Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
1
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.2%)
Communication
Services
(3.4%):
Alphabet,
Inc.
,
Class
A
...................................................
274
$
42,371
AT&T,
Inc.
...........................................................
2,285
64,620
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
92
33,905
Comcast
Corp.
,
Class
A
..................................................
1,342
49,520
Electronic
Arts,
Inc.
.....................................................
354
51,160
Fox
Corp.
,
Class
A
......................................................
1,105
62,543
Live
Nation
Entertainment,
Inc.
(a)
...........................................
382
49,882
Meta
Platforms,
Inc.
,
Class
A
..............................................
68
39,192
Netflix,
Inc.
(a)
.........................................................
47
43,829
News
Corp.
,
Class
A
.....................................................
2,258
61,463
Omnicom
Group,
Inc.
....................................................
647
53,643
Pinterest,
Inc.
,
Class
A
(a)
.................................................
789
24,459
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
335
18,331
The
Walt
Disney
Co.
....................................................
550
54,285
T-Mobile
US,
Inc.
......................................................
214
57,076
Verizon
Communications,
Inc.
..............................................
1,505
68,267
Warner
Music
Group
Corp.
,
Class
A
.........................................
1,573
49,313
823,859
Consumer
Discretionary
(8.9%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
245
29,268
Amazon.com,
Inc.
(a)
....................................................
211
40,145
Aptiv
PLC
(a)
..........................................................
544
32,368
AutoZone,
Inc.
(a)
.......................................................
19
72,443
Best
Buy
Co.,
Inc.
......................................................
472
34,744
Booking
Holdings,
Inc.
...................................................
10
46,069
Burlington
Stores,
Inc.
(a)
.................................................
184
43,853
CarMax,
Inc.
(a)
........................................................
516
40,207
Carvana
Co.
(a)
.........................................................
90
18,817
Chewy,
Inc.
,
Class
A
(a)
..................................................
702
22,822
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
740
37,155
Coupang,
Inc.
(a)
.......................................................
1,621
35,548
D.R.
Horton,
Inc.
.......................................................
308
39,156
Darden
Restaurants,
Inc.
..................................................
213
44,253
Deckers
Outdoor
Corp.
(a)
.................................................
218
24,375
Dick's
Sporting
Goods,
Inc.
................................................
166
33,459
Domino's
Pizza,
Inc.
.....................................................
88
40,432
DoorDash,
Inc.
,
Class
A
(a)
................................................
215
39,295
Duolingo,
Inc.
(a)
.......................................................
83
25,775
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
249
15,373
eBay,
Inc.
............................................................
722
48,901
Expedia
Group,
Inc.
.....................................................
176
29,586
Ford
Motor
Credit
Co.
LLC
...............................................
3,686
36,971
Garmin
Ltd.
...........................................................
151
32,787
General
Motors
Co.
.....................................................
739
34,755
Genuine
Parts
Co.
......................................................
312
37,172
Hilton
Worldwide
Holdings,
Inc.
............................................
250
56,887
Hyatt
Hotels
Corp.
,
Class
A
................................................
307
37,607
Las
Vegas
Sands
Corp.
...................................................
896
34,612
Lennar
Corp.
,
Class
A
....................................................
350
40,173
Lowe's
Cos.,
Inc.
.......................................................
231
53,876
Marriott
International,
Inc.
,
Class
A
..........................................
206
49,069
McDonald's
Corp.
......................................................
232
72,470
NIKE,
Inc.
,
Class
B
.....................................................
448
28,439
NVR,
Inc.
(a)
..........................................................
7
50,711
O'Reilly
Automotive,
Inc.
(a)
...............................................
50
71,629
Pool
Corp.
............................................................
124
39,475
PulteGroup,
Inc.
........................................................
392
40,298
Ralph
Lauren
Corp.
.....................................................
152
33,552
Ross
Stores,
Inc.
.......................................................
440
56,228
Royal
Caribbean
Cruises
Ltd.
..............................................
138
28,351
Service
Corp.
International
................................................
690
55,338
Somnigroup
International,
Inc.
.............................................
640
38,323
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Starbucks
Corp.
........................................................
293
$
28,740
Tapestry,
Inc.
..........................................................
394
27,741
Tesla,
Inc.
(a)
..........................................................
66
17,104
Texas
Roadhouse,
Inc.
...................................................
290
48,323
The
Home
Depot,
Inc.
...................................................
158
57,905
The
TJX
Cos.,
Inc.
......................................................
647
78,805
Tractor
Supply
Co.
......................................................
889
48,984
Ulta
Beauty,
Inc.
(a)
.....................................................
103
37,754
Williams-Sonoma,
Inc.
...................................................
129
20,395
Yum!
Brands,
Inc.
......................................................
408
64,203
2,152,721
Consumer
Staples
(9.0%):
Altria
Group,
Inc.
.......................................................
1,225
73,525
Archer-Daniels-Midland
Co.
...............................................
1,179
56,604
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
497
56,708
Brown-Forman
Corp.
,
Class
B
.............................................
1,429
48,500
Casey's
General
Stores,
Inc.
...............................................
102
44,272
Church
&
Dwight
Co.,
Inc.
................................................
629
69,247
Coca-Cola
Consolidated,
Inc.
..............................................
32
43,200
Colgate-Palmolive
Co.
...................................................
787
73,742
Conagra
Brands,
Inc.
....................................................
2,223
59,287
Constellation
Brands,
Inc.
,
Class
A
..........................................
248
45,513
Costco
Wholesale
Corp.
..................................................
66
62,421
Dollar
General
Corp.
....................................................
379
33,325
General
Mills,
Inc.
......................................................
1,080
64,573
Hormel
Foods
Corp.
.....................................................
2,236
69,182
Kenvue,
Inc.
..........................................................
2,006
48,104
Keurig
Dr.
Pepper,
Inc.
...................................................
2,121
72,581
Kimberly-Clark
Corp.
....................................................
519
73,812
McCormick
&
Co.,
Inc.
..................................................
804
66,177
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
827
50,339
Mondelez
International,
Inc.
,
Class
A
.........................................
1,022
69,343
Monster
Beverage
Corp.
(a)
................................................
916
53,604
PepsiCo,
Inc.
..........................................................
481
72,121
Performance
Food
Group
Co.
(a)
............................................
606
47,650
Philip
Morris
International,
Inc.
.............................................
337
53,492
Sprouts
Farmers
Market,
Inc.
(a)
............................................
226
34,497
Sysco
Corp.
...........................................................
863
64,760
Target
Corp.
..........................................................
274
28,595
The
Campbell's
Company
.................................................
1,438
57,405
The
Clorox
Co.
........................................................
401
59,047
The
Coca-Cola
Co.
......................................................
1,186
84,941
The
Hershey
Co.
.......................................................
284
48,573
The
Kraft
Heinz
Co.
.....................................................
2,105
64,055
The
Kroger
Co.
........................................................
920
62,275
The
Procter
&
Gamble
Co.
................................................
427
72,769
Tyson
Foods,
Inc.
,
Class
A
................................................
1,022
65,214
U.S.
Foods
Holding
Corp.
(a)
...............................................
850
55,641
Walmart,
Inc.
..........................................................
660
57,941
2,163,035
Energy
(4.8%):
Antero
Resources
Corp.
(a)
................................................
888
35,911
Baker
Hughes
Co.
......................................................
983
43,203
Cheniere
Energy,
Inc.
....................................................
224
51,834
Chevron
Corp.
.........................................................
412
68,924
ConocoPhillips
........................................................
545
57,236
Coterra
Energy,
Inc.
.....................................................
1,900
54,910
Devon
Energy
Corp.
.....................................................
1,221
45,665
Diamondback
Energy,
Inc.
................................................
279
44,607
EOG
Resources,
Inc.
....................................................
451
57,836
EQT
Corp.
............................................................
774
41,355
Exxon
Mobil
Corp.
.....................................................
584
69,455
Halliburton
Co.
........................................................
1,671
42,393
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Kinder
Morgan,
Inc.
.....................................................
2,021
$
57,659
Marathon
Petroleum
Corp.
................................................
286
41,667
Occidental
Petroleum
Corp.
...............................................
1,103
54,444
ONEOK,
Inc.
..........................................................
536
53,182
Ovintiv,
Inc.
..........................................................
909
38,905
Permian
Resources
Corp.
.................................................
2,980
41,273
Phillips
66
Co.
.........................................................
373
46,058
Schlumberger
NV
......................................................
1,099
45,938
Targa
Resources
Corp.
...................................................
233
46,710
Texas
Pacific
Land
Corp.
.................................................
20
26,500
The
Williams
Cos.,
Inc.
..................................................
911
54,441
Valero
Energy
Corp.
.....................................................
319
42,130
1,162,236
Financials
(18.8%):
Aflac,
Inc.
............................................................
599
66,603
Ally
Financial,
Inc.
......................................................
993
36,215
American
Express
Co.
...................................................
174
46,815
American
International
Group,
Inc.
..........................................
708
61,554
Ameriprise
Financial,
Inc.
.................................................
101
48,895
Aon
PLC
,
Class
A
......................................................
175
69,841
Apollo
Global
Management,
Inc.
............................................
255
34,920
Arch
Capital
Group
Ltd.
..................................................
569
54,726
Ares
Management
Corp.
,
Class
A
...........................................
265
38,852
Arthur
J.
Gallagher
&
Co.
.................................................
209
72,155
Bank
of
America
Corp.
...................................................
1,210
50,493
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
154
82,017
Blackrock,
Inc.
........................................................
66
62,468
Blackstone,
Inc.
........................................................
281
39,278
Block,
Inc.
(a)
..........................................................
419
22,764
Blue
Owl
Capital,
Inc.
...................................................
1,691
33,888
Brown
&
Brown,
Inc.
....................................................
609
75,760
Capital
One
Financial
Corp.
...............................................
193
34,605
Cboe
Global
Markets,
Inc.
................................................
289
65,398
Chubb
Ltd.
...........................................................
252
76,101
Cincinnati
Financial
Corp.
................................................
388
57,315
Citigroup,
Inc.
.........................................................
555
39,399
Citizens
Financial
Group,
Inc.
..............................................
925
37,897
CME
Group,
Inc.
.......................................................
322
85,423
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
71
12,228
Corebridge
Financial,
Inc.
.................................................
1,227
38,736
East
West
Bancorp,
Inc.
..................................................
457
41,020
Equitable
Holdings,
Inc.
..................................................
792
41,255
Erie
Indemnity
Co.
,
Class
A
...............................................
102
42,743
Everest
Group
Ltd.
......................................................
149
54,136
FactSet
Research
Systems,
Inc.
.............................................
148
67,287
Fidelity
National
Financial,
Inc.
............................................
971
63,193
Fidelity
National
Information
Services,
Inc.
....................................
815
60,864
Fifth
Third
Bancorp
.....................................................
1,274
49,941
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
17
31,520
Fiserv,
Inc.
(a)
..........................................................
279
61,612
Global
Payments,
Inc.
....................................................
428
41,910
Houlihan
Lokey,
Inc.
....................................................
289
46,673
Huntington
Bancshares,
Inc.
...............................................
2,873
43,124
Interactive
Brokers
Group,
Inc.
.............................................
189
31,296
Intercontinental
Exchange,
Inc.
.............................................
453
78,142
Jack
Henry
&
Associates,
Inc.
..............................................
452
82,535
Jefferies
Financial
Group,
Inc.
..............................................
622
33,321
JPMorgan
Chase
&
Co.
..................................................
196
48,079
KKR
&
Co.,
Inc.
.......................................................
288
33,296
Loews
Corp.
..........................................................
814
74,815
LPL
Financial
Holdings,
Inc.
...............................................
99
32,387
M&T
Bank
Corp.
.......................................................
253
45,224
Markel
Group,
Inc.
(a)
....................................................
30
56,088
Marsh
&
McLennan
Cos.,
Inc.
.............................................
393
95,904
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Mastercard,
Inc.
,
Class
A
.................................................
134
$
73,448
MetLife,
Inc.
..........................................................
659
52,911
Moody's
Corp.
.........................................................
130
60,540
Morgan
Stanley
........................................................
344
40,134
Morningstar,
Inc.
.......................................................
206
61,773
MSCI,
Inc.
...........................................................
102
57,681
Nasdaq,
Inc.
..........................................................
850
64,481
Northern
Trust
Corp.
....................................................
506
49,917
PayPal
Holdings,
Inc.
(a)
..................................................
525
34,256
Principal
Financial
Group,
Inc.
.............................................
642
54,166
Prudential
Financial,
Inc.
.................................................
460
51,373
Raymond
James
Financial,
Inc.
.............................................
316
43,896
Regions
Financial
Corp.
..................................................
2,078
45,155
Reinsurance
Group
of
America,
Inc.
.........................................
233
45,878
RenaissanceRe
Holdings
Ltd.
..............................................
200
48,000
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
391
16,273
Rocket
Cos.,
Inc.
,
Class
A
(b)
...............................................
1,950
23,536
Ryan
Specialty
Holdings,
Inc.
..............................................
655
48,385
S&P
Global,
Inc.
.......................................................
147
74,691
SoFi
Technologies,
Inc.
(a)
.................................................
1,675
19,480
State
Street
Corp.
.......................................................
577
51,659
Synchrony
Financial
.....................................................
560
29,646
T.
Rowe
Price
Group,
Inc.
.................................................
547
50,253
The
Allstate
Corp.
......................................................
273
56,530
The
Bank
of
New
York
Mellon
Corp.
.........................................
722
60,554
The
Carlyle
Group,
Inc.
..................................................
737
32,126
The
Charles
Schwab
Corp.
................................................
596
46,655
The
Goldman
Sachs
Group,
Inc.
............................................
73
39,879
The
Hartford
Insurance
Group,
Inc.
..........................................
511
63,226
The
PNC
Financial
Services
Group,
Inc.
......................................
294
51,676
The
Progressive
Corp.
...................................................
211
59,715
The
Travelers
Cos.,
Inc.
..................................................
202
53,421
Tradeweb
Markets,
Inc.
,
Class
A
............................................
462
68,589
Truist
Financial
Corp.
....................................................
1,049
43,166
U.S.
Bancorp
..........................................................
1,087
45,893
Unum
Group
..........................................................
699
56,941
Visa,
Inc.
,
Class
A
......................................................
199
69,742
W.R.
Berkley
Corp.
.....................................................
935
66,535
Wells
Fargo
&
Co.
......................................................
530
38,049
4,550,940
Health
Care
(11.8%):
Abbott
Laboratories
.....................................................
485
64,335
AbbVie,
Inc.
..........................................................
241
50,494
Agilent
Technologies,
Inc.
.................................................
421
49,249
Align
Technology,
Inc.
(a)
.................................................
184
29,230
Amgen,
Inc.
...........................................................
176
54,833
Avantor,
Inc.
(a)
........................................................
2,292
37,153
Becton
Dickinson
&
Co.
..................................................
303
69,405
Biogen,
Inc.
(a)
.........................................................
383
52,410
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
553
39,092
Boston
Scientific
Corp.
(a)
.................................................
732
73,844
Cardinal
Health,
Inc.
....................................................
492
67,783
Cencora,
Inc.
..........................................................
280
77,865
Centene
Corp.
(a)
.......................................................
660
40,069
CVS
Health
Corp.
......................................................
500
33,875
Danaher
Corp.
.........................................................
258
52,890
DaVita,
Inc.
(a)
.........................................................
287
43,902
Dexcom,
Inc.
(a)
........................................................
246
16,799
Doximity,
Inc.
,
Class
A
(a)
.................................................
218
12,651
Edwards
Lifesciences
Corp.
(a)
.............................................
403
29,209
Elevance
Health,
Inc.
....................................................
125
54,370
Eli
Lilly
&
Co.
.........................................................
44
36,340
GE
HealthCare
Technologies,
Inc.
...........................................
642
51,816
Gilead
Sciences,
Inc.
....................................................
456
51,095
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Globus
Medical,
Inc.
(a)
..................................................
654
$
47,873
HCA
Healthcare,
Inc.
....................................................
155
53,560
Hologic,
Inc.
(a)
........................................................
956
59,052
Humana,
Inc.
..........................................................
113
29,900
IDEXX
Laboratories,
Inc.
(a)
...............................................
103
43,255
Incyte
Corp.
(a)
.........................................................
532
32,213
Insulet
Corp.
(a)
........................................................
152
39,917
Intuitive
Surgical,
Inc.
(a)
.................................................
83
41,107
IQVIA
Holdings,
Inc.
(a)
..................................................
240
42,312
Johnson
&
Johnson
.....................................................
487
80,764
Labcorp
Holdings,
Inc.
...................................................
238
55,392
McKesson
Corp.
.......................................................
71
47,782
Medtronic
PLC
........................................................
716
64,340
Merck
&
Co.,
Inc.
......................................................
562
50,445
Mettler-Toledo
International,
Inc.
(a)
.........................................
38
44,875
Molina
Healthcare,
Inc.
(a)
................................................
93
30,633
Neurocrine
Biosciences,
Inc.
(a)
.............................................
269
29,751
Pfizer,
Inc.
............................................................
2,313
58,611
Quest
Diagnostics,
Inc.
...................................................
365
61,758
Regeneron
Pharmaceuticals,
Inc.
............................................
71
45,030
ResMed,
Inc.
..........................................................
168
37,607
Revvity,
Inc.
..........................................................
398
42,108
Solventum
Corp.
(a)
.....................................................
548
41,670
STERIS
PLC
..........................................................
315
71,395
Stryker
Corp.
..........................................................
180
67,005
Tenet
Healthcare
Corp.
(a)
.................................................
260
34,970
The
Cigna
Group
.......................................................
152
50,008
The
Cooper
Cos.,
Inc.
(a)
..................................................
597
50,357
Thermo
Fisher
Scientific,
Inc.
..............................................
113
56,229
United
Therapeutics
Corp.
(a)
..............................................
130
40,075
UnitedHealth
Group,
Inc.
.................................................
92
48,185
Universal
Health
Services,
Inc.
,
Class
B
.......................................
239
44,908
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
196
45,400
Waters
Corp.
(a)
........................................................
99
36,488
West
Pharmaceutical
Services,
Inc.
..........................................
93
20,821
Zimmer
Biomet
Holdings,
Inc.
.............................................
554
62,702
Zoetis,
Inc.
...........................................................
343
56,475
2,853,682
Industrials
(18.0%):
3M
Co.
..............................................................
252
37,009
AECOM
.............................................................
542
50,260
AMETEK,
Inc.
........................................................
305
52,503
Automatic
Data
Processing,
Inc.
............................................
274
83,715
Axon
Enterprise,
Inc.
(a)
..................................................
43
22,616
Booz
Allen
Hamilton
Holding
Corp.
.........................................
370
38,695
Broadridge
Financial
Solutions,
Inc.
.........................................
320
77,587
Builders
FirstSource,
Inc.
(a)
...............................................
235
29,361
C.H.
Robinson
Worldwide,
Inc.
.............................................
463
47,411
Carlisle
Cos.,
Inc.
.......................................................
129
43,924
Carrier
Global
Corp.
.....................................................
716
45,394
Caterpillar,
Inc.
........................................................
141
46,502
Cintas
Corp.
..........................................................
270
55,493
Clean
Harbors,
Inc.
(a)
...................................................
215
42,376
Comfort
Systems
USA,
Inc.
...............................................
63
20,307
Copart,
Inc.
(a)
.........................................................
995
56,307
CSX
Corp.
............................................................
1,717
50,531
Cummins,
Inc.
.........................................................
138
43,255
Curtiss-Wright
Corp.
....................................................
130
41,245
Deere
&
Co.
..........................................................
105
49,282
Delta
Air
Lines,
Inc.
.....................................................
603
26,291
Dover
Corp.
...........................................................
302
53,055
Eaton
Corp.
PLC
.......................................................
129
35,066
EMCOR
Group,
Inc.
....................................................
77
28,462
Emerson
Electric
Co.
....................................................
401
43,966
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Equifax,
Inc.
..........................................................
194
$
47,251
Expeditors
International
of
Washington,
Inc.
....................................
581
69,865
Fastenal
Co.
...........................................................
761
59,016
FedEx
Corp.
..........................................................
147
35,836
Fortive
Corp.
..........................................................
758
55,470
GE
Vernova,
Inc.
.......................................................
71
21,675
General
Dynamics
Corp.
..................................................
265
72,234
General
Electric
Co.
.....................................................
205
41,031
Graco,
Inc.
...........................................................
795
66,390
HEICO
Corp.
..........................................................
174
46,491
Honeywell
International,
Inc.
..............................................
305
64,584
Howmet
Aerospace,
Inc.
..................................................
276
35,805
Hubbell,
Inc.
..........................................................
114
37,724
IDEX
Corp.
...........................................................
269
48,681
Illinois
Tool
Works,
Inc.
..................................................
298
73,907
Ingersoll
Rand,
Inc.
.....................................................
547
43,776
ITT,
Inc.
.............................................................
350
45,206
J.B.
Hunt
Transport
Services,
Inc.
...........................................
296
43,793
Jacobs
Solutions,
Inc.
....................................................
486
58,753
Johnson
Controls
International
PLC
..........................................
541
43,340
L3Harris
Technologies,
Inc.
...............................................
305
63,840
Leidos
Holdings,
Inc.
....................................................
328
44,260
Lennox
International,
Inc.
.................................................
73
40,941
Lincoln
Electric
Holdings,
Inc.
.............................................
212
40,102
Lockheed
Martin
Corp.
...................................................
132
58,966
Masco
Corp.
..........................................................
715
49,721
Nordson
Corp.
.........................................................
276
55,675
Norfolk
Southern
Corp.
..................................................
192
45,475
Northrop
Grumman
Corp.
.................................................
142
72,705
Old
Dominion
Freight
Line,
Inc.
............................................
221
36,564
Otis
Worldwide
Corp.
....................................................
711
73,375
Owens
Corning
........................................................
272
38,847
PACCAR,
Inc.
.........................................................
452
44,011
Parker-Hannifin
Corp.
...................................................
71
43,157
Paychex,
Inc.
..........................................................
439
67,729
Paycom
Software,
Inc.
...................................................
155
33,864
Paylocity
Holding
Corp.
(a)
................................................
212
39,716
Quanta
Services,
Inc.
....................................................
122
31,010
Republic
Services,
Inc.
...................................................
340
82,334
Rockwell
Automation,
Inc.
................................................
140
36,173
Rollins,
Inc.
...........................................................
1,199
64,782
RTX
Corp.
............................................................
475
62,919
Snap-on,
Inc.
..........................................................
174
58,640
Southwest
Airlines
Co.
...................................................
1,384
46,475
SS&C
Technologies
Holdings,
Inc.
..........................................
724
60,476
Stanley
Black
&
Decker,
Inc.
..............................................
475
36,518
Textron,
Inc.
..........................................................
784
56,644
Trane
Technologies
PLC
..................................................
149
50,201
TransDigm
Group,
Inc.
...................................................
36
49,798
TransUnion
...........................................................
446
37,014
Uber
Technologies,
Inc.
(a)
................................................
400
29,144
U-Haul
Holding
Co.
.....................................................
826
48,883
Union
Pacific
Corp.
.....................................................
264
62,367
United
Airlines
Holdings,
Inc.
(a)
............................................
320
22,096
United
Parcel
Service,
Inc.
,
Class
B
..........................................
369
40,586
United
Rentals,
Inc.
.....................................................
60
37,602
Veralto
Corp.
..........................................................
704
68,605
Verisk
Analytics,
Inc.
....................................................
231
68,750
Vertiv
Holdings
Co.
,
Class
A
...............................................
197
14,223
W.W.
Grainger,
Inc.
.....................................................
60
59,270
Waste
Management,
Inc.
..................................................
289
66,906
Watsco,
Inc.
...........................................................
91
46,255
Westinghouse
Air
Brake
Technologies
Corp.
....................................
293
53,136
XPO,
Inc.
(a)
..........................................................
254
27,325
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Xylem,
Inc.
...........................................................
443
$
52,921
4,351,442
Information
Technology
(11.2%):
Accenture
PLC
,
Class
A
..................................................
153
47,742
Adobe,
Inc.
(a)
.........................................................
86
32,984
Advanced
Micro
Devices,
Inc.
(a)
............................................
293
30,103
Akamai
Technologies,
Inc.
(a)
..............................................
408
32,844
Amphenol
Corp.
,
Class
A
.................................................
566
37,124
Analog
Devices,
Inc.
....................................................
167
33,679
Apple,
Inc.
...........................................................
226
50,201
Applied
Materials,
Inc.
...................................................
178
25,831
AppLovin
Corp.
,
Class
A
(a)
...............................................
44
11,659
Arista
Networks,
Inc.
(a)
..................................................
275
21,307
Autodesk,
Inc.
(a)
.......................................................
181
47,386
Bentley
Systems,
Inc.
,
Class
B
.............................................
1,136
44,690
Broadcom,
Inc.
........................................................
103
17,245
Cadence
Design
Systems,
Inc.
(a)
............................................
130
33,063
CDW
Corp.
...........................................................
261
41,828
Ciena
Corp.
(a)
.........................................................
326
19,700
Cisco
Systems,
Inc.
.....................................................
1,101
67,943
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
750
57,375
Corning,
Inc.
..........................................................
834
38,181
Corpay,
Inc.
(a)
.........................................................
147
51,262
Datadog,
Inc.
,
Class
A
(a)
.................................................
296
29,366
Dell
Technologies,
Inc.
,
Class
C
............................................
263
23,972
DocuSign,
Inc.
(a)
.......................................................
336
27,350
Dynatrace,
Inc.
(a)
......................................................
762
35,928
Entegris,
Inc.
..........................................................
298
26,069
EPAM
Systems,
Inc.
(a)
...................................................
164
27,690
F5,
Inc.
(a)
............................................................
151
40,207
Fair
Isaac
Corp.
(a)
......................................................
24
44,260
First
Solar,
Inc.
(a)
......................................................
179
22,631
Fortinet,
Inc.
(a)
........................................................
305
29,359
Gartner,
Inc.
(a)
........................................................
127
53,307
Gen
Digital,
Inc.
.......................................................
2,182
57,910
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
244
43,954
Hewlett
Packard
Enterprise
Co.
.............................................
1,709
26,370
HP,
Inc.
..............................................................
1,453
40,234
HubSpot,
Inc.
(a)
.......................................................
51
29,136
International
Business
Machines
Corp.
........................................
205
50,975
Intuit,
Inc.
............................................................
69
42,365
Jabil,
Inc.
............................................................
235
31,976
Keysight
Technologies,
Inc.
(a)
.............................................
