507120.00    | 0.99%             | 2032-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| RECOVERY SOLUTIONS PAREN                  | Recovery Solutions Parent LLC                                            | CUSIP: 75627HAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    342222 | PA      | $342221.60    | 0.67%             | 2030-01-27      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                  | SCIL IV LLC / SCIL USA Holdings LLC                                      | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $497616.50    | 0.98%             | 2026-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                  | Saks Global Enterprises LLC                                              | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1715000 | PA      | $857500.00    | 1.68%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| FUSION PARENT LLC CLASS A   /             | FUSION PARENT LLC CLASS A   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9684 | NS      | $282453.23    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FUSION BUYER LLC FIRST LIEN TERM LOAN   / | FUSION BUYER LLC FIRST LIEN TERM LOAN   /                                | CUSIP: 36119LAA3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    455099 | PA      | $459649.99    | 0.90%             | 2030-06-06      | Fixed         | 12.41%                | No            |                  3 | On Loan: No      |
| Endo Inc                                  | Endo, Inc.                                                               | CUSIP: 29290D117<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1742 | NS      | $41093.78     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RECOVERY SOLUTIONS    /                   | RECOVERY SOLUTIONS    /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18775 | NS      | $309790.80    | 0.61%             |  |  |  | No            |                  3 | On Loan: No      |
| WELLPATH HOLDINGS COMMON EQUITY   /       | WELLPATH HOLDINGS COMMON EQUITY   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9044 | NS      | $30477.62     | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| WELLPATH HOLDINGS PREFERRED EQUITY   /    | WELLPATH HOLDINGS PREFERRED EQUITY   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8763 | NS      | $114273.48    | 0.22%             |  |  |  | No            |                  3 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                  | Hughes Satellite Systems Corp.                                           | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $473386.88    | 0.93%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                     | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                   | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1293117.35   | 2.54%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                  | Jaguar Land Rover Automotive PLC                                         | CUSIP: 47010BAJ3<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    449000 | PA      | $449070.94    | 0.88%             | 2025-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| JETBLUE 2020-1 CLASS B                    | JetBlue 2020-1 Class B Pass-Through Trust                                | CUSIP: 477164AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185667 | PA      | $188380.12    | 0.37%             | 2030-05-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                  | KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc. | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26123.70     | 0.05%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| LASERSHIP INC                             | Lasership, Inc.                                                          | CUSIP: 51809EAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    348418 | PA      | $347198.75    | 0.68%             | 2029-01-30      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| LUCID GROUP INC                           | Lucid Group, Inc.                                                        | CUSIP: 549498AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $198337.50    | 0.39%             | 2026-12-15      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                    | Mauser Packaging Solutions Holding Co.                                   | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252542.75    | 0.50%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                     | Mineral Resources Ltd.                                                   | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     62000 | PA      | $62239.51     | 0.12%             | 2027-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC                            | NRG Energy, Inc.                                                         | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    597000 | PA      | $594692.60    | 1.17%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NCR ATLEOS LLC                            | NCR Atleos Corp.                                                         | CUSIP: 638962AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $81318.38     | 0.16%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                    | XPLR Infrastructure LP                                                   | CUSIP: 65341BAG1<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |    450000 | PA      | $432585.00    | 0.85%             | 2026-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                    | Brundage-Bone Concrete Pumping Holdings, Inc.                            | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99590.10     | 0.20%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                        | PBF Holding Co. LLC / PBF Finance Corp.                                  | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $231240.48    | 0.45%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                 | PG&E Corp.                                                               | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    910000 | PA      | $908635.00    | 1.78%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENDO PAR PHAR ESCROW    /                 | ENDO PAR PHAR ESCROW    /                                                | CUSIP: 698ESCAA8<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PEABODY ENERGY CORP                       | Peabody Energy Corp.                                                     | CUSIP: 704551AD2<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | DBT              | CORP              | US        |    193000 | PA      | $218147.90    | 0.43%             | 2028-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| QVC INC                                   | QVC, Inc.                                                                | CUSIP: 747262BA0<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |   1176000 | PA      | $534942.41    | 1.05%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                    | Radiology Partners, Inc.                                                 | CUSIP: 75041VAC8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    399000 | PA      | $394511.25    | 0.77%             | 2030-02-15      | None          | 9.78%                 | Yes           |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                   | Light & Wonder International, Inc.                                       | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    148000 | PA      | $148248.64    | 0.29%             | 2028-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SGUS LLC                                  | SGUS LLC                                                                 | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    492392 | PA      | $462848.48    | 0.91%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                  | Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.                       | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    837053 | PA      | $537806.55    | 1.06%             | 2030-03-12      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                       | Spirit Airlines LLC                                                      | CUSIP: 84863V135<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5680 | NC      | $23231.20     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                    | Spirit AeroSystems, Inc.                                                 | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264460.25    | 0.52%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| STILLWATER MINING CO                      | Stillwater Mining Co.                                                    | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91653.80     | 0.18%             | 2029-11-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                      | Talos Production, Inc.                                                   | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    226000 | PA      | $231826.51    | 0.45%             | 2029-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| TUTOR PERINI CORP                         | Tutor Perini Corp.                                                       | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |    421000 | PA      | $473752.98    | 0.93%             | 2029-04-30      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| UNITED AIRLINES INC                       | United Airlines, Inc.                                                    | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198933.20    | 0.39%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| QWEST CORP                                | Qwest Corp.                                                              | CUSIP: 912920AK1<br>LEI: 549300R2L4N683OO1509 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004456.00   | 1.97%             | 2025-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                   | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC        | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    269000 | PA      | $261068.27    | 0.51%             | 2028-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                   | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC        | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    551000 | PA      | $582263.19    | 1.14%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| OREGON TOOL LUX LP                        | Oregon Tool Lux LP                                                       | CUSIP: L7266PAC9<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    250000 | PA      | $255390.00    | 0.50%             | 2029-10-15      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP                     | AAdvantage Loyalty IP Ltd.                                               | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    691600 | PA      | $689698.11    | 1.35%             | 2028-04-20      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                     | Trivium Packaging Finance B.V.                                           | CUSIP: BL5094620<br>LEI: 724500GMZWW3PVYET548 | Long             | LON              | CORP              | NL        |    250000 | PA      | $286582.79    | 0.56%             | 2030-05-28      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW WPCC PARENT LLC                       | New WPCC Parent LLC                                                      | CUSIP: 64929VAA3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    232136 | PA      | $232136.05    | 0.46%             | 2030-05-09      | Floating      | 13.80%                | No            |                  3 | On Loan: No      |
| DELIVERY HERO AG                          | Delivery Hero S.E.                                                       | CUSIP: D1T28ZAG8<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $337491.95    | 0.66%             | 2030-02-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Diebold Nixdorf Inc                       | Diebold Nixdorf, Inc.                                                    | CUSIP: 253651202<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |      2440 | NS      | $137347.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EUR FORWARD CONTRACT 12/29/25   /         | EUR FORWARD CONTRACT 12/29/25   /                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -295000 | OU      | $-340044.46   | -0.67%            |  |  |  | No            |                  2 | On Loan: No      |
| EURO CURRENCY  /                          | EURO CURRENCY  /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |    279540 | OU      | $319000.50    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EUR FORWARD CONTRACT 08/11/25   /         | EUR FORWARD CONTRACT 08/11/25   /                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -110000 | OU      | $-125623.98   | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio             | Fidelity Government Portfolio - Class Institutional                      | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    908104 | PA      | $908103.98    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Aviation Holdings Inc              | Spirit Aviation Holdings, Inc.                                           | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28769 | NS      | $117665.21    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ALARM.COM HLDGS INC                       | Alarm.com Holdings, Inc.                                                 | CUSIP: 011642AD7<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |    400000 | PA      | $387400.00    | 0.76%             | 2029-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVEL CO                       | Allegiant Travel Co.                                                     | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    375000 | PA      | $375151.50    | 0.74%             | 2027-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                  | Allwyn Entertainment Financing UK PLC                                    | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $729158.50    | 1.43%             | 2029-04-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP                      | Alta Equipment Group, Inc.                                               | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    350000 | PA      | $332414.60    | 0.65%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                          | Altice France S.A.                                                       | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $92809.00     | 0.18%             | 2027-02-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| AVATION CAPITAL SA                        | Avation Capital S.A.                                                     | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | LU        |    550937 | PA      | $545921.82    | 1.07%             | 2026-10-31      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| BGC GROUP INC                             | BGC Group, Inc.                                                          | CUSIP: 088929AC8<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79970.55     | 0.16%             | 2028-05-25      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BLACKSKY TECHNOLOGY INC                   | BlackSky Technology, Inc.                                                | CUSIP: 09263BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $215800.00    | 0.42%             | 2033-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC                            | Bombardier, Inc.                                                         | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     94000 | PA      | $94524.90     | 0.19%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                            | 1011778 BC ULC                                                           | CUSIP: C6901LAK3<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |    641875 | PA      | $633049.22    | 1.24%             | 2028-09-21      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| PRETIUM PKG HOLDINGS INC                  | Pretium PKG Holdings, Inc.                                               | CUSIP: 74142KAJ8<br>LEI: 254900S6SXME9YWLU075 | Long             | LON              | CORP              | US        |    250790 | PA      | $251280.22    | 0.49%             | 2028-10-02      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| MALLINCKRODT PLC                          | Mallinckrodt PLC                                                         | CUSIP: L6232UAV9<br>LEI: 549300LMDE3RUP8Z3L60 | Long             | LON              | CORP              | IE        |    248734 | PA      | $255808.18    | 0.50%             | 2028-11-14      | Floating      | 14.00%                | No            |                  2 | On Loan: No      |
| DS PARENT INC                             | DS Parent, Inc.                                                          | CUSIP: 23344YAG7<br>LEI: 254900EH8GRZUGRWRH57 | Long             | LON              | CORP              | US        |     99000 | PA      | $90368.69     | 0.18%             | 2031-01-31      | Floating      | 10.80%                | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                     | Directv Financing LLC                                                    | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    452880 | PA      | $449983.43    | 0.88%             | 2029-08-02      | Floating      | 10.10%                | No            |                  2 | On Loan: No      |
| DISCOVERY ENERGY HOLDING                  | Discovery Energy Holding Corp.                                           | CUSIP: 25472PAB6<br>LEI: 254900T31FAYMRQSAA12 | Long             | LON              | CORP              | US        |    228987 | PA      | $230382.83    | 0.45%             | 2031-05-02      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO FINCO LLC                   | Delivery Hero Finco LLC                                                  | CUSIP: D2007ZAE7<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    395000 | PA      | $398908.53    | 0.78%             | 2029-12-12      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL                        | Connect Finco SARL                                                       | CUSIP: L2000DAH7<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |    296992 | PA      | $292026.77    | 0.57%             | 2029-09-28      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| HLF FINANCING SARL LLC                    | HLF Financing Sarl LLC                                                   | CUSIP: 40421YAG7<br>LEI: 549300VKVJUV5OGV2R51 | Long             | LON              | CORP              | US        |    447877 | PA      | $455900.38    | 0.89%             | 2029-04-12      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| EYECARE PARTNERS LLC                      | Eyecare Partners LLC                                                     | CUSIP: 30233PAQ3<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    450000 | PA      | $458275.50    | 0.90%             | 2028-08-31      | Floating      | 10.37%                | No            |                  2 | On Loan: No      |
| LIKEWIZE CORP                             | Likewize Corp.                                                           | CUSIP: 53235UAB5<br>LEI: TF9O1XIG83ZLXX7WN472 | Long             | LON              | CORP              | US        |    988750 | PA      | $962182.29    | 1.89%             | 2029-08-27      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| CHINOS INTERMEDIATE 2 LL                  | Chinos Intermediate 2 LLC                                                | CUSIP: 16961YAB4<br>LEI: 54930061EIIAONXJMZ79 | Long             | LON              | CORP              | US        |    497500 | PA      | $423496.88    | 0.83%             | 2031-09-29      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                   | Windstream Services LLC                                                  | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    250000 | PA      | $251562.50    | 0.49%             | 2031-10-06      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                     | Endo Finance Holdings, Inc.                                              | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1031208 | PA      | $1034945.63   | 2.03%             | 2031-04-23      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| LASERSHIP INC                             | Lasership, Inc.                                                          | CUSIP: 51809EAP0<br>LEI: 254900NGHREGOQUFUT53 | Long             | LON              | CORP              | US        |    262744 | PA      | $75538.95     | 0.15%             | 2029-08-10      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| LASERSHIP INC                             | Lasership, Inc.                                                          | CUSIP: 51809EAM7<br>LEI: 254900NGHREGOQUFUT53 | Long             | LON              | CORP              | US        |    924092 | PA      | $544752.15    | 1.07%             | 2029-08-10      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| X CORP                                    | X Corp.                                                                  | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    350000 | PA      | $340060.00    | 0.67%             | 2029-10-29      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VICTRA HOLDINGS LLC                       | Victra Holdings LLC                                                      | CUSIP: 50226BAM0<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | LON              | CORP              | US        |    293734 | PA      | $294973.74    | 0.58%             | 2029-03-29      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                  | First Quantum Minerals Ltd.                                              | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    436000 | PA      | $437048.58    | 0.86%             | 2027-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                  | First Quantum Minerals Ltd.                                              | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    560000 | PA      | $594138.16    | 1.17%             | 2029-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                   | Frontier Communications Holdings LLC                                     | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399844.40    | 0.78%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                  | HLF Financing Sarl LLC / Herbalife International, Inc.                   | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131000 | PA      | $109867.08    | 0.22%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Enviva Holdings LP                        | Enviva Holdings LP                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9219 | NS      | $179775.11    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                            | CVR Energy, Inc.                                                         | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    850000 | PA      | $833986.00    | 1.64%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                  | Celanese U.S. Holdings LLC                                               | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    242000 | PA      | $244930.62    | 0.48%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                       | Century Communities, Inc.                                                | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    325000 | PA      | $325477.75    | 0.64%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                      | CITGO Petroleum Corp.                                                    | CUSIP: 17302XAM8<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111920.70    | 0.22%             | 2026-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                      | CITGO Petroleum Corp.                                                    | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1013521.28   | 1.99%             | 2029-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                  | Connect Finco SARL / Connect U.S. Finco LLC                              | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    250000 | PA      | $252737.00    | 0.50%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                    | Delek Logistics Partners LP / Delek Logistics Finance Corp.              | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100591.20    | 0.20%             | 2028-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                    | Delek Logistics Partners LP / Delek Logistics Finance Corp.              | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $208319.60    | 0.41%             | 2029-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                       | Diebold Nixdorf, Inc.                                                    | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    175000 | PA      | $186057.73    | 0.37%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                     | Directv Financing LLC                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $881091.00    | 1.73%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| DISH NETWORK CORP                         | DISH Network Corp.                                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    542000 | PA      | $564918.47    | 1.11%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| DRAFTKINGS HOLDINGS INC                   | DraftKings Holdings, Inc.                                                | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |    575000 | PA      | $524158.50    | 1.03%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                             | EchoStar Corp.                                                           | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    311138 | PA      | $295129.95    | 0.58%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                             | EchoStar Corp.                                                           | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    446515 | PA      | $566404.28    | 1.11%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENDO DAC ESCROW    /                      | ENDO DAC ESCROW    /                                                     | CUSIP: 292ESCB17<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ENVIVA PRTNR ESCROW    /                  | ENVIVA PRTNR ESCROW    /                                                 | CUSIP: 294ESCAA6<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                  | SCIL IV LLC / SCIL USA Holdings LLC                                      | CUSIP: ZJ2443688<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $120031.84    | 0.24%             | 2028-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| EVERGREEN ACQCO/TVI INC                   | Evergreen Acqco 1 LP / TVI, Inc.                                         | CUSIP: 30015DAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    704000 | PA      | $734435.33    | 1.44%             | 2028-04-26      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                  | HLF Financing Sarl LLC / Herbalife International, Inc.                   | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $601871.05    | 1.18%             | 2029-04-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| VIASAT INC                                | Viasat, Inc.                                                             | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    275000 | PA      | $273960.50    | 0.54%             | 2027-04-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| VIASAT INC                                | Viasat, Inc.                                                             | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    450000 | PA      | $424586.25    | 0.83%             | 2028-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VICTORIA'S SECRET & CO                    | Victoria's Secret & Co.                                                  | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |   1002000 | PA      | $933315.91    | 1.83%             | 2029-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| VICTRA HLDG/VICTRA FIN                    | Victra Holdings LLC / Victra Finance Corp.                               | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52475.50     | 0.10%             | 2029-09-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| X.AI LLC/X.AI CO ISSUER                   | X.AI LLC / X.AI Co. Issuer Corp.                                         | CUSIP: 983984AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $403074.40    | 0.79%             | 2030-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                       | Xerox Holdings Corp.                                                     | CUSIP: 98421MAE6<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $121000.00    | 0.24%             | 2030-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                          | Altice France S.A.                                                       | CUSIP: 67053NAK0<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    398980 | PA      | $361076.53    | 0.71%             | 2025-08-31      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                               | Asurion LLC                                                              | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    725000 | PA      | $699233.50    | 1.37%             | 2028-02-03      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                    | First Brands Group LLC                                                   | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100000 | PA      | $98321.50     | 0.19%             | 2027-03-30      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| AP CORE HOLDINGS II LLC                   | AP Core Holdings II LLC                                                  | CUSIP: 00187GAC3<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    875424 | PA      | $841229.58    | 1.65%             | 2027-09-01      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| AP CORE HOLDINGS II LLC                   | AP Core Holdings II LLC                                                  | CUSIP: 00187GAD1<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    275000 | PA      | $264114.13    | 0.52%             | 2027-09-01      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| ASURION LLC                               | Asurion LLC                                                              | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    200000 | PA      | $188563.00    | 0.37%             | 2029-01-22      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| LENDINGTREE LLC                           | LendingTree LLC                                                          | CUSIP: 52602KAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    444906 | PA      | $447130.27    | 0.88%             | 2028-09-15      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                | Viasat, Inc.                                                             | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    345429 | PA      | $341758.60    | 0.67%             | 2029-03-05      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                    | Spirit AeroSystems, Inc.                                                 | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |     97985 | PA      | $98303.33     | 0.19%             | 2027-01-15      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| DELEK US HOLDINGS INC                     | Delek U.S. Holdings, Inc.                                                | CUSIP: 24664GAF8<br>LEI: 5493003O53JMENV1N385 | Long             | LON              | CORP              | US        |    296954 | PA      | $296502.95    | 0.58%             | 2029-11-19      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                    | First Brands Group LLC                                                   | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    943840 | PA      | $926341.28    | 1.82%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                          | Altice France S.A.                                                       | CUSIP: F6628DAN4<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    794428 | PA      | $740680.80    | 1.45%             | 2028-08-31      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                               | Asurion LLC                                                              | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    248227 | PA      | $246312.71    | 0.48%             | 2028-08-21      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| WEST TECHNOLOGY GRP LLC                   | West Technology Group LLC                                                | CUSIP: 68162RAH4<br>LEI: 5493005Z5DB0O5S30R71 | Long             | LON              | CORP              | US        |    671191 | PA      | $363493.52    | 0.71%             | 2027-04-12      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| REVLON INTERMEDIATE HOLD                  | Revlon Intermediate Holdings IV LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    450000 | PA      | $444280.50    | 0.87%             | 2028-05-02      | Floating      | 10.95%                | No            |                  2 | On Loan: No      |
| VIASAT INC                                | Viasat, Inc.                                                             | CUSIP: 92555WAF2<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |     49125 | PA      | $48396.97     | 0.09%             | 2030-05-30      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-14

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

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

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

**Title:** Assistant VicePresident