# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001398344-26-004870
**Filing Date:** 2026-3
**Character Count:** 121952
**Document Hash:** d057a7ed79fd69ca40cc7a0cc87493b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004870.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001398344-26-004870

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** 26733973

**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

### Kennedy Capital ESG SMID Cap Fund (Series ID: S000063803)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000206710 | Institutional Class Shares | KESGX           |

### KENNEDY CAPITAL SMALL CAP GROWTH FUND (Series ID: S000076117)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000235563 | Institutional Class Shares | KGROX           |

### KENNEDY CAPITAL SMALL CAP VALUE FUND (Series ID: S000076118)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000235565 | Institutional Class Shares | KVALX           |

?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>December 31</u>**

Date of reporting period: **<u>December 31, 2025</u>**

#### Item 1. Report to Stockholders.
(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 Act"), is as follows:

![TSR Fund Logo - Cover](images_406.jpg)

Kennedy Capital

ESG SMID Cap Fund

Institutional Class/KESGX

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Kennedy Capital ESG SMID Cap Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.kennedycapital.com/esg-mutual-fund/. You can also request this information by contacting us at (877) 882-8825.

#### 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 |
| Kennedy Capital ESG SMID Cap Fund<br>(Institutional Class/KESGX) | $86 | 0.82% |

---

#### Management's Discussion of Fund Performance - 2025 KESGX
How did the Fund perform last year?

For the 12-month period ended December 31, 2025, the Kennedy ESG SMID Cap Fund (KESGX) returned 9.53%, compared to the Russell 2500 Index return of 11.91%.

What affected the Fund's performance?

Fund performance can be attributed to the following:

From an Industry exposure perspective, the Fund's underweight position in Biotechnology and Pharmaceuticals combined to create an unfavorable 1.27% of relative performance. This was partially offset by favorable relative performance generated by an overweight position in Industrials and an underweight position in Real Estate.

Regarding stock selection, the Fund was challenged in the Health Care sector, where selection had an unfavorable 2.24% impact compared to the index, and in Materials, where the selection impact was an unfavorable 0.94%. Partially offsetting this performance was favorable stock selection in Information Technology (added 1.63%) and in Real Estate (added 0.23%).

The Fund's biggest underperforming position in the year was Bath & Body Works, Inc. (ticker BBWI). The company's stock underperformed in 2025 as revenue growth was lackluster and turnaround efforts under a new CEO are expected to take some time to materialize.

The strongest single contributor to performance in 2025 was delivered by the Fund's exposure to TriMas Corporation (ticker: TRS). TRS is a multi-segment company with exposure to the specialty packaging and aerospace markets. Strong performance from the aerospace division in particular resulted in share price appreciation in 2025.

#### 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_1065236.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| Kennedy Capital ESG SMID Cap Fund (Institutional Class/KESGX) | 9.53% | 7.56% | 10.32% |
| Russell 2500 Index | 11.91% | 7.26% | 9.69% |
| Russell 3000 Index | 17.15% | 13.15% | 14.93% |

---

 *<sup>1</sup>* *Institutional Class shares commenced operations on June 28, 2019.* 

**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.**

**Visit** https://www.kennedycapital.com/esg-mutual-fund/ **for the most recent performance information.**

#### 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;$69895055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$327561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and 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;TopBuild Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICU Medical, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;AtriCure, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc. | 1.5% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1065241.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1065246.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 the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.kennedycapital.com/esg-mutual-fund/. You can also request this information by contacting us at (877) 882-8825.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 882-8825 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR Fund Logo - Cover](images_406.jpg)

Kennedy Capital

Small Cap Growth Fund

Institutional Class/KGROX

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Kennedy Capital Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.kennedycapital.com/kgrox-mutual-fund/. You can also request this information by contacting us at (877) 882-8825.

#### 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 |
| Kennedy Capital Small Cap Growth Fund<br>(Institutional Class/KGROX) | $93 | 0.89% |

---

#### Management's Discussion of Fund Performance - 2025 KGROX
How did the Fund Perform last year?

For the 12-month period ended December 31, 2025, the Kennedy Small Cap Growth Fund (KGROX) returned 8.56%, compared to the Russell 2000 Growth (R2G) return of 13.01%.

What affected the Fund's performance?

From a sector perspective, relative performance was impacted by negative results in Industrials (-368 basis points), Financials (-129 basis points), Materials (-101 basis points), and Energy (-16 basis points). While Consumer Discretionary (+183 basis points), Communications Services (+31 basis points), Information Technology (+14 basis points) and Consumer Staples (+11 basis points) sectors were the largest offsetting positive contributors to relative fund performance.

From a sector allocation perspective, the Fund suffered from both its underweight in Health Care and overweight in Consumer Discretionary and Information Technology.

The Fund's aggregate stock selection was negative, led by poor relative performance in the Industrials sector. Industrials was the second-best absolute returning sector in the R2G, benefiting from significantly increased spending on data center construction and rising defense budgets. Unfortunately, while we were overweight both these macro opportunities and also had some good individual stock performances, we did not own the biggest individual name contributors in the index (e,g, Bloom Energy Corporation (BE) +291%, Kratos Defense & Security Systems (KTOS), +187%). In addition, we owned several services businesses that suffered from unique challenges, dragging down our overall results. The largest individual detractor within Industrials was ACV Auctions, Inc. (ACVA). ACVA operates a digital marketplace for wholesale vehicle transactions that is gaining market share due to their strong data and technological capabilities as dealers increasingly shift to online inventory purchasing. However, persistently weak industry volumes have become a headwind to scaling the business to its potential (digital platform has high operating leverage to volumes) at the same time that they continue to invest in growth (including via price) which dampened the earnings outlook.

TOP PERFORMANCE CONTRIBUTORS

- Comfort Systems USA, Inc. (FIX), a provider of mechanical and electrical services, returned 118% during the year.

- JFrog Ltd. (FROG), a software supply chain platform that provides visibility, security, and control for managing software updates, returned 112% during the year.

- Verona Pharma plc Sponsored ADR (VRNA), a developer of medicines for chronic lung conditions, returned 126% during the year.

TOP PERFORMANCE DETRACTORS

- Vertex, Inc. (VERX), a leading provider of tax compliance software solutions, declined 62% during the year.

- Shift4 Payments, Inc. (FOUR), a provider of payment acceptance and payment processing technology solutions, declined 39% during the year.

- ACV Auctions, Inc. (ACVA), an operator of a digital marketplace for wholesale vehicle transactions, declined 64% during the year.

#### 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 $50,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $50,000

![Fund Performance - Growth of 10K](chartimages_1065272.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Kennedy Capital Small Cap Growth Fund (Institutional Class/KGROX) | 8.56% | 9.40% |
| Russell 2000 Growth Index | 13.01% | 10.96% |
| Russell 3000 Index | 17.15% | 15.34% |

---

 **<sup>1</sup>** **Institutional Class shares commenced operations on April 27, 2022.** 

**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.**

**Visit** https://www.kennedycapital.com/kgrox-mutual-fund/ **for the most recent performance information.**

#### 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;$514117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and 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;JFrog, Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc. - Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnite, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc. | 2.1% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1065277.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1065282.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 the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.kennedycapital.com/kgrox-mutual-fund/. You can also request this information by contacting us at (877) 882-8825.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 882-8825 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR Fund Logo - Cover](images_406.jpg)

Kennedy Capital

Small Cap Value Fund

Institutional Class/KVALX

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Kennedy Capital Small Cap Value Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.kennedycapital.com/kvalx-mutual-fund/. You can also request this information by contacting us at (877) 882-8825.

