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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

Mutual Fund Administration, LLC

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:

June 30

Date of reporting period:

June 30, 2026

Item 1. Report to Stockholders.

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

Abraham Fortress Fund

Class I/FORTX

Annual SHAREHOLDER REPORT | June 30, 2026

This annual shareholder report contains important information about the Abraham Fortress Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/abraham/. You can also request this information by contacting us at (844) 323-8200.

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
Abraham Fortress Fund (Class I/FORTX)	$82	0.72%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the twelve-month period ending 06/30/2026, the Abraham Fortress Fund had positive performance of 26.80% in FORTX, outpacing the 17.55% return of our 70/30^[1] benchmark. Fund assets ended the fiscal year at approximately $101.0 million, compared to approximately $75.3 million at the start of the period.

The fiscal year was defined by a broad recovery and sustained rally across global risk assets. Global equity markets climbed through the second half of 2025 and accelerated in early 2026, with the MSCI ACWI returning approximately 23% for the twelve-month period. The Fund participated in the rally while maintaining its diversified posture. The most notable portfolio adjustments during the year concerned our Gold position, which is included in the Diversifying Strategies. The Fund maintained approximately 15% notional Gold exposure through the metal's powerful rally in the first half of the fiscal year, then reduced exposure to approximately 5% in late January 2026 – within days of gold's peak – and fully exited the position by fiscal year-end as the unusual investor preference for gold over US treasuries subsided. Equity exposure ended the fiscal year at approximately 54%, comfortably within our 40-60% target range.

The Fund allocated approximately 62% of its long Equity position to US individual stocks and the remaining 38% to Europe, Australasia, and the Far East (EAFE) futures contracts to give us exposure to non-US equities. Both sleeves contributed strongly. Fixed Income consisted of US Treasury Notes with maturities ranging from 2033 to 2035 and an average duration of approximately 8 years. Diversifying Strategies included eight external funds that generally invest in global futures markets. We continue to access these funds through a total return swap agreement with Deutsche Bank, and the Fund's swap position is collateralized with US Treasury Bills. Unlike the prior fiscal year, the Fund held no Gold exposure at fiscal year-end.

TOP PERFORMANCE CONTRIBUTORS

Contributor #1 – The Fund's long Equity position was the largest contributor for the fiscal year, benefiting from the sustained global equity rally. The S&P 500 rose approximately 21% during this period. The MSCI EAFE index rose approximately 20%.

Contributor #2 – The Fund's Gold position was once again a strong contributor, driven this year as much by risk management as by the metal's price. Gold futures rallied over 60% from the start of the fiscal year to their late-January peak on 01/29/2026, and the Fund maintained meaningful exposure through the rally, holding 14.89% of assets in Gold futures as of 01/27/2026. The portfolio managers then reduced exposure on that date to 5%. Gold futures peaked at $5,354.80 per ounce on 1/29/26. The metal subsequently declined approximately 13% to $4,652.60 by 02/02/2026, so the reduction preserved the majority of the gains the position had generated. The Fund fully exited Gold by fiscal year-end. The Fund currently has no exposure to Gold futures, within the normal range of 0% to 15%.

Contributor #3 – Diversifying Strategies rebounded from the prior fiscal year's losses. The trend following and global macro strategies in our external funds found their footing as markets established sustained directionality. The sleeve contributed approximately +8.83% in the first half of calendar 2026 alone.

TOP PERFORMANCE DETRACTORS

Detractor - The Fund has lower stock exposure compared to our 70/30 benchmark. In a fiscal year when MSCI ACWI returned approximately 23%, our moderate equity allocation naturally reduced the degree to which we captured the rally, and our approximately 8-year duration Treasury exposure and diversifying allocations trailed stocks. This positioning is by design: with our lower equity exposure, we aim to moderate volatility and better manage risk in order to create a smoother return stream. Notably, the Fund still outperformed the 70/30 benchmark by more than 9 percentage points this fiscal year.

Today, the Fund's portfolio includes approximately:

- 54% Stock exposure, which is invested directly into US stocks (approximately 33% of Fund assets) or through EAFE stock index futures (approximately 21% notional) collateralized with T-bills

- 20% Fixed Income exposure, invested in US Treasury Notes maturing between 2033 and 2035, with an approximate 8-year duration

- 21% Diversifying Strategies invested in T-bills to collateralize our positions in either futures or the Deutsche Bank swap that gives us access to the external funds. The notional exposure in the Diversifying Strategies typically ranges between 50-70%. The Fund currently holds no Gold futures position, within the normal allocation range of 0% to 15%.

As a reminder, the Fund's portfolio includes some leverage, which is why the portfolio's total notional exposure is more than 100%. The portfolio's notional exposure is accessed through derivatives instruments, such as futures and swaps. The futures and swaps are collateralized with T-bills. Since T-bills are used to collateralize these other positions, our quarterly holdings report shows the majority of our cash invested in T-bills. It is important to note that the futures, swaps, and T-bills all work together to give the Fund exposure in various stock markets and diversifying strategies.

^[1]70/30 Stock/Bond Portfolio uses 70% MSCI ACWI Index and 30% Bloomberg US Aggregate Bond Index, and its statistics reflect no deductions for fees, expenses, or taxes

FORTX Volatility Comparisons – reflects Class I Shares fees
Volatility (Standard Deviation)	Fund	70/30 Portfolio	MSCI ACWI Index	U.S. Aggregate Bond Index
1-Year (07/01/25 - 06/30/2026)	9.94%	8.30%	11.32%	3.73%
Since Inception (07/26/2018 - 06/30/2026)	8.76%	12.15%	16.11%	5.50%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years¹	Since Inception¹
Abraham Fortress Fund (Class I/FORTX)	26.80%	7.96%	8.22%
70/30 Blended Index	17.55%	7.75%	9.14%
MSCI ACWI Index	23.67%	10.98%	11.96%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	2.06%

¹	Class I shares commenced operations on July 26, 2018 and the performance figures include the performance of the Predecessor Fund prior to October 13, 2021.

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.abrahamtrading.com/fortress-fund/performance for the most recent performance information.

Key Fund Statistics

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

Fund net assets	$100,949,715
Total number of portfolio holdings	245
Total advisory fees paid (net)	$163,918
Portfolio turnover rate as of the end of the reporting period	28%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Sector Allocation chart represents Common Stocks of the Fund.

Asset Allocation

U.S. Treasury Bills	47.5%
Common Stocks	33.4%
U.S. Treasury Notes	20.2%
Rights	0.0%
Short-Term Investments	0.0%
Liabilities in Excess of Other Assets	(1.1)%

Sector Allocation

Graphical Representation - Allocation 2 Chart

Material Fund Changes

The Fund did not have any material changes that occurred since the beginning of the reporting period.

