N-CSRS 1 fp0058100_ncsrs.htm

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)

Constance Dye Shannon

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212
(Name and address of agent for service)

(414) 299-2295

Registrant's telephone number, including area code

Date of fiscal year end: January 31

Date of reporting period: July 31, 2020

Item 1. Report to Stockholders.

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

Cannabis Growth Fund

(Investor Class: CANNX)

(Class I: CANIX)

SEMI-ANNUAL REPORT

July 31, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund, if you hold your shares directly with the Fund, or from your financial intermediary, such as a broker-dealer or bank, if you hold your shares through a financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold your shares directly with the Fund, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting the Fund at 1-888-885-0588 or, if you hold your shares through a financial intermediary, contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you hold your shares directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports 1-888-885-0588 or, if you hold your shares through a financial intermediary, contacting your financial intermediary. Your election to receive reports in paper will apply to all of the Investment Managers Series Trust II’s Funds you hold directly or through your financial intermediary, as applicable.

Cannabis Growth Fund

A series of Investment Managers Series Trust II

Table of Contents

Schedule of Investments	1
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9
Supplemental Information	16
Expense Example	18

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

www.cannabisgrowthfunds.com

Cannabis Growth Fund

SCHEDULE OF INVESTMENTS

As of July 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 98.5%
		AGRICULTURAL CHEMICALS — 3.6%
	500	Scotts Miracle-Gro Co.	$	79,285

		AGRICULTURAL PRODUCER — 5.1%
	18,200	Village Farms International, Inc.^*,1		110,838

		BIOTECHNOLOGY — 17.2%
	32,500	Cardiol Therapeutics, Inc. - Class A^*		58,716
	10,800	Corbus Pharmaceuticals Holdings, Inc.^*,1		67,716
	1,950	GW Pharmaceuticals PLC - ADR^*		248,879
				375,311
		EXTRACTION — 6.2%
	12,500	Neptune Wellness Solutions, Inc.^*		34,875
	64,500	Valens Co., Inc.^*		100,638
				135,513
		INVESTING & FINANCE — 1.5%
	43,000	Canopy Rivers, Inc.^*		32,102

		MEDICAL EQUIPMENT — 4.0%
	900	Agilent Technologies, Inc.		86,697

		PHARMACEUTICAL — 43.7%
	69,000	Aleafia Health, Inc.^*		33,998
	48,400	Aphria, Inc.^*,1		231,110
	4,717	Aurora Cannabis, Inc.^*,1		48,063
	12,300	Canopy Growth Corp.^*,1		224,844
	14,200	Charlottes Web Holdings, Inc.^*		49,294
	39,400	Cronos Group, Inc.^*,1		258,070
	34,000	Organigram Holdings, Inc.^*		41,820
	4,000	Tilray, Inc.^*		29,520
	88,000	Weedmd, Inc.^*		23,322
	4,000	Zynerba Pharmaceuticals, Inc.^*,1		15,000
				955,041
		REIT — 5.2%
	1,090	Innovative Industrial Properties, Inc. - REIT		113,611

		RETAIL — 9.5%
	169,000	Fire & Flower Holdings Corp.^*		123,643
	9,900	GrowGeneration Corp.^*		83,556
				207,199

Cannabis Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2020 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		TOBACCO — 2.5%
	700	Philip Morris International, Inc.	$	53,767
		TOTAL COMMON STOCKS
		(Cost $2,418,880)		2,149,364

		SHORT-TERM INVESTMENTS — 40.4%
	843,720	BlackRock FedFund- Institutional Shares, 0.06%^2,3		843,720
	23,120	Fidelity Investments Money Market Funds - Government Portfolio- Class I, 0.05%^2,3		23,120
	15,797	Fidelity Investments Money Market Funds - Treasury Portfolio- Class I , 0.05%³		15,797
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $882,637)		882,637

		TOTAL INVESTMENTS — 138.9%
		(Cost $3,301,517)		3,032,001
		Liabilities in Excess of Other Assets — (38.9)%		(849,730	)

		TOTAL NET ASSETS — 100.0%	$	2,182,271

ADR – American Depository Receipt

PLC – Public Limited Company

REIT – Real Estate Investment Trusts

^*	Non-income producing security.

