# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001398344-26-002302
**Filing Date:** 2026-2
**Character Count:** 123928
**Document Hash:** dacf98fc7709a052919c10b6125f9e91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-002302.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001398344-26-002302

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust II
- **CENTRAL INDEX KEY:** 0001587982

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22894
- **FILM NUMBER:** 26602251

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

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

## Series and Classes Contracts Data

### ACR Opportunity Fund (Series ID: S000047911)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000150491 | Class I Shares | ACROX           |

### ACR Equity International Fund (Series ID: S000055968)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000176262 | Class I Shares | ACREX           |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

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 **<u>811-22894</u>**

**<u>INVESTMENT MANAGERS SERIES TRUST II</u>**

(Exact name of registrant as specified in charter)

**235 W. Galena Street**

**<u>Milwaukee, WI 53212</u>**

(Address of principal executive offices) (Zip code)

**Diane J. Drake**

**Mutual Fund Administration, LLC**

**2220 E. Route 66, Suite 226**

**<u>Glendora, CA 91740</u>**

(Name and address of agent for service)

**<u>(626) 385-5777</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>November 30</u>**

Date of reporting period: **<u>November 30, 2025</u>**

**<u>Item 1. Report to Stockholders.</u>**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), is as follows:

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; 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

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(626) 385-5777

#### Date of fiscal year end:

#### November 30

#### Date of reporting period:

#### November 30, 2025
ACR Opportunity Fund

Class I/ACROX

![TSR Opportunity Fund Logo - Cover](images_380.jpg)

ANNUAL SHAREHOLDER REPORT \| November 30, 2025

This annual shareholder report contains important information about the ACR Opportunity Fund ("Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://opportunity.acr-investfunds.com/. You can also request this information by contacting us at (855) 955-9552.

#### Fund Expenses
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| ACR Opportunity Fund<br> (Class I/ACROX) | $133 | 1.25% |

---

#### Management's Discussion of Fund Performance
The net performance of the Fund's I Class shares for fiscal year 2025, from November 30, 2024, to November 30, 2025, was 12.78% versus 18.21% for the Fund's benchmark, the MSCI All Country World (Net) Index. The Fund built cash and equivalents in the period as markets rallied and as the valuations of certain of the Fund's holdings appreciated materially. Despite this increase in cash and equivalents, the price to value of the remaining holdings in the Fund improved as ACR's investment team took advantage of volatility, which reduced the portfolio's price to value during the year. Below, we present fiscal 2025's portfolio activity, discuss portfolio positioning and highlight the top contributors and detractors of fiscal 2025.

#### Fiscal 2025 Portfolio Activity
Fiscal 2025 was an active year with ten sales and six new purchases. Too, the Fund received, via spinoff, shares in both Millrose Properties (a U.S.-based landbank) and Angi Inc. (a U.S.-based matchmaker of consumers and contractors), which were sold quickly after receipt. ACR sold out of successful investments in Jefferies Financial Group (a U.S.-based investment bank), Protector Forsikring ASA (a Norway-based property casualty insurer), Core Scientific (a U.S.-based data center lessor), Talen (a U.S.-based wholesale electric power producer) and Sunrise (a Switzerland-based cable business). ACR also sold a marginal investment in Howard Hughes (a U.S.-based land developer) after the company proposed a change in its structure to include a management fee payable to Pershing Square, an investment manager. Finally, ACR eliminated positions in B&M European Value Retail (a UK-based discount retailer), Medmix AG (a Switzerland-based precision device business), MGM Resorts (a U.S.-based casino and resort operator) and Victoria PLC (a UK-based tile manufacturer and distributor) for tax loss purposes where it may be sensible to reestablish positions in the future.

ACR made new investments in Azelis (a Belgium-based specialty chemicals distributor), Arrow Electronics (a U.S.-based semiconductor distributor), Eurofins Scientific (a Luxembourg-based lab testing business), Kennedy Wilson (a U.S.-based real estate management and development company), Sodexo (a French foodservice business) and Southern Missouri Bancorp (a U.S.-based community bank).

#### Portfolio Positioning
ACR increased the cash and equivalents balance in the Fund from approximately 10.2% to 19.4% in the year, reflecting a higher number of sales of businesses than purchases. Despite general market appreciation in the period, ACR's internal estimate of the Fund's price-to-value (P/V) improved from 0.78 (28% implied upside) to 0.73 (37% implied upside).

#### Top Three Contributors
 **- Barclays Plc, a UK-based bank** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Barclay's share price increased 73% as the continuation of relatively high 5-year U.K. government bond yields allowed Barclays to invest surplus liquidity at higher rates.

 **- ISS A/S, a Denmark-based facility management company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - ISS's share price increased 70% due to positive organic growth in 2025, with strong 2025 contract wins expected to support 3-4% organic growth in 2026.

 **- Vodafone, PLC, a UK- based telecommunications company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Vodafone's share price increased 45% during the year as results developed during the year indicated that the company would earn full-year profits at the top end of its guidance range for calendar 2025.

#### Top Three Detractors
 **- B&M European Value Retail, a UK-based discount retailer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - B&M's share price declined 46% as it reported negative same store sales and an accounting error that overstated margins and resulted in the company reducing its full year guidance. Still, a new operational improvement plan and strong returns on new stores should support a gradual profit recovery.

 **- Azelis, a Belgium-based specialty chemicals distributor**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** Azelis' declined 37% as its performance was pressured by a third year of negative organic growth and margin declines. The company's end markets are currently weak, and this has been exacerbated by some of the new global tariff regimes that have been announced. Despite these issues, Azelis' business is intact and ACR's research indicates that Azelis' normalized profit levels are underappreciated by the market.

 **- Eurocell, PLC a UK-based manufacturer and distributor of windows and outdoor products**

&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** Eurocell's share price dropped 28% as its end markets remained in the depressed state they have maintained for the last several years. Management has exploited weakness in its share price by returning capital to shareholders via share repurchases and dividends. Like Azelis, ACR's research indicates that Eurocell has the capability to generate earnings well above those anticipated by the market as its end markets recover.

