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INVESTMENT MANAGERS SERIES TRUST II
2026-04-30
Arena Strategic Income Fund
Class I
ACSIX
This semi-annual shareholder report contains important information about the Arena Strategic Income Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(38, 48, 79); font-family: 'arial'; font-size: 9pt;">https://funddocs.filepoint.com/arenaCapital/</span>. You can also request this information by contacting us at (877) 770-7760.
https://funddocs.filepoint.com/arenaCapital/
(877) 770-7760
<div style="margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; color: rgb(38, 48, 79);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Arena Strategic Income Fund<br/>(Class I/ACSIX)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span><sup style="font-size: smaller;">1</sup></td>
</tr>
</table>
<table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; font-size: 6pt; vertical-align: super; padding: 0 6pt 0 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; vertical-align: super; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div>
</td>
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
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37
0.0075
<div style="font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; color: rgb(38, 48, 79); margin-top: 14pt;">Management's Discussion of Fund Performance</div>
<div style="font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'arial'; color: rgb(38, 48, 79);">SUMMARY OF RESULTS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the fiscal semi-annual period ended April 30, 2026, the Fund returned -0.56% (at NAV return before taxes). Over the same period, the Fund’s primary benchmark, the Bloomberg U.S. Aggregate Index, returned 0.54%, while the Fund’s secondary benchmark, the Bloomberg U.S. High Yield 1-5 Year Cash Pay 2% Index, returned 2.32%.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Fund’s credit selections underperformed both the primary and secondary benchmarks, primarily during Q4 2025. While Airlines, Cable Satellite, Financials, Food and Beverage, and Refining sectors posted positive relative outperformance, overall results were offset by declines in Retailers and Automotive industries. Performance in these latter sectors was impacted by trade policy updates, a sharp spike in fuel costs, and idiosyncratic credit developments.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Looking ahead, Arena views market conditions as continuing to be generally a yield capture environment. High yield credit spreads have widened from near historical lows, making the asset class significantly more appealing in the event either US Treasury yields and/or credit spreads rise.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Arena will continue to assess the ever-changing market environment amid shifting geopolitical and technological landscapes. Arena seeks to respond to market volatility by identifying selective opportunities, which may include considering swaps to extend duration if longer-maturity prices decline. These strategies aim to support the fund’s investment objectives over time. In addition, volatility typically slows refinancing activity, enabling us to earn high coupons for longer on our rolling call bonds.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Arena Team</div>
<div style="font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; color: rgb(38, 48, 79); margin-top: 14pt;">Fund Performance</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div>
<div style="font-size: 9pt; margin-top: 0px; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-family: 'arial'; color: rgb(38, 48, 79);">GROWTH OF $100,000</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1120726.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Arena Strategic Income Fund (Class I/ACSIX)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.79<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.56<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.06<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.21<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg US Corporate High Yield Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.84<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.22<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Barclays U.S. High Yield 1-5 Yr Cash Pay 2% Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.28<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td>
</tr>
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<tr style="break-inside: avoid-page; height: auto; border-bottom-width: initial; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); font-style: italic; text-align: left; font-size: 6pt; vertical-align: super; width: 3pt; font-weight: normal; padding: 0;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-style: italic; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div>
</td>
<td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); font-style: italic; vertical-align: top; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;">
<div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-style: italic; font-size: 7.5pt;">Class I shares commenced operations on December 30, 2022.</div>
</td>
</tr>
</table>
Arena Strategic Income Fund (Class I/ACSIX)
0.0579
0.0956
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0421
Bloomberg US Corporate High Yield Index
0.0884
0.0822
Bloomberg Barclays U.S. High Yield 1-5 Yr Cash Pay 2% Index
0.0828
0.0895
2022-12-30
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; color: rgb(38, 48, 79); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>50,996,582</td>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">134</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">44<span>%</span></td>
</tr>
</table>
50996582
134
0.44
<div style="margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; color: rgb(38, 48, 79);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. Interest rates presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents the bonds, common stocks, leveraged loans, and preferred stocks of the Fund.</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(38, 48, 79); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Icahn Enterprises LP / Icahn Enterprises Finance Corp., 9.750%, 1/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Windstream Services LLC, 8.250%, 10/1/2031</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">LendingTree, Inc., 8.841%, 8/21/2030</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">CITGO Petroleum Corp., 8.375%, 1/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Victoria's Secret & Co, 4.625%, 7/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">PG&E Corp., 4.250%, 12/1/2027</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">United Rentals North America, Inc., 6.000%, 12/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Likewize Corp., 10.350%, 8/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Rand Parent LLC, 8.500%, 2/15/2030</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.6<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(38, 48, 79); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120731.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(38, 48, 79); margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120736.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(38, 48, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(38, 48, 79); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Icahn Enterprises LP / Icahn Enterprises Finance Corp., 9.750%, 1/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Windstream Services LLC, 8.250%, 10/1/2031</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">LendingTree, Inc., 8.841%, 8/21/2030</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">CITGO Petroleum Corp., 8.375%, 1/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Victoria's Secret & Co, 4.625%, 7/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">PG&E Corp., 4.250%, 12/1/2027</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">United Rentals North America, Inc., 6.000%, 12/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Likewize Corp., 10.350%, 8/15/2029</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Rand Parent LLC, 8.500%, 2/15/2030</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.6<span>%</span></td>
</tr>
</table>
0.025
0.021
0.020
0.020
0.019
0.018
0.018
0.017
0.017
0.016
<div style="font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; color: rgb(38, 48, 79); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
Annualized.
Class I shares commenced operations on December 30, 2022.