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        <name>Karat Packaging Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERPARFUMS INC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ETSY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ZEVRA THERAPEUTICS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Flowco Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MATADOR RESOURCES COMPANY</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>HUBSPOT, 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>VITESSE ENERGY, INC.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Qualys Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PRESTIGE CONSUMER HEALTHCARE INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MNTN Inc</name>
        <lei>N/A</lei>
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        <name>CATALYST PHARMACEUTICALS, INC.</name>
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        <name>BLACKBAUD, INC.</name>
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        <name>BIOMARIN PHARMACEUTICAL INC.</name>
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        <name>AMERICAN PUBLIC EDUCATION, INC.</name>
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        <name>TELOS CORPORATION</name>
        <lei>N/A</lei>
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        <name>CHORD ENERGY CORPORATION</name>
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        <name>Honest Company Inc</name>
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        <name>ALARM.COM HOLDINGS, INC.</name>
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        <title>ALARM COM HOLDINGS INC</title>
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        <name>VILLAGE SUPER MARKET, INC.</name>
        <lei>25490069686XCNNEMQ07</lei>
        <title>VILLAGE SUPER MARKET INC</title>
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        <name>Q2 HOLDINGS, INC.</name>
        <lei>549300M9RKR9DZXWS696</lei>
        <title>Q2 HOLDINGS INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>PC CONNECTION, INC.</name>
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          <isin value="US69318J1007"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CLIMB GLOBAL SOLUTIONS, INC.</name>
        <lei>549300LKM16VX2FG7J68</lei>
        <title>CLIMB GLOBAL SOLUTIONS INC</title>
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          <isin value="US9467601053"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MANNKIND CORPORATION</name>
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          <isin value="US56400P7069"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kontoor Brands, Inc.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UIPATH, INC.</name>
        <lei>5493000YP61KBELDHT53</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>OIL STATES INTERNATIONAL, 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>BOOZ ALLEN HAMILTON HOLDING CORPORATION</name>
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          <isin value="US0995021062"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VIPER ENERGY, INC.</name>
        <lei>N/A</lei>
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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>NCS MULTISTAGE HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMMERCE.COM, 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>SPROUT SOCIAL, 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>ABERCROMBIE &amp; FITCH CO.</name>
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        <title>ABERCROMBIE FITCH CO</title>
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          <isin value="US0028962076"/>
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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>MAXIMUS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Expro Group Holdings N.V.</name>
        <lei>724500LJYA8QIT73H017</lei>
        <title>EXPRO GROUP HOLDINGS NV</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>YELP INC.</name>
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        <name>H &amp; R BLOCK, INC.</name>
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        <title>H R BLOCK INC</title>
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        <name>AMPHASTAR PHARMACEUTICALS, INC.</name>
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        <name>ALAMO GROUP INC.</name>
        <lei>54930080C93RVZRSDV26</lei>
        <title>ALAMO GROUP INC</title>
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        <name>ICF INTERNATIONAL, INC.</name>
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        <name>DOUBLEVERIFY HOLDINGS, INC.</name>
        <lei>N/A</lei>
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        <name>UPWORK INC.</name>
        <lei>5493004QJ6WWBXVE2S70</lei>
        <title>UPWORK INC</title>
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        <name>DOCUSIGN, INC.</name>
        <lei>549300Q7PVDWRZ39JG09</lei>
        <title>DOCUSIGN INC</title>
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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>Maplebear Inc</name>
        <lei>N/A</lei>
        <title>MAPLEBEAR INC</title>
        <cusip>565394103</cusip>
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        <name>Amdocs Limited</name>
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        <name>ITRON, INC.</name>
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        <name>GOGO INC.</name>
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        <name>N-ABLE, INC.</name>
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        <name>GARTNER, INC.</name>
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        <name>OSCAR HEALTH, INC.</name>
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        <name>Mediaalpha Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FRONTDOOR, INC.</name>
        <lei>5493008RB0JZJI3QGZ06</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MISSION PRODUCE, INC.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Freshworks Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RINGCENTRAL, INC.</name>
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          <isin value="US76680R2067"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CARS.COM INC.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Andersen Group Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>RUSH ENTERPRISES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Proficient Auto Logistics Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <title>HSBC US GOVT MMKT-I</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NORTHERN OIL AND GAS, INC.</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
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          <isin value="US6655313079"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CLEAR SECURE, INC.</name>
        <lei>N/A</lei>