#### Fund Performance
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 $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1049195.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| ACR Opportunity Fund (Class I/ACROX) | 12.78% | 13.14% | 9.23% |
| MSCI ACWI (Net) Index | 18.21% | 11.97% | 11.41% |
| MSCI ACWI (Gross) Index | 18.73% | 12.49% | 11.96% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

 **The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$103786212 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$693919 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ISS A/S | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares 0-3 Month Treasury Bond ETF | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;IAC, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Corp. of Canada | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Global Ltd. - Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 3.1% |

---

 **Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1049200.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1049205.jpg)

#### 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 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://opportunity.acr-investfunds.com/. You can also request this information by contacting us at (855) 955-9552.

#### 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 (855) 955-9552 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ACR Opportunity Fund - Class I

ACR Equity International Fund

Class I/ACREX

![TSR Equity International Fund Logo - Cover](images_379.jpg)

ANNUAL SHAREHOLDER REPORT \| November 30, 2025

This annual shareholder report contains important information about the ACR Equity International Fund ("Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://international.acr-investfunds.com/. You can also request this information by contacting us at (855) 955-9552.

#### Fund Expenses
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br> of a $10,000 investment |
| ACR Equity International Fund<br> (Class I/ACREX) | $116 | 1.10% |

---

#### Management's Discussion of Fund Performance
For fiscal year 2025 (November 30, 2024 – November 30, 2025), the Fund's I Class shares returned 10.38%, compared to 26.04% for the MSCI All Country World Ex-U.S. Index. As we will discuss further below, we capitalized on market volatility by monetizing six investments that approached our value estimates and redeployed that capital into four promising, undervalued companies. The Fund ended the year with a similar 12% cash balance but with a portfolio we believe is significantly better positioned. We are confident in attaining the Fund's objective of generating long-term investment returns, and we have ACR's internal resources and the Fund's portfolio management team's own capital backing this view.

#### Fiscal 2025 Portfolio Activity
Fiscal 2025 was an active year defined by disciplined rotation. We sold five successful long-term investments that had reached our estimate of value: Accor SA (a French-based global hotel company), Danone (a French-based global food company), Multiconsult ASA (a Norwegian engineering and consulting company), Barclays Plc (a UK-based diversified bank), and Fairfax Financial Holdings (a Canadian insurance company). We also exited our position in Sunrise Communications, a Liberty Global spin-off.

We made new investments in Arrow Electronics Inc (a technology products distributor), Eurofins Scientific SE (a French-based testing and inspection company), Azelis Group NV (a Belgium-based specialty chemicals distributor), and Sodexo S.A. (a French-based catering company). These companies are high quality, with strong competitive positions, and we believe current share prices understate their long-term potential due to temporary headwinds.

#### Portfolio Positioning
Despite more sales than new investments, the Fund's cash balance remained steady (12.6% to 12.3%). More importantly, the portfolio ended the year in a better position than it started. The portfolio's price-to-value (P/V) ratio improved from 0.63 (57% implied upside) to 0.59 (69% implied upside), increasing our conviction in attaining the Fund's objective of generating long-term investment returns.

#### Top Three Contributors
Top contributors to performance were OPMobility SE (a French auto part supplier), ISS AS (a Denmark-based facility management company), and Vodafone Group (a UK-based telecommunication company) with positive total returns of 75%, 70% and 45%, respectively. Each company showed progress toward the corporate performance we believe they can achieve. We continue to hold these positions, as we believe the market has yet to fully recognize their full longer-term potential.

#### Top Three Detractors
The largest detractors to performance were B&M European Value Retail SA (a UK based discount retailer), Azelis Group (a Belgium based specialty chemical distributor), and Eurocell plc (a UK based manufacturer and retailer of windows and outdoor products) with negative total returns of 46%, 37% and 28%, respectively. B&M and Azelis are recent investments facing short-term challenges. While we believe the equity market is being overly myopic regarding their prospects, we recognize that we could have mitigated the impact on performance by utilizing a more gradual "average-in" approach to position sizing. We remain patient and continue to believe in the potential for higher future earnings. Eurocell, a long-term holding, declined after an expected rebound in RMI (repair, maintenance, investment) spending failed to materialize in fiscal 2025. However, Eurocell gained market share during a difficult year, and we believe the company should benefit when the inevitable RMI recovery occurs.

#### Fund Performance
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 $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1049159.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br> Inception<sup>1</sup> |
| ACR Equity International Fund (Class I/ACREX) | 10.38% | 4.41% | 5.12% |
| MSCI ACWI ex USA (Net) Index | 26.04% | 8.41% | 8.58% |

---

 **<sup>1</sup>* **Class I commenced operations on December 30, 2016.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

 **The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$126285944 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$777554 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;DCC PLC | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium Brands Holdings Corp. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Opmobility | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistry Group PLC | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eurocell PLC | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;ISS A/S | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Global Ltd. - Class A | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group PLC | 4.5% |

---

 **Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1049164.jpg)

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1049169.jpg)

#### 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 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://international.acr-investfunds.com/. You can also request this information by contacting us at (855) 955-9552.

#### 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 (855) 955-9552 and we will begin sending you separate copies of these materials within 30 days after receiving your request. ACR Equity International Fund - Class I

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-855-955-9552.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The Board of Trustees of the Registrant has determined that the Registrant has the following "audit committee financial experts" as defined in Item 3(b) of Form N-CSR serving on its Audit Committee: Messrs. Thomas Knipper and John P. Zader. The audit committee financial experts are "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | |
|:---|:---|:---|:---|
| | ACR Opportunity Fund<br> ACR Equity International Fund<br>| FYE 11/30/2025 | FYE 11/30/2024 |
| (a) | Audit Fees | $31000 | $29000 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $5200 | $5000 |
| (d) | All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| ACR Opportunity Fund<br> ACR Equity International Fund | <br>FYE 11/30/2025 | <br>FYE 11/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed
 to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | | |
|:---|:---|:---|:---|
| | ACR Opportunity Fund<br> ACR Equity International Fund | <br>FYE 11/30/2025 | <br>FYE 11/30/2024 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange
 Act of 1934).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

![](fp0097402-1_01.jpg)

**ACR Opportunity Fund**

**Class I Shares**

**(Ticker Symbol: ACROX)**

![](fp0097402-1_02.jpg)

