ThZeal - The Zeal

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-22894

INVESTMENT MANAGERS SERIES TRUST II

(Exact name of registrant as specified in charter)

235 W. Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

Registrant's telephone number, including area code:

(626) 385-5777

Date of fiscal year end:

October 31

Date of reporting period:

April 30, 2025

Item 1. Report to Stockholders.

The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

The Ambassador Fund

EMPIX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025

This semi-annual shareholder report contains important information about the The Ambassador Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.embassyfunds.com/the-ambassador-fund/. You can also request this information by contacting us at (877) 771-7731.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Ambassador Fund (EMPIX)	$71	1.40%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$511,869,740
Total number of portfolio holdings	126
Portfolio turnover rate as of the end of the reporting period	82%

Graphical Representation of Holdings

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 Geography Allocation exclude short-term holdings, if any. Interest rate presented in the Top Ten Holdings are as of the reporting period end. The Geography Allocation chart represents Event Linked Bonds of the Fund.

Top Ten Holdings

Mona Lisa Re Ltd., 6/25/2027	3.5%
Lightning Re Series 2023-1, 3/31/2026	2.8%
Bridge Street Re Ltd., 1/7/2028	2.5%
Cape Lookout Re Ltd., 4/28/2026	1.9%
Consulate Re 2025-10, 4.044%, 12/31/2025	1.9%
Consulate Re 2025-11, 4.044%, 12/31/2025	1.8%
Recoletos Re DAC, 1/7/2028	1.8%
Tomoni Re Pte Ltd., 4/7/2026	1.8%
Consulate Re 2025-9A, 4.044%, 12/31/2025	1.6%
Sanders RE II Ltd., 4/8/2030	1.6%

Asset Allocation

Graphical Representation - Allocation 1 Chart

Geography Allocation

Graphical Representation - Allocation 2 Chart

Material Fund Changes

The Fund did not have any material changes that occurred since the beginning of the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.embassyfunds.com/the-ambassador-fund/. You can also request this information by contacting us at (877) 771-7731.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 771-7731 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Ambassador Fund

The Diplomat Fund

EMWIX

SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025

This semi-annual shareholder report contains important information about the The Diplomat Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.embassyfunds.com/the-diplomat-fund/. You can also request this information by contacting us at (877) 771-7731.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Diplomat Fund (EMWIX)	$53	1.04%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$4,408,669
Total number of portfolio holdings	4
Portfolio turnover rate as of the end of the reporting period	0%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Holdings exclude short-term holdings, if any. Interest rate presented in the Top Holdings are as of the reporting period end.

Top Holdings

United States Treasury Note, 3.875%, 8/15/2033	53.2%
United States Treasury Note, 4.000%, 2/15/2034	39.3%
United States Treasury Note, 4.500%, 11/15/2033	4.3%

Asset Allocation

Material Fund Changes

The Fund did not have any material changes that occurred since the beginning of the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.embassyfunds.com/the-diplomat-fund/. You can also request this information by contacting us at (877) 771-7731.

Householding

The Diplomat Fund

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

This report and the financial statements contained herein are provided for the general information of the shareholders of the Embassy Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective shareholder report and prospectus.

The Ambassador Fund is organized as a non-diversified series and The Diplomat Fund is organized as a diversified series of Investment Managers Series Trust II, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Ambassador Fund’s primary investment objective is to seek current income and pursues its investment objective by investing primarily in "catastrophe" or "cat" bonds ("Cat Bonds"). The Ambassador Fund commenced investment operations on December 29, 2021. The Diplomat Fund’s primary investment objective is to seek total return and pursues its investment objective by investing primarily in debt securities of the U.S. Government and interest rate futures contracts related to debt securities (“Interest Rate Futures”). The Diplomat Fund commenced investment operations on September 13, 2022.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services — Investment Companies”.

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the Financial Highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Fund based on performance measurements. The Advisor is deemed to be the Chief Operating Decision Maker (“CODM”) with respect to the Funds’ investment decisions.

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

The Funds value investments in open-end investment companies at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider factors such as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Funds might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Funds’ valuation designee (the “Valuation Designee”) to make all fair value determinations with respect to the Funds’ portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Funds must utilize fair value pricing.

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.

Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately made.

The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized gains to their shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’ current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of October 31, 2024, and during all open tax years, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Diplomat Fund will make distributions of net investment income quarterly, and The Ambassador Fund will make distributions of net investment income monthly. The Funds will make distributions of net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Advisor, at any time determines that the value of illiquid securities held by a Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds’ written LRMP.

Corporate debt securities are fixed-income securities issued by businesses to finance their operations, although corporate debt instruments may also include bank loans to companies. Notes, bonds, bank loans, debentures and commercial paper are the most common types of corporate debt securities, with the primary difference being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. The broad category of corporate debt securities includes debt issued by domestic or foreign companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment grade or below investment grade and may carry variable or floating rates of interest.

Corporate debt securities carry credit risk, interest rate risk and prepayment risk. Credit risk is the risk that a fund could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due. Some corporate debt securities that are rated below investment grade are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. The credit risk of a particular issuer’s debt security may vary based on its priority for repayment.

Interest rate risk is the risk that the value of certain corporate debt securities will tend to fall when interest rates rise. In general, corporate debt securities with longer terms tend to fall more in value when interest rates rise than corporate debt securities with shorter terms. Prepayment risk occurs when issuers prepay fixed rate debt securities when interest rates fall, forcing the Fund to invest in securities with lower interest rates. Issuers of debt securities are also subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors that may restrict the ability of the issuer to pay, when due, the principal of and interest on its debt securities.