¹	All or a portion of shares are on loan. Total loaned securities had a fair value of $807,576 at July 31, 2020.

²	Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $866,840 at July 31, 2020, which represent 39.72% of Net Assets.

³	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

Cannabis Growth Fund

SUMMARY OF INVESTMENTS

As of July 31, 2020 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Pharmaceutical		43.7%
Biotechnology		17.2%
Retail		9.5%
Extraction		6.2%
REIT		5.2%
Agricultural Producer		5.1%
Medical Equipment		4.0%
Agricultural Chemicals		3.6%
Tobacco		2.5%
Investing & Finance		1.5%
Total Common Stocks		98.5%
Short-Term Investments		40.4%
Total Investments		138.9%
Liabilities in Excess of Other Assets		(38.9)%
Total Net Assets		100.0%

See accompanying Notes to Financial Statements.

Cannabis Growth Fund

STATEMENT OF ASSETS AND LIABILITIES

As of July 31, 2020 (Unaudited)

Assets:
Investments, at value (cost $3,301,517)	$	3,032,001	¹
Fund shares sold		1,250
Due from Advisor		18,075
Dividends and interest		1
Prepaid expenses		29,188
Securities lending income		5,948
Total assets		3,086,463

Liabilities:
Payables:
Collateral due to broker for securities loaned		866,840
Investment securities purchased		9,364
Shareholder Servicing fees (Note 7)		379
Distribution fees (Note 8)		171
Fund administration and accounting fees		6,991
Transfer agent fees and expenses		3,775
Custody fees		941
Auditing fees		7,413
Deferred trustees' compensation (Note 3)		5,452
Chief Compliance Officer fees		2,009
Trustees' fees and expenses		152
Legal fees		152
Accrued other expenses		553
Total liabilities		904,192

Net Assets	$	2,182,271

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	3,274,513
Total accumulated deficit		(1,092,242	)
Net Assets	$	2,182,271

Maximum Offering Price per Share:
Investor Class Shares:
Net assets applicable to shares outstanding	$	855,765
Shares of beneficial interest issued and outstanding		201,882
Redemption price	$	4.24

Class I Shares ²:
Net assets applicable to shares outstanding	$	1,326,506
Shares of beneficial interest issued and outstanding		315,007
Redemption price	$	4.21

¹	Includes securities on loan of $807,576 (see Note 2).

²	Effective August 25, 2020, Institutional Class Shares were re-designated as Class I Shares.

See accompanying Notes to Financial Statements.

Cannabis Growth Fund

STATEMENT OF OPERATIONS

For the Six Months Ended July 31, 2020 (Unaudited)

Investment Income:
Dividends	$	3,369
Interest		82
Securities lending income		33,227
Total investment income		36,678

Expenses:
Advisory fees		6,343
Shareholder Servicing fees (Note 7)		651
Distribution fees (Note 8)		818
Fund administration and accounting fees		24,103
Transfer agent fees and expenses		10,610
Custody fees		4,830
Registration fees		24,217
Legal fees		22,713
Auditing fees		7,458
Chief Compliance Officer fees		6,936
Offering costs		6,647
Miscellaneous		5,622
Trustees' fees and expenses		6,435
Shareholder reporting fees		3,741
Insurance fees		30
Total expenses		131,154
Advisory fees waived		(6,343	)
Other expenses absorbed		(113,398	)
Fees paid indirectly (Note 3)		(2,661	)
Net expenses		8,752
Net investment income		27,926

Realized and Unrealized Gain (Loss):
Net realized loss on:
Investments		(353,115	)
Purchased options contracts		(16,439	)
Foreign currency transactions		(388	)
Net realized loss		(369,942	)
Net change in unrealized appreciation/depreciation on:
Investments		222,829
Net change in unrealized appreciation/depreciation		222,829
Net realized and unrealized gain (loss)		(147,113	)

Net Decrease in Net Assets from Operations	$	(119,187	)

See accompanying Notes to Financial Statements.