242
36,244
KLA
Corp.
...........................................................
40
27,192
Lam
Research
Corp.
.....................................................
357
25,954
Microchip
Technology,
Inc.
................................................
523
25,318
Micron
Technology,
Inc.
..................................................
237
20,593
Microsoft
Corp.
........................................................
155
58,185
Monolithic
Power
Systems,
Inc.
............................................
36
20,879
Motorola
Solutions,
Inc.
..................................................
154
67,423
NetApp,
Inc.
..........................................................
376
33,028
NVIDIA
Corp.
.........................................................
183
19,834
NXP
Semiconductors
NV
.................................................
158
30,030
Okta,
Inc.
(a)
..........................................................
395
41,562
ON
Semiconductor
Corp.
(a)
...............................................
558
22,705
Oracle
Corp.
..........................................................
195
27,263
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
222
18,737
Palo
Alto
Networks,
Inc.
(a)
................................................
216
36,858
PTC,
Inc.
(a)
...........................................................
333
51,598
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
452
20,010
QUALCOMM,
Inc.
.....................................................
210
32,258
Roper
Technologies,
Inc.
..................................................
115
67,802
Salesforce,
Inc.
........................................................
144
38,644
Seagate
Technology
Holdings
PLC
..........................................
418
35,509
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
ServiceNow,
Inc.
(a)
.....................................................
41
$
32,642
Super
Micro
Computer,
Inc.
(a)
(b)
...........................................
255
8,731
Synopsys,
Inc.
(a)
.......................................................
73
31,306
TD
SYNNEX
Corp.
.....................................................
342
35,554
Teledyne
Technologies,
Inc.
(a)
.............................................
126
62,712
Teradyne,
Inc.
.........................................................
253
20,898
Texas
Instruments,
Inc.
...................................................
215
38,636
Trimble,
Inc.
(a)
........................................................
603
39,587
Tyler
Technologies,
Inc.
(a)
................................................
92
53,488
VeriSign,
Inc.
(a)
........................................................
282
71,591
Western
Digital
Corp.
(a)
..................................................
649
26,239
Workday,
Inc.
,
Class
A
(a)
.................................................
152
35,497
Zebra
Technologies
Corp.
(a)
...............................................
147
41,536
Zoom
Communications,
Inc.
(a)
.............................................
513
37,844
2,719,093
Materials
(5.0%):
Air
Products
and
Chemicals,
Inc.
............................................
160
47,187
Avery
Dennison
Corp.
...................................................
346
61,578
CF
Industries
Holdings,
Inc.
...............................................
515
40,247
Corteva,
Inc.
..........................................................
899
56,574
Dow,
Inc.
............................................................
1,482
51,752
DuPont
de
Nemours,
Inc.
.................................................
750
56,010
Ecolab,
Inc.
...........................................................
251
63,634
Freeport-McMoRan,
Inc.
.................................................
1,056
39,980
International
Flavors
&
Fragrances,
Inc.
.......................................
692
53,706
International
Paper
Co.
...................................................
835
44,547
Linde
PLC
............................................................
196
91,265
LyondellBasell
Industries
NV
,
Class
A
........................................
882
62,093
Martin
Marietta
Materials,
Inc.
.............................................
111
53,072
Newmont
Corp.
........................................................
902
43,549
Nucor
Corp.
...........................................................
262
31,529
Packaging
Corp.
of
America
...............................................
289
57,228
PPG
Industries,
Inc.
.....................................................
566
61,892
Reliance,
Inc.
..........................................................
159
45,911
RPM
International,
Inc.
..................................................
465
53,791
Steel
Dynamics,
Inc.
.....................................................
279
34,897
The
Sherwin-Williams
Co.
................................................
163
56,918
Vulcan
Materials
Co.
....................................................
210
48,993
Westlake
Corp.
........................................................
461
46,114
1,202,467
Real
Estate
(0.5%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
328
42,896
CoStar
Group,
Inc.
(a)
....................................................
624
49,440
Jones
Lang
LaSalle,
Inc.
(a)
................................................
151
37,434
129,770
Utilities
(7.8%):
Alliant
Energy
Corp.
....................................................
1,173
75,483
Ameren
Corp.
.........................................................
746
74,898
American
Electric
Power
Co.,
Inc.
...........................................
699
76,380
American
Water
Works
Co.,
Inc.
............................................
462
68,154
Atmos
Energy
Corp.
.....................................................
559
86,410
CenterPoint
Energy,
Inc.
..................................................
1,810
65,576
CMS
Energy
Corp.
......................................................
1,144
85,926
Consolidated
Edison,
Inc.
.................................................
733
81,062
Constellation
Energy
Corp.
................................................
74
14,921
Dominion
Energy,
Inc.
...................................................
1,079
60,500
DTE
Energy
Co.
.......................................................
570
78,814
Duke
Energy
Corp.
......................................................
668
81,476
Edison
International
.....................................................
801
47,195
Entergy
Corp.
.........................................................
555
47,447
Evergy,
Inc.
...........................................................
1,410
97,219
Eversource
Energy
......................................................
976
60,619
Exelon
Corp.
..........................................................
1,655
76,262
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
FirstEnergy
Corp.
.......................................................
1,765
$
71,341
NextEra
Energy,
Inc.
....................................................
698
49,481
NiSource,
Inc.
.........................................................
2,035
81,583
NRG
Energy,
Inc.
.......................................................
283
27,015
PG&E
Corp.
..........................................................
3,092
53,121
PPL
Corp.
............................................................
2,342
84,570
Public
Service
Enterprise
Group,
Inc.
.........................................
755
62,136
Sempra
..............................................................
591
42,174
The
Southern
Co.
.......................................................
834
76,686
Vistra
Corp.
...........................................................
131
15,385
WEC
Energy
Group,
Inc.
.................................................
772
84,133
Xcel
Energy,
Inc.
.......................................................
992
70,224
1,896,191
Total
Common
Stocks
(Cost
$17,866,982)
24,005,436
Investment
Companies
(0.7%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
4
.21
%
(c)
............
157,988
157,988
Total
Investment
Companies
(Cost
$157,988)
157,988
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(c)
........
6,090
6,090
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(c)
............
6,090
6,090
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(c)
...............
6,090
6,090
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(c)
.
6,090
6,090
Total
Collateral
for
Securities
Loaned
(Cost
$24,360)
24,360
Total
Investments
(Cost
$18,049,330)
—
100.0%
24,187,784
Liabilities
in
excess
of
other
assets
—
(0.0)%(d)
(
9,066
)
NET
ASSETS
-
100.00%
$
24,178,718
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
LLC
—
Limited
Liability
Company
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
1
6/20/25
$
290,404
$
282,662
$
(
7,742
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
7,742
)
Total
net
unrealized
appreciation
(depreciation)
$
(
7,742
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
10
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(88.5%)
Australia
(1.4%):
Communication
Services
(0.3%):
Telstra
Group
Ltd.
......................................................
3,209,947
$
8,477,947
Consumer
Staples
(0.2%):
Endeavour
Group
Ltd.
...................................................
1,804,624
4,363,287
Energy
(0.2%):
Ampol
Ltd.
...........................................................
317,039
4,662,685
Financials
(0.2%):
ANZ
Group
Holdings
Ltd.
(a)
..............................................
341,555
6,252,047
Materials
(0.3%):
BHP
Group
Ltd.
........................................................
185,931
4,510,182
Fortescue
Ltd.
.........................................................
284,369
2,751,752
7,261,934
Utilities
(0.2%):
Origin
Energy
Ltd.
......................................................
823,850
5,450,402
36,468,302
Austria
(0.3%):
Energy
(0.3%):
OMV
AG
............................................................
147,899
7,615,550
Belgium
(0.3%):
Financials
(0.3%):
Ageas
SA
............................................................
129,059
7,735,495
Bermuda
(0.4%):
Energy
(0.4%):
DHT
Holdings,
Inc.
.....................................................
497,267
5,221,304
Golar
LNG
Ltd.
........................................................
118,272
4,493,153
9,714,457
Brazil
(4.1%):
Communication
Services
(0.5%):
Telefonica
Brasil
SA
.....................................................
564,400
4,929,288
TIM
SA
..............................................................
2,352,800
7,422,732
12,352,020
Consumer
Discretionary
(0.2%):
Vibra
Energia
SA
.......................................................
1,768,800
5,512,096
Consumer
Staples
(0.7%):
Ambev
SA
............................................................
5,185,900
12,270,555
JBS
S/A
.............................................................
1,075,500
7,749,330
20,019,885
Energy
(0.3%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
1,117,400
7,277,642
Financials
(1.0%):
Banco
do
Brasil
SA
.....................................................
2,453,800
12,123,850
BB
Seguridade
Participacoes
SA
............................................
1,886,400
13,324,322
25,448,172
Health
Care
(0.1%):
Hypera
SA
............................................................
733,000
2,488,513
Materials
(0.8%):
Gerdau
SA
,
Preference
Shares
..............................................
1,493,800
4,236,208
Klabin
SA
............................................................
2,151,600
7,036,869
Vale
SA
..............................................................
936,000
9,301,761
20,574,838
Utilities
(0.5%):
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
...............................
3,706,100
6,664,549
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
CPFL
Energia
SA
.......................................................
904,900
$
5,979,271
12,643,820
106,316,986
Canada
(2.3%):
Consumer
Discretionary
(0.1%):
Magna
International,
Inc.
.................................................
110,026
3,739,921
Energy
(1.4%):
Canadian
Natural
Resources
Ltd.
............................................
135,156
4,159,224
Enbridge,
Inc.
.........................................................
201,905
8,936,917
Keyera
Corp.
..........................................................
255,471
7,941,635
Pembina
Pipeline
Corp.
..................................................
195,065
7,803,142
Suncor
Energy,
Inc.
.....................................................
125,659
4,866,022
Teekay
Tankers
Ltd.
,
Class
A
...............................................
73,553
2,814,873
36,521,813
Materials
(0.2%):
Nutrien
Ltd.
...........................................................
96,575
4,793,513
Utilities
(0.6%):
Canadian
Utilities
Ltd.
,
Class
A
.............................................
212,760
5,470,929
Emera,
Inc.
...........................................................
207,355
8,734,302
14,205,231
59,260,478
Chile
(0.3%):
Financials
(0.3%):
Banco
de
Chile
........................................................
47,651,285
6,304,808
China
(3.2%):
Consumer
Discretionary
(0.1%):
Zhongsheng
Group
Holdings
Ltd.
...........................................
1,009,500
1,777,896
Consumer
Staples
(0.0%):(b)
Tingyi
Cayman
Islands
Holding
Corp.
........................................
386,000
648,061
Energy
(0.7%):
China
Petroleum
&
Chemical
Corp.
,
Class
H
...................................
11,786,000
6,218,526
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
1,711,000
6,941,319
PetroChina
Co.
Ltd.
,
Class
H
..............................................
7,094,000
5,751,700
18,911,545
Financials
(2.2%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
5,605,000
3,375,592
Bank
of
China
Ltd.
,
Class
H
...............................................
18,760,000
11,330,530
Bank
of
Communications
Co.
Ltd.
,
Class
H
....................................
6,844,000
6,116,107
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
.......................................
8,908,000
6,987,709
China
Construction
Bank
Corp.
,
Class
H
......................................
10,621,000
9,412,256
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
547,500
3,246,208
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
10,132,000
7,230,239
Ping
An
Insurance
Group
Co.
of
China
Ltd.
....................................
423,000
2,524,947
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(c)
...............................
8,632,000
5,341,557
55,565,145
Industrials
(0.1%):
China
Railway
Group
Ltd.
,
Class
H
..........................................
5,579,000
2,468,137
Materials
(0.1%):
China
Hongqiao
Group
Ltd.
...............................................
1,786,000
3,694,693
83,065,477
Czech
Republic
(0.3%):
Utilities
(0.3%):
CEZ
A/S
.............................................................
155,366
7,702,288
Denmark
(0.4%):
Financials
(0.2%):
Danske
Bank
A/S
.......................................................
179,502
5,875,996
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Industrials
(0.2%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
1,990
$
3,463,829
9,339,825
Finland
(0.6%):
Communication
Services
(0.2%):
Elisa
Oyj
.............................................................
121,128
5,905,764
Consumer
Staples
(0.2%):
Kesko
Oyj
,
Class
B
.....................................................
265,258
5,421,479
Materials
(0.2%):
UPM-Kymmene
Oyj
....................................................
160,042
4,293,253
15,620,496
France
(2.7%):
Communication
Services
(0.4%):
Orange
SA
............................................................
807,358
10,457,649
Consumer
Discretionary
(0.3%):
Kering
SA
............................................................
13,057
2,716,125
Renault
SA
...........................................................
95,938
4,859,430
7,575,555
Energy
(0.3%):
TotalEnergies
SE
.......................................................
91,710
5,908,594
Financials
(0.5%):
BNP
Paribas
SA
........................................................
72,707
6,076,230
Credit
Agricole
SA
......................................................
413,656
7,530,743
13,606,973
Industrials
(0.6%):
Bouygues
SA
..........................................................
184,275
7,263,503
Eiffage
SA
............................................................
61,187
7,123,256
14,386,759
Utilities
(0.6%):
Engie
SA
.............................................................
472,144
9,199,245
Veolia
Environnement
SA
.................................................
199,841
6,872,250
16,071,495
68,007,025
Germany
(1.6%):
Consumer
Discretionary
(0.8%):
Bayerische
Motoren
Werke
AG
.............................................
54,181
4,368,601
Mercedes-Benz
Group
AG
................................................
86,994
5,138,402
Porsche
Automobil
Holding
SE
,
Preference
Shares
(d)
.............................
124,110
4,673,363
Volkswagen
AG
,
Preference
Shares
..........................................
51,822
5,287,323
19,467,689
Industrials
(0.4%):
Daimler
Truck
Holding
AG
................................................
95,758
3,878,750
Deutsche
Post
AG
......................................................
135,294
5,808,071
9,686,821
Materials
(0.4%):
BASF
SE
............................................................
103,730
5,199,378
Evonik
Industries
AG
....................................................
298,586
6,472,433
11,671,811
40,826,321
Hong
Kong
(2.8%):
Communication
Services
(0.2%):
HKT
Trust
&
HKT
Ltd.
,
Class
SS
...........................................
3,343,000
4,466,128
Consumer
Discretionary
(0.1%):
Bosideng
International
Holdings
Ltd.
.........................................
2,894,000
1,484,956
Consumer
Staples
(0.2%):
WH
Group
Ltd.
(c)
......................................................
6,325,000
5,807,830
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Financials
(0.3%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
2,066,500
$
8,367,364
Industrials
(0.5%):
CK
Hutchison
Holdings
Ltd.
...............................................
1,130,500
6,372,767
Jardine
Matheson
Holdings
Ltd.
(a)
..........................................
78,800
3,327,944
Orient
Overseas
International
Ltd.
...........................................
83,000
1,228,668
SITC
International
Holdings
Co.
Ltd.
.........................................
1,056,000
2,871,508
13,800,887
Real
Estate
(0.2%):
Swire
Pacific
Ltd.
,
Class
A
................................................
454,500
4,011,495
Utilities
(1.3%):
Beijing
Enterprises
Holdings
Ltd.
...........................................
979,500
3,708,798
China
Gas
Holdings
Ltd.
(a)
................................................
3,720,600
3,392,691
CK
Infrastructure
Holdings
Ltd.
............................................
883,500
5,290,078
CLP
Holdings
Ltd.
......................................................
881,000
7,172,256
Guangdong
Investment
Ltd.
...............................................
4,076,000
3,000,992
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
6,325,000
5,443,313
Power
Assets
Holdings
Ltd.
...............................................
1,094,000
6,551,688
34,559,816
72,498,476
India
(1.9%):
Consumer
Discretionary
(0.1%):
Bajaj
Auto
Ltd.
(a)
......................................................
9,864
905,541
Hero
MotoCorp
Ltd.
.....................................................
19,642
852,447
1,757,988
Consumer
Staples
(0.3%):
ITC
Ltd.
.............................................................
1,565,634
7,481,352
Energy
(0.5%):
Bharat
Petroleum
Corp.
Ltd.
...............................................
972,511
3,149,700
Coal
India
Ltd.
.........................................................
209,187
969,875
Hindustan
Petroleum
Corp.
Ltd.
............................................
775,732
3,247,329
Indian
Oil
Corp.
Ltd.
....................................................
1,897,486
2,812,599
Oil
&
Natural
Gas
Corp.
Ltd.
..............................................
326,732
939,026
Oil
India
Ltd.
..........................................................
547,958
2,472,279
13,590,808
Information
Technology
(0.4%):
HCL
Technologies
Ltd.
...................................................
275,806
5,109,693
Tata
Consultancy
Services
Ltd.
.............................................
88,363
3,717,348
8,827,041
Materials
(0.2%):
NMDC
Ltd.
...........................................................
729,459
583,234
Vedanta
Ltd.
..........................................................
1,019,241
5,492,734
6,075,968
Utilities
(0.4%):
GAIL
India
Ltd.
........................................................
2,057,744
4,384,448
Power
Grid
Corp.
of
India
Ltd.
.............................................
1,863,647
6,307,245
10,691,693
48,424,850
Indonesia
(1.0%):
Communication
Services
(0.2%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
39,806,700
5,782,867
Energy
(0.2%):
PT
Alamtri
Resources
Indonesia
Tbk
.........................................
26,672,600
2,963,988
PT
United
Tractors
Tbk
..................................................
2,403,000
3,407,520
6,371,508
Financials
(0.2%):
PT
Bank
Rakyat
Indonesia
Persero
Tbk
.......................................
21,035,600
5,086,512
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Industrials
(0.4%):
PT
Astra
International
Tbk
................................................
30,833,100
$
9,127,799
26,368,686
Ireland
(0.4%):
Energy
(0.1%):
Ardmore
Shipping
Corp.
..................................................
229,750
2,249,253
Health
Care
(0.3%):
Medtronic
PLC
........................................................
76,662
6,888,847
9,138,100
Italy
(1.7%):
Energy
(0.2%):
Eni
SpA
.............................................................
437,194
6,761,238
Financials
(0.9%):
Intesa
Sanpaolo
SpA
.....................................................
1,267,489
6,531,606
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
381,201
7,149,777
Poste
Italiane
SpA
(c)
....................................................
497,901
8,881,876
22,563,259
Utilities
(0.6%):
Enel
SpA
.............................................................
941,149
7,634,173
Terna
-
Rete
Elettrica
Nazionale
............................................
819,568
7,405,961
15,040,134
44,364,631
Japan
(0.3%):
Consumer
Staples
(0.2%):
Japan
Tobacco,
Inc.
.....................................................
155,700
4,280,164
Energy
(0.1%):
Inpex
Corp.
...........................................................
221,500
3,072,791
7,352,955
Malaysia
(0.9%):
Communication
Services
(0.2%):
Telekom
Malaysia
Bhd
...................................................
3,742,600
5,538,794
Industrials
(0.3%):
MISC
Bhd
............................................................
1,577,700
2,553,754
Sime
Darby
Bhd
.......................................................
7,665,500
3,831,025
6,384,779
Utilities
(0.4%):
Tenaga
Nasional
Bhd
....................................................
3,748,800
11,330,040
23,253,613
Mexico
(1.3%):
Consumer
Staples
(0.7%):
Arca
Continental
SAB
de
CV
..............................................
697,444
7,293,652
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
2,687,620
4,406,796
Wal-Mart
de
Mexico
SAB
de
CV
...........................................
2,413,425
6,647,637
18,348,085
Financials
(0.2%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
853,077
5,917,319
Industrials
(0.2%):
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
.............................
168,800
4,621,696
Materials
(0.2%):
Grupo
Mexico
SAB
de
CV
,
Class
B
..........................................
1,013,234
5,066,789
33,953,889
Monaco
(0.2%):
Energy
(0.2%):
Scorpio
Tankers,
Inc.
....................................................
150,930
5,671,949
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Netherlands
(1.6%):
Communication
Services
(0.4%):
Koninklijke
KPN
NV
....................................................
2,197,237
$
9,305,870
Consumer
Discretionary
(0.1%):
Stellantis
NV
..........................................................
278,517
3,123,576
Financials
(1.1%):
ABN
AMRO
Bank
NV
,
Class
CV
(c)
.........................................
293,977
6,193,916
ASR
Nederland
NV
.....................................................
141,418
8,129,024
ING
Groep
NV
........................................................
326,862
6,403,048
NN
Group
NV
.........................................................
143,642
7,992,319
28,718,307
41,147,753
Norway
(1.0%):
Communication
Services
(0.3%):
Telenor
ASA
..........................................................
552,039
7,892,351
Energy
(0.2%):
Nordic
American
Tankers
Ltd.
..............................................
150,045
369,111
SFL
Corp.
Ltd.
.........................................................
541,678
4,441,759
4,810,870
Financials
(0.4%):
DNB
Bank
ASA
........................................................
359,219
9,457,142
Industrials
(0.1%):
Golden
Ocean
Group
Ltd.
.................................................
386,248
3,082,259
25,242,622
Poland
(1.1%):
Energy
(0.3%):
ORLEN
SA
...........................................................
507,036
8,934,218
Financials
(0.8%):
Bank
Polska
Kasa
Opieki
SA
..............................................
145,705
6,663,583
Powszechny
Zaklad
Ubezpieczen
SA
.........................................
283,280
4,117,312
Santander
Bank
Polska
SA
................................................
62,983
9,072,840
19,853,735
28,787,953
Portugal
(0.2%):
Utilities
(0.2%):
EDP
SA
..............................................................
1,186,734
3,996,883
Russian
Federation
(0.0%):(b)
Communication
Services
(0.0%):
Rostelecom
PJSC
(a)
(e)
(f)
.................................................
6,752,730
—
Consumer
Staples
(0.0%):
X5
Retail
Group
NV
,
GDR
(a)
(e)
(f)
..........................................
201,753
—
Energy
(0.0%):
Tatneft
PJSC
(e)
(f)
......................................................
827,565
—
Financials
(0.0%):
Moscow
Exchange
MICEX-RTS
PJSC
(a)
(e)
(f)
..................................
2,604,790
—
Materials
(0.0%):(b)
Evraz
PLC
(a)
(e)
(f)
......................................................
753,373
—
(g)
GMK
Norilskiy
Nickel
PAO
(a)
(e)
(f)
.........................................
1,487,700
—
Magnitogorsk
Iron
&
Steel
Works
PJSC
(a)
(e)
(f)
.................................
4,673,660
—
Novolipetsk
Steel
PJSC
(e)
(f)
...............................................
1,477,080
—
Polyus
PJSC
(e)
(f)
......................................................
34,403
—
Severstal
PAO
(a)
(e)
(f)
...................................................
223,944
—
—
(g)
Utilities
(0.0%):(b)
Inter
RAO
UES
PJSC
(e)
(f)
................................................
128,274,200
—
(g)
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
RusHydro
PJSC
(a)
(e)
(f)
..................................................
694,437,000
$
—
(g)
—
(g)
—
(g)
Singapore
(0.8%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
2,929,800
7,432,947
Consumer
Staples
(0.1%):
Wilmar
International
Ltd.
.................................................
1,535,100
3,807,492
Financials
(0.4%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
755,500
9,685,038
20,925,477
South
Africa
(1.3%):
Communication
Services
(0.4%):
MTN
Group
Ltd.
.......................................................
929,332
6,253,969
Vodacom
Group
Ltd.
....................................................
597,263
4,104,557
10,358,526
Financials
(0.6%):
Absa
Group
Ltd.
.......................................................
748,298
7,254,175
Standard
Bank
Group
Ltd.
................................................
644,696
8,427,265
15,681,440
Industrials
(0.0%):(b)
Bidvest
Group
Ltd.
......................................................
64,393
830,239
Materials
(0.3%):
Gold
Fields
Ltd.
........................................................
192,811
4,261,656
Kumba
Iron
Ore
Ltd.
(d)
..................................................
135,880
2,321,873
6,583,529
33,453,734
South
Korea
(1.0%):
Consumer
Staples
(0.3%):
KT&G
Corp.
..........................................................
102,674
7,063,053
Energy
(0.1%):
HD
Hyundai
Co.
Ltd.
....................................................
83,839
4,146,366
Financials
(0.3%):
Industrial
Bank
of
Korea
..................................................
423,252
4,107,496
Woori
Financial
Group,
Inc.
...............................................
303,397
3,426,634
7,534,130
Industrials
(0.3%):
Doosan
Bobcat,
Inc.
.....................................................
127,176
4,343,238
LG
Corp.
.............................................................
8,275
363,081
SK,
Inc.
..............................................................
27,260
2,413,297
7,119,616
25,863,165
Spain
(1.9%):
Energy
(0.2%):
Repsol
SA
............................................................
480,397
6,377,882
Financials
(0.5%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
402,982
5,499,213
CaixaBank
SA
.........................................................
824,727
6,423,797
11,923,010
Industrials
(0.3%):
ACS
Actividades
de
Construccion
y
Servicios
SA
(a)
..............................
128,665
7,363,228
Utilities
(0.9%):
Endesa
SA
............................................................
283,291
7,507,752
Iberdrola
SA
..........................................................
517,516
8,356,101
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Redeia
Corp.
SA
.......................................................
410,293
$
8,234,327
24,098,180
49,762,300
Sweden
(1.2%):
Communication
Services
(0.3%):
Telia
Co.
AB
..........................................................
2,133,063
7,694,484
Financials
(0.5%):
Svenska
Handelsbanken
AB
,
Class
A
(d)
.......................................
484,355
5,476,070
Swedbank
AB
,
Class
A
...................................................
264,672
6,030,110
11,506,180
Industrials
(0.3%):
Volvo
AB
,
Class
B
......................................................
221,183
6,491,662
Materials
(0.1%):
Boliden
AB
...........................................................
114,208
3,748,921
29,441,247
Switzerland
(0.5%):
Communication
Services
(0.3%):
Swisscom
AG
,
Registered
Shares
...........................................
13,630
7,856,085
Industrials
(0.2%):
Adecco
Group
AG
......................................................
154,863
4,657,890
12,513,975
Taiwan
(3.1%):
Communication
Services
(1.0%):
Chunghwa
Telecom
Co.
Ltd.
...............................................
1,721,000
6,686,391
Far
EasTone
Telecommunications
Co.
Ltd.
.....................................
2,431,000
6,772,856
Taiwan
Mobile
Co.
Ltd.
..................................................
3,791,000
13,341,361
26,800,608
Consumer
Staples
(0.2%):
Uni-President
Enterprises
Corp.
............................................