#### 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 |
| Kennedy Capital Small Cap Value Fund<br>(Institutional Class/KVALX) | $92 | 0.89% |

---

#### Management's Discussion of Fund Performance – 2025 KVALX
SUMMARY OF RESULTS

For the 12-month period ended December 31, 2025, the Kennedy Small Cap Value Fund (KVALX) returned 6.42% (net of fees), compared to the Russell 2000 Value return of 12.59%. The Fund primarily invested in equity securities.

Stock selection was the largest driver of fund underperformance versus the Russell 2000 Value Benchmark, detracting 344 basis points. Allocation effect was also a drag on relative performance, detracting 251 basis points.

At the sector level, relative fund performance experienced the largest headwinds within the Health Care (-255 basis points), Information Technology (-193 basis points), and Energy (-155 basis points) sectors.

On the positive side, stock selection in the Industrials (+324 basis points), Consumer Discretionary (+133 basis points), and Consumer Staples (+32 bps) sectors were the largest positive contributors to relative fund performance.

TOP PERFORMANCE CONTRIBUTORS

- IES Holdings, Inc., a leading service company that designs and installs electrical and technology systems across a variety of end markets, rose +84% during the year.

- Dana Incorporated (DAN), an auto supplier, rose 107% during the year.

- MKS Inc. (MKS), a solutions and equipment provider to semiconductor end markets, rose 58% during the year.

TOP PERFORMANCE DETRACTORS

- Atlas Energy Solutions Inc (AESI), an oilfield services company that provides frac sand logistics through a proprietary network, declined 55% during the year.

- Northern Oil and Gas, Inc. (NOG), an oil and gas producer, declined 38% during the year.

- Mesa Laboratories, Inc. (MLAB), a life sciences equipment company, declined 39% during the year.

#### 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_1065308.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Kennedy Capital Small Cap Value Fund (Institutional Class/KVALX) | 6.42% | 9.65% |
| Russell 2000 Value Index | 12.59% | 7.67% |
| Russell 3000 Index | 17.15% | 15.34% |

---

 **<sup>1</sup>** **Institutional Class shares commenced operations on April 27, 2022.** 

**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.**

**Visit** https://www.kennedycapital.com/kvalx-mutual-fund/ **for the most recent performance information.**

#### 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;$67029707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$124032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and 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;AZZ, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;EnerSys | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Source Corp. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank Holdings Corp. - Class A | 1.4% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1065313.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1065318.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 the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.kennedycapital.com/kvalx-mutual-fund/. You can also request this information by contacting us at (877) 882-8825.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 882-8825 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

(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.

---

| | | | |
|:---|:---|:---|:---|
| | Kennedy Capital ESG SMID Cap Fund<br> Kennedy Capital Small Cap Growth Fund<br> Kennedy Capital Small Cap Value Fund | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) | Audit Fees | $43500 | $42000 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $7800 | $7500 |
| (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:

---

| | | |
|:---|:---|:---|
| Kennedy Capital ESG SMID Cap Fund<br> Kennedy Capital Small Cap Growth Fund<br> Kennedy Capital Small Cap Value Fund | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(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.

---

| | | | |
|:---|:---|:---|:---|
| | Kennedy Capital ESG SMID Cap Fund<br> Kennedy Capital Small Cap Growth Fund<br> Kennedy Capital Small Cap Value Fund | FYE 12/31/2025 | FYE 12/31/2024 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

(i) Not applicable.

(j) Not applicable.

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

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

(b) Not applicable.

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

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

(b) Not Applicable.

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

![](fp0097170-1_01.jpg)

**Kennedy Capital ESG SMID Cap Fund**

**(Institutional Class: KESGX)**

**Kennedy Capital Small Cap Growth Fund**

**(Institutional Class: KGROX)**

**Kennedy Capital Small Cap Value Fund**

**(Institutional Class: KVALX)**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**December 31, 2025**

**Kennedy Capital ESG SMID Cap Fund**

**Kennedy Capital Small Cap Growth Fund**

**Kennedy Capital Small Cap Value 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;&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; Kennedy Capital ESG SMID Cap Fund 1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Capital Small Cap Growth Fund 5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Capital Small Cap Value Fund 8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Statements of Assets and Liabilities** 12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Statements of Operations** 13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Capital ESG SMID Cap Fund 14 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Capital Small Cap Growth Fund 15 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Capital Small Cap Value Fund 16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Highlights** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Capital ESG SMID Cap Fund 17 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Capital Small Cap Growth Fund 18 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Capital Small Cap Value Fund 19 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Notes to Financial Statements** 20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Report of Independent Registered Public Accounting Firm** 30
*This report and the financial statements contained herein are provided for the general information of the shareholders of the Kennedy Capital 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.*

 

www.kennedycapital.com

**Kennedy Capital ESG SMID Cap Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **CONSUMER DISCRETIONARY — 12.1%** |  |
| 7177 | Acushnet Holdings Corp. | $572868 |
| 5181 | Boot Barn Holdings, Inc.\* | 914291 |
| 1367 | Cavco Industries, Inc.\* | 807542 |
| 5531 | Grand Canyon Education, Inc.\* | 919861 |
| 2133 | Group 1 Automotive, Inc. | 838909 |
| 26955 | LKQ Corp. | 814041 |
| 4879 | Modine Manufacturing Co.\* | 651395 |
| 7493 | SharkNinja, Inc. \*<sup>,1</sup> | 838467 |
| 3338 | TopBuild Corp.\* | 1392580 |
| 1760 | Winmark Corp. | 712694 |
|  |  | **8462648** |
|  | **CONSUMER STAPLES — 2.6%** |  |
| 9306 | Post Holdings, Inc.\* | 921760 |
| 12069 | U.S. Foods Holding Corp.\* | 909037 |
|  |  | **1830797** |
|  | **FINANCIALS — 13.2%** |  |
| 3560 | Assurant, Inc. | 857426 |
| 15964 | Commerce Bancshares, Inc. | 835566 |
| 8280 | East West Bancorp, Inc. | 930589 |
| 2310 | LPL Financial Holdings, Inc. | 825063 |
| 7661 | Popular, Inc.<sup>1</sup> | 953948 |
| 7402 | Ryan Specialty Holdings, Inc. | 382165 |
| 5268 | Selective Insurance Group, Inc. | 440774 |
| 5996 | SouthState Corp. | 564284 |
| 8733 | Stifel Financial Corp. | 1093546 |
| 11186 | Voya Financial, Inc. | 833245 |
| 50656 | Wealthfront Corp.\* | 688415 |
| 5837 | Wintrust Financial Corp. | 816129 |
|  |  | **9221150** |
|  | **HEALTH CARE — 13.2%** |  |
| 17503 | Agios Pharmaceuticals, Inc.\* | 476432 |
| 29621 | AtriCure, Inc.\* | 1171807 |
| 1376 | Chemed Corp. | 588735 |
| 5761 | Encompass Health Corp. | 611473 |
| 26211 | Enovis Corp.\* | 698261 |
| 7410 | Globus Medical, Inc. - Class A\* | 646967 |
| 9721 | Hologic, Inc.\* | 724117 |
| 3743 | ICON PLC\*<sup>,1</sup> | 682049 |
| 8440 | ICU Medical, Inc.\* | 1204135 |
| 2295 | Insmed, Inc.\* | 399422 |
| 5321 | Integer Holdings Corp.\* | 417326 |
| 4504 | Ionis Pharmaceuticals, Inc.\* | 356311 |

