# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001145549-25-051953
**Filing Date:** 2025-8
**Character Count:** 195431
**Document Hash:** c61ece1a6bff1253d125790647f7999d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051953.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001145549-25-051953

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**PERIOD START**: 20250930

**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:** 251236712

**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

### First Trust Multi-Strategy Fund (Series ID: S000055376)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000174208 | Class A Shares | FTMAX           |
| C000174209 | Class I Shares | FTMIX           |
| C000239642 | Class C Shares | FTMCX           |

## Nport-Ex

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS — 30.5%** |  |
|  | 720 East CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class D, 9.406% (3-Month Term SOFR+515 basis points), 10/15/2036<sup>1,2,3,4</sup> | $1011085 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2023-IA, Class DR, 8.280% (3-Month Term SOFR+400 basis points), 4/15/2038<sup>1,2,3</sup> | 510370 |
|  | AIMCO CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2020-11A, Class D2R2, 8.480% (3-Month Term SOFR+420 basis points), 7/17/2037<sup>1,2,3</sup> | 1502710 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2019-10A, Class ERR, 9.922% (3-Month Term SOFR+565 basis points), 7/22/2037<sup>1,2,3,4</sup> | 506477 |
|  | Alinea CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2018-1A, Class DR, 6.519% (3-Month Term SOFR+225 basis points), 7/20/2031<sup>1,2,3</sup> | 1507505 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2018-1A, Class ER, 10.219% (3-Month Term SOFR+595 basis points), 7/20/2031<sup>1,2,3,4</sup> | 1256254 |
| 1000000 | Annisa CLO Ltd.<br> Series 2016-2A, Class DRR, 7.069% (3-Month Term SOFR+280 basis points), 7/20/2031<sup>1,2,3</sup> | 1002112 |
|  | Apidos CLO Ltd. |  |
| 1150000 | &nbsp;&nbsp;&nbsp;Series 2016-24A, Class DR, 10.331% (3-Month Term SOFR+606 basis points), 10/20/2030<sup>1,2,3</sup> | 1143607 |
| 1835000 | &nbsp;&nbsp;&nbsp;Series 2017-28A, Class C, 7.031% (3-Month Term SOFR+276 basis points), 1/20/2031<sup>1,2,3</sup> | 1841769 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2019-31A, Class ER, 11.118% (3-Month Term SOFR+686 basis points), 4/15/2031<sup>1,2,3</sup> | 757242 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2013-15A, Class ERR, 10.231% (3-Month Term SOFR+596 basis points), 4/20/2031<sup>1,2,3</sup> | 1506457 |
| 1750000 | &nbsp;&nbsp;&nbsp;Series 2015-20A, Class DR, 10.222% (3-Month Term SOFR+596 basis points), 7/16/2031<sup>1,2,3</sup> | 1753762 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series XXXA, Class CR, 7.269% (3-Month Term SOFR+300 basis points), 10/18/2031<sup>1,2,3</sup> | 1505504 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2015-23A, Class DRR, 6.856% (3-Month Term SOFR+260 basis points), 4/15/2033<sup>1,2,3</sup> | 1978491 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2022-42A, Class D1R, 6.719% (3-Month Term SOFR+245 basis points), 4/20/2038<sup>1,2,3</sup> | 1494750 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2018-29A, Class D1R, 7.419% (3-Month Term SOFR+310 basis points), 7/25/2038<sup>2,3</sup> | 1508739 |
|  | Ares CLO Ltd. |  |
| 1450000 | &nbsp;&nbsp;&nbsp;Series 2018-50A, Class D, 7.418% (3-Month Term SOFR+316 basis points), 1/15/2032<sup>1,2,3,4</sup> | 1451994 |
| 4000000 | &nbsp;&nbsp;&nbsp;Series 2016-39A, Class AR3, 5.689% (3-Month Term SOFR+142 basis points), 7/18/2037<sup>1,2,3</sup> | 4018004 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2025-76A, Class E, 11.486% (3-Month Term SOFR+716 basis points), 5/27/2038<sup>2,3</sup> | 1041982 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-54A, Class ER2, 10.549% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>2,3</sup> | $1000000 |
| 750000 | Arini U.S. CLO Ltd.<br> Series 1A, Class D, 8.326% (3-Month Term SOFR+400 basis points), 4/15/2038<sup>2,3</sup> | 757874 |
|  | Bain Capital Credit CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class DR, 7.219% (3-Month Term SOFR+295 basis points), 7/19/2031<sup>1,2,3</sup> | 1505006 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2022-2A, Class A1, 5.592% (3-Month Term SOFR+132 basis points), 4/22/2035<sup>1,2,3,4</sup> | 2000000 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2022-2A, Class A1R, 5.592% (3-Month Term SOFR+115 basis points), 4/22/2035<sup>2,3</sup> | 1500000 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2022-2A, Class E, 12.112% (3-Month Term SOFR+784 basis points), 4/22/2035<sup>1,2,3</sup> | 1000000 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A1R, 5.725% (3-Month Term SOFR+140 basis points), 7/16/2038<sup>1,2,3</sup> | 1504752 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D1R, 7.525% (3-Month Term SOFR+320 basis points), 7/16/2038<sup>1,2,3</sup> | 1001463 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D2R, 8.275% (3-Month Term SOFR+395 basis points), 7/16/2038<sup>1,2,3</sup> | 1502168 |
| 1250000 | Ballyrock CLO Ltd.<br> Series 2023-24A, Class DR, 10.328% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>2,3</sup> | 1250000 |
|  | Barings CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-1A, Class C, 7.118% (3-Month Term SOFR+286 basis points), 4/15/2031<sup>1,2,3</sup> | 1003606 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D1R, 7.726% (3-Month Term SOFR+340 basis points), 4/20/2038<sup>1,2,3</sup> | 999698 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D2R, 9.326% (3-Month Term SOFR+500 basis points), 4/20/2038<sup>1,2,3</sup> | 999869 |
|  | Battalion CLO Ltd. |  |
| 1887080 | &nbsp;&nbsp;&nbsp;Series 2020-15A, Class A1RR, 5.260% (3-Month Term SOFR+98 basis points), 1/17/2033<sup>1,2,3</sup> | 1882626 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2020-15A, Class BR, 5.780% (3-Month Term SOFR+150 basis points), 1/17/2033<sup>1,2,3</sup> | 1499250 |
|  | Benefit Street Partners CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;Series 2015-8A, Class DR, 10.131% (3-Month Term SOFR+586 basis points), 1/20/2031<sup>1,2,3</sup> | 245328 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2020-20A, Class DR, 7.718% (3-Month Term SOFR+346 basis points), 7/15/2034<sup>1,2,3</sup> | 1251814 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2024-37A, Class A, 5.698% (3-Month Term SOFR+135 basis points), 1/25/2038<sup>1,2,3</sup> | 2008885 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2024-36A, Class D1, 7.364% (3-Month Term SOFR+295 basis points), 1/25/2038<sup>1,2,3</sup> | 1002627 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 3500000 | &nbsp;&nbsp;&nbsp;Series 2015-6BR, Class D1R, 6.983% (3-Month Term SOFR+270 basis points), 4/20/2038<sup>1,2,3</sup> | $3509662 |
| 500000 | Birch Grove CLO Ltd.<br> Series 2024-8A, Class E, 11.369% (3-Month Term SOFR+710 basis points), 4/20/2037<sup>1,2,3</sup> | 507323 |
| 1000000 | BlueMountain CLO Ltd.<br> Series 2020-30A, Class DR, 7.556% (3-Month Term SOFR+330 basis points), 4/15/2035<sup>1,2,3</sup> | 1001255 |
| 1900000 | BlueMountain Fuji U.S. CLO Ltd.<br> Series 2017-2A, Class C, 7.531% (3-Month Term SOFR+326 basis points), 10/20/2030<sup>1,2,3</sup> | 1896141 |
|  | Bryant Park Funding Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2024-23A, Class E, 11.056% (3-Month Term SOFR+673 basis points), 5/15/2037<sup>1,2,3</sup> | 1010187 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2021-17RA, Class D1R, 7.519% (3-Month Term SOFR+325 basis points), 1/20/2038<sup>1,2,3</sup> | 1002891 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2021-17RA, Class ER, 11.199% (3-Month Term SOFR+693 basis points), 1/20/2038<sup>1,2,3</sup> | 1007807 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2023-20A, Class DR, 7.725% (3-Month Term SOFR+340 basis points), 4/15/2038<sup>1,2,3</sup> | 2009508 |
|  | Carlyle Global Market Strategies CLO Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2014-4RA, Class C, 7.418% (3-Month Term SOFR+316 basis points), 7/15/2030<sup>1,2,3</sup> | 2007739 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2014-2RA, Class C, 7.388% (3-Month Term SOFR+306 basis points), 5/15/2031<sup>1,2,3,4</sup> | 1506417 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2014-3RA, Class C, 7.494% (3-Month Term SOFR+321 basis points), 7/27/2031<sup>1,2,3</sup> | 1004306 |
| 2250000 | &nbsp;&nbsp;&nbsp;Series 2012-4A, Class DR3, 7.772% (3-Month Term SOFR+350 basis points), 4/22/2032<sup>1,2,3</sup> | 2255718 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2015-4A, Class CR, 8.231% (3-Month Term SOFR+396 basis points), 7/20/2032<sup>1,2,3,4</sup> | 999754 |
|  | Carlyle U.S. CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class D, 11.231% (3-Month Term SOFR+696 basis points), 4/20/2031<sup>1,2,3</sup> | 1005007 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2021-9A, Class E, 11.161% (3-Month Term SOFR+689 basis points), 10/20/2034<sup>1,2,3</sup> | 999526 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-5A, Class D, 9.383% (3-Month Term SOFR+510 basis points), 1/27/2036<sup>1,2,3,4</sup> | 1004424 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class B, 6.922% (3-Month Term SOFR+265 basis points), 7/20/2036<sup>2,3</sup> | 1501200 |
| 500000 | Catamaran CLO Ltd.<br> Series 2018-1A, Class D, 8.193% (3-Month Term SOFR+391 basis points), 10/25/2031<sup>1,2,3</sup> | 493714 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 2250000 | CBAM Ltd.<br> Series 2018-5A, Class D, 7.041% (3-Month Term SOFR+276 basis points), 4/17/2031<sup>1,2,3</sup> | $2250551 |
| 1000000 | CBAMR Ltd.<br> Series 2017-4A, Class BR, 6.102% (3-Month Term SOFR+180 basis points), 3/31/2038<sup>2,3</sup> | 1000000 |
|  | Cedar Funding CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-7A, Class DR, 7.019% (3-Month Term SOFR+275 basis points), 1/20/2031<sup>1,2,3</sup> | 1002727 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2016-5A, Class DR, 7.541% (3-Month Term SOFR+326 basis points), 7/17/2031<sup>1,2,3</sup> | 1003464 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2016-6A, Class DRR, 7.841% (3-Month Term SOFR+357 basis points), 4/20/2034<sup>1,2,3,4</sup> | 1250307 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2024-19A, Class A1, 5.571% (3-Month Term SOFR+133 basis points), 1/23/2038<sup>1,2,3</sup> | 1505217 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2014-4A, Class AR3, 5.619% (3-Month Term SOFR+134 basis points), 1/23/2038<sup>1,2,3</sup> | 2008136 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2014-4A, Class DR3, 7.579% (3-Month Term SOFR+330 basis points), 1/23/2038<sup>1,2,3</sup> | 1003254 |
|  | CIFC Funding Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class DR, 11.172% (3-Month Term SOFR+691 basis points), 7/16/2030<sup>1,2,3</sup> | 500931 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2017-4A, Class D, 10.637% (3-Month Term SOFR+636 basis points), 10/24/2030<sup>1,2,3,4</sup> | 1502624 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class ERR, 10.534% (3-Month Term SOFR+626 basis points), 1/22/2031<sup>1,2,3</sup> | 1005300 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2013-3RA, Class CR, 6.775% (3-Month Term SOFR+250 basis points), 4/24/2031<sup>1,2,3</sup> | 1515970 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2013-3RA, Class D, 10.437% (3-Month Term SOFR+616 basis points), 4/24/2031<sup>1,2,3</sup> | 1483837 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class D1R, 7.319% (3-Month Term SOFR+305 basis points), 10/20/2037<sup>1,2,3</sup> | 1000008 |
|  | Creeksource Dunes Creek CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D, 7.434% (3-Month Term SOFR+310 basis points), 1/15/2038<sup>1,2,3</sup> | 1506654 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class E, 10.484% (3-Month Term SOFR+615 basis points), 1/15/2038<sup>1,2,3</sup> | 764745 |
| 750000 | Crestline Denali CLO Ltd.<br> Series 2018-1A, Class D, 7.768% (3-Month Term SOFR+351 basis points), 10/15/2031<sup>1,2,3</sup> | 747805 |
|  | Dewolf Park CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class DR, 7.368% (3-Month Term SOFR+311 basis points), 10/15/2030<sup>1,2,3</sup> | 1002258 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class E, 10.718% (3-Month Term SOFR+646 basis points), 10/15/2030<sup>1,2,3,4</sup> | $1001352 |
|  | Dryden Senior Loan Fund |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2013-30A, Class DR, 7.188% (3-Month Term SOFR+286 basis points), 11/15/2028<sup>1,2,3</sup> | 1002561 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2017-54A, Class D, 7.631% (3-Month Term SOFR+336 basis points), 10/19/2029<sup>1,2,3</sup> | 1000110 |
| 2305787 | &nbsp;&nbsp;&nbsp;Series 2016-45A, Class A1RR, 5.336% (3-Month Term SOFR+108 basis points), 10/15/2030<sup>1,2,3</sup> | 2307974 |
| 950000 | &nbsp;&nbsp;&nbsp;Series 2016-45A, Class DRR, 7.306% (3-Month Term SOFR+305 basis points), 10/15/2030<sup>1,2,3</sup> | 945489 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2015-41A, Class DR, 7.118% (3-Month Term SOFR+286 basis points), 4/15/2031<sup>1,2,3</sup> | 1000166 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2015-40A, Class DR, 7.688% (3-Month Term SOFR+336 basis points), 8/15/2031<sup>1,2,3</sup> | 501999 |
| 1200000 | &nbsp;&nbsp;&nbsp;Series 2018-61A, Class DR, 7.641% (3-Month Term SOFR+336 basis points), 1/17/2032<sup>2,3</sup> | 1203443 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-80A, Class DR, 7.380% (3-Month Term SOFR+310 basis points), 1/17/2033<sup>1,2,3</sup> | 981282 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2020-86A, Class A1R, 5.641% (3-Month Term SOFR+136 basis points), 7/17/2034<sup>1,2,3</sup> | 2003427 |
|  | Eaton Vance CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class DR, 7.031% (3-Month Term SOFR+276 basis points), 1/20/2030<sup>1,2,3</sup> | 1002762 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class D3R, 11.318% (3-Month Term SOFR+706 basis points), 1/15/2034<sup>1,2,3</sup> | 490370 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class ERR, 10.506% (3-Month Term SOFR+625 basis points), 10/15/2037<sup>2,3</sup> | 995196 |
| 980080 | Elevation CLO Ltd.<br> Series 2018-10A, Class AR, 5.189% (3-Month Term SOFR+92 basis points), 10/20/2031<sup>1,2,3</sup> | 979781 |
|  | Elmwood CLO Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class AR, 5.729% (3-Month Term SOFR+146 basis points), 4/18/2037<sup>1,2,3</sup> | 2009242 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D2R, 8.234% (3-Month Term SOFR+395 basis points), 4/17/2038<sup>1,2,3</sup> | 751021 |
| 2500000 | &nbsp;&nbsp;&nbsp;Series 2021-2A, Class D1R, 6.972% (3-Month Term SOFR+265 basis points), 4/20/2038<sup>1,2,3</sup> | 2493255 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2021-2A, Class D2R, 8.072% (3-Month Term SOFR+375 basis points), 4/20/2038<sup>1,2,3</sup> | 999441 |
| 2500000 | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class DR2, 7.308% (3-Month Term SOFR+305 basis points), 7/20/2038<sup>1,2,3</sup> | 2500000 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class ER2, 10.208% (3-Month Term SOFR+595 basis points), 7/20/2038<sup>1,2,3</sup> | 1500000 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
|  | Empower CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class D1R, 7.269% (3-Month Term SOFR+300 basis points), 10/20/2037<sup>1,2,3</sup> | $1502495 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D1R, 8.158% (3-Month Term SOFR+385 basis points), 4/25/2038<sup>2,3</sup> | 3064930 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class ER, 11.648% (3-Month Term SOFR+734 basis points), 4/25/2038<sup>2,3</sup> | 1019600 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D1, 7.277% (3-Month Term SOFR+295 basis points), 7/20/2038<sup>1,2,3</sup> | 2004579 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D2, 8.827% (3-Month Term SOFR+450 basis points), 7/20/2038<sup>1,2,3</sup> | 1005613 |
