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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>UMB FUND SERVICES, INC.</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-WI" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>MUTUAL FUND ADMINISTRATION, LLC</adminName>
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            <idNumberDesc>N/A</idNumberDesc>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
            <adminName>UMB FUND SERVICES, INC.</adminName>
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            <isAdminAffiliated>Y</isAdminAffiliated>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>NORTHERN TRUST SECURITIES, INC.</brokerName>
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            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>0.0</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>308.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>GOLDMAN SACHS &amp; CO. LLC</principalName>
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        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>491333.000000000000</mnthlyAvgNetAssets>
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        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
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            <liquidityName>KENNEDY CAPITAL MANAGEMENT LLC</liquidityName>
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            <assetClassType>Equity-common</assetClassType>
            <assetClassType>Equity-preferred</assetClassType>
            <assetClassType>Other</assetClassType>
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        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
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      <managementInvestmentQuestion>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000235565" sharesOutstandingTickerSymbol="KVALX"/>
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        <fundType>N/A</fundType>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Kennedy Capital Management LLC</investmentAdviserName>
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          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>UMB FUND SERVICES, INC.</transferAgentName>
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            <transferAgentRssdId>3028706</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
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          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>INTERCONTINENTAL EXCHANGE, INC.</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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          <custodian>
            <custodianName>UMB BANK, NATIONAL ASSOCIATION</custodianName>
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        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>UMB FUND SERVICES, INC.</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-WI" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>MUTUAL FUND ADMINISTRATION, LLC</adminName>
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            <idNumberDesc>N/A</idNumberDesc>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
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          </admin>
          <admin>
            <adminName>UMB FUND SERVICES, INC.</adminName>
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            <isAdminAffiliated>Y</isAdminAffiliated>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
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        <aggregateCommission>40944.000000000000</aggregateCommission>
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        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>38198679.000000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>KENNEDY CAPITAL MANAGEMENT LLC</liquidityName>
            <liquidityLei>254900WWH0X2S2RXPA97</liquidityLei>
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            <liquidityStateCountry liquidityState="US-NY" liquidityCountry="US"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Short-term investment vehicle</assetClassType>
            <assetClassType>Equity-common</assetClassType>
            <assetClassType>Equity-preferred</assetClassType>
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            <otherAssetDesc>Equity Funds, Equity-REIT</otherAssetDesc>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
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    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Investment Managers Series Trust II" signedDate="2026-02-26" signature="/s/ Scott Schulenburg" title="President"/>
  </formData>
</edgarSubmission>