---

**Kennedy Capital ESG SMID Cap Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| 81415 | Neogen Corp.\* | $569091 |
| 2566 | Neurocrine Biosciences, Inc.\* | 363936 |
| 10130 | Newamsterdam Pharma Co. N.V.\*<sup>,1</sup> | 355360 |
|  |  | **9265422** |
|  | **INDUSTRIALS — 29.0%** |  |
| 9941 | AAON, Inc. | 758001 |
| 4299 | Alamo Group, Inc. | 721673 |
| 15345 | Atmus Filtration Technologies, Inc. | 796559 |
| 8430 | Booz Allen Hamilton Holding Corp. | 711155 |
| 1146 | CACI International, Inc. - Class A\* | 610600 |
| 1806 | Carlisle Cos., Inc. | 577667 |
| 6308 | Casella Waste Systems, Inc. - Class A\* | 617806 |
| 4190 | Crane Co. | 772762 |
| 4888 | EnerSys | 717314 |
| 8044 | Esab Corp. | 898676 |
| 4682 | ESCO Technologies, Inc. | 914816 |
| 7348 | Franklin Electric Co., Inc. | 701954 |
| 3850 | Generac Holdings, Inc.\* | 525025 |
| 5441 | ICF International, Inc. | 464117 |
| 5480 | ITT, Inc. | 950835 |
| 15027 | Mercury Systems, Inc.\* | 1097121 |
| 2879 | MSA Safety, Inc. | 461043 |
| 4472 | Oshkosh Corp. | 561817 |
| 6328 | Regal Rexnord Corp. | 887945 |
| 12936 | REV Group, Inc. | 786638 |
| 4856 | SPX Technologies, Inc.\* | 971491 |
| 27413 | StandardAero, Inc.\* | 786205 |
| 29508 | Thermon Group Holdings, Inc.\* | 1096517 |
| 2958 | Valmont Industries, Inc. | 1190063 |
| 3225 | Woodward, Inc. | 974982 |
| 15655 | Zurn Elkay Water Solutions Corp. | 727801 |
|  |  | **20280583** |
|  | **INFORMATION TECHNOLOGY — 14.8%** |  |
| 27857 | Adeia, Inc. | 480533 |
| 23833 | Allegro MicroSystems, Inc.\* | 628715 |
| 12391 | Applied Optoelectronics, Inc.\* | 431950 |
| 4723 | Coherent Corp.\* | 871724 |
| 1337 | CyberArk Software, Ltd.\*<sup>,1</sup> | 596382 |
| 6437 | Descartes Systems Group, Inc.\*<sup>,1</sup> | 564267 |
| 10573 | JFrog, Ltd.\*<sup>,1</sup> | 660390 |
| 22038 | Netskope, Inc. - Class A\* | 386547 |
| 6520 | Onto Innovation, Inc.\* | 1029247 |
| 2972 | OSI Systems, Inc.\* | 758038 |

---

**Kennedy Capital ESG SMID Cap Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INFORMATION TECHNOLOGY (Continued)** |  |
| 4860 | SPS Commerce, Inc.\* | $433172 |
| 8147 | TD SYNNEX Corp. | 1223924 |
| 2130 | Teledyne Technologies, Inc.\* | 1087855 |
| 11191 | Trimble, Inc.\* | 876815 |
| 7049 | Unity Software, Inc.\* | 311354 |
|  |  | **10340913** |
|  | **MATERIALS — 7.1%** |  |
| 4455 | Avery Dennison Corp. | 810275 |
| 8993 | H.B. Fuller Co. | 534724 |
| 6188 | Knife River Corp.\* | 435326 |
| 3818 | Quaker Chemical Corp. | 524250 |
| 3114 | Reliance, Inc. | 899541 |
| 8528 | RPM International, Inc. | 886912 |
| 23756 | TriMas Corp. | 842150 |
|  |  | **4933178** |
|  | **REAL ESTATE — 4.8%** |  |
| 16009 | First Industrial Realty Trust, Inc. - REIT | 916836 |
| 2019 | Jones Lang LaSalle, Inc.\* | 679333 |
| 27075 | Kite Realty Group Trust - REIT | 648988 |
| 4664 | Mid-America Apartment Communities, Inc. - REIT | 647876 |
| 31931 | Xenia Hotels & Resorts, Inc. - REIT | 451504 |
|  |  | **3344537** |
|  | **UTILITIES — 1.9%** |  |
| 14947 | California Water Service Group | 647654 |
| 17887 | Essential Utilities, Inc. | 686145 |
|  |  | **1333799** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $57,069,519) | **69013027** |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 0.8%** |  |
| $518548 | UMB Money Market Special, 2.71%<sup>2</sup> | 518548 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $518,548) | **518548** |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $57,588,067) | **69531575** |
|  | Other Assets in Excess of Liabilities — 0.5% | 363480 |
|  | **NET ASSETS — 100.0%** | $**69895055** |

---

**Kennedy Capital ESG SMID Cap Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

PLC – Public Limited Company

REIT – Real Estate Investment Trusts

\* Non-income producing security.

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

<sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**Kennedy Capital Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 108.5%** |  |
|  | **COMMUNICATION SERVICES — 2.5%** |  |
| 792 | Magnite, Inc.\* | $**12854** |
|  | **CONSUMER DISCRETIONARY — 13.8%** |  |
| 70 | Boot Barn Holdings, Inc.\* | 12353 |
| 125 | Champion Homes, Inc.\* | 10563 |
| 138 | Dutch Bros, Inc. - Class A\* | 8448 |
| 33 | Installed Building Products, Inc. | 8560 |
| 124 | Planet Fitness, Inc. - Class A\* | 13450 |
| 355 | Universal Technical Institute, Inc.\* | 9276 |
| 35 | Wingstop, Inc. | 8347 |
|  |  | **70997** |
|  | **CONSUMER STAPLES — 2.8%** |  |
| 231 | Chefs' Warehouse, Inc.\* | **14398** |
|  | **ENERGY — 1.0%** |  |
| 116 | Solaris Energy Infrastructure, Inc. | **5333** |
|  | **FINANCIALS — 9.5%** |  |
| 116 | Axos Financial, Inc.\* | 9994 |
| 227 | Baldwin Insurance Group, Inc.\* | 5455 |
| 594 | BGC Group, Inc. | 5304 |
| 62 | Coastal Financial Corp.\* | 7105 |
| 31 | PJT Partners, Inc. - Class A | 5183 |
| 147 | Shift4 Payments, Inc. - Class A\* | 9257 |
| 474 | Wealthfront Corp.\* | 6442 |
|  |  | **48740** |
|  | **HEALTH CARE — 22.4%** |  |
| 648 | Adaptive Biotechnologies Corp.\* | 10523 |
| 62 | Apogee Therapeutics, Inc.\* | 4680 |
| 160 | AtriCure, Inc.\* | 6330 |
| 68 | Avidity Biosciences, Inc.\* | 4905 |
| 31 | Axsome Therapeutics, Inc.\* | 5662 |
| 159 | Catalyst Pharmaceuticals, Inc.\* | 3711 |
| 146 | Edgewise Therapeutics, Inc.\* | 3623 |
| 181 | Enovis Corp.\* | 4822 |
| 151 | Globus Medical, Inc. - Class A\* | 13184 |
| 37 | Halozyme Therapeutics, Inc.\* | 2490 |
| 45 | ICU Medical, Inc.\* | 6420 |
| 60 | Ionis Pharmaceuticals, Inc.\* | 4747 |
| 243 | Nurix Therapeutics, Inc.\* | 4610 |
| 11 | OmniAb, Inc. Earnout Shares<sup>1</sup> |  |
| 11 | OmniAb, Inc. Earnout Shares<sup>1</sup> |  |
| 84 | Protagonist Therapeutics, Inc.\* | 7336 |
| 97 | Rapport Therapeutics, Inc.\* | 2943 |