**ACR Equity International Fund**

**Class I Shares**

**(Ticker Symbol: ACREX)**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**NOVEMBER 30, 2025**

**ACR Opportunity Fund**

**ACR Equity International Fund**

*Each a series of Investment Managers Series Trust II*

**Table of Contents**

---

| | |
|:---|:---|
| Item 7. Financial Statements and Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACR Opportunity Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACR Equity International Fund | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statements of Assets and Liabilities** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statements of Operations** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Highlights** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes to Financial Statements** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Supplemental Information** | 24 |
| Item 8. Changes in and Disagreements with Accountants | 25 |
| Item 9. Proxy Disclosures | 25 |
| Item 10. Remuneration Paid to Directors, Officers, and Others | 25 |
| Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract | 25 |

---

*This report and the financial statements contained herein are provided for the general information of the shareholders of the ACR 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.*

 

**<u>www.acr-investfunds.com</u>**

**ACR Opportunity Fund**

**SCHEDULE OF INVESTMENTS**

**As of November 30, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 80.4%** |  |
|  | **COMMUNICATIONS — 12.3%** |  |
| 115000 | IAC, Inc.\* | $4033050 |
| 284500 | Liberty Global Ltd. - Class A\*<sup>1</sup> | 3246145 |
| 17839 | Liberty Latin America Ltd. - Class C\*<sup>1</sup> | 156091 |
| 430000 | Vodafone Group PLC<sup>1,2</sup> | 5362100 |
|  |  | **12797386** |
|  | **CONSUMER DISCRETIONARY — 16.4%** |  |
| 77800 | General Motors Co.<sup>2</sup> | 5719856 |
| 1100000 | JD Sports Fashion PLC | 1126499 |
| 6500 | Lennar Corp. | 803335 |
| 58500 | Magna International, Inc.<sup>1</sup> | 2857140 |
| 184000 | Opmobility | 3138483 |
| 10000 | Thor Industries, Inc. | 1056200 |
| 260000 | Vistry Group PLC\* | 2293988 |
|  |  | **16995501** |
|  | **CONSUMER STAPLES — 7.3%** |  |
| 2200000 | Budweiser Brewing Co. APAC Ltd.<sup>3</sup> | 2270388 |
| 20000 | Dollar General Corp. | 2189800 |
| 152136 | Naked Wines PLC\* | 147404 |
| 42000 | Premium Brands Holdings Corp. | 2985231 |
|  |  | **7592823** |
|  | **ENERGY — 1.2%** |  |
| 8000 | Chevron Corp. | **1209040** |
|  | **FINANCIALS — 17.0%** |  |
| 250000 | Barclays PLC<sup>1,2</sup> | 5697500 |
| 40000 | Citigroup, Inc.<sup>2</sup> | 4144000 |
| 1800 | Fairfax Financial Holdings Ltd.<sup>1,2</sup> | 3095892 |
| 70000 | Power Corp. of Canada | 3563864 |
| 20000 | Southern Missouri Bancorp, Inc. | 1125800 |
|  |  | **17627056** |
|  | **INDUSTRIALS — 16.8%** |  |
| 29400 | Ashtead Group PLC | 1880518 |
| 36000 | DCC PLC | 2381971 |
| 1300000 | Eurocell PLC | 2116479 |
| 20000 | Eurofins Scientific S.E. | 1362286 |
| 11500 | FedEx Corp. | 3170320 |
| 153000 | ISS A/S | 5058444 |
| 28000 | Sodexo S.A. | 1480949 |
|  |  | **17450967** |

---

**ACR Opportunity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of November 30, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MATERIALS — 3.8%** |  |
| 200000 | Azelis Group N.V. | $2153191 |
| 55000 | Winpak Ltd. | 1734812 |
|  |  | **3888003** |
|  | **REAL ESTATE — 1.7%** |  |
| 133898 | Five Point Holdings LLC - Class A\* | 830168 |
| 100000 | Kennedy-Wilson Holdings, Inc. | 973000 |
|  |  | **1803168** |
|  | **TECHNOLOGY — 3.9%** |  |
| 13000 | Arrow Electronics, Inc.\* | 1404130 |
| 20000 | Dell Technologies, Inc. - Class C | 2667000 |
|  |  | **4071130** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $62,629,431) | **83435074** |
|  | **EXCHANGE-TRADED FUNDS — 4.8%** |  |
| 49500 | iShares 0-3 Month Treasury Bond ETF | 4983165 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,979,620) | **4983165** |
|  | **PREFERRED STOCKS — 0.3%** |  |
|  | **ENERGY — 0.3%** |  |
| 3201 | EPI Preferred Holdings, Inc.\*<sup>4,5,6</sup> | 288121 |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $185,363) | **288121** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **U.S. TREASURY BILLS — 6.7%** |  |
|  | United States Treasury Bill |  |
| $3000000 | &nbsp;&nbsp;&nbsp;0.000%, 12/18/2025 | 2994462 |
| 1000000 | &nbsp;&nbsp;&nbsp;0.000%, 6/11/2026 | 980979 |
| 3000000 | &nbsp;&nbsp;&nbsp;0.000%, 1/08/2026 | 2987964 |
|  |  | **6963405** |
|  | **TOTAL U.S. TREASURY BILLS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,963,485) | **6963405** |
|  | **U.S. TREASURY NOTES — 4.8%** |  |
|  | United States Treasury Note |  |
| 3000000 | &nbsp;&nbsp;&nbsp;0.750%, 3/31/2026 | 2970327 |
| 2000000 | &nbsp;&nbsp;&nbsp;3.625%, 5/15/2026 | 1998610 |
|  |  | **4968937** |
|  | **TOTAL U.S. TREASURY NOTES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,969,864) | **4968937** |

---

**ACR Opportunity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of November 30, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 2.7%** |  |
| $2796339 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.3%<sup>7</sup> | 2796339 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,796,339) | **2796339** |
|  | **TOTAL INVESTMENTS — 99.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $82,524,102) | **103435041** |
|  | Other Assets in Excess of Liabilities — 0.3% | 351171 |
|  | **TOTAL NET ASSETS — 100.0%** | $**103786212** |

---

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> Foreign security denominated in U.S. Dollars.

<sup>2</sup> All or a portion of this security is segregated as collateral for securities sold short. The market value of the securities pledged as collateral was $13,113,451, which represents 12.6% of total net assets of the Fund.