Cannabis Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended July 31, 2020 (Unaudited)			For the Period February 22, 2019* through January 31, 2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	27,926		$	13,930
Net realized loss on investments, purchased options, and foreign currency		(369,942	)		(481,571	)
Net change in unrealized appreciation/depreciation on investments, and purchased options		222,829			(492,345	)
Net decrease in net assets resulting from operations		(119,187	)		(959,986	)

Distributions to Shareholders:
Distributions:
Investor Class		-			(8,309	)
Class I¹		-			(11,299	)
Total distributions to shareholders		-			(19,608	)

Capital Transactions:
Net proceeds from shares sold:
Investor Class		456,390			2,545,554
Class I¹		636,100			1,349,975
Reinvestment of distributions:
Investor Class		-			8,093
Class I¹		-			10,937
Cost of shares redeemed:
Investor Class²		(126,259	)		(1,580,527	)
Class I^1,3		(3,633	)		(15,578	)
Net increase in net assets from capital transactions		962,598			2,318,454

Total increase in net assets		843,411			1,338,860

Net Assets:
Beginning of period		1,338,860			-
End of period	$	2,182,271		$	1,338,860

Capital Share Transactions:
Shares sold:
Investor Class		117,493			327,263
Class I¹		156,097			159,951
Shares reinvested:
Investor Class		-			1,756
Class I¹		-			2,378
Shares redeemed:
Investor Class		(31,931	)		(212,699	)
Class I¹		(770	)		(2,649	)
Net increase from capital share transactions		240,889			276,000

*	Commencement of operations.
¹	Effective August 25, 2020, Institutional Class Shares were re-designated as Class I Shares.
²	Net of redemption fee proceeds of $2,685 and $984, respectively.
³	Net of redemption fee proceeds of $6 and $155, respectively.

See accompanying Notes to Financial Statements.

Cannabis Growth Fund

FINANCIAL HIGHLIGHTS

Investor Class

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Six Months Ended July 31, 2020 (Unaudited)			For the Period February 22, 2019* through January 31, 2020
Net asset value, beginning of period	$	4.86		$	10.00
Income from Investment Operations:
Net investment income ¹		0.07			0.04
Net realized and unrealized loss		(0.71	)		(5.13	)
Total from investment operations		(0.64	)		(5.09	)

Less Distributions:
From net investment income		-			(0.06	)
From net realized gain		-			-
Total distributions		-			(0.06	)

Redemption fee proceeds		0.02			0.01

Net asset value, end of period	$	4.24		$	4.86

Total return²		(12.76	)%³		(50.76	)%³

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	856		$	565

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		17.73	%⁴		27.36	%⁴
After fees waived and expenses absorbed		1.35	%⁴		1.35	%⁴
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		(12.81	)%⁴		(25.45	)%⁴
After fees waived and expenses absorbed		3.57	%⁴		0.56	%⁴

Portfolio turnover rate		20	%³		54	%³

*	Commencement of operations.
¹	Based on average shares outstanding for the period.
²	Total returns would have been lower had expenses not been waived and absorbed by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
³	Not annualized.
⁴	Annualized.

See accompanying Notes to Financial Statements.

Cannabis Growth Fund

FINANCIAL HIGHLIGHTS

Class I⁶

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Six Months Ended July 31, 2020 (Unaudited)			For the Period May 24, 2019* through January 31, 2020
Net asset value, beginning of period	$	4.85		$	9.66
Income from Investment Operations:
Net investment income ¹		0.08			0.08
Net realized and unrealized loss		(0.72	)		(4.82	)
Total from investment operations		(0.64	)		(4.74	)

Less Distributions:
From net investment income		-			(0.07	)
From net realized gain		-			-
Total distributions		-			(0.07	)