Changes in and Disagreements with Accountants

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

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://funddocs.filepoint.com/abraham/. You can also request this information by contacting us at (844) 323-8200.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (844) 323-8200 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Abraham Fortress Fund - Class I

Abraham Fortress Fund

Class K/FORKX

Annual SHAREHOLDER REPORT | June 30, 2026

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
Abraham Fortress Fund (Class K/FORKX)	$74	0.65%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the twelve-month period ending 06/30/2026, the Abraham Fortress Fund had positive performance of 26.96% in FORKX, outpacing the 17.55% return of our 70/30^[1]benchmark. Fund assets ended the fiscal year at approximately $101.0 million, compared to approximately $75.3 million at the start of the period.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Today, the Fund's portfolio includes approximately:

- 54% Stock exposure, which is invested directly into US stocks (approximately 33% of Fund assets) or through EAFE stock index futures (approximately 21% notional) collateralized with T-bills

- 20% Fixed Income exposure, invested in US Treasury Notes maturing between 2033 and 2035, with an approximate 8-year duration

^[1] 70/30 Stock/Bond Portfolio uses 70% MSCI ACWI Index and 30% Bloomberg US Aggregate Bond Index, and its statistics reflect no deductions for fees, expenses, or taxes.

FORKX Volatility Comparisons – reflects Class K Shares fees
Volatility (Standard Deviation)	Fund	70/30 Portfolio	MSCI ACWI Index	U.S. Aggregate Bond Index
1-Year (07/01/25 - 06/30/2026)	9.93%	8.30%	11.32%	3.73%
Since Inception (07/26/2018 - 06/30/2026)	8.79%	12.15%	16.11%	5.50%

Fund Performance

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $25,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	Since Inception¹
Abraham Fortress Fund (Class K/FORKX)	26.96%	8.07%	8.33%
70/30 Blended Index	17.55%	7.75%	9.14%
MSCI ACWI Index	23.67%	10.98%	11.96%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	2.06%

¹	Class K shares commenced operations on July 26, 2018 and the performance figures include the performance of the Predecessor Fund prior to October 13, 2021.

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.abrahamtrading.com/fortress-fund/performance for the most recent performance information.

Key Fund Statistics

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

Fund net assets	$100,949,715
Total number of portfolio holdings	245
Total advisory fees paid (net)	$163,918
Portfolio turnover rate as of the end of the reporting period	28%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Sector Allocation chart represents Common Stocks of the Fund.

Asset Allocation

U.S. Treasury Bills	47.5%
Common Stocks	33.4%
U.S. Treasury Notes	20.2%
Rights	0.0%
Short-Term Investments	0.0%
Liabilities in Excess of Other Assets	(1.1)%

Sector Allocation

Material Fund Changes

The Fund did not have any material changes that occurred since the beginning of the reporting period.

Changes in and Disagreements with Accountants

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

Availability of Additional Information

Householding

Abraham Fortress Fund - Class K

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-844-323-8200.

The Board of Trustees of the Registrant has determined that the Registrant has the following “audit committee financial experts” as defined in Item 3(b) of Form N-CSR serving on its Audit Committee: Messrs. Thomas Knipper and John P. Zader. The audit committee financial experts are “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, LTD applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

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

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

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

Abraham Fortress Fund (the “Fund”) is organized as a 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 is classified as a diversified Fund.

The Fund’s primary investment objective is to protect capital and achieve long-term capital appreciation. The Fund currently has two classes of shares, Class I and Class K. Class C shares have not yet commenced operations.

The Fund began reporting as a registered open-end management investment company on October 13, 2021 with a transfer of shares of the Fund in exchange for the net assets of the Predecessor Fund, a Delaware statutory limited partnership. This exchange was nontaxable, whereby the Fund issued 1,133,973 Class I shares and 3,457,642 Class K shares for the net assets of the Predecessor Fund on October 13, 2021. Net assets with a fair market value consisting of cash, interest receivable and securities and derivative instruments of the Predecessor Fund were the primary assets received by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amount distributable to shareholders for tax purposes.

The inception date of the Predecessor Fund was July 26, 2018. From July 26, 2018 until October 12, 2021, the Predecessor Fund was regulated by the Commodity Futures Trading Commission (“the CFTC”) and National Futures Association (“NFA”) as a Commodity Pool, and over that entire time period, Abraham Trading Company (the “Advisor”) was the registered Commodity Pool Operator of the Predecessor Fund. The Advisor has been continuously registered with the CFTC and NFA as a Commodity Trading Advisor and Commodity Pool Operator since 1990. Cohen & Company, Ltd. served as the auditor of the Predecessor Fund from July 31, 2018 through October 12, 2021. After the conversion of the Predecessor Fund to a 1940 Act open ended mutual fund on October 13, 2021, Cohen & Company, Ltd. has continued to serve as the auditor of the Fund. The Predecessor Fund was required to have audited financial statements, including the reporting of investments, filed annually with both the CFTC and NFA. UMB Fund Services (“UMBFS”) was the administrator of the Predecessor Fund prior to its conversion to the Fund, and currently UMBFS is the co-administrator of the Fund.

The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Board of Trustees (“Trustees”). Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets.

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

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

The Fund may invest up to 25% of its total assets in its subsidiary, Abraham Fortress Fund Ltd., a wholly-owned and controlled subsidiary (the “Subsidiary”) formed under the laws of the Cayman Islands. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights of the Fund include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. The Subsidiary is advised by Abraham Trading Company and acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objectives and policies specified in the Fund’s prospectus and statement of additional information. The Subsidiary will generally invest in derivatives, including swaps, commodity interests and other investments intended to serve as margin or collateral for derivative positions. The inception date of the Subsidiary was October 13, 2021. As of June 30, 2026, total assets of the Fund were $103,745,191, of which $21,354,337, or 20.58%, represented the Fund’s ownership of the shares of the Subsidiary.

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operating during the reporting period. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date reported in the financial statements and the reported amounts of increases and decreases in net assets from operations during the period.

The Fund records investments at fair value. 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). The Board of Trustees has designated the Advisor as the Fund’s valuation designee (the “Valuation Designee”) to make all fair value determinations with respect to the Fund’s 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.

Financial derivative instruments, such as forward currency contracts, futures contracts, options contracts or swap agreements, derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker- dealer quotations or a pricing service at the settlement price determined by the relevant exchange. Depending on the product and the terms of the transaction, the value of the derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates. Forward currency contracts represent the purchase or sale of a specific quantity of a foreign currency at the current or spot price, with delivery and settlement at a specified future date. Forward currency contracts are presented at fair value using spot currency rates and are adjusted for the time value of money (forward points) and contractual prices of the underlying financial instruments.

Forward currency contracts are generally categorized in Level 2. Futures contracts are carried at fair value using the primary exchange’s closing (settlement) price and are generally categorized in Level 1.