The principal risk of an investment in an insurance-linked security is that a triggering event(s) (e.g., (i) natural events, such as hurricanes, earthquakes, tornadoes, pandemics, fires and floods; or (ii) certain non-natural events resulting from human activity such as commercial and industrial accidents or business interruptions), will occur and a Fund will lose all or a significant portion of the principal it has invested in the security and the right to additional interest payments with respect to the security. For example, major natural disasters or commercial and industrial accidents can result in significant losses and investors in insurance-linked securities tied to such exposures may also experience substantial losses. If the likelihood and severity of natural and other large disasters increase, the risk of significant losses to reinsurers may increase. Typically, one significant triggering event (even in a major metropolitan area) will not result in financial failure to a reinsurer. However, a series of major triggering events could cause the failure of a reinsurer. Similarly, to the extent a Fund invests in insurance-linked securities for which a triggering event occurs, losses associated with such event will result in losses to the Fund and a series of major triggering events affecting a large portion of the insurance-linked securities held by the Fund will result in substantial losses to the Fund. A majority of The Ambassador Fund’s assets will typically be invested in insurance-linked securities tied to natural events and/or non-natural disasters and there is inherent uncertainty as to whether, when or where such events will occur. There is no way to accurately predict whether a triggering event will occur and, because of this uncertainty, insurance-linked securities carry a high degree of risk.

Catastrophe Bonds (“Cat Bonds”), a type of event-linked bond, carry significant uncertainties and major risk exposures to adverse conditions. If a trigger event occurs, as defined within the terms of a Cat Bond, a Fund may lose a portion or all of its investment in such security, including accrued interest and/or principal invested in such security. Because Cat Bonds cover “catastrophe” events that, if they occur, will result in significant losses, they carry a high degree of risk of loss and are considered “high yield” or “junk bonds.” The rating of a Cat Bond, if any, primarily reflects the rating agency’s calculated probability that a pre-defined trigger event will occur. Thus, lower-rated bonds have a greater likelihood of a triggering event occurring, resulting in potential loss to a Fund. A majority of The Ambassador Fund's assets will typically be invested in Cat Bonds.

The Funds may enter into futures contracts (including contracts relating to foreign currencies, interest rates, commodities securities and other financial indexes and other commodities), and purchase and write (sell) related options traded on exchanges designated by the Commodity Futures Trading Commission (“CFTC”) or, consistent with CFTC regulations, on foreign exchanges. The Diplomat Fund intends to invest primarily in positions on U.S. Treasury Futures contracts. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract originally was written. The clearing house of the exchange on which a futures contract is entered into becomes the counterparty to each purchaser and seller of the futures contract.

A futures contract held by a Fund is valued daily at the official settlement price on the exchange on which it is traded. Each day a futures contract is held, the Fund pays or receives cash, called “variation margin,” equal to the daily change in value of the futures contract. Variation margin does not represent borrowing or a loan by the Fund but is instead a settlement between the Fund and the broker of the amount one would owe the other if the futures contract expired. The Fund also is required to deposit and to maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. Although some futures contracts call for making or taking delivery of the underlying assets, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (involving the same exchange, underlying security or index and delivery month). If an offsetting purchase price is less than the original sale price, a Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, a Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs also must be included in these calculations. As discussed below, however, the Funds may not always be able to make an offsetting purchase or sale. In the case of a physically settled futures contract, this could result in the Funds being required to deliver, or receive, the underlying physical commodity, which could be adverse to the Funds.

At any time prior to the expiration of a futures contract, a Fund may seek to close the position by seeking to take an opposite position, which would operate to terminate the Fund’s existing position in the contract. Positions in futures contracts and options on futures contracts may be closed out only on the exchange on which they were entered into (or through a linked exchange). No secondary market for such contracts exists. Although the Funds may enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist at any particular time. Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting the Fund to substantial losses. In such event, and in the event of adverse price movements, the Fund would be required to make daily cash payments of variation margin. In such situations, if the Fund had insufficient cash, it might have to sell assets to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances the Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the Fund’s performance.

The Funds may utilize forward foreign currency exchange contracts (“forward contracts”) under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All contracts are “marked-to-market” daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Funds record realized gains or losses at the time the forward contract is settled. Counter parties to these forward contracts are major U.S. financial institutions.

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with Embassy Asset Management LP (the “Advisor”). Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor based on each Fund’s average daily net assets. The annual rates are listed by Fund in the table below. The Advisor has contractually agreed to waive its fees and/or pay for operating expenses (excluding any Rule 12b-1 fees, shareholder servicing fees, interest on borrowings other than commitment fees associated with borrowing arrangements, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), other expenditures which are capitalized in accordance with generally accepted accounting principles, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) in order to limit total annual operating expenses of each Fund. Prior to October 31, 2022, commitment fees were excluded from the agreement. This agreement is effective until February 28, 2026 for the Funds, and it may be terminated before that date only by the Trust's Board of Trustees. The table below contains the annual investment advisory fees and expense cap by Fund.

For the six months ended April 30, 2025, the Advisor recovered expenses totaling $86,397 from The Ambassador Fund and waived its advisory fees and absorbed other expenses totaling $100,473 for The Diplomat Fund. The Advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Funds for a period ending three years after the date of the waiver or payment. This reimbursement may be requested from the Funds if the reimbursement will not cause the Funds’ annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. The potential recoverable amounts are noted as “Commitments and contingencies” as reported on the Statements of Assets and Liabilities. The Advisor may recapture all or a portion of this amount no later than October 31 of the years stated below:

UMB Fund Services, Inc. (“UMBFS”) serves as the Funds’ fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Funds’ other co-administrator. UMB Bank, n.a., (“UMB Bank”) an affiliate of UMBFS, serves as the Funds’ custodian. The Funds’ allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended April 30, 2025, are reported on the Statements of Operations.

IMST Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), serves as the Funds’ distributor (the “Distributor”). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Fund’s co-administrators. For the six months ended April 30, 2025, the Funds’ allocated fees incurred to Trustees who are not affiliated with the Funds’ co-administrators are reported on the Statements of Operations.

The Funds’ Board of Trustees has adopted a Deferred Compensation Plan (the “Plan”) for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various fund(s) in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds’ liability for these amounts is adjusted for market value changes in the invested fund(s) and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Funds and is disclosed in the Statements of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation (depreciation) and income are included in the Trustees’ fees and expenses in the Statements of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Funds’ allocated fees incurred for CCO services for the six months ended April 30, 2025, are reported on the Statements of Operations.