---

**Kennedy Capital Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| 39 | Rhythm Pharmaceuticals, Inc.\* | $4174 |
| 84 | Scholar Rock Holding Corp.\* | 3700 |
| 349 | Surgery Partners, Inc.\* | 5392 |
| 229 | WaVe Life Sciences Ltd.\*<sup>,2</sup> | 3893 |
| 236 | Waystar Holding Corp.\* | 7729 |
| 520 | Xeris Biopharma Holdings, Inc.\* | 4082 |
|  |  | **114956** |
|  | **INDUSTRIALS — 28.6%** |  |
| 91 | AAON, Inc. | 6939 |
| 81 | Casella Waste Systems, Inc. - Class A\* | 7933 |
| 18 | Comfort Systems USA, Inc. | 16799 |
| 51 | Crane Co. | 9406 |
| 98 | Ducommun, Inc.\* | 9323 |
| 57 | Franklin Electric Co., Inc. | 5445 |
| 218 | Leonardo DRS, Inc. | 7432 |
| 62 | MasTec, Inc.\* | 13477 |
| 132 | Mercury Systems, Inc.\* | 9637 |
| 105 | Parsons Corp.\* | 6489 |
| 41 | Paylocity Holding Corp.\* | 6252 |
| 24 | Powell Industries, Inc. | 7651 |
| 47 | Primoris Services Corp. | 5834 |
| 39 | Standex International Corp. | 8474 |
| 20 | Sterling Construction Co., Inc.\* | 6125 |
| 235 | Tetra Tech, Inc. | 7882 |
| 63 | UFP Industries, Inc. | 5736 |
| 58 | Willdan Group, Inc.\* | 6012 |
|  |  | **146846** |
|  | **INFORMATION TECHNOLOGY — 26.5%** |  |
| 209 | Applied Optoelectronics, Inc.\* | 7286 |
| 65 | Astera Labs, Inc.\* | 10813 |
| 21 | Fabrinet\*<sup>,2</sup> | 9561 |
| 455 | Freshworks, Inc.\* | 5574 |
| 62 | Impinj, Inc. \* | 10789 |
| 46 | Insight Enterprises, Inc.\* | 3748 |
| 132 | Intapp, Inc.\* | 6048 |
| 278 | JFrog, Ltd.\*<sup>,2</sup> | 17364 |
| 79 | MACOM Technology Solutions Holdings, Inc.\* | 13531 |
| 276 | Mirion Technologies, Inc.\* | 6464 |
| 306 | Netskope, Inc. - Class A\* | 5367 |
| 70 | Onto Innovation, Inc.\* | 11050 |
| 406 | Penguin Solutions, Inc.\*<sup>,2</sup> | 7941 |
| 263 | SentinelOne, Inc. - Class A\* | 3945 |
| 31 | SiTime Corp.\* | 10949 |

---

**Kennedy Capital Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INFORMATION TECHNOLOGY (Continued)** |  |
| 300 | Vertex, Inc.\* | $5991 |
|  |  | **136421** |
|  | **MATERIALS — 1.4%** |  |
| 102 | Knife River Corp.\* | **7176** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $407,196) | **557721** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 4.1%** |  |
| $21220 | UMB Money Market Special, 2.71%<sup>3</sup> | 21220 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,220) | **21220** |
|  | **TOTAL INVESTMENTS — 112.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $428,416) | **578941** |
|  | Liabilities in Excess of Other Assets — (12.6)% | (64824) |
|  | **NET ASSETS — 100.0%** | $**514117** |

---

\* Non-income producing security.

<sup>1</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>2</sup> Foreign security denominated in U.S. Dollars.

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

*See accompanying Notes to Financial Statements.*

**Kennedy Capital Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 99.1%** |  |
|  | **CONSUMER DISCRETIONARY — 10.5%** |  |
| 1237 | Abercrombie & Fitch Co. - Class A\* | $155701 |
| 9796 | Acushnet Holdings Corp. | 781917 |
| 36197 | Dana, Inc. | 860041 |
| 11886 | Green Brick Partners, Inc.\* | 744777 |
| 2087 | Installed Building Products, Inc. | 541347 |
| 4163 | Johnson Outdoors, Inc. - Class A | 176719 |
| 11068 | Kontoor Brands, Inc. | 676144 |
| 3791 | Modine Manufacturing Co.\* | 506136 |
| 8627 | Patrick Industries, Inc. | 935426 |
| 9280 | Polaris, Inc. | 586960 |
| 23107 | Upbound Group, Inc. | 405759 |
| 15499 | YETI Holdings, Inc.\* | 684591 |
|  |  | **7055518** |
|  | **CONSUMER STAPLES — 0.9%** |  |
| 10015 | Chefs' Warehouse, Inc.\* | **624235** |
|  | **ENERGY — 5.2%** |  |
| 59685 | Atlas Energy Solutions, Inc. - Class A | 562233 |
| 16013 | HF Sinclair Corp. | 737879 |
| 39613 | Northern Oil & Gas, Inc. | 850491 |
| 32719 | Oil States International, Inc.\* | 221507 |
| 22138 | Range Resources Corp. | 780586 |
| 18521 | SM Energy Co. | 346343 |
|  |  | **3499039** |
|  | **FINANCIALS — 26.1%** |  |
| 15261 | 1st Source Corp. | 953660 |
| 16696 | Atlantic Union Bankshares Corp. | 589369 |
| 9673 | Axos Financial, Inc.\* | 833426 |
| 24194 | Bank OZK | 1113408 |
| 12352 | BankUnited, Inc. | 550529 |
| 18674 | Cadence Bank | 799994 |
| 13598 | ConnectOne Bancorp, Inc. | 356540 |
| 10492 | Enterprise Financial Services Corp. | 566568 |
| 13724 | Equity Bancshares, Inc. - Class A | 612777 |
| 16460 | Five Star Bancorp | 588939 |
| 12165 | Hamilton Insurance Group, Ltd. - Class B\*<sup>,1</sup> | 339404 |
| 48095 | Heritage Commerce Corp. | 577621 |
| 30738 | Home BancShares, Inc. | 853902 |
| 6657 | Jackson Financial, Inc. - Class A | 709969 |
| 7625 | Lakeland Financial Corp. | 435082 |
| 24134 | National Bank Holdings Corp. - Class A | 917333 |
| 32927 | Old Second Bancorp, Inc. | 642076 |
| 23243 | Origin Bancorp, Inc. | 874169 |

