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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAMAR ADVERTISING COMPANY</name>
        <lei>N/A</lei>
        <title>LAMAR ADVERTISING COMPANY COM USD0.001 CL A</title>
        <cusip>512816109</cusip>
        <identifiers>
          <isin value="US5128161099"/>
          <ticker value="LAMR"/>
          <other otherDesc="SEDOL" value="BSPHGN6"/>
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        <balance>14919.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2327065.62</valUSD>
        <pctVal>1.5033157505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEIDOS HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>LEIDOS HOLDINGS INC COM USD0.0001</title>
        <cusip>525327102</cusip>
        <identifiers>
          <isin value="US5253271028"/>
          <ticker value="LDOS"/>
          <other otherDesc="SEDOL" value="BDV82B8"/>
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        <balance>7523.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>774643.31</valUSD>
        <pctVal>0.5004300175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOCKHEED MARTIN CORP</name>
        <lei>N/A</lei>
        <title>LOCKHEED MARTIN CORP COM USD1.00</title>
        <cusip>539830109</cusip>
        <identifiers>
          <isin value="US5398301094"/>
          <ticker value="LMT"/>
          <other otherDesc="SEDOL" value="2522096"/>
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        <balance>5519.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2811709.74</valUSD>
        <pctVal>1.8164023832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MUELLER INDUSTRIES INC</name>
        <lei>N/A</lei>
        <title>MUELLER INDUSTRIES INC COM USD0.01</title>
        <cusip>624756102</cusip>
        <identifiers>
          <isin value="US6247561029"/>
          <ticker value="MLI"/>
          <other otherDesc="SEDOL" value="2609717"/>
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        <balance>8526.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1048101.18</valUSD>
        <pctVal>0.6770874867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WOODSIDE ENERGY GROUP LTD</name>
        <lei>N/A</lei>
        <title>WOODSIDE ENERGY GROUP LTD NPV</title>
        <cusip>Q98327333</cusip>
        <identifiers>
          <isin value="AU0000224040"/>
          <ticker value="WOPEF"/>
          <other otherDesc="SEDOL" value="BMGT167"/>
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        <balance>18.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.443418"/>
        <valUSD>351.79</valUSD>
        <pctVal>0.0002272611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN NATURAL RESOURCES LTD</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>CANADIAN NATURAL RESOURCES LTD COM NPV</title>
        <cusip>136385101</cusip>
        <identifiers>
          <isin value="CA1363851017"/>
          <ticker value="CNQ"/>
          <other otherDesc="SEDOL" value="2171573"/>
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        <balance>41368.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.418750"/>
        <valUSD>1636350.42</valUSD>
        <pctVal>1.0571044231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPROTT PHYSICAL COPPER TRUST</name>
        <lei>N/A</lei>
        <title>SPROTT PHYSICAL COPPER TRUST UNITS</title>
        <cusip>85210C100</cusip>
        <identifiers>
          <isin value="CA85210C1005"/>
          <ticker value="SCOP"/>
          <other otherDesc="SEDOL" value="BRDZWH1"/>
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        <balance>59897.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.418750"/>
        <valUSD>681823.12</valUSD>
        <pctVal>0.4404669239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNCOR ENERGY INC</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>SUNCOR ENERGY INC COM NPV 'NEW'</title>
        <cusip>867224107</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
          <ticker value="SU"/>
          <other otherDesc="SEDOL" value="B3NB1P2"/>
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        <balance>28530.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.418750"/>
        <valUSD>1534335.86</valUSD>
        <pctVal>0.9912016426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENOVUS ENERGY INC</name>
        <lei>N/A</lei>
        <title>CENOVUS ENERGY INC COM NPV</title>
        <cusip>15135U109</cusip>
        <identifiers>
          <isin value="CA15135U1093"/>
          <ticker value="CVE"/>
          <other otherDesc="SEDOL" value="B5BQMT4"/>
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        <balance>52702.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1307536.62</valUSD>
        <pctVal>0.8446862772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SLB LTD</name>
        <lei>N/A</lei>
        <title>SLB LTD COM USD0.01</title>
        <cusip>806857108</cusip>
        <identifiers>
          <isin value="AN8068571086"/>
          <ticker value="SLB"/>
          <other otherDesc="SEDOL" value="2779201"/>
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        <balance>35089.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1631287.61</valUSD>
        <pctVal>1.0538337796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAFRAN SA</name>
        <lei>N/A</lei>
        <title>SAFRAN SA EUR0.20</title>
        <cusip>F4035A557</cusip>
        <identifiers>
          <isin value="FR0000073272"/>
          <ticker value="SAFRF"/>
          <other otherDesc="SEDOL" value="B058TZ6"/>
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        <balance>4230.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>1668474.84</valUSD>
        <pctVal>1.0778572314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENGIE SA</name>
        <lei>N/A</lei>
        <title>ENGIE SA EUR1</title>
        <cusip>F7629A107</cusip>
        <identifiers>
          <isin value="FR0010208488"/>
          <ticker value="ENGI"/>
          <other otherDesc="SEDOL" value="B0C2CQ3"/>
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        <balance>123909.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>3908541.73</valUSD>
        <pctVal>2.5249706299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>L'AIR LIQUIDE SA</name>
        <lei>969500MMPQVHK671GT54</lei>
        <title>L'AIR LIQUIDE SA EUR5.50</title>
        <cusip>F01764103</cusip>
        <identifiers>
          <isin value="FR0000120073"/>
          <ticker value="AIQUF"/>