2,196,000
5,355,543
Industrials
(0.2%):
Eva
Airways
Corp.
......................................................
2,115,000
2,602,514
Far
Eastern
New
Century
Corp.
.............................................
3,059,000
3,054,885
5,657,399
Information
Technology
(1.3%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
1,155,000
5,076,287
Compal
Electronics,
Inc.
..................................................
4,071,000
3,957,448
Hon
Hai
Precision
Industry
Co.
Ltd.
.........................................
853,000
3,847,995
MediaTek,
Inc.
.........................................................
81,000
3,491,399
Pegatron
Corp.
.........................................................
2,248,000
5,745,731
Quanta
Computer,
Inc.
...................................................
366,000
2,546,692
Synnex
Technology
International
Corp.
.......................................
2,343,000
5,074,587
WPG
Holdings
Ltd.
.....................................................
1,609,000
3,039,088
32,779,227
Materials
(0.4%):
Asia
Cement
Corp.
......................................................
6,844,000
9,672,670
80,265,447
Thailand
(1.8%):
Communication
Services
(0.4%):
Intouch
Holdings
PCL
...................................................
4,298,400
10,706,291
Energy
(0.8%):
PTT
Exploration
&
Production
PCL
..........................................
2,307,100
7,948,076
PTT
PCL
.............................................................
13,374,800
12,633,680
Thai
Oil
PCL
..........................................................
777,800
563,874
21,145,630
Financials
(0.5%):
SCB
X
PCL
...........................................................
3,540,100
12,868,137
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
TMBThanachart
Bank
PCL
................................................
19,065,500
$
1,104,906
13,973,043
Materials
(0.1%):
The
Siam
Cement
PCL
...................................................
300,700
1,387,580
47,212,544
Turkey
(0.3%):
Consumer
Discretionary
(0.2%):
Ford
Otomotiv
Sanayi
A/S
................................................
116,574
3,254,706
Tofas
Turk
Otomobil
Fabrikasi
A/S
..........................................
569,151
2,691,201
5,945,907
Energy
(0.1%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
789,658
2,872,466
8,818,373
United
Kingdom
(3.0%):
Communication
Services
(0.2%):
Vodafone
Group
PLC
....................................................
5,426,221
5,097,630
Consumer
Discretionary
(0.2%):
Taylor
Wimpey
PLC
.....................................................
2,576,913
3,619,861
Consumer
Staples
(0.9%):
British
American
Tobacco
PLC
.............................................
196,447
8,057,589
Imperial
Brands
PLC
....................................................
263,032
9,730,834
J
Sainsbury
PLC
.......................................................
1,544,646
4,707,323
22,495,746
Energy
(0.5%):
BP
PLC
..............................................................
1,125,984
6,317,212
Shell
PLC
............................................................
200,792
7,307,516
13,624,728
Financials
(0.8%):
Aviva
PLC
............................................................
1,239,481
8,931,369
HSBC
Holdings
PLC
....................................................
591,931
6,709,151
Phoenix
Group
Holdings
PLC
..............................................
766,332
5,687,598
21,328,118
Materials
(0.2%):
Rio
Tinto
PLC
.........................................................
77,492
4,649,432
Utilities
(0.2%):
National
Grid
PLC
......................................................
422,979
5,516,393
76,331,908
United
States
(41.3%):
Communication
Services
(1.3%):
AT&T,
Inc.
...........................................................
345,576
9,772,889
Comcast
Corp.
,
Class
A
..................................................
98,055
3,618,230
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
87,481
3,898,154
TEGNA,
Inc.
..........................................................
434,156
7,910,322
Verizon
Communications,
Inc.
..............................................
157,898
7,162,253
32,361,848
Consumer
Discretionary
(3.3%):
Bloomin'
Brands,
Inc.
....................................................
261,897
1,877,802
Dana,
Inc.
............................................................
403,228
5,375,029
Darden
Restaurants,
Inc.
..................................................
33,274
6,913,006
Dine
Brands
Global,
Inc.
.................................................
120,822
2,811,528
Ford
Motor
Co.
........................................................
412,650
4,138,880
Hasbro,
Inc.
...........................................................
68,467
4,210,036
International
Game
Technology
PLC
.........................................
122,355
1,989,492
Kontoor
Brands,
Inc.
....................................................
77,084
4,943,397
LCI
Industries
.........................................................
65,231
5,703,146
LKQ
Corp.
...........................................................
127,206
5,411,343
Monro,
Inc.
...........................................................
126,559
1,831,309
Oxford
Industries,
Inc.
...................................................
21,580
1,266,099
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Phinia,
Inc.
...........................................................
106,151
$
4,503,987
Sonic
Automotive,
Inc.
,
Class
A
............................................
70,015
3,988,054
Steven
Madden
Ltd.
.....................................................
144,733
3,855,687
Strategic
Education,
Inc.
..................................................
42,153
3,539,166
The
Buckle,
Inc.
........................................................
161,753
6,198,375
Travel
+
Leisure
Co.
.....................................................
64,873
3,002,971
Upbound
Group,
Inc.
....................................................
208,754
5,001,746
Winmark
Corp.
........................................................
12,331
3,919,655
Winnebago
Industries,
Inc.
................................................
80,528
2,774,995
Wolverine
World
Wide,
Inc.
...............................................
188,029
2,615,483
85,871,186
Consumer
Staples
(4.3%):
Altria
Group,
Inc.
.......................................................
172,935
10,379,559
Archer-Daniels-Midland
Co.
...............................................
51,414
2,468,386
Bunge
Global
SA
.......................................................
47,131
3,601,751
Cal-Maine
Foods,
Inc.
...................................................
68,522
6,228,650
Conagra
Brands,
Inc.
....................................................
221,342
5,903,191
Energizer
Holdings,
Inc.
..................................................
193,933
5,802,475
General
Mills,
Inc.
......................................................
74,079
4,429,183
Hormel
Foods
Corp.
.....................................................
140,670
4,352,330
Interparfums,
Inc.
.......................................................
36,073
4,107,633
Kenvue,
Inc.
..........................................................
197,077
4,725,906
Kimberly-Clark
Corp.
....................................................
59,862
8,513,574
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
88,150
5,365,690
PepsiCo,
Inc.
..........................................................
44,554
6,680,427
Philip
Morris
International,
Inc.
.............................................
78,291
12,427,130
Sysco
Corp.
...........................................................
79,591
5,972,509
The
Clorox
Co.
........................................................
34,952
5,146,682
The
Coca-Cola
Co.
......................................................
93,414
6,690,311
The
Kraft
Heinz
Co.
.....................................................
167,031
5,082,753
WK
Kellogg
Co.
(d)
.....................................................
117,199
2,335,776
110,213,916
Energy
(5.0%):
APA
Corp.
............................................................
114,906
2,415,324
Archrock,
Inc.
.........................................................
258,848
6,792,172
California
Resources
Corp.
................................................
126,090
5,544,177
Chevron
Corp.
.........................................................
33,653
5,629,810
ConocoPhillips
Co.
.....................................................
37,553
3,943,816
Coterra
Energy,
Inc.
.....................................................
178,765
5,166,309
Crescent
Energy
Co.
,
Class
A
..............................................
373,950
4,203,198
Devon
Energy
Corp.
.....................................................
126,074
4,715,168
Diamondback
Energy,
Inc.
................................................
15,667
2,504,840
DT
Midstream,
Inc.
.....................................................
29,558
2,851,756
EOG
Resources,
Inc.
....................................................
30,915
3,964,540
Exxon
Mobil
Corp.
.....................................................
38,215
4,544,910
Helmerich
&
Payne,
Inc.
..................................................
199,601
5,213,578
HF
Sinclair
Corp.
.......................................................
65,321
2,147,754
Kinder
Morgan,
Inc.
.....................................................
331,260
9,450,848
Kinetik
Holdings,
Inc.
...................................................
124,129
6,447,260
Kodiak
Gas
Services,
Inc.
.................................................
128,081
4,777,421
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
156,342
3,949,199
Noble
Corp.
PLC
.......................................................
229,211
5,432,301
Northern
Oil
&
Gas,
Inc.
..................................................
155,530
4,701,672
Ovintiv,
Inc.
..........................................................
81,974
3,508,487
Phillips
66
Co.
.........................................................
23,943
2,956,482
Sitio
Royalties
Corp.
,
Class
A
..............................................
241,294
4,794,512
SM
Energy
Co.
........................................................
165,060
4,943,547
The
Williams
Cos.,
Inc.
..................................................
173,819
10,387,423
Valero
Energy
Corp.
.....................................................
21,150
2,793,280
World
Kinect
Corp.
.....................................................
199,930
5,670,015
129,449,799
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Financials
(9.8%):
Ally
Financial,
Inc.
......................................................
103,489
$
3,774,244
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
141,088
5,516,541
Associated
Banc-Corp.
...................................................
266,604
6,006,588
Atlantic
Union
Bankshares
Corp.
............................................
152,753
4,756,728
Bank
of
America
Corp.
...................................................
75,898
3,167,224
Bank
of
Hawaii
Corp.
....................................................
71,872
4,957,012
BankUnited,
Inc.
.......................................................
150,339
5,177,675
Banner
Corp.
..........................................................
66,309
4,228,525
Citigroup,
Inc.
.........................................................
93,824
6,660,566
Citizens
Financial
Group,
Inc.
..............................................
142,103
5,821,960
CME
Group,
Inc.
.......................................................
39,387
10,448,977
Community
Financial
System,
Inc.
..........................................
112,195
6,379,408
CVB
Financial
Corp.
....................................................
309,718
5,717,394
East
West
Bancorp,
Inc.
..................................................
44,878
4,028,249
Fidelity
National
Financial,
Inc.
............................................
105,915
6,892,948
Fifth
Third
Bancorp
.....................................................
123,236
4,830,851
First
Financial
Bancorp
...................................................
176,032
4,397,279
First
Hawaiian,
Inc.
.....................................................
226,224
5,528,915
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
183,542
5,258,478
First
Merchants
Corp.
....................................................
101,664
4,111,292
Fulton
Financial
Corp.
...................................................
394,150
7,130,173
HA
Sustainable
Infrastructure
Capital,
Inc.
.....................................
10,131
296,230
Huntington
Bancshares,
Inc.
...............................................
432,985
6,499,105
Independent
Bank
Corp.
..................................................
95,669
5,993,663
Jackson
Financial,
Inc.
,
Class
A
.............................................
82,368
6,900,791
KeyCorp
.............................................................
308,876
4,938,927
M&T
Bank
Corp.
.......................................................
24,806
4,434,072
MetLife,
Inc.
..........................................................
75,861
6,090,880
Moelis
&
Co.
,
Class
A
...................................................
25,564
1,491,915
Morgan
Stanley
........................................................
54,124
6,314,647
NBT
Bancorp,
Inc.
......................................................
84,671
3,632,386
Northern
Trust
Corp.
....................................................
69,349
6,841,279
Northwest
Bancshares,
Inc.
................................................
352,601
4,238,264
Pacific
Premier
Bancorp,
Inc.
..............................................
169,209
3,607,536
Principal
Financial
Group,
Inc.
.............................................
89,799
7,576,342
Prudential
Financial,
Inc.
.................................................
56,600
6,321,088
Regions
Financial
Corp.
..................................................
278,374
6,049,067
Simmons
First
National
Corp.
,
Class
A
.......................................
241,126
4,950,317
State
Street
Corp.
.......................................................
72,360
6,478,391
Synovus
Financial
Corp.
..................................................
117,509
5,492,371
T.
Rowe
Price
Group,
Inc.
.................................................
37,026
3,401,579
The
Bank
of
New
York
Mellon
Corp.
.........................................
101,527
8,515,069
The
PNC
Financial
Services
Group,
Inc.
......................................
30,366
5,337,432
Truist
Financial
Corp.
....................................................
151,010
6,214,062
United
Bankshares,
Inc.
..................................................
166,377
5,768,291
Valley
National
Bancorp
..................................................
122,798
1,091,674
WaFd,
Inc.
............................................................
151,365
4,326,012
Wells
Fargo
&
Co.
......................................................
70,865
5,087,398
252,679,815
Health
Care
(2.4%):
AbbVie,
Inc.
..........................................................
31,547
6,609,728
Amgen,
Inc.
...........................................................
12,691
3,953,881
Baxter
International,
Inc.
.................................................
126,167
4,318,696
Bristol-Myers
Squibb
Co.
.................................................
108,111
6,593,690
CVS
Health
Corp.
......................................................
76,433
5,178,336
Gilead
Sciences,
Inc.
....................................................
67,528
7,566,512
Johnson
&
Johnson
.....................................................
45,962
7,622,338
Merck
&
Co.,
Inc.
......................................................
48,253
4,331,189
Pfizer,
Inc.
............................................................
233,271
5,911,087
Premier,
Inc.
,
Class
A
....................................................
226,665
4,370,101
Viatris,
Inc.
...........................................................
466,774
4,065,602
60,521,160
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Industrials
(2.4%):
Alight,
Inc.
,
Class
A
.....................................................
743,802
$
4,410,746
Apogee
Enterprises,
Inc.
..................................................
21,579
999,755
Hillenbrand,
Inc.
.......................................................
186,240
4,495,834
HNI
Corp.
............................................................
117,153
5,195,735
Insperity,
Inc.
..........................................................
46,927
4,187,296
Kennametal,
Inc.
.......................................................
285,769
6,086,880
Korn
Ferry
...........................................................
31,759
2,154,213
ManpowerGroup,
Inc.
...................................................
12,962
750,241
MillerKnoll,
Inc.
.......................................................
185,184
3,544,422
MSC
Industrial
Direct
Co.,
Inc.
.............................................
79,152
6,147,736
Pitney
Bowes,
Inc.
......................................................
347,443
3,144,359
Snap-on,
Inc.
..........................................................
14,509
4,889,678
The
Greenbrier
Cos.,
Inc.
.................................................
93,355
4,781,643
Trinity
Industries,
Inc.
...................................................
177,988
4,994,343
United
Parcel
Service,
Inc.
,
Class
B
..........................................
41,871
4,605,391
60,388,272
Information
Technology
(1.0%):
Avnet,
Inc.
............................................................
119,665
5,754,690
Cisco
Systems,
Inc.
.....................................................
118,503
7,312,820
Clear
Secure,
Inc.
,
Class
A
................................................
88,411
2,290,729
Corning,
Inc.
..........................................................
93,746
4,291,692
Hewlett
Packard
Enterprise
Co.
.............................................
148,896
2,297,465
Skyworks
Solutions,
Inc.
.................................................
42,014
2,715,365
Xerox
Holdings
Corp.
...................................................
397,948
1,922,089
26,584,850
Materials
(1.6%):
Avient
Corp.
..........................................................
147,808
5,492,545
Dow,
Inc.
............................................................
114,587
4,001,378
Eastman
Chemical
Co.
...................................................
45,035
3,968,034
Greif,
Inc.
,
Class
A
......................................................
74,272
4,084,217
International
Paper
Co.
...................................................
128,078
6,832,962
Kaiser
Aluminum
Corp.
..................................................
41,753
2,531,067
LyondellBasell
Industries
NV
,
Class
A
........................................
80,195
5,645,728
Sensient
Technologies
Corp.
...............................................
73,942
5,503,503
Sylvamo
Corp.
.........................................................
42,846
2,873,681
40,933,115
Utilities
(10.2%):
Alliant
Energy
Corp.
....................................................
106,839
6,875,090
American
Electric
Power
Co.,
Inc.
...........................................
62,510
6,830,468
American
States
Water
Co.
................................................
115,193
9,063,385
Avista
Corp.
..........................................................
210,263
8,803,712
Black
Hills
Corp.
.......................................................
134,043
8,129,708
California
Water
Service
Group
.............................................
140,982
6,831,988
Chesapeake
Utilities
Corp.
................................................
56,963
7,315,758
CMS
Energy
Corp.
......................................................
86,941
6,530,138
Consolidated
Edison,
Inc.
.................................................
68,141
7,535,713
Dominion
Energy,
Inc.
...................................................
95,067
5,330,407
DTE
Energy
Co.
.......................................................
50,545
6,988,857
Duke
Energy
Corp.
......................................................
70,085
8,548,267
Edison
International
.....................................................
82,768
4,876,691
Evergy,
Inc.
...........................................................
142,546
9,828,547
Eversource
Energy
......................................................
97,915
6,081,501
Exelon
Corp.
..........................................................
167,965
7,739,827
FirstEnergy
Corp.
.......................................................
210,400
8,504,368
MGE
Energy,
Inc.
......................................................
62,921
5,849,136
National
Fuel
Gas
Co.
...................................................
72,679
5,755,450
New
Jersey
Resources
Corp.
...............................................
200,412
9,832,213
NextEra
Energy,
Inc.
....................................................
37,710
2,673,262
NiSource,
Inc.
.........................................................
252,414
10,119,277
Northwest
Natural
Holding
Co.
.............................................
100,216
4,281,227
Northwestern
Energy
Group,
Inc.
...........................................
169,124
9,787,206
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
4,339,844
GMK
Norilskiy
Nickel
PAO
....................................
9/19/2014
4,446,120
Inter
RAO
UES
PJSC
.........................................
3/19/2021
7,868,060
Magnitogorsk
Iron
&
Steel
Works
PJSC
............................
9/17/2021
4,370,482
Moscow
Exchange
MICEX-RTS
PJSC
............................
9/17/2021
5,924,069
Novolipetsk
Steel
PJSC
.......................................
9/17/2021
4,421,417
Polyus
PJSC
...............................................
9/17/2021
6,022,105
Rostelecom
PJSC
............................................
9/18/2020
8,205,300
RusHydro
PJSC
.............................................
9/18/2020
7,349,118
Severstal
PAO
..............................................
3/17/2017
4,076,024
Tatneft
PJSC
...............................................
9/15/2017
5,787,174
X5
Retail
Group
NV
,
GDR
.....................................
9/18/2020
5,468,213
Security
Description
Shares
Value
ONE
Gas,
Inc.
.........................................................
118,092
$
8,926,574
Otter
Tail
Corp.
........................................................
63,815
5,128,811
Portland
General
Electric
Co.
..............................................
238,638
10,643,255
PPL
Corp.
............................................................
196,192
7,084,493
Public
Service
Enterprise
Group,
Inc.
.........................................
69,687
5,735,240
SJW
Group
...........................................................
83,382
4,560,162
Southwest
Gas
Holdings,
Inc.
..............................................
94,327
6,772,679
Spire,
Inc.
............................................................
141,432
11,067,054
The
AES
Corp.
........................................................
171,351
2,128,179
The
Southern
Co.
.......................................................
88,494
8,137,023
TXNM
Energy,
Inc.
.....................................................
168,262
8,998,652
WEC
Energy
Group,
Inc.
.................................................
70,490
7,682,000
260,976,318
1,059,980,279
Total
Common
Stocks
(Cost
$2,108,668,604)
2,272,748,317
Collateral
for
Securities
Loaned
(0.5%)^
United
States
(0.5%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(h)
........
3,395,937
3,395,937
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(h)
............
3,395,937
3,395,937
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(h)
...............
3,395,937
3,395,937
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(h)
.
3,395,937
3,395,937
Total
Collateral
for
Securities
Loaned
(Cost
$13,583,748)
13,583,748
Total
Investments
(Cost
$2,122,252,352)
—
89.0%
2,286,332,065
Other
assets
in
excess
of
liabilities
—
11.0%
281,462,627
NET
ASSETS
-
100.00%
$
2,567,794,692
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2025,
the
fair
value
of
these
securities
was
$26,225,179
and
amounted
to
1.0%
of
net
assets.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2025.
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2025.
(g)
Rounds
to
less
than
$1.
(h)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
4,608
6/20/25
$
1,834,236,503
$
1,791,544,320
$
(
42,692,183
)
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
4,131
6/20/25
$
516,166,833
$
499,086,765
$
17,080,068
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
7,450
6/20/25
428,126,656
413,773,000
14,353,656
E-Mini
Russell
2000
Index
Futures
......
4,189
6/20/25
431,586,188
424,576,095
7,010,093
E-Mini
S&P
500
Futures
..............
8,897
6/20/25
2,532,033,227
2,514,848,263
17,184,964
$
55,628,781
Total
unrealized
appreciation
$
55,628,781
Total
unrealized
depreciation
(
42,692,183
)
Total
net
unrealized
appreciation
(depreciation)
$
12,936,598
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
24
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.7%)
Communication
Services
(3.4%):
Alphabet,
Inc.
,
Class
A
...................................................
5,923
$
915,933
AT&T,
Inc.
...........................................................
49,184
1,390,924
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
1,985
731,532
Comcast
Corp.
,
Class
A
..................................................
28,938
1,067,812
Electronic
Arts,
Inc.
.....................................................
7,649
1,105,433
Fox
Corp.
,
Class
A
......................................................
23,787
1,346,344
Live
Nation
Entertainment,
Inc.
(a)
...........................................
8,251
1,077,416
Meta
Platforms,
Inc.
,
Class
A
..............................................
1,473
848,978
Netflix,
Inc.
(a)
.........................................................
1,010
941,855
News
Corp.
,
Class
A
.....................................................
48,596
1,322,783
Omnicom
Group,
Inc.
....................................................
13,963
1,157,672
Pinterest,
Inc.
,
Class
A
(a)
.................................................
17,178
532,518
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
7,318
400,441
The
Walt
Disney
Co.
....................................................
11,835
1,168,115
T-Mobile
US,
Inc.
......................................................
4,591
1,224,466
Verizon
Communications,
Inc.
..............................................
32,348
1,467,305
Warner
Music
Group
Corp.
,
Class
A
.........................................
33,891
1,062,483
17,762,010
Consumer
Discretionary
(9.0%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
5,325
636,124
Amazon.com,
Inc.
(a)
....................................................
4,563
868,156
Aptiv
PLC
(a)
..........................................................
11,793
701,684
AutoZone,
Inc.
(a)
.......................................................
407
1,551,801
Best
Buy
Co.,
Inc.
......................................................
10,231
753,104
Booking
Holdings,
Inc.
...................................................
218
1,004,306
Burlington
Stores,
Inc.
(a)
.................................................
3,982
949,030
CarMax,
Inc.
(a)
........................................................
11,155
869,198
Carvana
Co.
(a)
.........................................................
1,989
415,860
Chewy,
Inc.
,
Class
A
(a)
..................................................
15,302
497,468
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
16,013
804,013
Coupang,
Inc.
(a)
.......................................................
35,043
768,493
D.R.
Horton,
Inc.
.......................................................
6,656
846,177
Darden
Restaurants,
Inc.
..................................................
4,616
959,020
Deckers
Outdoor
Corp.
(a)
.................................................
4,743
530,315
Dick's
Sporting
Goods,
Inc.
................................................
3,600
725,616
Domino's
Pizza,
Inc.
.....................................................
1,880
863,766
DoorDash,
Inc.
,
Class
A
(a)
................................................
4,655
850,794
Duolingo,
Inc.
(a)
.......................................................
1,820
565,183
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
5,478
338,212
eBay,
Inc.
............................................................
15,585
1,055,572
Expedia
Group,
Inc.
.....................................................
3,829
643,655
Ford
Motor
Co.
........................................................
79,730
799,692
Garmin
Ltd.
...........................................................
3,291
714,575
General
Motors
Co.
.....................................................
16,002
752,574
Genuine
Parts
Co.
......................................................
6,753
804,552
Hilton
Worldwide
Holdings,
Inc.
............................................
5,394
1,227,405
Hyatt
Hotels
Corp.
,
Class
A
................................................
6,642
813,645
Las
Vegas
Sands
Corp.
...................................................
19,400
749,422
Lennar
Corp.
,
Class
A
....................................................
7,563
868,081
Lowe's
Cos.,
Inc.
.......................................................
4,978
1,161,019
Marriott
International,
Inc.
,
Class
A
..........................................
4,450
1,059,990
McDonald's
Corp.
......................................................
4,974
1,553,728
NIKE,
Inc.
,
Class
B
.....................................................
9,724
617,280
NVR,
Inc.
(a)
..........................................................
163
1,180,836
O'Reilly
Automotive,
Inc.
(a)
...............................................
1,079
1,545,754
Pool
Corp.
............................................................
2,658
846,174
PulteGroup,
Inc.
........................................................
8,488
872,566
Ralph
Lauren
Corp.
.....................................................
3,306
729,766
Ross
Stores,
Inc.
.......................................................
9,487
1,212,344
Royal
Caribbean
Cruises
Ltd.
..............................................
3,002
616,731
Service
Corp.
International
................................................
14,843
1,190,409
Somnigroup
International,
Inc.
.............................................
13,838
828,619
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Starbucks
Corp.
........................................................
6,353
$
623,166
Tapestry,
Inc.
..........................................................
8,534
600,879
Tesla,
Inc.
(a)
..........................................................
1,437
372,413
Texas
Roadhouse,
Inc.
...................................................
6,239
1,039,605
The
Home
Depot,
Inc.
...................................................
3,388
1,241,668
The
TJX
Cos.,
Inc.
......................................................
13,896
1,692,533
Tractor
Supply
Co.
......................................................
19,170
1,056,267
Ulta
Beauty,
Inc.
(a)
.....................................................
2,226
815,918
Williams-Sonoma,
Inc.
...................................................
2,795
441,889
Yum!
Brands,
Inc.
......................................................
8,766
1,379,418
46,606,465
Consumer
Staples
(9.0%):
Altria
Group,
Inc.
.......................................................
26,340
1,580,927
Archer-Daniels-Midland
Co.
...............................................
25,396
1,219,262
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
10,721
1,223,266
Brown-Forman
Corp.
,
Class
B
(b)
...........................................
30,810
1,045,691
Casey's
General
Stores,
Inc.
...............................................
2,188
949,680
Church
&
Dwight
Co.,
Inc.
................................................
13,543
1,490,949
Coca-Cola
Consolidated,
Inc.
..............................................
691
932,850
Colgate-Palmolive
Co.
...................................................
16,920
1,585,404
Conagra
Brands,
Inc.
....................................................
47,859
1,276,400
Constellation
Brands,
Inc.
,
Class
A
..........................................
5,355
982,750
Costco
Wholesale
Corp.
..................................................
1,413
1,336,387
Dollar
General
Corp.
....................................................
8,216
722,433
General
Mills,
Inc.
......................................................
23,237
1,389,340
Hormel
Foods
Corp.
.....................................................
48,087
1,487,812
Kenvue,
Inc.
..........................................................
43,288
1,038,046
Keurig
Dr.
Pepper,
Inc.
...................................................
45,601
1,560,466
Kimberly-Clark
Corp.
....................................................