<sup>3</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $2,270,388 which represents 2.2% of total net assets of the Fund.

<sup>4</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>5</sup> Post-reorganization assets.

<sup>6</sup> Security in a privately owned company.

<sup>7</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**ACR Equity International Fund**

**SCHEDULE OF INVESTMENTS**

**As of November 30, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 87.2%** |  |
|  | **BELGIUM — 4.2%** |  |
| 488703 | Azelis Group N.V. | $**5261355** |
|  | **BERMUDA — 7.2%** |  |
| 544000 | Liberty Global Ltd. - Class A\*<sup>1</sup> | 6207040 |
| 334098 | Liberty Latin America Ltd. - Class C\*<sup>1</sup> | 2923357 |
|  |  | **9130397** |
|  | **CANADA — 7.3%** |  |
| 129074 | Premium Brands Holdings Corp. | **9174183** |
|  | **DENMARK — 5.2%** |  |
| 200578 | ISS A/S | **6631455** |
|  | **FRANCE — 11.0%** |  |
| 502241 | Opmobility | 8566712 |
| 100989 | Sodexo S.A. | 5341413 |
|  |  | **13908125** |
|  | **HONG KONG — 3.3%** |  |
| 4065844 | Budweiser Brewing Co. APAC Ltd.<sup>2</sup> | **4195929** |
|  | **IRELAND — 7.4%** |  |
| 141129 | DCC PLC | **9337920** |
|  | **LUXEMBOURG — 3.1%** |  |
| 58231 | Eurofins Scientific S.E. | **3966364** |
|  | **SWITZERLAND — 2.4%** |  |
| 230118 | Medmix A.G.<sup>2</sup> | **3022480** |
|  | **UNITED KINGDOM — 31.9%** |  |
| 89400 | Ashtead Group PLC | 5718310 |
| 1738140 | B&M European Value Retail S.A. | 3889246 |
| 4540660 | Eurocell PLC | 7392471 |
| 5841131 | JD Sports Fashion PLC | 5981844 |
| 1339057 | Victoria PLC\* | 691241 |
| 932735 | Vistry Group PLC\* | 8229550 |
| 669724 | Vodafone Group PLC<sup>1</sup> | 8351458 |
|  |  | **40254120** |

---

**ACR Equity International Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of November 30, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES — 4.2%** |  |
| 48965 | Arrow Electronics, Inc.\* | $**5288710** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $110,593,781) | **110171038** |
|  | **EXCHANGE-TRADED FUNDS — 8.8%** |  |
|  | **UNITED STATES — 8.8%** |  |
| 55279 | Goldman Sachs Access Treasury 0-1 Year ETF | 5538956 |
| 55000 | iShares 0-3 Month Treasury Bond ETF | 5536850 |
|  |  | **11075806** |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,045,990) | **11075806** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.5%** |  |
| $4358152 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.3%<sup>3</sup> | 4358152 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,358,152) | **4358152** |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $125,997,923) | **125604996** |
|  | Other Assets in Excess of Liabilities — 0.5% | 680948 |
|  | **TOTAL NET ASSETS — 100.0%** | $**126285944** |

---

ETF – Exchange-Traded Fund

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> Foreign security denominated in U.S. Dollars.

<sup>2</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $7,218,409 which represents 5.7% of total net assets of the Fund.

<sup>3</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **ACR Opportunity Fund** | **ACR Equity International Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $82,524,102 and $125,997,923, respectively) | $103435041 | $125604996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $4,805 and $25,514, respectively) | 4805 | 25516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 21 | 23719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash deposited with broker for securities sold short | 98075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 32996 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 381620 | 819207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 13399 | 12096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 103965957 | 126485554 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 63990 | 66146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 12886 | 22602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 18785 | 22778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 7156 | 5873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 5132 | 9795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 40121 | 39227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 18350 | 18350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2805 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 1255 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1107 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 8110 | 9753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 179745 | 199610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 3) |  |  |
| **Net Assets** | $103786212 | $126285944 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $78111466 | $123662976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 25674746 | 2622968 |
| **Net Assets** | $**103786212** | $**126285944** |
| **Maximum Offering Price per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $103786212 | $126285944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 5513986 | 9838710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $18.82 | $12.84 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS**

**For the Year Ended November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **ACR Opportunity Fund** | **ACR Equity International Fund** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholdings taxes of $136,943 and $276,449, respectively) | $1767509 | $2771923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 429161 | 169661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 2196670 | 2941584 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 845328 | 1121519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 59474 | 119076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 130325 | 158050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 14518 | 14830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 45607 | 35579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 27501 | 30196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 19109 | 35238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 18600 | 18682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 13431 | 12009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 13209 | 8243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 10898 | 11085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 6662 | 10044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 3406 | 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fees | - | 3822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1208069 | 1581573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees waived | (151409) | (343965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1056660 | 1237608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 1140010 | 1703976 |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3815129 | 1495896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2677) | (1344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3812452 | 1494552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5957017 | 7190430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 21177 | 41697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 5978194 | 7232127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 9790646 | 8726679 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**10930656** | $**10430655** |

---

*See accompanying Notes to Financial Statements.*

**ACR Opportunity Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1140010 | $984347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3812452 | 1709642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments, securities sold short and foreign currency translations | 5978194 | 12513893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10930656 | 15207882 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2733294) | (1595187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (2733294) | (1595187) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 23118398 | 18634095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2628998 | 1522049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>1</sup> | (7979563) | (7732164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets from capital transactions** | 17767833 | 12423980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 25965195 | 26036675 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 77821017 | 51784342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $103786212 | $77821017 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1339435 | 1168586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 162084 | 106512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (483903) | (488825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1017616 | 786273 |

---

<sup>1</sup> Net redemption fee proceeds of $1,442 and $312, respectively.