|  | Flatiron CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class ER, 10.772% (3-Month Term SOFR+645 basis points), 5/20/2036<sup>1,2,3</sup> | 1000266 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class E, 12.086% (3-Month Term SOFR+783 basis points), 1/15/2037<sup>1,2,3</sup> | 762220 |
|  | Galaxy CLO Ltd. |  |
| 800000 | &nbsp;&nbsp;&nbsp;Series 2015-21A, Class ER, 9.781% (3-Month Term SOFR+551 basis points), 4/20/2031<sup>1,2,3,4</sup> | 806358 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-26A, Class E, 10.438% (3-Month Term SOFR+611 basis points), 11/22/2031<sup>1,2,3,4</sup> | 1008826 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2017-24A, Class AR, 5.796% (3-Month Term SOFR+154 basis points), 4/15/2037<sup>1,2,3</sup> | 1504529 |
|  | Generate CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-12A, Class E, 12.672% (3-Month Term SOFR+840 basis points), 7/20/2036<sup>1,2,3,4</sup> | 1008610 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 3A, Class D2R, 9.169% (3-Month Term SOFR+490 basis points), 10/20/2036<sup>1,2,3</sup> | 2021414 |
| 1500000 | Goldentree Loan Management U.S. CLO Ltd.<br> Series 2019-5A, Class DRR, 7.069% (3-Month Term SOFR+280 basis points), 10/20/2032<sup>1,2,3</sup> | 1507458 |
|  | Invesco U.S. CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class ER, 12.196% (3-Month Term SOFR+788 basis points), 4/21/2038<sup>2,3</sup> | 1021192 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D, 7.381% (3-Month Term SOFR+310 basis points), 7/15/2038<sup>2,3</sup> | 2000000 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class E, 10.281% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>1,2,3</sup> | 750000 |
| 855000 | Jamestown CLO Ltd.<br> Series 2018-11A, Class D, 10.523% (3-Month Term SOFR+628 basis points), 7/14/2031<sup>2,3</sup> | 850502 |
| 1000000 | KKR CLO Ltd.<br> Series 44A, Class D, 9.269% (3-Month Term SOFR+500 basis points), 1/20/2036<sup>1,2,3</sup> | 1004819 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 1500000 | Long Point Park CLO Ltd.<br> Series 2017-1A, Class C, 6.941% (3-Month Term SOFR+266 basis points), 1/17/2030<sup>1,2,3,4</sup> | $1505150 |
|  | Madison Park Funding Ltd. |  |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2014-14A, Class CR4, 6.222% (3-Month Term SOFR+195 basis points), 10/22/2030<sup>1,2,3</sup> | 752894 |
| 1800000 | &nbsp;&nbsp;&nbsp;Series 2019-34A, Class D1RR, 7.611% (3-Month Term SOFR+335 basis points), 10/16/2037<sup>1,2,3</sup> | 1814850 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-27A, Class A1R, 5.517% (3-Month Term SOFR+120 basis points), 4/20/2038<sup>1,2,3</sup> | 998823 |
|  | Magnetite CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-20A, Class E, 9.881% (3-Month Term SOFR+561 basis points), 4/20/2031<sup>1,2,3</sup> | 1005792 |
| 1100000 | &nbsp;&nbsp;&nbsp;Series 2020-25A, Class E, 10.893% (3-Month Term SOFR+661 basis points), 1/25/2032<sup>1,2,3</sup> | 1112996 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2022-35A, Class ER, 11.532% (3-Month Term SOFR+725 basis points), 10/25/2036<sup>1,2,3</sup> | 1263034 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2024-44A, Class D1, 7.106% (3-Month Term SOFR+285 basis points), 10/15/2037<sup>1,2,3</sup> | 1259797 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-28A, Class D1RR, 6.956% (3-Month Term SOFR+270 basis points), 1/15/2038<sup>1,2,3</sup> | 987108 |
| 5955000 | &nbsp;&nbsp;&nbsp;Series 2020-26A, Class D1R2, 6.766% (3-Month Term SOFR+250 basis points), 1/25/2038<sup>1,2,3</sup> | 5934582 |
| 1000000 | Marble Point CLO Ltd.<br> Series 2019-1A, Class BR2, 5.879% (3-Month Term SOFR+160 basis points), 7/23/2032<sup>1,2,3</sup> | 997696 |
|  | Menlo CLO Ltd. |  |
| 1375000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D1, 7.519% (3-Month Term SOFR+325 basis points), 1/20/2038<sup>1,2,3</sup> | 1383256 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2025-2A, Class D1, 7.627% (3-Month Term SOFR+330 basis points), 4/20/2038<sup>1,2,3</sup> | 1499527 |
|  | Morgan Stanley Eaton Vance CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2022-18A, Class D1R, 7.369% (3-Month Term SOFR+310 basis points), 10/20/2037<sup>1,2,3</sup> | 1000049 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-19A, Class D1R, 7.307% (3-Month Term SOFR+300 basis points), 7/15/2038<sup>1,2,3,4</sup> | 1001564 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-19A, Class D2R, 8.807% (3-Month Term SOFR+450 basis points), 7/15/2038<sup>1,2,3</sup> | 1001667 |
| 1000000 | Mountain View CLO Ltd.<br> Series 2019-2A, Class DR, 8.856% (3-Month Term SOFR+460 basis points), 7/15/2037<sup>1,2,3</sup> | 1004903 |
| 1800000 | Myers Park CLO Ltd.<br> Series 2018-1A, Class D, 7.581% (3-Month Term SOFR+331 basis points), 10/20/2030<sup>1,2,3,4</sup> | 1806609 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
|  | Neuberger Berman CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2016-22A, Class ER2, 11.110% (3-Month Term SOFR+683 basis points), 4/15/2038<sup>1,2,3</sup> | $1019886 |
| 3500000 | &nbsp;&nbsp;&nbsp;Series 2017-16SA, Class A1R2, 5.490% (3-Month Term SOFR+118 basis points), 4/15/2039<sup>1,2,3</sup> | 3499163 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2017-16SA, Class D1R2, 7.010% (3-Month Term SOFR+270 basis points), 4/15/2039<sup>1,2,3</sup> | 2009569 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2019-32RA, Class D1, 7.279% (3-Month Term SOFR+295 basis points), 7/20/2039<sup>2,3</sup> | 2000000 |
|  | Neuberger Berman Loan Advisers CLO Ltd. |  |
| 1350000 | &nbsp;&nbsp;&nbsp;Series 2020-36A, Class ER2, 11.569% (3-Month Term SOFR+730 basis points), 4/20/2033<sup>2,3</sup> | 1355788 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-27A, Class D2R, 8.756% (3-Month Term SOFR+450 basis points), 7/15/2038<sup>1,2,3</sup> | 1005521 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-28A, Class D1R, 7.469% (3-Month Term SOFR+320 basis points), 10/20/2038<sup>1,2,3</sup> | 998513 |
| 2500000 | &nbsp;&nbsp;&nbsp;Series 2019-31A, Class AR2, 5.499% (3-Month Term SOFR+123 basis points), 1/20/2039<sup>1,2,3</sup> | 2503457 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-33A, Class D2R2, 8.411% (3-Month Term SOFR+415 basis points), 4/16/2039<sup>1,2,3</sup> | 1001629 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2025-60A, Class E, 10.803% (3-Month Term SOFR+648 basis points), 4/22/2039<sup>2,3</sup> | 1027536 |
|  | New Mountain CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series CLO-1A, Class DRR, 7.106% (3-Month Term SOFR+285 basis points), 1/15/2038<sup>1,2,3</sup> | 1002877 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series CLO-4A, Class ER, 11.195% (3-Month Term SOFR+691 basis points), 3/20/2038<sup>2,3</sup> | 1034261 |
| 1000000 | Newark BSL CLO Ltd.<br> Series 2017-1A, Class D, 10.843% (3-Month Term SOFR+656 basis points), 7/25/2030<sup>1,2,3</sup> | 1003849 |
|  | Oaktree CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class DRR, 7.445% (3-Month Term SOFR+310 basis points), 7/15/2038<sup>1,2,3</sup> | 1000000 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class ERR, 10.345% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>1,2,3</sup> | 1500000 |
|  | OCP CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2014-5A, Class BR, 6.344% (3-Month Term SOFR+206 basis points), 4/26/2031<sup>1,2,3,4</sup> | 1003690 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2014-5A, Class CR, 7.444% (3-Month Term SOFR+316 basis points), 4/26/2031<sup>1,2,3,4</sup> | 1004145 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-16A, Class DR, 7.622% (3-Month Term SOFR+341 basis points), 4/10/2033<sup>1,2,3</sup> | 998985 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-30A, Class D, 8.775% (3-Month Term SOFR+450 basis points), 1/24/2037<sup>1,2,3</sup> | 1004838 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-30A, Class E, 11.365% (3-Month Term SOFR+709 basis points), 1/24/2037<sup>1,2,3</sup> | $1014274 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-20A, Class D1R, 7.869% (3-Month Term SOFR+360 basis points), 4/18/2037<sup>1,2,3</sup> | 993996 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2021-22A, Class D1R, 7.269% (3-Month Term SOFR+300 basis points), 10/20/2037<sup>1,2,3</sup> | 997557 |
| 2000000 | Octagon Investment Partners Ltd.<br> Series 2018-18A, Class C, 7.222% (3-Month Term SOFR+296 basis points), 4/16/2031<sup>1,2,3,4</sup> | 2007867 |
| 2000000 | OHA Credit Funding Ltd.<br> Series 2021-8A, Class D1R, 6.919% (3-Month Term SOFR+265 basis points), 1/20/2038<sup>1,2,3</sup> | 2004989 |
|  | OZLM Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-22A, Class C, 7.191% (3-Month Term SOFR+291 basis points), 1/17/2031<sup>1,2,3</sup> | 1004043 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2017-21A, Class C, 7.201% (3-Month Term SOFR+293 basis points), 1/20/2031<sup>1,2,3</sup> | 1003281 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-18A, Class D, 7.368% (3-Month Term SOFR+311 basis points), 4/15/2031<sup>2,3</sup> | 1003724 |
| 1120000 | &nbsp;&nbsp;&nbsp;Series 2018-20A, Class C, 7.481% (3-Month Term SOFR+321 basis points), 4/20/2031<sup>1,2,3</sup> | 1123192 |
| 500000 | Palmer Square Loan Funding Ltd.<br> Series 2020-1A, Class SUB, 0.000%, 2/20/2028<sup>1,2,5,6,7</sup> |  |
|  | Post CLO Ltd. |  |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2021-1A, Class DR, 7.256% (3-Month Term SOFR+300 basis points), 10/15/2034<sup>1,2,3</sup> | 748167 |
| 1205000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class D, 9.522% (3-Month Term SOFR+525 basis points), 4/20/2036<sup>1,2,3</sup> | 1210312 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class E, 11.069% (3-Month Term SOFR+680 basis points), 4/20/2037<sup>1,2,3</sup> | 1014907 |
| 2000000 | Rad CLO Ltd.<br> Series 2021-15A, Class A1AR, 5.700% (3-Month Term SOFR+136 basis points), 7/20/2040<sup>1,2,3</sup> | 2000000 |
|  | Regatta Funding Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class CR, 6.956% (3-Month Term SOFR+270 basis points), 7/15/2031<sup>1,2,3</sup> | 1005712 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-2A, Class ER, 11.356% (3-Month Term SOFR+710 basis points), 1/15/2033<sup>1,2,3</sup> | 1007683 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class A1R2, 5.731% (3-Month Term SOFR+141 basis points), 6/20/2034<sup>1,2,3</sup> | 1001923 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class ER2, 10.981% (3-Month Term SOFR+666 basis points), 6/20/2034<sup>1,2,3</sup> | 1257263 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class D, 9.532% (3-Month Term SOFR+525 basis points), 1/25/2037<sup>1,2,3</sup> | 1005619 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class D1R, 7.980% (3-Month Term SOFR+370 basis points), 4/17/2037<sup>1,2,3</sup> | $1516724 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class D2R, 9.280% (3-Month Term SOFR+500 basis points), 4/17/2037<sup>1,2,3</sup> | 501829 |
| 1300000 | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class D1R, 7.356% (3-Month Term SOFR+310 basis points), 10/15/2037<sup>1,2,3</sup> | 1306720 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2021-5A, Class D2R, 8.269% (3-Month Term SOFR+400 basis points), 1/20/2038<sup>1,2,3</sup> | 751882 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2025-4A, Class A1, 5.628% (3-Month Term SOFR+134 basis points), 7/25/2038<sup>2,3</sup> | 2000000 |
| 1300000 | Riserva Clo Ltd.<br> Series 2016-3A, Class DRR, 7.781% (3-Month Term SOFR+351 basis points), 1/18/2034<sup>2,3</sup> | 1309753 |
| 734000 | Rockford Tower CLO Ltd.<br> Series 2017-2A, Class ER, 10.768% (3-Month Term SOFR+651 basis points), 10/15/2029<sup>1,2,3</sup> | 726858 |
| 2000000 | RR 36 Ltd.<br> Series 2024-36RA, Class C1R, 7.006% (3-Month Term SOFR+275 basis points), 1/15/2040<sup>1,2,3</sup> | 2005739 |
| 1250000 | Sculptor CLO Ltd.<br> Series 30A, Class ER, 11.087% (3-Month Term SOFR+682 basis points), 7/20/2038<sup>1,2,3</sup> | 1225000 |
| 1000000 | Signal Peak CLO Ltd.<br> Series 2018-5A, Class D1R, 8.482% (3-Month Term SOFR+420 basis points), 4/25/2037<sup>1,2,3</sup> | 1011545 |
|  | Silver Point CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class D1R, 7.419% (3-Month Term SOFR+315 basis points), 4/20/2038<sup>1,2,3</sup> | 1500024 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2025-11A, Class D1, 7.283% (3-Month Term SOFR+300 basis points), 7/15/2038<sup>2,3</sup> | 1500000 |
| 2350000 | Sixth Street CLO Ltd.<br> Series 2023-22A, Class D1R, 6.919% (3-Month Term SOFR+265 basis points), 4/21/2038<sup>1,2,3</sup> | 2348574 |
|  | Sound Point CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2017-4A, Class C, 7.031% (3-Month Term SOFR+276 basis points), 1/21/2031<sup>1,2,3,4</sup> | 993783 |
| 1350000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class D, 7.544% (3-Month Term SOFR+326 basis points), 7/26/2031<sup>1,2,3</sup> | 1347484 |
| 1000000 | Southwick Park CLO, LLC<br> Series 2019-4A, Class DR, 7.481% (3-Month Term SOFR+321 basis points), 7/20/2032<sup>1,2,3,4</sup> | 1001422 |
|  | Symphony CLO Ltd. |  |
| 2468104 | &nbsp;&nbsp;&nbsp;Series 2019-21A, Class AR2, 5.156% (3-Month Term SOFR+90 basis points), 7/15/2032<sup>1,2,3</sup> | 2462971 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2022-34A, Class DR, 9.525% (3-Month Term SOFR+525 basis points), 7/24/2036<sup>1,2,3</sup> | $502212 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-39A, Class AR, 5.612% (3-Month Term SOFR+133 basis points), 1/25/2038<sup>1,2,3</sup> | 1001507 |
|  | THL Credit Wind River CLO Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2015-1A, Class ER, 10.331% (3-Month Term SOFR+606 basis points), 10/20/2030<sup>1,2,3,4</sup> | 1977315 |
| 1060797 | &nbsp;&nbsp;&nbsp;Series 2019-3A, Class AR2, 5.316% (3-Month Term SOFR+106 basis points), 4/15/2031<sup>1,2,3</sup> | 1061320 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2019-3A, Class DR2, 7.356% (3-Month Term SOFR+310 basis points), 4/15/2031<sup>1,2,3</sup> | 756298 |
|  | Trestles CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2025-8A, Class D1, 7.297% (3-Month Term SOFR+300 basis points), 6/11/2035<sup>1,2,3</sup> | 1000743 |
| 2250000 | &nbsp;&nbsp;&nbsp;Series 2023-6A, Class A1R, 5.454% (3-Month Term SOFR+118 basis points), 4/25/2038<sup>1,2,3</sup> | 2247452 |
|  | Trinitas CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-25A, Class D1, 9.279% (3-Month Term SOFR+500 basis points), 1/23/2037<sup>1,2,3</sup> | 1003640 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2022-21A, Class C1R, 6.266% (3-Month Term SOFR+195 basis points), 4/20/2038<sup>1,2,3</sup> | 984799 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2025-34A, Class D1, 8.327% (3-Month Term SOFR+400 basis points), 4/22/2038<sup>1,2,3</sup> | 2028192 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2025-34A, Class E, 11.487% (3-Month Term SOFR+716 basis points), 4/22/2038<sup>1,2,3</sup> | 1029985 |
|  | Upland CLO Ltd. |  |
| 673710 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class A1AR, 5.551% (3-Month Term SOFR+128 basis points), 4/20/2031<sup>1,2,3,4</sup> | 674049 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class CR, 7.431% (3-Month Term SOFR+316 basis points), 4/20/2031<sup>1,2,3</sup> | 752411 |
| 1322399 | Venture CLO Ltd.<br> Series 2019-38A, Class ARR, 5.280% (3-Month Term SOFR+100 basis points), 7/30/2032<sup>1,2,3</sup> | 1319530 |
| 1000000 | Verdelite Static CLO Ltd.<br> Series 2024-1A, Class D, 7.119% (3-Month Term SOFR+285 basis points), 7/20/2032<sup>1,2,3</sup> | 997906 |
|  | Voya CLO Ltd. |  |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class C, 7.871% (3-Month Term SOFR+359 basis points), 4/17/2030<sup>1,2,3</sup> | 752772 |
| 716000 | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class CR, 7.468% (3-Month Term SOFR+321 basis points), 10/15/2030<sup>1,2,3</sup> | 718882 |
| 1325000 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class CR, 7.181% (3-Month Term SOFR+291 basis points), 1/20/2031<sup>1,2,3</sup> | 1320103 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2014-1A, Class CR2, 7.331% (3-Month Term SOFR+306 basis points), 4/18/2031<sup>1,2,3,4</sup> | $1507180 |
