ThZeal - The Zeal

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-22894

INVESTMENT MANAGERS SERIES TRUST II

(Exact name of registrant as specified in charter)

235 W. Galena Street, Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Diane J. Drake

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

Registrant's telephone number, including area code:

(626) 385-5777

Date of fiscal year end:

November 30

Date of reporting period:

May 31, 2025

Item 1. Report to Stockholders.

(a) The registrant’s semi-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:

ACR Opportunity Fund

Class I/ACROX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2025

This semi-annual shareholder report contains important information about the ACR Opportunity Fund (“Fund”) for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://opportunity.acr-investfunds.com/. You can also request this information by contacting us at (855) 955-9552.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ACR Opportunity Fund (Class I/ACROX)	$63	1.25%¹

¹	Annualized.

Key Fund Statistics

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

Fund net assets	$83,328,976
Total number of portfolio holdings	39
Portfolio turnover rate as of the end of the reporting period	14%

Graphical Representation of Holdings

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

Top Ten Holdings

Barclays PLC	6.2%
ISS A/S	5.5%
Vodafone Group PLC	5.3%
General Motors Co.	4.6%
Citigroup, Inc.	4.2%
Fairfax Financial Holdings Ltd.	3.7%
Eurocell PLC	3.3%
Liberty Global Ltd. - Class A	3.3%
Power Corp. of Canada	3.3%
FedEx Corp.	3.0%

Asset Allocation

Graphical Representation - Allocation 1 Chart

Sector Allocation

Graphical Representation - Allocation 2 Chart

Changes in and Disagreements with Accountants

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

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://opportunity.acr-investfunds.com/. You can also request this information by contacting us at (855) 955-9552.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 955-9552 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ACR Opportunity Fund - Class I

ACR Equity International Fund

Class I/ACREX

SEMI-ANNUAL SHAREHOLDER REPORT | May 31, 2025

This semi-annual shareholder report contains important information about the ACR Equity International Fund (“Fund”) for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://international.acr-investfunds.com/. You can also request this information by contacting us at (855) 955-9552.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ACR Equity International Fund (Class I/ACREX)	$58	1.11%¹

¹	Annualized.

Key Fund Statistics

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

Fund net assets	$117,371,022
Total number of portfolio holdings	23
Portfolio turnover rate as of the end of the reporting period	27%

Graphical Representation of Holdings

Top Ten Holdings

Vistry Group PLC	6.7%
Premium Brands Holdings Corp.	6.5%
Eurocell PLC	6.5%
DCC PLC	6.5%
Vodafone Group PLC	5.9%
JD Sports Fashion PLC	5.6%
Opmobility	5.2%
B&M European Value Retail S.A.	5.1%
Sodexo S.A.	4.8%
ISS A/S	4.6%

Asset Allocation

Sector Allocation

Changes in and Disagreements with Accountants

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

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://international.acr-investfunds.com/. You can also request this information by contacting us at (855) 955-9552.

Householding

ACR Equity International Fund - Class I

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

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

ACR Opportunity Fund and ACR Equity International Fund (each a “Fund” and collectively the ‘‘Funds’’) are organized as a non-diversified series of Investment Managers Series Trust II, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

The ACR Opportunity Fund seeks to preserve capital during periods of economic decline, and to provide above average absolute and relative returns in the long run. The Fund commenced investment operations on December 31, 2014, with two classes of shares, Class A and Class I. Effective as of the close of business on June 11, 2021, Class A shares were converted into Class I shares. Class A shares were subsequently terminated.

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

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”

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

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

The Funds value equity securities at the last reported sale price on the principal exchange or in the principal over the counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Options are valued at the mean between the last available bid and asked prices used. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Funds might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Funds’ valuation designee (the “Valuation Designee”) to make all fair value determinations with respect to the Funds’ portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing.

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

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

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

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

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

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Expenses incurred by the Trust with respect to more than one Fund are allocated in proportion to the net assets of each Fund except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately made.

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

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

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’ current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of May 31, 2025 and during the prior three tax years, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

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

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

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with ACR Alpine Capital Research, LLC (the “Advisor”). Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor based on each Fund’s average daily net assets. The annual rates are listed by Fund in the table below. The Advisor has contractually agreed to waive its fee and/or pay for operating expenses (excluding any taxes, leverage interest, acquired fund fees and expenses (as determined in accordance with Form N-1A), professional fees related to services for the collection of foreign tax reclaims, dividend and interest expense on short sales, brokerage commissions, professional fees related to services for the collection of foreign tax reclaims, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) in order to limit total annual operating expenses of each fund. This agreement is in effect until March 31, 2026 for the Funds, and it may be terminated before that date only by the Trust’s Board of Trustees. The table below contains the annual investment advisory fees and expense cap by Fund.