Options contracts are carried at fair value using the primary exchange's closing (settlement) price and are generally categorized as Level 1. In the absence of a closing price, options contracts will be valued at the last bid or the mean between the last available bid and ask price, and categorized in Level 2.

The Fund’s total return swap contract tracks the performance of various underlying investment managers trading programs through a Deutsche Bank AG, London Branch proprietary index. The fair value of the total return swap contract is valued on each index business day as set out in the index description utilizing market data as of 4:15 pm London time and trade data as of 5:00 pm London time.

The Fund’s records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Fund’s NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Fund does not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

The Fund may utilize forward foreign currency exchange contracts (“forward contracts”) under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All contracts are “marked-to-market” daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on forward foreign currency exchange contracts. The Fund records realized gains or losses at the time the forward contract is settled. Counterparties to these forward contracts are major U.S. financial institutions.

The Fund may use interest rate, foreign currency, index, commodity, and other futures contracts. The Fund may use options on futures contracts. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. The Fund may invest in futures contracts and options on futures contracts through the Subsidiary. For example, a foreign currency futures contract provides for the future sale by one party and the purchase by the other party of a certain amount of a specified non-U.S. currency at a specified price, date, time and place. Similarly, an interest rate futures contract provides for the future sale by one party and the purchase by the other party of a certain amount of a specific interest rate sensitive financial instrument (e.g., a debt security) at a specified price, date, time and place. Securities, commodities and other financial indexes are capitalization weighted indexes that reflect the market value of the securities, commodities or other financial instruments respectively, represented in the indexes. A futures contract on an index is an agreement to be settled by delivery of an amount of cash equal to a specified multiplier times the difference between the value of the index at the close of the last trading day on the contract and the price at which the agreement is made. The clearing house of the exchange on which a futures contract is entered into becomes the counterparty to each purchaser and seller of the futures contract.

During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transactions and the Fund’s basis in the contract. Cash equal to the proceeds is settled in the broker account when the contracts are closed. The Fund also is required to deposit and to maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. Although some futures contracts call for making or taking delivery of the underlying assets, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (involving the same exchange, underlying security or index and delivery month). If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs also must be included in these calculations. As discussed below, however, the Fund may not always be able to make an offsetting purchase or sale. In the case of a physically settled futures contract, this could result in the Fund being required to deliver, or receive, the underlying physical commodity, which could be adverse to the Fund. The Subsidiary may enter into agreements with certain parties which may lower margin deposits and mitigate some of the risks of being required to deliver, or receive, the physical commodity.

At any time prior to the expiration of a futures contract, the Fund may seek to close the position by seeking to take an opposite position, which would terminate the Fund’s existing position in the contract. Positions in futures contracts and options on futures contracts may be closed out only on the exchange on which they were entered into (or through a linked exchange). No secondary market for such contracts exists. Although the Fund may enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist at any particular time. Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting the Fund to substantial losses. In such event, and in the event of adverse price movements, the Fund would be required to make daily cash payments of variation margin. In such situations, if the Fund had insufficient cash, it might have to sell assets to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances the Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the Fund’s performance.

Exposure to the commodities markets (including financial futures markets) through investments in futures may subject the Fund to greater volatility than cash market investments in securities. Prices of commodities and related contracts may fluctuate significantly and unpredictably over short periods for a variety of reasons, including changes in interest rates, overall market movements, supply and demand relationships and balances of payments and trade; weather and natural disasters; and governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies. The commodity markets are subject to temporary distortions and other disruptions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day and the size of contract positions taken. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

The Fund may enter into interest rate, currency and index swaps and the purchase or sale of related caps, floors and collars. The Fund may enter into these transactions to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations or to protect against any increase in the price of securities it anticipates purchasing at a later date. Swaps may be used in conjunction with other instruments to offset interest rate, currency or other underlying risks. For example, interest rate swaps may be offset with “caps,” “floors” or “collars”. A “cap” is essentially a call option which places a limit on the amount of floating rate interest that must be paid on a certain principal amount. A “floor” is essentially a put option which places a limit on the minimum amount that would be paid on a certain principal amount. A “collar” is essentially a combination of a long cap and a short floor where the limits are set at different levels. The Subsidiary’s total return swap contract tracks the performance of various underlying investment managers trading programs through a Deutsche Bank AG, London Branch proprietary index. The fair value of the total return swap contract is valued on each index business day as set out in the index description utilizing market data as of 4:15 pm London time and trade data as of 5:00 pm London time.

The Fund will usually enter into swaps on a net basis; that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. To the extent obligations created thereby may be deemed to constitute senior securities, the Fund will maintain required collateral in a segregated account consisting of U.S. government securities or cash or cash equivalents.

The Fund may enter into total return swap contracts for investment purposes. Total return swaps are contracts in which one party agrees to make periodic payments based on the change in market value of the underlying assets, which may include a specified security, basket of securities or security indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate of the total return from other underlying assets. Total return swaps may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market, including in cases in which there may be disadvantages associated with direct ownership of a particular security. In a typical total return swap, payments made by the Fund or the counterparty are based on the total return of a particular reference asset or assets (such as an equity security, a combination of such securities, or an index designed to replicate the aggregate returns of a trading strategy or basket of trading strategies). That is, one party agrees to pay another party the return on a security, basket of securities, or an index in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Total return swaps involve not only the risk associated with the investment in the underlying securities, but also the risk of the counterparty not fulfilling its obligations under the agreement.

The Fund may seek to hedge investments or realize additional gains through the use of short sales. Short sales are transactions under which the Fund sells a security it does not own in anticipation of a decline in the value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is 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 Fund. 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 Fund is 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 Fund 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 Fund is 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.

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 Consolidated Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records 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. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares relative net assets, except for distribution and service fees and certain transfer agent fees and expenses discussed below, 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.

The Fund may invest in real estate investments trusts ("REITs"). REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of principal and interest payments. Similar to regulated investment companies such as the Fund, REITs are not taxed on income distributed to shareholders provided they comply with certain requirements of the Internal Revenue Code. The Fund will indirectly bear its proportionate share of expenses incurred by REITs in which the Fund invests in addition to the expenses incurred directly by the Fund.

In conjunction with the use of futures contracts and swap contracts, the Fund may be required to maintain collateral in various forms. At June 30, 2026, such collateral is denoted in the Fund’s Consolidated Schedule of Investments and Consolidated Statement of Assets and Liabilities. Also in conjunction with the use of futures contracts and swap contracts, the Fund, when appropriate, may utilize a segregated margin deposit account with the counterparty. At June 30, 2026, these segregated margin deposit accounts are denoted in the Fund’s Consolidated Statement of Assets and Liabilities.

The 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 Fund.

ASC 740 Income Taxes, (“ASC 740”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing the 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 Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations.

