https://www.sec.gov/Archives/edgar/data/1587982/000139834419018877/fp0047215_497.htm497 1 fp0047215_497.htm
Cannabis Growth Fund
Investor Class Shares
(Ticker Symbol: CANNX)
Institutional Class Shares
(Ticker Symbol: CANIX)
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated October 31, 2019, to the
Prospectus and Statement of Additional Information (“SAI”),
each dated May 24, 2019, as supplemented.
Important Notice Regarding Institutional Class Shares
Upon the recommendation of the Cannabis Growth Fund’s (the “Fund”) advisor, Foothill Capital Management, LLC (the “Advisor”), the Board of Trustees of the Trust has approved the conversion of the Fund’s Institutional Class Shares into Investor Class Shares and the subsequent termination of the Fund’s Institutional Class Shares. Effective immediately, the Institutional Class Shares are closed to all new investment. The Fund’s Institutional Class Shares will be converted into Investor Class Shares and the Institutional Class Shares will be terminated on or about November 14, 2019 (the “Effective Date”). Accordingly, as of the Effective Date, all references to the Fund’s Institutional Class Shares in the Prospectus and SAI are deleted in their entirety. Shareholders of Institutional Class Shares converted into Investor Class Shares will not be subject to a redemption fee.
The Board of Trustees has also approved the termination of the Rule 12b-1 Plan with respect to the Fund’s Investor Class Shares. Accordingly, as of the Effective Date, all references to Rule 12b-1 distribution fees and the Rule 12b-1 Plan in the Prospectus and SAI are deleted. In addition, as of the Effective Date, the Advisor has agreed to reduce the expense limitation on the Fund’s Investor Class Shares from 1.35% to 1.10% of the average daily net assets. As a result of these changes, as of the Effective Date, the fee structure of the Fund’s Investor Class Shares will be the same as the fee structure of the Fund’s Institutional Class Shares prior to the Effective Date. See the fees and expenses table below for more details.
As of the Effective Date, the following changes are made to the Prospectus and SAI.
The “Fees and Expenses of the Fund” section on page 1 of the Prospectus is deleted and replaced with the following:
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund...