At April 30, 2025, gross unrealized appreciation (depreciation) of investments, based on cost for federal income tax purposes were as follows:

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

The tax basis of the components of distributable earnings (accumulated deficit) at October 31, 2024 were as follows:

The tax character of distributions paid by The Ambassador Fund and by The Diplomat Fund for the year ended October 31, 2024 and the periods ended October 31, 2023 were as follows:

To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the six months ended April 30, 2025, were as follows:

In the normal course of business, the Funds enter into contracts that contain a variety of representations, which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Funds expect the risk of loss to be remote.

Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad Levels as described below:

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of April 30, 2025, in valuing the Funds’ assets carried at fair value:

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value for The Ambassador Fund:

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of April 30, 2025 for The Ambassador Fund.

Derivatives and Hedging requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effects on the Funds’ financial position and performance. During the six months ended April 30, 2025, The Diplomat Fund invested in futures contracts and The Ambassador Fund invested in foreign currency contracts.

The effects of these derivative instruments on the Fund’s financial position and financial performance as reflected in the Statements of Assets and Liabilities and Statements of Operations are presented in the tables below. The fair values of derivative instruments, as of April 30, 2025, by risk category are as follows:

The effects of derivative instruments on the Statements of Operations for the six months ended April 30, 2025, are as follows:

The average quarterly volume of derivative instruments held by the Funds during the six months ended April 30, 2025 are as follows:

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Funds may invest in restricted securities that are consistent with the Funds’ investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

Additional information on each restricted security held by the Fund on April 30, 2025 is as follows:

The Ambassador Fund entered into a Committed Repurchase Agreement Facility (“CRAF”) with UMB Bank, N.A on March 21, 2022. The terms were updated on April 3, 2025, and are set quarterly to follow either a 30-day or 60-day term reverse repurchase offer amounting to the lesser of 10% of the Fund’s assets or a total CRAF amount between $30,000,000 and $50,000,000 inclusive. The Fund is charged interest of Federal Funds Target Range - Upper Bound (FDTR) (or the published target rate if the Federal Reserve should no longer present a range) plus 1.00 %. In addition to an annual non-refundable minimum commitment fee of $75,000, the Fund also pays an excess amount if the quarterly commitment fee is greater than $18,750. Such excess amount is calculated at 0.25% on the CRAF amount on the 30-day term, and at 0.35% on the 60-day term minus quarterly base commitment fee of $18,750. The Fund did not borrow from the CRAF during the six months ended April 30, 2025.

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a) 9 of the Act. As of April 30, 2025, beneficial ownership in excess of 25% is as follows:

The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds’ financial statements.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Instruction to paragraph (a)(2). – Not Applicable.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Principal Amount¹			Value
		EVENT LINKED BONDS — 78.8%
		EUROPE — 2.6%
		EARTHQUAKE — 0.5%
	2,250,000	Azzurro Re II DAC 3-Month Euribor + 639.00 basis points, 4/20/2028^2,3	$	2,582,899
		MULTI-PERIL — 0.4%
	500,000	Lion III Re DAC 3-Month Euribor + 413.00 basis points, 7/16/2025^2,3		568,936
	1,250,000	Orange Capital Re DAC 3-Month Euribor + 600.00 basis points, 1/17/2029^2,3		1,417,667
				1,986,603
		WINDSTORM — 1.7%
	2,500,000	Blue Sky Re DAC 3-Month Euribor + 616.00 basis points, 1/26/2027^2,3,4		2,948,907
	2,500,000	Eiffel Re Ltd. 3-Month Euribor + 358.00 basis points, 1/19/2027^2,3		2,869,888
	1,300,000	Taranis Reinsurance DAC 3-Month Euribor + 631.00 basis points, 1/21/2028^2,3,4		1,498,527
	1,000,000	Windmill III Re DAC 3-Month Euribor + 525.00 basis points, 7/5/2028^2,3		1,147,049
				8,464,371
		TOTAL EUROPE
		(Cost $12,302,737)		13,033,873
		GLOBAL — 24.9%
		MULTI-PERIL — 24.9%
	2,500,000	3264 Re Ltd. 3-Month U.S. Treasury Bill + 300.00 basis points, 2/7/2028^2,3,4		2,503,500
	750,000	Aragonite Re Ltd. 3-Month U.S. Treasury Bill + 525.00 basis points, 4/7/2027^2,3,4		777,300
	250,000	Ashera Re 3-Month U.S. Treasury Bill + 519.00 basis points, 4/7/2027^2,3,4		255,275
	4,000,000	Atlas Capital DAC SOFR Index + 50.00 basis points, 6/7/2028^2,3,4		3,994,000
	12,750,000	Bridge Street Re Ltd. 3-Month U.S. Treasury Bill + 400.00 basis points, 1/7/2028^2,3,4		12,692,625
	1,290,000	Fuchsia 2023-1 - London Bridge 2 PCC Ltd. 3-Month U.S. Treasury Bill + 1,000.00 basis points, 4/6/2027^2,3,4		1,340,439
	4,000,000	Fuchsia 2024-1 - London Bridge 2 PCC Ltd. 3-Month U.S. Treasury Bill + 500.00 basis points, 4/6/2028^2,3,4		4,016,000
	2,000,000	Kendall Re Ltd. 3-Month U.S. Treasury Bill + 625.00 basis points, 4/30/2027^2,3		2,092,400
		Kilimanjaro II Re Ltd.
	6,500,000	3-Month U.S. Treasury Bill + 625.00 basis points, 6/30/2028^2,3,4		6,778,850
	1,000,000	3-Month U.S. Treasury Bill + 725.00 basis points, 6/30/2028^2,3,4		1,051,200