ASC 740 requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund’s current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. For the year ended June 30, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which they are reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund 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 Fund has adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit 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.

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the “Agreement”) with the Advisor. Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Advisor at the annual rate of 0.50% of the Fund’s average daily net assets. The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual operating expenses (excluding any taxes, leverage interest, brokerage commissions, fees and costs associated with derivatives, dividend and interest expenses on short sales, all trading or investment related expenses, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 0.75% and 0.65% of the average daily net assets of the Fund’s Class I and Class K shares, respectively. Annual operating expenses include shareholder servicing fees, which are a class-level expense (see Note 6). To the extent these fees are below their maximum for the fiscal year, Class I actual net expenses may be below the stated expense limit after waivers. This agreement is effective until October 31, 2035, and it may be terminated before that date by the Trust’s Board of Trustees on behalf of the Fund, upon sixty (60) days’ written notice to the Advisor. This agreement may also be terminated by the Advisor with respect to the Fund, effective at the end of its then current term, without payment of any penalty upon at least sixty (60) days’ written notice prior to expense limitation period of the Fund, subject to the consent of the Board of Trustees of the Trust, which consent will not be unreasonably withheld.

The Advisor is responsible for the Subsidiary’s day-to-day business pursuant to an advisory agreement with the Subsidiary. Under this agreement, the Advisor provides the Subsidiary with the same type of management services, under substantially the same terms, as are provided to the Fund. The Subsidiary advisory agreement provides for automatic termination upon the termination of the investment advisory agreement with respect to the Fund. The Advisor receives no compensation for the services it provides to the Subsidiary.

For the year ended June 30, 2026, the Advisor waived a portion of its advisory fees totaling $278,027 for the Fund. The 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 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 June 30, 2026, the amount of these potentially recoverable expenses was $842,887. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Consolidated Statement of Assets and Liabilities. The Advisor may recapture all or a portion of the following amounts no later than June 30, of the years stated below:

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 allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended June 30, 2026, are reported on the Consolidated Statement of Operations. The Fund has a fee agreement with its custodian, UMB Bank, N.A., which provides for custody fees to be reduced by earnings credit based on cash balances left on deposit with the custodian. For the year ended June 30, 2026, the fees waived were $10,876 of Custody fees. Such amount is reported as “Fees paid indirectly” on Consolidated Statement of Operations.

IMST Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), 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 year ended June 30, 2026, the Fund’s allocated fees incurred for Trustees who are not affiliated with the Fund’s co-administrators are reported on the Consolidated Statement of Operations.

Employees of the Advisor, and other accounts under their control, constituted approximately 30% and 10% of the outstanding Class I Shares and Class K Shares, respectively of the Fund as of June 30, 2026.

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 funds 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 Consolidated 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 Consolidated 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 year ended June 30, 2026, are reported on the Consolidated Statement of Operations.

At June 30, 2026, gross unrealized appreciation and (depreciation) of investments, based on cost for federal income tax purposes were as follows:

As of June 30, 2026, there were no differences between cost amounts for financial statement and federal income tax purposes.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended June 30, 2026, the permanent differences in book and tax accounting relate to the deconsolidation of the Subsidiary's activity.

As of June 30, 2026, the components of total distributable earnings (accumulated deficit) on a tax basis were as follows:

The tax character of distributions paid during the fiscal years ended June 30, 2026 and June 30, 2025 were as follows:

For the year ended June 30, 2026, purchases and sales of investments, excluding short-term investments, futures contracts, and swap contracts, were $26,785,188 and $13,652,072, respectively. For the year ended June 30, 2026, purchases and sales of U.S. Treasury Notes, were $14,121,450 and $8,509,229, respectively.

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 the Fund’s average daily net assets of Class I shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the year ended June 30, 2026, shareholder servicing fees incurred by the Fund are disclosed on the Consolidated Statement of Operations.

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 has not yet occurred. However, the Fund expects the risk of loss to be remote.

FASB ASC 820, Fair Value Measurements 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 Fund’s 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 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 June 30, 2026, in valuing the Fund’s assets carried at fair value:

The value of the Level 3 security above compared to the Fund’s net assets is not material and therefore, the reconciliation of Level 3 security and related valuation techniques are not disclosed.

FASB ASC Topic 815, 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 futures contracts, purchased option contracts, and swap contracts during the year ended June 30, 2026.

The effects of these derivative instruments on the Fund’s financial position and financial performance as reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations are presented in the tables below. The fair values of derivative instruments held by the Fund as of June 30, 2026 by risk category are as follows:

The effects of the Fund’s derivative instruments on the Consolidated Statement of Operations for the year ended June 30, 2026 are as follows:

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income

The quarterly average volumes of derivative instruments in the Fund for the year ended June 30, 2026 are as follows:

FASB ASC Topic 210-20, Disclosures about Offsetting Assets and Liabilities requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented for the Fund.

The Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivatives Association, Inc. (“ISDA”) which are the standard contracts governing most derivative transactions between the Fund and each of its counterparties. These agreements allow the Fund and each counterparty to offset certain derivative financial instruments’ payables and/or receivables against each other and/or with collateral, which is generally held by the Fund’s custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

The Fund’s Consolidated Statement of Assets and Liabilities presents financial instruments on a net basis. Gross amounts of the financial instruments, amounts related to financial instruments/cash collateral not offset in the Consolidated Statement of Assets and Liabilities and net amounts are presented below:

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, financial statement instability or other events could 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, tariffs, 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 the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) -- Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Fund's financial position or the results of its operations.

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 this period that materially impacted the amounts or disclosures in the Fund’s financial statements.

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Abraham Fortress Fund (the “Fund”), a series of Investment Managers Series Trust II, as of June 30, 2026, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for the years ended June 30, 2026, 2025, 2024, and 2023, and for the period from October 13, 2021 (beginning of reporting period) through June 30, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods noted above, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

For the period ended June 30, 2026, 3.35% of dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), is designated as qualified dividend income.

For the period ended June 30, 2026, 2.88% of the dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), is designated as dividends received deduction available to corporate shareholders.

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.

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.

