-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OciWlsGIkd5rq8gSVexIj4xSqHZxsJDxI4pr11F6h+SgEahcuRtXvC7wzJa2j0TT
 daSdxALl6bNrpZxTh5LNOQ==

<SEC-DOCUMENT>0001392067-09-000003.txt : 20090717
<SEC-HEADER>0001392067-09-000003.hdr.sgml : 20090717
<ACCEPTANCE-DATETIME>20090717103544
ACCESSION NUMBER:		0001392067-09-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090717
DATE AS OF CHANGE:		20090717
EFFECTIVENESS DATE:		20090717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ITB PREMIUM FUND II LTD
		CENTRAL INDEX KEY:			0001392067
		IRS NUMBER:				205696341
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-100767
		FILM NUMBER:		09949622

	BUSINESS ADDRESS:	
		STREET 1:		311 SOUTH FLORIDA AVE
		CITY:			LAKELAND
		STATE:			FL
		ZIP:			33801
		BUSINESS PHONE:		863-686-4163

	MAIL ADDRESS:	
		STREET 1:		311 SOUTH FLORIDA AVE
		CITY:			LAKELAND
		STATE:			FL
		ZIP:			33801
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001392067</cik>
        <entityName>ITB PREMIUM FUND II LTD</entityName>
        <issuerAddress>
            <street1>311 SOUTH FLORIDA AVE</street1>
            <street2></street2>
            <city>LAKELAND</city>
            <stateOrCountry>FL</stateOrCountry>
            <zipCode>33801</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>863-686-4163</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>FLORIDA</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>GERALD</firstName>
                <middleName></middleName>
                <lastName>BLACK</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>311 SOUTH FLORIDA AVENUE</street1>
                <street2></street2>
                <city>LAKELAND</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33801</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JEFFREY</firstName>
                <middleName></middleName>
                <lastName>DEAN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>311 SOUTH FLORIDA AVENUE</street1>
                <street2></street2>
                <city>LAKELAND</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33801</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MATTHEW</firstName>
                <middleName></middleName>
                <lastName>LYONS</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>311 SOUTH FLORIDA AVENUE</street1>
                <street2></street2>
                <city>LAKELAND</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33801</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>OSCAR</firstName>
                <middleName>DAVIS</middleName>
                <lastName>DALTON, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>311 SOUTH FLORIDA AVE</street1>
                <street2></street2>
                <city>LAKELAND</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33801</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Investing</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Not Applicable</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-07-019927</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2007-01-18</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>200000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>37966332</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>5</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>62</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ITB PREMIUM FUND II LTD</issuerName>
                <signatureName>GERALD BLACK</signatureName>
                <nameOfSigner>GERALD BLACK</nameOfSigner>
                <signatureTitle>MANAGER OF GP, ITB CAPITAL MANAGEMENT, LLC</signatureTitle>
                <signatureDate>2009-07-17</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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