# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001213900-26-050853
**Filing Date:** 2026-5
**Character Count:** 26187
**Document Hash:** c2a212a9bd89968d5a153216535fe985
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-050853.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001213900-26-050853

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-191476
- **FILM NUMBER:** 26931228

**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 SMALL CAP GROWTH FUND (Series ID: S000076117)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000235562 | Investor Class Shares      | KSGRX           |
| C000235563 | Institutional Class Shares | KGROX           |

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| | |
|:---|:---|
|  ![](tkennedy_logo.jpg) | **Kennedy Capital Small Cap Growth Fund**<br> **Investor Class (Ticker Symbol: KSGRX)**<br> **Institutional Class (Ticker Symbol: KGROX)** |
|  **Summary Prospectus** | **April 30, 2026** |

---

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's Statutory Prospectus and Statement of Additional Information and other information about the Fund online at https://www.kennedycapital.com/kgrox*-mutual-fund*/. You may also obtain this information at no cost by calling 1*-877-882-8825 *or by sending an e*-mail *request to funds@kennedycapital.com. The Fund's Prospectus and Statement of Additional Information, both dated April 30, 2026, as each may be amended or supplemented, are incorporated by reference into this Summary Prospectus.*

#### Investment Objective
The investment objective of the Kennedy Capital Small Cap Growth Fund (the "Fund") is capital appreciation.

#### Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

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| | | |
|:---|:---|:---|
|  | **Investor <br>Class Shares** | **Institutional <br>Class Shares** |
|  **Shareholder Fees**<br> *(fees paid directly from your investment)* |  |  |
|  Wire fee | $20 | $20 |
|  Overnight check delivery fee | $25 | $25 |
|  Retirement account fees (annual maintenance fee) | $15 | $15 |

---

---

| | | |
|:---|:---|:---|
|  **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |
|  Management fees | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% |
|  Distribution (Rule 12b-1) fees | &nbsp;&nbsp; 0.25% |  |
|  Other expenses | 38.10% | 38.10% |
|  **Total annual fund operating expenses**<sup>1</sup> | 39.17% | 38.92% |
|  Fees waived and/or expenses reimbursed<sup>2</sup> | (38.03)% | (38.03)% |
|  **Total annual fund operating expenses after waiving fees <br>and/or reimbursing expenses**<sup>1,2</sup> | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.89% |
|  **Total annual fund operating expenses after waiving fees <br>and/or reimbursing expenses**<sup>1,2</sup> | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.89% |

---

1 The total annual fund operating expenses and net operating expenses after fee waiver and/or expense reimbursements do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.

2 The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund 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 1.14% and 0.89% of the average daily net assets of the Investor Class shares and Institutional Class shares of the Fund, respectively. This agreement is in effect through April 30, 2027,

and it may be terminated before that date only by the Trust's Board of Trustees. The Fund's advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three 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.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Fund's contractual fee waiver and/or expense reimbursement only for the term of the contractual fee waiver and/or expense reimbursement.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **One Year** | **Three Years** | **Five Years** | **Ten Years** |
|  Investor Class shares | $116 | $5710 | $8134 | $9759 |
|  Institutional Class shares | $91 | $5679 | $8119 | $9772 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year end, the Fund's portfolio turnover rate was 38% of the average value of its portfolios.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small- capitalization companies. Equity securities include domestic common and preferred stock, American Depositary Receipts ("ADRs"), securities of real estate investment trusts ("REITs") and shares of investment companies, including exchange-traded funds ("ETFs") designed to track small- capitalization indices. The Fund's advisor, Kennedy Capital Management LLC (the "Advisor"), defines small- capitalization companies as those with market capitalizations within the range of companies included in the Russell 2000<sup>®</sup> Growth Index (the "Index") at the time of purchase. The capitalization range of companies comprising the in the Index may change with market conditions or due to changes in the composition of companies comprising the Index. As of March 31, 2026, the market capitalization range of the Index was between $3.8 million and $33.5 billion. Investments in companies that move above or below the capitalization range of the companies comprising the Index may continue to be held by the Fund in the Advisor's sole discretion. The market capitalization of a security is measured at the time of purchase.