| 2127000 | &nbsp;&nbsp;&nbsp;Series 2018-1A, Class C, 7.131% (3-Month Term SOFR+286 basis points), 4/19/2031<sup>1,2,3</sup> | 2133676 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class D, 7.268% (3-Month Term SOFR+301 basis points), 7/15/2031<sup>1,2,3,4</sup> | 1239826 |
| 1550000 | &nbsp;&nbsp;&nbsp;Series 2018-3A, Class D, 7.518% (3-Month Term SOFR+326 basis points), 10/15/2031<sup>1,2,3</sup> | 1548101 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2013-3A, Class CRR, 7.781% (3-Month Term SOFR+351 basis points), 10/18/2031<sup>1,2,3</sup> | 1002270 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2015-3A, Class CR, 7.681% (3-Month Term SOFR+341 basis points), 10/20/2031<sup>1,2,3</sup> | 1000157 |
| 5000000 | &nbsp;&nbsp;&nbsp;Series 2017-3A, Class CRR, 7.369% (3-Month Term SOFR+310 basis points), 4/20/2034<sup>1,2,3</sup> | 5023855 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-1A, Class BR, 6.222% (3-Month Term SOFR+196 basis points), 7/16/2034<sup>1,2,3,4</sup> | 1002405 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2022-4A, Class ER, 10.969% (3-Month Term SOFR+670 basis points), 4/20/2037<sup>1,2,3,4</sup> | 1023750 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A1RR, 5.626% (3-Month Term SOFR+137 basis points), 10/15/2037<sup>1,2,3</sup> | 1000220 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class D1RR, 7.306% (3-Month Term SOFR+305 basis points), 10/15/2037<sup>1,2,3</sup> | 1008129 |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2020-3A, Class ARR, 5.519% (3-Month Term SOFR+125 basis points), 1/20/2038<sup>1,2,3</sup> | 1501067 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-3A, Class D1RR, 6.969% (3-Month Term SOFR+270 basis points), 1/20/2038<sup>1,2,3</sup> | 1001245 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-3A, Class D2RR, 8.119% (3-Month Term SOFR+385 basis points), 1/20/2038<sup>1,2,3</sup> | 995186 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-2A, Class D2RR, 8.280% (3-Month Term SOFR+400 basis points), 1/20/2038<sup>1,2,3</sup> | 1001521 |
|  | Whitebox CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Series 2023-4A, Class D1R, 8.185% (3-Month Term SOFR+390 basis points), 4/20/2036<sup>1,2,3</sup> | 1501189 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-4A, Class ER, 10.765% (3-Month Term SOFR+648 basis points), 4/20/2036<sup>2,3</sup> | 1013669 |
|  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $286,823,949) | **289353812** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%** |  |
| 3750755 | Alternative Loan Trust<br> Series 2006-HY10, Class 1X, 0.476%, 5/25/2036<sup>2,7</sup> | **71493** |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $118,666) | **71493** |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 19.9%** |  |
|  | **CONSUMER DISCRETIONARY — 2.8%** |  |
| 169811 | AZEK Co., Inc. - Class A\* | $9229228 |
| 158406 | Berto Acquisition Corp.\*<sup>,4</sup> | 1650591 |
| 55691 | Foot Locker, Inc.\* | 1364429 |
| 68 | GMS, Inc.\* | 7395 |
| 222949 | Skechers USA, Inc. - Class A\*<sup>,8</sup> | 14068082 |
|  |  | **26319725** |
|  | **CONSUMER STAPLES — 1.3%** |  |
| 142132 | Kellanova<sup>8</sup> | 11303758 |
| 21600 | SpartanNash Co. | 572184 |
|  |  | **11875942** |
|  | **ENERGY — 0.3%** |  |
| 93404 | ChampionX Corp. | 2320155 |
| 41891 | Sitio Royalties Corp. | 769957 |
|  |  | **3090112** |
|  | **FINANCIALS — 10.2%** |  |
| 268812 | AA Mission Acquisition Corp. - Class A\*<sup>,4</sup> | 2801021 |
| 273953 | Agriculture & Natural Solutions Acquisition Corp. - Class A\*<sup>,4,8</sup> | 2972390 |
| 30393 | AI Transportation Acquisition Corp.\*<sup>,4,6</sup> | 334323 |
| 26484 | Aimei Health Technology Co., Ltd.\*<sup>,4</sup> | 293443 |
| 121469 | Andretti Acquisition Corp. II - Class A\*<sup>,4</sup> | 1260848 |
| 307374 | Ares Acquisition Corp. II - Class A\*<sup>,4</sup> | 3482547 |
| 80108 | Armada Acquisition Corp. I - Class A\*<sup>,4</sup> | 803483 |
| 64205 | Artius II Acquisition, Inc. - Class A\*<sup>,4</sup> | 649755 |
| 4303 | Bayview Acquisition Corp. - Class A\*<sup>,4</sup> | 48409 |
| 49000 | Black Hawk Acquisition Corp.<sup>4</sup> | 520870 |
| 298621 | Bleichroeder Acquisition Corp. I - Class A\*<sup>,4</sup> | 3084755 |
| 64140 | Cal Redwood Acquisition Corp. - Class A\*<sup>,4</sup> | 639476 |
| 31660 | Cantor Equity Partners II, Inc. - Class A\*<sup>,4</sup> | 349210 |
| 17093 | Cantor Equity Partners III, Inc. - Class A\*<sup>,4</sup> | 180331 |
| 19063 | Cartesian Growth Corp. II\*<sup>,4</sup> | 227993 |
| 7821 | Cayson Acquisition Corp.\*<sup>,4</sup> | 80713 |
| 249562 | Centurion Acquisition Corp. - Class A\*<sup>,4</sup> | 2640366 |
| 83205 | ChampionsGate Acquisition Corp. - Class A\*<sup>,4</sup> | 830386 |
| 107263 | Charlton Aria Acquisition Corp. - Class A\*<sup>,4</sup> | 1102664 |
| 102444 | Columbus Circle Capital Corp. I - Class A\*<sup>,4</sup> | 1087955 |
| 71088 | Crane Harbor Acquisition Corp. - Class A\*<sup>,4</sup> | 715856 |
| 8059 | CSLM Acquisition Corp. - Class A\*<sup>,4</sup> | 93081 |
| 138540 | Digital Asset Acquisition Corp. - Class A\*<sup>,4</sup> | 1450514 |
| 299907 | Drugs Made In America Acquisition Corp.\*<sup>,4</sup> | 3059051 |
| 111160 | Dune Acquisition Corp. II - Class A\*<sup>,4</sup> | 1117158 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 91134 | Dynamix Corp. - Class A\*<sup>,4</sup> | $928655 |
| 20000 | Embrace Change Acquisition Corp.\*<sup>,4</sup> | 242000 |
| 29591 | Enstar Group Ltd.\*<sup>,4</sup> | 9953229 |
| 14004 | Enterprise Bancorp, Inc.\* | 555119 |
| 39536 | Eureka Acquisition Corp.<sup>4</sup> | 410384 |
| 16961 | Evergreen Corp. - Class A\*<sup>,4</sup> | 209129 |
| 75045 | Fifth Era Acquisition Corp. I - Class A\*<sup>,4</sup> | 761707 |
| 52815 | Flag Ship Acquisition Corp.\*<sup>,4</sup> | 556142 |
| 74894 | Gesher Acquisition Corp. II - Class A\*<sup>,4</sup> | 760174 |
| 63109 | GigCapital7 Corp. - Class A\*<sup>,4</sup> | 653178 |
| 92100 | Gores Holdings X, Inc. - Class A\*<sup>,4</sup> | 943565 |
| 181350 | GP Act III Acquisition Corp. - Class A\*<sup>,4,8</sup> | 1913242 |
| 195186 | Graf Global Corp. - Class A\*<sup>,4</sup> | 2041646 |
| 50000 | Guild Holdings Co. - Class A | 988500 |
| 110307 | Haymaker Acquisition Corp. IV - Class A\*<sup>,4,8</sup> | 1224408 |
| 86041 | HCM II Acquisition Corp. - Class A\*<sup>,4</sup> | 955055 |
| 15590 | Horizon Space Acquisition I Corp.\*<sup>,4</sup> | 189419 |
| 104176 | Inflection Point Acquisition Corp. III - Class A\*<sup>,4</sup> | 1067804 |
| 80351 | Jackson Acquisition Co. II - Class A\*<sup>,4</sup> | 827615 |
| 37263 | Jena Acquisition Corp. II\*<sup>,4</sup> | 383064 |
| 16167 | K&F Growth Acquisition Corp. II - Class A\*<sup>,4</sup> | 164580 |
| 13635 | Keen Vision Acquisition Corp.\*<sup>,4</sup> | 155030 |
| 191384 | Launch One Acquisition Corp. - Class A\*<sup>,4</sup> | 1993264 |
| 192642 | Legato Merger Corp. III\*<sup>,4,8</sup> | 2057417 |
| 194016 | Lionheart Holdings - Class A\*<sup>,4</sup> | 2044929 |
| 9059 | Live Oak Acquisition Corp. V - Class A\*<sup>,4</sup> | 96931 |
| 106062 | M3-Brigade Acquisition V Corp. - Class A\*<sup>,4</sup> | 1197440 |
| 116287 | Melar Acquisition Corp. I - Class A\*<sup>,4</sup> | 1221013 |
| 131763 | Mountain Lake Acquisition Corp. - Class A\*<sup>,4</sup> | 1351888 |
| 121990 | Nabors Energy Transition Corp. II - Class A\*<sup>,4,8</sup> | 1354089 |
| 7999 | Newbury Street II Acquisition Corp. - Class A\*<sup>,4</sup> | 82310 |
| 156973 | NewHold Investment Corp. II - Class A\*<sup>,4</sup> | 1596415 |
| 17357 | Oak Woods Acquisition Corp. - Class A\*<sup>,4,8</sup> | 205333 |
| 17691 | Patria Latin American Opportunity Acquisition Corp. - Class A\*<sup>,4,6,8</sup> | 209638 |
| 87688 | Plum Acquisition Corp. IV - Class A\*<sup>,4</sup> | 903186 |
| 31324 | Pyrophyte Acquisition Corp. - Class A<sup>4,6</sup> | 369936 |
| 101200 | Range Capital Acquisition Corp.\*<sup>,4</sup> | 1040336 |
| 147032 | Real Asset Acquisition Corp. - Class A\*<sup>,4</sup> | 1493845 |
| 73300 | Renatus Tactical Acquisition Corp. I - Class A\*<sup>,4</sup> | 864940 |
| 55418 | Republic Digital Acquisition Co. - Class A\*<sup>,4</sup> | 569697 |
| 83783 | RF Acquisition Corp. II\*<sup>,4</sup> | 887262 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 242338 | Rithm Acquisition Corp. - Class A\*<sup>,4</sup> | $2469424 |
| 72229 | Roman DBDR Acquisition Corp. II - Class A\*<sup>,4</sup> | 744681 |
| 261726 | Siddhi Acquisition Corp. - Class A\*<sup>,4</sup> | 2643433 |
| 70995 | Silverbox Corp. IV - Class A\*<sup>,4</sup> | 778105 |
| 163953 | SIM Acquisition Corp. I - Class A\*<sup>,4</sup> | 1710030 |
| 64122 | Sizzle Acquisition Corp.\* | 644426 |
| 52059 | Slam Corp.\*<sup>,4</sup> | 617420 |
| 122274 | Soulpower Acquisition Corp. - Class A\*<sup>,4</sup> | 1227631 |
| 60962 | Spark I Acquisition Corp.\*<sup>,4</sup> | 662657 |
| 50453 | Spring Valley Acquisition Corp. II - Class A\*<sup>,4</sup> | 592823 |
| 64961 | Tavia Acquisition Corp.\*<sup>,4</sup> | 667149 |
| 271028 | Texas Ventures Acquisition III Corp. - Class A\*<sup>,4</sup> | 2731962 |
| 117866 | Titan Acquisition Corp. - Class A\*<sup>,4</sup> | 1182196 |
| 87682 | Translational Development Acquisition Corp. - Class A\*<sup>,4</sup> | 903125 |
| 186848 | Vine Hill Capital Investment Corp. - Class A\*<sup>,4</sup> | 1945088 |
| 139013 | Voyager Acquisition Corp. - Class A\*<sup>,4</sup> | 1441565 |
|  |  | **96211827** |
|  | **HEALTH CARE — 2.6%** |  |
| 76558 | Blueprint Medicines Corp.\* | 9813204 |
| 319323 | SpringWorks Therapeutics, Inc.\*<sup>,8</sup> | 15004988 |
|  |  | **24818192** |
|  | **INDUSTRIALS — 0.1%** |  |
| 10658 | Herc Holdings, Inc. | **1403552** |
|  | **REAL ESTATE — 0.2%** |  |
| 168057 | Redfin Corp.\* | **1880558** |
|  | **TECHNOLOGY — 2.4%** |  |
| 560397 | AvidXchange Holdings, Inc.\*<sup>,8</sup> | 5486287 |
| 1671037 | Dun & Bradstreet Holdings, Inc.<sup>8</sup> | 15189726 |
| 45063 | Informatica, Inc. - Class A\* | 1097284 |
| 108659 | PlayAGS, Inc.\* | 1358238 |
|  |  | **23131535** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $184,278,543) | **188731443** |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Contracts |  | Value |
|  | **PURCHASED OPTIONS CONTRACTS — 30.9%** |  |
|  | **CALL OPTIONS — 22.1%** |  |
|  | S&P 500 Index |  |
| 2665 | Exercise Price: $5,500.00, Notional Amount: $1,465,750,000,<br> Expiration Date: September 30, 2025 | $209868750 |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $210,682,387) | **209868750** |
|  | **PUT OPTIONS — 8.8%** |  |
|  | S&P 500 Index |  |
| 295 | Exercise Price: $5,900.00, Notional Amount: $174,050,000,<br> Expiration Date: July 31, 2025 | 780275 |
| 2665 | Exercise Price: $6,500.00, Notional Amount: $1,732,250,000,<br> Expiration Date: September 30, 2025 | 82348500 |
|  | **TOTAL PUT OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $82,571,011) | **83128775** |
|  | **TOTAL PURCHASED OPTIONS CONTRACTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $293,253,398) | **292997525** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **RIGHTS — 0.0%** |  |
| 1014 | Abiomed, Inc., Expiration Date: December 30, 2029\*<sup>,6</sup> | 1034 |
| 71590 | Mercer Park Opportunities Corp., Expiration Date: Pending\*<sup>,4</sup> | 716 |
| 18545 | Renatus Tactical Acquisition Corp. I, Expiration Date: June 4, 2030\*<sup>,4</sup> | 37832 |
|  | **TOTAL RIGHTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,034) | **39582** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Units |  |  |
|  | **UNITS — 0.6%** |  |
|  | **FINANCIALS — 0.6%** |  |
| 109960 | Axiom Intelligence Acquisition Corp. 1\*<sup>,4</sup> | 1110596 |
| 35754 | Blue Acquisition Corp.\*<sup>,4</sup> | 358970 |
| 42218 | Blue Water Acquisition Corp.\*<sup>,4</sup> | 422391 |
| 16280 | Centurion Acquisition Corp. - Class A<sup>4,6</sup> |  |
| 20349 | Centurion Acquisition Corp. - Class B<sup>4,6</sup> |  |
| 31823 | Churchill Capital Corp.\*<sup>,4</sup> | 327777 |
| 25640 | FIGX Capital Acquisition Corp.\*<sup>,4</sup> | 256785 |
| 13765 | GP-Act III Acquisition Corp. - Class A\*<sup>,4,6</sup> |  |
| 17206 | GP-Act III Acquisition Corp. - Class B\*<sup>,4,6</sup> |  |
| 24044 | Oyster Enterprises II Acquisition Corp.\*<sup>,4</sup> | 243326 |
| 84600 | Pioneer Acquisition I Corp.\*<sup>,4</sup> | 846846 |
| 75158 | ProCap Acquisition Corp.\*<sup>,4</sup> | 805694 |
| 39762 | Wen Acquisition Corp.\*<sup>,4</sup> | 421477 |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Units |  | Value |
|  | **UNITS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 3683 | Willow Lane Acquisition Corp.\*<sup>,4</sup> | $38303 |
| 34185 | Yorkville Acquisition Corp.\*<sup>,4</sup> | 384581 |
|  |  | **5216746** |
|  | **TOTAL UNITS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,150,326) | **5216746** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **WARRANTS — 0.0%** |  |
| 122039 | AA Mission Acquisition Corp., Expiration Date: July 31, 2030\*<sup>,4</sup> | 11471 |
| 19429 | Armada Acquisition Corp. II, Expiration Date: May 20, 2030\*<sup>,4</sup> | 5246 |
| 18227 | Dynamix Corp., Expiration Date: December 5, 2029\*<sup>,4</sup> | 6562 |
| 71590 | Mercer Park Opportunities Corp., Expiration Date: August 28, 2029\*<sup>,4</sup> | 358 |
| 8467 | Republic Digital Acquisition Co., Expiration Date: March 5, 2026\*<sup>,4</sup> | 5335 |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **28972** |
|  | **SHORT-TERM INVESTMENTS — 22.1%** |  |
| 87185826 | Morgan Stanley Institutional Liquidity Fund - Government Portfolio - Institutional Class, 4.14%<sup>8,9</sup> | 87185826 |
| Principal <br> Amount ($) |  |  |
| 122102490 | UMB Bank, Money Market Special II Deposit Investment, 4.25%<sup>9</sup> | 122102490 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $209,288,316) | **209288316** |
|  | **TOTAL INVESTMENTS — 104.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $978,914,232) | **985727889** |
|  | Liabilities in Excess of Other Assets — (4.0)% | (37996123) |
|  | **TOTAL NET ASSETS — 100.0%** | $**947731766** |
| Number <br> of Shares |  |  |
|  | **SECURITIES SOLD SHORT — (1.2)%** |  |
|  | **COMMON STOCKS — (1.2)%** |  |
|  | **ENERGY — (0.3)%** |  |
| (68651) | Schlumberger N.V.<sup>4</sup> | (2320404) |
| (20338) | Viper Energy, Inc. | (775488) |
|  |  | **(3095892)** |
|  | **FINANCIALS — (0.3)%** |  |
| (8402) | Independent Bank Corp. | (528360) |
| (133145) | Rocket Cos., Inc. - Class A | (1887996) |
|  |  | **(2416356)** |
|  | **INDUSTRIALS — (0.1)%** |  |
| (10658) | Herc Holdings, Inc. | **(1403552)** |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MATERIALS — (0.5)%** |  |
| (175300) | James Hardie Industries PLC\*<sup>,4</sup> | $**(4713817)** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $11,631,104) | **(11629617)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $11,631,104) | $**(11629617)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Contracts |  |  |
|  | **WRITTEN OPTIONS CONTRACTS — (4.1)%** |  |
|  | **CALL OPTIONS — (1.9)%** |  |
|  | AvidXchange Holdings, Inc. |  |
| (159) | Exercise Price: $10.00, Notional Amount: $(159000),<br> Expiration Date: August 15, 2025\* | (398) |
|  | Dun & Bradstreet Holdings, Inc. |  |
| (16) | Exercise Price: $10.00, Notional Amount: $(16000),<br> Expiration Date: December 19, 2025\* | (40) |
|  | GMS, Inc. |  |
| (1) | Exercise Price: $105.00, Notional Amount: $(10500),<br> Expiration Date: July 18, 2025\* | (375) |
|  | Informatica, Inc. |  |
| (388) | Exercise Price: $25.00, Notional Amount: $(970000),<br> Expiration Date: July 18, 2025\* | (970) |
|  | S&P 500 Index |  |
| (2665) | Exercise Price: $6,500.00, Notional Amount: $(1732250000),<br> Expiration Date: September 30, 2025\* | (17628975) |
|  | SpartanNash Co. |  |
| (216) | Exercise Price: $25.00, Notional Amount: $(540000),<br> Expiration Date: July 18, 2025\* | (38340) |
|  | SpringWorks Therapeutics, Inc. |  |
| (1831) | Exercise Price: $50.00, Notional Amount: $(9155000),<br> Expiration Date: July 18, 2025\* | (4577) |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $17,257,153) | **(17673675)** |
|  | **PUT OPTIONS — (2.2)%** |  |
|  | S&P 500 Index |  |
| (295) | Exercise Price: $6,525.00, Notional Amount: $(192487500),<br> Expiration Date: July 31, 2025\* | (9301350) |