Redemption fee proceeds		-	²		-	²

Net asset value, end of period	$	4.21		$	4.85

Total return ³		(13.20	)%⁴		(49.00	)%⁴

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,327		$	774

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		17.47	%⁵		28.80	%⁵
After fees waived and expenses absorbed		1.10	%⁵		1.10	%⁵
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		(12.56	)%⁵		(25.91	)%⁵
After fees waived and expenses absorbed		3.81	%⁵		1.79	%⁵

Portfolio turnover rate		20	%⁴		54	%⁴

*	Commencement of operations.
¹	Based on average shares outstanding for the period.
²	Amount represents less than $0.01 per share.
³	Total returns would have been lower had expenses not been waived and absorbed by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
⁴	Not annualized.
⁵	Annualized.
⁶	Effective August 25, 2020, Institutional Class Shares were re-designated as Class I Shares.

See accompanying Notes to Financial Statements.

Cannabis Growth Fund

NOTES TO FINANCIAL STATEMENTS

July 31, 2020 (Unaudited)

Note 1 – Organization

The Cannabis Growth Fund (the “Fund”) was 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 Fund’s primary investment objective is to seek long-term capital appreciation. The Fund commenced investment operations on February 22, 2019, with Investor Class. Institutional Class commenced investment operations at a later date, May 24, 2019. Effective August 25, 2020, Institutional Class Shares were re-designated as Class I Shares.

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, liquidation, income and expenses, except class specific expenses, subject to the approval of the Trustees. 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.

The 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.”

Note 2 – Accounting Policies

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

(a) Valuation of Investments

The Fund values 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 Fund might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Fund’s advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee are subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee meets as needed. The Valuation Committee is comprised of all the Trustees, but action may be taken by any one of the Trustees.

Foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service. The pricing service uses statistical analyses and quantitative models to adjust local prices using factors such as subsequent movement and changes in the prices of indexes, securities and exchange rates in other markets in determining fair value as of the time the Fund calculates the NAVs. The Board reviews the independent third party fair valuation analysis report quarterly.

Cannabis Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2020 (Unaudited)

(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. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares, 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) Options

The Fund may write or purchase options contracts primarily to enhance the Fund’s returns or reduce volatility. In addition, the Fund may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the 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 the Fund has realized a gain or a loss on investment transactions. The 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.

(d) Securities Lending

The Fund has entered into a securities lending agreement with BMO Harris Bank N.A. (“BMO”). The Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash or other securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities (“Government Securities”) at all times equal to at least 102% (105% for foreign securities) of the market value on the securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted so that the market value of the collateral is not less than the initial margin requirement. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. During the term of the loan, the Fund will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and/or earning interest on the investments of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statement of Operations.

As of July 31, 2020, the Fund loaned securities which were collateralized by cash and other securities. The value of the securities on loan and the value of the related collateral were as follows:

Value of Securities Loaned				Value of Collateral*
$	807,576			$	866,840

*	The Fund received cash collateral, which was subsequently invested in money market funds as reported in the Schedule of Investments.

Cannabis Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2020 (Unaudited)

(e) Distributions to Shareholders

The Fund will make distributions of net investment income and 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.

(f) Illiquid Securities

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limits its 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 the 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 Fund, entered into an Investment Advisory Agreement (the “Agreement”) with Foothill Capital Management, LLC (the “Advisor”). Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Advisor at the annual rate of 0.85% of the Fund’s average daily net assets. 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 1.35% and 1.10% of the average daily net assets of Investor Class shares and Class I shares of the Fund, respectively. This agreement is in effect until May 31, 2030, and it may be terminated before that date only by the Trust’s Board of Trustees.

For the six months ended July 31, 2020, the Advisor waived its advisory fees and absorbed other expenses totaling $119,741. 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 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 amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. At July 31, 2020, the amount of these potentially recoverable expenses was $439,882. The Advisor may recapture all or a portion of this amount no later than January 31 of the years stated below:

2023	$	320,141
2024		119,741
Total	$	439,882

UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Fund’s other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund’s custodian. The Fund’s fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended July 31, 2020, are reported on the Statement of Operations.