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          <isin value="US18467V1098"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>STRATEGIC EDUCATION, INC.</name>
        <lei>2549002UYIM8Q5EC8H36</lei>
        <title>STRATEGIC EDUCATION INC</title>
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        <name>HALOZYME THERAPEUTICS, INC.</name>
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        <title>HALOZYME THERAPEUTICS INC</title>
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        <name>Symbotic Inc</name>
        <lei>529900UN9QT55OG9I235</lei>
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      <invstOrSec>
        <name>BELLRING BRANDS, INC.</name>
        <lei>549300S3BOK5CMTS8054</lei>
        <title>BELLRING BRANDS INC</title>
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      <invstOrSec>
        <name>Ibex Ltd</name>
        <lei>5493000GRFLPVYU2CX17</lei>
        <title>IBEX LTD</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FORUM ENERGY TECHNOLOGIES, INC.</name>
        <lei>549300SF93HLCR1REE27</lei>
        <title>FORUM ENERGY TECHNOLOGIES</title>
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      <invstOrSec>
        <name>INTERNATIONAL SEAWAYS, INC.</name>
        <lei>549300YUFDGFRNGBWF46</lei>
        <title>INTERNATIONAL SEAWAYS INC</title>
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        <invCountry>MH</invCountry>

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      <invstOrSec>
        <name>EPAM SYSTEMS, INC.</name>
        <lei>549300XCR4R530HJP604</lei>
        <title>EPAM SYSTEMS INC</title>
        <cusip>29414B104</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>TRIPADVISOR, INC.</name>
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        <title>TRIPADVISOR INC</title>
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        <name>NETSCOUT SYSTEMS, INC.</name>
        <lei>5493005HZXZ3SPNVCV76</lei>
        <title>NETSCOUT SYSTEMS INC</title>
        <cusip>64115T104</cusip>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>DOLBY LABORATORIES, INC.</name>
        <lei>549300X04FB2QPCJ5J24</lei>
        <title>DOLBY LABORATORIES INC</title>
        <cusip>25659T107</cusip>
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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>NORDIC AMERICAN TANKERS LIMITED</name>
        <lei>213800W4T8AMPKIPIU94</lei>
        <title>NORDIC AMERICAN TANKERS LTD</title>
        <cusip>G65773106</cusip>
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        <name>UNIVERSAL HEALTH SERVICES, INC.</name>
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        <name>8X8, INC.</name>
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        <name>INTAPP, INC.</name>
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        <name>PEGASYSTEMS INC.</name>
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        <name>CROCS, INC.</name>
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        <name>THE SIMPLY GOOD FOODS COMPANY</name>
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        <name>LEGALZOOM.COM, INC.</name>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <name>BK TECHNOLOGIES CORPORATION</name>
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        <name>OSHKOSH CORPORATION</name>
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        <name>MATCH GROUP, INC.</name>
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        <name>THE GAP, INC.</name>
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        <name>ASBURY AUTOMOTIVE GROUP, INC.</name>
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        <name>OppFi Inc</name>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <name>Progyny Inc</name>
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        <name>ACADIA PHARMACEUTICALS INC.</name>
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        <name>ANI PHARMACEUTICALS, INC.</name>
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        <name>VISTEON CORPORATION</name>
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        <name>CODA OCTOPUS GROUP, INC.</name>
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        <name>Niagen Bioscience Inc</name>
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        <name>Pangaea Logistics Solutions Ltd</name>
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        <name>CIRRUS LOGIC, INC.</name>
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        <name>Teekay Tankers Ltd.</name>
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        <name>MAGNITE, INC.</name>
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        <name>Coursera Inc</name>
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        <name>FLEXSTEEL INDUSTRIES, INC.</name>
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        <name>PELOTON INTERACTIVE, INC.</name>
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        <name>THE TRADE DESK, INC.</name>
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        <name>BIOVENTUS INC.</name>
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        <name>ZOOMINFO TECHNOLOGIES INC.</name>
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        <name>PAGERDUTY, INC.</name>
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        <name>Dorian LPG Ltd.</name>
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        <name>CHEWY, INC.</name>
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        <name>UNIVERSAL DISPLAY CORPORATION</name>
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        <name>PLAYTIKA HOLDING CORP.</name>
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        <name>TENABLE HOLDINGS, INC.</name>
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        <name>Inspire Medical Systems Inc</name>
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        <name>STRIDE, INC.</name>
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        <name>FIVE9, INC.</name>
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        <name>CORMEDIX INC.</name>
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        <name>TURTLE BEACH CORPORATION</name>
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        <name>BOX, INC.</name>
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        <name>Yext Inc</name>
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        <name>IRONWOOD PHARMACEUTICALS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <title>WORKIVA INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MITEK SYSTEMS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GOODRX HOLDINGS, INC.</name>
        <lei>529900ATKYECI45EHV09</lei>
        <title>GOODRX HOLDINGS INC</title>
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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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios II</ncom:nameOfApplicant>
      <ncom:signature>Carol D. Trevino</ncom:signature>
      <ncom:signerName>Carol D. Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
