-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RrT4F9afug4b9tBxr8sKa9TMDJT4QhqIdsHva41DXDgznctUsLauArEXFcOdZCdE
 DkrjpxmmWWVX/GohlSpmmA==

<SEC-DOCUMENT>0001127070-10-000003.txt : 20100422
<SEC-HEADER>0001127070-10-000003.hdr.sgml : 20100422
<ACCEPTANCE-DATETIME>20100422104306
ACCESSION NUMBER:		0001127070-10-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100422
DATE AS OF CHANGE:		20100422
EFFECTIVENESS DATE:		20100422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXIOM INVESTORS TRUST II - AXIOM U S SMALL CAP EQUITY PORTFOLIO
		CENTRAL INDEX KEY:			0001376317
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-95016
		FILM NUMBER:		10763518

	BUSINESS ADDRESS:	
		STREET 1:		33 BENEDICT PLACE
		STREET 2:		2ND FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-422-8000

	MAIL ADDRESS:	
		STREET 1:		33 BENEDICT PLACE
		STREET 2:		2ND FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AXIOM INVESTORS TRUST AXIOM U S SMALL CAP EQUITY PORTFOLIO
		DATE OF NAME CHANGE:	20060922
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001376317</cik>
        <entityName>AXIOM INVESTORS TRUST II - AXIOM U S SMALL CAP EQUITY PORTFOLIO</entityName>
        <issuerAddress>
            <street1>33 BENEDICT PLACE</street1>
            <street2>2ND FLOOR</street2>
            <city>GREENWICH</city>
            <stateOrCountry>CT</stateOrCountry>
            <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
            <zipCode>06830</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-422-8000</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>AXIOM INVESTORS TRUST AXIOM U S SMALL CAP EQUITY PORTFOLIO</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Portfolio of Delaware statutory trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>INVESTMENT MANAGER</firstName>
                <lastName>AXIOM INTERNATIONAL INVESTORS LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>33 BENEDICT PLACE</street1>
                <street2>2ND FLOOR</street2>
                <city>GREENWICH</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>INVESTMENT MANAGER OF ISSUER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DELAWARE STATUTORY TRUST</firstName>
                <lastName>AXIOM INVESTORS TRUST II</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>33 BENEDICT PLACE</street1>
                <street2>2ND FLOOR</street2>
                <city>GREENWICH</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>ISSUER IS PORTFOLIO SERIES OF AXIOM INVESTORS TRUST II.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>CUSTODIAL TRUSTEE</firstName>
                <lastName>THE NORTHERN TRUST COMPANY</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>50 SOUTH LASALLE STREET</street1>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60675</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>CUSTODIAL TRUSTEE OF AXIOM INVESTORS TRUST II</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DELAWARE TRUSTEE</firstName>
                <lastName>WILMINGTON TRUST COMPANY</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>100 NORTH MARKET STREET</street1>
                <city>WILMINGTON</city>
                <stateOrCountry>DE</stateOrCountry>
                <stateOrCountryDescription>DELAWARE</stateOrCountryDescription>
                <zipCode>19890</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>DELAWARE TRUSTEE OF AXIOM INVESTORS TRUST II</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001406849-09-000011</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-09-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>3709749</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>THE OFFERING IS AN ONGOING OFFERING, WITHOUT A CAP, AND THEREFORE IS AN INDEFINITE AMOUNT.  THE TOTAL AMOUNT SOLD IS BASED ON INITIAL INVESTMENTS IN THE ISSUER AND DOES NOT REFLECT REDEMPTIONS, APPRECIATION OR DEPRECIATION.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>19</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>AXIOM INTERNATIONAL INVESTORS LLC IS ENTITLED TO A PERIODIC FEE FOR ITS INVESTMENT MANAGEMENT SERVICES IN ACCORDANCE WITH THE ORGANIZATIONAL DOCUMENTS OF THE ISSUER.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>AXIOM INVESTORS TRUST II - AXIOM U S SMALL CAP EQUITY PORTFOLIO</issuerName>
                <signatureName>BARTHOLOMEW TESORIERO</signatureName>
                <nameOfSigner>BARTHOLOMEW TESORIERO</nameOfSigner>
                <signatureTitle>CHIEF OPERATING OFFICER OF THE INVESTMENT MGR. OF ISSUER</signatureTitle>
                <signatureDate>2010-04-22</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----