https://www.sec.gov/Archives/edgar/data/1587982/000139834416018165/fp0021436_497.htm497 1 fp0021436_497.htm
All Terrain Opportunity Fund
Class A Shares
(Ticker Symbol: TERAX)
Class I Shares
(Ticker Symbol: TERIX)
A series of Investment Managers Series Trust II
Supplement dated September 7, 2016, to the
Prospectus and Statement of Additional Information dated March 1, 2016, as amended July 14, 2016,
and supplemented on August 22, 2016, and Summary Prospectus dated July 14, 2016
Important Notice Regarding Class I Shares
Upon the recommendation of the Fund’s investment advisors, the Board of Trustees of Investment Managers Series Trust II (the “Trust”) has approved the termination and liquidation of the Fund’s Class I Shares, which were previously designated as Class C Shares. Effective immediately, the Class I Shares are closed to all new investment. The Fund’s Class I Shares will be liquidated on or about September 30, 2016 (the “Liquidation Date”). Shareholders may redeem their Class I Shares until the Liquidation Date. In addition, beginning September 16, 2016, shareholders may convert their Class I Shares into Institutional Class Shares (See important information below regarding the re-designation of the Fund’s Class A Shares) until the Liquidation Date. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to shareholders of the Class I Shares equal to each shareholder’s proportionate interest in the assets attributable to the Class I Shares. Accordingly, as of the Liquidation Date, all references to the Fund’s Class I Shares and Class C Shares in the Prospectus, Summary Prospectus and Statement of Additional Information are deleted in their entirety. In addition, effective September 16, 2016, the ticker symbol for Class I shares will be “TERVX.”
Important Notice Regarding Class A Shares
The Trust previously announced that Class A Shares of the Fund would be terminated and liquidated on or about September 9, 2016. Upon the subsequent recommendation of the Fund’s investment advisors, the Board of Trustees has determined not to proceed with the termination and liquidation of the Class A Shares, and has approved the Fund’s re-designation of its Class A Shares to Institutional Class Shares effective September 16, 2016 (the “Effective Date”). As of the Effective Date, all references to “Class A Shares” in the Prospectus, Summary Prospectus and Statement of Additional Information are replaced with “Institutional Class Shares,” and the ticker symbol for Institutional Class Shares will be “TERIX.”
The Fund’s Institutional Class 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 A shares will be terminated. In addition, the Fund’s Institutional Class Shares will not be subject to a front-end sales charge. As a result, as of the Effective Date, all references to Rule 12b-1 distribution fees, the Rule 12b-1 Plan and sales charges will be deleted with respect to Institutional Class 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 Institutional Class Shares will be reduced to 1.70% of the average daily net assets in Institutional Class Shares. See the following “Fees and Expenses of the Fund” table for more details...