For the six months ended May 31, 2025, the Advisor waived a portion of its advisory fees totaling $71,648 for the ACR Opportunity Fund and $169,294 for the ACR Equity International Fund. The Advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Funds for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Funds if the reimbursement will not cause the Funds’ annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. At May 31, 2025 the amount of these potentially recoverable expenses was $510,672 and $1,008,091 for the ACR Opportunity Fund and the ACR Equity International Fund, respectively. The potential recoverable amount is noted as “Commitments and contingencies” as reported on the Statements of Assets and Liabilities. The Advisor may recapture all or a portion of this amount no later than November 30 of the years stated below:

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 six months ended May 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 six months ended May 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 Funds until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of each Fund and is disclosed in the Statements of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included in the Trustees’ fees and expenses in the Statements of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Funds’ allocated fees incurred for CCO services for the six months ended May 31, 2025, are reported on the Statements of Operations.

At May 31, 2025, gross unrealized appreciation and (depreciation) on investments owned by the Funds, based on cost for federal income tax purposes were as follows:

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

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

During the period ended November 30, 2024, the Equity International Fund utilized $883,142 of non-expiring capital loss carryforwards.

The tax character of distributions paid during the years ended November 30, 2024 and November 30, 2023 were as follows:

The Funds may impose a redemption fee of 2.00% of the total redemption amount on all shares redeemed within 90 days of purchase. For the six months ended May 31, 2025 and the year ended November 30, 2024, respectively, the ACR Opportunity Fund received $546 and $312 in redemption fees, and the ACR Equity International Fund did not receive any redemption fees in either period.

For the six months ended May 31, 2025, purchases and sales of investments, excluding short-term investments, were as follows:

The Trust, on behalf of the Funds, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of average daily net assets of Class I shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the six months ended May 31, 2025, shareholder servicing fees incurred are disclosed on the Statements of Operations.

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

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

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

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

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

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

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

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 May 31, 2025:

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

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848, which extends the period through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

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

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements.

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

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

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

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

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

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

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

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

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

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

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

Item 7. Financial Statements and Financial Highlights
Schedule of Investments
ACR Opportunity Fund	1
ACR Equity International Fund	4
Statements of Assets and Liabilities	6
Statements of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	10
Notes to Financial Statements	12

Number of Shares			Value
		COMMON STOCKS — 87.8%
		COMMUNICATIONS — 10.0%
	30,000	IAC, Inc.*	$	1,078,800
	284,500	Liberty Global Ltd. - Class A*¹		2,739,735
	17,839	Liberty Latin America Ltd. - Class C*¹		89,195
	430,000	Vodafone Group PLC^1,2		4,446,200
				8,353,930
		CONSUMER DISCRETIONARY — 17.7%
	77,800	General Motors Co.²		3,859,658
	1,100,000	JD Sports Fashion PLC		1,247,615
	6,500	Lennar Corp.		658,450
	58,500	Magna International, Inc.¹		2,122,380
	40,000	MGM Resorts International*		1,266,000
	184,000	Opmobility		2,245,335
	10,000	Thor Industries, Inc.		811,900
	344,110	Victoria PLC*		277,810
	260,000	Vistry Group PLC*		2,205,761
				14,694,909
		CONSUMER STAPLES — 10.0%
	400,000	B&M European Value Retail S.A.		1,845,540
	2,200,000	Budweiser Brewing Co. APAC Ltd.³		2,282,180
	20,000	Dollar General Corp.		1,945,000
	152,136	Naked Wines PLC*		181,202
	35,000	Premium Brands Holdings Corp.		2,075,415
				8,329,337
		ENERGY — 1.3%
	8,000	Chevron Corp.		1,093,600

		FINANCIALS — 18.1%
	290,000	Barclays PLC^1,2		5,170,700
	47,000	Citigroup, Inc.²		3,540,040
	53,000	Core Scientific, Inc.*		564,450
	1,800	Fairfax Financial Holdings Ltd.^1,2		3,046,525
	70,000	Power Corp. of Canada		2,708,904
				15,030,619
		HEALTH CARE — 1.6%
	103,000	Medmix A.G.³		1,326,935

		INDUSTRIALS — 18.2%
	29,400	Ashtead Group PLC		1,721,528
	36,000	DCC PLC		2,250,572
	1,300,000	Eurocell PLC		2,793,722
	20,000	Eurofins Scientific S.E.		1,333,991