11,164
1,587,744
McCormick
&
Co.,
Inc.
..................................................
17,299
1,423,881
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
17,829
1,085,251
Mondelez
International,
Inc.
,
Class
A
.........................................
21,997
1,492,497
Monster
Beverage
Corp.
(a)
................................................
19,753
1,155,946
PepsiCo,
Inc.
..........................................................
10,353
1,552,329
Performance
Food
Group
Co.
(a)
............................................
13,080
1,028,480
Philip
Morris
International,
Inc.
.............................................
7,265
1,153,174
Sprouts
Farmers
Market,
Inc.
(a)
............................................
4,876
744,273
Sysco
Corp.
...........................................................
18,556
1,392,442
Target
Corp.
..........................................................
5,942
620,107
The
Campbell's
Company
.................................................
30,963
1,236,043
The
Clorox
Co.
........................................................
8,649
1,273,565
The
Coca-Cola
Co.
......................................................
25,491
1,825,665
The
Hershey
Co.
.......................................................
6,141
1,050,295
The
Kraft
Heinz
Co.
.....................................................
45,289
1,378,144
The
Kroger
Co.
........................................................
19,816
1,341,345
The
Procter
&
Gamble
Co.
................................................
9,197
1,567,353
Tyson
Foods,
Inc.
,
Class
A
................................................
21,920
1,398,715
U.S.
Foods
Holding
Corp.
(a)
...............................................
18,290
1,197,263
Walmart,
Inc.
..........................................................
14,194
1,246,091
46,572,266
Energy
(4.8%):
Antero
Resources
Corp.
(a)
................................................
19,224
777,419
Baker
Hughes
Co.
......................................................
21,239
933,454
Cheniere
Energy,
Inc.
....................................................
4,831
1,117,893
Chevron
Corp.
.........................................................
8,872
1,484,197
ConocoPhillips
Co.
.....................................................
11,754
1,234,405
Coterra
Energy,
Inc.
.....................................................
40,942
1,183,224
Devon
Energy
Corp.
.....................................................
26,357
985,752
Diamondback
Energy,
Inc.
................................................
6,028
963,757
EOG
Resources,
Inc.
....................................................
9,725
1,247,134
EQT
Corp.
............................................................
16,731
893,937
Exxon
Mobil
Corp.
.....................................................
12,560
1,493,761
Halliburton
Co.
........................................................
36,081
915,375
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Kinder
Morgan,
Inc.
.....................................................
43,521
$
1,241,654
Marathon
Petroleum
Corp.
................................................
6,183
900,801
Occidental
Petroleum
Corp.
...............................................
23,766
1,173,090
ONEOK,
Inc.
..........................................................
11,557
1,146,685
Ovintiv,
Inc.
..........................................................
19,647
840,892
Permian
Resources
Corp.
.................................................
64,374
891,580
Phillips
66
Co.
.........................................................
8,059
995,125
Schlumberger
NV
......................................................
23,708
990,994
Targa
Resources
Corp.
...................................................
5,023
1,006,961
Texas
Pacific
Land
Corp.
.................................................
430
569,746
The
Williams
Cos.,
Inc.
..................................................
19,623
1,172,670
Valero
Energy
Corp.
.....................................................
6,888
909,698
25,070,204
Financials
(18.9%):
Aflac,
Inc.
............................................................
12,893
1,433,573
Ally
Financial,
Inc.
......................................................
21,480
783,376
American
Express
Co.
...................................................
3,763
1,012,435
American
International
Group,
Inc.
..........................................
15,247
1,325,574
Ameriprise
Financial,
Inc.
.................................................
2,164
1,047,614
Aon
PLC
,
Class
A
......................................................
3,742
1,493,395
Apollo
Global
Management,
Inc.
............................................
5,525
756,593
Arch
Capital
Group
Ltd.
..................................................
12,268
1,179,936
Ares
Management
Corp.
,
Class
A
...........................................
5,740
841,541
Arthur
J.
Gallagher
&
Co.
.................................................
4,480
1,546,675
Bank
of
America
Corp.
...................................................
26,079
1,088,277
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
3,292
1,753,253
Blackrock,
Inc.
........................................................
1,425
1,348,734
Blackstone,
Inc.
........................................................
6,074
849,024
Block,
Inc.
(a)
..........................................................
9,140
496,576
Blue
Owl
Capital,
Inc.
...................................................
36,616
733,785
Brown
&
Brown,
Inc.
....................................................
13,091
1,628,520
Capital
One
Financial
Corp.
...............................................
4,196
752,343
Cboe
Global
Markets,
Inc.
................................................
6,233
1,410,466
Chubb
Ltd.
...........................................................
5,436
1,641,618
Cincinnati
Financial
Corp.
................................................
8,363
1,235,382
Citigroup,
Inc.
.........................................................
11,997
851,667
Citizens
Financial
Group,
Inc.
..............................................
20,014
819,974
CME
Group,
Inc.
.......................................................
6,894
1,828,909
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
1,572
270,746
Corebridge
Financial,
Inc.
.................................................
26,525
837,394
East
West
Bancorp,
Inc.
..................................................
9,872
886,111
Equitable
Holdings,
Inc.
..................................................
17,105
890,999
Erie
Indemnity
Co.
,
Class
A
...............................................
2,188
916,881
Everest
Group
Ltd.
......................................................
3,203
1,163,746
FactSet
Research
Systems,
Inc.
.............................................
3,165
1,438,936
Fidelity
National
Financial,
Inc.
............................................
20,911
1,360,888
Fidelity
National
Information
Services,
Inc.
....................................
17,547
1,310,410
Fifth
Third
Bancorp
.....................................................
27,460
1,076,432
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
374
693,441
Fiserv,
Inc.
(a)
..........................................................
6,012
1,327,630
Global
Payments,
Inc.
....................................................
9,256
906,348
Houlihan
Lokey,
Inc.
....................................................
6,244
1,008,406
Huntington
Bancshares,
Inc.
...............................................
62,027
931,025
Interactive
Brokers
Group,
Inc.
.............................................
4,105
679,747
Intercontinental
Exchange,
Inc.
.............................................
9,742
1,680,495
Jack
Henry
&
Associates,
Inc.
..............................................
9,727
1,776,150
Jefferies
Financial
Group,
Inc.
..............................................
13,475
721,856
JPMorgan
Chase
&
Co.
..................................................
4,246
1,041,544
KKR
&
Co.,
Inc.
.......................................................
6,249
722,447
Loews
Corp.
..........................................................
17,515
1,609,804
LPL
Financial
Holdings,
Inc.
...............................................
2,161
706,950
M&T
Bank
Corp.
.......................................................
5,465
976,869
Markel
Group,
Inc.
(a)
....................................................
650
1,215,247
Marsh
&
McLennan
Cos.,
Inc.
.............................................
8,443
2,060,345
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Mastercard,
Inc.
,
Class
A
.................................................
2,867
$
1,571,460
MetLife,
Inc.
..........................................................
14,208
1,140,760
Moody's
Corp.
.........................................................
2,786
1,297,412
Morgan
Stanley
........................................................
7,451
869,308
Morningstar,
Inc.
.......................................................
4,444
1,332,622
MSCI,
Inc.
...........................................................
2,191
1,239,010
Nasdaq,
Inc.
..........................................................
18,289
1,387,404
Northern
Trust
Corp.
....................................................
10,926
1,077,850
PayPal
Holdings,
Inc.
(a)
..................................................
11,375
742,219
Principal
Financial
Group,
Inc.
.............................................
13,834
1,167,175
Prudential
Financial,
Inc.
.................................................
9,927
1,108,647
Raymond
James
Financial,
Inc.
.............................................
6,832
949,033
Regions
Financial
Corp.
..................................................
44,835
974,265
Reinsurance
Group
of
America,
Inc.
.........................................
5,046
993,557
RenaissanceRe
Holdings
Ltd.
..............................................
4,327
1,038,480
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
8,574
356,850
Rocket
Cos.,
Inc.
,
Class
A
(b)
...............................................
42,419
511,997
Ryan
Specialty
Holdings,
Inc.
..............................................
14,141
1,044,596
S&P
Global,
Inc.
.......................................................
3,143
1,596,958
SoFi
Technologies,
Inc.
(a)
.................................................
36,562
425,216
State
Street
Corp.
.......................................................
12,430
1,112,858
Synchrony
Financial
.....................................................
12,128
642,056
T.
Rowe
Price
Group,
Inc.
.................................................
11,794
1,083,515
The
Allstate
Corp.
......................................................
5,883
1,218,193
The
Bank
of
New
York
Mellon
Corp.
.........................................
15,538
1,303,172
The
Carlyle
Group,
Inc.
..................................................
15,962
695,784
The
Charles
Schwab
Corp.
................................................
12,855
1,006,289
The
Goldman
Sachs
Group,
Inc.
............................................
1,560
852,212
The
Hartford
Insurance
Group,
Inc.
..........................................
10,978
1,358,308
The
PNC
Financial
Services
Group,
Inc.
......................................
6,353
1,116,667
The
Progressive
Corp.
...................................................
4,522
1,279,771
The
Travelers
Cos.,
Inc.
..................................................
4,334
1,146,170
Tradeweb
Markets,
Inc.
,
Class
A
............................................
9,926
1,473,614
Truist
Financial
Corp.
....................................................
22,640
931,636
U.S.
Bancorp
..........................................................
23,443
989,763
Unum
Group
..........................................................
15,040
1,225,158
Visa,
Inc.
,
Class
A
......................................................
4,274
1,497,866
W.R.
Berkley
Corp.
.....................................................
20,136
1,432,878
Wells
Fargo
&
Co.
......................................................
11,447
821,780
98,082,596
Health
Care
(11.8%):
Abbott
Laboratories
.....................................................
10,444
1,385,397
AbbVie,
Inc.
..........................................................
5,198
1,089,085
Agilent
Technologies,
Inc.
.................................................
9,085
1,062,763
Align
Technology,
Inc.
(a)
.................................................
4,009
636,870
Amgen,
Inc.
...........................................................
3,775
1,176,101
Avantor,
Inc.
(a)
........................................................
49,573
803,578
Becton
Dickinson
&
Co.
..................................................
6,516
1,492,555
Biogen,
Inc.
(a)
.........................................................
8,261
1,130,435
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
11,967
845,947
Boston
Scientific
Corp.
(a)
.................................................
15,738
1,587,649
Cardinal
Health,
Inc.
....................................................
10,587
1,458,571
Cencora,
Inc.
..........................................................
6,029
1,676,605
Centene
Corp.
(a)
.......................................................
14,263
865,907
CVS
Health
Corp.
......................................................
10,827
733,529
Danaher
Corp.
.........................................................
5,564
1,140,620
DaVita,
Inc.
(a)
.........................................................
6,207
949,485
Dexcom,
Inc.
(a)
........................................................
5,401
368,834
Doximity,
Inc.
,
Class
A
(a)
.................................................
4,824
279,937
Edwards
Lifesciences
Corp.
(a)
.............................................
8,749
634,128
Elevance
Health,
Inc.
....................................................
2,684
1,167,433
Eli
Lilly
&
Co.
.........................................................
954
787,918
GE
HealthCare
Technologies,
Inc.
...........................................
13,845
1,117,430
Gilead
Sciences,
Inc.
....................................................
9,842
1,102,796
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Globus
Medical,
Inc.
(a)
..................................................
14,118
$
1,033,438
HCA
Healthcare,
Inc.
....................................................
3,319
1,146,880
Hologic,
Inc.
(a)
........................................................
20,587
1,271,659
Humana,
Inc.
..........................................................
2,464
651,974
IDEXX
Laboratories,
Inc.
(a)
...............................................
2,245
942,788
Incyte
Corp.
(a)
.........................................................
11,548
699,231
Insulet
Corp.
(a)
........................................................
3,293
864,775
Intuitive
Surgical,
Inc.
(a)
.................................................
1,776
879,600
IQVIA
Holdings,
Inc.
(a)
..................................................
5,192
915,350
Johnson
&
Johnson
.....................................................
10,474
1,737,008
Labcorp
Holdings,
Inc.
...................................................
5,147
1,197,913
McKesson
Corp.
.......................................................
1,517
1,020,926
Medtronic
PLC
........................................................
15,422
1,385,821
Merck
&
Co.,
Inc.
......................................................
12,138
1,089,507
Mettler-Toledo
International,
Inc.
(a)
.........................................
818
965,984
Molina
Healthcare,
Inc.
(a)
................................................
2,002
659,439
Neurocrine
Biosciences,
Inc.
(a)
.............................................
5,852
647,231
Pfizer,
Inc.
............................................................
49,807
1,262,109
Quest
Diagnostics,
Inc.
...................................................
7,857
1,329,404
Regeneron
Pharmaceuticals,
Inc.
............................................
1,533
972,275
ResMed,
Inc.
..........................................................
3,645
815,933
Revvity,
Inc.
..........................................................
8,613
911,255
Solventum
Corp.
(a)
.....................................................
11,832
899,705
STERIS
PLC
..........................................................
6,754
1,530,794
Stryker
Corp.
..........................................................
3,851
1,433,535
Tenet
Healthcare
Corp.
(a)
.................................................
5,612
754,814
The
Cigna
Group
.......................................................
3,274
1,077,146
The
Cooper
Cos.,
Inc.
(a)
..................................................
12,890
1,087,272
Thermo
Fisher
Scientific,
Inc.
..............................................
2,433
1,210,661
United
Therapeutics
Corp.
(a)
..............................................
2,790
860,073
UnitedHealth
Group,
Inc.
.................................................
1,967
1,030,216
Universal
Health
Services,
Inc.
,
Class
B
.......................................
5,149
967,497
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
4,224
978,405
Waters
Corp.
(a)
........................................................
2,123
782,474
West
Pharmaceutical
Services,
Inc.
..........................................
2,025
453,357
Zimmer
Biomet
Holdings,
Inc.
.............................................
11,911
1,348,087
Zoetis,
Inc.
...........................................................
7,366
1,212,812
61,520,921
Industrials
(18.1%):
3M
Co.
..............................................................
5,460
801,856
AECOM
.............................................................
11,687
1,083,736
AMETEK,
Inc.
........................................................
6,584
1,133,370
Automatic
Data
Processing,
Inc.
............................................
5,906
1,804,460
Axon
Enterprise,
Inc.
(a)
..................................................
927
487,556
Booz
Allen
Hamilton
Holding
Corp.
.........................................
8,001
836,745
Broadridge
Financial
Solutions,
Inc.
.........................................
6,882
1,668,610
Builders
FirstSource,
Inc.
(a)
...............................................
5,100
637,194
C.H.
Robinson
Worldwide,
Inc.
.............................................
9,992
1,023,181
Carlisle
Cos.,
Inc.
.......................................................
2,769
942,845
Carrier
Global
Corp.
.....................................................
15,461
980,227
Caterpillar,
Inc.
........................................................
3,057
1,008,199
Cintas
Corp.
..........................................................
5,828
1,197,829
Clean
Harbors,
Inc.
(a)
...................................................
4,649
916,318
Comfort
Systems
USA,
Inc.
...............................................
1,364
439,658
Copart,
Inc.
(a)
.........................................................
21,451
1,213,912
CSX
Corp.
............................................................
37,029
1,089,763
Cummins,
Inc.
.........................................................
2,991
937,499
Curtiss-Wright
Corp.
....................................................
2,792
885,818
Deere
&
Co.
..........................................................
2,249
1,055,568
Delta
Air
Lines,
Inc.
.....................................................
13,105
571,378
Dover
Corp.
...........................................................
6,506
1,142,974
Eaton
Corp.
PLC
.......................................................
2,773
753,785
EMCOR
Group,
Inc.
....................................................
1,661
613,955
Emerson
Electric
Co.
....................................................
8,670
950,579
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Equifax,
Inc.
..........................................................
4,165
$
1,014,427
Expeditors
International
of
Washington,
Inc.
....................................
12,502
1,503,365
Fastenal
Co.
...........................................................
16,393
1,271,277
FedEx
Corp.
..........................................................
3,191
777,902
Fortive
Corp.
..........................................................
16,325
1,194,663
GE
Vernova,
Inc.
.......................................................
1,560
476,237
General
Dynamics
Corp.
..................................................
5,718
1,558,612
General
Electric
Co.
.....................................................
4,429
886,464
Graco,
Inc.
...........................................................
17,116
1,429,357
HEICO
Corp.
..........................................................
3,733
997,420
Honeywell
International,
Inc.
..............................................
6,578
1,392,891
Howmet
Aerospace,
Inc.
..................................................
5,981
775,915
Hubbell,
Inc.
..........................................................
2,450
810,729
IDEX
Corp.
...........................................................
5,815
1,052,341
Illinois
Tool
Works,
Inc.
..................................................
6,423
1,592,968
Ingersoll
Rand,
Inc.
.....................................................
11,813
945,394
ITT,
Inc.
.............................................................
7,566
977,225
J.B.
Hunt
Transport
Services,
Inc.
...........................................
6,407
947,916
Jacobs
Solutions,
Inc.
....................................................
10,479
1,266,806
Johnson
Controls
International
PLC
..........................................
11,688
936,326
L3Harris
Technologies,
Inc.
...............................................
6,581
1,377,469
Leidos
Holdings,
Inc.
....................................................
7,096
957,534
Lennox
International,
Inc.
.................................................
1,576
883,868
Lincoln
Electric
Holdings,
Inc.
.............................................
4,593
868,812
Lockheed
Martin
Corp.
...................................................
2,823
1,261,062
Masco
Corp.
..........................................................
15,420
1,072,307
Nordson
Corp.
.........................................................
5,963
1,202,856
Norfolk
Southern
Corp.
..................................................
4,145
981,743
Northrop
Grumman
Corp.
.................................................
3,052
1,562,655
Old
Dominion
Freight
Line,
Inc.
............................................
4,792
792,836
Otis
Worldwide
Corp.
....................................................
15,295
1,578,444
Owens
Corning,
Inc.
.....................................................
5,892
841,495
PACCAR,
Inc.
.........................................................
9,764
950,721
Parker-Hannifin
Corp.
...................................................
1,523
925,756
Paychex,
Inc.
..........................................................
9,446
1,457,329
Paycom
Software,
Inc.
...................................................
3,363
734,748
Paylocity
Holding
Corp.
(a)
................................................
4,582
858,392
Quanta
Services,
Inc.
....................................................
2,664
677,136
Republic
Services,
Inc.
...................................................
7,283
1,763,651
Rockwell
Automation,
Inc.
................................................
3,033
783,667
Rollins,
Inc.
...........................................................
25,806
1,394,298
RTX
Corp.
............................................................
10,234
1,355,596
Snap-on,
Inc.
..........................................................
3,730
1,257,047
Southwest
Airlines
Co.
...................................................
29,847
1,002,262
SS&C
Technologies
Holdings,
Inc.
..........................................
15,573
1,300,813
Stanley
Black
&
Decker,
Inc.
..............................................
10,260
788,789
Textron,
Inc.
..........................................................
16,869
1,218,785
Trane
Technologies
PLC
..................................................
3,209
1,081,176
TransDigm
Group,
Inc.
...................................................
787
1,088,649
TransUnion
...........................................................
9,629
799,111
Uber
Technologies,
Inc.
(a)
................................................
8,672
631,842
U-Haul
Holding
Co.
.....................................................
17,801
1,053,463
Union
Pacific
Corp.
.....................................................
5,666
1,338,536
United
Airlines
Holdings,
Inc.
(a)
............................................
6,962
480,726
United
Parcel
Service,
Inc.
,
Class
B
..........................................
7,967
876,290
United
Rentals,
Inc.
.....................................................
1,283
804,056
Veralto
Corp.
..........................................................
15,120
1,473,444
Verisk
Analytics,
Inc.
....................................................
4,949
1,472,921
Vertiv
Holdings
Co.
,
Class
A
...............................................
4,319
311,832
W.W.
Grainger,
Inc.
.....................................................
1,284
1,268,374
Waste
Management,
Inc.
..................................................
6,214
1,438,603
Watsco,
Inc.
...........................................................
1,952
992,202
Westinghouse
Air
Brake
Technologies
Corp.
....................................
6,311
1,144,500
XPO,
Inc.
(a)
..........................................................
5,508
592,551
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Xylem,
Inc.
...........................................................
9,530
$
1,138,454
93,822,051
Information
Technology
(11.3%):
Accenture
PLC
,
Class
A
..................................................
3,284
1,024,739
Adobe,
Inc.
(a)
.........................................................
1,853
710,681
Advanced
Micro
Devices,
Inc.
(a)
............................................
6,354
652,810
Akamai
Technologies,
Inc.
(a)
..............................................
8,857
712,989
Amphenol
Corp.
,
Class
A
.................................................
12,256
803,871
Analog
Devices,
Inc.
....................................................
3,617
729,440
Apple,
Inc.
...........................................................
4,891
1,086,438
Applied
Materials,
Inc.
...................................................
3,889
564,372
AppLovin
Corp.
,
Class
A
(a)
...............................................
984
260,730
Arista
Networks,
Inc.
(a)
..................................................
6,007
465,422
Autodesk,
Inc.
(a)
.......................................................
3,884
1,016,831
Bentley
Systems,
Inc.
,
Class
B
.............................................
24,516
964,459
Broadcom,
Inc.
........................................................
2,271
380,234
Cadence
Design
Systems,
Inc.
(a)
............................................
2,797
711,361
CDW
Corp.
...........................................................
5,648
905,149
Ciena
Corp.
(a)
.........................................................
7,140
431,470
Cisco
Systems,
Inc.
.....................................................
23,678
1,461,169
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
16,148
1,235,322
Corning,
Inc.
..........................................................
18,046
826,146
Corpay,
Inc.
(a)
.........................................................
3,160
1,101,955
Datadog,
Inc.
,
Class
A
(a)
.................................................
6,427
637,623
Dell
Technologies,
Inc.
,
Class
C
............................................
5,727
522,016
DocuSign,
Inc.
(a)
.......................................................
7,298
594,057
Dynatrace,
Inc.
(a)
......................................................
16,477
776,891
Entegris,
Inc.
..........................................................
6,482
567,045
EPAM
Systems,
Inc.
(a)
...................................................
3,569
602,590
F5,
Inc.
(a)
............................................................
3,272
871,235
Fair
Isaac
Corp.
(a)
......................................................
517
953,431
First
Solar,
Inc.
(a)
......................................................
3,921
495,732
Fortinet,
Inc.
(a)
........................................................
6,631
638,300
Gartner,
Inc.
(a)
........................................................
2,756
1,156,803
Gen
Digital,
Inc.
.......................................................
46,977
1,246,770
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
5,271
949,518
Hewlett
Packard
Enterprise
Co.
.............................................
37,139
573,055
HP,
Inc.
..............................................................
31,386
869,078
HubSpot,
Inc.
(a)
.......................................................
1,096
626,134
International
Business
Machines
Corp.
........................................
4,427
1,100,818
Intuit,
Inc.
............................................................
1,483
910,547
Jabil,
Inc.
............................................................
5,104
694,501
Keysight
Technologies,
Inc.
(a)
.............................................
5,244
785,394
KLA
Corp.
...........................................................
872
592,786
Lam
Research
Corp.
.....................................................
7,769
564,806
Microchip
Technology,
Inc.
................................................
11,374
550,615
Micron
Technology,
Inc.
..................................................
5,188
450,785
Microsoft
Corp.
........................................................
3,331
1,250,424
Monolithic
Power
Systems,
Inc.
............................................
784
454,704
Motorola
Solutions,
Inc.
..................................................
3,296
1,443,022
NetApp,
Inc.
..........................................................
8,157
716,511
NVIDIA
Corp.
.........................................................
4,016
435,254
NXP
Semiconductors
NV
.................................................
3,437
653,236
Okta,
Inc.
(a)
..........................................................
8,533
897,842
ON
Semiconductor
Corp.
(a)
...............................................
12,150
494,384
Oracle
Corp.
..........................................................
4,251
594,332
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
4,859
410,100
Palo
Alto
Networks,
Inc.
(a)
................................................
4,677
798,083
PTC,
Inc.
(a)
...........................................................
7,190
1,114,091
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
9,867
436,812
QUALCOMM,
Inc.
.....................................................
4,563
700,922
Roper
Technologies,
Inc.
..................................................
2,462
1,451,546
Salesforce,
Inc.
........................................................
3,121
837,552
Seagate
Technology
Holdings
PLC
..........................................
9,053
769,052
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
ServiceNow,
Inc.
(a)
.....................................................
884
$
703,788
Super
Micro
Computer,
Inc.
(a)
(b)
...........................................
5,710
195,510
Synopsys,
Inc.
(a)
.......................................................
1,562
669,864
TD
SYNNEX
Corp.
.....................................................
7,396
768,888
Teledyne
Technologies,
Inc.
(a)
.............................................
2,704
1,345,808
Teradyne,
Inc.
.........................................................
5,505
454,713
Texas
Instruments,
Inc.
...................................................
4,640
833,808
Trimble,
Inc.
(a)
........................................................
13,015
854,435
Tyler
Technologies,
Inc.
(a)
................................................
1,977
1,149,408
VeriSign,
Inc.
(a)
........................................................
6,056
1,537,437
Western
Digital
Corp.
(a)
..................................................
14,095
569,861
Workday,
Inc.
,
Class
A
(a)
.................................................
3,273
764,344
Zebra
Technologies
Corp.
(a)
...............................................
3,155
891,477
Zoom
Communications,
Inc.
(a)
.............................................
11,079
817,298
58,790,624
Materials
(5.0%):
Air
Products
and
Chemicals,
Inc.
............................................
3,470
1,023,372
Avery
Dennison
Corp.
...................................................
7,461
1,327,834
CF
Industries
Holdings,
Inc.
...............................................
11,146
871,060
Corteva,
Inc.
..........................................................
19,367
1,218,765
Dow,
Inc.
............................................................
31,937
1,115,240
DuPont
de
Nemours,
Inc.
.................................................
16,166
1,207,277
Ecolab,
Inc.
...........................................................
5,421
1,374,332
Freeport-McMoRan,
Inc.
.................................................
22,813
863,700
International
Flavors
&
Fragrances,
Inc.
.......................................
14,915
1,157,553
International
Paper
Co.
...................................................
18,020
961,367
Linde
PLC
............................................................
4,202
1,956,619
LyondellBasell
Industries
NV
,
Class
A
........................................
18,990
1,336,896
Martin
Marietta
Materials,
Inc.
.............................................
2,377
1,136,515
Newmont
Corp.
........................................................
19,471
940,060
Nucor
Corp.
...........................................................
5,695
685,336
Packaging
Corp.
of
America
...............................................