Principal Amount¹			Value
		MULTI-PERIL (Continued)
		Kilimanjaro III Re Ltd.
	3,740,000	3-Month U.S. Treasury Bill + 456.00 basis points, 4/20/2026^2,3,4,5	$	3,747,106
	250,000	3-Month U.S. Treasury Bill + 486.00 basis points, 4/20/2026^2,3,4		250,425
	6,900,000	3-Month U.S. Treasury Bill + 1,236.00 basis points, 4/20/2026^2,3,4		6,915,180
	4,500,000	Matterhorn Re Ltd. 3-Month U.S. Treasury Bill + 700.00 basis points, 2/4/2028^2,3,4		4,485,600
	3,250,000	MMIFS Re Ltd. 1/10/2028		2,357,464
		Mona Lisa Re Ltd.
	1,250,000	3-Month U.S. Treasury Bill + 700.00 basis points, 7/8/2025^2,3,4		1,250,625
	250,000	3-Month U.S. Treasury Bill + 1,225.00 basis points, 1/8/2026^2,3,4		259,225
	16,750,000	3-Month U.S. Treasury Bill + 975.00 basis points, 6/25/2027^2,3,4		18,155,324
	3,500,000	3-Month U.S. Treasury Bill + 800.00 basis points, 1/8/2029^2,3,4		3,509,100
		Montoya Re Ltd.
	4,750,000	1-Month U.S. Treasury Bill + 575.00 basis points, 4/7/2028^2,3,4		4,695,375
	5,250,000	1-Month U.S. Treasury Bill + 575.00 basis points, 4/7/2028^2,3,4		5,245,800
		Mystic Re IV Ltd.
	7,080,000	3-Month U.S. Treasury Bill + 893.00 basis points, 1/8/2026^2,3,4		7,271,868
	3,000,000	3-Month U.S. Treasury Bill + 400.00 basis points, 1/10/2028^2,3		2,985,000
	4,750,000	Northshore Re II Ltd. 3-Month U.S. Treasury Bill + 500.00 basis points, 4/7/2028^2,3,4		4,729,575
		Ocelot Re Ltd.
	6,000,000	3-Month U.S. Treasury Bill + 450.00 basis points, 2/26/2029^2,3,4		5,970,000
	5,000,000	3-Month U.S. Treasury Bill + 625.00 basis points, 2/26/2029^2,3,4		4,967,000
	1,000,000	Phoenix 3 RE Pte Ltd. 1/4/2039⁴		1,101,800
	3,000,000	Ramble Re Ltd. 3-Month U.S. Treasury Bill + 625.00 basis points, 3/5/2027^2,3,4		2,988,300
	3,750,000	Riverfront Re Ltd. 3-Month U.S. Treasury Bill + 550.00 basis points, 1/8/2029^2,3,4		3,749,625
		Titania Re Ltd.
	4,250,000	1-Month U.S. Treasury Bill + 625.00 basis points, 11/26/2027^2,3,4		4,262,750
	2,000,000	1-Month U.S. Treasury Bill + 950.00 basis points, 11/26/2027^2,3,4		2,004,400
	1,000,000	Wrigley Re Ltd. 3-Month U.S. Treasury Bill + 650.00 basis points, 8/7/2026^2,3,4		1,016,500
		TOTAL GLOBAL
		(Cost $126,753,787)		127,419,631
		JAPAN — 3.5%
		EARTHQUAKE — 1.1%
		Nakama Re Pte Ltd.
	3,110,000	3-Month U.S. Treasury Bill + 235.00 basis points, 4/4/2029^2,3		3,137,368
	2,500,000	3-Month U.S. Treasury Bill + 210.00 basis points, 4/23/2030^2,3		2,497,500
				5,634,868

Principal Amount¹			Value
		MULTI-PERIL — 2.4%
		Tomoni Re Pte Ltd.
	9,145,000	3-Month U.S. Treasury Bill + 209.00 basis points, 4/7/2026^2,3	$	9,142,257
	3,000,000	3-Month U.S. Treasury Bill + 400.00 basis points, 4/5/2028^2,3		3,047,400
				12,189,657
		TOTAL JAPAN
		(Cost $17,721,705)		17,824,525
		UNITED STATES — 47.8%
		EARTHQUAKE — 6.1%
	1,250,000	Logistics Re Ltd. 1-Month U.S. Treasury Bill + 600.00 basis points, 12/21/2027^2,3,4		1,270,125
		Torrey Pines Re Ltd.
	5,475,000	3-Month U.S. Treasury Bill + 521.60 basis points, 6/5/2026^2,3		5,594,355
	4,125,000	1-Month U.S. Treasury Bill + 375.00 basis points, 6/7/2028^2,3,4		4,125,000
		Ursa Re II Ltd.
	2,925,000	3-Month U.S. Treasury Bill + 500.00 basis points, 6/16/2025^2,3,4		2,925,877
	6,000,000	3-Month U.S. Treasury Bill + 700.00 basis points, 12/6/2025^2,3,4		6,139,800
	4,000,000	Ursa Re Ltd. 3-Month U.S. Treasury Bill + 550.00 basis points, 12/6/2025^2,3,4		4,058,800
		Veraison Re Ltd.
	3,750,000	1-Month U.S. Treasury Bill + 678.80 basis points, 3/9/2026^3,6		3,868,125
	3,000,000	1-Month U.S. Treasury Bill + 350.00 basis points, 3/8/2028^2,3,4		2,970,600
	250,000	Wrigley Re Ltd. 3-Month U.S. Treasury Bill + 700.00 basis points, 8/7/2026^2,3,4		259,225
				31,211,907
		MULTI-PERIL — 15.2%
	2,500,000	Aquila Re I Ltd. Series 2023-1 3-Month U.S. Treasury Bill + 565.00 basis points, 6/8/2026^2,3,4		2,540,750
	500,000	Aquila Re I Ltd. Series 2024-1 3-Month U.S. Treasury Bill + 550.00 basis points, 6/7/2027^2,3,4		507,750
	2,000,000	Atela Re Ltd. 3-Month U.S. Treasury Bill + 1,425.00 basis points, 5/9/2027^2,3		2,151,600
	4,500,000	Foundation Re IV Ltd. 3-Month U.S. Treasury Bill + 625.00 basis points, 1/8/2027^2,3,4		4,544,550
		Four Lakes Re Ltd.
	2,260,000	3-Month U.S. Treasury Bill + 646.00 basis points, 1/7/2026^2,3,4		2,277,402
	2,250,000	3-Month U.S. Treasury Bill + 550.00 basis points, 1/7/2028^2,3,4		2,238,075
	5,250,000	Genesee Street Re Ltd. 1-Month U.S. Treasury Bill + 325.00 basis points, 4/7/2028^2,3,4		5,250,000
	1,000,000	Herbie Re Ltd. 3-Month U.S. Treasury Bill + 725.00 basis points, 1/8/2029^2,3,4		998,400
	750,000	High Point Re Ltd. 3-Month U.S. Treasury Bill + 575.00 basis points, 1/6/2027^2,3,4		753,675

