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        <name>MDU RESOURCES GROUP, INC.</name>
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        <name>STERLING INFRASTRUCTURE, INC.</name>
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        <name>UNITED STATES CELLULAR CORPORATION</name>
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        <name>INTERFACE, INC.</name>
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        <name>GROUP 1 AUTOMOTIVE, INC.</name>
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        <name>PREMIER, INC.</name>
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        <name>IAC INC.</name>
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        <name>GeneDx Holdings Corp</name>
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        <name>MAIN STREET CAPITAL CORPORATION</name>
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        <name>VISHAY INTERTECHNOLOGY, INC.</name>
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        <name>Coherent Corp.</name>
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        <name>ABM INDUSTRIES INCORPORATED</name>
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        <name>CINEMARK HOLDINGS, INC.</name>
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        <name>Kontoor Brands, Inc.</name>
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        <name>DYNEX CAPITAL, INC.</name>
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        <name>VORNADO REALTY TRUST</name>
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        <name>Post Holdings, Inc.</name>
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        <name>DAVITA INC.</name>
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        <name>GENWORTH FINANCIAL, INC.</name>
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        <name>SKYWEST, INC.</name>
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        <name>KILROY REALTY CORPORATION</name>
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        <name>HEALTHEQUITY, INC.</name>
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        <name>SILA REALTY TRUST, INC.</name>
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        <name>ALLEGIANT TRAVEL COMPANY</name>
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        <name>BIO-RAD LABORATORIES, INC.</name>
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        <name>KOHL'S CORPORATION</name>
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        <name>LUMEN TECHNOLOGIES, INC.</name>
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        <name>TG THERAPEUTICS, INC.</name>
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        <name>DOUGLAS EMMETT, INC.</name>
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        <name>Matson Inc</name>
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        <name>Veracyte Inc</name>
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        <name>TELEPHONE AND DATA SYSTEMS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>COMMERCIAL METALS COMPANY</name>
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      <invstOrSec>
        <name>WARBY PARKER INC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>ALLISON TRANSMISSION HOLDINGS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INNOVIVA, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Q2 HOLDINGS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PINNACLE WEST CAPITAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MERIT MEDICAL SYSTEMS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Akero Therapeutics Inc</name>
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        <name>QUIDELORTHO CORPORATION</name>
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        <name>CURTISS-WRIGHT CORPORATION</name>
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        <name>TKO GROUP HOLDINGS, INC.</name>
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        <name>STRIDE, INC.</name>
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        <name>MEDICAL PROPERTIES TRUST, INC.</name>
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        <name>INTERNATIONAL SEAWAYS, INC.</name>
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        <name>CNX RESOURCES CORPORATION</name>
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        <name>ASSURED GUARANTY LTD.</name>
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        <name>KORN FERRY</name>
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        <name>UNIVERSAL HEALTH SERVICES, INC.</name>
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        <name>EASTMAN CHEMICAL COMPANY</name>
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        <name>ICU MEDICAL, INC.</name>
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        <name>Vir Biotechnology Inc</name>
        <lei>N/A</lei>
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        <name>FORTREA HOLDINGS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>CAREDX, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PBF ENERGY INC.</name>
        <lei>2549003PBEDCSZMZIY02</lei>
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          <isin value="US69318G1067"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PARK HOTELS &amp; RESORTS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TUTOR PERINI CORPORATION</name>
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          <isin value="US9011091082"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEWMARK GROUP, INC.</name>
        <lei>N/A</lei>
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          <isin value="US65158N1028"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>RYDER SYSTEM, 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>KINETIK HOLDINGS 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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        <name>SUPERNUS PHARMACEUTICALS, INC.</name>
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        <title>SUPERNUS PHARMACEUTICALS INC</title>
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          <isin value="US8684591089"/>
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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>HYATT HOTELS CORPORATION</name>
        <lei>T27JQIMTYSH41TCD5186</lei>
        <title>HYATT HOTELS CORP CLASS A</title>
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          <isin value="US4485791028"/>
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        <balance>24325.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNIVERSAL CORPORATION</name>
        <lei>549300BZXZ66F6DTIF20</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHINIA INC.</name>
        <lei>254900HG6MORZE1FFM18</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INCYTE CORPORATION</name>
        <lei>549300Z4WN6JVZ3T4680</lei>
        <title>INCYTE PHARMACEUTICALS INC</title>
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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>PRESTIGE CONSUMER HEALTHCARE INC.</name>
        <lei>N/A</lei>
        <title>PRESTIGE CONSUMER HEALTHCARE INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>U-Haul Holding Company</name>
        <lei>5493003WIDMLDHYC6Y24</lei>
        <title>U HAUL HOLDING CO</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>INTAPP, INC.</name>
        <lei>N/A</lei>
        <title>INTAPP INC</title>
        <cusip>45827U109</cusip>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>CORECIVIC, INC.</name>
        <lei>529900JFA3K6PTLT8B15</lei>
        <title>CORECIVIC INC</title>
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        <invCountry>US</invCountry>