---

**First Trust Multi-Strategy Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Contracts |  | Value |
|  | **PUT OPTIONS (Continued)** |  |
| (2665) | Exercise Price: $5,500.00, Notional Amount: $(1465750000),<br> Expiration Date: September 30, 2025\* | $(11792625) |
|  | **TOTAL PUT OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $20,869,624) | **(21093975)** |
|  | **TOTAL WRITTEN OPTIONS CONTRACTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $38,126,777) | $**(38767650)** |

---

LLC — Limited Liability Company

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

<sup>\*</sup> Non-income producing security.

<sup>1</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 $257,394,423, which represents 27.16% of the total net assets of the Fund.

<sup>2</sup> Callable.

<sup>3</sup> Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

<sup>5</sup> Affiliated company.

<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> Variable rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>8</sup> All or a portion of this security is segregated as collateral for securities sold short or written options contracts. The market value of the securities pledged as collateral is $39,007,277, which represents 4.12% of the total net assets of the Fund.

<sup>9</sup> The rate is the annualized seven-day yield at period end.

**First Trust Multi Strategy Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares/Principal<br> Amount End<br> of Period** | **Value<br> Beginning of<br> Period** | **Additions** | **Reductions** | **Net Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value End<br> of Period** | **Dividend <br> Income\*** |
| **Collateralized Loan Obligations - 0.0%** | **Collateralized Loan Obligations - 0.0%** | **Collateralized Loan Obligations - 0.0%** | **Collateralized Loan Obligations - 0.0%** | **Collateralized Loan Obligations - 0.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO Ltd. |  | $2000000 | $4386 | $(2000014) | $(4372) | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd. | 500000 | - | - | - | - | - | - | - |
| **Total** | **500000** | $**2000000** | $**4386** | $**(2000014)** | $**(4372)** | $**-** | $**-** | $**-** |

---

\* Net of foreign withholding taxes.

## 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:** First Trust Multi-Strategy Fund

- **b. EDGAR series identifier (if any):** S000055376

- **c. LEI of Series:** 549300WVZTHJWP7HCR03

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1342282189.61

**Total Liabilities:** $396525967.59

**Net Assets:** $945756222.02

**Cash Not Reported:** $21354455.54

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 7.440380270492 | **5-Year:** 5937.609148724617 | **10-Year:** 25726.861687027770 | **30-Year:** 3385.793044810120

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

- **3-Month:** 0.000000000000 | **1-Year:** 35.961881972256 | **5-Year:** 2042.492022296208 | **10-Year:** 2954.057826592174 | **30-Year:** 302.550599762362

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174208 | -0.06%               | 1.57%                | 1.09%                |
| Class ID C000174209 | -0.00%               | 1.59%                | 1.08%                |
| Class ID C000239642 | -0.12%               | 1.51%                | 1.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1184366.58              | $-1918399.64                               |
| Month 2  | $106314.86               | $4039011.45                                |
| Month 3  | $537895.52               | $426945.94                                 |

