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        <name>EXPAND ENERGY CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Evergy, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HUMANA INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST CITIZENS BANCSHARES, INC.</name>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JABIL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>KIMCO REALTY CORPORATION.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ENTERGY CORPORATION</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SS&amp;C TECHNOLOGIES HOLDINGS, INC.</name>
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        <title>SSNC TECHNOLOGIES HLDGS INC</title>
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        <name>NISOURCE INC.</name>
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        <name>WALMART INC.</name>
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        <name>UNITED AIRLINES HOLDINGS, INC.</name>
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        <name>AMERICAN INTERNATIONAL GROUP, INC.</name>
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        <name>VENTAS, INC.</name>
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        <name>WOODWARD, INC.</name>
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        <name>ROCKET LAB CORPORATION</name>
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        <name>Markel Group Inc.</name>
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        <name>THE GOLDMAN SACHS GROUP, INC.</name>
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        <name>NETFLIX, INC.</name>
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        <name>NUCOR CORPORATION</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
        <title>NUCOR CORP</title>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>JOHNSON CONTROLS INTERNATIONAL PUBLIC LIMITED COMPANY</name>
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        <name>CURTISS-WRIGHT CORPORATION</name>
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      <invstOrSec>
        <name>ROBLOX CORPORATION</name>
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        <name>CF INDUSTRIES HOLDINGS, INC.</name>
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      <invstOrSec>
        <name>ON SEMICONDUCTOR CORPORATION</name>
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        <name>ZOOM COMMUNICATIONS, INC.</name>
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        <name>ROBINHOOD MARKETS, INC.</name>
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        <name>VICI PROPERTIES INC.</name>
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        <name>AMEREN CORPORATION</name>
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        <name>L3HARRIS TECHNOLOGIES, INC.</name>
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        <name>CITIGROUP INC.</name>
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        <name>HOWMET AEROSPACE INC.</name>
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        <name>Philip Morris International Inc.</name>
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        <name>CVS HEALTH CORPORATION</name>
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        <name>BIOGEN INC.</name>
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        <name>COREBRIDGE FINANCIAL, INC.</name>
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        <name>WELLTOWER INC.</name>
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        <name>STEEL DYNAMICS, INC.</name>
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      <invstOrSec>
        <name>DOLLAR GENERAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DUPONT DE NEMOURS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>DOW INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CME GROUP INC.</name>
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        <curCd>USD</curCd>
        <valUSD>2169895.89000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REGIONS FINANCIAL CORPORATION</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>REGIONS FINANCIAL CORP</title>
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        <balance>47915.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1263518.55000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOFI TECHNOLOGIES, INC.</name>
        <lei>549300SW81JCMVZDDY09</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>M&amp;T BANK CORPORATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BERKSHIRE HATHAWAY INC.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>RTX CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SNAP-ON INCORPORATED</name>
        <lei>HHWAT5TDOYZMM26KKQ73</lei>
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        <balance>4777.00000000</balance>
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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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      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET CORPORATION</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <balance>11828.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1372166.28000000</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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      </invstOrSec>
      <invstOrSec>
        <name>LENNAR CORPORATION</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>LENNAR CORP CLASS A</title>
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        <balance>8660.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1091506.40000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>S P 500 EMINI FUTURE DEC25</name>
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          <isin value="N/A"/>
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        <balance>2.00000000</balance>
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        <issuerConditional desc="Index Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>CHICAGO MERCANTILE EXCHANGE INC</counterpartyName>
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                <indexName>S&amp;P 500 Future (e-Mini) Dec 2025</indexName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>HEWLETT PACKARD ENTERPRISE COMPANY</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>HEWLETT PACKARD ENTERPRISES CO</title>
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        <balance>38255.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>939542.80000000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>THE KROGER CO.</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>KROGER CO THE</title>
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        <valUSD>1503512.64000000</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>
      <invstOrSec>
        <name>MEDTRONIC PUBLIC LIMITED COMPANY</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>MEDTRONIC PLC</title>
        <cusip>G5960L103</cusip>
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          <isin value="IE00BTN1Y115"/>
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        <balance>19171.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1825846.04000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios II</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
