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        <name>PAYCHEX, INC.</name>
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      <invstOrSec>
        <name>CARDINAL HEALTH, INC.</name>
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      <invstOrSec>
        <name>CONAGRA BRANDS, INC.</name>
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        <name>INTERNATIONAL BUSINESS MACHINES CORPORATION</name>
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      <invstOrSec>
        <name>GENERAL MOTORS COMPANY</name>
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        <name>THE WESTERN UNION COMPANY</name>
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        <name>BLACKROCK, INC.</name>
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        <name>Philip Morris International Inc.</name>
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        <name>OCCIDENTAL PETROLEUM CORPORATION</name>
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        <name>SANTANDER CONSUMER USA HOLDINGS INC.</name>
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        <name>PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED</name>
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        <name>THE AES CORPORATION</name>
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        <name>BRISTOL-MYERS SQUIBB COMPANY</name>
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        <name>RALPH LAUREN CORPORATION</name>
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        <name>EXXON MOBIL CORPORATION</name>
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        <name>KEYCORP</name>
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        <name>MDU RESOURCES GROUP, INC.</name>
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        <name>PRINCIPAL FINANCIAL GROUP, INC.</name>
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        <name>PINNACLE WEST CAPITAL CORPORATION</name>
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        <name>PRUDENTIAL FINANCIAL, INC.</name>
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        <name>KIMBERLY-CLARK CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>UNITED PARCEL SERVICE, INC.</name>
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      <invstOrSec>
        <name>THE COCA-COLA COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>JOHNSON &amp; JOHNSON</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>THE J. M. SMUCKER COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COMERICA INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BEST BUY CO., INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

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      <invstOrSec>
        <name>VALERO ENERGY CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CUMMINS INC.</name>
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        <name>GENUINE PARTS COMPANY</name>
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        <name>GILEAD SCIENCES, INC.</name>
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        <name>KINDER MORGAN, INC.</name>
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        <name>DUKE ENERGY CORPORATION</name>
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        <name>HALLIBURTON COMPANY</name>
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        <name>Schlumberger N.V.</name>
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        <name>PACKAGING CORPORATION OF AMERICA</name>
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        <name>WESTROCK COMPANY</name>
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        <name>REGIONS FINANCIAL CORPORATION</name>
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        <name>NETAPP, INC.</name>
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        <name>OMNICOM GROUP INC.</name>
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        <name>FRANKLIN RESOURCES, INC.</name>
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        <name>BlackRock Liquidity Funds: T-Fund; Institutional Shares</name>
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        <name>VERIZON COMMUNICATIONS INC.</name>
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        <name>S&amp;P 500 EMINI FUTURE JUN20</name>
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        <name>THE PROGRESSIVE CORPORATION</name>
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        <name>EMERSON ELECTRIC CO.</name>
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        <name>FIRSTENERGY CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>WYNN RESORTS, LIMITED</name>
        <lei>254900CEKKWIHTEAB172</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>MAXIM INTEGRATED PRODUCTS, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HOLLYFRONTIER CORPORATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CENTERPOINT ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
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          <isin value="US00206R1023"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GENERAL MILLS, INC.</name>
        <lei>2TGYMUGI08PO8X8L6150</lei>
        <title>GENERAL MILLS, INC.</title>
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          <isin value="US3703341046"/>
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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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      <invstOrSec>
        <name>SYNOVUS FINANCIAL CORP.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</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>HUNTINGTON BANCSHARES INCORPORATED</name>
        <lei>549300XTVCVV9I7B5T19</lei>
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        <cusip>446150104</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ARCHER-DANIELS-MIDLAND COMPANY</name>
        <lei>549300LO13MQ9HYSTR83</lei>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY</title>
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        <valUSD>1042814.00000000</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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        <name>SONOCO PRODUCTS COMPANY</name>
        <lei>GKOMIK4RDJGHEF0VNP11</lei>
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        <balance>32260.00000000</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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        <name>MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS - PRIME PORTFOL</name>
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        <title>Morgan Stanley Institutional Liquidity Fund - MPFXX 2.0073% 6/18/2018 - Extendable</title>
        <cusip>61747C715</cusip>
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          <ticker value="MPFXX"/>
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        <balance>638444.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <cashCollateralCondition cashCollateralVal="638444.08999999" isCashCollateral="Y"/>
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        <name>FIDELITY PRIME MONEY MARKET PORTFOLIO</name>
        <lei>N/A</lei>
        <title>Fidelity Prime Money Market Portfolio - FIPXX 1.66% 1/29/2020 - Extendable</title>
        <cusip>31607A208</cusip>
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          <ticker value="FIPXX"/>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO</name>
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        <cusip>09248U619</cusip>
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          <ticker value="TMPXX"/>
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        <balance>35684.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Financial Sq Prime Obligations- FPOXX Victory 1.62% 2/28/2018 - Extendable</title>
        <cusip>38141W364</cusip>
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          <ticker value="FPOXX"/>
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        <balance>248146.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN PRIME MONEY MARKET FUND</name>
        <lei>N/A</lei>
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          <ticker value="CJPXX"/>
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        <balance>141997.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FIDELITY GOVERNMENT PORTFOLIO</name>
        <lei>N/A</lei>
        <title>FIDELITY GOVERNMENT PORTFOLIO FRGXX 1.51% 2/11/2020 - Extendable</title>
        <cusip>1849969A6</cusip>
        <identifiers>
          <ticker value="FRGXX"/>
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        <balance>433828.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>433827.87000000</valUSD>
        <pctVal>0.084232339318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="433827.87000000" isCashCollateral="Y"/>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios II</ncom:nameOfApplicant>
      <ncom:signature>Allan Shaer</ncom:signature>
      <ncom:signerName>Allan Shaer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