**Designated Index Information**

- **Index Name:** Bloomberg US Corporate High Yield Total Return Index

- **Index Identifier:** LF98TRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MERCER PARK OPPORTUNITIES CO            | Mercer Park Opportunities Corp.                     | CUSIP: G6002A162<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |     71590 | NC      | $357.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Spark I Acquisition Corp                | Spark I Acquisition Corp.                           | CUSIP: G8316B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60962 | NS      | $662656.94    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SpartanNash Co                          | SpartanNash Co.                                     | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |     21600 | NS      | $572184.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitio Royalties Corp                    | Sitio Royalties Corp. - Class A                     | CUSIP: 82983N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41891 | NS      | $769956.58    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergreen Corp                          | Evergreen Corp. - Class A                           | CUSIP: G3312W109<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     16961 | NS      | $209129.13    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Embrace Change Acquisition Cor          | Embrace Change Acquisition Corp.                    | CUSIP: G3034H109<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     20000 | NS      | $242000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC             | James Hardie Industries PLC - ADR                   | CUSIP: 47030M106<br>LEI: 635400NSGXKTVOO7JU45 | Short            |  | CORP              | IE        |   -175300 | NS      | $-4713817.00  | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| JVSPAC TENDERED SHARES   /              | JVSPAC TENDERED SHARES   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     34190 | NS      | $372538.00    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Kellanova                               | Kellanova                                           | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |    142132 | NS      | $11303757.96  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| K&F Growth Acquisition Corp II          | K&F Growth Acquisition Corp. II - Class A           | CUSIP: G52258111<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16167 | NS      | $164580.06    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Keen Vision Acquisition Corp            | Keen Vision Acquisition Corp.                       | CUSIP: G52443119<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13635 | NS      | $155029.95    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Legato Merger Corp III                  | Legato Merger Corp. III                             | CUSIP: G5451A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    192642 | NS      | $2057416.56   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Acquisition Corp V             | Live Oak Acquisition Corp. V - Class A              | CUSIP: G5509P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9059 | NS      | $96931.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnetite CLO Ltd                       | Magnetite XXVI Ltd.                                 | CUSIP: 55954YBC8<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |   5955000 | PA      | $5934582.09   | 0.63%             | 2038-01-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Magnetite CLO Ltd                       | Magnetite XX Ltd.                                   | CUSIP: 55955BAA2<br>LEI: 5493001WZ3LKC11Q9C47 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005791.90   | 0.11%             | 2031-04-20      | Floating      | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Whitebox CLO Ltd                        | Whitebox CLO IV Ltd.                                | CUSIP: 96467LAE7<br>LEI: 549300SN372GTCE2YI66 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1013668.70   | 0.11%             | 2036-04-20      | Floating      | 10.76%                | Yes           |                  2 | On Loan: No      |
| Magnetite CLO Ltd                       | Magnetite XXV Ltd.                                  | CUSIP: 55955HAA9<br>LEI: 549300WFCL37N4TDUR08 | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1112995.95   | 0.12%             | 2032-01-25      | Floating      | 10.89%                | Yes           |                  2 | On Loan: No      |
| Magnetite CLO Ltd                       | Magnetite XXVIII Ltd.                               | CUSIP: 55955LBA9<br>LEI: 54930077HHZ1QV5CPQ30 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $987107.90    | 0.10%             | 2038-01-15      | Floating      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| Wind River CLO Ltd                      | THL Credit Wind River 2019-3 Clo Ltd.               | CUSIP: 97314JAJ4<br>LEI: 549300QKM4OHZM4I5C40 | Long             | ABS-CBDO         | CORP              | KY        |   1060797 | PA      | $1061319.85   | 0.11%             | 2031-04-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Wind River CLO Ltd                      | THL Credit Wind River 2019-3 Clo Ltd.               | CUSIP: 97314JAQ8<br>LEI: 549300QKM4OHZM4I5C40 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $756297.68    | 0.08%             | 2031-04-15      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| Magnetite CLO Ltd                       | Magnetite XLIV Ltd.                                 | CUSIP: 55955UAJ1<br>LEI: 529900QN6D2QU338OD40 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1259797.00   | 0.13%             | 2037-10-15      | Floating      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Marble Point CLO Ltd.                   | Marble Point CLO XV Ltd.                            | CUSIP: 56606YBA2<br>LEI: 549300CO8XB55W8SS394 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $997696.30    | 0.11%             | 2032-07-23      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Fifth Era Acquisition Corp I            | Fifth Era Acquisition Corp. I - Class A             | CUSIP: G3415K101<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     75045 | NS      | $761706.75    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MENLO CLO                               | Menlo CLO I Ltd.                                    | CUSIP: 586915AG5<br>LEI: 2549005RHPY3C68SIP61 | Long             | ABS-CBDO         | CORP              | KY        |   1375000 | PA      | $1383255.64   | 0.15%             | 2038-01-20      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| MENLO CLO                               | Menlo Clo II Ltd.                                   | CUSIP: 586916AE8<br>LEI: 254900584QQ9TE467R16 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1499526.60   | 0.16%             | 2038-04-20      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO          | Morgan Stanley Eaton Vance CLO 2022-18 Ltd.         | CUSIP: 617924AU9<br>LEI: 549300O0I1STG733YG49 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000049.20   | 0.11%             | 2037-10-20      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO          | Morgan Stanley Eaton Vance CLO 2023-19 Ltd.         | CUSIP: 617934AU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001563.90   | 0.11%             | 2038-07-15      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO          | Morgan Stanley Eaton Vance CLO 2023-19 Ltd.         | CUSIP: 617934AW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001667.00   | 0.11%             | 2038-07-15      | Floating      | 8.81%                 | Yes           |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                       | Mountain View Clo XV Ltd.                           | CUSIP: 62432PBC5<br>LEI: 254900VKL64PZVEG4F33 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004902.70   | 0.11%             | 2037-07-15      | Floating      | 8.86%                 | Yes           |                  2 | On Loan: No      |
| Myers Park CLO LTD                      | Myers Park CLO Ltd.                                 | CUSIP: 62848FAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1806609.24   | 0.19%             | 2030-10-20      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman Loan Advisers CLO 60 Ltd.          | CUSIP: 640974AA9<br>LEI: 254900LV0LNHKC2KQJ62 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1027535.80   | 0.11%             | 2039-04-22      | Floating      | 10.80%                | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman Loan Advisers CLO 28 Ltd.          | CUSIP: 64130PAU7<br>LEI: 5493008C5LSWKG3UQ392 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998512.80    | 0.11%             | 2038-10-20      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman CLO XXII Ltd.                      | CUSIP: 64131CAG6<br>LEI: 549300FFV1EYI8ON7P41 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1019885.80   | 0.11%             | 2038-04-15      | Floating      | 11.11%                | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman CLO XVI-S Ltd.                     | CUSIP: 64131TAY0<br>LEI: 549300UHUHCR3388B324 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3499163.15   | 0.37%             | 2039-04-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman CLO XVI-S Ltd.                     | CUSIP: 64131TBG8<br>LEI: 549300UHUHCR3388B324 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2009568.60   | 0.21%             | 2039-04-15      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman Loan Advisers CLO 27 Ltd.          | CUSIP: 64131WAY3<br>LEI: 549300IWMW28G8CR9G28 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005520.70   | 0.11%             | 2038-07-15      | Floating      | 8.76%                 | Yes           |                  2 | On Loan: No      |
| CBAM CLO Management                     | CBAM 2018-5 Ltd.                                    | CUSIP: 12481QAL9<br>LEI: 25490038OT2B8HTRW786 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2250551.25   | 0.24%             | 2031-04-17      | Floating      | 7.04%                 | Yes           |                  2 | On Loan: No      |
| CBAMR Ltd                               | CBAMR 2017-4 Ltd.                                   | CUSIP: 12516EAG6<br>LEI: 635400U9D8ZDLM1G7T76 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000000.00   | 0.11%             | 2038-03-31      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                        | CIFC Funding 2013-I Ltd.                            | CUSIP: 12548FAS9<br>LEI: 549300PC4RPZFE70AI24 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500930.90    | 0.05%             | 2030-07-16      | Floating      | 11.17%                | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                        | CIFC Funding 2015-I Ltd.                            | CUSIP: 12548NAQ6<br>LEI: 5493001TP5YQV9X08Z14 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005300.00   | 0.11%             | 2031-01-22      | Floating      | 10.53%                | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                        | CIFC Funding 2017-IV Ltd.                           | CUSIP: 12551KAA1<br>LEI: 254900JEH56UBUEZJW15 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1502624.10   | 0.16%             | 2030-10-24      | Floating      | 10.64%                | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                        | CIFC Funding 2013-III-R Ltd.                        | CUSIP: 12552MAS7<br>LEI: 549300JZARV9CBLL1S14 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1515970.05   | 0.16%             | 2031-04-24      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                        | CIFC Funding 2013-III-R Ltd.                        | CUSIP: 12552NAA4<br>LEI: 549300JZARV9CBLL1S14 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1483837.20   | 0.16%             | 2031-04-24      | Floating      | 10.44%                | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan T          | Alternative Loan Trust 2006-HY10                    | CUSIP: 12668BA86<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750755 | PA      | $71493.14     | 0.01%             | 2036-05-25      | Variable      | 0.48%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi          | Carlyle Global Market Strategies CLO 2012-4 Ltd.    | CUSIP: 14309YCJ1<br>LEI: 549300R4G5ROMXQ5CG20 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2255718.38   | 0.24%             | 2032-04-22      | Floating      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi          | Carlyle Global Market Strategies CLO 2015-4 Ltd.    | CUSIP: 14311NAS3<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999754.40    | 0.11%             | 2032-07-20      | Floating      | 8.23%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi          | Carlyle Global Market Strategies CLO 2014-2R Ltd.   | CUSIP: 14314LAL9<br>LEI: 549300K65HYRGER5BW54 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1506417.00   | 0.16%             | 2031-05-15      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi          | Carlyle Global Market Strategies CLO 2014-3-R Ltd.  | CUSIP: 14315LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004306.20   | 0.11%             | 2031-07-27      | Floating      | 7.49%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi          | Carlyle Global Market Strategies CLO 2014-4-R Ltd.  | CUSIP: 14316CAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2007739.40   | 0.21%             | 2030-07-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi          | CARLYLE U.S. CLO 2019-1 Ltd.                        | CUSIP: 14316DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005007.00   | 0.11%             | 2031-04-20      | Floating      | 11.23%                | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi          | Carlyle U.S. CLO 2021-9 Ltd.                        | CUSIP: 14317KAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999526.40    | 0.11%             | 2034-10-20      | Floating      | 11.16%                | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi          | CARLYLE U.S. CLO 2023-2 Ltd.                        | CUSIP: 14318GAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1501200.00   | 0.16%             | 2036-07-20      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                 | Dryden 45 Senior Loan Fund                          | CUSIP: 26244MBE1<br>LEI: 54930046L20VLJKPVV31 | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $945489.12    | 0.10%             | 2030-10-15      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                 | Dryden 54 Senior Loan Fund                          | CUSIP: 26244RAD3<br>LEI: 54930064P37IJ78XTR63 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000109.60   | 0.11%             | 2029-10-19      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                 | Dryden 80 CLO Ltd.                                  | CUSIP: 26245JAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $981282.30    | 0.10%             | 2033-01-17      | Floating      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Enstar Group Ltd                        | Enstar Group Ltd.                                   | CUSIP: G3075P101<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | BM        |     29591 | NS      | $9953228.76   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREKA TENDERED SHARES   /              | EUREKA TENDERED SHARES   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     39536 | NS      | $410383.68    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Empower CLO Ltd.                        | Empower CLO 2023-1 Ltd.                             | CUSIP: 29244CAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3064929.60   | 0.32%             | 2038-04-25      | Floating      | 8.16%                 | Yes           |                  2 | On Loan: No      |
| Empower CLO Ltd.                        | Empower CLO 2023-1 Ltd.                             | CUSIP: 29244NAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1019599.80   | 0.11%             | 2038-04-25      | Floating      | 11.65%                | Yes           |                  2 | On Loan: No      |
| Empower CLO Ltd.                        | Empower CLO 2022-1 Ltd.                             | CUSIP: 29246AAW0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1502495.40   | 0.16%             | 2037-10-20      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| Empower CLO Ltd.                        | Empower CLO 2025-1 Ltd.                             | CUSIP: 29249DAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2004578.60   | 0.21%             | 2038-07-20      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| Empower CLO Ltd.                        | Empower CLO 2025-1 Ltd.                             | CUSIP: 29249DAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005612.50   | 0.11%             | 2038-07-20      | Floating      | 8.83%                 | Yes           |                  2 | On Loan: No      |
| SpringWorks Therapeutics, Inc.          | SpringWorks Therapeutics, Inc.                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               |  | US        |     -1831 | NC      | $-4577.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SpartanNash Co.                         | SpartanNash Co.                                     | CUSIP: 999999999<br>LEI: 549300TV3QCCSQLF5X16 | N/A              | DE               |  | US        |      -216 | NC      | $-38340.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Flatiron CLO Ltd                        | Flatiron CLO 24 Ltd.                                | CUSIP: 33882HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    750000 | PA      | $762219.83    | 0.08%             | 2037-01-15      | Floating      | 12.09%                | Yes           |                  2 | On Loan: No      |
| Flatiron CLO Ltd                        | Flatiron CLO 20 Ltd.                                | CUSIP: 33883NAE2<br>LEI: 25490077CXFU133A8B24 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000266.10   | 0.11%             | 2036-05-20      | Floating      | 10.77%                | Yes           |                  2 | On Loan: No      |
| Galaxy CLO Ltd                          | Galaxy XXI CLO Ltd.                                 | CUSIP: 36320XAM6<br>LEI: 549300BW4412X0TZDD77 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $806357.68    | 0.09%             | 2031-04-20      | Floating      | 9.78%                 | Yes           |                  2 | On Loan: No      |
| Galaxy CLO Ltd                          | Galaxy Xxiv Clo Ltd.                                | CUSIP: 36321BAG6<br>LEI: 6354006LLTU5DRVJLQ86 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1504529.40   | 0.16%             | 2037-04-15      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Galaxy CLO Ltd                          | Galaxy XXVI CLO Ltd.                                | CUSIP: 36321MAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1008826.40   | 0.11%             | 2031-11-22      | Floating      | 10.44%                | Yes           |                  2 | On Loan: No      |
| Generate CLO Ltd.                       | Generate CLO 12 Ltd.                                | CUSIP: 37147WAA3<br>LEI: 549300OPJWALMOKFT505 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1008609.60   | 0.11%             | 2036-07-20      | Floating      | 12.67%                | Yes           |                  2 | On Loan: No      |
| GoldenTree Loan Management US           | Goldentree Loan Management U.S. CLO 5 Ltd.          | CUSIP: 38138DBE5<br>LEI: 549300O473GD3F35WC55 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1507458.00   | 0.16%             | 2032-10-20      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| SPX 06/30/25 C6000 06/25 6000.0 CAL   / | SPX 06/30/25 C6000 06/25 6000.0 CAL   /             | CUSIP: 999999999<br>LEI: N/A                  | Short            | DE               |  | US        |     -2498 | NC      | $-51196510.00 | -5.41%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 06/30/25 C5000 06/25 5000.0 CAL   / | SPX 06/30/25 C5000 06/25 5000.0 CAL   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               |  | US        |      2498 | NC      | $300996510.00 | 31.83%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 06/30/25 P6000 06/25 6000.0 PUT   / | SPX 06/30/25 P6000 06/25 6000.0 PUT   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               |  | US        |      2498 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 06/30/25 P5000 06/25 5000.0 PUT   / | SPX 06/30/25 P5000 06/25 5000.0 PUT   /             | CUSIP: 999999999<br>LEI: N/A                  | Short            | DE               |  | US        |     -2498 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Launch One Acquisition Corp             | Launch One Acquisition Corp.                        | CUSIP: G5S86M100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    191384 | NS      | $1993264.36   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Melar Acquisition Corp I                | Melar Acquisition Corp. I - Class A                 | CUSIP: G6004G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116287 | NS      | $1221013.50   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Global Market Strategi          | Carlyle U.S. CLO 2023-5 Ltd.                        | CUSIP: 14318QAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004424.30   | 0.11%             | 2036-01-27      | Floating      | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Informatica, Inc.                       | Informatica, Inc.                                   | CUSIP: 999999999<br>LEI: 984500E0DEFFE6DE9588 | N/A              | DE               |  | US        |      -388 | NC      | $-970.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Catamaran CLO Ltd                       | Catamaran CLO 2018-1 Ltd.                           | CUSIP: 14900CAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $493713.80    | 0.05%             | 2031-10-25      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding Ltd                       | Cedar Funding IV CLO Ltd.                           | CUSIP: 150323BL6<br>LEI: 549300PPJP6KEORGHQ85 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2008136.00   | 0.21%             | 2038-01-23      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding Ltd                       | Cedar Funding IV CLO Ltd.                           | CUSIP: 150323BS1<br>LEI: 549300PPJP6KEORGHQ85 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003253.50   | 0.11%             | 2038-01-23      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding Ltd                       | Cedar Funding V CLO Ltd.                            | CUSIP: 15032AAW7<br>LEI: 635400NWFWJ92O7QGD64 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003464.40   | 0.11%             | 2031-07-17      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding Ltd                       | Cedar Funding VI CLO Ltd.                           | CUSIP: 15032DAX9<br>LEI: 549300PQ60B57EBTK013 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1250306.75   | 0.13%             | 2034-04-20      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding Ltd                       | Cedar Funding VII Clo Ltd.                          | CUSIP: 15032FAP1<br>LEI: 549300G87EGFMLOYN341 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002727.00   | 0.11%             | 2031-01-20      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding Ltd                       | Cedar Funding XIX CLO Ltd.                          | CUSIP: 15033CAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1505217.30   | 0.16%             | 2038-01-23      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| GMS, Inc.                               | GMS, Inc.                                           | CUSIP: 999999999<br>LEI: 52990057RENOQO4U0D72 | N/A              | DE               |  | US        |        -1 | NC      | $-375.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CIFC Funding Ltd                        | CIFC Funding 2018-II Ltd.                           | CUSIP: 17180WAS4<br>LEI: 635400A7PBKNR7KBOY58 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000007.80   | 0.11%             | 2037-10-20      | Floating      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| CreekSource (Dunes Creek) CLO           | Creeksource 2024-1 Dunes Creek Clo Ltd.             | CUSIP: 225914AJ9<br>LEI: 254900CZYOXX4AZ15302 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1506654.30   | 0.16%             | 2038-01-15      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| CreekSource (Dunes Creek) CLO           | Creeksource 2024-1 Dunes Creek Clo Ltd.             | CUSIP: 225917AA1<br>LEI: 254900CZYOXX4AZ15302 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $764744.63    | 0.08%             | 2038-01-15      | Floating      | 10.48%                | Yes           |                  2 | On Loan: No      |