---

**Kennedy Capital Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 2055 | Piper Sandler Cos. | $698104 |
| 9559 | Preferred Bank | 902656 |
| 11192 | QCR Holdings, Inc. | 932294 |
| 8614 | Selective Insurance Group, Inc. | 720733 |
| 9573 | Texas Capital Bancshares, Inc.\* | 866739 |
| 7481 | Wintrust Financial Corp. | 1045993 |
|  |  | **17481285** |
|  | **HEALTH CARE — 9.9%** |  |
| 67491 | AdaptHealth Corp.\* | 672210 |
| 6317 | Addus HomeCare Corp.\* | 678383 |
| 30219 | ADMA Biologics, Inc.\* | 551195 |
| 6810 | ANI Pharmaceuticals, Inc.\* | 537581 |
| 42700 | Catalyst Pharmaceuticals, Inc.\* | 996618 |
| 11785 | Corcept Therapeutics, Inc.\* | 410118 |
| 12693 | Halozyme Therapeutics, Inc.\* | 854239 |
| 4048 | ICU Medical, Inc.\* | 577528 |
| 6808 | LeMaitre Vascular, Inc. | 552129 |
| 6925 | Mesa Laboratories, Inc. | 543612 |
| 15791 | Simulations Plus, Inc.\* | 287870 |
|  |  | **6661483** |
|  | **INDUSTRIALS — 21.1%** |  |
| 1279 | Acuity, Inc. | 460491 |
| 5090 | Alamo Group, Inc. | 854458 |
| 2185 | Applied Industrial Technologies, Inc. | 561043 |
| 13159 | Astec Industries, Inc. | 570048 |
| 3391 | Astronics Corp.\* | 183928 |
| 10960 | AZZ, Inc. | 1174693 |
| 21914 | DNOW, Inc.\* | 290361 |
| 8048 | Enerpac Tool Group Corp. - Class A | 307756 |
| 6626 | EnerSys | 972366 |
| 3318 | Enpro, Inc. | 710483 |
| 38086 | Gates Industrial Corp. PLC\*<sup>,1</sup> | 817706 |
| 12058 | Gibraltar Industries, Inc.\* | 596148 |
| 13702 | Helios Technologies, Inc. | 732920 |
| 2014 | ICF International, Inc. | 171794 |
| 1620 | IES Holdings, Inc.\* | 630212 |
| 38785 | Manitowoc Co., Inc.\* | 465032 |
| 10736 | Mercury Systems, Inc.\* | 783835 |
| 5224 | Oshkosh Corp. | 656291 |
| 20908 | Resideo Technologies, Inc.\* | 734289 |
| 19123 | RXO, Inc.\* | 241715 |
| 3752 | Simpson Manufacturing Co., Inc. | 605835 |
| 5256 | UFP Industries, Inc. | 478559 |

---

**Kennedy Capital Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| 2863 | Valmont Industries, Inc. | $1151842 |
|  |  | **14151805** |
|  | **INFORMATION TECHNOLOGY — 6.5%** |  |
| 6531 | Axcelis Technologies, Inc.\* | 524701 |
| 6224 | Belden, Inc. | 725407 |
| 8330 | Diodes, Inc.\* | 411002 |
| 23608 | Ichor Holdings, Ltd.\*<sup>,1</sup> | 435095 |
| 3060 | Insight Enterprises, Inc.\* | 249298 |
| 5107 | MKS, Inc. | 816099 |
| 3738 | Plexus Corp.\* | 549486 |
| 14817 | Progress Software Corp.\* | 636538 |
|  |  | **4347626** |
|  | **MATERIALS — 5.1%** |  |
| 2762 | Eagle Materials, Inc. | 570850 |
| 14400 | H.B. Fuller Co. | 856224 |
| 4017 | Hawkins, Inc. | 570655 |
| 23812 | Hecla Mining Co. | 456952 |
| 3263 | Materion Corp. | 405656 |
| 3796 | Quaker Chemical Corp. | 521229 |
|  |  | **3381566** |
|  | **REAL ESTATE — 9.5%** |  |
| 24113 | American Assets Trust, Inc. - REIT | 456459 |
| 33116 | Americold Realty Trust - REIT | 425872 |
| 26697 | Community Healthcare Trust, Inc. - REIT | 438365 |
| 12647 | COPT Defense Properties - REIT | 351586 |
| 19573 | Cousins Properties, Inc. - REIT | 504592 |
| 41839 | Cushman & Wakefield PLC - REIT\*<sup>,1</sup> | 677373 |
| 9704 | Essential Properties Realty Trust, Inc. - REIT | 287821 |
| 14854 | First Industrial Realty Trust, Inc. - REIT | 850688 |
| 28461 | Kite Realty Group Trust - REIT | 682210 |
| 6438 | Lineage, Inc. - REIT | 225330 |
| 16735 | Phillips Edison & Co., Inc. - REIT | 595264 |
| 8301 | PotlatchDeltic Corp. - REIT | 330214 |
| 17948 | UMH Properties, Inc. - REIT | 285553 |
| 19448 | Xenia Hotels & Resorts, Inc. - REIT | 274995 |
|  |  | **6386322** |
|  | **UTILITIES — 4.3%** |  |
| 9038 | American States Water Co. | 655074 |
| 14670 | Avista Corp. | 565382 |
| 6788 | IDACORP, Inc. | 859089 |

---

**Kennedy Capital Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UTILITIES (Continued)** |  |
| 20618 | UGI Corp. | $771732 |
|  |  | **2851277** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $63,342,086) | **66440156** |
|  | **EXCHANGE-TRADED FUNDS — 0.3%** |  |
| 1061 | iShares Russell 2000 Value ETF | 192264 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $175,828) | **192264** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.8%** |  |
| $1224536 | UMB Money Market Special, 2.71%<sup>2</sup> | 1224536 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,224,536) | **1224536** |
|  | **TOTAL INVESTMENTS — 101.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $64,742,450) | **67856956** |
|  | Liabilities in Excess of Other Assets — (1.2)% | (827249) |
|  | **NET ASSETS — 100.0%** | $**67029707** |

---

PLC – Public Limited Company

REIT – Real Estate Investment Trusts

ETF – Exchange-Traded Fund

\* Non-income producing security.