 

*See accompanying Notes to Financial Statements.*

**ACR Equity International Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1703976 | $1336106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1494552 | 6424825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 7232127 | 918765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10430655 | 8679696 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5885475) | (2510247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (5885475) | (2510247) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 21447405 | 23311585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5868909 | 2501022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5508451) | (5796062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets from capital transactions** | 21807863 | 20016545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 26353043 | 26185994 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 99932901 | 73746907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $126285944 | $99932901 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1716301 | 1793137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 510784 | 216351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (466701) | (482971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1760384 | 1526517 |

---

*See accompanying Notes to Financial Statements.*

**ACR Opportunity Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $17.31 | $13.96 | $12.95 | $14.54 | $11.38 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.23 | 0.24 | 0.29 | 0.24 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.89 | 3.54 | 1.12 | (1.71) | 3.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.12 | 3.78 | 1.41 | (1.47) | 3.24 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.23) | (0.29) | (0.24) | (0.12) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.38) | (0.14) | (0.16) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.61) | (0.43) | (0.40) | (0.12) | (0.08) |
| **Redemption fee proceeds<sup>1</sup>** | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $18.82 | $17.31 | $13.96 | $12.95 | $14.54 |
| **Total return<sup>3</sup>** | 12.78% | 27.72% | 11.43% | (10.22)% | 28.65% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $103786 | $77821 | $51784 | $44891 | $49165 |
| Ratios of expenses to average net assets (including dividends on securities sold short, interest expense, and tax reclaim service fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived, expenses absorbed and fees paid indirectly | 1.43%<sup>4</sup> | 1.47%<sup>4</sup> | 1.56%<sup>4</sup> | 1.61%<sup>4</sup> | 1.65%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived, expenses absorbed and fees paid indirectly | 1.25%<sup>4</sup> | 1.26%<sup>4</sup> | 1.27%<sup>4</sup> | 1.27%<sup>4</sup> | 1.24%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets (including dividends on securities sold short, interest expense, and tax reclaim service fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived, expenses absorbed and fees paid indirectly | 1.17% | 1.28% | 1.87% | 1.45% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived, expenses absorbed and fees paid indirectly | 1.35% | 1.49% | 2.16% | 1.79% | 1.02% |
| Portfolio turnover rate | 24% | 40% | 20% | 19% | 17% |

---

<sup>1</sup> Based on average daily shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> If interest expense, dividends on securities sold short, and tax reclaim expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended November 30, 2025. For the years ended November 30, 2024, 2023, 2022, and 2021, the ratios would have been lowered by 0.01%, 0.02%, 0.02%, and 0.03%, respectively.

*See accompanying Notes to Financial Statements.*

**ACR Equity International Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $12.37 | $11.26 | $10.05 | $13.81 | $12.14 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>1</sup> | 0.19 | 0.20 | 0.18 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.01 | 1.30 | 1.19 | (3.28) | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.20 | 1.50 | 1.37 | (3.16) | 1.72 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.18) | (0.39) | (0.16) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.55) | - | - | (0.52) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.73) | (0.39) | (0.16) | (0.60) | (0.05) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | -<sup>2</sup> | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $12.84 | $12.37 | $11.26 | $10.05 | $13.81 |
| **Total return<sup>3</sup>** | 10.38% | 13.59% | 13.91% | (23.95)% | 14.24% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $126286 | $99933 | $73747 | $55262 | $70573 |
| Ratio of expenses to average net assets (including interest expense and tax reclaim service fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived, expenses absorbed and fees paid indirectly | 1.41%<sup>4</sup> | 1.46%<sup>4</sup> | 1.47%<sup>4</sup> | 1.56% | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived, expenses absorbed and fees paid indirectly | 1.10%<sup>4</sup> | 1.11%<sup>4</sup> | 1.10%<sup>4</sup> | 1.10% | 1.13%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets (including interest expense and tax reclaim service fees): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived, expenses absorbed and fees paid indirectly | 1.21% | 1.20% | 1.22% | 0.63% | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived, expenses absorbed and fees paid indirectly | 1.52% | 1.55% | 1.59% | 1.09% | 0.78% |
| Portfolio turnover rate | 30% | 48% | 22% | 36% | 14% |

---

<sup>1</sup> Based on average daily shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> If interest expense and tax reclaim expense had been excluded, the expense ratios would of been lowered by 0.00% for the year ended November 30, 2025. For the years ended November 30, 2024 and 2023, the ratios would have been lowered 0.01% and 0.00%, respectively.

<sup>5</sup> Effective as of the close of business on June 11, 2021, the Advisor has contractually agreed to limit the annual fund operating expenses to 1.10%. Prior to the close of business on June 11, 2021, the annual fund operating expense limitation was 1.25%.

*See accompanying Notes to Financial Statements.*

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS**

**November 30, 2025** 

**Note 1 – Organization**

ACR Opportunity Fund and ACR Equity International Fund (each a "Fund" and collectively the ''Funds'') are organized as a non-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 ACR Opportunity Fund seeks to preserve capital during periods of economic decline, and to provide above average absolute and relative returns in the long run. The Fund commenced investment operations on December 31, 2014, with two classes of shares, Class A and Class I. Effective as of the close of business on June 11, 2021, Class A shares were converted into Class I shares. Class A shares were subsequently terminated.

The ACR Equity International Fund seeks to protect capital from permanent impairment while providing a return above both the Fund's cost of capital and above the Fund's benchmark over a full market cycle. The Fund commenced investment operations on December 30, 2016, with two classes of shares, Class A and Class I. Effective as of the close of business on June 11, 2021, Class A shares were converted into Class I shares. Class A shares were subsequently terminated.

Each Fund is an investment company and accordingly follows 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 highlight 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 a Fund based on performance measurements. The management of the Funds' Advisor is deemed to be the Chief Operating Decision Maker with respect to the Funds' investment decisions.

**Note 2 – Accounting Policies**

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their 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.

**(a) Valuation of Investments**

The Funds value equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Options are valued at the mean between the last available bid and asked prices used. 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 such factors 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.

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

**(b) Short Sales**

Short sales are transactions under which the Funds' sell a security they do not own in anticipation of a decline in the value of that security. To complete such a transaction, the Funds must borrow the security to make delivery to the buyer. The Funds then are obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Funds. When a security is sold short, a decrease in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is replaced, the Funds are required to pay the lender amounts equal to dividend or interest that accrue during the period of the loan which is recorded as an expense. To borrow the security, the Funds also may be required to pay a premium or an interest fee, which are recorded as interest expense. Cash or securities are segregated for the broker to meet the necessary margin requirements. The Funds' are subject to the risk that they may not always be able to close out a short position at a particular time or at an acceptable price.