| Crestline Denali CLO XVII, LLC          | Crestline Denali CLO XVII Ltd.                      | CUSIP: 22616TAG1<br>LEI: 254900BNO2GIP36AKL73 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $747804.68    | 0.08%             | 2031-10-15      | Floating      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Dewolf Park clo, ltd                    | Dewolf Park CLO Ltd.                                | CUSIP: 25211AAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002257.80   | 0.11%             | 2030-10-15      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Dewolf Park clo, ltd                    | Dewolf Park CLO Ltd.                                | CUSIP: 25211CAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001352.00   | 0.11%             | 2030-10-15      | Floating      | 10.72%                | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                 | Dryden 40 Senior Loan Fund                          | CUSIP: 26244GAL9<br>LEI: 549300BH0PFEW6WVTN52 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501999.35    | 0.05%             | 2031-08-15      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                 | Dryden 41 Senior Loan Fund                          | CUSIP: 26244KAU0<br>LEI: 5493000CMI5L15ZSNM78 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000165.60   | 0.11%             | 2031-04-15      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                 | Dryden 45 Senior Loan Fund                          | CUSIP: 26244MAW2<br>LEI: 54930046L20VLJKPVV31 | Long             | ABS-CBDO         | CORP              | KY        |   2305787 | PA      | $2307974.05   | 0.24%             | 2030-10-15      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Real Asset Acquisition Corp             | Real Asset Acquisition Corp. - Class A              | CUSIP: G73944103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147032 | NS      | $1493845.12   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Aimco                                   | Aimco CLO 11 Ltd.                                   | CUSIP: 00140NBE9<br>LEI: 549300VLRW0CEQ83RF89 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1502710.20   | 0.16%             | 2037-07-17      | Floating      | 8.48%                 | Yes           |                  2 | On Loan: No      |
| Aimco                                   | AIMCO CLO 10 Ltd.                                   | CUSIP: 00900UAG9<br>LEI: 5493004I93856WYBB035 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $506476.90    | 0.05%             | 2037-07-22      | Floating      | 9.92%                 | Yes           |                  2 | On Loan: No      |
| Alinea CLO LTD                          | Alinea CLO 2018-1 Ltd.                              | CUSIP: 016268AD6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1256253.88   | 0.13%             | 2031-07-20      | Floating      | 10.22%                | Yes           |                  2 | On Loan: No      |
| Alinea CLO LTD                          | Alinea CLO 2018-1 Ltd.                              | CUSIP: 016269AL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1507504.65   | 0.16%             | 2031-07-20      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Annisa CLO Ltd                          | Annisa CLO Ltd. 2016-2                              | CUSIP: 036011AW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002112.00   | 0.11%             | 2031-07-20      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                          | Apidos CLO XXIV                                     | CUSIP: 03762XAD1<br>LEI: 549300PPHIOJQEKPJH29 | Long             | ABS-CBDO         | CORP              | KY        |   1150000 | PA      | $1143607.04   | 0.12%             | 2030-10-20      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                          | Apidos CLO XV                                       | CUSIP: 03764WAG4<br>LEI: 549300HXW2GBYSKFE344 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1506457.20   | 0.16%             | 2031-04-20      | Floating      | 10.23%                | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                          | Apidos CLO XX                                       | CUSIP: 03765MAG5<br>LEI: 5493008YDOADR1DMZM86 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1753762.33   | 0.19%             | 2031-07-16      | Floating      | 10.22%                | Yes           |                  2 | On Loan: No      |
| M3-Brigade Acquisition V Corp           | M3-Brigade Acquisition V Corp. - Class A            | CUSIP: G63212107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106062 | NS      | $1197439.98   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mountain Lake Acquisition Corp          | Mountain Lake Acquisition Corp. - Class A           | CUSIP: G6301B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131763 | NS      | $1351888.38   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio              | MSILF Government Portfolio - Class Institutional    | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  87444813 | PA      | $87444813.42  | 9.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Energy Transition Corp           | Nabors Energy Transition Corp. II - Class A         | CUSIP: G6363K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121990 | NS      | $1354089.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NewHold Investment Corp III             | NewHold Investment Corp. III - Class A              | CUSIP: G6486E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    156973 | NS      | $1596415.41   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Newbury Street II Acquisition           | Newbury Street II Acquisition Corp. - Class A       | CUSIP: G6439S109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7999 | NS      | $82309.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Oak Woods Acquisition Corp              | Oak Woods Acquisition Corp. - Class A               | CUSIP: 67190B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     17357 | NS      | $205333.31    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Oyster Enterprises II Acquisit          | Oyster Enterprises II Acquisition Corp.             | CUSIP: G6861F120<br>LEI: N/A                  | Long             |  | CORP              | US        |     24044 | NS      | $243325.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Acquisition I Corp              | Pioneer Acquisition I Corp.                         | CUSIP: G7117W123<br>LEI: N/A                  | Long             |  | CORP              | US        |     84600 | NS      | $846846.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ProCap Acquisition Corp                 | ProCap Acquisition Corp.                            | CUSIP: G7257A113<br>LEI: N/A                  | Long             |  | CORP              | US        |     75158 | NS      | $805693.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman CLO 32R Ltd.                       | CUSIP: 64135XAG6<br>LEI: 25490093SHVBS5BLDZ40 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000000.00   | 0.21%             | 2039-07-20      | Floating      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| New Mountain CLO Ltd                    | New Mountain CLO 4 Ltd.                             | CUSIP: 64754PAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1034260.60   | 0.11%             | 2038-03-20      | Floating      | 11.19%                | Yes           |                  2 | On Loan: No      |
| New Mountain CLO 1 Ltd                  | New Mountain CLO 1 Ltd.                             | CUSIP: 64755RBJ1<br>LEI: 5493000BYT2KQ1EMLL07 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002876.70   | 0.11%             | 2038-01-15      | Floating      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Newark BSL CLO 2 Ltd.                   | Newark BSL CLO 2 Ltd.                               | CUSIP: 65023QAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003849.20   | 0.11%             | 2030-07-25      | Floating      | 10.84%                | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                             | OCP CLO 2020-20 Ltd.                                | CUSIP: 670859AU1<br>LEI: 25490028U8Y2XMZWXO46 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $993996.40    | 0.11%             | 2037-04-18      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                             | OCP CLO 2014-5 Ltd.                                 | CUSIP: 67102SAQ7<br>LEI: 254900NXH68CRC058O44 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003689.50   | 0.11%             | 2031-04-26      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                   | Sixth Street CLO XXII Ltd.                          | CUSIP: 83011LAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2350000 | PA      | $2348574.26   | 0.25%             | 2038-04-21      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO LTD                     | Sound Point CLO XVIII Ltd.                          | CUSIP: 83609TAG2<br>LEI: 549300G09B8CGBRMLL31 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $993783.40    | 0.11%             | 2031-01-21      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO LTD                     | Sound Point Clo XX Ltd.                             | CUSIP: 83611JAG0<br>LEI: 549300RTEBF0FW35D815 | Long             | ABS-CBDO         | CORP              | KY        |   1350000 | PA      | $1347484.28   | 0.14%             | 2031-07-26      | Floating      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| Southwick Park CLO, Ltd.                | Southwick Park CLO LLC                              | CUSIP: 846031AT9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001422.00   | 0.11%             | 2032-07-20      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO Ltd                        | Symphony CLO XXI Ltd.                               | CUSIP: 87166RGE1<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |   2468104 | PA      | $2462970.68   | 0.26%             | 2032-07-15      | Floating      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO Ltd                        | Symphony CLO 39 Ltd.                                | CUSIP: 87169TAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1001507.10   | 0.11%             | 2038-01-25      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO Ltd                        | Symphony CLO 34-PS Ltd.                             | CUSIP: 87170AAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    500000 | PA      | $502211.55    | 0.05%             | 2036-07-24      | Floating      | 9.53%                 | Yes           |                  2 | On Loan: No      |
| Wind River CLO Ltd                      | THL Credit Wind River 2015-1 CLO Ltd.               | CUSIP: 87246LAG9<br>LEI: 549300H4V7OE3OL7II20 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1977314.80   | 0.21%             | 2030-10-20      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| Trestles CLO LTD                        | Trestles CLO VI Ltd.                                | CUSIP: 894940AQ8<br>LEI: 254900837GHK5VH7YU15 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2247452.33   | 0.24%             | 2038-04-25      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Trestles CLO LTD                        | Trestles CLO VIII Ltd.                              | CUSIP: 89533DAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000743.30   | 0.11%             | 2035-06-11      | Floating      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                        | Trinitas CLO XXV Ltd.                               | CUSIP: 89640BAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1003639.80   | 0.11%             | 2037-01-23      | Floating      | 9.28%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                        | Trinitas CLO XXI Ltd.                               | CUSIP: 89640JAW7<br>LEI: 254900S6ZHFKMFCQD992 | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $984799.30    | 0.10%             | 2038-04-20      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                        | Trinitas CLO XXXIV Ltd.                             | CUSIP: 89643KAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2028192.00   | 0.21%             | 2038-04-22      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                        | Trinitas CLO XXXIV Ltd.                             | CUSIP: 89643LAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1029985.30   | 0.11%             | 2038-04-22      | Floating      | 11.49%                | Yes           |                  2 | On Loan: No      |
| Invesco CLO LTD                         | Invesco U.S. CLO 2023-2 Ltd.                        | CUSIP: 46147LAE0<br>LEI: 2549000VWIHWVWECHQ22 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1021192.50   | 0.11%             | 2038-04-21      | Floating      | 12.20%                | Yes           |                  2 | On Loan: No      |
| Upland CLO Ltd                          | Upland CLO Ltd.                                     | CUSIP: 915328AU2<br>LEI: 54930052JF7HYEE5CO91 | Long             | ABS-CBDO         | CORP              | KY        |    673710 | PA      | $674049.17    | 0.07%             | 2031-04-20      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Upland CLO Ltd                          | Upland CLO Ltd.                                     | CUSIP: 915328BA5<br>LEI: 54930052JF7HYEE5CO91 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752410.88    | 0.08%             | 2031-04-20      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Venture CDO Ltd                         | Venture 38 CLO Ltd.                                 | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |   1322399 | PA      | $1319530.19   | 0.14%             | 2032-07-30      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Verdelite Static CLO Ltd                | Verdelite Static CLO 2024-1 Ltd.                    | CUSIP: 92338VAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $997905.70    | 0.11%             | 2032-07-20      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Post CLO LTD                            | Post CLO 2021-1 Ltd.                                | CUSIP: 73742FAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $748166.85    | 0.08%             | 2034-10-15      | Floating      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Post CLO LTD                            | Post CLO 2023-1 Ltd.                                | CUSIP: 73743CAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1205000 | PA      | $1210311.76   | 0.13%             | 2036-04-20      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| Post CLO LTD                            | Post CLO 2024-1 Ltd.                                | CUSIP: 73743FAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1014907.40   | 0.11%             | 2037-04-20      | Floating      | 11.07%                | Yes           |                  2 | On Loan: No      |
| RR Ltd                                  | RR 36 Ltd.                                          | CUSIP: 74989AAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2005739.40   | 0.21%             | 2040-01-15      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| Battalion CLO LTD                       | Battalion Clo XV Ltd.                               | CUSIP: 07131AAR5<br>LEI: 549300CJP8HGT746II19 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1499250.00   | 0.16%             | 2033-01-17      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt          | Benefit Street Partners CLO VIII Ltd.               | CUSIP: 08180YAE0<br>LEI: 549300D98ZLKNSI8CN63 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $245327.80    | 0.03%             | 2031-01-20      | Floating      | 10.13%                | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt          | Benefit Street Partners CLO Ltd.                    | CUSIP: 08182DAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3509662.45   | 0.37%             | 2038-04-20      | Floating      | 6.98%                 | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt          | Benefit Street Partners CLO XX Ltd.                 | CUSIP: 08182FAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1251814.50   | 0.13%             | 2034-07-15      | Floating      | 7.72%                 | Yes           |                  2 | On Loan: No      |
| Invesco CLO LTD                         | INVESCO U.S. CLO 2025-1 Ltd.                        | CUSIP: 46151MAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000000.00   | 0.21%             | 2038-07-15      | Floating      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Invesco CLO LTD                         | INVESCO U.S. CLO 2025-1 Ltd.                        | CUSIP: 46151PAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750000.00    | 0.08%             | 2038-07-15      | Floating      | 10.28%                | Yes           |                  2 | On Loan: No      |
| Jamestown CLO Ltd                       | Jamestown CLO XI Ltd.                               | CUSIP: 47049AAA9<br>LEI: 549300ICXRO4NIJIWJ29 | Long             | ABS-CBDO         | CORP              | KY        |    855000 | PA      | $850502.02    | 0.09%             | 2031-07-14      | Floating      | 10.52%                | Yes           |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                   | KKR CLO 44 Ltd.                                     | CUSIP: 481950AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004819.30   | 0.11%             | 2036-01-20      | Floating      | 9.27%                 | Yes           |                  2 | On Loan: No      |
| Armada Acquisition Corp II              | Armada Acquisition Corp. II - Class A               | CUSIP: G0R38G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80108 | NS      | $803483.24    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMADA ACQUISITION -CLASS A             | Armada Acquisition Corp. II                         | CUSIP: G0R38G112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     19429 | NC      | $5245.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Acquisition Corp II                | Ares Acquisition Corp. II                           | CUSIP: G33033104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    307374 | NS      | $3482547.42   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AA Mission Acquisition Corp             | AA Mission Acquisition Corp. - Class A              | CUSIP: G1000R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    268812 | NS      | $2801021.04   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AA MISSION ACQUISITION COR-A            | AA Mission Acquisition Corp.                        | CUSIP: G1000R127<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    122039 | NC      | $11471.67     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED, Inc. CONTINGENT VALUE RHT   /  | ABIOMED, Inc. CONTINGENT VALUE RHT   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1014 | NC      | $1034.28      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Aimei Health Technology Co Ltd          | Aimei Health Technology Co., Ltd.                   | CUSIP: G01341109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26484 | NS      | $293442.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PlayAGS Inc                             | PlayAGS, Inc.                                       | CUSIP: 72814N104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108659 | NS      | $1358237.50   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ai Transportation Acquisition           | Ai Transportation Acquisition Corp.                 | CUSIP: G01490112<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30393 | NS      | $334323.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Centurion Acquisition Corp              | Centurion Acquisition Corp.                         | CUSIP: G20315100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    249562 | NS      | $2640365.96   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURION CL A CL A   /                 | CENTURION CL A CL A   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     16280 | NS      | $0.16         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CENTURION CL B CL B   /                 | CENTURION CL B CL B   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     20349 | NS      | $0.20         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Agriculture & Natural Solution          | Agriculture & Natural Solutions Acquisition Corp.   | CUSIP: G0131Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    273953 | NS      | $2972390.05   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AvidXchange Holdings Inc                | AvidXchange Holdings, Inc.                          | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    560397 | NS      | $5486286.63   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Axiom Intelligence Acquisition          | Axiom Intelligence Acquisition Corp. 1              | CUSIP: G0750N120<br>LEI: N/A                  | Long             |  | CORP              | GB        |    109960 | NS      | $1110596.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AZEK Co Inc/The                         | AZEK Co., Inc.                                      | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Long             | EC               | CORP              | US        |    169811 | NS      | $9229227.85   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Acquisition Corp                   | Blue Acquisition Corp.                              | CUSIP: G1331A124<br>LEI: N/A                  | Long             |  | CORP              | US        |     35754 | NS      | $358970.16    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bleichroeder Acquisition Corp           | Bleichroeder Acquisition Corp. I                    | CUSIP: G1169T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    298621 | NS      | $3084754.93   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayview Acquisition Corp                | Bayview Acquisition Corp. - Class A                 | CUSIP: 07323B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4303 | NS      | $48408.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pyrophyte Acquisition Corp              | Pyrophyte Acquisition Corp. - Class A               | CUSIP: G7308P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31324 | NS      | $369936.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Patria Latin American Opportun          | Patria Latin American Opportunity Acquisition Corp. | CUSIP: G69454109<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     17691 | NS      | $209638.35    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Plum Acquisition Corp IV                | Plum Acquisition Corp. IV                           | CUSIP: G7134A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87688 | NS      | $903186.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Andretti Acquisition Corp II            | Andretti Acquisition Corp. II - Class A             | CUSIP: G26745102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121469 | NS      | $1260848.22   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners III Inc          | Cantor Equity Partners III, Inc. - Class A          | CUSIP: G1828A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17093 | NS      | $180331.15    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cayson Acquisition Corp                 | Cayson Acquisition Corp.                            | CUSIP: G1993W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7821 | NS      | $80712.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus Circle Capital Corp I          | Columbus Circle Capital Corp. I - Class A           | CUSIP: G2296A109<br>LEI: 5299006WPUCKP6KOIM37 | Long             | EC               | CORP              | US        |    102444 | NS      | $1087955.28   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Capital Corp X                | Churchill Capital Corp. X                           | CUSIP: G2130T124<br>LEI: N/A                  | Long             |  | CORP              | US        |     31823 | NS      | $327776.90    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantor Equity Partners II Inc           | Cantor Equity Partners II, Inc. - Class A           | CUSIP: G1827P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31660 | NS      | $349209.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Harbor Acquisition Corp           | Crane Harbor Acquisition Corp. - Class A            | CUSIP: G24979109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71088 | NS      | $715856.16    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Charlton Aria Acquisition Corp          | Charlton Aria Acquisition Corp. - Class A           | CUSIP: G9877L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107263 | NS      | $1102663.64   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionsGate Acquisition Corp          | ChampionsGate Acquisition Corp. - Class A           | CUSIP: G2124S108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83205 | NS      | $830385.90    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                          | ChampionX Corp.                                     | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |     93404 | NS      | $2320155.36   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal Redwood Acquisition Corp            | Cal Redwood Acquisition Corp. - Class A             | CUSIP: G17564108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64140 | NS      | $639475.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CSLM Acquisition Corp                   | CSLM Acquisition Corp.                              | CUSIP: G2365L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8059 | NS      | $93081.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lionheart Holdings                      | Lionheart Holdings - Class A                        | CUSIP: G5501C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194016 | NS      | $2044928.64   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Asset Acquisition Corp          | Digital Asset Acquisition Corp. - Class A           | CUSIP: G2868C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    138540 | NS      | $1450513.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Drugs Made In America Acquisit          | Drugs Made In America Acquisition Corp.             | CUSIP: G2847J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    299907 | NS      | $3059051.40   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Dun & Bradstreet Holdings Inc           | Dun & Bradstreet Holdings, Inc.                     | CUSIP: 26484T106<br>LEI: 254900LNALVKD1ZX7U27 | Long             | EC               | CORP              | US        |   1671037 | NS      | $15189726.33  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Roman DBDR Acquisition Corp II          | Roman DBDR Acquisition Corp. II                     | CUSIP: G7633M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72229 | NS      | $744680.99    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynamix Corp                            | Dynamix Corp.                                       | CUSIP: G2949D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91134 | NS      | $928655.46    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAMIX CORP                            | Dynamix Corp.                                       | CUSIP: G2949D112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     18227 | NC      | $6561.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Bancorp Inc/MA               | Enterprise Bancorp, Inc.                            | CUSIP: 293668109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14004 | NS      | $555118.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 09/30/25 P6500 09/25 6500.0 PUT   / | SPX 09/30/25 P6500 09/25 6500.0 PUT   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               |  | US        |      2665 | NC      | $82348500.00  | 8.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 09/30/25 P5500 09/25 5500.0 PUT   / | SPX 09/30/25 P5500 09/25 5500.0 PUT   /             | CUSIP: 999999999<br>LEI: N/A                  | Short            | DE               |  | US        |     -2665 | NC      | $-11792625.00 | -1.25%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 09/30/25 C5500 09/25 5500.0 CAL   / | SPX 09/30/25 C5500 09/25 5500.0 CAL   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               |  | US        |      2665 | NC      | $209868750.00 | 22.19%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 09/30/25 C6500 09/25 6500.0 CAL   / | SPX 09/30/25 C6500 09/25 6500.0 CAL   /             | CUSIP: 999999999<br>LEI: N/A                  | Short            | DE               |  | US        |     -2665 | NC      | $-17628975.00 | -1.86%            |  |  |  | No            |                  1 | On Loan: No      |