6,241
1,235,843
PPG
Industries,
Inc.
.....................................................
12,189
1,332,867
Reliance,
Inc.
..........................................................
3,449
995,899
RPM
International,
Inc.
..................................................
10,038
1,161,196
Steel
Dynamics,
Inc.
.....................................................
6,033
754,608
The
Sherwin-Williams
Co.
................................................
3,498
1,221,467
Vulcan
Materials
Co.
....................................................
4,517
1,053,816
Westlake
Corp.
........................................................
9,928
993,098
25,924,720
Real
Estate
(0.5%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
7,091
927,361
CoStar
Group,
Inc.
(a)
....................................................
13,456
1,066,119
Jones
Lang
LaSalle,
Inc.
(a)
................................................
3,269
810,418
2,803,898
Utilities
(7.9%):
Alliant
Energy
Corp.
....................................................
25,227
1,623,357
Ameren
Corp.
.........................................................
16,047
1,611,119
American
Electric
Power
Co.,
Inc.
...........................................
15,025
1,641,782
American
Water
Works
Co.,
Inc.
............................................
9,953
1,468,267
Atmos
Energy
Corp.
.....................................................
12,016
1,857,433
CenterPoint
Energy,
Inc.
..................................................
38,937
1,410,687
CMS
Energy
Corp.
......................................................
24,583
1,846,429
Consolidated
Edison,
Inc.
.................................................
15,766
1,743,562
Constellation
Energy
Corp.
................................................
1,628
328,254
Dominion
Energy,
Inc.
...................................................
23,229
1,302,450
DTE
Energy
Co.
.......................................................
12,253
1,694,222
Duke
Energy
Corp.
......................................................
14,355
1,750,879
Edison
International
.....................................................
17,299
1,019,257
Entergy
Corp.
.........................................................
11,984
1,024,512
Evergy,
Inc.
...........................................................
30,267
2,086,910
Eversource
Energy
......................................................
21,028
1,306,049
Exelon
Corp.
..........................................................
35,573
1,639,204
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
FirstEnergy
Corp.
.......................................................
37,963
$
1,534,464
NextEra
Energy,
Inc.
....................................................
15,065
1,067,958
NiSource,
Inc.
.........................................................
43,729
1,753,096
NRG
Energy,
Inc.
.......................................................
6,154
587,461
PG&E
Corp.
..........................................................
66,621
1,144,549
PPL
Corp.
............................................................
50,307
1,816,586
Public
Service
Enterprise
Group,
Inc.
.........................................
16,252
1,337,540
Sempra
..............................................................
12,746
909,555
The
Southern
Co.
.......................................................
17,916
1,647,376
Vistra
Corp.
...........................................................
2,864
336,348
WEC
Energy
Group,
Inc.
.................................................
16,561
1,804,818
Xcel
Energy,
Inc.
.......................................................
21,326
1,509,667
40,803,791
Total
Common
Stocks
(Cost
$404,982,582)
517,759,546
Collateral
for
Securities
Loaned
(0.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(c)
........
285,086
285,086
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(c)
............
285,086
285,086
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(c)
...............
285,086
285,086
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(c)
.
285,086
285,086
Total
Collateral
for
Securities
Loaned
(Cost
$1,140,344)
1,140,344
Total
Investments
(Cost
$406,122,926)
—
99.9%
518,899,890
Other
assets
in
excess
of
liabilities
—
0.1%
459,390
NET
ASSETS
-
100.00%
$
519,359,280
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
5
6/20/25
$
1,421,476
$
1,413,312
$
(
8,164
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
8,164
)
Total
net
unrealized
appreciation
(depreciation)
$
(
8,164
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
33
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.6%)
Banks
(12.5%):
1st
Source
Corp.
.......................................................
859
$
51,377
Ameris
Bancorp
........................................................
836
48,129
Associated
Banc-Corp.
...................................................
2,031
45,758
Atlantic
Union
Bankshares
Corp.
............................................
1,437
44,748
Axos
Financial,
Inc.
(a)
...................................................
620
40,002
Banc
of
California,
Inc.
..................................................
3,161
44,855
BancFirst
Corp.
........................................................
440
48,343
Bank
of
Hawaii
Corp.
....................................................
782
53,935
Bank
OZK
............................................................
1,047
45,492
BankUnited,
Inc.
.......................................................
1,304
44,910
Banner
Corp.
..........................................................
735
46,871
Cadence
Bank
.........................................................
1,584
48,090
Cathay
General
Bancorp
..................................................
1,197
51,507
City
Holding
Co.
.......................................................
536
62,964
Columbia
Banking
System,
Inc.
............................................
1,791
44,668
Community
Financial
System,
Inc.
..........................................
809
46,000
Customers
Bancorp,
Inc.
(a)
................................................
651
32,680
CVB
Financial
Corp.
....................................................
2,406
44,415
Eastern
Bankshares,
Inc.
..................................................
2,975
48,790
Enterprise
Financial
Services
Corp.
..........................................
832
44,712
FB
Financial
Corp.
......................................................
1,000
46,360
First
Bancorp
..........................................................
2,751
52,737
First
Bancorp
..........................................................
1,156
46,402
First
Commonwealth
Financial
Corp.
.........................................
3,096
48,112
First
Financial
Bancorp
...................................................
1,941
48,486
First
Financial
Bankshares,
Inc.
.............................................
1,402
50,360
First
Hawaiian,
Inc.
.....................................................
2,281
55,748
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
1,655
47,416
First
Merchants
Corp.
....................................................
1,169
47,274
FNB
Corp.
............................................................
3,603
48,460
Fulton
Financial
Corp.
...................................................
2,561
46,328
Glacier
Bancorp,
Inc.
....................................................
1,057
46,741
Hancock
Whitney
Corp.
..................................................
902
47,310
Hilltop
Holdings,
Inc.
....................................................
1,849
56,302
Home
Bancshares,
Inc.
...................................................
2,099
59,339
Independent
Bank
Corp.
..................................................
704
44,106
International
Bancshares
Corp.
.............................................
791
49,880
Lakeland
Financial
Corp.
.................................................
814
48,384
NBT
Bancorp,
Inc.
......................................................
1,128
48,391
Nicolet
Bankshares,
Inc.
..................................................
447
48,705
Northwest
Bancshares,
Inc.
................................................
4,676
56,205
OFG
Bancorp
.........................................................
1,332
53,307
Old
National
Bancorp
....................................................
2,296
48,652
Pacific
Premier
Bancorp,
Inc.
..............................................
1,871
39,890
Park
National
Corp.
.....................................................
275
41,635
Pathward
Financial,
Inc.
..................................................
736
53,691
Provident
Financial
Services,
Inc.
...........................................
2,725
46,788
Renasant
Corp.
........................................................
1,518
51,506
Seacoast
Banking
Corp.
of
Florida
...........................................
1,877
48,295
ServisFirst
Bancshares,
Inc.
...............................................
515
42,539
Simmons
First
National
Corp.
,
Class
A
.......................................
2,748
56,416
Stock
Yards
Bancorp,
Inc.
.................................................
707
48,825
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
664
49,601
The
Bancorp,
Inc.
(a)
.....................................................
706
37,305
Towne
Bank
..........................................................
1,686
57,644
Triumph
Financial,
Inc.
(a)
.................................................
579
33,466
UMB
Financial
Corp.
....................................................
496
50,146
United
Bankshares,
Inc.
..................................................
1,602
55,541
United
Community
Banks,
Inc.
.............................................
1,657
46,611
Valley
National
Bancorp
..................................................
4,746
42,192
WaFd,
Inc.
............................................................
1,838
52,530
WesBanco,
Inc.
........................................................
1,575
48,762
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
WSFS
Financial
Corp.
...................................................
904
$
46,890
3,033,524
Capital
Markets
(2.9%):
Affiliated
Managers
Group,
Inc.
............................................
388
65,196
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
1,460
57,086
BGC
Group,
Inc.
,
Class
A
.................................................
5,517
50,591
Cohen
&
Steers,
Inc.
....................................................
757
60,749
Federated
Hermes,
Inc.
...................................................
2,450
99,887
Hamilton
Lane,
Inc.
,
Class
A
...............................................
347
51,588
Lazard,
Inc.
...........................................................
864
37,411
Moelis
&
Co.
,
Class
A
...................................................
657
38,343
Piper
Sandler
Cos.
......................................................
164
40,616
PJT
Partners,
Inc.
,
Class
A
................................................
317
43,708
StoneX
Group,
Inc.
(a)
...................................................
748
57,132
Victory
Capital
Holdings,
Inc.
,
Class
A
(b)
.....................................
788
45,602
Virtu
Financial,
Inc.
,
Class
A
...............................................
1,318
50,242
698,151
Communication
Services
(3.1%):
Cargurus,
Inc.
(a)
.......................................................
1,273
37,082
Cinemark
Holdings,
Inc.
..................................................
1,993
49,606
Integral
Ad
Science
Holding
Corp.
(a)
.........................................
4,091
32,973
Iridium
Communications,
Inc.
..............................................
1,310
35,789
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
1,460
65,057
Madison
Square
Garden
Entertainment
Corp.
(a)
.................................
1,736
56,837
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
475
92,492
Magnite,
Inc.
(a)
........................................................
2,212
25,239
Nexstar
Media
Group,
Inc.
................................................
324
58,067
TEGNA,
Inc.
..........................................................
2,999
54,642
TripAdvisor,
Inc.
(a)
.....................................................
2,610
36,984
Warner
Music
Group
Corp.
,
Class
A
.........................................
2,099
65,804
Yelp,
Inc.
(a)
...........................................................
1,892
70,061
Ziff
Davis,
Inc.
(a)
.......................................................
1,076
40,436
ZoomInfo
Technologies,
Inc.
(a)
.............................................
2,523
25,230
746,299
Consumer
Discretionary
(13.6%):
Academy
Sports
&
Outdoors,
Inc.
...........................................
970
44,242
Acushnet
Holdings
Corp.
.................................................
873
59,940
Adtalem
Global
Education,
Inc.
(a)
...........................................
505
50,823
American
Eagle
Outfitters,
Inc.
.............................................
3,239
37,637
Asbury
Automotive
Group,
Inc.
(a)
...........................................
177
39,089
Atmus
Filtration
Technologies,
Inc.
..........................................
1,470
53,993
Boot
Barn
Holdings,
Inc.
(a)
...............................................
287
30,832
Boyd
Gaming
Corp.
.....................................................
949
62,473
Brinker
International,
Inc.
(a)
...............................................
220
32,791
Brunswick
Corp.
.......................................................
863
46,473
Cavco
Industries,
Inc.
(a)
..................................................
97
50,404
Century
Communities,
Inc.
................................................
670
44,957
Champion
Homes,
Inc.
(a)
.................................................
430
40,747
Chewy,
Inc.
,
Class
A
(a)
..................................................
948
30,819
Choice
Hotels
International,
Inc.
(c)
..........................................
524
69,577
Columbia
Sportswear
Co.
.................................................
753
56,995
Dillard's,
Inc.
,
Class
A
...................................................
107
38,320
Dorman
Products,
Inc.
(a)
.................................................
459
55,328
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
(c)
.....................................
1,361
30,704
Duolingo,
Inc.
(a)
.......................................................
113
35,091
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
339
20,930
Five
Below,
Inc.
(a)
......................................................
358
26,823
Foot
Locker,
Inc.
(a)
.....................................................
2,157
30,414
Frontdoor,
Inc.
(a)
.......................................................
994
38,189
Garrett
Motion,
Inc.
.....................................................
5,321
44,537
Graham
Holdings
Co.
,
Class
B
.............................................
57
54,769
Grand
Canyon
Education,
Inc.
(a)
............................................
359
62,114
Green
Brick
Partners,
Inc.
(a)
...............................................
755
44,024
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Group
1
Automotive,
Inc.
.................................................
123
$
46,980
Harley-Davidson,
Inc.
...................................................
2,105
53,151
Hilton
Grand
Vacations,
Inc.
(a)
.............................................
1,192
44,593
Kontoor
Brands,
Inc.
....................................................
721
46,238
Laureate
Education,
Inc.
(a)
................................................
2,865
58,589
La-Z-Boy,
Inc.
.........................................................
1,027
40,145
LCI
Industries
.........................................................
467
40,830
Levi
Strauss
&
Co.
,
Class
A
...............................................
2,791
43,512
LGI
Homes,
Inc.
(a)
.....................................................
537
35,694
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
1,747
52,759
M/I
Homes,
Inc.
(a)
......................................................
388
44,302
Macy's,
Inc.
...........................................................
2,779
34,904
Marriott
Vacations
Worldwide
Corp.
.........................................
579
37,195
Mister
Car
Wash,
Inc.
(a)
..................................................
5,169
40,783
Modine
Manufacturing
Co.
(a)
..............................................
284
21,797
Monarch
Casino
&
Resort,
Inc.
.............................................
712
55,358
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
415
48,289
OneSpaWorld
Holdings
Ltd.
...............................................
2,954
49,598
Patrick
Industries,
Inc.
...................................................
570
48,199
Perdoceo
Education
Corp.
.................................................
2,095
52,752
Phinia,
Inc.
...........................................................
1,022
43,363
Polaris,
Inc.
...........................................................
966
39,548
PVH
Corp.
...........................................................
711
45,959
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
1,134
49,182
Revolve
Group,
Inc.
(a)
...................................................
962
20,673
RH
(a)
...............................................................
87
20,394
Rush
Street
Interactive,
Inc.
(a)
.............................................
2,911
31,206
Shake
Shack,
Inc.
,
Class
A
(a)
..............................................
341
30,066
Signet
Jewelers
Ltd.
.....................................................
651
37,797
Sonic
Automotive,
Inc.
,
Class
A
............................................
736
41,923
Steven
Madden
Ltd.
.....................................................
1,843
49,098
Strategic
Education,
Inc.
..................................................
606
50,880
Stride,
Inc.
(a)
..........................................................
235
29,728
The
Buckle,
Inc.
........................................................
1,417
54,299
The
Cheesecake
Factory,
Inc.
(c)
............................................
903
43,940
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
3,575
33,033
The
Wendy's
Co.
.......................................................
4,019
58,798
Thor
Industries,
Inc.
.....................................................
534
40,483
Travel
+
Leisure
Co.
.....................................................
1,067
49,391
Tri
Pointe
Homes,
Inc.
(a)
.................................................
1,640
52,349
United
Parks
&
Resorts,
Inc.
(a)
.............................................
1,014
46,096
Urban
Outfitters,
Inc.
(a)
..................................................
663
34,741
Valvoline,
Inc.
(a)
.......................................................
1,596
55,557
Victoria's
Secret
&
Co.
(a)
.................................................
1,171
21,757
Visteon
Corp.
(a)
........................................................
637
49,444
Worthington
Enterprises,
Inc.
..............................................
1,163
58,255
Wyndham
Hotels
&
Resorts,
Inc.
............................................
604
54,668
YETI
Holdings,
Inc.
(a)
...................................................
1,224
40,514
3,311,845
Consumer
Finance
(1.3%):
Bread
Financial
Holdings,
Inc.
.............................................
689
34,505
Enova
International,
Inc.
(a)
................................................
491
47,411
FirstCash
Holdings,
Inc.
..................................................
659
79,291
Nelnet,
Inc.
,
Class
A
.....................................................
596
66,114
OneMain
Holdings,
Inc.
..................................................
950
46,436
SLM
Corp.
...........................................................
1,726
50,693
324,450
Consumer
Staples
(5.6%):
Cal-Maine
Foods,
Inc.
...................................................
576
52,358
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
1,866
61,074
Darling
Ingredients,
Inc.
(a)
................................................
1,161
36,270
Energizer
Holdings,
Inc.
..................................................
2,303
68,906
Flowers
Foods,
Inc.
.....................................................
5,036
95,734
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Freshpet,
Inc.
(a)
........................................................
401
$
33,351
Interparfums,
Inc.
.......................................................
396
45,093
J
&
J
Snack
Foods
Corp.
..................................................
530
69,812
Lancaster
Colony
Corp.
..................................................
311
54,425
National
Beverage
Corp.
..................................................
1,420
58,987
PriceSmart,
Inc.
........................................................
717
62,988
Reynolds
Consumer
Products,
Inc.
..........................................
3,186
76,018
Seaboard
Corp.
........................................................
25
67,428
Spectrum
Brands
Holdings,
Inc.
............................................
858
61,390
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
267
63,770
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
864
47,053
The
Simply
Good
Foods
Co.
(a)
.............................................
1,805
62,254
The
Vita
Coco
Co.,
Inc.
(a)
................................................
1,357
41,592
Tootsie
Roll
Industries,
Inc.
................................................
2,222
69,949
Utz
Brands,
Inc.
........................................................
3,874
54,546
WD-40
Co.
...........................................................
309
75,396
Weis
Markets,
Inc.
......................................................
899
69,268
WK
Kellogg
Co.
.......................................................
1,916
38,186
1,365,848
Energy
(4.3%):
Archrock,
Inc.
.........................................................
1,643
43,112
Atlas
Energy
Solutions,
Inc.
(c)
.............................................
2,153
38,409
Cactus,
Inc.
,
Class
A
.....................................................
894
40,972
California
Resources
Corp.
................................................
1,112
48,895
Core
Natural
Resources,
Inc.
...............................................
587
45,258
CVR
Energy,
Inc.
.......................................................
1,831
35,521
Excelerate
Energy,
Inc.
,
Class
A
............................................
1,402
40,209
Helmerich
&
Payne,
Inc.
..................................................
1,524
39,807
International
Seaways,
Inc.
................................................
1,428
47,410
Kinetik
Holdings,
Inc.
...................................................
929
48,252
Kodiak
Gas
Services,
Inc.
.................................................
972
36,255
Liberty
Energy,
Inc.
.....................................................
2,306
36,504
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
2,510
63,403
Murphy
Oil
Corp.
......................................................
2,143
60,861
Northern
Oil
&
Gas,
Inc.
..................................................
1,551
46,887
Oceaneering
International,
Inc.
(a)
...........................................
1,811
39,498
Peabody
Energy
Corp.
...................................................
3,054
41,382
Sitio
Royalties
Corp.
,
Class
A
..............................................
3,009
59,789
SM
Energy
Co.
........................................................
1,287
38,546
Solaris
Energy
Infrastructure,
Inc.
...........................................
595
12,947
Tidewater,
Inc.
(a)
.......................................................
830
35,084
Valaris
Ltd.
(a)
.........................................................
1,212
47,583
Viper
Energy,
Inc.
......................................................
1,166
52,645
World
Kinect
Corp.
.....................................................
1,844
52,296
1,051,525
Financial
Services
(3.5%):
Euronet
Worldwide,
Inc.
(a)
................................................
623
66,568
EVERTEC,
Inc.
........................................................
1,430
52,581
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
287
53,815
Marqeta,
Inc.
,
Class
A
(a)
.................................................
6,044
24,901
Merchants
Bancorp
.....................................................
975
36,075
Mr.
Cooper
Group,
Inc.
(a)
.................................................
575
68,770
NCR
Atleos
Corp.
(a)
....................................................
1,628
42,947
NMI
Holdings,
Inc.
(a)
...................................................
1,985
71,559
Paymentus
Holdings,
Inc.
,
Class
A
(a)
........................................
1,094
28,554
Payoneer
Global,
Inc.
(a)
..................................................
4,091
29,905
PennyMac
Financial
Services,
Inc.
..........................................
594
59,465
Radian
Group,
Inc.
......................................................
2,059
68,091
Rocket
Cos.,
Inc.
,
Class
A
(c)
...............................................
2,628
31,720
Sezzle,
Inc.
(a)
.........................................................
270
9,420
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
380
31,050
The
Western
Union
Co.
...................................................
6,819
72,145
UWM
Holdings
Corp.
...................................................
7,004
38,242
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Walker
&
Dunlop,
Inc.
...................................................
670
$
57,191
842,999
Health
Care
(6.7%):
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
1,030
31,230
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
1,963
32,605
Addus
HomeCare
Corp.
(a)
................................................
641
63,389
ADMA
Biologics,
Inc.
(a)
.................................................
1,587
31,486
Agios
Pharmaceuticals,
Inc.
(a)
.............................................
934
27,366
Alkermes
PLC
(a)
.......................................................
1,545
51,016
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
1,885
45,711
Concentra
Group
Holdings
Parent,
Inc.
.......................................
2,406
52,210
CONMED
Corp.
.......................................................
798
48,191
Corcept
Therapeutics,
Inc.
(a)
..............................................
604
68,989
CorVel
Corp.
(a)
........................................................
457
51,170
Doximity,
Inc.
,
Class
A
(a)
.................................................
299
17,351
Dynavax
Technologies
Corp.
(a)
.............................................
3,933
51,011
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
6,469
28,528
Haemonetics
Corp.
(a)
....................................................
720
45,756
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
1,033
34,285
Hims
&
Hers
Health,
Inc.
(a)
...............................................
371
10,963
Inspire
Medical
Systems,
Inc.
(a)
............................................
154
24,529
Integer
Holdings
Corp.
(a)
.................................................
550
64,906
Krystal
Biotech,
Inc.
(a)
...................................................
238
42,911
LeMaitre
Vascular,
Inc.
...................................................
615
51,599
MannKind
Corp.
(a)
.....................................................
8,499
42,750
Merit
Medical
Systems,
Inc.
(a)
.............................................
814
86,048
Omnicell,
Inc.
(a)
.......................................................
688
24,053
Option
Care
Health,
Inc.
(a)
................................................
1,192
41,660
Organon
&
Co.
........................................................
3,116
46,397
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
759
65,251
Privia
Health
Group,
Inc.
(a)
...............................................
1,837
41,241
Progyny,
Inc.
(a)
........................................................
1,207
26,964
Protagonist
Therapeutics,
Inc.
(a)
............................................
1,097
53,051
RadNet,
Inc.
(a)
........................................................
702
34,903
Select
Medical
Holdings
Corp.
.............................................
2,610
43,587
Sotera
Health
Co.
(a)
.....................................................
4,064
47,386
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
1,436
47,029
TG
Therapeutics,
Inc.
(a)
..................................................
934
36,828
TransMedics
Group,
Inc.
(a)
................................................
325
21,866
UFP
Technologies,
Inc.
(a)
.................................................
146
29,450
Veracyte,
Inc.
(a)
........................................................
861
25,529
Vericel
Corp.
(a)
........................................................
827
36,901
1,626,096
Industrials
(19.3%):
AAR
Corp.
(a)
.........................................................
757
42,384
ABM
Industries,
Inc.
....................................................
1,256
59,484
AeroVironment,
Inc.
(a)
...................................................
233
27,771
Air
Lease
Corp.
........................................................
1,130
54,590
Alamo
Group,
Inc.
......................................................
345
61,482
Alaska
Air
Group,
Inc.
(a)
.................................................
648
31,895
Albany
International
Corp.
................................................
691
47,707
ArcBest
Corp.
.........................................................
510
35,996
Arcosa,
Inc.
...........................................................
609
46,966
Argan,
Inc.
...........................................................
215
28,202
Aris
Water
Solutions,
Inc.
,
Class
A
...........................................
884
28,323
Armstrong
World
Industries,
Inc.
............................................
492
69,313
ASGN,
Inc.
(a)
.........................................................
772
48,651
Atkore,
Inc.
...........................................................
571
34,254
AZZ,
Inc.
............................................................
534
44,648
Boise
Cascade
Co.
......................................................
440
43,160
Brady
Corp.
,
Class
A
....................................................
1,073
75,797
Casella
Waste
Systems,
Inc.
(a)
.............................................
677
75,492
CBIZ,
Inc.
(a)
..........................................................
636
48,247
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Concentrix
Corp.
.......................................................
842
$
46,849
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
490
35,216
CoreCivic,
Inc.
(a)
......................................................
1,465
29,725
CSG
Systems
International,
Inc.
............................................
1,004
60,712
CSW
Industrials,
Inc.
....................................................
164
47,809
DNOW,
Inc.
(a)
........................................................
2,589
44,220
Dycom
Industries,
Inc.
(a)
.................................................
260
39,608
Enerpac
Tool
Group
Corp.
................................................
1,472
66,034
EnerSys
..............................................................
657
60,168
Enpro,
Inc.
...........................................................
275
44,492
Esab
Corp.
............................................................
434
50,561
ESCO
Technologies,
Inc.
.................................................
301
47,895
Everus
Construction
Group,
Inc.
(a)
..........................................
563
20,882
ExlService
Holdings,
Inc.
(a)
...............................................
1,511
71,334
Exponent,
Inc.
.........................................................
850
68,901
Federal
Signal
Corp.
.....................................................
653
48,028
Franklin
Electric
Co.,
Inc.
.................................................
659
61,867
Frontier
Group
Holdings,
Inc.
(a)
............................................
3,257
14,135
GATX
Corp.
..........................................................
411
63,816
Genpact
Ltd.
..........................................................
1,052
53,000
Gibraltar
Industries,
Inc.
(a)
................................................
747
43,819
GMS,
Inc.
(a)
..........................................................
701
51,292
Granite
Construction,
Inc.
.................................................
873
65,824
Griffon
Corp.
..........................................................
519
37,109
Hayward
Holdings,
Inc.
(a)
................................................
3,621
50,404
Herc
Holdings,
Inc.
.....................................................
246
33,030
Hexcel
Corp.
..........................................................
1,048
57,388
Hillman
Solutions
Corp.
(a)
................................................
5,610
49,312
HNI
Corp.
............................................................
1,321
58,586
Hub
Group,
Inc.
,
Class
A
.................................................
1,448
53,822
Huron
Consulting
Group,
Inc.
(a)
............................................
339
48,630
IES
Holdings,
Inc.
(a)
....................................................
134
22,125
Innodata,
Inc.
(a)
........................................................
255
9,155
Insperity,
Inc.
..........................................................
507
45,240
JBT
Marel
Corp.
.......................................................
329
40,204
Kadant,
Inc.
...........................................................
140
47,167
Kennametal,
Inc.
.......................................................
2,464
52,483
Korn
Ferry
...........................................................
881
59,758
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
...................................
1,581
46,940
Legalzoom.com,
Inc.
(a)
..................................................
3,362
28,947
Loar
Holdings,
Inc.
(a)
...................................................
449
31,722
Lyft,
Inc.
,
Class
A
(a)
....................................................
2,221
26,363
ManpowerGroup,
Inc.
...................................................
1,044
60,427
Masterbrand,
Inc.
(a)
.....................................................
3,228
42,158
Matson,
Inc.
..........................................................
366
46,910
Maximus,
Inc.
.........................................................
1,085
73,986
MDU
Resources
Group,
Inc.