**(c) Exchange Traded Funds ("ETFs")**

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Funds' shareholders indirectly bear their proportionate share of these acquired expenses. Therefore, the cost of investing in the Funds will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.

Each ETF in which the Funds invests are subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk as well as risks associated with fixed-income securities.

**(d) Preferred Stocks**

Preferred stocks are a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment in the event a company is liquidated, although preferred stock is usually subordinate to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as call/redemption provisions prior to maturity, a negative feature when interest rates decline.

**(e) Options**

The Funds may write or purchase options contracts primarily to enhance the Funds' returns or reduce volatility. In addition, the Funds may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

**(f) Investment Transactions, Investment Income and Expenses**

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. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. 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.

**(g) Federal Income Taxes**

Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its 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 Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements 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 November 30, 2025 and during the prior three tax years, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination 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.

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

**(h) Distributions to Shareholders**

The Funds will make distributions of net investment income and 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.

**(i) Illiquid Securities**

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.

**(j) Use of Estimates**

The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**Note 3 – Investment Advisory and Other Agreements**

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the "Agreement") with ACR Alpine Capital Research, LLC (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 fee and/or pay for operating expenses (excluding any taxes, leverage interest, acquired fund fees and expenses (as determined in accordance with Form N-1A), professional fees related to services for the collection of foreign tax reclaims, dividend and interest expense on short sales, brokerage commissions, professional fees related to services for the collection of foreign tax reclaims, 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. This agreement is in effect until March 31, 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.

---

| | | |
|:---|:---|:---|
|  | Investment<br> Advisory Fees | Total Limit on Annual<br> Operating Expenses † |
| ACR Opportunity Fund | 1.00% | 1.25% |
| ACR Equity International Fund | 1.00% | 1.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The total limit on annual operating expenses is calculated based on each Fund's average daily net assets.

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

For the year ended November 30, 2025, the Advisor waived a portion of its advisory fees totaling $151,409 for the ACR Opportunity Fund and $343,965 for the ACR Equity International 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 full fiscal 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. At November 30, 2025, the amount of these potentially recoverable expenses was $431,343 and $893,472 for the ACR Opportunity Fund and the ACR Equity International Fund, respectively. The potential recoverable amount is 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 November 30 of the years stated below:

---

| | | |
|:---|:---|:---|
|  | ACR Opportunity Fund | ACR Equity International Fund |
| 2026 | $142510 | $249337 |
| 2027 | 137424 | 300170 |
| 2028 | 151409 | 343965 |
| Total | $431343 | $893472 |

---

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., 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 year ended November 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 Funds' co-administrators. For the year ended November 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 Funds until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of each Fund 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 year ended November 30, 2025, are reported on the Statements of Operations.

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

**Note 4 – Federal Income Taxes** 

At November 30, 2025, gross unrealized appreciation and (depreciation) on investments owned by the Funds, based on cost for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | ACR Opportunity Fund | ACR Equity International Fund |
| Cost of investments | $82657117 | $126046611 |
| Gross unrealized appreciation | $24445952 | $15212219 |
| Gross unrealized depreciation | (3668028) | (15653834) |
| Net unrealized appreciation (depreciation) on investments | $20777924 | $(441615) |

---

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.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended November 30, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital and distributable earnings (deficit) as follows:

---

| | | |
|:---|:---|:---|
| | Increase (Decrease) | Increase (Decrease) |
| Fund | Paid-in Capital | Total Distributable <br> Earnings <br> (Accumulated Deficit) |
| ACR Opportunity Fund | $701 | $(701) |
| ACR Equity International Fund | 542 | (542) |

---

As of November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | ACR Opportunity Fund | ACR Equity International Fund |
| Undistributed ordinary income | $1287119 | $2282642 |
| Undistributed long-term capital gains | 3634745 | 791851 |
| Accumulated earnings | 4921864 | 3074493 |
| Accumulated capital and other losses |  |  |
| Unrealized appreciation (depreciation) on investments | 20777924 | (441615) |
| Unrealized appreciation (depreciation) on foreign currency translations | 15079 | 29317 |
| Unrealized deferred compensation | (40121) | (39227) |
| Total accumulated earnings (deficit) | $25674746 | $2622968 |

---

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

The tax character of distributions paid during the years ended November 30, 2025 and November 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ACR Opportunity Fund | ACR Opportunity Fund | ACR Equity International Fund | ACR Equity International Fund |
| Distribution paid from: | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary income | $1042544 | $1153695 | $1459910 | $2510247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains | 1690750 | 441492 | 4425565 | - |
| Total taxable distributions | $2733294 | $1595187 | $5885475 | $2510247 |

---

**Note 5 – Redemption Fee** 

The Funds may impose a redemption fee of 2.00% of the total redemption amount on all shares redeemed within 90 days of purchase. For the years ended November 30, 2025 and 2024, respectively, the ACR Opportunity Fund received $1,442 and $312 in redemption fees, and the ACR Equity International Fund did not receive any redemption fees in either year.

**Note 6 – Investment Transactions**

For the year ended November 30, 2025, purchases and sales of investments, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| ACR Opportunity Fund | $26836546 | $17580109 |
| ACR Equity International Fund | 52941414 | 31796579 |

---

**Note 7 – Shareholder Servicing Plan**

The Trust, on behalf of the Funds, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of average daily net assets of Class I shares serviced by shareholder servicing agents who provide administrative and support services to their customers. For the year ended November 30, 2025, shareholder servicing fees incurred are disclosed on the Statements of Operations.

