ACR Opportunity Fund

Class I Shares (Ticker Symbol: ACROX)

 

ACR Equity International Fund

Class I Shares (Ticker Symbol: ACREX)

 

Each a series of Investment Managers Series Trust II (the “Trust”)

 

Supplement dated June 20, 2025, to the currently effective

Statement of Additional Information (“SAI”).

 

Effective May 1, 2025, Scott Schulenburg was appointed as President of the Trust. Terrance P. Gallagher continues to serve as an Interested Trustee of the Trust. Accordingly, the Trustees and Officers Table under the sub-section titled “Trustees and Officers” in the “Management of the Funds” section of the SAI is replaced with the following:

 

 

 

Name, Address, Year
of Birth and
Position(s) held with
Trust

 

Term of
Officec and
Length of
Time
Served

 

 

Principal Occupation During the Past
Five Years and Other Affiliations

Number of
Portfolios
in the Fund
Complex
Overseen
by Trusteed

 

 

Other Directorships
Held by Trusteee

“Independent” Trustees:

Thomas Knipper, CPA (Inactive) a

(born 1957)

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). 2 Monachil Credit Income Fund, a closed-end investment company.

Kathleen K. Shkuda a
(born 1951)

Trustee

 

 Since September 2013 Zigzag Consulting, a financial services consulting firm (2008 – present); Director, Managed Accounts, Merrill Lynch (2007 – 2008). 2 None.

Larry D. Tashjian a

(born 1953)

Trustee and Chairman of the Board

 Since September 2013

Principal, CAM Capital Advisors, a family office (2001 – present).

 

 

 2 General Finance Corporation.

John P. Zader a

(born 1961)

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(s) (December 2006 – June 2014); President, Investment Managers Series Trust (December 2007 – June 2014).

 2 Investment Managers Series Trust III, a registered investment company (includes 9 portfolios); Source Capital, a closed-end investment company.

 

 

 

 

 

 

Name, Address, Year
of Birth and
Position(s) held with
Trust

 

Term of
Officec and
Length of
Time
Served

 

 

Principal Occupation During the Past
Five Years and Other Affiliations

Number of
Portfolios
in
the Fund
Complex
Overseen by Trusteed

 

 

Other Directorships
Held by Trusteee

Interested Trustees:
Terrance P. Gallagher a, f
(born 1958)
Trustee

Since July 2019

 

 Executive Vice President and Trust Platform Director (2024 - present), and Executive Vice President and Director of Fund Accounting, Administration and Tax (2007 - 2023), UMB Fund Services, Inc.; President, Investment Managers Series Trust II (September 2013 - April 2025).

 

 2

AFA Asset Based Lending Fund, Aspiriant Risk-Managed Capital Appreciation Fund, Aspiriant Risk-Managed Real Assets Fund, Destiny Alternative Fund, First Trust Alternative Opportunities Fund, First Trust Enhanced Private Credit Fund, First Trust Hedged Strategies Fund, First Trust Private Assets Fund, First Trust Private Credit Fund, First Trust Real Assets Fund, FT Vest Hedged Equity Income Fund: Series A2, FT Vest Hedged Equity Income Fund: Series A3, FT Vest Hedged Equity Income Fund: Series A4, FT Vest Total Return Income Fund: Series A2, FT Vest Total Return Income Fund: Series A3, FT Vest Total Return Income Fund: Series A4, FT Vest Rising Dividend Achievers Total Return Fund, FT Vest SMID Rising Dividend Achievers Total Return Fund, Infinity Core Alternative Fund, Variant Alternative Income Fund, Variant Impact Fund, Variant Alternative Lending Fund, Pender Real Estate Credit Fund, Felicitas Private Markets Fund

Agility Multi-Asset Income Fund, each a closed-end investment company.

 

 

 

 

Name, Address, Year
of Birth and
Position(s) held with
Trust

 

Term of
Officec and
Length of
Time
Served

 

 

Principal Occupation During the Past
Five Years and Other Affiliations

Number of
Portfolios
in the Fund
Complex
Overseen by Trusteed

 

 

Other Directorships
Held by Trusteee

Joy Ausili b†

(born 1966)

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). 2 None.
Officers of the Trust:    

Scott Schulenburg a

(born 1976)

President

 Since May 2025 Senior Vice President, Director of Client Services & TA Administration and Technology (2005 – present), UMB Fund Services; President, UMB Distribution Services, LLC (2020 – 2024). N/A N/A

Rita Dam b

(born 1966)

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 b

(born 1967)

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

Joshua Gohr b

(born 1988)

Vice President

Since

April 2024

 Vice President (December 2020 – present), and Assistant Vice President (December 2018 – November 2020), Mutual Fund Administration, LLC. N/A N/A

Martin Dziura b

(born 1959)

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 (2009 – 2010); Vice President − Compliance, Morgan Stanley Investment Management (2000 − 2009). N/A N/A

 

aAddress for certain Trustees and certain officers: 235 West Galena Street, Milwaukee, Wisconsin 53212.
bAddress for Ms. Ausili, Ms. Dam, Ms. Drake and Mr. Gohr: 2220 E. Route 66, Suite 226, Glendora, California 91740.

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

cTrustees and officers serve until their successors have been duly elected.
dThe Trust is comprised of 86 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 do not hold themselves out as related to any other series within the Trust, for purposes of investment and investor services, nor do they share the same investment advisor with any other series.

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.
fMr. Gallagher is an “interested person” of the Trust by virtue of his position with UMB Fund Services, Inc.
†Ms. Ausili is an “interested person” of the Trust by virtue of her position with Mutual Fund Administration, LLC.

 

Please file this Supplement with your records.