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      <managementInvestmentQuestion>
        <mgmtInvFundName>Vivaldi Multi-Strategy Fund</mgmtInvFundName>
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            <transferAgentName>UMB FUND SERVICES, INC.</transferAgentName>
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        <pricingServices>
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            <pricingServiceName>INTERCONTINENTAL EXCHANGE, INC.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>BANK OF AMERICA MERRILL LYNCH</pricingServiceName>
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            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
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      <managementInvestmentQuestion>
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        <relyOnRuleTypes>
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            <transferAgentName>UMB FUND SERVICES, INC.</transferAgentName>
            <transferAgentFileNo>084-05792</transferAgentFileNo>
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            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>INTERCONTINENTAL EXCHANGE, INC.</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB BANK, NATIONAL ASSOCIATION</custodianName>
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            <custodianStateCountry custodianState="US-MO" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>UMB FUND SERVICES, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-05792</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC File Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-WI" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>MUTUAL FUND ADMINISTRATION, LLC</adminName>
            <adminLei>N/A</adminLei>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>UMB FUND SERVICES, INC.</adminName>
            <adminLei>084-05792</adminLei>
            <idNumberDesc>SEC File Number</idNumberDesc>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Morgan Stanley</brokerName>
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            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>316.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>316.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Deutsche Bank</principalName>
            <principalFileNo>8-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1000000.000000000000</principalTotalPurchaseSale>
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        </principalTransactions>
        <principalAggregatePurchase>1000000.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>7744447.000000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>AXS Aspect Core Diversified Strategy Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000066563</mgmtInvSeriesId>
        <mgmtInvLei>549300LVK39N18H67055</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000214730" sharesOutstandingTickerSymbol="EQAAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000214728" sharesOutstandingTickerSymbol="EQACX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000214729" sharesOutstandingTickerSymbol="EQAIX"/>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <foreignInvestments isForeignSubsidiary="Y">
          <foreignInvestment foreignSubsidiaryName="AXS Aspect Core Diversified Strategy Fund Limited" foreignSubsidiaryLei="N/A"/>
        </foreignInvestments>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AXS Investments LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-117457</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000305714</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <investmentAdviserHired isInvestmentAdviserHired="Y">
              <investmentAdviserStartDate>2019-11-11</investmentAdviserStartDate>
            </investmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <investmentAdvisersTerminated>
          <investmentAdviserTerminated>
            <investmentAdviserTerminatedName>Equinox Institutional Asset Management, LP</investmentAdviserTerminatedName>
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            <investAdviserTerminatedCrdNo>000137894</investAdviserTerminatedCrdNo>
            <investAdviserTerminatedLei>549300NHVI8WH44P3093</investAdviserTerminatedLei>
            <investmentAdviserTerminatedStateCountry investmentAdviserTerminatedState="US-NJ" investmentAdviserTerminatedCountry="US"/>
            <investAdviserTerminationDate>2019-11-08</investAdviserTerminationDate>
          </investmentAdviserTerminated>
        </investmentAdvisersTerminated>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Aspect Capital Limited</subAdviserName>
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            <subAdviserCrdNo>000127600</subAdviserCrdNo>
            <subAdviserLei>549300HYQ08YB71NN340</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserCountry>GB</subAdviserCountry>
            <subAdviserHired isSubAdviserHired="Y" subAdviserStartDate="2019-11-11"/>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>UMB FUND SERVICES, INC.</transferAgentName>
            <transferAgentFileNo>084-05792</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>084-1964</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>INTERCONTINENTAL EXCHANGE, INC.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB BANK, NATIONAL ASSOCIATION</custodianName>
            <custodianLei>VNOO6EITDJ2YUEBMSZ83</custodianLei>
            <custodianStateCountry custodianState="US-MO" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
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            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>UMB FUND SERVICES, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-05792</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC File Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-WI" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>MUTUAL FUND ADMINISTRATION, LLC</adminName>
            <adminLei>N/A</adminLei>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>UMB FUND SERVICES, INC.</adminName>
            <adminLei>084-05792</adminLei>
            <idNumberDesc>SEC File Number</idNumberDesc>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
            <adminName>Gemini Fund Services LLC</adminName>
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            <idNumberDesc>SEC File Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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        </admins>
        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>MORGAN STANLEY</brokerName>
            <brokerFileNo>8-68191</brokerFileNo>
            <brokerCrdNo>000149777</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>38499.000000000000</grossCommission>
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        </brokers>
        <aggregateCommission>38499.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>MORGAN STANLEY</principalName>
            <principalFileNo>8-68191</principalFileNo>