...............................................
3,651
61,738
Moog,
Inc.
,
Class
A
.....................................................
284
49,231
MSC
Industrial
Direct
Co.,
Inc.
.............................................
704
54,680
Mueller
Water
Products,
Inc.
,
Class
A
........................................
2,026
51,501
MYR
Group,
Inc.
(a)
.....................................................
270
30,534
OPENLANE,
Inc.
(a)
....................................................
2,811
54,196
Pitney
Bowes,
Inc.
......................................................
3,194
28,906
Powell
Industries,
Inc.
...................................................
121
20,610
Primoris
Services
Corp.
..................................................
499
28,648
Resideo
Technologies,
Inc.
(a)
..............................................
2,591
45,861
Rush
Enterprises,
Inc.
,
Class
A
.............................................
894
47,749
Ryder
System,
Inc.
......................................................
395
56,805
Schneider
National,
Inc.
,
Class
B
............................................
2,603
59,479
Science
Applications
International
Corp.
......................................
607
68,148
SkyWest,
Inc.
(a)
........................................................
490
42,811
Standex
International
Corp.
................................................
326
52,613
Sterling
Infrastructure,
Inc.
(a)
..............................................
225
25,472
Tecnoglass,
Inc.
........................................................
494
35,346
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Tennant
Co.
...........................................................
757
$
60,371
Terex
Corp.
...........................................................
1,019
38,498
The
Brink's
Co.
........................................................
705
60,743
The
Greenbrier
Cos.,
Inc.
.................................................
835
42,769
The
Timken
Co.
........................................................
700
50,309
TriNet
Group,
Inc.
......................................................
584
46,276
Trinity
Industries,
Inc.
...................................................
1,603
44,980
UL
Solutions,
Inc.
,
Class
A
................................................
1,257
70,895
UniFirst
Corp.
.........................................................
203
35,322
Upwork,
Inc.
(a)
........................................................
1,991
25,983
Valmont
Industries,
Inc.
..................................................
141
40,237
Verra
Mobility
Corp.
(a)
..................................................
2,567
57,783
Vicor
Corp.
(a)
.........................................................
418
19,554
VSE
Corp.
............................................................
317
38,037
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
328
66,886
Werner
Enterprises,
Inc.
..................................................
2,023
59,274
Zurn
Elkay
Water
Solutions
Corp.
...........................................
1,990
65,630
4,700,290
Information
Technology
(8.7%):
ACI
Worldwide,
Inc.
(a)
..................................................
972
53,178
ACM
Research,
Inc.
,
Class
A
(a)
............................................
881
20,563
Adeia,
Inc.
............................................................
2,216
29,296
Advanced
Energy
Industries,
Inc.
...........................................
378
36,027
Agilysys,
Inc.
(a)
.......................................................
453
32,861
Alarm.com
Holdings,
Inc.
(a)
...............................................
1,007
56,040
Appfolio,
Inc.
,
Class
A
(a)
.................................................
226
49,697
Avnet,
Inc.
............................................................
1,393
66,989
Axcelis
Technologies,
Inc.
(a)
..............................................
622
30,895
Badger
Meter,
Inc.
......................................................
304
57,836
Belden,
Inc.
...........................................................
492
49,323
BILL
Holdings,
Inc.
(a)
...................................................
498
22,853
BlackLine,
Inc.
(a)
......................................................
975
47,210
Box,
Inc.
,
Class
A
(a)
....................................................
2,074
64,004
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
....................................
8,160
73,685
Cleanspark,
Inc.
(a)
......................................................
2,165
14,549
Clear
Secure,
Inc.
,
Class
A
................................................
1,318
34,149
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
.................................
1,304
34,947
Crane
NXT
Co.
........................................................
1,058
54,381
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
326
13,092
DigitalOcean
Holdings,
Inc.
(a)
.............................................
783
26,144
Diodes,
Inc.
(a)
.........................................................
758
32,723
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
746
59,911
DoubleVerify
Holdings,
Inc.
(a)
.............................................
2,399
32,075
Dropbox,
Inc.
,
Class
A
(a)
.................................................
2,079
55,530
ePlus,
Inc.
(a)
..........................................................
667
40,707
FormFactor,
Inc.
(a)
.....................................................
969
27,413
Impinj,
Inc.
(a)
.........................................................
346
31,382
Informatica,
Inc.
,
Class
A
(a)
...............................................
2,298
40,100
InterDigital,
Inc.
.......................................................
238
49,207
Itron,
Inc.
(a)
..........................................................
483
50,599
Kyndryl
Holdings,
Inc.
(a)
.................................................
1,137
35,702
LiveRamp
Holdings,
Inc.
(a)
...............................................
1,531
40,020
MARA
Holdings,
Inc.
(a)
(c)
................................................
1,330
15,295
N-able,
Inc.
(a)
.........................................................
7,481
53,040
OSI
Systems,
Inc.
(a)
.....................................................
244
47,419
PC
Connection,
Inc.
.....................................................
870
54,305
Pegasystems,
Inc.
.......................................................
493
34,273
Plexus
Corp.
(a)
........................................................
386
49,458
Power
Integrations,
Inc.
..................................................
753
38,026
Progress
Software
Corp.
..................................................
1,016
52,334
Qualys,
Inc.
(a)
.........................................................
324
40,801
Rambus,
Inc.
(a)
........................................................
535
27,700
Rapid7,
Inc.
(a)
.........................................................
1,621
42,973
Riot
Platforms,
Inc.
(a)
...................................................
2,064
14,696
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Sanmina
Corp.
(a)
.......................................................
632
$
48,146
SEMrush
Holdings,
Inc.
,
Class
A
(a)
..........................................
3,259
30,406
Sprinklr,
Inc.
,
Class
A
(a)
..................................................
5,631
47,019
Synaptics,
Inc.
(a)
.......................................................
531
33,835
Teradata
Corp.
(a)
.......................................................
1,710
38,441
TTM
Technologies,
Inc.
(a)
................................................
1,788
36,672
Vontier
Corp.
..........................................................
1,629
53,513
2,121,440
Insurance
(4.9%):
Assured
Guaranty
Ltd.
...................................................
809
71,273
Axis
Capital
Holdings
Ltd.
................................................
830
83,199
Brighthouse
Financial,
Inc.
(a)
..............................................
796
46,160
CNO
Financial
Group,
Inc.
................................................
1,472
61,309
First
American
Financial
Corp.
.............................................
1,269
83,284
Genworth
Financial,
Inc.
(a)
................................................
9,972
70,702
Goosehead
Insurance,
Inc.
,
Class
A
..........................................
266
31,404
Hamilton
Insurance
Group
Ltd.
,
Class
B
(a)
....................................
2,625
54,416
Horace
Mann
Educators
Corp.
..............................................
1,627
69,522
Kemper
Corp.
.........................................................
1,065
71,195
Lincoln
National
Corp.
...................................................
1,294
46,468
Mercury
General
Corp.
...................................................
756
42,260
Palomar
Holdings,
Inc.
(a)
.................................................
356
48,800
Root,
Inc.
,
Class
A
(a)
....................................................
113
15,079
Selective
Insurance
Group,
Inc.
.............................................
581
53,185
SiriusPoint
Ltd.
(a)
......................................................
3,343
57,800
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
992
52,497
Stewart
Information
Services
Corp.
..........................................
890
63,502
The
Hanover
Insurance
Group,
Inc.
..........................................
456
79,321
White
Mountains
Insurance
Group
Ltd.
.......................................
42
80,884
1,182,260
Materials
(5.2%):
Alpha
Metallurgical
Resources,
Inc.
(a)
........................................
252
31,563
Avient
Corp.
..........................................................
1,308
48,605
Balchem
Corp.
.........................................................
429
71,214
Cabot
Corp.
...........................................................
595
49,468
Century
Aluminum
Co.
(a)
.................................................
1,329
24,666
Coeur
Mining,
Inc.
(a)
....................................................
5,243
31,039
Greif,
Inc.
,
Class
A
......................................................
1,084
59,609
H.B.
Fuller
Co.
........................................................
1,227
68,859
Hawkins,
Inc.
.........................................................
382
40,462
Hecla
Mining
Co.
.......................................................
6,585
36,613
Innospec,
Inc.
.........................................................
539
51,070
Knife
River
Corp.
(a)
....................................................
475
42,850
Materion
Corp.
........................................................
478
39,005
Minerals
Technologies,
Inc.
................................................
920
58,484
NewMarket
Corp.
......................................................
126
71,373
Olin
Corp.
............................................................
1,934
46,880
Quaker
Chemical
Corp.
..................................................
386
47,714
Sealed
Air
Corp.
.......................................................
1,939
56,037
Sensient
Technologies
Corp.
...............................................
1,026
76,365
Silgan
Holdings,
Inc.
....................................................
1,560
79,747
Sonoco
Products
Co.
....................................................
1,807
85,363
Sylvamo
Corp.
.........................................................
649
43,528
The
Chemours
Co.
......................................................
2,388
32,310
United
States
Lime
&
Minerals,
Inc.
.........................................
418
36,943
Warrior
Met
Coal,
Inc.
...................................................
767
36,601
1,266,368
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(0.2%):
HA
Sustainable
Infrastructure
Capital,
Inc.
.....................................
1,616
47,252
Real
Estate
(0.8%):
DigitalBridge
Group,
Inc.
.................................................
3,393
29,926
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
695
$
51,486
Newmark
Group,
Inc.
,
Class
A
.............................................
3,575
43,508
The
St.
Joe
Co.
........................................................
1,460
68,547
193,467
Utilities
(7.0%):
American
States
Water
Co.
................................................
1,100
86,548
Avista
Corp.
..........................................................
2,124
88,932
Black
Hills
Corp.
.......................................................
1,556
94,371
California
Water
Service
Group
.............................................
1,747
84,660
Chesapeake
Utilities
Corp.
................................................
693
89,002
Clearway
Energy,
Inc.
,
Class
C
.............................................
2,109
63,839
IDACORP,
Inc.
........................................................
885
102,855
MGE
Energy,
Inc.
......................................................
805
74,833
New
Jersey
Resources
Corp.
...............................................
1,965
96,403
Northwest
Natural
Holding
Co.
.............................................
2,130
90,994
Northwestern
Energy
Group,
Inc.
...........................................
1,553
89,872
ONE
Gas,
Inc.
.........................................................
1,161
87,760
Ormat
Technologies,
Inc.
.................................................
932
65,958
Otter
Tail
Corp.
........................................................
781
62,769
Portland
General
Electric
Co.
..............................................
2,243
100,038
SJW
Group
...........................................................
1,319
72,136
Southwest
Gas
Holdings,
Inc.
..............................................
1,037
74,456
Spire,
Inc.
............................................................
1,064
83,258
Talen
Energy
Corp.
(a)
...................................................
141
28,153
TXNM
Energy,
Inc.
.....................................................
1,765
94,392
UGI
Corp.
............................................................
1,827
60,419
1,691,648
Total
Common
Stocks
(Cost
$23,860,586)
24,203,462
Collateral
for
Securities
Loaned
(0.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(d)
........
43,428
43,428
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(d)
............
43,428
43,428
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(d)
...............
43,428
43,428
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(d)
.
43,428
43,428
Total
Collateral
for
Securities
Loaned
(Cost
$173,712)
173,712
Total
Investments
(Cost
$24,034,298)
—
100.3%
24,377,174
Liabilities
in
excess
of
other
assets
—
(0.3)%
(
85,002
)
NET
ASSETS
-
100.00%
$
24,292,172
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Affiliated
security.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
1
6/20/25
$
104,909
$
101,355
$
(
3,554
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
3,554
)
Total
net
unrealized
appreciation
(depreciation)
$
(
3,554
)
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Affiliated
Holdings
Fair
Value
6/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
3/31/2025
Shares
Dividend
Income
Capital
Gain
Distribution
Victory
Capital
Holdings,
Inc.
,
Class
A
.......
$
94,314
$
21,282
$
(
87,750
)
$
27,784
$
(
10,028
)
$
45,602
788
$
4,140
$
—
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
43
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.7%)
Australia
(6.0%):
Communication
Services
(0.5%):
REA
Group
Ltd.
........................................................
1,181
$
161,977
Telstra
Group
Ltd.
......................................................
138,881
365,255
527,232
Consumer
Discretionary
(0.4%):
Aristocrat
Leisure
Ltd.
...................................................
4,930
197,567
Wesfarmers
Ltd.
........................................................
5,169
232,526
430,093
Consumer
Staples
(0.7%):
Coles
Group
Ltd.(a)
.....................................................
30,470
371,745
Woolworths
Group
Ltd.
..................................................
15,939
294,232
665,977
Energy
(0.4%):
Santos
Ltd.
...........................................................
59,266
246,576
Woodside
Energy
Group
Ltd.
..............................................
12,853
185,637
432,213
Financials
(1.8%):
ANZ
Group
Holdings
Ltd.(a)
..............................................
14,290
259,685
Commonwealth
Bank
of
Australia
...........................................
2,454
231,377
Insurance
Australia
Group
Ltd.
.............................................
39,435
189,936
Macquarie
Group
Ltd.
...................................................
1,844
226,519
National
Australia
Bank
Ltd.
...............................................
10,206
216,901
QBE
Insurance
Group
Ltd.
................................................
17,617
241,017
Suncorp
Group
Ltd.
.....................................................
17,683
212,425
Westpac
Banking
Corp.
..................................................
13,311
262,516
1,840,376
Health
Care
(0.6%):
Cochlear
Ltd.
..........................................................
1,087
178,114
CSL
Ltd.
.............................................................
1,848
287,780
Pro
Medicus
Ltd.
.......................................................
835
104,215
570,109
Industrials
(0.6%):
Brambles
Ltd.
.........................................................
17,371
217,358
Computershare
Ltd.
.....................................................
6,654
162,654
SGH
Ltd.
.............................................................
6,539
202,816
582,828
Information
Technology
(0.1%):
WiseTech
Global
Ltd.(a)
..................................................
1,669
84,692
Materials
(0.7%):
BHP
Group
Ltd.
........................................................
9,890
236,010
Fortescue
Ltd.
.........................................................
12,726
122,190
Northern
Star
Resources
Ltd.(a)
............................................
16,047
183,650
Rio
Tinto
Ltd.
.........................................................
3,047
219,831
761,681
Utilities
(0.2%):
Origin
Energy
Ltd.
......................................................
31,452
206,894
6,102,095
Austria
(0.7%):
Energy
(0.3%):
OMV
AG
............................................................
5,890
302,492
Financials
(0.2%):
Erste
Group
Bank
AG
....................................................
2,887
198,897
Utilities
(0.2%):
Verbund
AG
..........................................................
2,782
196,867
698,256
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Belgium
(0.6%):
Consumer
Staples
(0.2%):
Anheuser-Busch
InBev
SA
................................................
3,681
$
226,535
Financials
(0.2%):
KBC
Group
NV
........................................................
2,678
243,218
Health
Care
(0.2%):
UCB
SA
.............................................................
1,054
185,467
655,220
Canada
(12.2%):
Communication
Services
(0.7%):
BCE,
Inc.
............................................................
8,849
203,129
Rogers
Communications,
Inc.,
Class
B(b)
.....................................
9,079
242,481
TELUS
Corp.(b)
.......................................................
18,744
268,870
714,480
Consumer
Discretionary
(0.6%):
Dollarama,
Inc.
........................................................
2,228
238,269
Magna
International,
Inc.
.................................................
4,467
151,839
Restaurant
Brands
International,
Inc.
.........................................
3,675
245,008
635,116
Consumer
Staples
(1.2%):
Alimentation
Couche-Tard,
Inc.
.............................................
4,623
228,018
George
Weston
Ltd.
.....................................................
1,813
309,113
Loblaw
Cos.
Ltd.
.......................................................
2,318
324,865
Metro,
Inc.
...........................................................
4,894
340,359
1,202,355
Energy
(2.2%):
ARC
Resources
Ltd.
.....................................................
8,809
177,111
Cameco
Corp.
.........................................................
2,410
99,220
Canadian
Natural
Resources
Ltd.
............................................
6,724
206,921
Cenovus
Energy,
Inc.
....................................................
12,392
172,243
Enbridge,
Inc.
.........................................................
8,145
360,522
Imperial
Oil
Ltd.
.......................................................
2,604
188,120
Pembina
Pipeline
Corp.
..................................................
7,745
309,822
Suncor
Energy,
Inc.
.....................................................
5,225
202,333
TC
Energy
Corp.
.......................................................
6,208
293,207
Tourmaline
Oil
Corp.
....................................................
4,147
200,015
2,209,514
Financials
(3.5%):
Bank
of
Montreal
.......................................................
2,543
242,865
Brookfield
Corp.
.......................................................
3,278
171,566
Canadian
Imperial
Bank
of
Commerce
........................................
4,944
278,141
Fairfax
Financial
Holdings
Ltd.
.............................................
154
222,597
Great-West
Lifeco,
Inc.
...................................................
7,107
278,472
Intact
Financial
Corp.
....................................................
1,481
302,612
Manulife
Financial
Corp.
.................................................
7,724
240,701
National
Bank
of
Canada
.................................................
3,355
276,929
Power
Corp.
of
Canada
...................................................
8,453
298,901
Royal
Bank
of
Canada
...................................................
3,090
348,106
Sun
Life
Financial,
Inc.
..................................................
5,185
296,780
The
Bank
of
Nova
Scotia
.................................................
6,684
316,943
The
Toronto-Dominion
Bank
...............................................
4,385
262,783
3,537,396
Industrials
(1.3%):
Canadian
National
Railway
Co.
.............................................
2,692
261,997
Canadian
Pacific
Kansas
City
Ltd.
...........................................
3,208
225,155
Thomson
Reuters
Corp.
..................................................
1,581
272,854
Waste
Connections,
Inc.
..................................................
1,793
349,516
WSP
Global,
Inc.
.......................................................
1,454
246,773
1,356,295
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Information
Technology
(0.6%):
Celestica,
Inc.(a)
.......................................................
655
$
51,675
CGI,
Inc.
.............................................................
2,456
245,208
Constellation
Software,
Inc.
...............................................
63
199,537
Shopify,
Inc.,
Class
A(a)
..................................................
847
80,585
577,005
Materials
(1.1%):
Agnico
Eagle
Mines
Ltd.
.................................................
1,787
193,628
Barrick
Gold
Corp.
......................................................
8,812
171,108
Ivanhoe
Mines
Ltd.(a)
...................................................
11,002
93,435
Kinross
Gold
Corp.
.....................................................
11,363
143,173
Nutrien
Ltd.
...........................................................
3,766
186,926
Teck
Resources
Ltd.,
Class
B
..............................................
3,862
140,695
Wheaton
Precious
Metals
Corp.
.............................................
2,519
195,494
1,124,459
Utilities
(1.0%):
Emera,
Inc.
...........................................................
7,370
310,443
Fortis,
Inc.
............................................................
8,078
367,998
Hydro
One
Ltd.(c)
......................................................
10,849
364,850
1,043,291
12,399,911
Chile
(0.1%):
Materials
(0.1%):
Antofagasta
PLC
.......................................................
6,490
139,852
Denmark
(1.9%):
Consumer
Discretionary
(0.2%):
Pandora
A/S
..........................................................
1,093
166,986
Consumer
Staples
(0.2%):
Carlsberg
A/S,
Class
B
...................................................
1,444
183,522
Financials
(0.5%):
Danske
Bank
A/S
.......................................................
6,411
209,181
Tryg
A/S
.............................................................
12,956
308,176
517,357
Health
Care
(0.4%):
Coloplast
A/S,
Class
B
...................................................
2,214
232,090
Genmab
A/S(a)
........................................................
757
147,035
Novo
Nordisk
A/S,
Class
B
................................................
1,275
86,825
465,950
Industrials
(0.4%):
AP
Moller
-
Maersk
A/S,
Class
B
...........................................
70
121,606
DSV
A/S
.............................................................
925
178,661
Vestas
Wind
Systems
A/S(a)(b)
.............................................
7,543
103,782
404,049
Materials
(0.2%):
Novonesis
A/S
.........................................................
3,768
219,016
1,956,880
Finland
(1.6%):
Financials
(0.6%):
Nordea
Bank
Abp
.......................................................
18,251
232,257
Sampo
Oyj,
A
Shares
....................................................
35,373
338,470
570,727
Industrials
(0.4%):
Kone
Oyj,
Class
B
......................................................
4,914
270,113
Wartsila
Oyj
Abp
.......................................................
8,128
144,079
414,192
Information
Technology
(0.2%):
Nokia
Oyj
............................................................
38,364
200,759
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Materials
(0.2%):
UPM-Kymmene
Oyj
....................................................
7,133
$
190,491
Utilities
(0.2%):
Fortum
Oyj(b)
.........................................................
13,033
212,919
1,589,088
France
(8.1%):
Communication
Services
(0.8%):
Bollore
SE
............................................................
42,753
249,612
Orange
SA
............................................................
26,958
349,617
Publicis
Groupe
SA
.....................................................
2,261
212,044
811,273
Consumer
Discretionary
(1.2%):
Accor
SA
............................................................
4,527
205,034
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
6,633
232,431
Hermes
International
SCA
................................................
64
166,833
Kering
SA
............................................................
444
91,652
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
222
137,223
Renault
SA
...........................................................
3,406
171,423
Sodexo
SA
...........................................................
2,849
182,972
1,187,568
Consumer
Staples
(0.8%):
Danone
SA
...........................................................
5,036
385,718
L'Oreal
SA
...........................................................
559
207,215
Pernod
Ricard
SA
.......................................................
1,800
177,606
770,539
Energy
(0.3%):
TotalEnergies
SE
.......................................................
4,398
283,690
Financials
(1.2%):
Amundi
SA(c)
.........................................................
2,858
222,485
AXA
SA
.............................................................
6,966
296,746
BNP
Paribas
SA
........................................................
2,904
241,482
Credit
Agricole
SA
......................................................
15,823
286,983
Societe
Generale
SA
.....................................................
3,670
164,235
1,211,931
Health
Care
(0.8%):
BioMerieux
...........................................................
1,984
244,970
EssilorLuxottica
SA(a)
...................................................
786
225,543
Sanofi
SA
............................................................
2,596
286,068
Sartorius
Stedim
Biotech
.................................................
488
96,212
852,793
Industrials
(1.8%):
Airbus
SE
............................................................
1,145
201,517
Bouygues
SA
..........................................................
8,098
318,789
Bureau
Veritas
SA
......................................................
7,596
229,465
Cie
de
Saint-Gobain
SA
..................................................
1,954
193,731
Legrand
SA
...........................................................
1,652
173,684
Schneider
Electric
SE
....................................................
649
147,883
Thales
SA
............................................................
990
262,887
Vinci
SA
.............................................................
2,161
271,731
1,799,687
Information
Technology
(0.3%):
Capgemini
SE
.........................................................
1,182
176,425
Dassault
Systemes
SE
....................................................
4,889
184,692
361,117
Materials
(0.3%):
Air
Liquide
SA
........................................................
1,578
298,812
Utilities
(0.6%):
Engie
SA
.............................................................
17,493
341,103
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Veolia
Environnement
SA
.................................................
8,908
$
305,794
646,897
8,224,307
Germany
(6.9%):
Communication
Services
(0.5%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
1,535
153,019
Deutsche
Telekom
AG
...................................................
9,209
340,720
493,739
Consumer
Discretionary
(0.6%):
adidas
AG
............................................................
728
170,567
Bayerische
Motoren
Werke
AG
.............................................
1,868
148,810
Continental
AG
........................................................
1,933
134,928
Mercedes-Benz
Group
AG
................................................
3,100
181,629
635,934
Consumer
Staples
(0.3%):
Beiersdorf
AG
.........................................................
2,083
268,905
Financials
(1.8%):
Allianz
SE,
Registered
Shares
..............................................
989
376,502
Commerzbank
AG
......................................................
6,987
158,414
Deutsche
Bank
AG,
Registered
Shares
........................................
8,217
193,853
Deutsche
Boerse
AG
....................................................
1,277
375,686
Hannover
Rueck
SE
.....................................................
911
270,572
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Class
R
...............
411
258,802
Talanx
AG
............................................................
2,312
241,724
1,875,553
Health
Care
(0.6%):
Fresenius
Medical
Care
AG
...............................................
3,923
193,584
Fresenius
SE
&
Co.
KGaA(a)
..............................................
5,974
254,294
Merck
KGaA
..........................................................
1,488
203,677
651,555
Industrials
(1.2%):
Daimler
Truck
Holding
AG
................................................
3,716
149,138
Deutsche
Post
AG
......................................................
5,557
237,205
HOCHTIEF
AG
........................................................
1,312
222,710
Knorr-Bremse
AG
......................................................
2,449
221,228
Rheinmetall
AG
........................................................
120
171,132
Siemens
AG,
Registered
Shares
.............................................
815
186,721
1,188,134
Information
Technology
(0.5%):
Infineon
Technologies
AG
.................................................
3,710
121,922
Nemetschek
SE
........................................................
1,564
180,598
SAP
SE
..............................................................
834
220,380
522,900
Materials
(0.7%):
BASF
SE
............................................................
3,574
177,348
Heidelberg
Materials
AG
.................................................
1,253
213,439
Symrise
AG
...........................................................
2,735
282,992
673,779
Real
Estate
(0.2%):
Vonovia
SE(a)
.........................................................
6,306
170,178
Utilities
(0.5%):
E.ON
SE
.............................................................
20,587
310,730
RWE
AG
.............................................................
6,239
222,740
533,470
7,014,147
Hong
Kong
(2.9%):
Consumer
Discretionary
(0.1%):
Galaxy
Entertainment
Group
Ltd.
...........................................
29,841
116,584
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Financials
(0.6%):
AIA
Group
Ltd.
........................................................
20,479
$
154,227
Hang
Seng
Bank
Ltd.
....................................................
14,321
193,985
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
2,500
110,780
Prudential
PLC(a)
......................................................
17,561
187,383
646,375
Industrials
(0.6%):
CK
Hutchison
Holdings
Ltd.
...............................................
47,563
267,424
MTR
Corp.
Ltd.
........................................................
69,726
228,053
Techtronic
Industries
Co.
Ltd.
..............................................
10,380
124,394
619,871
Real
Estate
(0.8%):
CK
Asset
Holdings
Ltd.
..................................................
48,316
195,283
Henderson
Land
Development
Co.
Ltd.
.......................................
64,025
183,899
Sun
Hung
Kai
Properties
Ltd.
..............................................
20,856
198,075
Swire
Pacific
Ltd.,
Class
A
................................................