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

<sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**Kennedy Capital Funds**

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Kennedy Capital ESG**<br>**SMID Cap Fund** | **Kennedy Capital Small**<br>**Cap Growth Fund** | **Kennedy Capital Small**<br>**Cap Value Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $57,588,067, $428,416 and $64,742,450, respectively) | $69531575 | $578941 | $67856956 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 1589267 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 43464 |  | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 29425 | 59 | 77276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  | 9978 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 7351 | 2848 | 3396 |
| Total assets | 71201082 | 591826 | 67937716 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 990472 |  | 763305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 196629 |  | 25050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor |  | 16685 | 16685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 40315 |  | 33902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 13395 | 12734 | 12728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 5720 | 2433 | 2687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 1904 | 1657 | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 28401 | 14592 | 15045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 18811 | 17350 | 17350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 2741 | 4236 | 3691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 984 | 613 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 326 | 1934 | 2452 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 6329 | 5475 | 10919 |
| Total liabilities | 1306027 | 77709 | 908009 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 3) |  |  |  |
| **Net Assets** | $69895055 | $514117 | $67029707 |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $57662500 | $371351 | $63644100 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 12232555 | 142766 | 3385607 |
| **Net Assets** | $69895055 | $514117 | $67029707 |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $69895055 | $514117 | $67029707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 4198658 | 39888 | 5371209 |
| Net asset value, offering and redemption price per share | $16.65 | $12.89 | $12.48 |

---

*See accompanying Notes to Financial Statements.*

**Kennedy Capital Funds**

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Kennedy Capital<br> ESG <br> SMID Cap Fund** | **Kennedy Capital<br> Small Cap Growth<br> Fund** | **Kennedy Capital<br> Small Cap Value Fund** |
| **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $602518 | $765 | $611260 |
| &nbsp;&nbsp;&nbsp;Interest | 97901 | 742 | 29319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 700419 | 1507 | 640579 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 497922 | 4083 | 310341 |
| &nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 102780 | 91602 | 95197 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 24194 | 11952 | 15115 |
| &nbsp;&nbsp;&nbsp;Custody fees | 10228 | 10945 | 17671 |
| &nbsp;&nbsp;&nbsp;Registration fees | 25525 | 17440 | 18805 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 17732 | 17954 | 16954 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 10885 | 11877 | 11143 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 8200 | 8185 | 9122 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7458 | 4751 | 8930 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 6489 | 9041 | 7414 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 2695 | 2265 | 2414 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 645 | 3792 | 10036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 714753 | 193887 | 523142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees recovered (waived) | (170361) | (4083) | (186309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses reimbursed | - | (185369) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 544392 | 4435 | 336833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 156027 | (2928) | 303746 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3864644 | 64566 | 1593303 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 2266939 | (19598) | 404865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 6131583 | 44968 | 1998168 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**6287610** | $**42040** | $**2301914** |

---

*See accompanying Notes to Financial Statements.*

**Kennedy Capital ESG SMID Cap Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $156027 | $112064 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3864644 | 2000800 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 2266939 | 3364411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6287610 | 5477275 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3522075) | (116586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (3522075) | (116586) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 6816977 | 6706991 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3397338 | 92104 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (7014640) | (5972954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 3199675 | 826141 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 5965210 | 6186830 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 63929845 | 57743015 |
| &nbsp;&nbsp;&nbsp;End of period | $69895055 | $63929845 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 417905 | 440722 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 197176 | 5434 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (420581) | (387627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 194500 | 58529 |

---

*See accompanying Notes to Financial Statements.*

**Kennedy Capital Small Cap Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(2928) | $(2870) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 64566 | (533) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (19598) | 90494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 42040 | 87091 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (28498) | (5587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (28498) | (5587) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 28498 | 5587 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (169104) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (140606) | 5587 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (127064) | 87091 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 641181 | 554090 |
| &nbsp;&nbsp;&nbsp;End of period | $514117 | $641181 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2119 | 419 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (13347) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (11228) | 419 |

---

*See accompanying Notes to Financial Statements.*

**Kennedy Capital Small Cap Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $303746 | $173578 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1593303 | 1693566 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 404865 | 803466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2301914 | 2670610 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (2379120) | (1218326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (2379120) | (1218326) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 45519537 | 5316745 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2372238 | 1207934 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3597993) | (406674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 44293782 | 6118005 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 44216576 | 7570289 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 22813131 | 15242842 |
| &nbsp;&nbsp;&nbsp;End of period | $67029707 | $22813131 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3601955 | 465120 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 182060 | 92633 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (292484) | (31327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 3491531 | 526426 |

---

*See accompanying Notes to Financial Statements.*

**FINANCIAL HIGHLIGHTS**

**Kennedy Capital ESG SMID Cap Fund**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $15.97 | $14.63 | $12.59 | $15.39 | $13.11 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.04 | 0.03 | 0.05 | -<sup>2</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.51 | 1.34 | 2.03 | (2.74) | 3.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.55 | 1.37 | 2.08 | (2.74) | 3.30 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.03) | (0.04) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.82) | - | - | (0.05) | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.87) | (0.03) | (0.04) | (0.06) | (1.02) |
| **Net asset value, end of period** | $16.65 | $15.97 | $14.63 | $12.59 | $15.39 |
| **Total return<sup>3</sup>** |  |  |  |  |  |
|  | 9.53% | 9.35% | 16.56% | (17.82)% | 25.47% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $69895 | $63930 | $57743 | $38891 | $13327 |
| Ratio of expenses to average net assets (including excise tax expense and interest expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.08% | 1.17%<sup>4</sup> | 1.28% | 1.52% | 2.49% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.82% | 0.82%<sup>4</sup> | 0.82% | 0.82% | 0.82% |
| Ratio of net investment income (loss) to average net assets (including excise tax expense and interest expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | (0.02)% | (0.16)% | (0.08)% | (0.71)% | (1.75)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.24% | 0.19% | 0.38% | (0.01)% | (0.08)% |
| Portfolio turnover rate | 57% | 59% | 58% | 50% | 87% |

---

<sup>1</sup> Based on average 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 certain 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 redemption of Fund shares.

<sup>4</sup> If excise tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended December 31, 2024.

*See accompanying Notes to Financial Statements.*

**FINANCIAL HIGHLIGHTS**

**Kennedy Capital Small Cap Growth Fund**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> April 27,<br> 2022\***<br> **through<br> December 31,**<br>**2022** |
| **Net asset value, beginning of period** | $12.54 | $10.93 | $9.42 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.07) | (0.06) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.17 | 1.78 | 1.58 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.10 | 1.72 | 1.55 | (0.49) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.11) | (0.04) | (-)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.70) | - | - | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.75) | (0.11) | (0.04) | (0.09) |
| **Net asset value, end of period** | $12.89 | $12.54 | $10.93 | $9.42 |
| **Total return<sup>3</sup>** | 8.56% | 15.68% | 16.53% | (4.89)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $514 | $641 | $554 | $475 |
| Ratio of expenses to average net assets (including excise tax expense and interest expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 38.92% | 32.66%<sup>5</sup> | 33.44% | 37.88%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.89% | 0.89%<sup>5</sup> | 0.89% | 0.89%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets (including excise tax expense and interest expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | (38.62)% | (32.25)% | (32.82)% | (37.59)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | (0.59)% | (0.48)% | (0.27)% | (0.60)%<sup>6</sup> |
| Portfolio turnover rate | 38% | 44% | 37% | 17%<sup>4</sup> |

---

\* Commencement of operations.