**Note 8 – Indemnifications**

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 Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

**Note 9 – Fair Value Measurements and Disclosure**

*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 Funds' investments. These inputs are summarized into three broad Levels as described below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

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 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 November 30, 2025, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ACR Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | $12797386 | $- | $- | $12797386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 10436531 | 6558970 |  | 16995501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 5322435 | 2270388 |  | 7592823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1209040 |  |  | 1209040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 17627056 |  |  | 17627056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 5286799 | 12164168 |  | 17450967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1734812 | 2153191 |  | 3888003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1803168 |  |  | 1803168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 4071130 |  |  | 4071130 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 4983165 |  |  | 4983165 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  |  | 288121 | 288121 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 6963405 |  | 6963405 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  | 4968937 |  | 4968937 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 2796339 | - | - | 2796339 |
| Total Assets | $68067861 | $35079059 | $288121 | $103435041 |

---

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ACR Equity International Fund** | **Level 1** | **Level 2** | **Level 3\*** | **Total** |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | $- | $5261355 | $- | $5261355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 9130397 |  |  | 9130397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 9174183 |  |  | 9174183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 6631455 |  | 6631455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 13908125 |  | 13908125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 4195929 |  | 4195929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 9337920 |  | 9337920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg |  | 3966364 |  | 3966364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 3022480 |  | 3022480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 16435170 | 23818950 |  | 40254120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 5288710 |  |  | 5288710 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 11075806 |  |  | 11075806 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4358152 | - | - | 4358152 |
| Total Assets | $55462418 | $70142578 | $- | $125604996 |

---

\* The Fund did not hold any Level 3 securities at period end.

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

---

| | |
|:---|:---|
| | ACR Opportunity Fund |
| Beginning balance November 30, 2024 | $598555 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3 during the period |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 during the period |  |
| &nbsp;&nbsp;&nbsp;Total realized gain/(loss) |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) | (310434) |
| &nbsp;&nbsp;&nbsp;Net purchases |  |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |
| &nbsp;&nbsp;&nbsp;Net sales | - |
| Balance as of November 30, 2025 | $288121 |

---

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at November 30, 2025, and still classified as Level 3 was $(310,434).

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ACR Opportunity Fund | ACR Opportunity Fund | ACR Opportunity Fund | ACR Opportunity Fund | ACR Opportunity Fund | ACR Opportunity Fund | ACR Opportunity Fund |
| Asset Class | Fair Value at <br>11/30/2025 | Valuation <br>Technique(s) | Unobservable <br>Input | Range of Input | Weighted <br>Average of <br>Input | Impact to<br> Valuation<br> from an<br> Increase in<br> Input<sup>(1)</sup> |
| Preferred Stocks | $288121 | Asset Approach | Estimated Recovery Proceeds | $90.00 | N/A | Increase |

---

**<sup>(1)</sup>** This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

**Note 10 – Market Disruption and Geopolitical Risks**

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.

**Note 11 – New Accounting Pronouncements and Regulatory Updates**

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.

In December 2023, the FASB issued Accounting Standards Updated 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**ACR Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**November 30, 2025**

**Note 12 – Events Subsequent to the Fiscal Period End**

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.

The Funds each declared the payment of distributions to be paid, on December 15, 2025, to shareholders of record on December 12, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Short Term<br> Capital Gain | Long Term<br> Capital Gain | Income |
| ACR Opportunity Fund | Class I Shares | $0.03252 | $0.65531 | $0.22997 |
| ACR Equity International Fund | Class I Shares | $0.06323 | $0.08653 | $0.22561 |

---

There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds' financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of the ACR Funds and**

**the Board of Trustees of**

**Investment Managers Series Trust II**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of ACR Opportunity Fund and ACR Equity International Fund, each a series of Investment Managers Series Trust II, including the schedules of investments, as of November 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of November 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2013.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, counter party, and brokers. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](fp0097402-1_03.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**January 28, 2026**

**ACR Funds**

**SUPPLEMENTAL INFORMATION (Unaudited)**

***Tax Information***

**Long- Term Capital Gain Designation**

For the year ended November 30, 2025, the Opportunity and Equity International Funds designate $1,690,750 and $4,425,565, respectively, as a 20% rate gain distribution for purposes of the dividends paid deduction.

**Corporate Dividends Received Deduction**

For the year ended November 30, 2025, 29.75% and 0.17%, respectively, of dividends to be paid from net investment income, including short-term capital gains (if any), for the Opportunity and the Equity International Fund is designated as a dividends received deduction available to corporate shareholders.

**Qualified Dividend Income**

For the year ended November 30, 2025, 100% and 100%, respectively, of dividends to be paid from net investment income, including short-term capital gains (if any), for the Opportunity and the Equity International Funds are designated as qualified dividend income.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Not applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

***Board Consideration of Investment Advisory Agreements***

 ****

At an in-person meeting held on October 15, 2025, the Board of Trustees (the "*Board*") of Investment Managers Series Trust II (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the renewal of the investment advisory agreement (the "*Advisory Agreement*") between the Trust and ACR Alpine Capital Research, LLC (the "*Advisor*") with respect to the ACR Opportunity Fund (the "*Opportunity Fund*") and the ACR Equity International Fund (the "*Equity International Fund*" and together with the Opportunity Fund, the "*Funds*") series of the Trust for an additional one-year term from when it otherwise would expire. In approving renewal of the Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of each Fund and its shareholders.

***Background***

 ****

In advance of the meeting, the Board received information about the Funds and the Advisory Agreement from the Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the Advisor's organization and financial condition; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Funds; information about the Advisor's compliance policies and procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor's overall relationship with the Funds; reports comparing the performance of each Fund with returns of its benchmark index and a group of comparable funds (each a "*Peer Group*") selected by Broadridge Financial Solutions, Inc. ("*Broadridge*") from Morningstar, Inc.'s relevant category (each a "*Fund Universe*") for various periods ended July 31, 2025; and reports comparing the investment advisory fee and total expenses of each Fund with those of its Peer Group and Fund Universe. The Board also received a memorandum from legal counsel to the Trust and the Independent Trustees discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Advisory Agreement. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Advisor were present during the Board's consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

**ACR Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract - Continued**

In renewing the Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

***Nature, Extent, and Quality of Services***

The Board considered information included in the meeting materials regarding the performance of each Fund. The materials they reviewed indicated the following:

● The Opportunity Fund's annualized total returns for the one-, three-, five-, and ten-year periods were above the Peer Group and Tactical Allocation Fund Universe median returns. The Fund's annualized total return for the five-year period was above the MSCI All Country World (Net) Index return, but the Fund's annualized total returns for the one-, three-, and ten-year periods were below the MSCI All Country World (Net) Index returns by 6.93%, 1.57% and 1.42%, respectively. The Trustees observed that the Fund's risk-adjusted returns, as measured by its Sharpe ratio, and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one-, three-, five-, and ten-year periods.

