# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001398344-23-002535
**Filing Date:** 2023-2
**Character Count:** 12009
**Document Hash:** daffd113660be7c2b65b4b7c8dba4548
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-002535.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001398344-23-002535

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust II
- **CENTRAL INDEX KEY:** 0001587982
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-191476
- **FILM NUMBER:** 23607014

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2295

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Series and Classes Contracts Data

### Arena Strategic Income Fund (Series ID: S000077098)

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|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Class I Shares | ACSIX         | C000237262 |

---

## Series and Classes Contracts Data

### Arena Strategic Income Fund (Series ID: S000077098)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000237262 | Class I Shares | ACSIX           |

**Arena Strategic Income Fund**

Class I Shares (Ticker Symbol: ACSIX)

*A series of Investment Managers Series Trust II (the "Trust")*

**Supplement dated February 9, 2023, to the currently effective**

**Statement of Additional Information ("SAI").**

*Effective January 19, 2023, Eric M. Banhazl, who served as an Interested Trustee of the Trust from September 2013 to January 19, 2023, is serving as a Trustee Emeritus of the Trust. Effective January 19, 2023, Joy Ausili was appointed as an Interested Trustee of the Trust. Accordingly, the following changes are made to the Fund's SAI.* 

*The table in the "Trustees and Officers" section is deleted in its entirety and replaced with the following:*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address,** <br> **Year of Birth and**<br> **Position(s) held**<br> **with Trust** | **Term of** <br> **Office<sup>c</sup> and** <br> **Length of**<br> **Time Served** | **Principal Occupation During the Past<br> Five Years and Other Affiliations** | **Number of**<br> **Portfolios in**<br> **the Fund**<br> **Complex**<br> **Overseen by**<br> **Trustee<sup>d</sup>** | **Other Directorships**<br> **Held by**<br> **Trustee <sup>e</sup>** |
| **"Independent" Trustees:** | **"Independent" Trustees:** | | | |
| Thomas Knipper, CPA <sup>a</sup> <br> (Born 1957)<br> Trustee | Since September 2013 | Retired (April 2022 – present); Independent Consulting, financial services organizations (March 2021 – March 2022); Vice President and Chief Compliance Officer, Ameritas Investment Partners, a registered investment advisor (1995 – March 2021).  | 1 | Monachil Credit Income Fund, a closed-end investment company. |
| Kathleen K. Shkuda <sup>a</sup><br> (born 1951)<br> Trustee  | Since September 2013 | Zigzag Consulting, a financial services consulting firm (2008 – present); Director, Managed Accounts, Merrill Lynch (2007 – 2008). | 1 | None. |
| Larry D. Tashjian <sup>a</sup><br> (born 1953)<br> Trustee and Chairman of the Board  | Since September 2013 | Principal, CAM Capital Advisors, a family office (2001 – present).  | 1 | General Finance Corporation. |
| John P. Zader <sup>a</sup> <br> (born 1961)<br> Trustee | Since September 2013 | Retired (June 2014 – present); CEO, UMB Fund Services, Inc., a mutual fund and hedge fund service provider, and the transfer agent, fund accountant, and co-administrator for the Fund (December 2006 – June 2014); President, Investment Managers Series Trust (December 2007 – June 2014).  | 1 | None. |
| **Interested Trustees:** | **Interested Trustees:** |  |  |  |
| Terrance P. Gallagher <sup>a\*</sup><br> (born 1958)<br> Trustee and President<br>| Since July 2019<br>| President, Investment Managers Series Trust II (September 2013 – present); Executive Vice President, UMB Fund Services, Inc. (2007 – present); Director of Compliance, Unified Fund Services Inc. (now Huntington Fund Services), a mutual fund service provider (2004 – 2007).<br>| 1 | Agility Multi-Asset Income Fund, Corbin Multi-Strategy Fund, LLC, Aspiriant Risk-Managed Real Asset Fund, Aspiriant Risk-Managed Capital Appreciation Fund, AFA Multi-Manager Credit Fund, The Optima Dynamic Alternatives Fund, Infinity Core Alternative Fund, Keystone Private Income Fund, First Trust Alternative Opportunities Fund, Variant Alternative Income Fund, Variant Impact Fund, First Trust Private Assets Fund, First Trust Private Credit Fund, First Trust Real Assets Fund, Destiny Alternative Fund LLC, Destiny Alternative Fund (TEI) LLC, and Pender Real Estate Credit Fund, each a closed-end investment company. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address,** <br> **Year of Birth and**<br> **Position(s) held**<br> **with Trust** | **Term of** <br> **Office<sup>c</sup> and** <br> **Length of<br> Time Served** | **Principal Occupation During the Past Five Years and Other Affiliations** | **Number of Portfolios in the Fund Complex**<br> **Overseen by Trustee<sup>d</sup>** | **Other Directorships Held by Trustee <sup>e</sup>** |
| Joy Ausili <sup>b†</sup><br> (born 1966)<br> Trustee, Vice President and Assistant Secretary | Since January 2023 | Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Vice President and Assistant Secretary (January 2016 – present), Investment Managers Series Trust II; Vice President and Secretary, Investment Managers Series Trust (March 2016 – present); Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2022). | 1 | None. |
| **Officers of the Trust:** | **Officers of the Trust:** | **Officers of the Trust:** |  |  |
| Rita Dam <sup>b</sup><br> (born 1966)<br> Treasurer and Assistant Secretary  | Since September 2013 | Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2022). | N/A | N/A |
| Diane Drake <sup>b</sup><br> (born 1967)<br> Secretary | Since January 2016 | Senior Counsel, Mutual Fund Administration, LLC (October 2015 – present); Chief Compliance Officer, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2019). | N/A | N/A |
| Martin Dziura <sup>b</sup><br> (born 1959)<br> Chief Compliance Officer | Since September 2013 | Principal, Dziura Compliance Consulting, LLC (October 2014 – present); Managing Director, Cipperman Compliance Services (2010 – September 2014); Chief Compliance Officer, Hanlon Investment Management<br> (2009 – 2010); Vice President - Compliance, Morgan Stanley Investment Management (2000 - 2009).  | N/A | N/A |