23,527
207,417
784,674
Utilities
(0.8%):
CLP
Holdings
Ltd.
......................................................
38,591
314,433
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
337,755
290,390
Power
Assets
Holdings
Ltd.
...............................................
37,883
226,874
831,697
2,999,201
Ireland
(1.2%):
Consumer
Staples
(0.2%):
Kerry
Group
PLC,
Class
A
................................................
2,357
246,684
Financials
(0.3%):
AIB
Group
PLC
........................................................
26,155
168,258
Bank
of
Ireland
Group
PLC
...............................................
13,429
157,463
325,721
Industrials
(0.6%):
Experian
PLC
.........................................................
5,469
252,017
Kingspan
Group
PLC
....................................................
1,965
157,536
Ryanair
Holdings
PLC,
ADR
...............................................
3,715
157,404
566,957
Materials
(0.1%):
Smurfit
WestRock
PLC
...................................................
2,869
128,204
1,267,566
Israel
(1.0%):
Financials
(0.7%):
Bank
Hapoalim
BM
.....................................................
18,618
251,102
Bank
Leumi
Le-Israel
BM
................................................
17,842
239,386
Mizrahi
Tefahot
Bank
Ltd.
................................................
5,249
235,365
725,853
Industrials
(0.3%):
Elbit
Systems
Ltd.
......................................................
717
275,160
1,001,013
Italy
(3.5%):
Consumer
Discretionary
(0.1%):
Moncler
SpA
..........................................................
2,235
136,772
Consumer
Staples
(0.1%):
Davide
Campari-Milano
NV,
Class
M(b)
......................................
21,431
125,449
Energy
(0.3%):
Eni
SpA
.............................................................
20,184
312,024
Financials
(1.5%):
FinecoBank
Banca
Fineco
SpA
.............................................
11,555
227,315
Generali
.............................................................
8,434
295,267
Intesa
Sanpaolo
SpA
.....................................................
46,652
238,783
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
11,828
$
220,792
Poste
Italiane
SpA(c)
....................................................
17,991
319,594
UniCredit
SpA
.........................................................
3,256
181,405
1,483,156
Health
Care
(0.2%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
3,856
218,044
Industrials
(0.3%):
Leonardo
SpA
.........................................................
3,891
188,597
Prysmian
SpA
.........................................................
2,409
131,168
319,765
Utilities
(1.0%):
Enel
SpA
.............................................................
40,542
328,623
Snam
SpA
............................................................
63,464
329,019
Terna
-
Rete
Elettrica
Nazionale
............................................
39,730
359,284
1,016,926
3,612,136
Japan
(16.0%):
Communication
Services
(1.5%):
Capcom
Co.
Ltd.
.......................................................
4,500
109,942
KDDI
Corp.
...........................................................
15,400
242,291
Konami
Group
Corp.
....................................................
1,100
128,946
LY
Corp.
.............................................................
52,500
177,240
Nexon
Co.
Ltd.
........................................................
7,800
106,101
Nintendo
Co.
Ltd.
......................................................
1,800
121,344
Nippon
Telegraph
&
Telephone
Corp.
........................................
305,900
295,151
SoftBank
Corp.
........................................................
193,500
268,890
SoftBank
Group
Corp.
...................................................
1,700
84,779
1,534,684
Consumer
Discretionary
(2.4%):
Asics
Corp.
...........................................................
4,600
96,466
Bandai
Namco
Holdings,
Inc.
..............................................
3,900
130,130
Bridgestone
Corp.
......................................................
4,100
163,896
Denso
Corp.
..........................................................
9,800
120,499
Fast
Retailing
Co.
Ltd.
...................................................
500
146,896
Honda
Motor
Co.
Ltd.
...................................................
11,900
106,526
Nissan
Motor
Co.
Ltd.
...................................................
29,300
73,987
Nitori
Holdings
Co.
Ltd.
..................................................
1,500
148,330
Oriental
Land
Co.
Ltd.
...................................................
7,600
149,243
Pan
Pacific
International
Holdings
Corp.
......................................
5,300
144,507
Panasonic
Holdings
Corp.
.................................................
10,700
126,392
Sanrio
Co.
Ltd.
........................................................
2,100
96,199
Sekisui
House
Ltd.
......................................................
6,800
151,444
Shimano,
Inc.
.........................................................
1,200
167,914
Sony
Group
Corp.
......................................................
5,800
145,609
Subaru
Corp.
..........................................................
5,900
104,057
Sumitomo
Electric
Industries
Ltd.
...........................................
6,300
103,593
Suzuki
Motor
Corp.
.....................................................
9,600
115,863
Toyota
Motor
Corp.
.....................................................
6,800
118,616
2,410,167
Consumer
Staples
(1.5%):
Aeon
Co.
Ltd.
.........................................................
8,800
220,044
Ajinomoto
Co.,
Inc.
.....................................................
9,200
181,491
Asahi
Group
Holdings
Ltd.
................................................
14,400
183,589
Japan
Tobacco,
Inc.
.....................................................
6,800
186,539
Kao
Corp.
............................................................
5,100
220,126
Kirin
Holdings
Co.
Ltd.
..................................................
19,900
275,670
Seven
&
i
Holdings
Co.
Ltd.
...............................................
7,500
108,171
Unicharm
Corp.
........................................................
24,700
195,910
1,571,540
Energy
(0.3%):
ENEOS
Holdings,
Inc.
...................................................
25,700
134,061
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Inpex
Corp.
...........................................................
11,200
$
153,657
287,718
Financials
(1.9%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
16,800
126,921
Japan
Exchange
Group,
Inc.
...............................................
14,700
149,725
Japan
Post
Bank
Co.
Ltd.
.................................................
14,700
147,618
Japan
Post
Holdings
Co.
Ltd.
..............................................
13,100
130,415
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
10,000
134,093
Mizuho
Financial
Group,
Inc.
..............................................
4,270
115,342
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
5,900
126,875
Nomura
Holdings,
Inc.
...................................................
17,200
104,161
ORIX
Corp.
...........................................................
6,300
129,554
Resona
Holdings,
Inc.
....................................................
13,700
117,570
Sompo
Holdings,
Inc.
....................................................
4,000
120,584
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
5,100
129,056
Sumitomo
Mitsui
Trust
Group,
Inc.
..........................................
5,500
136,427
T&D
Holdings,
Inc.
.....................................................
5,700
120,636
Tokio
Marine
Holdings,
Inc.
...............................................
3,000
114,743
1,903,720
Health
Care
(1.5%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
2,400
108,806
Daiichi
Sankyo
Co.
Ltd.
..................................................
5,500
128,762
Hoya
Corp.
...........................................................
1,100
123,078
Olympus
Corp.
........................................................
11,900
154,533
Otsuka
Holdings
Co.
Ltd.
.................................................
3,700
191,279
Shionogi
&
Co.
Ltd.
.....................................................
13,200
197,688
Sysmex
Corp.
.........................................................
9,200
174,037
Takeda
Pharmaceutical
Co.
Ltd.
............................................
9,200
270,718
Terumo
Corp.
.........................................................
7,700
143,608
1,492,509
Industrials
(3.4%):
Central
Japan
Railway
Co.
................................................
10,600
201,723
Daikin
Industries
Ltd.
....................................................
1,400
150,670
East
Japan
Railway
Co.
..................................................
10,300
202,744
FANUC
Corp.
.........................................................
4,900
132,653
Fujikura
Ltd.
..........................................................
1,700
61,189
Hikari
Tsushin,
Inc.
.....................................................
600
154,231
Hitachi
Ltd.
...........................................................
3,900
89,926
ITOCHU
Corp.
........................................................
3,200
147,251
Kajima
Corp.
..........................................................
6,800
138,204
Komatsu
Ltd.
..........................................................
5,000
143,562
Kubota
Corp.
..........................................................
13,800
168,486
Marubeni
Corp.
........................................................
8,100
128,519
Mitsubishi
Corp.
.......................................................
8,800
154,119
Mitsubishi
Electric
Corp.
.................................................
7,600
137,841
Mitsubishi
Heavy
Industries
Ltd.
............................................
6,700
112,850
Mitsui
&
Co.
Ltd.
.......................................................
6,600
123,203
Mitsui
OSK
Lines
Ltd.(b)
.................................................
3,600
124,537
NIDEC
Corp.
..........................................................
7,800
129,610
Nippon
Yusen
KK
......................................................
3,600
118,128
Recruit
Holdings
Co.
Ltd.
.................................................
2,000
102,114
Secom
Co.
Ltd.
........................................................
6,600
223,873
SMC
Corp.
...........................................................
400
141,548
Sumitomo
Corp.
........................................................
6,200
139,404
Toyota
Industries
Corp.
...................................................
1,300
110,132
Toyota
Tsusho
Corp.
.....................................................
7,400
123,012
3,459,529
Information
Technology
(1.9%):
Advantest
Corp.
........................................................
1,400
60,417
Canon,
Inc.
...........................................................
4,900
151,767
Disco
Corp.
...........................................................
300
59,802
FUJIFILM
Holdings
Corp.
................................................
6,700
127,080
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Fujitsu
Ltd.
...........................................................
6,500
$
127,902
Keyence
Corp.
.........................................................
300
116,983
Kyocera
Corp.
.........................................................
13,000
145,239
Murata
Manufacturing
Co.
Ltd.
.............................................
7,200
110,686
NEC
Corp.
...........................................................
5,500
115,340
Nomura
Research
Institute
Ltd.
.............................................
4,778
154,074
NTT
Data
Group
Corp.
...................................................
6,000
107,282
Obic
Co.
Ltd.
..........................................................
8,200
235,606
Oracle
Corp.
..........................................................
2,000
208,775
Renesas
Electronics
Corp.
.................................................
5,300
70,239
TDK
Corp.
...........................................................
9,300
95,871
Tokyo
Electron
Ltd.
.....................................................
600
80,456
1,967,519
Materials
(0.8%):
Nippon
Paint
Holdings
Co.
Ltd.
.............................................
18,100
135,294
Nippon
Sanso
Holdings
Corp.
..............................................
3,700
111,368
Nippon
Steel
Corp.(b)
...................................................
9,400
200,260
Nitto
Denko
Corp.
......................................................
5,600
102,127
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
4,300
121,456
Toray
Industries,
Inc.
....................................................
19,400
131,429
801,934
Real
Estate
(0.6%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
6,200
204,145
Mitsubishi
Estate
Co.
Ltd.
.................................................
10,700
173,517
Mitsui
Fudosan
Co.
Ltd.
..................................................
15,500
137,513
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
3,500
130,529
645,704
Utilities
(0.2%):
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
9,800
115,827
Tokyo
Gas
Co.
Ltd.
.....................................................
4,800
152,446
268,273
16,343,297
Luxembourg
(0.3%):
Energy
(0.2%):
Tenaris
SA
............................................................
10,580
206,590
Materials
(0.1%):
ArcelorMittal
SA
.......................................................
5,450
155,975
362,565
Macau
(0.1%):
Consumer
Discretionary
(0.1%):
Sands
China
Ltd.(a)
.....................................................
48,518
97,270
Netherlands
(4.0%):
Communication
Services
(0.5%):
Koninklijke
KPN
NV
....................................................
92,752
392,810
Universal
Music
Group
NV
................................................
5,044
138,684
531,494
Consumer
Discretionary
(0.2%):
Prosus
NV(a)
..........................................................
3,936
181,182
Consumer
Staples
(0.7%):
Heineken
Holding
NV
...................................................
2,700
195,297
Heineken
NV
..........................................................
2,249
183,295
Koninklijke
Ahold
Delhaize
NV
............................................
8,132
303,862
682,454
Financials
(1.6%):
ABN
AMRO
Bank
NV,
Class
CV(c)
.........................................
10,838
226,861
Adyen
NV(a)(c)
........................................................
75
114,012
ASR
Nederland
NV
.....................................................
5,041
288,758
Euronext
NV(c)
........................................................
2,336
337,683
ING
Groep
NV
........................................................
14,721
286,334
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
NN
Group
NV
.........................................................
6,105
$
338,485
1,592,133
Health
Care
(0.1%):
Argenx
SE(a)
..........................................................
285
166,581
Industrials
(0.5%):
Ferrovial
SE
..........................................................
5,739
255,522
Wolters
Kluwer
NV
.....................................................
1,516
235,292
490,814
Information
Technology
(0.2%):
ASM
International
NV
...................................................
211
94,766
ASML
Holding
NV
.....................................................
158
103,523
198,289
Materials
(0.2%):
Akzo
Nobel
NV
........................................................
3,241
198,616
4,041,563
New
Zealand
(0.4%):
Health
Care
(0.2%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
9,112
173,438
Information
Technology
(0.2%):
Xero
Ltd.(a)
...........................................................
1,985
191,894
365,332
Norway
(1.4%):
Communication
Services
(0.3%):
Telenor
ASA
..........................................................
23,035
329,697
Energy
(0.4%):
Aker
BP
ASA
.........................................................
8,859
210,206
Equinor
ASA
..........................................................
7,912
209,670
419,876
Financials
(0.3%):
DNB
Bank
ASA
........................................................
12,558
329,028
Industrials
(0.2%):
Kongsberg
Gruppen
ASA
.................................................
1,177
171,821
Materials
(0.2%):
Norsk
Hydro
ASA
......................................................
28,150
161,485
1,411,907
Portugal
(0.6%):
Consumer
Staples
(0.2%):
Jeronimo
Martins
SGPS
SA
...............................................
7,213
152,854
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
13,085
229,614
Utilities
(0.2%):
EDP
SA
..............................................................
62,282
209,559
592,027
Russian
Federation
(0.0%):
Materials
(0.0%):
Evraz
PLC(a)(d)(e)
.....................................................
34,029
—
Singapore
(1.7%):
Consumer
Staples
(0.3%):
Wilmar
International
Ltd.
.................................................
109,400
272,848
Financials
(0.8%):
DBS
Group
Holdings
Ltd.
.................................................
7,930
274,350
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
24,300
312,976
United
Overseas
Bank
Ltd.
................................................
10,300
292,084
879,410
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Industrials
(0.6%):
Singapore
Airlines
Ltd.
...................................................
56,500
$
285,613
Singapore
Technologies
Engineering
Ltd.
......................................
63,800
322,515
608,128
1,760,386
South
Korea
(2.6%):
Communication
Services
(0.2%):
Krafton,
Inc.(a)
........................................................
471
107,009
NAVER
Corp.
.........................................................
1,038
134,659
241,668
Consumer
Discretionary
(0.5%):
Hyundai
Mobis
Co.
Ltd.
..................................................
945
167,203
Hyundai
Motor
Co.
.....................................................
1,043
139,699
Kia
Corp.
............................................................
2,280
142,936
449,838
Financials
(0.8%):
Hana
Financial
Group,
Inc.
................................................
3,646
147,593
KB
Financial
Group,
Inc.
.................................................
2,322
124,593
Meritz
Financial
Group,
Inc.
...............................................
1,989
164,816
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
....................................
414
100,526
Samsung
Life
Insurance
Co.
Ltd.
............................................
2,000
112,613
Shinhan
Financial
Group
Co.
Ltd.
...........................................
4,397
140,514
790,655
Health
Care
(0.1%):
Celltrion,
Inc.
.........................................................
1,174
134,765
Industrials
(0.5%):
Doosan
Enerbility
Co.
Ltd.(a)
..............................................
5,504
87,665
Hanwha
Aerospace
Co.
Ltd.
...............................................
197
83,895
Hanwha
Ocean
Co.
Ltd.(a)
................................................
1,481
67,496
HMM
Co.
Ltd.
.........................................................
9,496
126,158
Samsung
C&T
Corp.
....................................................
1,752
139,108
504,322
Information
Technology
(0.3%):
Samsung
Electronics
Co.
Ltd.
..............................................
3,935
154,481
Samsung
SDI
Co.
Ltd.
...................................................
672
86,037
SK
Hynix,
Inc.
.........................................................
693
89,761
330,279
Materials
(0.2%):
Korea
Zinc
Co.
Ltd.
.....................................................
101
53,371
POSCO
Holdings,
Inc.
...................................................
629
118,981
172,352
2,623,879
Spain
(2.8%):
Consumer
Discretionary
(0.5%):
Amadeus
IT
Group
SA
...................................................
3,480
265,261
Industria
de
Diseno
Textil
SA
..............................................
4,236
209,991
475,252
Consumer
Staples
(0.1%):
Puig
Brands
SA,
Class
B(a)
...............................................
7,958
135,430
Energy
(0.3%):
Repsol
SA
............................................................
18,965
252,210
Financials
(0.7%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
13,505
183,177
Banco
de
Sabadell
SA
...................................................
62,203
173,582
Banco
Santander
SA
.....................................................
26,545
177,828
CaixaBank
SA
.........................................................
26,674
206,897
741,484
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Industrials
(0.6%):
ACS
Actividades
de
Construccion
y
Servicios
SA(a)
..............................
4,547
$
259,330
Aena
SME
SA(c)
.......................................................
1,296
303,507
562,837
Utilities
(0.6%):
Endesa
SA
............................................................
11,833
313,448
Iberdrola
SA
..........................................................
20,802
336,017
649,465
2,816,678
Sweden
(4.7%):
Communication
Services
(0.3%):
Telia
Co.
AB
..........................................................
78,510
283,555
Consumer
Discretionary
(0.3%):
Evolution
AB(c)
........................................................
1,928
143,143
H
&
M
Hennes
&
Mauritz
AB,
Class
B(b)
.....................................
13,926
182,739
325,882
Consumer
Staples
(0.3%):
Essity
AB,
Class
B
......................................................
10,306
292,731
Financials
(1.7%):
EQT
AB(b)
...........................................................
4,739
143,473
Industrivarden
AB,
Class
C(b)
..............................................
7,986
292,007
Investor
AB,
Class
B
....................................................
9,827
291,791
L
E
Lundbergforetagen
AB,
Class
B
.........................................
5,859
292,720
Skandinaviska
Enskilda
Banken
AB,
Class
A(b)
.................................
15,134
247,767
Svenska
Handelsbanken
AB,
Class
A(b)
.......................................
19,765
222,575
Swedbank
AB,
Class
A(b)
.................................................
10,141
230,012
1,720,345
Health
Care
(0.2%):
Swedish
Orphan
Biovitrum
AB(a)
...........................................
5,548
158,689
Industrials
(1.6%):
Alfa
Laval
AB
.........................................................
5,729
244,545
Assa
Abloy
AB,
Class
B
..................................................
8,525
254,446
Atlas
Copco
AB,
Class
A
.................................................
12,629
200,347
Epiroc
AB,
Class
A
......................................................
10,462
209,388
Lifco
AB,
Class
B(b)
....................................................
5,348
188,842
Saab
AB,
Class
B
.......................................................
3,796
148,717
Sandvik
AB
...........................................................
9,708
202,896
Volvo
AB,
Class
B(b)
....................................................
6,484
189,205
1,638,386
Information
Technology
(0.3%):
Hexagon
AB,
Class
B
....................................................
15,417
163,638
Telefonaktiebolaget
LM
Ericsson,
Class
B
.....................................
22,407
173,228
336,866
4,756,454
Switzerland
(6.9%):
Communication
Services
(0.4%):
Swisscom
AG,
Registered
Shares
...........................................
688
396,310
Consumer
Discretionary
(0.1%):
Cie
Financiere
Richemont
SA,
Registered
Shares
................................
747
129,173
Consumer
Staples
(0.8%):
Chocoladefabriken
Lindt
&
Spruengli
AG,
Class
PC
..............................
20
269,983
Coca-Cola
HBC
AG
.....................................................
6,162
278,857
Nestle
SA,
Registered
Shares
..............................................
2,906
293,524
842,364
Financials
(1.5%):
Julius
Baer
Group
Ltd.
...................................................
2,596
178,154
Partners
Group
Holding
AG
...............................................
132
185,949
Swiss
Life
Holding
AG
...................................................
401
364,051
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Swiss
Re
AG
..........................................................
1,423
$
241,323
UBS
Group
AG
........................................................
5,442
165,321
Zurich
Insurance
Group
AG
...............................................
540
375,466
1,510,264
Health
Care
(1.3%):
Alcon
AG
............................................................
2,720
255,917
Lonza
Group
AG,
Registered
Shares
.........................................
315
193,095
Novartis
AG,
Registered
Shares
.............................................
2,643
292,359
Roche
Holding
AG
......................................................
812
266,688
Sonova
Holding
AG
.....................................................
704
204,156
Straumann
Holding
AG,
Class
R
............................................
1,170
140,149
1,352,364
Industrials
(1.3%):
ABB
Ltd.,
Registered
Shares
...............................................
3,690
188,651
Geberit
AG,
Registered
Shares
.............................................
424
263,652
Kuehne
+
Nagel
International
AG,
Class
R
.....................................
1,080
248,479
Schindler
Holding
AG,
Class
PC
............................................
963
300,278
SGS
SA,
Registered
Shares(a)
..............................................
2,007
199,497
VAT
Group
AG(c)
......................................................
371
132,042
1,332,599
Information
Technology
(0.3%):
Logitech
International
SA,
Class
R
..........................................
1,837
153,523
STMicroelectronics
NV
..................................................
4,954
107,125
260,648
Materials
(1.2%):
DSM-Firmenich
AG
.....................................................
2,124
209,805
EMS-Chemie
Holding
AG
................................................
388
263,200
Givaudan
SA,
Registered
Shares
............................................
56
240,461
Holcim
AG
...........................................................
2,102
224,578
Sika
AG,
Registered
Shares
................................................
923
222,480
1,160,524
6,984,246
United
Kingdom
(10.0%):
Communication
Services
(0.7%):
BT
Group
PLC
........................................................
94,944
203,367
Informa
PLC
..........................................................
26,301
261,349
Vodafone
Group
PLC
....................................................
239,552
225,540
690,256
Consumer
Discretionary
(1.1%):
Compass
Group
PLC
....................................................
9,775
322,303
InterContinental
Hotels
Group
PLC
..........................................
2,061
219,651
Next
PLC
............................................................
1,711
244,952
Pearson
PLC
..........................................................
19,584
308,067
1,094,973
Consumer
Staples
(2.1%):
Associated
British
Foods
PLC
..............................................
9,700
239,277
British
American
Tobacco
PLC
.............................................
6,180
253,972
Diageo
PLC
...........................................................
7,812
203,248
Haleon
PLC
...........................................................
61,168
309,122
Imperial
Brands
PLC
....................................................
9,132
337,899
Reckitt
Benckiser
Group
PLC
..............................................
3,621
244,583
Tesco
PLC
............................................................
66,956
287,353
Unilever
PLC
.........................................................
5,309
316,090
2,191,544
Energy
(0.5%):
BP
PLC
..............................................................
38,771
218,368
Shell
PLC(a)
..........................................................
8,040
293,340
511,708
Financials
(2.4%):
3i
Group
PLC
.........................................................
4,505
210,387
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Admiral
Group
PLC
.....................................................
6,671
$
245,545
Aviva
PLC
............................................................
38,230
274,126
Barclays
PLC
.........................................................
43,837
162,940
HSBC
Holdings
PLC
....................................................
21,541
243,122
Legal
&
General
Group
PLC
...............................................
81,353
255,105
Lloyds
Banking
Group
PLC
...............................................
213,236
198,505
London
Stock
Exchange
Group
PLC
.........................................
2,077
307,410
NatWest
Group
PLC
.....................................................
30,320
176,918
Standard
Chartered
PLC
..................................................
12,167
179,058
Wise
PLC,
Class
A(a)
....................................................
11,663
142,344
2,395,460
Health
Care
(0.6%):
AstraZeneca
PLC
.......................................................
1,504
218,600
GSK
PLC
............................................................
12,847
242,575
Smith
&
Nephew
PLC
...................................................
13,032
182,615
643,790
Industrials
(1.3%):
Ashtead
Group
PLC
.....................................................
2,661
142,486
BAE
Systems
PLC
......................................................
10,216
205,761
Bunzl
PLC
...........................................................
6,316
241,941
International
Consolidated
Airlines
Group
SA
...................................
41,071
138,337
RELX
PLC
...........................................................
6,355
317,877
Rentokil
Initial
PLC
.....................................................
25,671
115,244
Rolls-Royce
Holdings
PLC(a)
..............................................
15,297
147,974
1,309,620
Information
Technology
(0.3%):
Halma
PLC
...........................................................
5,223
174,103
The
Sage
Group
PLC
....................................................
11,260
175,526
349,629
Materials
(0.4%):
Anglogold
Ashanti
PLC
..................................................
4,621
171,531
Rio
Tinto
PLC
.........................................................
3,889
230,365
401,896
Utilities
(0.6%):
National
Grid
PLC(a)
....................................................
25,339
330,363
SSE
PLC(a)
...........................................................
13,380
275,449
605,812
10,194,688
United
States
(0.5%):
Consumer
Discretionary
(0.1%):
Flutter
Entertainment
PLC,
Class
DI(a)
.......................................
556
121,714
Financials
(0.2%):
Brookfield
Asset
Management
Ltd.,
Class
A
....................................
3,239
156,806
Industrials
(0.2%):
RB
Global,
Inc.
........................................................
2,134
214,201
492,721
Total
Common
Stocks
(Cost
$82,874,694)
100,502,685
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.,
expiring  3/31/40(a)(e)
..............................
112
—
Total
Warrants
(Cost
$–)
—
Collateral
for
Securities
Loaned
(2.6%)^
United
States
(2.6%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.26%(f)
........
659,779
659,779
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.27%(f)
............
659,779
659,779
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.30%(f)
................
659,779
659,779
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
213,602
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.27%(f)
.
659,779
$
659,779
Total
Collateral
for
Securities
Loaned
(Cost
$2,639,116)
2,639,116
Total
Investments
(Cost
$85,513,810)
—
101.3%
103,141,801
Liabilities
in
excess
of
other
assets
—
(1.3)%
(1,321,635)
NET
ASSETS
-
100.00%
$
101,820,166
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2025,
the
fair
value
of
these
securities
was
$2,164,177
and
amounted
to
2.1%
of
net
assets.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2025.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2025.
(f)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
6
6/20/25
$
739,969
$
724,890
$
(15,079)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(15,079)
Total
net
unrealized
appreciation
(depreciation)
$
(15,079)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
58
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.6%)
Communication
Services
(4.2%):
AT&T,
Inc.
...........................................................
143,427
$
4,056,116
Comcast
Corp.,
Class
A
..................................................
84,388
3,113,917
Omnicom
Group,
Inc.
....................................................
40,716
3,375,764
Verizon
Communications,
Inc.
..............................................