	Abraham Fortress Fund	FYE 6/30/2026	FYE 6/30/2025
(a)	Audit Fees	$30,500	$29,250
(b)	Audit-Related Fees	N/A	N/A
(c)	Tax Fees	$7,000	$6,500
(d)	All Other Fees	N/A	N/A

Number of Shares			Value
		COMMON STOCKS — 33.4%¹
		COMMUNICATIONS — 3.1%
	5,440	Alphabet, Inc. - Class A	$	1,944,093
	2,912	AT&T, Inc.		60,278
	425	Booking Holdings, Inc.		75,752
	83	Charter Communications, Inc. - Class A*		11,803
	1,863	Comcast Corp. - Class A		45,737
	1,134	Meta Platforms, Inc. - Class A		638,771
	1,810	Netflix, Inc.*		129,234
	509	T-Mobile US, Inc.		85,374
	1,712	Verizon Communications, Inc.		72,486
	74	Versant Media Group, Inc.		2,665
	741	Walt Disney Co.		71,321
	704	Warner Bros Discovery, Inc.*		18,769
				3,156,283
		CONSUMER DISCRETIONARY — 2.1%
	4,140	Amazon.com, Inc.*		986,728
	110	Aptiv PLC*²		6,752
	8	AutoZone, Inc.*		25,568
	550	Chipotle Mexican Grill, Inc.*		18,700
	255	eBay, Inc.		28,496
	1,629	Ford Motor Co.		22,643
	592	General Motors Co.		45,631
	426	Home Depot, Inc.		150,242
	275	Lowe's Cos., Inc.		60,635
	133	Marriott International, Inc. - Class A		49,288
	305	McDonald's Corp.		82,445
	645	NIKE, Inc. - Class B		26,477
	405	O'Reilly Automotive, Inc.*		37,296
	478	Starbucks Corp.		48,847
	1,169	Tesla, Inc.*		491,681
	486	TJX Cos., Inc.		73,629
	36	Versigent PLC*²		1,512
				2,156,570
		CONSUMER STAPLES — 4.5%
	749	Altria Group, Inc.		53,891
	9,236	Cal-Maine Foods, Inc.		744,052
	32,681	Campbell's Co.		727,806
	10,401	Clorox Co.		992,671
	1,761	Coca-Cola Co.		143,116
	344	Colgate-Palmolive Co.		31,538
	77	Constellation Brands, Inc. - Class A		10,710
	181	Costco Wholesale Corp.		169,320

Number of Shares			Value
		COMMON STOCKS ¹ (Continued)
		CONSUMER STAPLES (Continued)
	94	Dollar General Corp.	$	10,820
	147	Estee Lauder Cos., Inc. - Class A		11,606
	137	Kimberly-Clark Corp.		15,038
	499	Kraft Heinz Co.		11,786
	14,905	Kroger Co.		827,675
	569	Mondelez International, Inc. - Class A		32,911
	432	Monster Beverage Corp.*		41,524
	564	PepsiCo, Inc.		76,366
	635	Philip Morris International, Inc.		114,878
	987	Procter & Gamble Co.		144,734
	195	Target Corp.		25,469
	3,393	Walmart, Inc.		384,291
				4,570,202
		ENERGY — 0.5%
	786	Chevron Corp.		130,287
	538	ConocoPhillips		55,931
	239	EOG Resources, Inc.		31,006
	1,978	Exxon Mobil Corp.		270,432
	572	SLB Ltd.²		26,592
				514,248
		FINANCIALS — 3.0%
	316	American Express Co.		106,887
	339	American International Group, Inc.		25,266
	90	Aon PLC - Class A²		29,852
	3,337	Bank of America Corp.		190,142
	337	Bank of New York Mellon Corp.		48,734
	913	Berkshire Hathaway, Inc. - Class B*		456,856
	62	Blackrock, Inc.		59,617
	174	Capital One Financial Corp.		34,908
	771	Charles Schwab Corp.		71,140
	176	Chubb Ltd.²		59,970
	809	Citigroup, Inc.		113,228
	147	CME Group, Inc.		32,462
	248	Fidelity National Information Services, Inc.		9,642
	269	Fiserv, Inc.*		13,194
	142	Goldman Sachs Group, Inc.		143,615
	230	Intercontinental Exchange, Inc.		28,315
	1,205	JPMorgan Chase & Co.		394,433
	206	Marsh & McLennan Cos., Inc.		34,334
	401	Mastercard, Inc. - Class A		205,954
	343	MetLife, Inc.		29,021

Number of Shares			Value
		COMMON STOCKS ¹ (Continued)
		FINANCIALS (Continued)
	76	Moody's Corp.	$	34,422
	732	Morgan Stanley		153,017
	34	MSCI, Inc.		19,041
	479	PayPal Holdings, Inc.		20,683
	172	PNC Financial Services Group, Inc.		42,350
	238	Progressive Corp.		51,991
	144	S&P Global, Inc.		58,645
	92	T. Rowe Price Group, Inc.		10,460
	544	Truist Financial Corp.		27,102
	605	U.S. Bancorp		36,542
	888	Visa, Inc. - Class A		304,664
	1,626	Wells Fargo & Co.		134,373
				2,980,860
		HEALTH CARE — 2.3%
	721	Abbott Laboratories		65,424
	721	AbbVie, Inc.		181,432
	123	Agilent Technologies, Inc.		16,338
	32	Align Technology, Inc.*		5,397
	230	Amgen, Inc.		83,288
	204	Baxter International, Inc.		4,349
	116	Becton Dickinson & Co.		17,554
	581	Boston Scientific Corp.*		24,797
	905	Bristol-Myers Squibb Co.		52,146
	238	Centene Corp.*		15,277
	135	Cigna Group		37,217
	538	CVS Health Corp.		55,656
	291	Danaher Corp.		55,430
	160	Dexcom, Inc.*		10,776
	255	Edwards Lifesciences Corp.*		23,067
	99	Elevance Health, Inc.		38,286
	390	Eli Lilly & Co.		467,778
	23	Embecta Corp.		75
	149	GE HealthCare Technologies, Inc.		9,538
	511	Gilead Sciences, Inc.		64,560
	10	GRAIL, Inc.*		683
	127	HCA Healthcare, Inc.		49,516
	52	Humana, Inc.		20,655
	35	IDEXX Laboratories, Inc.*		18,425
	64	Illumina, Inc.*		11,253
	146	Intuitive Surgical, Inc.*		58,061
	78	IQVIA Holdings, Inc.*		15,071
	1,073	Johnson & Johnson		272,510

