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        <name>Kontoor Brands, Inc.</name>
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        <name>RUSSELL 2000 MINI INDEX FUTURE SEP26</name>
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        <name>NORTHERN OIL AND GAS, INC.</name>
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        <name>MGE ENERGY, INC.</name>
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        <name>MDU RESOURCES GROUP, INC.</name>
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        <name>First BanCorp.</name>
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        <name>ARTISAN PARTNERS ASSET MANAGEMENT INC.</name>
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        <name>AVISTA CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Spire Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CRESCENT ENERGY COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MACY'S, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BANK OZK</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>WHIRLPOOL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UWM HOLDINGS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APA CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ABM INDUSTRIES INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CALIFORNIA RESOURCES CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>IDACORP, INC.</name>
        <lei>N134NUJDWN8UEFA8B673</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>KODIAK GAS SERVICES, INC.</name>
        <lei>N/A</lei>
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        <name>IRIDIUM COMMUNICATIONS INC.</name>
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        <name>ONE GAS, INC.</name>
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        <name>TRINITY INDUSTRIES, INC.</name>
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        <name>PORTLAND GENERAL ELECTRIC COMPANY</name>
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        <name>GRAPHIC PACKAGING HOLDING COMPANY</name>
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        <name>STEVEN MADDEN, LTD.</name>
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        <name>WYNDHAM HOTELS &amp; RESORTS, INC.</name>
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        <name>ROBERT HALF INC.</name>
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        <name>BLACK HILLS CORPORATION</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
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        <name>FIRST HAWAIIAN, INC.</name>
        <lei>5493002DJSH46F5OLV06</lei>
        <title>FIRST HAWAIIAN INC</title>
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      <invstOrSec>
        <name>KINETIK HOLDINGS INC.</name>
        <lei>N/A</lei>
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        <cusip>02215L209</cusip>
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          <isin value="US02215L2097"/>
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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>
      <invstOrSec>
        <name>LEVI STRAUSS &amp; CO.</name>
        <lei>MB0UERO0RDFKU8258G77</lei>
        <title>LEVI STRAUSS CO</title>
        <cusip>52736R102</cusip>
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          <isin value="US52736R1023"/>
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        <balance>93071.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2310952.93000000</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>HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.</name>
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        <title>HA SUSTAINABLE INFRASTRUCTURE CAPITAL INC</title>
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          <isin value="US41068X1000"/>
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        <balance>56235.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>NORTHWEST NATURAL HOLDING COMPANY</name>
        <lei>254900PSJL6ZEC8FR782</lei>
        <title>NORTHWEST NATURAL HOLDING CO</title>
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          <isin value="US66765N1054"/>
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        <balance>74322.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>SONOCO PRODUCTS COMPANY</name>
        <lei>GKOMIK4RDJGHEF0VNP11</lei>
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          <isin value="US8354951027"/>
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        <balance>49146.00000000</balance>
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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>PROVIDENT FINANCIAL SERVICES, INC.</name>
        <lei>529900JOSO3SXEDVE477</lei>
        <title>PROVIDENT FINANCIAL SVCS</title>
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          <isin value="US74386T1051"/>
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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>SM ENERGY COMPANY</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LINCOLN NATIONAL CORPORATION</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
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          <isin value="US5341871094"/>
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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>MURPHY OIL CORPORATION</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
        <title>MURPHY OIL CORP</title>
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          <isin value="US6267171022"/>
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        <balance>46148.00000000</balance>
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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>CAL-MAINE FOODS, INC.</name>
        <lei>549300NHE5WMIEIEMF53</lei>
        <title>CAL MAINE FOODS INC</title>
        <cusip>128030202</cusip>
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          <isin value="US1280302027"/>
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        <balance>24123.00000000</balance>
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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>ONEMAIN HOLDINGS, INC.</name>
        <lei>549300E3VEW8SMS5XW09</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LKQ CORPORATION</name>
        <lei>DS830JTTZQN6GK0I2E41</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ATLANTIC UNION BANKSHARES CORPORATION</name>
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        <title>ATLANTIC UNION BANKSHARES</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CVB FINANCIAL CORP.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>FLOWERS FOODS, INC.</name>
        <lei>7YNCQQNDK8FBM9BBTK25</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>KORN FERRY</name>
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        <name>COHEN &amp; STEERS, INC.</name>
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        <name>HNI CORPORATION</name>
        <lei>549300SKRADLC4O5HV93</lei>
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        <name>AMERICAN EAGLE OUTFITTERS, INC.</name>
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        <name>AMERICAN STATES WATER COMPANY</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>AMERICAN STATES WATER CO</title>
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        <name>WARNER MUSIC GROUP CORP.</name>
        <lei>N/A</lei>
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        <name>BATH &amp; BODY WORKS, INC.</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>NEW JERSEY RESOURCES CORPORATION</name>
        <lei>549300QKBSQBIX4DQ583</lei>
        <title>NEW JERSEY RESOURCES CORP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CLEARWAY ENERGY, INC.</name>
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        <curCd>USD</curCd>
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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 MERCHANTS CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LCI INDUSTRIES</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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        <name>NEXSTAR MEDIA GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CABOT CORPORATION</name>
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        <name>Otter Tail Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>REYNOLDS CONSUMER PRODUCTS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST BUSEY CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Del Monte Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ARCHROCK INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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        <name>AVIENT CORPORATION</name>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>CALIFORNIA WATER SERVICE GROUP</name>
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        <name>TRAVEL + LEISURE CO.</name>
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        <name>ADT INC.</name>
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        <title>ADT INC</title>
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        <name>SONIC AUTOMOTIVE, INC.</name>
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        <name>DOLBY LABORATORIES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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    </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>