● The Equity International Fund's annualized total return for the five-year period was above the Peer Group median return and the MSCI All Country World Ex USA (Net) Index (the "MSCI Ex USA (Net) Index") return, but below the Foreign Small/Mid Blend Fund Universe median return by 1.47%. The Fund's annualized total return for the three-year period was below the Peer Group median return by 1.52%, the MSCI Ex USA (Net) Index return by 2.17%, and the Fund Universe median return by 3.05%. The Fund's total return for the one-year period was below the Peer Group median return, the MSCI Ex USA (Net) Index return, and the Fund Universe median return by 11.04%, 12.90%, and 14.18%, respectively. The Trustees considered the Advisor's assertion that the Fund's underperformance for the one- and three-year periods was largely attributable to the significant negative impact of two portfolio holdings during the one-year period. The Trustees also considered the Advisor's observation that the Fund outperformed the MSCI Ex USA (Net) Index for the two-year period ended July 31, 2024, and for the two-year period ended July 31, 2022.

The Board also considered the overall quality of services provided by the Advisor to the Funds. In doing so, the Board considered the Advisor's specific responsibilities in day-to-day management and oversight of the Funds, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Funds. The Board also considered the overall quality of the organization and operations of the Advisor, as well as its compliance structure and compliance procedures. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Advisor to each Fund were satisfactory.

**ACR Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract - Continued**

***Advisory Fees and Expense Ratios***

With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:

● The Opportunity Fund's annual investment advisory fee (gross of fee waivers) was slightly higher than the Tactical Allocation Fund Universe median by 0.01%, and higher than the Peer Group median by 0.20%. The Trustees considered the Advisor's belief that the Fund's advisory fee is justified given that the Fund's strategy is generally concentrated and requires in-depth research to find idiosyncratic ideas that may not be available using quantitative methods that are less research intensive, and that many of the funds in the Peer Group are more quantitatively oriented. The Trustees noted that the Advisor charges only a performance fee, and no asset-based fee, to a private fund that the Advisor manages using similar strategies as the Fund. The Trustees also noted that the Fund's advisory fee was the same as that of the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.07% and 0.11%, respectively. The Trustees observed, however, that the average net assets of the Fund were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and the Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered the Advisor's assertion that the net expenses for the Fund are set at a level at which the Advisor can maintain the viability of the Fund.

● The Equity International Fund's annual investment advisory fee (gross of fee waivers) was higher than the Foreign Small/Mid Blend Fund Universe and Peer Group medians by 0.10% and 0.20%, respectively. The Trustees noted the Advisor's belief that the Fund's advisory fee is reasonable given the Fund's concentrated strategy, and that the Advisor intends to limit the capacity of the Fund in an effort to maintain the integrity of the strategy. The Trustees also noted that the Advisor had waived a significant portion of its advisory fee for the Fund. The Trustees considered that the Advisor does not manage any other client accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund's advisory fee with those of other similar accounts of the Advisor. The Trustees also noted that the Fund's advisory fee was the same as that of the other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.04% and 0.13%, respectively. The Trustees noted, however, that the average net assets of the Fund were lower than the average net assets of corresponding classes of funds in the Peer Group, and significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also considered the Advisor's assertion that the net expenses for the Fund are set at a level at which the Advisor can maintain the viability of the Fund.

**ACR Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract - Continued**

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Advisor provides to the Funds.

***Profitability, Benefits to the Advisor, and Economies of Scale***

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to each Fund for the year ended July 31, 2025, noting that the Advisor had waived a portion of its advisory fee for the Opportunity Fund, and had waived a significant portion of its advisory fee for the Equity International Fund. Recognizing the difficulty in evaluating an investment advisor's profitability with respect to the funds it manages in the context of an advisor with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board and the Independent Trustees concluded that the profits of the Advisor from its relationships with the Opportunity Fund and Equity International Fund were reasonable.

The Board also considered the benefits received by the Advisor as a result of the Advisor's relationship with the Funds, other than the receipt of its investment advisory fees, including any research received from broker-dealers providing execution services to the Funds, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Advisor's compliance program, the intangible benefits of the Advisor's association with the Funds generally, and any favorable publicity arising in connection with the Funds' performance. The Board noted that although there were no advisory fee breakpoints, the Advisor intends to limit the capacity of the Equity International Fund in an effort to maintain the integrity of the strategy, the asset levels of the Funds were not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the Funds' assets grow.

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that renewal of the Advisory Agreement was in the best interests of each Fund and its shareholders and, accordingly, approved the renewal of the Advisory Agreement with respect to each Fund.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
 affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.* Incorporated by reference to the Registrant's Form N-CSR filed June 8, 2018.](https://www.sec.gov/Archives/edgar/data/1587982/000139834418008801/fp0033775_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.](fp0097402-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(a) (5) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0097402-1_ex99906cert.htm)

**SIGNATURES**

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.

---

| | |
|:---|:---|
| (Registrant) | Investment Managers Series Trust II |
| By (Signature and Title) | /s/ Scott Schulenburg |
|  | Scott Schulenburg, President and Principal Executive Officer |
| Date | 2/5/2026 |

---

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.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Scott Schulenburg |
|  | Scott Schulenburg, President and Principal Executive Officer |
| Date | 2/5/2026 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 2/5/2026 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, **Scott Schulenburg**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>ACR Opportunity Fund & ACR Equity International Fund,</u>** each a series of Investment Managers Series Trust II (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/5/2026 | /s/ Scott Schulenburg |
|  |  | Scott Schulenburg<br> President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, **Rita Dam**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>ACR Opportunity Fund & ACR Equity International Fund,</u>** each a series of Investment Managers Series Trust II (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/5/2026 | /s/ Rita Dam |
|  |  | Rita Dam<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the report on Form N-CSR of **<u>ACR Opportunity Fund & ACR Equity International Fund,</u>** each a series of Investment Managers Series Trust II (the "Trust"), for the year ended **November 30, 2025** (the "Report"), Scott Schulenburg, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

(1) the Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date | 2/5/2026 |
| /s/ Scott Schulenburg | /s/ Scott Schulenburg |
| Scott Schulenburg | Scott Schulenburg |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust II for purposes of Section 18 of the Securities Exchange Act of 1934.