Number of Shares			Value
		COMMON STOCKS (Continued)
		INDUSTRIALS (Continued)
	11,500	FedEx Corp.	$	2,508,150
	170,000	ISS A/S		4,569,142
				15,177,105
		MATERIALS — 4.1%
	100,000	Azelis Group N.V.		1,656,580
	55,000	Winpak Ltd.		1,768,544
				3,425,124
		REAL ESTATE — 0.9%
	133,898	Five Point Holdings LLC - Class A*		729,744

		TECHNOLOGY — 4.5%
	13,000	Arrow Electronics, Inc.*		1,538,940
	20,000	Dell Technologies, Inc. - Class C		2,225,400
				3,764,340
		UTILITIES — 1.4%
	4,826	Talen Energy Corp.*		1,177,303
		TOTAL COMMON STOCKS
		(Cost $63,392,429)		73,102,946
		PREFERRED STOCKS — 0.7%
		ENERGY — 0.7%
	3,201	EPI Preferred Holdings, Inc.*^4,5,6		598,555
		TOTAL PREFERRED STOCKS
		(Cost $185,363)		598,555

Principal Amount
		SHORT-TERM INVESTMENTS — 11.0%
$	9,181,249	UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.8%⁷		9,181,249
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $9,181,249)		9,181,249

		TOTAL INVESTMENTS — 99.5%
		(Cost $72,759,041)		82,882,750
		Other Assets in Excess of Liabilities — 0.5%		446,226
		TOTAL NET ASSETS — 100.0%	$	83,328,976

Number of Shares			Value
		COMMON STOCKS — 91.1%
		BELGIUM — 4.4%
	308,703	Azelis Group N.V.	$	5,113,912

		BERMUDA — 6.6%
	544,000	Liberty Global Ltd. - Class A*¹		5,238,720
	498,729	Liberty Latin America Ltd. - Class C*¹		2,493,645
				7,732,365
		CANADA — 6.5%
	129,074	Premium Brands Holdings Corp.		7,653,776

		DENMARK — 4.6%
	200,578	ISS A/S		5,390,996

		FRANCE — 10.0%
	502,241	Opmobility		6,128,800
	80,989	Sodexo S.A.		5,593,336
				11,722,136
		HONG KONG — 3.6%
	4,065,844	Budweiser Brewing Co. APAC Ltd.²		4,217,721

		IRELAND — 6.5%
	121,129	DCC PLC		7,572,488

		LUXEMBOURG — 3.3%
	58,231	Eurofins Scientific S.E.		3,883,982

		SWITZERLAND — 2.5%
	230,118	Medmix A.G.²		2,964,580

		UNITED KINGDOM — 38.9%
	89,400	Ashtead Group PLC		5,234,851
	1,295,000	B&M European Value Retail S.A.		5,974,937
	124,426	Barclays PLC¹		2,218,516
	3,540,660	Eurocell PLC		7,608,937
	5,841,131	JD Sports Fashion PLC		6,624,985
	1,445,386	Naked Wines PLC*		1,721,532
	1,841,926	Victoria PLC*		1,487,041
	932,735	Vistry Group PLC*		7,913,041
	669,724	Vodafone Group PLC¹		6,924,946
				45,708,786

Principal Amount
		SHORT-TERM INVESTMENTS — 5.3%
$	6,228,225	UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.8%³		6,228,225
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $6,228,225)		6,228,225

		TOTAL INVESTMENTS — 99.4%
		(Cost $118,078,960)		116,628,735
		Other Assets in Excess of Liabilities — 0.6%		742,287
		TOTAL NET ASSETS — 100.0%	$	117,371,022

	ACR Opportunity Fund		ACR Equity International Fund
Assets:
Investments, at value (cost $72,759,041 and $118,078,960, respectively)	$	82,882,750	$	116,628,735
Cash		21		23,719
Cash deposited with broker for securities sold short		96,442		-
Receivables:
Fund shares sold		17,309		1,021
Dividends and interest		461,763		861,982
Prepaid expenses		14,869		13,007
Total assets		83,473,154		117,528,464

Liabilities:
Payables:
Fund shares redeemed		16,110		6,939
Advisory fees		56,299		64,603
Shareholder servicing fees (Note 7)		2,092		5,141
Fund administration and accounting fees		14,323		18,593
Transfer agent fees and expenses		2,205		7,335
Custody fees		4,706		5,578
Trustees' deferred compensation (Note 3)		34,619		33,762
Auditing fees		8,750		8,822
Chief Compliance Officer fees		1,357		892
Trustees' fees and expenses		778		1,227
Legal fees		725		908
Accrued other expenses		2,214		3,642
Total Liabilities		144,178		157,442
Commitments and contingencies (Note 3)
Net Assets	$	83,328,976	$	117,371,022