| OCP CLO Ltd                             | OCP CLO 2014-5 Ltd.                                 | CUSIP: 67102SAS3<br>LEI: 254900NXH68CRC058O44 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004144.50   | 0.11%             | 2031-04-26      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| OZLM Ltd                                | OZLM XXII Ltd.                                      | CUSIP: 67111VAJ5<br>LEI: 549300SDDOLWC85Q9Q65 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004042.80   | 0.11%             | 2031-01-17      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| OZLM Ltd                                | OZLM XXI Ltd.                                       | CUSIP: 67112AAG6<br>LEI: 5493002HF6D1C4B1AK86 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003281.20   | 0.11%             | 2031-01-20      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| OZLM Ltd                                | OZLM XVIII Ltd.                                     | CUSIP: 67112GAG3<br>LEI: 5493002SZMQH8ZTTHX49 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003724.30   | 0.11%             | 2031-04-15      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| OZLM Ltd                                | OZLM XX Ltd.                                        | CUSIP: 67112MAG0<br>LEI: 549300ROA1URR67W0G46 | Long             | ABS-CBDO         | CORP              | KY        |   1120000 | PA      | $1123192.00   | 0.12%             | 2031-04-20      | Floating      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                             | OCP CLO 2023-30 Ltd.                                | CUSIP: 67117QAA9<br>LEI: 2138008RM9AHM8ZQ8119 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1014274.40   | 0.11%             | 2037-01-24      | Floating      | 11.37%                | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                             | OCP CLO 2021-22 Ltd.                                | CUSIP: 67117TAU9<br>LEI: 254900PS626FB00CVF06 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $997557.30    | 0.11%             | 2037-10-20      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| Oaktree CLO Ltd                         | Oaktree CLO 2022-1 Ltd.                             | CUSIP: 67402LAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000000.00   | 0.11%             | 2038-07-15      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Oaktree CLO Ltd                         | Oaktree CLO 2022-1 Ltd.                             | CUSIP: 67402NAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500000.00   | 0.16%             | 2038-07-15      | Floating      | 10.34%                | Yes           |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                    | BlueMountain CLO XXX Ltd.                           | CUSIP: 09630QAS0<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001255.00   | 0.11%             | 2035-04-15      | Floating      | 7.56%                 | Yes           |                  2 | On Loan: No      |
| AvidXchange Holdings, Inc.              | AvidXchange Holdings, Inc.                          | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               |  | US        |      -159 | NC      | $-397.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bryant Park Funding Ltd                 | Bryant Park Funding 2024-23 Ltd.                    | CUSIP: 11765DAA1<br>LEI: 391200W7QGMU3U2OCV81 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1010187.00   | 0.11%             | 2037-05-15      | Floating      | 11.06%                | Yes           |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                 | Bryant Park Funding 2021-17R Ltd.                   | CUSIP: 11766LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1007807.40   | 0.11%             | 2038-01-20      | Floating      | 11.20%                | Yes           |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                 | Bryant Park Funding 2021-17R Ltd.                   | CUSIP: 11766MAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002890.90   | 0.11%             | 2038-01-20      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                 | Bryant Park Funding 2023-20 Ltd.                    | CUSIP: 117919AJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2009507.60   | 0.21%             | 2038-04-15      | Floating      | 7.73%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                             | OCP CLO 2019-16 Ltd.                                | CUSIP: 67570QAR2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998984.70    | 0.11%             | 2033-04-10      | Floating      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners Lt          | Octagon Investment Partners 18-R Ltd.               | CUSIP: 67576FAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2007866.80   | 0.21%             | 2031-04-16      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                             | OCP CLO 2023-30 Ltd.                                | CUSIP: 67578RAJ0<br>LEI: 2138008RM9AHM8ZQ8119 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1004837.60   | 0.11%             | 2037-01-24      | Floating      | 8.78%                 | Yes           |                  2 | On Loan: No      |
| Oak Hill Credit                         | OHA Credit Funding 8 Ltd.                           | CUSIP: 67707GBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2004988.80   | 0.21%             | 2038-01-20      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd          | Palmer Square Loan Funding 2020-1 Ltd.              | CUSIP: 69701DAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $0.00         | 0.00%             | 2028-02-20      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Dun & Bradstreet Holdings, Inc.         | Dun & Bradstreet Holdings, Inc.                     | CUSIP: 999999999<br>LEI: 254900LNALVKD1ZX7U27 | N/A              | DE               |  | US        |       -16 | NC      | $-40.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Dryden Senior Loan Fund                 | Dryden 86 CLO Ltd.                                  | CUSIP: 26245XAL1<br>LEI: 25490017VKY7XEFZL303 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2003427.00   | 0.21%             | 2034-07-17      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                 | Dryden 30 Senior Loan Fund                          | CUSIP: 26249BAW1<br>LEI: 549300AS2O1RYPD2ED41 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002561.40   | 0.11%             | 2028-11-15      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                 | Dryden 61 Clo Ltd.                                  | CUSIP: 26251CAY0<br>LEI: 549300JHVVT1NJ057H42 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1203443.04   | 0.13%             | 2032-01-17      | Floating      | 7.64%                 | Yes           |                  2 | On Loan: No      |
| Eaton Vance CDO Ltd                     | Eaton Vance CLO 2020-1 Ltd.                         | CUSIP: 278301AG1<br>LEI: 5493004NKU3QU5G6QW39 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $995196.10    | 0.11%             | 2037-10-15      | Floating      | 10.51%                | Yes           |                  2 | On Loan: No      |
| Eaton Vance CDO Ltd                     | Eaton Vance CLO 2013-1 Ltd.                         | CUSIP: 27830CAJ1<br>LEI: 5493001O5CL3BBUIEH94 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $490370.45    | 0.05%             | 2034-01-15      | Floating      | 11.32%                | Yes           |                  2 | On Loan: No      |
| Eaton Vance CDO Ltd                     | Eaton Vance Clo 2015-1 Ltd.                         | CUSIP: 27830KBA1<br>LEI: 5493008YP5U5LTXAO749 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002762.10   | 0.11%             | 2030-01-20      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Elevation CLO Ltd                       | Elevation CLO 2018-10 Ltd.                          | CUSIP: 28623CAL5<br>LEI: 5493005Q4N14IP6ASK07 | Long             | ABS-CBDO         | CORP              | KY        |    980079 | PA      | $979780.77    | 0.10%             | 2031-10-20      | Floating      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO 22 Ltd                      | Elmwood CLO 22 Ltd.                                 | CUSIP: 29001YAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $751021.43    | 0.08%             | 2038-04-17      | Floating      | 8.23%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO IV Ltd                      | Elmwood CLO IV Ltd.                                 | CUSIP: 29002GAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2009241.60   | 0.21%             | 2037-04-18      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO X Ltd                       | Elmwood CLO X Ltd.                                  | CUSIP: 29002VBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2500000.00   | 0.26%             | 2038-07-20      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO X Ltd                       | Elmwood CLO X Ltd.                                  | CUSIP: 29002WAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500000.00   | 0.16%             | 2038-07-20      | Floating      | 10.21%                | Yes           |                  2 | On Loan: No      |
| Elmwood CLO IX Ltd                      | Elmwood CLO IX Ltd.                                 | CUSIP: 29003UAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2493255.50   | 0.26%             | 2038-04-20      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO IX Ltd                      | Elmwood CLO IX Ltd.                                 | CUSIP: 29003UAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999440.80    | 0.11%             | 2038-04-20      | Floating      | 8.07%                 | Yes           |                  2 | On Loan: No      |
| SPX 06/30/25 P5620 06/25 5620.0 PUT   / | SPX 06/30/25 P5620 06/25 5620.0 PUT   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               |  | US        |       302 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 06/30/25 P6210 06/25 6210.0 PUT   / | SPX 06/30/25 P6210 06/25 6210.0 PUT   /             | CUSIP: 999999999<br>LEI: N/A                  | Short            | DE               |  | US        |      -302 | NC      | $-152510.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| SPX 07/31/25 P5900 07/25 5900.0 PUT   / | SPX 07/31/25 P5900 07/25 5900.0 PUT   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               |  | US        |       295 | NC      | $780275.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX 07/31/25 P6525 07/25 6525.0 PUT   / | SPX 07/31/25 P6525 07/25 6525.0 PUT   /             | CUSIP: 999999999<br>LEI: N/A                  | Short            | DE               |  | US        |      -295 | NC      | $-9301350.00  | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Long Point Park CLO Ltd                 | Long Point Park CLO Ltd.                            | CUSIP: 542798AJ2<br>LEI: 549300639DPKTBUSCC77 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1505149.95   | 0.16%             | 2030-01-17      | Floating      | 6.94%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd                | Madison Park Funding XIV Ltd.                       | CUSIP: 55818RBQ8<br>LEI: 254900Q2IOW6JYPYIV98 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752894.25    | 0.08%             | 2030-10-22      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd                | Madison Park Funding XXXIV Ltd.                     | CUSIP: 55819GBE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1814850.00   | 0.19%             | 2037-10-16      | Floating      | 7.61%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd                | Madison Park Funding XXVII Ltd.                     | CUSIP: 55820YAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998823.40    | 0.11%             | 2038-04-20      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Magnetite CLO Ltd                       | Magnetite XXXV Ltd.                                 | CUSIP: 55954UAE3<br>LEI: 549300WIDF28MGY5Q843 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1263033.63   | 0.13%             | 2036-10-25      | Floating      | 11.53%                | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman Loan Advisers CLO 31 Ltd.          | CUSIP: 64132JAW5<br>LEI: 5493007OZE2103TZO049 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2503456.75   | 0.26%             | 2039-01-20      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman Loan Advisers CLO 33 Ltd.          | CUSIP: 64132TBC6<br>LEI: 549300RVE5T2OYI2H743 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001629.40   | 0.11%             | 2039-04-16      | Floating      | 8.41%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                | Neuberger Berman Loan Advisers CLO 36 Ltd.          | CUSIP: 64133JAQ7<br>LEI: 549300MZGBBYK103F794 | Long             | ABS-CBDO         | CORP              | KY        |   1350000 | PA      | $1355788.26   | 0.14%             | 2033-04-20      | Floating      | 11.57%                | Yes           |                  2 | On Loan: No      |
| Rad CLO Ltd                             | Rad CLO 15 Ltd.                                     | CUSIP: 750103AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000000.00   | 0.21%             | 2040-07-20      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Regatta 32 Funding Ltd.                 | Regatta 32 Funding Ltd.                             | CUSIP: 75884AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000000.00   | 0.21%             | 2038-07-25      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Regatta VII Funding Ltd                 | Regatta VII Funding Ltd.                            | CUSIP: 75887TAN6<br>LEI: 549300DA6HSLI0UPTQ25 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1257263.50   | 0.13%             | 2034-06-20      | Floating      | 10.98%                | Yes           |                  2 | On Loan: No      |
| Regatta VII Funding Ltd                 | Regatta VII Funding Ltd.                            | CUSIP: 75888ABE5<br>LEI: 549300DA6HSLI0UPTQ25 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001922.80   | 0.11%             | 2034-06-20      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Regatta XIII Funding LLC                | Regatta XIII Funding Ltd.                           | CUSIP: 75888FAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005711.90   | 0.11%             | 2031-07-15      | Floating      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| Regatta VIII Funding Ltd                | Regatta VIII Funding Ltd.                           | CUSIP: 75888KAU8<br>LEI: 2549002R0TTC87W9EH67 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1516724.25   | 0.16%             | 2037-04-17      | Floating      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| Regatta VIII Funding Ltd                | Regatta VIII Funding Ltd.                           | CUSIP: 75888KAW4<br>LEI: 2549002R0TTC87W9EH67 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501828.65    | 0.05%             | 2037-04-17      | Floating      | 9.28%                 | Yes           |                  2 | On Loan: No      |
| Regatta XIV Funding Ltd                 | Regatta XIV Funding Ltd.                            | CUSIP: 75888MAR1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1800000.00   | 0.19%             | 2031-10-25      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| Regatta XIV Funding Ltd                 | Regatta XIV Funding Ltd.                            | CUSIP: 75888NAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3315000 | PA      | $3319062.20   | 0.35%             | 2031-10-25      | Floating      | 10.49%                | Yes           |                  2 | On Loan: No      |
| Regatta XVI Funding Ltd.                | Regatta XVI Funding Ltd.                            | CUSIP: 75888QAL5<br>LEI: 254900XPJFGKL5R4O429 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1007682.50   | 0.11%             | 2033-01-15      | Floating      | 11.36%                | Yes           |                  2 | On Loan: No      |
| Regatta XXIV Funding Ltd.               | Regatta XXIV Funding Ltd.                           | CUSIP: 75889HAW0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $751882.13    | 0.08%             | 2038-01-20      | Floating      | 8.27%                 | Yes           |                  2 | On Loan: No      |
| Regatta XXI Funding Ltd                 | Regatta XXI Funding Ltd.                            | CUSIP: 75889JAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1306719.83   | 0.14%             | 2037-10-15      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| Regatta XXVI Funding Ltd.               | Regatta XXVI Funding Ltd.                           | CUSIP: 75900QAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005618.90   | 0.11%             | 2037-01-25      | Floating      | 9.53%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                          | Apidos CLO XXX                                      | CUSIP: 03768CAW9<br>LEI: 2549001XBZ4DU4T7EC48 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1505504.40   | 0.16%             | 2031-10-18      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                          | Apidos CLO XLII Ltd.                                | CUSIP: 03770GAU0<br>LEI: 213800XUV3WLXWBKOJ53 | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1494749.85   | 0.16%             | 2038-04-20      | Floating      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| ARES CLO Ltd                            | Ares XXXIX CLO Ltd.                                 | CUSIP: 04015WBL7<br>LEI: 5493005YAOTYJUJV3S58 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4018004.00   | 0.42%             | 2037-07-18      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Riserva CLO, Ltd.                       | Riserva Clo Ltd.                                    | CUSIP: 76761RBE8<br>LEI: 549300640C8OB2I8SN35 | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1309752.60   | 0.14%             | 2034-01-18      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                  | Rockford Tower CLO 2017-2 Ltd.                      | CUSIP: 77340HAE9<br>LEI: 549300G18KVCW7VUKI86 | Long             | ABS-CBDO         | CORP              | KY        |    734000 | PA      | $726857.67    | 0.08%             | 2029-10-15      | Floating      | 10.77%                | Yes           |                  2 | On Loan: No      |
| ARES CLO Ltd                            | Ares LIV CLO Ltd.                                   | CUSIP: 04017XAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000000.00   | 0.11%             | 2038-07-15      | Floating      | 10.55%                | Yes           |                  2 | On Loan: No      |
| ARES CLO Ltd                            | ARES L CLO Ltd.                                     | CUSIP: 04018LAG0<br>LEI: 549300S7Y78W7UJHZZ39 | Long             | ABS-CBDO         | CORP              | KY        |   1450000 | PA      | $1451994.33   | 0.15%             | 2032-01-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| ARES CLO Ltd                            | Ares LXXVI CLO Ltd.                                 | CUSIP: 04021KAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1041982.10   | 0.11%             | 2038-05-27      | Floating      | 11.49%                | Yes           |                  2 | On Loan: No      |
| Arini US CLO Limited                    | Arini U.S. CLO I Ltd.                               | CUSIP: 04039AAG9<br>LEI: 2549005XY5NLS2UWEM64 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $757874.03    | 0.08%             | 2038-04-15      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| Sculptor CLO Ltd                        | Sculptor CLO XXX Ltd.                               | CUSIP: 81124PAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1225000.00   | 0.13%             | 2038-07-20      | Floating      | 11.09%                | Yes           |                  2 | On Loan: No      |