In seeking to achieve the Fund's investment objective, the Advisor's investment approach begins with fundamental, bottom-up research to evaluate investment opportunities, focusing on companies that it believes have superior management and which have business models with a high potential for earnings. The Advisor believes superior risk adjusted performance can be achieved by investing in a diversified portfolio of companies that (i) have durable business models, (ii) are able to deploy assets into a growing set of opportunities, and (iii) achieve superior rates of return on those investments. This investment philosophy is rooted in the understanding that value is created when a business can continue to generate attractive returns on its existing capital and have the opportunity to reinvest capital in the future at equal or greater returns. Each company under consideration for investment is primarily classified by the Advisor in one of the following three stages of the growth life cycle: Early Growth, Steady Compounder, or Material Positive Change. Companies classified as Early Growth are companies that have rapid asset growth, margins not yet to scale, improving returns on invested capital ("ROIC") or cash flow return on investment ("CFROI<sup>®</sup>") and low penetration in the end

market. Companies classified as Steady Compounder are established companies that are able to sustain evaluated levels of asset growth, have consistently high or expanding returns on invested capital and have high barriers to entry. Companies classified as Material Positive Change demonstrate structural change (e.g., management divesting an underperforming business segment) that improves asset growth and/or ROIC/CFROI<sup>®</sup>, have a growth profile post-change and can be found anywhere along the growth life cycle. The Fund invests across the full spectrum of growth but may also invest in companies that the Advisor considers to be undervalued. The Advisor utilizes a company's ROIC as a central component of its analysis to determine the intrinsic value of companies included in the Fund's portfolio.

The Advisor may sell all or a portion of a position of the Fund's portfolio holdings when, in its opinion, one or more of the following occurs, among other reasons: (i) there is a change in the Advisor's analysis on a particular issuer; (ii) there is a change in the Advisor's classification of the issuer; (iii) the issuer's fundamentals deteriorate; (iv) the Advisor identifies more attractive investment opportunities for the Fund; (v) the issuer's market capitalization consistently exceeds the capitalization range of the Index; or (vi) the Fund requires cash to meet redemption requests.

#### Principal Risks of Investing
Risk is inherent in all investing and you could lose money by investing in the Fund. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.

**Market risk.** The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political, or geopolitical conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as tariffs, labor shortages or increased production costs and competitive conditions within an industry. In addition, local, regional or global events such as war, acts of terrorism, international conflicts, trade disputes, supply chain disruptions, cybersecurity events, the spread of infectious illness or other public health issues, natural disasters or climate events, or other events could have a significant impact on a security or instrument. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.

**Equity risk.** The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

**Small**-cap **company risk.** The securities of small-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.

**Growth**-oriented **investment strategies risk.** Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met, the prices of growth securities typically fall.

**Foreign investment risk.** The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. Changes in exchange rates and interest rates, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments may adversely affect the values of the Fund's foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. In addition, since the inauguration of

Donald Trump as President of the United States on January 20, 2025, the Trump administration has pursued an aggressive foreign policy agenda, including the imposition of tariffs, which may have unforeseen consequences on the United States' relations with foreign countries, the economy, and markets generally. Foreign securities include ADRs and Global Depositary Receipts ("GDRs"). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends.

**REIT risk.** The Fund's investment in REITs will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses.

**ETF and mutual fund risk.** Investing in ETFs or mutual funds will provide the Fund with exposure to the risks of owning the underlying securities the ETFs or mutual funds hold. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values. It may be more expensive for the Fund to invest in an ETF or mutual fund than to own the portfolio securities of these investment vehicles directly. Investing in ETFs and mutual funds, which are investment companies, involves duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund may invest in underlying funds which invest a larger portion of their assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors.

**Preferred stock risk.** Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company's creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise.

**Sector focus risk.** The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. For example, as of December 31, 2025, 28.6% of the Fund's assets were invested in the industrials sector, and 26.5% of the Fund's assets were invested in the information technology sector. Performance of companies in the industrials sector may be affected by, among other things, supply and demand for their specific product or service and for industrial sector products in general. Moreover, government regulation, world events, exchange rates and economic conditions, technological developments, fuel prices, labor agreements, insurance costs, and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Performance of companies in the information technology sector can be significantly affected by intense competition, consumer preferences, problems with product compatibility and government regulation.

**Management and strategy risk.** The value of your investment depends on the judgment of the Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect.

