Exhibit 99.28(d)(1)
1st Amended and Restated Appendix A
to the
INVESTMENT ADVISORY AGREEMENT
BETWEEN
INVESTMENT MANAGERS SERIES TRUST II
AND
Alpine Investment Management, LLC
| Fund/Class | Advisor Fee | Effective Date | ||||
| ACR Multi-Strategy Quality Return (MQR) Fund | 1.00 | % | 12/31/14 | |||
| ACR International Quality Return (IQR) Fund | 1.00 | % | 12/30/16 | |||
Amended and approved by the Board on October 19, 2016.
Agreed and accepted this 3rd day of November, 2016.
| INVESTMENT MANAGERS SERIES TRUST II | Alpine Investment Management, LLC | |||
| By: | /s/ Joy Ausili | By: | /s/ Stephen A. Mace | |
| Print Name: | Joy Ausili | Print Name: | Stephen A. Mace | |
| Title: | Vice President | Title: | Executive Vice President | |