Cannabis Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2020 (Unaudited)

IMST Distributors, LLC serves as the Fund’s distributor (the “Distributor”). The Distributor does not receive compensation from the Fund 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 Fund does not compensate trustees and officers affiliated with the Fund’s co-administrators. For the six months ended July 31, 2020, the Fund’s allocated fees incurred to Trustees who are not affiliated with the Fund’s co-administrators are reported on the Statement of Operations. A portion of the fees were paid by the Trust’s Co-Administrators. Such amount is shown as a reduction of expenses, “Fees paid indirectly”, on the Statement of Operations.

The Fund’s 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 Fund’s liability for these amounts is adjusted for market value changes in the invested fund(s) and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Fund and is disclosed in the Statement 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 Statement of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Fund’s allocated fees incurred for CCO services for the six months ended July 31, 2020, are reported on the Statement of Operations.

Note 4 – Federal Income Taxes

At July 31, 2020, the cost of investments on a tax basis and gross unrealized appreciation (depreciation) on investments for federal income tax purposes were as follows:

Cost of investments	$	3,346,643
Gross unrealized appreciation		212,606
Gross unrealized depreciation		(527,248	)
Net unrealized depreciation on investments	$	(314,642	)

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sale loss deferrals and passive foreign investment companies (“PFICs”).

As of January 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	7,551
Undistributed long-term capital gains		-
Accumulated earnings		7,551

Accumulated capital and other losses		(435,955	)
Unrealized depreciation on investments		(540,583	)
Unrealized deferred compensation		(4,068	)
Total accumulated deficit	$	(973,055	)

Cannabis Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2020 (Unaudited)

The tax character of distributions paid during the period February 22, 2019 (commencement of operations) through January 31, 2020, was as follows:

Distribution paid from:
Ordinary income	$	19,608
Net long-term capital gains		-
Total distributions paid	$	19,608

Note 5 – Redemption Fee

The Fund imposes a redemption fee of 1.00% of the total redemption amount on all shares redeemed within 60 days of purchase. For the six months ended July 31, 2020, the Fund received $2,691.

Note 6 - Investment Transactions

For the six months ended July 31, 2020, purchases and sales of investments, excluding short-term investments were $1,343,431 and $299,566, respectively.

Note 7 – Shareholder Servicing Plan

The Trust, on behalf of the Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.10% of average daily net assets attributable to both Investor and Class I shares to shareholder servicing agents who provide administrative and support services to their customers.

For the six months ended July 31, 2020, shareholder servicing fees incurred are disclosed on the Statement of Operations.

Note 8 – Distribution Plan

The Trust, on behalf of the Fund, has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act, that allows the Fund to pay distribution fees for the sale and distribution of its shares. For Investor Class shares, the maximum annual fee payable to the Distributor for such distribution and/or shareholder liaison services is 0.25% of the average daily net assets of such shares. The Class I does not pay any distribution fees.

For the six months ended July 31, 2020, distribution fees incurred are disclosed on the Statement of Operations.

Note 9 – Indemnifications

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

Note 10 – 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.

Cannabis Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2020 (Unaudited)

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

●

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 July 31, 2020, in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2*		Level 3*		Total
Investments
Common Stock¹	$	2,149,364	$	-	$	-	$	2,149,364
Short-Term Investments		882,637		-		-		882,637
Total Investments	$	3,032,001	$	-	$	-	$	3,032,001

For a detailed break-out of common stocks by major industry classification, please refer to the Schedule of Investments.

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

Note 11 – Derivative and Hedging Disclosure

Derivatives and Hedging requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Fund’s financial position, performance and cash flows. The Fund invested in options contracts for the six months ended July 31, 2020.