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	67,469,129	$	116,008,523
Total distributable earnings		15,859,847		1,362,499
Net Assets	$	83,328,976	$	117,371,022

Maximum Offering Price per Share:
Class I Shares:
Net assets applicable to shares outstanding	$	83,328,976	$	117,371,022
Shares of beneficial interest issued and outstanding		4,932,604		9,256,226
Redemption price per share	$	16.89	$	12.68

	ACR Opportunity Fund			ACR Equity International Fund
Investment income:
Dividends (net of foreign withholdings taxes of $82,577 and $158,002, respectively)	$	998,450		$	1,538,838
Interest		172,226			73,872
Total investment income		1,170,676			1,612,710

Expenses:
Advisory fees		377,231			496,385
Shareholder servicing fees (Note 7)		21,422			51,104
Fund administration and accounting fees		62,396			74,791
Trustees' fees and expenses		5,212			6,042
Transfer agent fees and expenses		19,010			21,717
Registration fees		12,662			15,952
Legal fees		9,500			8,111
Auditing fees		9,000			9,154
Shareholder reporting fees		7,741			6,023
Custody fees		7,712			13,182
Chief Compliance Officer fees		5,833			5,570
Miscellaneous		3,027			4,501
Insurance fees		2,440			2,703
Tax reclaim service fees		-			3,823
Total expenses		543,186			719,058
Advisory fees waived		(71,648	)		(169,294	)
Net expenses		471,538			549,764
Net investment income		699,138			1,062,946

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		5,231,096			1,942,743
Foreign currency transactions		2,044			5,159
Net realized gain (loss)		5,233,140			1,947,902
Net change in unrealized appreciation/depreciation on:
Investments		(4,830,213	)		6,133,132
Foreign currency translations		12,990			25,664
Net change in unrealized appreciation/depreciation		(4,817,223	)		6,158,796
Net realized and unrealized gain (loss)		415,917			8,106,698

Net Increase (Decrease) in Net Assets from Operations	$	1,115,055		$	9,169,644

	For the Six Months Ended May 31, 2025 (Unaudited)			For the Year Ended November 30, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	699,138		$	984,347
Net realized gain (loss)		5,233,140			1,709,642
Net change in unrealized appreciation/depreciation on investments, securities sold short and foreign currency translations		(4,817,223	)		12,513,893
Net increase (decrease) in net assets resulting from operations		1,115,055			15,207,882

Distributions to Shareholders:
Distributions:
Class I		(2,733,293	)		(1,595,187	)
Total distributions to shareholders		(2,733,293	)		(1,595,187	)

Capital Transactions:
Net proceeds from shares sold:
Class I		10,042,798			18,634,095
Reinvestment of distributions:
Class I		2,628,998			1,522,049
Cost of shares redeemed:
Class I¹		(5,545,599	)		(7,732,164	)
Net increase in net assets from capital transactions		7,126,197			12,423,980

Total increase (decrease) in net assets		5,507,959			26,036,675

Net Assets:
Beginning of period		77,821,017			51,784,342
End of period	$	83,328,976		$	77,821,017
Capital Share Transactions:
Shares sold:
Class I		623,949			1,168,586
Shares reinvested:
Class I		162,084			106,512
Shares redeemed:
Class I		(349,799	)		(488,825	)
Net increase (decrease) in capital share transactions		436,234			786,273

	For the Six Months Ended May 31, 2025			For the Year Ended November 30,
	(Unaudited)			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	17.31		$	13.96		$	12.95		$	14.54		$	11.38		$	10.27
Income from Investment Operations:
Net investment income (loss) ¹		0.15			0.24			0.29			0.24			0.15			0.04
Net realized and unrealized gain (loss)		0.04			3.54			1.12			(1.71	)		3.09			1.36
Total from investment operations		0.19			3.78			1.41			(1.47	)		3.24			1.40

Less Distributions:
From net investment income		(0.23	)		(0.29	)		(0.24	)		(0.12	)		(0.08	)		(0.22	)
From net realized gain		(0.38	)		(0.14	)		(0.16	)		-			-			(0.07	)
Total distributions		(0.61	)		(0.43	)		(0.40	)		(0.12	)		(0.08	)		(0.29	)

Redemption fee proceeds¹		-	²		-	²		-	²		-	²		-	²		-	²
Net asset value, end of period	$	16.89		$	17.31		$	13.96		$	12.95		$	14.54		$	11.38