          <other otherDesc="SEDOL" value="B1YXBJ7"/>
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        <balance>15040.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>2979589.78</valUSD>
        <pctVal>1.9248551514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>E.ON SE</name>
        <lei>N/A</lei>
        <title>E.ON SE NPV</title>
        <cusip>D24914133</cusip>
        <identifiers>
          <isin value="DE000ENAG999"/>
          <ticker value="ENAKF"/>
          <other otherDesc="SEDOL" value="4942904"/>
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        <balance>153474.0000</balance>
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        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>3162789.48</valUSD>
        <pctVal>2.0432046265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CARETRUST REIT INC</name>
        <lei>N/A</lei>
        <title>CARETRUST REIT INC COM USD0.01 WHEN ISSUED</title>
        <cusip>14174T107</cusip>
        <identifiers>
          <isin value="US14174T1079"/>
          <ticker value="CTRE"/>
          <other otherDesc="SEDOL" value="BMP8TL6"/>
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        <balance>25347.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1022751.45</valUSD>
        <pctVal>0.6607112195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CARPENTER TECHNOLOGY CORP</name>
        <lei>N/A</lei>
        <title>CARPENTER TECHNOLOGY CORP COM USD5</title>
        <cusip>144285103</cusip>
        <identifiers>
          <isin value="US1442851036"/>
          <ticker value="CRS"/>
          <other otherDesc="SEDOL" value="2177504"/>
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        <balance>2793.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>1722834.12</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMFORT SYSTEMS USA INC</name>
        <lei>N/A</lei>
        <title>COMFORT SYSTEMS USA INC COM USD0.01</title>
        <cusip>199908104</cusip>
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          <isin value="US1999081045"/>
          <ticker value="FIX"/>
          <other otherDesc="SEDOL" value="2036047"/>
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        <balance>1145.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>2268599.95</valUSD>
        <pctVal>1.4655461398</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMMERCIAL METALS COMPANY</name>
        <lei>N/A</lei>
        <title>COMMERCIAL METALS COMPANY COM USD5</title>
        <cusip>201723103</cusip>
        <identifiers>
          <isin value="US2017231034"/>
          <ticker value="CMC"/>
          <other otherDesc="SEDOL" value="2213260"/>
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        <balance>10672.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>669668.00</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NRG ENERGY INC</name>
        <lei>N/A</lei>
        <title>NRG ENERGY INC COM USD0.01</title>
        <cusip>629377508</cusip>
        <identifiers>
          <isin value="US6293775085"/>
          <ticker value="NRG"/>
          <other otherDesc="SEDOL" value="2212922"/>
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        <balance>12021.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>1755787.26</valUSD>
        <pctVal>1.1342622313</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NATIONAL FUEL GAS COMPANY</name>
        <lei>N/A</lei>
        <title>NATIONAL FUEL GAS COMPANY COM USD1</title>
        <cusip>636180101</cusip>
        <identifiers>
          <isin value="US6361801011"/>
          <ticker value="NFG"/>
          <other otherDesc="SEDOL" value="2626103"/>
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        <balance>14261.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1101091.81</valUSD>
        <pctVal>0.7113201478</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NNN REIT INC</name>
        <lei>N/A</lei>
        <title>NNN REIT INC COM USD0.01</title>
        <cusip>637417106</cusip>
        <identifiers>
          <isin value="US6374171063"/>
          <ticker value="NNN"/>
          <other otherDesc="SEDOL" value="2211811"/>
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        <balance>30599.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>1423771.47</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEWMONT CORP</name>
        <lei>N/A</lei>
        <title>NEWMONT CORP COM USD1.60</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <ticker value="NEM"/>
          <other otherDesc="SEDOL" value="2636607"/>
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        <balance>19015.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1776001.00</valUSD>
        <pctVal>1.1473205798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>POWELL INDUSTRIES INC</name>
        <lei>N/A</lei>
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          <isin value="US7391281067"/>
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        <valUSD>1216457.28</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SIMON PROPERTY GROUP INC</name>
        <lei>N/A</lei>
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          <isin value="US8288061091"/>
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      <invstOrSec>
        <name>STAG INDUSTRIAL INC</name>
        <lei>N/A</lei>
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          <isin value="US85254J1025"/>
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      <invstOrSec>
        <name>STEEL DYNAMICS INC</name>
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          <isin value="US8581191009"/>
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      <invstOrSec>
        <name>STERLING INFRASTRUCTURE INC</name>
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          <isin value="US8592411016"/>
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        <name>TALEN ENERGY CORP</name>
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          <isin value="US87422Q1094"/>
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      <invstOrSec>
        <name>VALERO ENERGY CORP</name>
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        <name>VERTIV HOLDINGS COMPANY</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>VICI PROPERTIES INC</name>
        <lei>N/A</lei>
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          <isin value="US9256521090"/>
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      <invstOrSec>