Principal Amount¹			Value
		MULTI-PERIL (Continued)
	1,425,000	Locke Tavern Re Ltd. 3-Month U.S. Treasury Bill + 478.20 basis points, 4/9/2026^2,3	$	1,439,963
	1,000,000	Long Point Re IV Ltd. 3-Month U.S. Treasury Bill + 425.00 basis points, 6/1/2026^2,3,4		1,006,500
	500,000	Mayflower Re Ltd. 1-Month U.S. Treasury Bill + 450.00 basis points, 7/8/2027^2,3,4		508,750
		Merna Reinsurance II Ltd.
	6,500,000	3-Month U.S. Treasury Bill + 775.00 basis points, 7/7/2026^2,3,5		6,652,750
	5,750,000	3-Month U.S. Treasury Bill + 850.00 basis points, 7/7/2027^2,3,4,5		5,839,700
	5,115,000	Residential Reinsurance 2004 Ltd. 3-Month U.S. Treasury Bill + 525.00 basis points, 12/6/2028^2,3		5,159,500
	500,000	Residential Reinsurance 2022 Ltd. 3-Month U.S. Treasury Bill + 769.00 basis points, 12/6/2026^2,3		516,050
	6,875,000	Residential Reinsurance 2023 Ltd. 3-Month U.S. Treasury Bill + 592.00 basis points, 12/6/2027^2,3		7,056,500
		Sanders RE II Ltd.
	2,500,000	3-Month U.S. Treasury Bill + 400.00 basis points, 4/7/2028^2,3		2,497,500
	2,750,000	3-Month U.S. Treasury Bill + 450.00 basis points, 4/7/2028^2,3		2,747,250
	8,000,000	3-Month U.S. Treasury Bill + 425.00 basis points, 4/8/2030^2,3		7,992,000
	2,750,000	3-Month U.S. Treasury Bill + 475.00 basis points, 4/8/2030^2,3		2,747,250
		Sanders Re III Ltd.
	3,451,000	3-Month U.S. Treasury Bill + 645.00 basis points, 6/7/2025^2,3		3,451,000
	3,125,000	3-Month U.S. Treasury Bill + 627.00 basis points, 4/7/2027^2,3		3,227,500
	3,000,000	Topanga Re Ltd. 3-Month U.S. Treasury Bill + 505.00 basis points, 1/8/2026^2,3		2,892,000
		Yosemite Re Ltd.
	250,000	3-Month U.S. Treasury Bill + 1,059.50 basis points, 6/6/2025^2,3		251,650
	2,500,000	3-Month U.S. Treasury Bill + 725.00 basis points, 6/7/2028^2,3,4		2,496,000
				77,744,065
		WINDSTORM — 26.5%
	1,500,000	3264 Re Ltd. 3-Month U.S. Treasury Bill + 700.00 basis points, 7/8/2027^2,3,4		1,578,300
	5,000,000	Alamo Re Ltd. 1-Month U.S. Treasury Bill + 600.00 basis points, 6/7/2027^2,3		5,158,500
		Bayou Re Ltd.
	6,250,000	1-Month U.S. Treasury Bill + 850.00 basis points, 4/30/2027^2,3,4		6,620,625
	2,500,000	1-Month U.S. Treasury Bill + 700.00 basis points, 5/8/2028^2,3,4		2,503,750
	5,000,000	Blue Ridge Re Ltd. 3-Month U.S. Treasury Bill + 525.00 basis points, 1/8/2027^2,3,4		5,132,500
	1,500,000	Bonanza Re Ltd. 3-Month U.S. Treasury Bill + 845.00 basis points, 1/8/2026^2,3		1,521,750
		Cape Lookout Re Ltd.
	9,400,000	1-Month U.S. Treasury Bill + 720.00 basis points, 4/28/2026^2,3		9,610,560
	4,250,000	1-Month U.S. Treasury Bill + 690.00 basis points, 3/13/2028^2,3,4		4,267,000