Total return³		1.21	%⁴		27.72	%		11.43	%		(10.22	)%		28.65	%		13.91	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	83,329		$	77,821		$	51,784		$	44,891		$	49,165		$	28,715

Ratios of expenses to average net assets (including dividends on securities sold short, interest expense, and tax reclaim service fees):
Before fees waived, expenses absorbed and fees paid indirectly		1.44	%^5,6		1.47	%⁶		1.56	%⁶		1.61	%⁶		1.65	%⁶		2.03	%⁶
After fees waived, expenses absorbed and fees paid indirectly		1.25	%^5,6		1.26	%⁶		1.27	%⁶		1.27	%⁶		1.24	%⁶		1.31	%⁶
Ratio of net investment income (loss) to average net assets (including dividends on securities sold short, interest expense, and tax reclaim service fees):
Before fees waived, expenses absorbed and fees paid indirectly		1.66	%⁵		1.28	%		1.87	%		1.45	%		0.61	%		(0.26	)%
After fees waived, expenses absorbed and fees paid indirectly		1.85	%⁵		1.49	%		2.16	%		1.79	%		1.02	%		0.46	%

Portfolio turnover rate		14	%⁴		40	%		20	%		19	%		17	%		33	%

	Investment Advisory Fees	Total Limit on Annual Operating Expenses †
ACR Opportunity Fund	1.00%	1.25%
ACR Equity International Fund	1.00%	1.10%

	ACR Opportunity Fund		ACR Equity International Fund
2025	$	159,090	$	289,290
2026		142,510		249,337
2027		137,424		300,170
2028		71,648		169,294
Total	$	510,672	$	1,008,091

	ACR Opportunity Fund			ACR Equity International Fund*
Cost of investments	$	72,892,056		$	118,253,011

Gross unrealized appreciation	$	15,100,878		$	11,182,091
Gross unrealized depreciation		(5,110,184	)		(12,806,367	)

Net unrealized appreciation (depreciation) on investments	$	9,990,694		$	(1,624,276	)

	ACR Opportunity Fund			ACR Equity International Fund
Undistributed ordinary income	$	1,006,794		$	1,455,827
Undistributed long-term capital gains		1,690,703			4,425,554
Accumulated earnings		2,697,497			5,881,381

Accumulated capital and other losses		-			-
Unrealized appreciation (depreciation) on investments and securities sold short		14,820,907			(7,757,408	)
Unrealized appreciation (depreciation) on foreign currency translations		(6,098	)		(12,380	)
Unrealized deferred compensation		(34,221	)		(33,263	)
Total accumulated earnings (deficit)	$	17,478,085		$	(1,921,670	)

	ACR Opportunity Fund				ACR Equity International Fund
Distribution paid from:	2024		2023		2024		2023
Ordinary income	$	1,153,695	$	829,679	$	2,510,247	$	892,292
Net long-term capital gains		441,492		559,350		-		-
Total taxable distributions	$	1,595,187	$	1,389,029	$	2,510,247	$	892,292

	Purchases		Sales		Proceeds from Securities Sold Short		Cover Short Securities
ACR Opportunity Fund	$	13,177,748	$	9,553,900	$	-	$	-
ACR Equity International Fund		36,628,465		25,719,513		-		-

ACR Opportunity Fund	Level 1		Level 2		Level 3		Total
Assets
Common Stock
Communications	$	8,353,930	$	-	$	-	$	8,353,930
Consumer Discretionary		8,718,388		5,976,521		-		14,694,909
Consumer Staples		4,201,617		4,127,720		-		8,329,337
Energy		1,093,600		-		-		1,093,600
Financials		15,030,619		-		-		15,030,619
Health Care		-		1,326,935		-		1,326,935
Industrials		5,301,872		9,875,233		-		15,177,105
Materials		1,768,544		1,656,580				3,425,124
Real Estate		729,744		-		-		729,744
Technology		3,764,340		-		-		3,764,340
Utilities		1,177,303		-				1,177,303
Preferred Stocks		-		-		598,555		598,555
Short-Term Investments		9,181,249		-		-		9,181,249
Total Assets	$	59,321,206	$	22,962,989	$	598,555	$	82,882,750

	ACR Opportunity Fund
Beginning balance November 30, 2024	$	598,555
Transfers into Level 3 during the period		-
Transfers out of Level 3 during the period		-
Total realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Net purchases		-
Return of Capital		-
Net sales		-
Balance as of May 31, 2025	$	598,555

(Registrant)	Investment Managers Series Trust II

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

Date	8/8/2025