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a Address for certain Trustees and certain officers: 235 West Galena Street, Milwaukee, Wisconsin 53212.

b Address for Ms. Ausili, Ms. Dam and Ms. Drake: 2220 E. Route 66, Suite 226, Glendora, California 91740.

Address for Mr. Dziura: 309 Woodridge Lane, Media, Pennsylvania 19063.

c Trustees and officers serve until their successors have been duly elected.

d The Trust is comprised of 58 series managed by unaffiliated investment advisors. Each Trustee serves as Trustee of each series of the Trust. The term "Fund Complex" applies only to the series managed by the same investment advisor. The Funds does not hold itself out as related to any other series within the Trust, for purposes of investment and investor services, nor does it share the same investment advisor with any other series.

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| | |
|:---|:---|
| e | "Other Directorships Held" includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended (that is, "public companies"), or other investment companies registered under the 1940 Act. |

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&nbsp;&nbsp;&nbsp;&nbsp;† Ms.
 Ausili is an "interested person" of the Trust by virtue of her position with
 Mutual Fund Administration, LLC.

\* Mr. Gallagher is an "interested person" of the Trust by virtue of his position with UMB Fund Services, Inc.

*The following paragraph is added immediately below the table in the "Trustees and Officers" section:*

Effective January 19, 2023, Eric M. Banhazl, who served as a Trustee of the Trust from September 2013 to January 19, 2023, is serving as a Trustee Emeritus of the Trust. As a Trustee Emeritus, Mr. Banhazl may attend the meetings of the Board of Trustees or any of its committees, but has no duties, powers or responsibilities with respect to the Trust.

*The last paragraph in the "Compensation" section is deleted in its entirety and replaced with the following:*

Mr. Gallagher and Ms. Ausili are not compensated for their service as Trustees because of their affiliation with the Trust. Officers of the Trust are not compensated by the Fund for their services.

As a Trustee Emeritus of the Trust, Mr. Banhazl does not receive any compensation from the Trust; however, he is entitled to reimbursement of expenses related to his attendance at any meetings of the Board of Trustees or its committees.

*The first two paragraphs of the "Additional Information Concerning the Board and the Trustees" section are deleted in their entirety and replaced with the following:* 

The current Trustees were selected in September 2013 (July 2019 for Mr. Gallagher and January 2023 for Ms. Ausili) with a view towards establishing a Board that would have the broad experience needed to oversee a registered investment company comprised of multiple series employing a variety of different investment strategies. As a group, the Board has extensive experience in many different aspects of the financial services and asset management industries.

The Trustees were selected to join the Board based upon the following factors, among others: character and integrity; willingness to serve and willingness and ability to commit the time necessary to perform the duties of a Trustee; as to each Trustee other than Ms. Ausili, Mr. Gallagher and Mr. Zader (at that time), satisfying the criteria for not being classified as an "interested person" of the Trust as defined in the 1940 Act; and, as to Ms. Ausili and Mr. Gallagher, their positions with Mutual Fund Administration, LLC and UMB Fund Services, Inc., respectively, the Trust's co-administrators. In addition, the Trustees have the following specific experience, qualifications, attributes and/or skills relevant to the operations of the Trust:

*The sentence referencing Mr. Banhazl in the first bullet point list in the "Additional Information Concerning the Board and the Trustees" section is deleted in its entirety and replaced with the following:*

● Ms. Ausili has substantial experience serving in senior executive positions at mutual fund administration service providers.

 

*The "Fund Shares Beneficially Owned by Trustees" section is deleted in its entirety and replaced with the following:*

**Fund Shares Beneficially Owned by Trustees** 

As of December 31, 2022, the Trustees beneficially owned shares of the Fund and other series of the Trust as follows.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the Funds (None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, Over $100,000)** | **Aggregate Dollar Range of Equity Securities in all**<br> **Registered Investment Companies Overseen by Trustee in Family of**<br> **Investment Companies** |
| Larry Tashjian, Independent Trustee |  |  |
| Kathy Shkuda, Independent Trustee |  |  |
| Thomas Knipper, Independent Trustee |  |  |
| John P. Zader, Independent Trustee |  |  |
| Terrance P. Gallagher, Interested Trustee |  |  |
| Joy Ausili, Interested Trustee |  |  |

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 ****

***Please file this Supplement with your records.***