Number of Shares			Value
		COMMON STOCKS ¹ (Continued)
		HEALTH CARE (Continued)
	548	Medtronic PLC²	$	42,870
	1,030	Merck & Co., Inc.		132,355
	165	Moderna, Inc.*		11,555
	2,288	Pfizer, Inc.		55,095
	44	Regeneron Pharmaceuticals, Inc.		27,436
	58	Solventum Corp.*		4,475
	154	Stryker Corp.		48,485
	161	Thermo Fisher Scientific, Inc.		80,719
	384	UnitedHealth Group, Inc.		159,602
	104	Vertex Pharmaceuticals, Inc.*		51,660
	15	Waters Corp.*		5,626
	193	Zoetis, Inc.		13,869
				2,308,306
		INDUSTRIALS — 2.3%
	235	3M Co.		38,049
	488	Amphenol Corp. - Class A		86,044
	172	Automatic Data Processing, Inc.		38,519
	240	Boeing Co.*		51,953
	353	Carrier Global Corp.		25,893
	221	Caterpillar, Inc.		235,343
	168	Cintas Corp.		28,573
	904	CSX Corp.		42,967
	125	Deere & Co.		79,291
	163	Eaton Corp. PLC²		69,458
	243	Emerson Electric Co.		34,785
	108	FedEx Corp.		33,818
	54	Fedex Freight Holding Co., Inc.*		8,154
	112	GE Vernova, Inc.		131,584
	114	General Dynamics Corp.		40,383
	448	General Electric Co.		167,431
	141	Honeywell Aerospace, Inc.*		31,062
	140	Honeywell International, Inc.		31,458
	128	Illinois Tool Works, Inc.		34,620
	287	Johnson Controls International plc²		41,934
	80	L3Harris Technologies, Inc.		23,247
	112	Lockheed Martin Corp.		57,060
	99	Norfolk Southern Corp.		31,144
	65	Northrop Grumman Corp.		33,105
	94	Old Dominion Freight Line, Inc.		20,360
	147	Paychex, Inc.		14,455
	129	Republic Services, Inc.		27,487
	2,077	Rheinmetall A.G. - ADR²		474,366

Item 7. Financial Statements and Financial Highlights
Consolidated Schedule of Investments	1
Consolidated Statement of Assets and Liabilities	12
Consolidated Statement of Operations	13
Consolidated Statements of Changes in Net Assets	14
Consolidated Financial Highlights
Class I	15
Class K	16
Notes to Consolidated Financial Statements	17
Report of Independent Registered Public Accounting Firm	32
Supplemental Information (Unaudited)	33

Principal Amount
		U.S. TREASURY BILLS — 47.5%
		United States Treasury Bill
$	1,750,000	3.597%, 7/9/2026^4,5	1,748,590
	7,500,000	3.580%, 7/23/2026⁵	7,483,462
	4,400,000	3.566%, 7/30/2026^4,5,6	4,387,275
	19,375,000	3.550%, 8/20/2026^4,5,6	19,276,788
	15,175,000	3.567%, 10/22/2026^4,5,6	14,996,618
		TOTAL U.S. TREASURY BILLS
		(Cost $47,904,123)	47,892,733
		U.S. TREASURY NOTES — 20.2%
		United States Treasury Note
	5,025,000	4.500%, 11/15/2033	5,081,923
	5,100,000	4.375%, 5/15/2034	5,110,557
	5,150,000	4.250%, 11/15/2034	5,107,554
	5,175,000	4.250%, 5/15/2035	5,122,645
		TOTAL U.S. TREASURY NOTES
		(Cost $20,604,597)	20,422,679

		SHORT-TERM INVESTMENTS — 0.0%
	10	UMB Bank, Money Market Fiduciary Deposit Investment, 0.01%^4,6,7	10
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $10)	10

	Value
TOTAL INVESTMENTS — 101.1%
(Cost $92,707,012)	$	102,019,100
Liabilities in Excess of Other Assets — (1.1)%		(1,069,385	)
TOTAL NET ASSETS — 100.0%	$	100,949,715

								Unrealized
	Expiration	Number of		Notional		Value at		Appreciation
Long Contracts	Date	Contracts		Value		June 30, 2026		(Depreciation)
Index Futures
NYF MSCI EAFE Index	September 2026		133	$	21,100,745	$	20,916,245	$	(184,500	)

TOTAL FUTURES CONTRACTS				$	21,100,745	$	20,916,245	$	(184,500	)

								Percentage
								of Custom Swap's
		Number of			Unrealized			Unrealized
	Expiration	Long	Notional		Appreciation			Appreciation
Description	Date	Contracts	Value		(Depreciation)			(Depreciation)
CME Feeder Cattle Future	October 2026	43	$	7,728,038	$	296,437			22.04	%
CME E-Mini Nasdaq-100	September 2026	10		6,228,140		50,691			3.77	%
CMX Copper Future	March 2027	38		6,094,133		(128,456	)		-9.55	%
LIF 3 month Euro (EURIBOR)	March 2027	20		5,579,604		12,704			0.94	%
CME E-Mini S&P 500	September 2026	14		5,141,548		20,266			1.51	%
CMX Copper Future	May 2027	31		5,099,404		(124,554	)		-9.26	%
NYB Sugar No.11 Future	June 2027	236		4,137,828		145,944			10.85	%
IFLL 3 Month SONIA Index	September 2027	12		3,826,797		8,405			0.62	%
CME Live Cattle Future	June 2027	39		3,569,005		73,281			5.45	%
NYM Henry Hub Natural Gas Future	July 2026	83		2,750,221		6,146			0.46	%
NYM Gasoline RBOB Future	July 2026	22		2,709,528		65,688			4.88	%
LIF White Sugar Future	July 2026	91		2,167,021		161,154			11.98	%
MSE Three-Month CORRA Futures	December 2026	11		1,880,548		397			0.03	%
CBT Wheat Future	September 2026	60		1,731,543		(107,378	)		-7.98	%
CBT 30 year US Treasury Bonds	September 2026	14		1,632,010		3,336			0.25	%
CMX Copper Future	September 2026	10		1,562,473		199			0.01	%
CME Lean Hog Future	April 2027	46		1,510,984		(107,332	)		-7.98	%
EUX DAX Index Future	September 2026	2		1,502,550		5,937			0.44	%
NYM NY Harbour ULSD Future	July 2026	11		1,469,584		48,839			3.63	%
LIF FTSE 100 Index Future	September 2026	10		1,418,703		1,041			0.08	%
ICE Brent Crude Monthly Future	July 2026	18		1,325,055		(61,786	)		-4.59	%
MSE Three-Month CORRA Futures	March 2027	8		1,298,777		519			0.04	%
EUX Euro-BUND	September 2026	9		1,278,539		7,079			0.53	%
CME EUR/JPY	September 2026	9		1,266,085		4,750			0.35	%
LIF 3 month Euro (EURIBOR)	September 2027	4		1,228,431		111			0.01	%
EUX Euro-OAT Future	September 2026	8		1,089,949		(1,071	)		-0.08	%
CME Feeder Cattle Future	March 2027	6		989,960		(17,228	)		-1.28	%
EUX 10 year Italian Bond	September 2026	7		957,357		4,091			0.30	%
CBT Soybean Oil Future	December 2026	23		911,396		(51,771	)		-3.85	%
MSE S&P Canada 60 Index Future	September 2026	3		875,301		(2,730	)		-0.20	%
LIF 3 month Euro (EURIBOR)	December 2028	3		824,438		508			0.04	%
LME Zinc Future	September 2026	9		779,017		12,514			0.93	%
NYM Henry Hub Natural Gas Future	February 2027	24		751,487		(4,012	)		-0.30	%
LIF White Sugar Future	September 2026	31		721,916		28,211			2.10	%
KCB Hard Red Winter Wheat Future	September 2026	23		708,667		(45,223	)		-3.36	%
			$	82,746,037	$	306,707