| 720 East CLO Ltd.                       | 720 East CLO 2023-I Ltd.                            | CUSIP: 81785EAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $510370.10    | 0.05%             | 2038-04-15      | Floating      | 8.28%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit          | Bain Capital Credit CLO 2022-2 Ltd.                 | CUSIP: 05682GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $2000000.00   | 0.21%             | 2035-04-22      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit          | Bain Capital Credit CLO 2022-2 Ltd.                 | CUSIP: 05682GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1500000.00   | 0.16%             | 2035-04-22      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| 720 East CLO Ltd.                       | 720 East CLO 2023-II Ltd.                           | CUSIP: 817941AJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1011084.80   | 0.11%             | 2036-10-15      | Floating      | 9.41%                 | Yes           |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                    | Signal Peak CLO 5 Ltd.                              | CUSIP: 82666VAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1011544.90   | 0.11%             | 2037-04-25      | Floating      | 8.48%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit          | Bain Capital Credit CLO 2018-2                      | CUSIP: 05682VAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1505005.65   | 0.16%             | 2031-07-19      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit          | Bain Capital Credit CLO 2022-2 Ltd.                 | CUSIP: 05683XAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1000000.00   | 0.11%             | 2035-04-22      | Floating      | 12.11%                | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit          | Bain Capital Credit CLO 2023-1 Ltd.                 | CUSIP: 05685NAN0<br>LEI: 549300OV3LSQ8RJ1DY13 | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1504751.55   | 0.16%             | 2038-07-16      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit          | Bain Capital Credit CLO 2023-1 Ltd.                 | CUSIP: 05685NAW0<br>LEI: 549300OV3LSQ8RJ1DY13 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1001463.20   | 0.11%             | 2038-07-16      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                   | Silver Point CLO 2 Ltd.                             | CUSIP: 82808EAY7<br>LEI: 549300ODF186WFGMDH65 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500023.85   | 0.16%             | 2038-04-20      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                   | Silver Point CLO 11 Ltd.                            | CUSIP: 82809XAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500000.00   | 0.16%             | 2038-07-15      | Floating      | 6.49%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit          | Bain Capital Credit CLO 2023-1 Ltd.                 | CUSIP: 05685NAY6<br>LEI: 549300OV3LSQ8RJ1DY13 | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1502168.10   | 0.16%             | 2038-07-16      | Floating      | 8.28%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock Ltd                           | Ballyrock CLO 24 Ltd.                               | CUSIP: 05875VAE2<br>LEI: 254900B0CDDYIJW8YL36 | Long             | ABS-CBDO         | CORP              | JE        |   1250000 | PA      | $1250000.00   | 0.13%             | 2038-07-15      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2015-3 Ltd.                                | CUSIP: 92913UAW6<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000157.40   | 0.11%             | 2031-10-20      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2016-1 Ltd.                                | CUSIP: 92915CAW4<br>LEI: 549300BRUAMTEA33B077 | Long             | ABS-CBDO         | CORP              | KY        |   1325000 | PA      | $1320102.54   | 0.14%             | 2031-01-20      | Floating      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| Babson CLO Ltd                          | Barings CLO Ltd. 2018-I                             | CUSIP: 06760GAD3<br>LEI: 549300MY0JQGDVPG6R89 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003605.80   | 0.11%             | 2031-04-15      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Babson CLO Ltd                          | Barings Clo Ltd. 2023-I                             | CUSIP: 06762HAS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999698.20    | 0.11%             | 2038-04-20      | Floating      | 7.73%                 | Yes           |                  2 | On Loan: No      |
| Babson CLO Ltd                          | Barings Clo Ltd. 2023-I                             | CUSIP: 06762HAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999869.20    | 0.11%             | 2038-04-20      | Floating      | 9.33%                 | Yes           |                  2 | On Loan: No      |
| Battalion CLO LTD                       | Battalion Clo XV Ltd.                               | CUSIP: 07131AAM6<br>LEI: 549300CJP8HGT746II19 | Long             | ABS-CBDO         | CORP              | KY        |   1887080 | PA      | $1882625.93   | 0.20%             | 2033-01-17      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2014-1 Ltd.                                | CUSIP: 92915PAR6<br>LEI: 549300ITL5IR423IJ183 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1507179.75   | 0.16%             | 2031-04-18      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2017-3 Ltd.                                | CUSIP: 92915QBN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5023855.00   | 0.53%             | 2034-04-20      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt          | Benefit Street Partners Clo XXXVII Ltd.             | CUSIP: 08182TAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2008885.40   | 0.21%             | 2038-01-25      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt          | Benefit Street Partners CLO XXXVI Ltd.              | CUSIP: 081922AJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002627.30   | 0.11%             | 2038-01-25      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2017-1 Ltd.                                | CUSIP: 92916MAD3<br>LEI: 54930054YW6PM1FPVU95 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752772.08    | 0.08%             | 2030-04-17      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2013-3 Ltd.                                | CUSIP: 92916XAQ0<br>LEI: 5493003QPCHR7P2XIW55 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002270.40   | 0.11%             | 2031-10-18      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                    | Birch Grove CLO 8 Ltd.                              | CUSIP: 09077UAA0<br>LEI: 254900WH1INTG23INE62 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $507323.40    | 0.05%             | 2037-04-20      | Floating      | 11.37%                | Yes           |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                    | BlueMountain Fuji U.S. Clo II Ltd.                  | CUSIP: 09629EAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1900000 | PA      | $1896140.53   | 0.20%             | 2030-10-20      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2018-1 Ltd.                                | CUSIP: 92917AAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2127000 | PA      | $2133675.59   | 0.23%             | 2031-04-19      | Floating      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2013-1 Ltd.                                | CUSIP: 92917CAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    716000 | PA      | $718881.76    | 0.08%             | 2030-10-15      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2018-2 Ltd.                                | CUSIP: 92917JAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1239825.63   | 0.13%             | 2031-07-15      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2018-3 Ltd.                                | CUSIP: 92917KAE4<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |   1550000 | PA      | $1548100.79   | 0.16%             | 2031-10-15      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2019-1 Ltd.                                | CUSIP: 92917NAW8<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000220.30   | 0.11%             | 2037-10-15      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2019-1 Ltd.                                | CUSIP: 92917NBC1<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1008129.20   | 0.11%             | 2037-10-15      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2020-1 Ltd.                                | CUSIP: 92918EAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002404.60   | 0.11%             | 2034-07-16      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2020-2 Ltd.                                | CUSIP: 92918HBD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001520.50   | 0.11%             | 2038-01-20      | Floating      | 8.28%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2020-3 Ltd.                                | CUSIP: 92918NAY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1501066.80   | 0.16%             | 2038-01-20      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2020-3 Ltd.                                | CUSIP: 92918NBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001244.50   | 0.11%             | 2038-01-20      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2020-3 Ltd.                                | CUSIP: 92918NBG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $995185.70    | 0.11%             | 2038-01-20      | Floating      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                            | Voya CLO 2022-4 Ltd.                                | CUSIP: 92920MAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1023750.00   | 0.11%             | 2037-04-20      | Floating      | 10.97%                | Yes           |                  2 | On Loan: No      |
| Whitebox CLO Ltd                        | Whitebox CLO IV Ltd.                                | CUSIP: 96467KAU3<br>LEI: 549300SN372GTCE2YI66 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1501189.35   | 0.16%             | 2036-04-20      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| Generate CLO Ltd.                       | Generate CLO 3 Ltd.                                 | CUSIP: 98625UBJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2021414.20   | 0.21%             | 2036-10-20      | Floating      | 9.17%                 | Yes           |                  2 | On Loan: No      |
| Artius II Acquisition Inc               | Artius II Acquisition, Inc. - Class A               | CUSIP: G0509J115<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64205 | NS      | $649754.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK HAWK TENDERED SHARES   /          | BLACK HAWK TENDERED SHARES   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     49000 | NS      | $520870.00    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| Blue Water Acquisition Corp II          | Blue Water Acquisition Corp. III                    | CUSIP: G1368E122<br>LEI: N/A                  | Long             |  | CORP              | US        |     42218 | NS      | $422391.09    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                | Blueprint Medicines Corp.                           | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |     76558 | NS      | $9813204.44   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN DOLLARS  /                     | CANADIAN DOLLARS  /                                 | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | CA        |     -7379 | OU      | $-5418.81     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FIGX Capital Acquisition Corp           | FIGX Capital Acquisition Corp.                      | CUSIP: G3473K126<br>LEI: N/A                  | Long             |  | CORP              | US        |     25640 | NS      | $256784.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                         | Foot Locker, Inc.                                   | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |     55691 | NS      | $1364429.50   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Flag Ship Acquisition Corp              | Flag Ship Acquisition Corp.                         | CUSIP: G3530C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52815 | NS      | $556141.95    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Guild Holdings Co                       | Guild Holdings Co.                                  | CUSIP: 40172N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $988500.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GigCapital7 Corp                        | GigCapital7 Corp. - Class A                         | CUSIP: G38648104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63109 | NS      | $653178.15    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                                 | GMS, Inc.                                           | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |        68 | NS      | $7395.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GP-Act III Acquisition Corp             | GP-Act III Acquisition Corp. - Class A              | CUSIP: G4035N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    181350 | NS      | $1913242.50   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GP-ACT III ACQ CORP. CLASS A UNITS   /  | GP-ACT III ACQ CORP. CLASS A UNITS   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     13765 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GP-ACT III ACQ Corp. CLASS B UNITS   /  | GP-ACT III ACQ Corp. CLASS B UNITS   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     17206 | NS      | $0.17         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Graf Global Corp                        | Graf Global Corp. - Class A                         | CUSIP: G4036C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    195186 | NS      | $2041645.56   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Gesher Acquisition Corp II              | Gesher Acquisition Corp. II - Class A               | CUSIP: G3852D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74894 | NS      | $760174.10    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Gores Holdings X Inc                    | Gores Holdings X, Inc. - Class A                    | CUSIP: G4002F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92100 | NS      | $943564.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HCM II Acquisition Corp                 | HCM II Acquisition Corp. - Class A                  | CUSIP: G43658106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86041 | NS      | $955055.10    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Herc Holdings Inc                       | Herc Holdings, Inc.                                 | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |     10658 | NS      | $1403552.02   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Herc Holdings Inc                       | Herc Holdings, Inc.                                 | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Short            | EC               | CORP              | US        |    -10658 | NS      | $-1403552.02  | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Space Acquisition I Co          | Horizon Space Acquisition I Corp.                   | CUSIP: G4619M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15590 | NS      | $189418.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Haymaker Acquisition Corp 4             | Haymaker Acquisition Corp. 4                        | CUSIP: G4375F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110307 | NS      | $1224407.70   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp                   | Independent Bank Corp.                              | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Short            | EC               | CORP              | US        |     -8402 | NS      | $-528359.77   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Informatica Inc                         | Informatica, Inc.                                   | CUSIP: 45674M101<br>LEI: 984500E0DEFFE6DE9588 | Long             | EC               | CORP              | US        |     45063 | NS      | $1097284.05   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Inflection Point Acquisition C          | Inflection Point Acquisition Corp. III - Class A    | CUSIP: G47875102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104176 | NS      | $1067804.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dune Acquisition Corp II                | Dune Acquisition Corp. II                           | CUSIP: G2867S109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111160 | NS      | $1117158.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Acquisition Co II               | Jackson Acquisition Co. II - Class A                | CUSIP: G4992A110<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80351 | NS      | $827615.30    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Jena Acquisition Corp II                | Jena Acquisition Corp. II - Class A                 | CUSIP: G5093B121<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37263 | NS      | $383063.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Acquisition Corp                  | Rithm Acquisition Corp. - Class A                   | CUSIP: G75751100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    242338 | NS      | $2469424.22   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Capital Acquisition Corp          | Range Capital Acquisition Corp.                     | CUSIP: G7375C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101200 | NS      | $1040336.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Digital Acquisition C          | Republic Digital Acquisition Co. - Class A          | CUSIP: G7515A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55418 | NS      | $569697.04    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC DIGITAL ACQUIS-CL A            | Republic Digital Acquisition Co.                    | CUSIP: G7515A129<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      8467 | NC      | $5335.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Redfin Corp                             | Redfin Corp.                                        | CUSIP: 75737F108<br>LEI: 549300HXWD3JEMZU3O57 | Long             | EC               | CORP              | US        |    168057 | NS      | $1880557.83   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CARTESIAN GROWTH CORP II                | CARTESIAN GROWTH Corp. II                           | CUSIP: G19305112<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19063 | NS      | $227993.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RF Acquisition Corp II                  | RF Acquisition Corp. II                             | CUSIP: G75389109<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     83783 | NS      | $887261.97    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                          | Rocket Cos., Inc. - Class A                         | CUSIP: 77311W101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -133145 | NS      | $-1887996.10  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Renatus Tactical Acquisition C          | Renatus Tactical Acquisition Corp. I - Class A      | CUSIP: G7490F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73300 | NS      | $864940.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RENATUS TACTICAL ACQUISITI-A            | Renatus Tactical Acquisition Corp. I                | CUSIP: G7490F127<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     18545 | NC      | $37831.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Silverbox Corp IV                       | Silverbox Corp. IV - Class A                        | CUSIP: G81354105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70995 | NS      | $778105.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Siddhi Acquisition Corp                 | Siddhi Acquisition Corp. - Class A                  | CUSIP: G8118C124<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    261726 | NS      | $2643432.60   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SIM Acquisition Corp I                  | SIM Acquisition Corp. I - Class A                   | CUSIP: G8431T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163953 | NS      | $1710029.79   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                        | Skechers USA, Inc. - Class A                        | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |    222949 | NS      | $14068081.90  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SLAM Corp. TENDERED SHARES   /          | SLAM Corp. TENDERED SHARES   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     52059 | NS      | $617419.74    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                         | Schlumberger N.V.                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Short            | EC               | CORP              | US        |    -68651 | NS      | $-2320403.80  | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /         | UMB MONEY MARKET II SPECIAL   /                     | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             | CORP              | US        | 125013224 | PA      | $125013223.73 | 13.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Soulpower Acquisition Corp              | Soulpower Acquisition Corp. - Class A               | CUSIP: G82745103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122274 | NS      | $1227630.96   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercer Park Opportunities Corp          | Mercer Park Opportunities Corp.                     | CUSIP: G6002A196<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |     71590 | NC      | $715.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Spring Valley Acquisition Corp          | Spring Valley Acquisition Corp. II - Class A        | CUSIP: G83752108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50453 | NS      | $592822.75    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SpringWorks Therapeutics Inc            | SpringWorks Therapeutics, Inc.                      | CUSIP: 85205L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    319323 | NS      | $15004987.77  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sizzle Acquisition Corp II              | Sizzle Acquisition Corp. II - Class A               | CUSIP: G8193F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64122 | NS      | $644426.10    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Acquisition Corp                  | Titan Acquisition Corp. - Class A                   | CUSIP: G8901A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117866 | NS      | $1182195.98   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BERTO ACQUISITION CORP                  | BERTO ACQUISITION Corp.                             | CUSIP: G1051H101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158406 | NS      | $1650590.52   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tavia Acquisition Corp                  | Tavia Acquisition Corp.                             | CUSIP: G86880104<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     64961 | NS      | $667149.47    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Translational Development Acqu          | Translational Development Acquisition Corp.         | CUSIP: G9008W105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87682 | NS      | $903124.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Ventures Acquisition III          | Texas Ventures Acquisition III Corp. - Class A      | CUSIP: G8772L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    271028 | NS      | $2731962.24   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Acquisition Corp                | Voyager Acquisition Corp.                           | CUSIP: G93A7H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139013 | NS      | $1441564.81   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vine Hill Capital Investment C          | Vine Hill Capital Investment Corp. - Class A        | CUSIP: G93Y09107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    186848 | NS      | $1945087.68   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                        | Viper Energy, Inc.                                  | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Short            | EC               | CORP              | US        |    -20338 | NS      | $-775487.94   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Wen Acquisition Corp                    | Wen Acquisition Corp.                               | CUSIP: G9R39C129<br>LEI: N/A                  | Long             |  | CORP              | US        |     39762 | NS      | $421477.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Willow Lane Acquisition Corp            | Willow Lane Acquisition Corp.                       | CUSIP: G9675P128<br>LEI: 254900Z85UYRON5ZBZ90 | Long             |  | CORP              | US        |      3683 | NS      | $38303.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Yorkville Acquisition Corp              | Yorkville Acquisition Corp.                         | CUSIP: G98659108<br>LEI: N/A                  | Long             |  | CORP              | US        |     34185 | NS      | $384581.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Apidos CLO Ltd                          | Apidos CLO XXIII                                    | CUSIP: 03765YBN3<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1978490.80   | 0.21%             | 2033-04-15      | Floating      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                          | Apidos CLO XXVIII                                   | CUSIP: 03767CAE0<br>LEI: 549300QCAOUF4OXOI275 | Long             | ABS-CBDO         | CORP              | KY        |   1835000 | PA      | $1841769.50   | 0.19%             | 2031-01-20      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                          | Apidos CLO XXIX                                     | CUSIP: 03767MAY4<br>LEI: 549300AVJUID3QNR9M59 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1508739.15   | 0.16%             | 2038-07-25      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                          | Apidos CLO XXXI                                     | CUSIP: 03767XAC8<br>LEI: 549300IG6PHVJ3WBR394 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $757241.93    | 0.08%             | 2031-04-15      | Floating      | 11.12%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-15

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

**Signature:** /s/ Scott Schulenburg

**Name of Signer:** Scott Schulenburg

**Title:** President