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        <name>BLACK HILLS CORPORATION</name>
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        <name>MSILF Government Portfolio</name>
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        <name>FIRST MERCHANTS CORPORATION</name>
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        <name>AVNET, INC.</name>
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        <name>CAL-MAINE FOODS, INC.</name>
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        <name>Kontoor Brands, Inc.</name>
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        <name>ATLANTIC UNION BANKSHARES CORPORATION</name>
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        <name>THE BUCKLE, INC.</name>
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        <name>THE WESTERN UNION COMPANY</name>
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        <name>INTERPARFUMS INC</name>
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        <name>CONCENTRIX CORPORATION</name>
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        <name>LEVI STRAUSS &amp; CO.</name>
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        <name>MACY'S, INC.</name>
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        <name>NORTHERN OIL AND GAS, INC.</name>
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        <name>PORTLAND GENERAL ELECTRIC COMPANY</name>
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        <name>ADT INC.</name>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <name>STEVEN MADDEN, LTD.</name>
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        <name>VAIL RESORTS, INC.</name>
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        <name>NEXSTAR MEDIA GROUP, INC.</name>
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        <name>CHORD ENERGY CORPORATION</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>REYNOLDS CONSUMER PRODUCTS INC.</name>
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        <name>COLUMBIA BANKING SYSTEM, INC.</name>
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        <name>GREIF, INC.</name>
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        <name>UGI CORPORATION</name>
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        <name>ARCHROCK INC.</name>
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        <name>AVIENT CORPORATION</name>
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        <name>Otter Tail Corporation</name>
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        <name>ARTISAN PARTNERS ASSET MANAGEMENT INC.</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ONEMAIN HOLDINGS, INC.</name>
        <lei>549300E3VEW8SMS5XW09</lei>
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        <curCd>USD</curCd>
        <valUSD>2165805.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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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      <invstOrSec>
        <name>THE SCOTTS MIRACLE-GRO COMPANY</name>
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          <isin value="US8101861065"/>
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        <curCd>USD</curCd>
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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>FIRST HAWAIIAN, 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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      <invstOrSec>
        <name>KORN FERRY</name>
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        <curCd>USD</curCd>
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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>FULTON FINANCIAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MAGNOLIA OIL &amp; GAS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MURPHY OIL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GCM GROSVENOR INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>WaFd, Inc</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PITNEY BOWES 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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      <invstOrSec>
        <name>MOELIS &amp; COMPANY</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>STRATEGIC EDUCATION, 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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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ONE GAS, INC.</name>
        <lei>549300HXDWI0LATTX840</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIBERTY ENERGY INC.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>MDU RESOURCES GROUP, INC.</name>
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        <invCountry>US</invCountry>

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        <name>TRAVEL + LEISURE CO.</name>
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        <title>TRAVEL LEISURE CO</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>LCI INDUSTRIES</name>
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        <name>ROBERT HALF INC.</name>
        <lei>529900VPCUY9H3HLIC08</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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    </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>