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        <name>GCI LIBERTY INC ESCROW</name>
        <lei>N/A</lei>
        <title>GCI LIBERTY INC ESCROW</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>RALPH LAUREN CORPORATION</name>
        <lei>HO1QNWM0IXBZ0QSMMO20</lei>
        <title>RALPH LAUREN CORP</title>
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        <invCountry>US</invCountry>

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        <name>Owens &amp; Minor, Inc.</name>
        <lei>549300LMT5KQQXCEZ733</lei>
        <title>OWENS MINOR INC HOLDING CO</title>
        <cusip>690732102</cusip>
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        <invCountry>US</invCountry>

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        <name>SIMMONS FIRST NATIONAL CORPORATION</name>
        <lei>549300IVR5AJKUVOGN05</lei>
        <title>SIMMONS FIRST NATL CORP CL A</title>
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        <invCountry>US</invCountry>

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        <name>THE GREENBRIER COMPANIES, INC.</name>
        <lei>5493001GAGGFR30BP390</lei>
        <title>GREENBRIER COS INC THE</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Lifestance Health Group Inc</name>
        <lei>N/A</lei>
        <title>LIFESTANCE HEALTH GROUP INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>THE ENSIGN GROUP, INC.</name>
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        <name>Oklo Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>THE MOSAIC COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EXELIXIS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>IONQ Inc</name>
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        <name>Doximity Inc</name>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <name>Intuitive Machines Inc</name>
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        <name>AXIS CAPITAL HOLDINGS LIMITED</name>
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        <name>O-I GLASS, INC.</name>
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        <name>HERC HOLDINGS INC.</name>
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        <name>ACADIA REALTY TRUST</name>
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        <name>ADDUS HOMECARE CORPORATION</name>
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        <name>GLAUKOS CORPORATION</name>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <name>UNDER ARMOUR, INC.</name>
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        <name>G-III APPAREL GROUP, LTD.</name>
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        <name>VIATRIS INC.</name>
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        <name>Payoneer Global Inc</name>
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        <name>NCR ATLEOS CORPORATION</name>
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      <invstOrSec>
        <name>TRI POINTE HOMES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INNODATA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRIGHTSPRING HEALTH SERVICES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MOHAWK INDUSTRIES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ADT INC.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PATRICK INDUSTRIES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UL SOLUTIONS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MR. COOPER GROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Apple Hospitality REIT, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ALASKA AIR GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SCHNEIDER NATIONAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SEZZLE INC.</name>
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        <title>SEZZLE INC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SELECT WATER SOLUTIONS, INC.</name>
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        <name>TEGNA INC.</name>
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        <title>TEGNA INC COM</title>
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        <name>VESTIS CORPORATION</name>
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        <name>VICTORY CAPITAL HOLDINGS, INC.</name>
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        <name>ARGAN, INC.</name>
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        <name>AMERICAN WOODMARK CORPORATION</name>
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        <name>INSMED INCORPORATED</name>
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        <name>Dave Inc</name>
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        <name>RLJ LODGING TRUST</name>
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        <title>RLJ LODGING TRUST</title>
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        <name>ECHOSTAR CORPORATION</name>
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        <title>ECHOSTAR CORP</title>
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        <invCountry>US</invCountry>