Assets:
Investments, at value (cost $92,707,012)	$	102,019,100
Cash		473,005
Cash deposited with broker for futures		1,073,719
Cash held as collateral for open swap contract		34,115
Receivables:
Fund shares sold		4,250
Dividends and interest		125,614
Other prepaid expenses		15,388
Total Assets		103,745,191

Liabilities:
Unrealized depreciation on total return swap contract		2,408,739
Net unrealized depreciation on futures contracts		184,500
Payables:
Fund shares redeemed		27,588
Advisory fees, net		21,060
Shareholder servicing fees (Note 6)		14,628
Fund administration and accounting fees		34,294
Transfer agent fees and expenses		14,459
Custody fees		3,487
Auditing fees		37,500
Trustees' deferred compensation (Note 3)		20,558
Printing and Postage		7,019
Legal fees		6,554
Chief Compliance Officer fees		3,828
Trustees' fees and expenses		3,778
Other accrued expenses		7,484
Total liabilities		2,795,476
Commitments and contingencies (Note 3)
Net Assets	$	100,949,715

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	76,976,125
Total distributable earnings (accumulated deficit)		23,973,590
Net Assets	$	100,949,715

Maximum Offering Price per Share
Class I Shares:
Net assets applicable to shares outstanding	$	72,917,528
Shares of beneficial interest issued and outstanding		5,855,435
Net asset value, redemption, and offering price per share	$	12.45

Class K Shares:
Net assets applicable to shares outstanding	$	28,032,187
Shares of beneficial interest issued and outstanding		2,248,657
Net asset value, redemption, and offering price per share	$	12.47

Investment Income:
Dividends (net of withholding tax of $2,724)	$	505,271
Interest		2,401,981
Total investment income		2,907,252

Expenses:
Advisory fees		441,945
Shareholder servicing fees - Class I (Note 6)		45,443
Fund administration and accounting fees		165,589
Transfer agent fees and expenses		61,043
Custody fees		24,112
Registration fees		51,206
Auditing fees		37,500
Legal fees		20,864
Chief Compliance Officer fees		17,481
Shareholder reporting fees		15,294
Trustees' fees and expenses		14,797
Miscellaneous		11,339
Insurance fees		2,268
Total expenses		908,881
Advisory fees waived		(278,027	)
Fees paid indirectly (Note 3)		(10,876	)
Net expenses		619,978
Net investment income (loss)		2,287,274

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(35,452	)
Futures contracts		7,462,426
Purchased options contracts		827
Net realized gain (loss)		7,427,801
Net change in unrealized appreciation/depreciation on:
Investments		3,296,842
Futures contracts		(305,836	)
Swap contracts		7,611,739
Net change in unrealized appreciation/depreciation		10,602,745
Net realized and unrealized gain (loss)		18,030,546

Net Increase (Decrease) in Net Assets from Operations	$	20,317,820

	For the			For the
	Year Ended			Year Ended
	June 30, 2026			June 30, 2025
Increase (Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	2,287,274		$	2,383,915
Net realized gain (loss) on investments, futures contracts and purchased options contracts		7,427,801			439,833
Net change in unrealized appreciation/depreciation on investments, futures contracts, and swap contracts		10,602,745			(4,749,108	)
Net increase (decrease) in net assets resulting from operations		20,317,820			(1,925,360	)

Distributions to Shareholders:
Distributions from distributable earnings:
Class I		(989,733	)		(1,578,336	)
Class K		(429,227	)		(857,947	)
Total distributions to shareholders		(1,418,960	)		(2,436,283	)

Capital Transactions:
Net proceeds from shares sold:
Class I		15,275,014			23,106,850
Class K		775,630			1,020,031
Reinvestment of distributions:
Class I		953,731			1,578,074
Class K		418,522			857,947
Cost of shares redeemed:
Class I		(7,426,743	)		(10,547,450	)
Class K		(3,262,807	)		(3,795,627	)
Net increase (decrease) in net assets from capital transactions		6,733,347			12,219,825

Total increase (decrease) in net assets		25,632,207			7,858,182

Net Assets:
Beginning of year		75,317,508			67,459,326
End of year	$	100,949,715		$	75,317,508

Capital Share Transactions:
Shares sold:
Class I		1,344,393			2,213,676
Class K		66,096			99,642
Shares reinvested:
Class I		85,690			153,509
Class K		37,569			83,458
Shares redeemed:
Class I		(678,136	)		(1,049,825	)
Class K		(296,479	)		(364,872	)
Net increase (decrease) in capital shares transactions		559,133			1,135,588

													For the Period
	For the			For the			For the			For the			October 13, 2021*
	Year Ended			Year Ended			Year Ended			Year Ended			through
	June 30, 2026			June 30, 2025			June 30, 2024			June 30, 2023			June 30, 2022
Net asset value, beginning of period	$	9.98		$	10.52		$	9.57		$	9.72		$	10.00
Income from Investment Operations:
Net investment income (loss)¹		0.29			0.32			0.33			0.21			0.01
Net realized and unrealized gain (loss)		2.36			(0.54	)		0.80			0.32			(0.13	)
Total from investment operations		2.65			(0.22	)		1.13			0.53			(0.12	)

Less Distributions:
From net investment income		(0.18	)		(0.32	)		(0.18	)		(0.68	)		-
From net realized gain		-			-			-			-			(0.16	)
Total distributions		(0.18	)		(0.32	)		(0.18	)		(0.68	)		(0.16	)

Net asset value, end of period	$	12.45		$	9.98		$	10.52		$	9.57		$	9.72

Total return²		26.80	%		(2.15	)%		12.04	%		6.13	%		(1.23	)%³

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	72,918		$	50,928		$	39,834		$	23,857		$	15,328

Ratio of expenses to average net assets
Before fees waived and absorbed		1.05	%		1.13	%		1.21	%		1.41	%		1.42	%⁴
After fees waived and absorbed⁵		0.72	%		0.74	%		0.74	%		0.75	%		0.75	%⁴
Ratio of net investment income (loss) to average net assets
Before fees waived and absorbed		2.24	%		2.72	%		2.86	%		1.60	%		(0.58	)%⁴
After fees waived and absorbed		2.57	%		3.11	%		3.33	%		2.26	%		0.09	%⁴

Portfolio turnover rate⁶		28	%		68	%		20	%		54	%		61	%³

Cost of investments	$	92,707,012

Gross unrealized appreciation	$	12,108,464
Gross unrealized depreciation		(2,796,376	)
Net unrealized appreciation/(depreciation)	$	9,312,088