<sup>1</sup> Based on average 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 certain 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 redemption of Fund shares.

<sup>4</sup> Not annualized.

<sup>5</sup> If excise tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended December 31, 2024.

<sup>6</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**FINANCIAL HIGHLIGHTS**

**Kennedy Capital Small Cap Value Fund**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> April 27,<br> 2022\*<br> through<br> December 31,**<br>**2022** |
| **Net asset value, beginning of period** | $12.14 | $11.26 | $9.84 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.10 | 0.10 | 0.12 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.70 | 1.47 | 1.50 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.80 | 1.57 | 1.62 | (0.03) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.06) | (0.11) | (0.09) | (0.03) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.40) | (0.58) | (0.11) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.46) | (0.69) | (0.20) | (0.13) |
| **Net asset value, end of period** | $12.48 | $12.14 | $11.26 | $9.84 |
| **Total return<sup>2</sup>** | 6.42% | 13.54% | 16.55% | (0.34)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $67030 | $22813 | $15243 | $5615 |
| Ratio of expenses to average net assets (including excise tax expense and interest expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.38% | 1.84%<sup>4</sup> | 2.41% | 10.08%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.89% | 0.89%<sup>4</sup> | 0.89% | 0.89%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets (including excise tax expense and interest expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.31% | (0.09)% | (0.37)% | (8.06)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.80% | 0.86% | 1.15% | 1.13%<sup>5</sup> |
| Portfolio turnover rate | 42% | 49% | 50% | 220%<sup>3</sup> |

---

\* Commencement of operations.

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

<sup>2</sup> Total returns would have been lower had certain 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 redemption of Fund shares.

<sup>3</sup> Not annualized.

<sup>4</sup> If excise tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended December 31, 2024.

<sup>5</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025**

**Note 1 – Organization**

Kennedy Capital ESG SMID Cap Fund (the "ESG SMID Cap Fund"), Kennedy Capital Small Cap Growth Fund (the "Small Cap Growth Fund"), and Kennedy Capital Small Cap Value Fund (the "Small Cap Value Fund") are organized as a diversified series of Investment Managers Series Trust II, a Delaware statutory trust (the "Trust") which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act").

The Kennedy Capital ESG SMID Cap Fund's investment objective is capital appreciation. The Fund currently offers two classes of shares: Investor Class and Institutional Class. The Fund's Institutional Class shares commenced operations on June 28, 2019. The Fund's Investor Class shares are not currently available for purchase.

The Kennedy Capital Small Cap Growth Fund's investment objective is capital appreciation. The Fund currently offers two classes of shares: Investor Class and Institutional Class. The Fund's Institutional Class shares commenced operations on April 27, 2022. The Fund's Investor Class shares are not currently available for purchase.

The Kennedy Capital Small Cap Value Fund's investment objective is capital appreciation. The Fund currently offers two classes of shares: Investor Class and Institutional Class. The Fund's Institutional Class shares commenced operations on April 27, 2022. The Fund's Investor Class shares are not currently available for purchase.

With regards to the ESG SMID Cap Fund, the Small Cap Growth Fund, and the Small Cap Value Fund, the shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.

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 highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is a party to the expense limitation agreement 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.

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**(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. 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.

**(b) 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. Income and expenses of the Funds are allocated on a pro rata basis to each class of shares relative net assets, except for distribution and service fees which are unique to each class of shares. 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.

**(c) Federal Income Taxes**

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

 

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

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

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 and during the years ended December 31, 2022 through December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(d) Distributions to Shareholders**

The Funds will make distributions of net investment income and net capital gains, if any, at least annually, typically in December. 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.

**(e) 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 Fund's written LRMP.

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

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the "Agreement") with Kennedy Capital Management 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 fees and/or pay for operating expenses of the Funds to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed the following levels of each Fund's average daily net assets of the Institutional Class shares. This agreement is in effect until April 30, 2026, and it may be terminated before that date only by the Trust's Board of Trustees. The table below contains the investment advisory fee annual rate and the expense cap by Fund and by Class:

---

| | | |
|:---|:---|:---|
|  | Investment<br>Advisory<br>Fees | Institutional Class |
| ESG SMID Cap Fund | 0.75% | 0.82% |
| Small Cap Growth Fund | 0.82% | 0.89% |
| Small Cap Value Fund | 0.82% | 0.89% |

---

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

For the year ended December 31, 2025, the Advisor waived its advisory fees and absorbed other expenses totaling $170,361, $189,452, and $186,309 for the ESG SMID Cap Fund, Small Cap Growth Fund, and Small Cap Value Fund, respectively. The Advisor is permitted to seek reimbursement from each Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's 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 December 31, 2025, the amount of these potentially recoverable expenses was $591,342, $544,756, and $543,862 for the ESG SMID Cap Fund, Small Cap Growth Fund, and Small Cap Value 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 December 31 of the years stated below:

---

| | | | |
|:---|:---|:---|:---|
|  | ESG SMID Cap Fund | Small Cap Growth Fund | Small Cap Value Fund |
| 2026 | $207238 | $163915 | $165287 |
| 2027 | 213743 | 191389 | 192266 |
| 2028 | 170361 | 189452 | 186309 |
| Total | $591342 | $544756 | $543862 |

---

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 December 31, 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 December 31, 2025, the Funds' allocated fees incurred to Trustees who are not affiliated with the Funds' co-administrators are reported on the Statements of Operations.

The Funds' Board of Trustees has adopted a Deferred Compensation Plan (the "Plan") for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various fund(s) in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds' liability for these amounts is adjusted for market value changes in the invested fund(s) and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of each Fund and will be disclosed in the Statements of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income will be 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 December 31, 2025 are reported on the Statements of Operations.

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 4 – Federal Income Taxes**

At December 31, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | ESG SMID Cap<br> Fund | Small Cap Growth<br> Fund | Small Cap Value<br> Fund |
| Cost of investments | $57634017 | $429315 | $64874723 |
| Gross unrealized appreciation | $14653596 | $176806 | $6905171 |
| Gross unrealized depreciation | (2756038) | (27180) | (3922938) |
| Net unrealized appreciation (depreciation) on investments | $11897558 | $149626 | $2982233 |

---

The difference between cost amounts for financial statements 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 December 31, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings as follows:

---

| | | |
|:---|:---|:---|
|  | Increase (Decrease) | Increase (Decrease) |
|  | Paid-in Capital | Total Distributable<br> Earnings (Loss) |
| ESG SMID Cap Fund | $- | $- |
| Small Cap Growth Fund |  |  |
| Small Cap Value Fund |  |  |

---

As of December 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | ESG SMID Cap<br> Fund | Small Cap<br> Growth Fund | Small Cap Value<br> Fund |
| Undistributed ordinary income | $- | $2283 | $197761 |
| Undistributed long-term gains | 363398 | 5449 | 220658 |
| Tax accumulated earnings | 393398 | 7732 | 418419 |
| Accumulated capital and other losses |  |  |  |
| Unrealized appreciation (depreciation) on investments | 11897558 | 149626 | 2982233 |
| Unrealized deferred compensation | (28401) | (14592) | (15045) |
| Total accumulated earnings (deficit) | $12232555 | $142766 | $3385607 |