        <name>VISTRA CORP</name>
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        <name>W.P. CAREY INC</name>
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        <name>WORLD GOLD TRUST</name>
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        <name>ABRDN SILVER ETF TRUST</name>
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        <name>RHEINMETALL AG</name>
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        <name>SIEMENS ENERGY AG</name>
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        <name>FUJIKURA LTD</name>
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        <name>FURUKAWA ELECTRIC CO LTD (THE)</name>
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        <name>CONSTELLATION ENERGY CORP</name>
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        <name>CROWN HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>CROWN HOLDINGS INC COM USD5</title>
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        <name>CUMMINS INC</name>
        <lei>N/A</lei>
        <title>CUMMINS INC COM USD2.50</title>
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          <ticker value="CMI"/>
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        <name>DEVON ENERGY CORP</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>DEVON ENERGY CORP COM USD0.10</title>
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          <ticker value="DVN"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>DYCOM INDUSTRIES INC</name>
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        <name>EOG RESOURCES INC</name>
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        <name>EQT CORP</name>
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        <name>EDISON INTERNATIONAL</name>
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          <ticker value="EIX"/>
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        <curCd>USD</curCd>
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        <name>ENERSYS</name>
        <lei>N/A</lei>
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        <cusip>29275Y102</cusip>
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          <isin value="US29275Y1029"/>
          <ticker value="ENS"/>
          <other otherDesc="SEDOL" value="B020GQ5"/>
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        <balance>5502.0000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EXELON CORP</name>
        <lei>N/A</lei>
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          <isin value="US30161N1019"/>
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          <other otherDesc="SEDOL" value="2670519"/>
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      <invstOrSec>
        <name>EXXON MOBIL CORP</name>
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      <invstOrSec>
        <name>FIRSTENERGY CORP</name>
        <lei>N/A</lei>
        <title>FIRSTENERGY CORP COM USD0.10</title>
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      <invstOrSec>
        <name>FREEPORT-MCMORAN INC</name>
        <lei>N/A</lei>
        <title>FREEPORT-MCMORAN INC COM USD0.10</title>
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          <isin value="US35671D8570"/>
          <ticker value="FCX"/>
          <other otherDesc="SEDOL" value="2352118"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>GAMING AND LEISURE PROPERTIES INC</name>
        <lei>N/A</lei>
        <title>GAMING AND LEISURE PROPERTIES INC COM USD0.01</title>
        <cusip>36467J108</cusip>
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          <isin value="US36467J1088"/>
          <ticker value="GLPI"/>
          <other otherDesc="SEDOL" value="BFPK4S5"/>
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        <balance>36852.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>1641019.56</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>GE VERNOVA INC</name>
        <lei>N/A</lei>
        <title>GE VERNOVA INC COM</title>
        <cusip>36828A101</cusip>
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          <isin value="US36828A1016"/>
          <ticker value="GEV"/>
          <other otherDesc="SEDOL" value="BP6H4Y1"/>
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        <balance>4806.0000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HALLIBURTON COMPANY</name>
        <lei>N/A</lei>
        <title>HALLIBURTON COMPANY COM USD2.50</title>
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          <isin value="US4062161017"/>
          <ticker value="HAL"/>
          <other otherDesc="SEDOL" value="2405302"/>
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        <balance>51863.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>1760748.85</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HOST HOTELS &amp; RESORTS INC</name>
        <lei>N/A</lei>
        <title>HOST HOTELS &amp; RESORTS INC COM STK USD0.01</title>
        <cusip>44107P104</cusip>
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          <isin value="US44107P1049"/>
          <ticker value="HST"/>
          <other otherDesc="SEDOL" value="2567503"/>
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        <balance>95848.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>2272556.08</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HOWMET AEROSPACE INC</name>
        <lei>N/A</lei>
        <title>HOWMET AEROSPACE INC COM</title>
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          <isin value="US4432011082"/>
          <ticker value="HWM"/>
          <other otherDesc="SEDOL" value="BKLJ8V2"/>
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        <balance>10872.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>2923045.92</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JONES LANG LASALLE INC</name>
        <lei>N/A</lei>
        <title>JONES LANG LASALLE INC COM USD0.01</title>
        <cusip>48020Q107</cusip>
        <identifiers>
          <isin value="US48020Q1076"/>
          <ticker value="JLL"/>
          <other otherDesc="SEDOL" value="2040640"/>
        </identifiers>
        <balance>7235.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>2242488.25</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-14</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST II</ncom:nameOfApplicant>
      <ncom:signature>/s/ Scott Schulenburg</ncom:signature>
      <ncom:signerName>Scott Schulenburg</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