Number of Shares			Value
		COMMON STOCKS ¹ (Continued)
		INDUSTRIALS (Continued)
	610	RTX Corp.	$	115,735
	133	TE Connectivity PLC²		26,814
	97	Trane Technologies PLC²		47,643
	262	Union Pacific Corp.		71,264
	354	United Parcel Service, Inc. - Class B		38,055
	97	Veralto Corp.		8,602
	171	Waste Management, Inc.		38,113
				2,278,769
		MATERIALS — 2.3%
	90	Air Products and Chemicals, Inc.		26,386
	4,243	Anglogold Ashanti Plc²		343,216
	86,145	B2Gold Corp.²		322,182
	70	DuPont de Nemours, Inc.		9,540
	117	Ecolab, Inc.		32,597
	2,780	Franco-Nevada Corp.²		579,463
	599	Freeport-McMoRan, Inc.		37,671
	13,346	Kinross Gold Corp.²		315,233
	208	Linde PLC²		107,940
	325	Newmont Corp.		30,355
	105	Qnity Electronics, Inc.		17,148
	2,501	Royal Gold, Inc.		499,225
	107	Sherwin-Williams Co.		36,842
	70	Solstice Advanced Materials, Inc.		6,202
				2,364,000
		REAL ESTATE — 0.2%
	186	American Tower Corp. - REIT		30,424
	176	Crown Castle, Inc. - REIT		13,329
	119	Digital Realty Trust, Inc. - REIT		21,370
	37	Equinix, Inc. - REIT		38,568
	302	Prologis, Inc. - REIT		40,912
	71	Public Storage - REIT		22,600
	134	Simon Property Group, Inc. - REIT		29,969
				197,172
		TECHNOLOGY — 8.8%
	269	Accenture PLC - Class A²		33,474
	194	Adobe, Inc.*		39,774
	666	Advanced Micro Devices, Inc.*		386,886

Number of Shares			Value
		COMMON STOCKS ¹ (Continued)
		TECHNOLOGY (Continued)
	90	Autodesk, Inc.*	$	17,498
	1,680	Broadcom, Inc.		634,620
	113	Cadence Design Systems, Inc.*		42,411
	1,720	Cisco Systems, Inc.		202,031
	214	Cognizant Technology Solutions Corp. - Class A		8,288
	335	Fortinet, Inc.*		51,463
	1,658	Intel Corp.*		231,507
	366	International Business Machines Corp.		102,923
	115	Intuit, Inc.		30,015
	620	KLA Corp.		187,060
	570	Lam Research Corp.		246,998
	226	Microchip Technology, Inc.		20,611
	457	Micron Technology, Inc.		527,511
	3,061	Microsoft Corp.		1,141,814
	69	Motorola Solutions, Inc.		28,655
	10,190	NVIDIA Corp.		2,038,917
	108	NXP Semiconductors N.V.²		30,351
	1,089	Oracle Corp.		159,593
	457	QUALCOMM, Inc.		84,449
	43	Roper Technologies, Inc.		14,551
	402	Salesforce, Inc.		62,977
	405	ServiceNow, Inc.*		40,209
	63	Synopsys, Inc.*		28,103
	377	Texas Instruments, Inc.		112,372
				8,886,718
		UTILITIES — 4.3%
	3,249	Alliant Energy Corp.		247,866
	2,099	Ameren Corp.		237,271
	1,925	American Electric Power Co., Inc.		263,359
	1,427	American Water Works Co., Inc.		187,765
	1,315	Atmos Energy Corp.		226,535
	2,858	CMS Energy Corp.		218,637
	2,011	Consolidated Edison, Inc.		222,477
	962	Constellation Energy Corp.		238,932
	330	Dominion Energy, Inc.		22,536
	1,507	DTE Energy Co.		229,622
	314	Duke Energy Corp.		39,746

Number of Shares			Value
		COMMON STOCKS ¹ (Continued)
		UTILITIES (Continued)
	800	NextEra Energy, Inc.	$	70,216
	5,685	PPL Corp.		206,650
	2,455	Public Service Enterprise Group, Inc.		199,248
	2,471	Southern Co.		236,499
	1,918	WEC Energy Group, Inc.		223,965
				4,290,550
		TOTAL COMMON STOCKS
		(Cost $24,198,282)		33,703,678
		RIGHTS — 0.0%
		HEALTH CARE — 0.0%
	352	Walgreens Boots Alliance, Inc., Expiration Date: December 30, 2026*³		—
		TOTAL RIGHTS
		(Cost $0)		—

Increase (Decrease)
Total Distributable Paid-in Capital		Earnings (Accumulated Deficit)
$	-	$	-

Undistributed ordinary income	$	14,358,023
Undistributed long-term capital gains		331,158
Tax accumulated earnings		14,689,181

Accumulated capital and other losses		(27,679	)
Unrealized appreciation/(depreciation) on investments		9,312,088
Total accumulated earnings/(deficit)	$	23,973,590

Distributions paid from:	2026		2025
Ordinary income	$	1,418,960	$	2,436,283
Net long-term capital gains		-		-
Total distributions paid	$	1,418,960	$	2,436,283

	Level 1		Level 2		Level 3*		Total
Assets
Investments
Common Stocks¹	$	33,703,678	$	-	$	-	$	33,703,678
U.S. Treasury Bills		-		47,892,733		-		47,892,733
U.S. Treasury Notes		-		20,422,679		-		20,422,679
Rights		-		-		0		0
Short-Term Investments		10		-		-		10
Total Assets		33,703,688		68,315,412		0		102,019,100

Liabilities
Other Financial Instruments**
Futures Contracts	$	184,500	$	-	$	-	$	184,500
Swap Contracts		-		2,408,739		-		2,408,739
Total Liabilities	$	184,500	$	2,408,739	$	-	$	2,593,239

	Asset Derivatives			Liability Derivatives
Derivatives not designated as hedging instruments	Consolidated Statement of Asset and Liabilities Location	Value		Consolidated Statement of Asset and Liabilities Location	Value
Index contracts	Unrealized appreciation on futures contracts	$	-	Unrealized depreciation on futures contracts	$	184,500
Mixed: Commodity, interest rate, equity and foreign exchange contracts	Unrealized appreciation on total return swap contract		-	Unrealized depreciation on total return swap contract		2,408,739
Total		$	-		$	2,593,239

Derivatives not designated as hedging instruments		Notional Value
Commodity contracts	Long futures contracts	$	7,810,441
Index contracts	Long futures contracts		18,150,724
Foreign exchange contracts	Long futures contracts		3,025,441
Foreign exchange contracts	Short futures contracts		1,117,552
Mixed: Interest rate, equity and foreign exchange contracts	Swap contracts		68,037,632

(Registrant)	Investment Managers Series Trust II

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

Date	9/4/2026