---

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

As of December 31, 2025, the Funds had net capital loss carryovers as follows:

---

| | | |
|:---|:---|:---|
|  | Not Subject to Expiration | Not Subject to Expiration |
|  | Short-Term | Long-Term |
| ESG SMID Cap Fund | $| $|
| Small Cap Growth Fund |  |  |
| Small Cap Value Fund |  |  |

---

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

The tax character of the distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ESG SMID Cap Fund | ESG SMID Cap Fund | Small Cap Growth Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Value Fund |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $332988 | $116586 | $5431 | $5587 | $593730 | $418772 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 3189087 | - | 23067 | - | 1785390 | 799554 |
| Total distributions paid | $3522075 | $116586 | $28498 | $5587 | $2379120 | $1218326 |

---

**Note 5 – Investment Transactions**

For the year ended December 31, 2025, purchases and sales of investments, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| ESG SMID Cap Fund | $37997439 | $36709566 |
| Small Cap Growth Fund | 203349 | 362852 |
| Small Cap Value Fund | 57572128 | 15385580 |

---

**Note 6 – Distribution Plan**

The Trust, on behalf of each Fund, has adopted a Rule 12b-1 plan with respect to its Investor Class shares. Under the plan, the Fund pays to the Distributor distribution fees in connection with the sale and distribution of the Fund's Investor Class shares and/or administrative service fees in connection with the provision of ongoing services to shareholders and the maintenance of shareholder accounts.

For Investor Class shares, the maximum annual fee payable to the Distributor for such distribution and/or administrative services is 0.25% of the average daily net assets of such shares. As of December 31, 2025, the Investor Class shares had not commenced operations. Institutional Class shares are not subject to any distribution or service fees under the plan.

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 7 – 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 expects the risk of loss to be remote.

**Note 8 – 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 each Fund's 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 Fund has 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 Fund's 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.

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

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of December 31, 2025, in valuing the Funds' assets carried at fair value:

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ESG SMID Cap Fund** | **Level 1** | **Level 2\*** | **Level 3\*** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $69013027 | $- | $- | $69013027 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 518548 | - | - | 518548 |
| Total Assets | $69531575 | $- | $- | $69531575 |

---

 

<sup>1</sup> For a detailed break-out of common stocks by sector, please refer to the Schedule of Investments.

\* The Fund did not hold any Level 2 or Level 3 securities at period end.

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $12854 | $- | $- | $12854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 70997 |  |  | 70997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 14398 |  |  | 14398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 5333 |  |  | 5333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 48740 |  |  | 48740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 114956 |  | 0 | 114956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 146846 |  |  | 146846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 136421 |  |  | 136421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 7176 |  |  | 7176 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 21220 | - | - | 21220 |
| Total Assets | $578941 | $- | $0 | $578941 |

---

\* The Fund did not hold any Level 2 securities at period end.

\*\* The Fund held Level 3 securities valued at zero at period end.

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Level 1** | **Level 2\*** | **Level 3\*** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $66440156 | $- | $- | $66440156 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 192264 |  |  | 192264 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1224536 | - | - | 1224536 |
| Total Assets | $67856956 | $- | $- | $67856956 |

---

 

<sup>1</sup> For a detailed break-out of common stocks by sector, please refer to the Schedule of Investments.

\* The Fund did not hold any Level 2 or Level 3 securities at period end.

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

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

---

| | |
|:---|:---|
|  | **Small Cap Growth Fund** |
| Beginning balance December 31, 2024 | $0 |
| &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) |  |
| &nbsp;&nbsp;&nbsp;Net purchases |  |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |
| &nbsp;&nbsp;&nbsp;Net sales | - |
| Balance as of December 31, 2025 | $0 |

---

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 December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| Asset Class | Fair Value at<br> December 31,<br> 2025 | Valuation<br> Technique(s) | Unobservable<br> Input | Range of<br> Input | Weighted<br> Average of<br> Input | Impact to<br> Valuation from an<br> Increase in Input<sup>(1)</sup> |
| Common Stock | $0 | Market Approach | Discount for lack of marketability | $0 | 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 9 – 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 10- New Accounting Pronouncements and Regulatory Updates**

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures.

**Kennedy Capital Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 11 – 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.

There were no 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 Board of Trustees of Investment Managers Series Trust II and** 

**Shareholders of Kennedy Capital Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Kennedy Capital ESG SMID Cap Fund, Kennedy Capital Small Cap Growth Fund, Kennedy Capital Small Cap Value Fund (the "Funds"), each a series of Investment Managers Series Trust II (the "Trust"), including the schedules of investments, as of December 31, 2025, the related statements of operations, the statements of changes in net assets and the financial highlights for the periods indicated in the table below, 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 December 31, 2025, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statement of**<br> **Operations** | **Statements of**<br> **Changes in Net Assets** | **Financial Highlights** |
| Kennedy Capital ESG SMID Cap Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the five years in the period ended December 31, 2025 |
| Kennedy Capital Small Cap Growth Fund and Kennedy Capital Small Cap Value Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025 and for the period April 27, 2022 (commencement of operations) through December 31, 2022 |

---

**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 the Funds' 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 December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](fp0097170-1_02.jpg) |
| TAIT, WELLER & BAKER LLP |

---

**Philadelphia, Pennsylvania**

**February 27, 2026**

**Form N-CSR Items 8 - 11 (Unaudited)**

**<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>**

Insert 15c report, if applicable.

**<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>**

(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.

(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>**

[(a)](https://www.sec.gov/Archives/edgar/data/1587982/000139834418008801/fp0033775_ex99code.htm) [(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)

(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.

[(a)](fp0097170-1_ex99cert.htm) [(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.](fp0097170-1_ex99cert.htm)

(a) (4) Not Applicable.

(a) (5) Not Applicable.

[*(b)*](fp0097170-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0097170-1_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 | 3/9/2026 |

---

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 | 3/9/2026 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 3/9/2026 |

---

## Ex-99.Cert

EX.99.CERT

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

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

1. I have reviewed this report on Form N-CSR of  **<u>Kennedy Capital ESG SMID Cap Fund, Kennedy Capital Small Cap Growth Fund and Kennedy Capital Small Cap Value Fund,</u>** each a series of Investment Managers Series Trust II (the "Trust");

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;

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;

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;(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;(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;(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;(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

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: | 3/9/2026 | /s/ Scott Schulenburg |
|  |  | Scott Schulenburg<br> President and Principal Executive Officer |

---

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

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

1. I have reviewed this report on Form N-CSR of  **<u>Kennedy Capital ESG SMID Cap Fund, Kennedy Capital Small Cap Growth Fund and Kennedy Capital Small Cap Value Fund Fund</u>** each a series of Investment Managers Series Trust II (the
"Trust");

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;

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;

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;(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;(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;(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;(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

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: | 3/9/2026 | /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>Kennedy Capital ESG SMID Cap Fund, Kennedy Capital Small Cap Growth Fund and Kennedy Capital Small Cap Value Fund ,</u>** each a series of Investment Managers Series Trust II (the "Trust"), for the year ended **December 31, 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:

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

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

---

| | |
|:---|:---|
| Date | 3/9/2026 |
| /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.