Cannabis Growth Fund

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2020 (Unaudited)

The effects of derivative instruments on the Statement of Operations for the six months ended July 31, 2020, are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments	Purchased Options Contracts			Written Options Contracts
Equity contracts	$	(16,439	)	$	-
Total	$	(16,439	)	$	-

The number of contracts is included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of July 31, 2020, are as follows:

Derivative		Quarterly Average			Amount
Options Contracts - Purchased		Average Notional Value			$	3,750

Note 12 – COVID-19 Risks

In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. This coronavirus has resulted in closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. The impact of this outbreak has negatively affected 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. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund, including political, social and economic risks. Any such impact 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 in the Fund. The ultimate impact of COVID-19 on the financial performance of the Fund’s investments is not reasonably estimable at this time.

Note 13 – Events Subsequent to the Fiscal Period End

The Fund has 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 Fund’s related events and transactions that occurred through the date of issuance of the Fund’s financial statements. There were no events or transactions that occurred during the period that materially impacted the amounts or disclosures in the Fund’s financial statements.

Cannabis Growth Fund

SUPPLEMENTAL INFORMATION (Unaudited)

Board Consideration of Investment Advisory Agreement

At a meeting held on April 22, 2020, the Board of Trustees (the “Board”) of Investment Managers Series Trust II (the “Trust”), including the trustees who are not “interested persons” of the Trust (the “Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), reviewed and unanimously approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between the Trust and Foothill Capital Management, LLC (the “Investment Advisor”) with respect to the Cannabis Growth Fund series of the Trust (the “Fund”) for an additional one-year term from when it otherwise would expire. In approving renewal of the Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Fund and its shareholders. The Board acknowledged that in accordance with exemptive relief granted by the U.S. Securities and Exchange Commission, due to unforeseen emergency circumstances related to the COVID-19 pandemic, the meeting was being held by videoconference, and that as required by the relief, the Board would ratify the renewal of the Advisory Agreement at its next in-person meeting.

Background

In advance of the meeting, the Board received information about the Fund and the Advisory Agreement from the Investment Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust’s co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the Investment Advisor’s organization and financial condition; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Fund; information about the Investment Advisor’s compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Investment Advisor’s overall relationship with the Fund; reports comparing the performance of the Fund with returns of the Cannabis World Index, the S&P 500 Index, and a group of comparable funds (the “Peer Group”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”) from Morningstar, Inc.’s U.S. Fund Miscellaneous Sector fund universe (the “Fund Universe”) for the nine-month period ended January 31, 2020; and reports comparing the investment advisory fee and total expenses of the Fund with those of the Peer Group and Fund Universe. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Advisory Agreement. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Investment Advisor were present during the Board’s consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

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

Nature, Extent and Quality of Services

With respect to the performance results of the Fund, the meeting materials indicated that the Fund’s total return for the nine-month period was higher than the Peer Group median return and the Cannabis World Index return, but below the Fund Universe median return and S&P 500 Index return by 48.80% and 62.36%, respectively. The Trustees considered the Investment Advisor’s observation that over the nine-month period, the Fund was the top performing cannabis fund in the Peer Group. The Trustees noted the Investment Advisor’s explanation that the Fund is not designed to track or outperform the S&P 500 Index, and that the Peer Group and the Cannabis World Index would each provide a more meaningful basis of comparison than the Fund Universe, Morningstar, Inc.’s U.S. Fund Miscellaneous Sector fund universe. The Trustees also noted that the Fund had been operating for a short period, and that performance over longer periods would be more meaningful.

Cannabis Growth Fund

SUPPLEMENTAL INFORMATION (Unaudited) - Continued

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

Advisory Fee and Expense Ratio

With respect to the advisory fee paid by the Fund, the meeting materials indicated that the annual investment advisory fee (gross of fee waivers) was lower than the Peer Group median, but higher than the Fund Universe median by 0.10%. The Trustees noted, however, that the Investment Advisor had waived its entire advisory fee for the period ended January 31, 2020. The Trustees also noted that the Investment Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund’s advisory fee with those of other similar accounts of the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund’s most recent fiscal year were slightly higher than the Peer Group median by 0.01%, and higher than the Fund Universe median by 0.26%. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.