Principal Amount¹			Value
		WINDSTORM (Continued)
	780,000	Catahoula II Re Pte Ltd. 1-Month U.S. Treasury Bill + 1,336.00 basis points, 6/16/2025^2,3	$	788,424
	1,500,000	Charles River Re Ltd. 1-Month U.S. Treasury Bill + 675.00 basis points, 5/10/2027^2,3		1,528,500
		Citrus Re Ltd.
	3,000,000	3-Month U.S. Treasury Bill + 877.00 basis points, 6/7/2026^2,3,4		3,106,800
	3,000,000	3-Month U.S. Treasury Bill + 450.00 basis points, 6/7/2028^2,3,4		2,985,600
	1,250,000	3-Month U.S. Treasury Bill + 775.00 basis points, 6/7/2028^2,3,4		1,239,750
	7,750,000	Commonwealth Re Ltd. 3-Month U.S. Treasury Bill + 427.00 basis points, 7/8/2026^2,3		7,839,125
	3,650,000	Everglades Re II Ltd. 1-Month U.S. Treasury Bill + 1,050.00 basis points, 5/13/2027^2,3,4		3,815,710
	1,000,000	First Coast Re IV Ltd. 3-Month U.S. Treasury Bill + 650.00 basis points, 3/10/2028^2,3,4		998,000
	6,750,000	Fish Pond Re Ltd. 1-Month U.S. Treasury Bill + 402.00 basis points, 1/8/2027^2,3,4		6,900,525
		Gateway Re Ltd.
	500,000	3-Month U.S. Treasury Bill, 12/22/2025^2,3		458,800
	4,500,000	1-Month U.S. Treasury Bill + 950.00 basis points, 7/7/2027^2,3,4		4,475,700
	4,750,000	1-Month U.S. Treasury Bill + 550.00 basis points, 7/8/2027^2,3,4		4,723,875
	2,000,000	1-Month U.S. Treasury Bill + 700.00 basis points, 7/7/2028^2,3,4		1,994,000
	5,750,000	1-Month U.S. Treasury Bill + 425.00 basis points, 7/7/2028^2,3,4		5,676,400
	1,250,000	Hestia Re Ltd. 1-Month U.S. Treasury Bill + 675.00 basis points, 3/13/2028^2,3,4		1,240,625
		Integrity RE III Ltd.
	1,250,000	1-Month U.S. Treasury Bill + 800.00 basis points, 6/6/2027^2,3		1,238,875
	2,500,000	1-Month U.S. Treasury Bill + 800.00 basis points, 6/6/2028^2,3		2,478,750
	13,725,000	Lightning Re Series 2023-1 3-Month U.S. Treasury Bill + 1,100.00 basis points, 3/31/2026^2,3,4		14,095,575
	250,000	Lower Ferry Re Ltd. 1-Month U.S. Treasury Bill + 443.00 basis points, 7/8/2026^2,3,4		253,550
	1,000,000	Marlon Ltd. 3-Month U.S. Treasury Bill + 700.00 basis points, 6/7/2027^2,3,4		1,023,400
		Merna Reinsurance II Ltd.
	5,000,000	3-Month U.S. Treasury Bill + 749.00 basis points, 7/7/2025^2,3		5,028,000
	250,000	3-Month U.S. Treasury Bill + 753.00 basis points, 7/7/2025^2,3		251,875
		Nature Coast Re Ltd.
	2,900,000	3-Month U.S. Treasury Bill + 1,000.00 basis points, 12/7/2026^2,3,4		3,003,820
	750,000	3-Month U.S. Treasury Bill + 1,350.00 basis points, 12/7/2026^2,3,4		776,850
	4,000,000	3-Month U.S. Treasury Bill + 975.00 basis points, 1/16/2029^2,3,4		3,988,400
		Palm RE Ltd.
	1,600,000	1-Month U.S. Treasury Bill + 950.00 basis points, 6/7/2027^2,3,4		1,678,560
	2,000,000	1-Month U.S. Treasury Bill + 775.00 basis points, 6/7/2028^2,3,4		1,997,000

Item 7. Financial Statements and Financial Highlights
Schedule of Investments
The Ambassador Fund	1
The Diplomat Fund	9
Statements of Assets and Liabilities	10
Statements of Operations	11
Statements of Changes in Net Assets
The Ambassador Fund	12
The Diplomat Fund	13
Statement of Cash Flows	14
Financial Highlights
The Ambassador Fund	15
The Diplomat Fund	16
Notes to Financial Statements	17

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 6.8%
	34,974,268	Fidelity Investments Money Market Government Portfolio - Class I 4.18%⁹	$	34,974,268
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $34,974,268)		34,974,268
		TOTAL INVESTMENTS — 97.1%
		(Cost $494,617,046)		497,167,425
		Other Assets in Excess of Liabilities — 2.9%		14,702,315
		TOTAL NET ASSETS — 100.0%	$	511,869,740

Sale Contracts	Counterparty	Currency Exchange	Settlement Date	Currency Amount Sold			Value At Settlement Date			Value At April 30, 2025			Unrealized Appreciation/ (Depreciation)
Euro	UMB Bank NA	EUR per USD	6/10/2025		(1,000,000	)		(1,084,280	)		(1,135,886	)		(51,606	)
Euro	UMB Bank NA	EUR per USD	6/10/2025		(1,500,000	)		(1,641,600	)		(1,703,830	)		(62,230	)
Euro	UMB Bank NA	EUR per USD	6/10/2025		(1,848,000	)		(2,004,027	)		(2,099,118	)		(95,091	)
Euro	UMB Bank NA	EUR per USD	7/15/2025		(2,000,000	)		(2,199,400	)		(2,276,709	)		(77,309	)
Canadian Dollar	UMB Bank NA	CAD per USD	9/4/2025		(3,250,000	)		(2,265,914	)		(2,371,965	)		(106,051	)
Euro	UMB Bank NA	EUR per USD	3/16/2026		(2,250,000	)		(2,492,177	)		(2,594,873	)		(102,696	)
Euro	UMB Bank NA	EUR per USD	4/20/2026		(2,450,000	)		(2,864,246	)		(2,831,101	)		33,145
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS							$	(14,551,644	)	$	(15,013,482	)	$	(461,838	)

Principal Amount			Value
		U.S. TREASURY NOTES — 96.8%
		United States Treasury Note
$	2,376,200	3.875%, 8/15/2033¹	$	2,346,127
	183,000	4.500%, 11/15/2033		188,619
	1,744,500	4.000%, 2/15/2034		1,731,144
		TOTAL U.S. TREASURY NOTES
		(Cost $4,136,956)		4,265,890

Number of Shares
		SHORT-TERM INVESTMENTS — 0.5%
	21,854	Fidelity Investments Money Market Government Portfolio - Class I 4.179%²		21,854
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $21,854)		21,854
		TOTAL INVESTMENTS — 97.3%
		(Cost $4,158,810)		4,287,744
		Other Assets in Excess of Liabilities — 2.7%		120,925
		TOTAL NET ASSETS — 100.0%	$	4,408,669

	The Ambassador Fund			The Diplomat Fund
Assets:
Investments, at value (cost $494,617,046 and 4,158,810, respectively)	$	497,167,425		$	4,287,744
Foreign currency, at value (cost $1,157,616 and 0, respectively)		1,148,627			-
Cash		794,696			-
Cash deposited with brokers for futures contracts		-			118,176
Receivables:
Investment securities sold		12,279,300			-
Unrealized appreciation on forward foreign currency exchange contracts		33,145			-
Fund shares sold		8,807,676			-
Dividends and interest		3,256,660			37,407
Due from Advisor		-			14,062
Prepaid expenses		22,405			8,830
Total assets		523,509,934			4,466,219