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        <name>MOLSON COORS BEVERAGE COMPANY</name>
        <lei>54930073LBBH6ZCBE225</lei>
        <title>MOLSON COORS BEVERAGE CO</title>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <name>LOUISIANA-PACIFIC CORPORATION</name>
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        <title>LOUISIANA PACIFIC CORP</title>
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          <isin value="US5463471053"/>
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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>MGIC INVESTMENT CORPORATION</name>
        <lei>254900S8483WM4M98R28</lei>
        <title>MGIC INVESTMENT CORP</title>
        <cusip>552848103</cusip>
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          <isin value="US5528481030"/>
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        <balance>183063.00000000</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>DXC TECHNOLOGY COMPANY</name>
        <lei>549300DOVZ3EDJB7O259</lei>
        <title>DXC TECHNOLOGY CO</title>
        <cusip>23355L106</cusip>
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          <isin value="US23355L1061"/>
          <other otherDesc="Internal" value="BYXD7B3"/>
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        <balance>159804.00000000</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>TTM TECHNOLOGIES, INC.</name>
        <lei>549300SC4BDOIS008048</lei>
        <title>TTM TECHNOLOGIES</title>
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          <isin value="US87305R1095"/>
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        <balance>105729.00000000</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>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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          <isin value="US8252528851"/>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <cashCollateralCondition cashCollateralVal="5425000.18999999" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>UNITED NATURAL FOODS, INC.</name>
        <lei>549300GKGW6WPZ282D40</lei>
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          <isin value="US9111631035"/>
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        <balance>53623.00000000</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>Duolingo Inc</name>
        <lei>N/A</lei>
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          <isin value="US26603R1068"/>
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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>PACIRA BIOSCIENCES, INC.</name>
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          <isin value="US6951271005"/>
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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>LEMAITRE VASCULAR, INC.</name>
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        <balance>36366.00000000</balance>
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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>Viper Energy, Inc.</name>
        <lei>5299009LINL232255G03</lei>
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        <balance>68961.00000000</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>IES HOLDINGS, INC.</name>
        <lei>549300687T8E6LN6EN72</lei>
        <title>IES HOLDINGS INC</title>
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          <isin value="US44951W1062"/>
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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>GRAHAM HOLDINGS COMPANY</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>GRAHAM HOLDINGS CO</title>
        <cusip>384637104</cusip>
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        <balance>3392.00000000</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>BOISE CASCADE COMPANY</name>
        <lei>549300Z8B8LSRHC7XA55</lei>
        <title>BOISE CASCADE CO</title>
        <cusip>09739D100</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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        <name>NAVIENT CORPORATION</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>NAVIENT CORP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PERRIGO COMPANY PUBLIC LIMITED COMPANY</name>
        <lei>549300IFOQS6R1QLY196</lei>
        <title>PERRIGO CO PLC</title>
        <cusip>G97822103</cusip>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>JONES LANG LASALLE INCORPORATED</name>
        <lei>6SYKCME112RT8TQUO411</lei>
        <title>JONES LANG LASALLE INC</title>
        <cusip>48020Q107</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>SONIC AUTOMOTIVE, INC.</name>
        <lei>549300NTLRGJ2JCBZU03</lei>
        <title>SONIC AUTOMOTIVE INC CLASS A</title>
        <cusip>83545G102</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SPHERE ENTERTAINMENT CO.</name>
        <lei>254900ZW4JWKYRZZ9A91</lei>
        <title>SPHERE ENTERTAINMENT CO</title>
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      <invstOrSec>
        <name>JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY</name>
        <lei>635400GAUMJCLEZRRV50</lei>
        <title>JAZZ PHARMACEUTICALS PLC</title>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>AIR LEASE CORPORATION</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>AIR LEASE CORP</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>BREAD FINANCIAL HOLDINGS, INC.</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>BREAD FINANCIAL HOLDINGS</title>
        <cusip>018581108</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atmus Filtration Technologies Inc</name>
        <lei>N/A</lei>
        <title>ATMUS FILTRATION TECHNOLOGIES INC</title>
        <cusip>04956D107</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>THE MACERICH COMPANY</name>
        <lei>529900PSWCB5KI0JYU46</lei>
        <title>THE MACERICH CO</title>
        <cusip>554382101</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ADTALEM GLOBAL EDUCATION INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SOLVENTUM CORPORATION</name>
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        <name>VERITEX HOLDINGS, INC.</name>
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        <name>Credo Technology Group Holding Ltd</name>
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        <name>Janux Therapeutics Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COMSTOCK RESOURCES, INC.</name>
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        <name>Evergy, Inc.</name>
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        <name>CLEVELAND-CLIFFS INC.</name>
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        <name>MASTERBRAND, INC.</name>
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        <name>MSILF Government Portfolio</name>
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        <name>GLOBUS MEDICAL, INC.</name>
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        <name>DXP ENTERPRISES, INC.</name>
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        <name>CIVITAS RESOURCES, INC.</name>
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        <name>RITHM CAPITAL CORP.</name>
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        <name>KB HOME</name>
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        <name>ORGANON &amp; CO.</name>
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        <name>MASIMO CORPORATION</name>
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        <name>PEBBLEBROOK HOTEL TRUST</name>
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    <signature>
      <ncom:dateSigned>2025-04-30</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>