            <principalCrdNo>000149777</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>337579619.000000000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>US BANCORP</principalName>
            <principalFileNo>8-35359</principalFileNo>
            <principalCrdNo>000017868</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-WI" principalCountry="US"/>
            <principalTotalPurchaseSale>5048579.000000000000</principalTotalPurchaseSale>
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        </principalTransactions>
        <principalAggregatePurchase>342628198.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>21436073.000000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>AXS Multi-Strategy Alternatives Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000066569</mgmtInvSeriesId>
        <mgmtInvLei>5493003YXEXBF22M5W83</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000214745" sharesOutstandingTickerSymbol="KCMIX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R-1" sharesOutstandingClassId="C000214744" sharesOutstandingTickerSymbol="KCMTX"/>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AXS Investments LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-117457</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000305714</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <subAdvisers>
          <subAdviser>
            <subAdviserName>Kerns Capital Management, Inc.</subAdviserName>
            <subAdviserFileNo>801-57482</subAdviserFileNo>
            <subAdviserCrdNo>000110107</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-TX" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>UMB FUND SERVICES, INC.</transferAgentName>
            <transferAgentFileNo>084-05792</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>INTERCONTINENTAL EXCHANGE, INC.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB BANK, NATIONAL ASSOCIATION</custodianName>
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            <custodianStateCountry custodianState="US-MO" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>UMB FUND SERVICES, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-05792</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC File Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-WI" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>MUTUAL FUND ADMINISTRATION, LLC</adminName>
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            <adminStateCountry adminState="US-CA" adminCountry="US"/>
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          <admin>
            <adminName>UMB FUND SERVICES, INC.</adminName>
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            <idNumberDesc>SEC File Number</idNumberDesc>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>WALLACHBETH CAPITAL LLC</brokerName>
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            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>24953.000000000000</grossCommission>
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        <aggregateCommission>24953.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>COWEN AND COMPANY, LLC</principalName>
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            <principalCrdNo>000007616</principalCrdNo>
            <principalLei>549300WR155U7DVMIW58</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>386649547.000000000000</principalTotalPurchaseSale>
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        <principalAggregatePurchase>386649547.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>61163595.000000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>AXS Managed Futures Strategy Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000066568</mgmtInvSeriesId>
        <mgmtInvLei>549300VMS1UYTOKY6622</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000214741" sharesOutstandingTickerSymbol="MHFAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000214742" sharesOutstandingTickerSymbol="MHFCX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000214743" sharesOutstandingTickerSymbol="MHFIX"/>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <foreignInvestments isForeignSubsidiary="Y">
          <foreignInvestment foreignSubsidiaryName="AXS Managed Futures Strategy Fund Limited" foreignSubsidiaryLei="N/A"/>
        </foreignInvestments>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AXS Investments LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-117457</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000305714</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <investmentAdviserHired isInvestmentAdviserHired="Y">
              <investmentAdviserStartDate>2020-01-24</investmentAdviserStartDate>
            </investmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <investmentAdvisersTerminated>
          <investmentAdviserTerminated>
            <investmentAdviserTerminatedName>Equinox Institutional Asset Management LP</investmentAdviserTerminatedName>
            <investAdviserTerminatedFileNo>801-64917</investAdviserTerminatedFileNo>
            <investAdviserTerminatedCrdNo>000137894</investAdviserTerminatedCrdNo>
            <investAdviserTerminatedLei>549300NHVI8WH44P3093</investAdviserTerminatedLei>
            <investmentAdviserTerminatedStateCountry investmentAdviserTerminatedState="US-NJ" investmentAdviserTerminatedCountry="US"/>
            <investAdviserTerminationDate>2020-01-24</investAdviserTerminationDate>
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          <subAdviser>
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            <subAdviserHired isSubAdviserHired="Y" subAdviserStartDate="2020-01-24"/>
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            <transferAgentName>UMB FUND SERVICES, INC.</transferAgentName>
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          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>195629455.000000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
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        <sharesOutstandings>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
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        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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            <transferAgentName>UMB FUND SERVICES, INC.</transferAgentName>
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          <transferAgent>
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        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
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            <pricingServiceName>INTERCONTINENTAL EXCHANGE, INC.</pricingServiceName>
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          <broker>
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    <exchangeSeriesInfo/>
    <attachmentsTab>
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    <signature registrantSignedName="INVESTMENT MANAGERS SERIES TRUST II" signedDate="2020-12-10" signature="/s/ Terrance P. Gallagher" title="President"/>
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</edgarSubmission>