Liabilities:
Payables:
Investment securities purchased		10,358,208			-
Fund shares redeemed		164,026			7,386
Advisory fees		507,004			-
Fund administration and fund accounting fees		48,120			14,703
Transfer agent fees and expenses		9,404			4,002
Unrealized depreciation on forward foreign currency exchange contracts		494,983			-
Custody fees		12,719			1,661
Auditing fees		11,838			7,663
Trustees' deferred compensation (Note 3)		4,315			9,460
Legal fees		3,742			1,547
Chief Compliance Officer fees		2,894			3,032
Trustees' fees and expenses		967			964
Accrued other expenses		21,974			7,132
Total liabilities		11,640,194			57,550
Commitments and contingencies (Note 3)
Net Assets	$	511,869,740		$	4,408,669

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	516,054,143		$	4,900,931
Total distributable earnings (accumulated deficit)		(4,184,403	)		(492,262	)
Net Assets	$	511,869,740		$	4,408,669

Shares of beneficial interest issued and outstanding		51,077,754			439,078
Offering and redemption price per share	$	10.02		$	10.04

	The Ambassador Fund			The Diplomat Fund
Investment income:
Interest	$	20,251,982		$	151,071
Total investment income		20,251,982			151,071

Expenses:
Advisory fees		2,488,291			31,429
Fund administration and accounting fees		155,924			42,234
Transfer agent fees and expenses		16,314			7,689
Registration fees		32,728			13,289
Commitment fees (Note 9)		27,380			-
Miscellaneous		27,187			1,736
Custody fees		16,960			4,016
Auditing fees		12,931			8,365
Shareholder reporting fees		11,172			5,356
Legal fees		9,889			7,033
Trustees' fees and expenses		8,188			6,585
Chief Compliance Officer fees		5,182			5,182
Insurance fees		4,464			2,479
Interest expense		1,299			1,294
Total expenses		2,817,909			136,687
Advisory fees recovered (waived)		86,397			(31,429	)
Other expenses (absorbed)		-			(69,044	)
Net expenses		2,904,306			36,214
Net investment income (loss)		17,347,676			114,857

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,542,092			(244,656	)
Futures contracts		-			(104,890	)
Forward contracts		132,404			-
Foreign currency transactions		75,301			-
Net realized gain (loss)		1,749,797			(349,546	)
Net change in unrealized appreciation (depreciation) on:
Investments		(3,367,081	)		143,401
Forward contracts		(434,979	)		-
Foreign currency translations		(9,586	)		-
Net change in unrealized appreciation (depreciation)		(3,811,646	)		143,401
Net realized and unrealized gain (loss)		(2,061,849	)		(206,145	)

Net Increase (Decrease) in Net Assets from Operations	$	15,285,827		$	(91,288	)

	For the Six Months Ended April 30, 2025 (Unaudited)			For the Year Ended October 31, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	17,347,676		$	26,131,593
Net realized gain (loss) on investments, forward contracts, and foreign currency transactions		1,749,797			524,699
Net change in unrealized appreciation (depreciation) on investments, forward contracts, and foreign currency translations		(3,811,646	)		4,563,167
Net increase (decrease) in net assets resulting from operations		15,285,827			31,219,459
Distributions to Shareholders:
Total distributions to shareholders		(27,059,015	)		(26,791,066	)
Capital Transactions:
Net proceeds from shares sold		201,598,236			284,612,327
Reinvestment of distributions		26,288,641			25,994,349
Cost of shares redeemed		(43,631,454	)		(103,363,584	)
Net increase (decrease) in net assets from capital transactions		184,255,423			207,243,092

Total increase (decrease) in net assets		172,482,235			211,671,485
Net Assets
Beginning of period		339,387,505			127,716,020
End of period	$	511,869,740		$	339,387,505
Capital Share Transactions:
Shares sold		19,871,044			27,969,889
Shares reinvested		2,609,125			2,572,158
Shares redeemed		(4,315,369	)		(10,155,843	)
Net increase (decrease) in capital share transactions		18,164,800			20,386,204

Increase (Decrease) in Cash:
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	15,285,827
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of long-term investments		(298,148,119	)
Sales of long-term investments		122,000,149
Purchases/Sales of short-term investments, net		15,269,575
Net amortization on investments		(1,257,458	)
Net realized (gain) loss		(1,542,092	)
Net change in unrealized appreciation/depreciation		3,802,060
(Increase) Decrease in Assets:
Investment securities sold receivable		(12,279,300	)
Dividends and interest		(677,815	)
Prepaid expenses and other assets		12,472
Increase (Decrease) in Liabilities:
Investment securities purchased payable		10,358,208
Advisory fees payable		177,000
Accrued expenses		(13,519	)
Total Cash flows provided by (used for) operating activities:		(147,013,012	)

Cash flows provided by (used for) financing activities:
Proceeds from shares sold		193,157,494
Cost of shares redeemed		(43,484,166	)
Dividends paid to shareholders, net of reinvestments		(770,374	)
Total Cash flows provided by (used for) financing activities:		148,902,954

Net increase (decrease) in cash		1,889,942

Cash and cash equivalents:
Beginning cash balance		—
Beginning foreign cash		53,381
Total beginning cash and cash equivalents		53,381

Ending cash balance		794,696
Ending foreign cash		1,148,627
Total ending cash and cash equivalents	$	1,943,323
Non-cash financing activities from reinvestment of distributions		26,288,641

	For the Six Months Ended April 30, 2025			For the Year Ended October 31,						For the Period Ended October 31,
	(Unaudited)			2024			2023			2022*
Net asset value, beginning of period	$	10.31		$	10.20		$	9.72		$	10.00
Income from Investment Operations:
Net investment income (loss)¹		0.42			1.19			0.92			0.17
Net realized and unrealized gain (loss)		(0.04	)		0.10			0.21			(0.35	)
Total from investment operations		0.38			1.29			1.13			(0.18	)

Less Distributions:
From net investment income		(0.67	)		(1.16	)		(0.64	)		(0.10	)
From net realized gain		-			(0.02	)		(0.01	)		-
Total distributions		(0.67	)		(1.18	)		(0.65	)		(0.10	)

Net asset value, end of period	$	10.02		$	10.31		$	10.20		$	9.72

Total return²		3.82	%³		13.50	%		11.94	%		(1.80	)%³

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	511,870		$	339,388		$	127,716		$	27,436

