https://www.sec.gov/Archives/edgar/data/1587982/000139834416017206/fp0021135_497.htm497 1 fp0021135_497.htm
All Terrain Opportunity Fund
Class A Shares
(Ticker Symbol: TERAX)
Class C Shares
(Ticker Symbol: TERCX)
A series of the Investment Managers Series Trust II
Supplement dated August 22, 2016, to the
Prospectus and Statement of Additional Information dated March 1, 2016, as amended July 14, 2016, and Summary Prospectus dated July 14, 2016
Important Notice Regarding Class A Shares
The Board of Trustees of Investment Managers Series Trust II (the “Trust”) has approved the termination and liquidation of the Fund’s Class A Shares. Effective immediately, the Class A Shares are closed to all new investment. The Fund’s Class A Shares will be liquidated on or about September 9, 2016 (the “Liquidation Date”). Shareholders may redeem their Class A Shares until the Liquidation Date. In addition, shareholders may convert their Class A Shares into Class I Shares (See important information below regarding the re-designation of the Fund’s Class C Shares below) until the Liquidation Date. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to shareholders of the Class A Shares equal to each shareholder’s proportionate interest in the Class A Shares. Accordingly, as of the Liquidation Date, all references to the Fund’s Class A Shares in the Prospectus, Summary Prospectus and Statement of Additional Information are deleted in their entirety.
Important Notice Regarding Class C Shares
The Board of Trustees of the Trust has approved the Fund’s re-designation of its Class C Shares to Class I Shares effective August 29, 2016 (the “Effective Date”). As of the Effective Date, all references to “Class C Shares” in the Prospectus, Summary Prospectus and Statement of Additional Information are replaced with “Class I Shares,” and the ticker symbol for Class I Shares will be “TERIX.”
The Fund’s Class I Shares will not be subject to a Rule 12b-1 distribution fee, and the Rule 12b-1 Plan that was in effect for the Class C shares will be terminated. As a result, as of the Effective Date, all references to Rule 12b-1 distribution fees and the Rule 12b-1 Plan will be deleted with respect to Class I Shares. All other expenses are expected to remain the same. As of the Effective Date, the annual limitation by Castle Financial & Retirement Planning Associates, Inc. and Bauer Capital Management, LLC on the total annual fund operating expenses (excluding certain expenses) for Class I Shares will be reduced to 1.70% of the average daily net assets in Class I Shares. See the following “Fees and Expenses of the Fund” table for more details.
As of the Effective Date, the discussion of “Class C Shares” in the “Fees and Expenses of the Fund” section in the Prospectus and Summary Prospectus is deleted and replaced with the following:...