**Recent market events.** Periods of market volatility may occur in response to market events, public health emergencies, natural disasters or climate events, and other economic, political, and global macro factors. U.S. and international markets have recently experienced, and may continue to experience, periods of significant volatility due to various factors, including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, and political and geopolitical events. In addition, wars or threats of war and aggression, such as Russia's invasion of Ukraine and conflicts among nations and militant groups in the Middle East, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each

of which may negatively impact the Fund's investments. Additionally, since the change in the U.S. presidential administration in 2025, the administration has pursued an aggressive foreign policy agenda, including through suggestions that the United States should control certain sovereign foreign territories, attempts to restructure federal government agencies with international influence, and the imposition of tariffs and trade barriers on certain foreign countries, including China and long-time U.S. allies. These and other similar events could be prolonged and could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

**Cybersecurity risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder's ability to exchange or redeem Fund shares may be affected. The use of artificial intelligence and machine learning could exacerbate these risks. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents.

#### Performance
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for Institutional Class shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of the Russell 3000 Index, the Fund's primary broad-based securities market index, and the Russell 2000 Growth Index, which the Advisor believes is a better performance benchmark for comparison to the Fund's performance in light of the Fund's investment strategies. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund's website, www.kennedycapital.com, or by calling the Fund at 1-877-882-8825. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

***Calendar-Year Total Return (before taxes) Institutional Class Shares***

For each calendar year at NAV

![](tbarchart_002.jpg)

The year-to-date return as of March 31, 2026, was 1.68%.

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| | | |
|:---|:---|:---|
|  **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  Highest Calendar Quarter Return at NAV | 16.90% | Quarter Ended 12/31/2023 |
|  Lowest Calendar Quarter Return at NAV | (13.56)% | Quarter Ended 3/31/2025 |

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| | | |
|:---|:---|:---|
|  **Average Annual Total Returns<br>*(for periods ended December 31, 2025)*** | **1 Year** | **Since Inception<br>(April 27, <br>2022)** |
|  **Institutional Shares** – Return Before Taxes | &nbsp;&nbsp; 8.56% | &nbsp;&nbsp; 9.40% |
|  **Institutional Shares** – Return After Taxes on Distributions\* | &nbsp;&nbsp; 7.02% | &nbsp;&nbsp; 8.73% |
|  **Institutional Shares** – Return After Taxes on Distributions and Sale of Fund Shares\* | &nbsp;&nbsp; 5.96% | &nbsp;&nbsp; 7.21% |
|  **Russell 2000 Growth Index** (reflects no deductions for fees, expenses or taxes) | 13.01% | 10.96% |
|  **Russell 3000 Index** (reflects no deductions for fees, expenses or taxes) | 17.15% | 15.34% |

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\* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

#### Investment Advisor
Kennedy Capital Management LLC

#### Portfolio Manager
The portfolio management team is comprised of Jean Barnard, CFA, Portfolio Manager of the Advisor, Alex Mosman, CFA, Assistant Portfolio Manager of the Advisor, and Ryan Dunnegan, CPA, Assistant Portfolio Manager of the Advisor. Ms. Barnard and Mr. Dunnegan have been portfolio managers since the Fund's inception in April 2022, and Mr. Mosman has been a portfolio manager since January 2024. Ms. Barnard is the lead portfolio manager and is primarily responsible for the day-to-day management of the Fund.

#### Purchase and Sale of Fund Shares
To purchase shares of the Fund, generally you must invest at least the minimum amount. Currently, Investor Class shares are not available for purchase.

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| | | |
|:---|:---|:---|
|  **Minimum Investments** | **To Open <br>Your Account** | **To Add to <br>Your Account** |
|  Investor Class |  |  |
| &nbsp;&nbsp;&nbsp; Direct Regular Accounts | $2500 | $100 |
| &nbsp;&nbsp;&nbsp; Direct Retirement Accounts | $2500 | $100 |
| &nbsp;&nbsp;&nbsp; Automatic Investment Plan | $2500 | $100 |
| &nbsp;&nbsp;&nbsp; Gift Account For Minors | $2500 | $100 |
|  Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp; Direct Regular Accounts | $50000 | $100 |
| &nbsp;&nbsp;&nbsp; Direct Retirement Accounts | $50000 | $100 |
| &nbsp;&nbsp;&nbsp; Automatic Investment Plan | $50000 | $100 |
| &nbsp;&nbsp;&nbsp; Gift Account For Minors | $50000 | $100 |

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Fund shares are redeemable on any business day the New York Stock Exchange (the "NYSE") is open for business, by written request or by telephone.

#### Tax Information
The Fund's distributions are generally taxable, and will ordinarily be taxed as ordinary income, qualified dividend income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Shareholders investing through such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.