Ratio of expenses to average net assets (including interest expense, tax expense, and commitment fees):
Before fees waived and expenses absorbed⁴		1.36	%⁵		1.48	%		1.83	%		2.54	%⁵
After fees waived and expenses absorbed⁴		1.40	%⁵		1.46	%		1.61	%		1.29	%^5,6
Ratio of net investment income (loss) to average net assets (including interest expense, tax expense, and commitment fees):
Before fees waived and expenses absorbed		8.41	%⁵		11.63	%		8.99	%		0.76	%⁵
After fees waived and expenses absorbed		8.37	%⁵		11.65	%		9.21	%		2.01	%⁵

Portfolio turnover rate		82	%³		117	%		145	%		61	%³

	Investment Advisory Fees†	Total Limit on Annual Operating Expenses†
The Ambassador Fund	1.20%	1.40%
The Diplomat Fund	0.90%	1.00%

	The Ambassador Fund		The Diplomat Fund
2025		81,328		34,755
2026		162,846		228,182
2027		53,084		198,408
2028		-		100,473
Total	$	297,258	$	561,818

	The Ambassador Fund			The Diplomat Fund
Cost of investments	$	498,345,799		$	4,158,810

Gross unrealized appreciation		184,600			130,024
Gross unrealized depreciation		(1,362,974	)		(1,090	)

Net unrealized appreciation (depreciation)	$	(1,178,374	)	$	128,934

	The Ambassador Fund			The Diplomat Fund
Undistributed ordinary income	$	10,087,095		$	28,512
Undistributed long-term capital gains		-			-
Tax accumulated earnings		10,087,095			28,512

Accumulated capital and other losses		(1,832,195	)		(273,377	)
Unrealized appreciation (depreciation) on investments		(654,962	)		(14,467	)
Unrealized deferred compensation		(11,154	)		(7,837	)
Total distributable earnings (accumulated deficit)	$	7,588,784		$	(267,169	)

	The Ambassador Fund
	October 31, 2024		October 31, 2023
Distributions paid from:
Ordinary income	$	26,791,066	$	5,486,955
Net long-term capital gains		-		-
Total distributions paid	$	26,791,066	$	5,486,955

Not Subject to Expiration
	Short-term		Long-term		Total
The Ambassador Fund	$	1,804,372	$	27,823	$	1,832,195
The Diplomat Fund		144,286		129,091		273,377

Fund	Purchases		Sales
The Ambassador Fund	$	298,148,119	$	122,000,149
The Diplomat Fund		-		6,025,686

The Ambassador Fund	Level 1		Level 2		Level 3		Total
Assets
Investments
Event Linked Bonds¹	$	-	$	403,130,155	$	-	$	403,130,155
Preferred Notes		-		-		59,063,002		59,063,002
Short-Term Investments		34,974,268		-		-		34,974,268
Total Investments	$	34,974,268	$	403,130,155	$	59,063,002	$	497,167,425
Other Financial Instruments²
Forward Contracts				33,145				33,145
Total Assets	$	34,974,268	$	403,163,300	$	59,063,002	$	497,200,570
Liabilities
Other Financial Instruments²
Forward Contracts	$	-	$	494,983	$	-	$	494,983
Total Liabilities	$	-	$	494,983	$	-	$	494,983

	Preferred Notes
Balance as of October 31, 2024	$	42,148,500
Transfers into Level 3 during the period		-
Transfers out of Level 3 during the period		-
Amortization		1,721,008
Total gains or losses for the period		(26,949	)
Included in earnings (or changes in net assets)		-
Included in other comprehensive income		-
Net purchases		47,720,443
Net maturities		(32,500,000	)
Balance as of April 30, 2025	$	59,063,002
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period	$	(132	)

The Ambassador Fund
Amount of Realized Gain or (Loss) on Derivatives Recognized in the Statements of Operations
Derivatives designated as hedging instruments	Forward Contracts
Foreign exchange contracts	$	132,404

The Diplomat Fund
Amount of Realized Gain or (Loss) on Derivatives Recognized in the Statements of Operations
Derivatives not designated as hedging instruments	Futures Contracts
Interest rate contracts	$	(104,890	)

The Ambassador Fund
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in the Statements of Operations
Derivatives designated as hedging instruments	Forward Contracts
Foreign exchange contracts	$	(434,979	)

The Ambassador Fund
Security	Initial Acquisition Date	Amount or Units		Amortized Cost		Fair Value		% of Net Assets
Consulate Re 2024-6A 4.550%, 1/7/2025	6/1/2024		5,000,000		4,530,000		5,007,500		0.98	%
Consulate Re 2024-8A 4.550%, 1/7/2025	7/15/2024		5,000,000		4,454,605		4,941,000		0.97	%
Consulate Re 2025-10 4.550%, 1/7/2025	1/1/2025		10,000,000		9,173,500		9,511,000		1.86	%
Consulate Re 2025-11 4.550%, 12/31/2024	1/1/2025		10,000,000		9,340,605		9,384,000		1.83	%
Consulate Re 2025-12 4.550%, 4/21/2025	1/1/2025		5,000,000		4,453,500		4,477,000		0.87	%
Consulate Re 2025-13 4.550%, 12/31/2024	1/1/2025		5,000,000		3,832,250		3,875,000		0.76	%
Consulate Re 2025-15 4.550%, 12/15/2024	4/1/2025		5,000,000		4,139,000		4,156,000		0.81	%
Consulate Re 2025-2A 4.550%, 7/14/2025	1/1/2025		5,000,000		4,517,875		4,713,500		0.92	%
Consulate Re 2025-3A 4.550%, 7/14/2025	1/1/2025		5,000,000		4,467,875		4,667,000		0.91	%
Consulate Re 2025-9A 4.550%, 7/14/2025	12/20/2024		10,000,002		7,795,838		8,331,002		1.63	%

Fund	Beneficial Owner	% of Outstanding Shares
The Ambassador Fund	Charles Schwab & Co., Inc.	53.07%
The Ambassador Fund	National Financial Services, LLC	44.18%
The Diplomat Fund	Charles Schwab & Co., Inc.	87.23%

(Registrant)	Investment Managers Series Trust II

By (Signature and Title)	/s/ Scott Schulenburg
	Scott Schulenburg, President and Principal Executive Officer

Date	7/8/2025