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

Profitability and Economies of Scale

The Board next considered information prepared by the Investment Advisor relating to its costs and profits with respect to the Fund for the period ended January 31, 2020, noting that the Investment Advisor had waived its entire advisory fee and subsidized certain of the operating expenses for the Fund, and did not realize a profit. The Board also considered the benefits received by the Investment Advisor as a result of the Investment Advisor’s relationship with the Fund, other than the receipt of its investment advisory fee, including any research received from broker-dealers providing execution services to the Fund, the beneficial effects from the review by the Trust’s Chief Compliance Officer of the Investment Advisor’s compliance program, and the intangible benefits of the Investment Advisor’s association with the Fund generally and any favorable publicity arising in connection with the Fund’s performance. The Trustees noted that although there were no advisory fee breakpoints, the asset level of the Fund was not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the assets of the Fund grow.

Conclusion

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

Cannabis Growth Fund

EXPENSE EXAMPLE

For the Six Months Ended July 31, 2020 (Unaudited)

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (Investor Class only); and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2020 to July 31, 2020.

Actual Expenses

The information in the row titled “Actual Performance” of the table below provides actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate row for your share class, in the column titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the row titled “Hypothetical (5% annual return before expenses)” of the table below provides hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (load) or contingent deferred sales charges. Therefore, the information in the row titled “Hypothetical (5% annual return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 2/1/20	Ending Account Value 7/31/20	Expenses Paid During Period 2/1/20 – 7/31/20^*
Investor Class
Actual Performance	$1,000.00	$872.40	$6.27
Hypothetical (5% annual return before expenses)	1,000.00	1,018.32	6.75
Class I**
Actual Performance	1,000.00	868.00	5.12
Hypothetical (5% annual return before expenses)	1,000.00	1,019.58	5.53

Expenses are equal to the Fund’s annualized expense ratio of 1.35% and 1.10% for Investor Class and Class I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

**	Effective August 25, 2020, Institutional Class Shares were re-designated as Class I Shares.

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Cannabis Growth Fund

A series of Investment Managers Series Trust II

Investment Advisor

Foothill Capital Management, LLC

740 River Road, Suite 208
Fair Haven, New Jersey 07704

Custodian

UMB Bank, n.a.

928 Grand Boulevard, 5^th Floor

Kansas City, Missouri 64106

Fund Co-Administrator

Mutual Fund Administration, LLC

2220 East Route 66, Suite 226

Glendora, California 91740

Fund Co-Administrator, Transfer Agent and Fund Accountant

UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, Wisconsin 53212

Distributor

IMST Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.foreside.com

FUND INFORMATION

	TICKER	CUSIP
Cannabis Growth Fund – Investor Class	CANNX	46141T 570
Cannabis Growth Fund – Class I	CANIX	46141T 547

Privacy Principles of the Cannabis Growth Fund for Shareholders

The Fund is committed to maintaining the privacy of its shareholders and to safeguarding its non-public personal information. The following information is provided to help you understand what personal information the Fund collects, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Fund does not receive any non-public personal information relating to its shareholders, although certain non-public personal information of its shareholders may become available to the Fund. The Fund does not disclose any non-public personal information about its shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

This report is sent to shareholders of the Cannabis Growth Fund for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.

Proxy Voting

A description of the Fund’s proxy voting policies and procedures related to portfolio securities are available without charge, upon request, by calling the Fund at 1-888-885-0588 or on the U.S. Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Fund Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the Fund’s Form N-PORT on the SEC’s website at www.sec.gov.

Prior to its use of Form N-PORT, the Fund filed its complete schedule of portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-888-885-0588.

Cannabis Growth Fund

P.O. Box 2175

Milwaukee, WI 53201

Toll Free: 1-888-885-0588

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

(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.

Item 6. Schedule of Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer and Treasurer/Chief 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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

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

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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/ Terrance Gallagher
	Terrance Gallagher, President/Chief Executive Officer

Date	10/09/2020

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/ Terrance Gallagher
	Terrance Gallagher, President/Chief Executive Officer

Date	10/09/2020

By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer/Chief Financial Officer

Date	10/09/2020