94,332
4,278,899
14,824,696
Consumer
Discretionary
(2.7%):
Best
Buy
Co.,
Inc.
......................................................
29,835
2,196,154
Darden
Restaurants,
Inc.
..................................................
13,459
2,796,242
Ford
Motor
Co.
........................................................
232,505
2,332,025
Genuine
Parts
Co.
......................................................
19,691
2,345,986
9,670,407
Consumer
Staples
(22.6%):
Altria
Group,
Inc.
.......................................................
76,810
4,610,136
Archer-Daniels-Midland
Co.
...............................................
74,060
3,555,621
Conagra
Brands,
Inc.
....................................................
139,564
3,722,172
Dollar
General
Corp.
....................................................
23,959
2,106,715
General
Mills,
Inc.
......................................................
67,763
4,051,550
Hormel
Foods
Corp.
.....................................................
140,228
4,338,654
Kenvue,
Inc.
..........................................................
126,233
3,027,067
Keurig
Dr.
Pepper,
Inc.
...................................................
132,980
4,550,576
Kimberly-Clark
Corp.
....................................................
32,556
4,630,114
Molson
Coors
Beverage
Co.,
Class
B
.........................................
51,992
3,164,753
Mondelez
International,
Inc.,
Class
A
.........................................
64,145
4,352,238
PepsiCo,
Inc.
..........................................................
30,192
4,526,989
Philip
Morris
International,
Inc.
.............................................
21,186
3,362,854
Sysco
Corp.
...........................................................
54,112
4,060,564
Target
Corp.
..........................................................
17,326
1,808,141
The
Campbell's
Company
.................................................
90,292
3,604,457
The
Clorox
Co.
........................................................
25,221
3,713,792
The
Coca-Cola
Co.
......................................................
74,335
5,323,873
The
Hershey
Co.
.......................................................
17,909
3,062,976
The
Kraft
Heinz
Co.
.....................................................
132,068
4,018,829
Tyson
Foods,
Inc.,
Class
A
................................................
64,060
4,087,669
79,679,740
Electric
Utilities
(16.3%):
Alliant
Energy
Corp.
....................................................
73,565
4,733,908
American
Electric
Power
Co.,
Inc.
...........................................
43,814
4,787,556
Duke
Energy
Corp.
......................................................
41,861
5,105,786
Edison
International
.....................................................
50,445
2,972,219
Entergy
Corp.
.........................................................
34,946
2,987,534
Evergy,
Inc.
...........................................................
88,263
6,085,734
Eversource
Energy
......................................................
61,321
3,808,647
Exelon
Corp.
..........................................................
103,736
4,780,155
FirstEnergy
Corp.
.......................................................
110,705
4,474,696
NextEra
Energy,
Inc.
....................................................
43,933
3,114,410
PPL
Corp.
............................................................
146,702
5,297,409
The
Southern
Co.
.......................................................
52,244
4,803,836
Xcel
Energy,
Inc.
.......................................................
62,189
4,402,359
57,354,249
Energy
(12.4%):
Chevron
Corp.
.........................................................
25,871
4,327,960
ConocoPhillips
Co.
.....................................................
34,277
3,599,771
Coterra
Energy,
Inc.
.....................................................
119,391
3,450,400
Devon
Energy
Corp.
.....................................................
76,860
2,874,564
EOG
Resources,
Inc.
....................................................
28,359
3,636,758
Exxon
Mobil
Corp.
.....................................................
36,626
4,355,930
Kinder
Morgan,
Inc.
.....................................................
126,912
3,620,799
ONEOK,
Inc.
..........................................................
33,702
3,343,913
Ovintiv,
Inc.
..........................................................
57,294
2,452,183
Phillips
66
Co.
.........................................................
23,500
2,901,780
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Schlumberger
NV
......................................................
69,135
$
2,889,843
The
Williams
Cos.,
Inc.
..................................................
57,224
3,419,706
Valero
Energy
Corp.
.....................................................
20,086
2,652,758
43,526,365
Financials
(17.0%):
Ally
Financial,
Inc.
......................................................
62,639
2,284,444
Blue
Owl
Capital,
Inc.
...................................................
106,776
2,139,791
Citigroup,
Inc.
.........................................................
34,984
2,483,514
Citizens
Financial
Group,
Inc.
..............................................
58,364
2,391,173
CME
Group,
Inc.
.......................................................
20,105
5,333,655
Fidelity
National
Financial,
Inc.
............................................
60,980
3,968,578
Fifth
Third
Bancorp
.....................................................
80,078
3,139,058
Huntington
Bancshares,
Inc.
...............................................
180,880
2,715,009
M&T
Bank
Corp.
.......................................................
15,937
2,848,739
Morgan
Stanley
........................................................
21,727
2,534,889
Northern
Trust
Corp.
....................................................
31,862
3,143,186
Principal
Financial
Group,
Inc.
.............................................
40,343
3,403,739
Prudential
Financial,
Inc.
.................................................
28,948
3,232,913
Regions
Financial
Corp.
..................................................
130,746
2,841,111
State
Street
Corp.
.......................................................
36,247
3,245,194
T.
Rowe
Price
Group,
Inc.
.................................................
34,393
3,159,685
The
Carlyle
Group,
Inc.
..................................................
46,549
2,029,071
The
PNC
Financial
Services
Group,
Inc.
......................................
18,525
3,256,139
Truist
Financial
Corp.
....................................................
66,022
2,716,805
U.S.
Bancorp
..........................................................
68,363
2,886,286
59,752,979
Health
Care
(7.9%):
AbbVie,
Inc.
..........................................................
15,157
3,175,695
Amgen,
Inc.
...........................................................
11,009
3,429,854
CVS
Health
Corp.
......................................................
31,571
2,138,935
Gilead
Sciences,
Inc.
....................................................
28,700
3,215,835
Johnson
&
Johnson
.....................................................
30,543
5,065,251
Medtronic
PLC
........................................................
44,973
4,041,274
Merck
&
Co.,
Inc.
......................................................
35,396
3,177,145
Pfizer,
Inc.
............................................................
145,248
3,680,584
27,924,573
Industrials
(2.4%):
Lockheed
Martin
Corp.
...................................................
8,231
3,676,870
Stanley
Black
&
Decker,
Inc.
..............................................
29,921
2,300,326
United
Parcel
Service,
Inc.,
Class
B
..........................................
23,232
2,555,288
8,532,484
Information
Technology
(2.5%):
HP,
Inc.
..............................................................
91,527
2,534,383
Microchip
Technology,
Inc.
................................................
33,168
1,605,663
Seagate
Technology
Holdings
PLC
..........................................
26,399
2,242,595
Texas
Instruments,
Inc.
...................................................
13,530
2,431,341
8,813,982
Materials
(2.8%):
Dow,
Inc.
............................................................
93,132
3,252,169
International
Paper
Co.
...................................................
52,548
2,803,436
LyondellBasell
Industries
NV,
Class
A
........................................
55,379
3,898,682
9,954,287
Multi-Utilities
(8.8%):
CMS
Energy
Corp.
......................................................
71,688
5,384,486
Consolidated
Edison,
Inc.
.................................................
45,974
5,084,265
Dominion
Energy,
Inc.
...................................................
67,738
3,798,069
DTE
Energy
Co.
.......................................................
35,730
4,940,387
Public
Service
Enterprise
Group,
Inc.
.........................................
47,393
3,900,444
Sempra
..............................................................
37,169
2,652,380
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
WEC
Energy
Group,
Inc.
.................................................
48,295
$
5,263,189
31,023,220
Total
Common
Stocks
(Cost
$325,204,254)
351,056,982
Total
Investments
(Cost
$325,204,254)
—
99.6%
351,056,982
Other
assets
in
excess
of
liabilities
—
0.4%
1,512,522
NET
ASSETS
-
100.00%
$
352,569,504
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
3
6/20/25
$
850,290
$
847,987
$
(2,303)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(2,303)
Total
net
unrealized
appreciation
(depreciation)
$
(2,303)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
61
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.6%)
Banks
(17.0%):
Associated
Banc-Corp.
...................................................
100,168
$
2,256,785
Atlantic
Union
Bankshares
Corp.
............................................
70,875
2,207,048
Bank
of
Hawaii
Corp.
....................................................
38,585
2,661,207
Bank
OZK
............................................................
51,640
2,243,758
Columbia
Banking
System,
Inc.
............................................
88,309
2,202,426
CVB
Financial
Corp.
....................................................
118,668
2,190,611
First
Bancorp
..........................................................
135,668
2,600,756
First
Financial
Bancorp
...................................................
95,701
2,390,611
First
Hawaiian,
Inc.
.....................................................
112,463
2,748,596
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
81,593
2,337,639
Fulton
Financial
Corp.
...................................................
126,274
2,284,297
Independent
Bank
Corp.
..................................................
34,730
2,175,835
Northwest
Bancshares,
Inc.
................................................
230,608
2,771,908
Pacific
Premier
Bancorp,
Inc.
..............................................
92,288
1,967,580
Provident
Financial
Services,
Inc.
...........................................
134,361
2,306,978
Simmons
First
National
Corp.
,
Class
A
.......................................
135,541
2,782,657
United
Bankshares,
Inc.
..................................................
78,998
2,738,861
Valley
National
Bancorp
..................................................
234,061
2,080,802
WaFd,
Inc.
............................................................
90,641
2,590,520
WesBanco,
Inc.
........................................................
77,671
2,404,694
47,943,569
Capital
Markets
(2.3%):
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
71,981
2,814,457
Lazard,
Inc.
...........................................................
42,596
1,844,407
Moelis
&
Co.
,
Class
A
...................................................
32,390
1,890,280
6,549,144
Communication
Services
(3.1%):
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
72,014
3,208,944
Nexstar
Media
Group,
Inc.
................................................
15,954
2,859,276
TEGNA,
Inc.
..........................................................
147,912
2,694,956
8,763,176
Consumer
Discretionary
(11.3%):
American
Eagle
Outfitters,
Inc.
.............................................
159,749
1,856,283
Brunswick
Corp.
.......................................................
42,571
2,292,448
Harley-Davidson,
Inc.
...................................................
103,830
2,621,708
Kontoor
Brands,
Inc.
....................................................
35,571
2,281,168
LCI
Industries
.........................................................
23,048
2,015,087
Levi
Strauss
&
Co.
,
Class
A
...............................................
137,615
2,145,418
Macy's,
Inc.
...........................................................
137,048
1,721,323
Marriott
Vacations
Worldwide
Corp.
.........................................
28,554
1,834,309
Polaris,
Inc.
...........................................................
47,648
1,950,709
Steven
Madden
Ltd.
.....................................................
90,877
2,420,963
Strategic
Education,
Inc.
..................................................
29,894
2,509,900
The
Buckle,
Inc.
........................................................
69,868
2,677,342
The
Wendy's
Co.
.......................................................
198,209
2,899,798
Travel
+
Leisure
Co.
.....................................................
52,628
2,436,150
31,662,606
Consumer
Finance
(0.8%):
OneMain
Holdings,
Inc.
..................................................
46,840
2,289,539
Consumer
Staples
(5.8%):
Cal-Maine
Foods,
Inc.
...................................................
28,405
2,582,014
Energizer
Holdings,
Inc.
..................................................
113,577
3,398,224
Flowers
Foods,
Inc.
.....................................................
248,359
4,721,305
Reynolds
Consumer
Products,
Inc.
..........................................
157,096
3,748,310
WK
Kellogg
Co.
(a)
.....................................................
94,475
1,882,887
16,332,740
Electric
Utilities
(6.3%):
IDACORP,
Inc.
........................................................
43,641
5,071,957
Otter
Tail
Corp.
........................................................
38,533
3,096,897
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Portland
General
Electric
Co.
..............................................
110,607
$
4,933,072
TXNM
Energy,
Inc.
.....................................................
87,033
4,654,525
17,756,451
Energy
(10.9%):
Archrock,
Inc.
.........................................................
81,010
2,125,702
Atlas
Energy
Solutions,
Inc.
(a)
.............................................
106,195
1,894,519
California
Resources
Corp.
................................................
54,831
2,410,919
Helmerich
&
Payne,
Inc.
..................................................
75,151
1,962,944
International
Seaways,
Inc.
................................................
70,403
2,337,380
Kinetik
Holdings,
Inc.
...................................................
45,832
2,380,514
Kodiak
Gas
Services,
Inc.
.................................................
47,952
1,788,610
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
123,780
3,126,683
Murphy
Oil
Corp.
(a)
....................................................
105,667
3,000,943
Northern
Oil
&
Gas,
Inc.
(a)
................................................
76,489
2,312,262
Sitio
Royalties
Corp.
,
Class
A
..............................................
148,385
2,948,410
SM
Energy
Co.
........................................................
63,472
1,900,986
Viper
Energy,
Inc.
......................................................
57,521
2,597,073
30,786,945
Financial
Services
(1.9%):
The
Western
Union
Co.
...................................................
336,268
3,557,716
UWM
Holdings
Corp.
...................................................
345,403
1,885,900
5,443,616
Gas
Utilities
(8.7%):
New
Jersey
Resources
Corp.
...............................................
96,926
4,755,189
Northwest
Natural
Holding
Co.
.............................................
105,050
4,487,736
ONE
Gas,
Inc.
.........................................................
57,258
4,328,132
Southwest
Gas
Holdings,
Inc.
..............................................
51,151
3,672,642
Spire,
Inc.
............................................................
52,488
4,107,186
UGI
Corp.
............................................................
90,095
2,979,442
24,330,327
Health
Care
(1.6%):
Organon
&
Co.
........................................................
153,659
2,287,982
Select
Medical
Holdings
Corp.
.............................................
128,724
2,149,691
4,437,673
Independent
Power
and
Renewable
Electricity
Producers
(1.1%):
Clearway
Energy,
Inc.
,
Class
C
.............................................
104,002
3,148,141
Industrials
(7.5%):
Concentrix
Corp.
.......................................................
41,543
2,311,453
HNI
Corp.
............................................................
65,138
2,888,870
Insperity,
Inc.
..........................................................
24,993
2,230,125
Kennametal,
Inc.
.......................................................
121,494
2,587,822
ManpowerGroup,
Inc.
...................................................
51,478
2,979,547
MDU
Resources
Group,
Inc.
...............................................
180,067
3,044,933
MSC
Industrial
Direct
Co.,
Inc.
.............................................
34,720
2,696,702
Trinity
Industries,
Inc.
...................................................
79,048
2,218,087
20,957,539
Information
Technology
(1.2%):
Avnet,
Inc.
............................................................
68,701
3,303,831
Insurance
(2.3%):
First
American
Financial
Corp.
.............................................
62,600
4,108,438
Lincoln
National
Corp.
...................................................
63,825
2,291,956
6,400,394
Materials
(7.9%):
Avient
Corp.
..........................................................
64,514
2,397,340
Greif,
Inc.
,
Class
A
......................................................
53,465
2,940,040
Olin
Corp.
............................................................
95,370
2,311,769
Sealed
Air
Corp.
.......................................................
95,609
2,763,100
Sensient
Technologies
Corp.
...............................................
50,595
3,765,786
Sonoco
Products
Co.
....................................................
89,103
4,209,226
Sylvamo
Corp.
.........................................................
32,021
2,147,649
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
The
Chemours
Co.
......................................................
117,766
$
1,593,374
22,128,284
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(0.8%):
HA
Sustainable
Infrastructure
Capital,
Inc.
.....................................
79,702
2,330,487
Multi-Utilities
(4.8%):
Avista
Corp.
..........................................................
104,760
4,386,301
Black
Hills
Corp.
.......................................................
76,730
4,653,675
Northwestern
Energy
Group,
Inc.
...........................................
76,594
4,432,495
13,472,471
Water
Utilities
(4.3%):
American
States
Water
Co.
................................................
54,264
4,269,492
California
Water
Service
Group
.............................................
86,133
4,174,005
SJW
Group
...........................................................
65,042
3,557,147
12,000,644
Total
Common
Stocks
(Cost
$278,919,871)
280,037,577
Collateral
for
Securities
Loaned
(1.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(b)
........
1,077,284
1,077,284
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(b)
............
1,077,284
1,077,284
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(b)
...............
1,077,284
1,077,284
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(b)
.
1,077,284
1,077,284
Total
Collateral
for
Securities
Loaned
(Cost
$4,309,136)
4,309,136
Total
Investments
(Cost
$283,229,007)
—
101.1%
284,346,713
Liabilities
in
excess
of
other
assets
—
(1.1)%
(
3,185,374
)
NET
ASSETS
-
100.00%
$
281,161,339
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
7
6/20/25
$
717,944
$
709,485
$
(
8,459
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
8,459
)
Total
net
unrealized
appreciation
(depreciation)
$
(
8,459
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
64
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.3%)
Beverages
(5.8%):
Brown-Forman
Corp.,
Class
B
.............................................
123,248
$
4,183,037
PepsiCo,
Inc.
..........................................................
33,823
5,071,421
The
Coca-Cola
Co.
......................................................
68,739
4,923,087
14,177,545
Consumer
Discretionary
(7.4%):
Best
Buy
Co.,
Inc.
......................................................
61,943
4,559,624
D.R.
Horton,
Inc.
.......................................................
10,684
1,358,257
Genuine
Parts
Co.
......................................................
39,252
4,676,483
Lowe's
Cos.,
Inc.
.......................................................
8,923
2,081,111
McDonald's
Corp.
......................................................
13,290
4,151,398
Williams-Sonoma,
Inc.
...................................................
8,725
1,379,423
18,206,296
Consumer
Staples
Distribution
&
Retail
(4.5%):
Costco
Wholesale
Corp.
..................................................
1,942
1,836,705
Sysco
Corp.
...........................................................
43,528
3,266,341
Target
Corp.
..........................................................
33,010
3,444,924
Walmart,
Inc.
..........................................................
29,118
2,556,269
11,104,239
Energy
(5.5%):
Chevron
Corp.
.........................................................
40,810
6,827,105
Exxon
Mobil
Corp.
.....................................................
42,232
5,022,652
Texas
Pacific
Land
Corp.
.................................................
1,263
1,673,462
13,523,219
Financials
(20.9%):
Aflac,
Inc.
............................................................
30,333
3,372,726
American
Financial
Group,
Inc.
.............................................
18,816
2,471,293
Ameriprise
Financial,
Inc.
.................................................
4,883
2,363,909
Assurant,
Inc.
.........................................................
10,269
2,153,923
Brown
&
Brown,
Inc.
....................................................
14,392
1,790,365
Chubb
Ltd.
...........................................................
6,628
2,001,590
Cincinnati
Financial
Corp.
................................................
18,186
2,686,436
Commerce
Bancshares,
Inc.
...............................................
44,203
2,750,753
First
Citizens
Bancshares,
Inc.,
Class
A
.......................................
537
995,662
Franklin
Resources,
Inc.
..................................................
422,708
8,137,129
Old
Republic
International
Corp.
............................................
102,501
4,020,089
RLI
Corp.
............................................................
17,079
1,371,956
S&P
Global,
Inc.
.......................................................
3,028
1,538,527
SEI
Investments
Co.
.....................................................
37,810
2,935,190
T.
Rowe
Price
Group,
Inc.
.................................................
55,208
5,071,959
The
Travelers
Cos.,
Inc.
..................................................
21,410
5,662,089
Visa,
Inc.,
Class
A
......................................................
5,903
2,068,765
51,392,361
Food
Products
(6.2%):
Archer-Daniels-Midland
Co.
...............................................
105,304
5,055,645
Hormel
Foods
Corp.
.....................................................
211,992
6,559,033
McCormick
&
Co.,
Inc.
..................................................
44,204
3,638,431
15,253,109
Health
Care
(10.4%):
Abbott
Laboratories
.....................................................
15,542
2,061,646
Becton
Dickinson
&
Co.
..................................................
9,187
2,104,374
Bristol-Myers
Squibb
Co.
.................................................
71,607
4,367,311
Cardinal
Health,
Inc.
....................................................
13,251
1,825,590
Cencora,
Inc.
..........................................................
5,820
1,618,484
Danaher
Corp.
.........................................................
7,548
1,547,340
Johnson
&
Johnson
.....................................................
32,608
5,407,711
Medtronic
PLC
........................................................
74,161
6,664,108
25,596,564
Household
Products
(7.2%):
Colgate-Palmolive
Co.
...................................................
47,259
4,428,168
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Kimberly-Clark
Corp.
....................................................
44,536
$
6,333,910
The
Clorox
Co.
........................................................
24,218
3,566,100
The
Procter
&
Gamble
Co.
................................................
19,761
3,367,670
17,695,848
Industrials
(13.6%):
AGCO
Corp.
..........................................................
15,979
1,479,176
Carlisle
Cos.,
Inc.
.......................................................
4,485
1,527,142
CSX
Corp.
............................................................
72,872
2,144,623
Dover
Corp.
...........................................................
12,100
2,125,728
Emerson
Electric
Co.
....................................................
31,238
3,424,934
Illinois
Tool
Works,
Inc.
..................................................
15,875
3,937,159
J.B.
Hunt
Transport
Services,
Inc.
...........................................
14,675
2,171,166
Landstar
System,
Inc.
....................................................
11,503
1,727,751
Nordson
Corp.
.........................................................
9,869
1,990,775
Owens
Corning,
Inc.
.....................................................
8,481
1,211,256
Simpson
Manufacturing
Co.,
Inc.
...........................................
9,110
1,430,999
Stanley
Black
&
Decker,
Inc.
..............................................
66,337
5,099,988
Union
Pacific
Corp.
.....................................................
15,890
3,753,854
W.W.
Grainger,
Inc.
.....................................................
1,513
1,494,587
33,519,138
Information
Technology
(1.3%):
Lam
Research
Corp.
.....................................................
24,065
1,749,525
Microsoft
Corp.
........................................................
3,563
1,337,515
3,087,040
Materials
(7.3%):
Air
Products
and
Chemicals,
Inc.
............................................
7,866
2,319,841
Ecolab,
Inc.
...........................................................
15,375
3,897,870
Linde
PLC
............................................................
4,213
1,961,741
Nucor
Corp.
...........................................................
17,832
2,145,903
PPG
Industries,
Inc.
.....................................................
31,559
3,450,977
RPM
International,
Inc.
..................................................
17,762
2,054,708
The
Sherwin-Williams
Co.
................................................
5,695
1,988,637
17,819,677
Tobacco
(4.1%):
Altria
Group,
Inc.
.......................................................
167,025
10,024,841
Utilities
(5.1%):
Consolidated
Edison,
Inc.
.................................................
61,143
6,761,804
Duke
Energy
Corp.
......................................................
46,797
5,707,830
12,469,634
Total
Common
Stocks
(Cost
$232,241,468)
243,869,511
Total
Investments
(Cost
$232,241,468)
—
99.3%
243,869,511
Other
assets
in
excess
of
liabilities
—
0.7%
1,718,534
NET
ASSETS
-
100.00%
$
245,588,045
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
4
6/20/25
$
1,136,625
$
1,130,650
$
(5,975)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(5,975)
Total
net
unrealized
appreciation
(dep
reciation)
$
(5,975)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
66
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.6%)
Communication
Services
(2.7%):
Alphabet,
Inc.
,
Class
A
...................................................
12,152
$
1,879,185
Comcast
Corp.
,
Class
A
..................................................
9,900
365,310
The
New
York
Times
Co.
,
Class
A
...........................................
14,566
722,474
2,966,969
Communications
Equipment
(1.4%):
F5,
Inc.
(a)
............................................................
4,957
1,319,900
Motorola
Solutions,
Inc.
..................................................
620
271,442
1,591,342
Consumer
Discretionary
(1.9%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
3,249
248,126
Best
Buy
Co.,
Inc.
......................................................
2,692
198,158
Lear
Corp.
............................................................
2,552
225,137
Murphy
USA,
Inc.
......................................................
1,886
886,062
PulteGroup,
Inc.
........................................................
1,940
199,432
The
TJX
Cos.,
Inc.
......................................................
2,697
328,495
2,085,410
Consumer
Staples
(10.8%):
Colgate-Palmolive
Co.
...................................................
2,683
251,397
Costco
Wholesale
Corp.
..................................................
3,193
3,019,876
General
Mills,
Inc.
......................................................
3,768
225,289
Kimberly-Clark
Corp.
....................................................
2,243
318,999
The
Coca-Cola
Co.
......................................................
3,874
277,456
The
Procter
&
Gamble
Co.
................................................
20,291
3,457,992
Walmart,
Inc.
..........................................................
51,167
4,491,951
12,042,960
Energy
(9.3%):
Antero
Midstream
Corp.
..................................................
18,493
332,874
Chord
Energy
Corp.
.....................................................
2,138
240,995
EOG
Resources,
Inc.
....................................................
16,727
2,145,071
Exxon
Mobil
Corp.
.....................................................
33,571
3,992,599
Kinder
Morgan,
Inc.
.....................................................
74,509
2,125,742
The
Williams
Cos.,
Inc.
..................................................
25,771
1,540,075
10,377,356
Financials
(7.3%):
Aflac,
Inc.
............................................................
29,970
3,332,364
Cincinnati
Financial
Corp.
................................................
10,141
1,498,028
PayPal
Holdings,
Inc.
(a)
..................................................
3,564
232,551
The
Allstate
Corp.
......................................................
14,908
3,087,000
8,149,943
Health
Care
(22.8%):
AbbVie,
Inc.
..........................................................
14,591
3,057,106
Bristol-Myers
Squibb
Co.
.................................................
5,379
328,065
Cardinal
Health,
Inc.
....................................................
25,267
3,481,035
Cencora,
Inc.
..........................................................
14,972
4,163,564
DaVita,
Inc.
(a)
.........................................................
3,540
541,514
Gilead
Sciences,
Inc.
....................................................
3,321
372,118
HCA
Healthcare,
Inc.
....................................................
684
236,356
Johnson
&
Johnson
.....................................................
25,681
4,258,937
McKesson
Corp.
.......................................................
4,872
3,278,807
Merck
&
Co.,
Inc.
......................................................
28,836
2,588,319
Tenet
Healthcare
Corp.
(a)
.................................................
1,677
225,557
The
Cigna
Group
.......................................................
8,733
2,873,157
25,404,535
Industrials
(17.1%):
3M
Co.
..............................................................
2,038
299,301
Allison
Transmission
Holdings,
Inc.
.........................................
2,897
277,156
Automatic
Data
Processing,
Inc.
............................................
10,921
3,336,693
Caterpillar,
Inc.
........................................................
712
234,818
CSX
Corp.
............................................................
10,185
299,744
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
General
Dynamics
Corp.
..................................................
1,753
$
477,833
Landstar
System,
Inc.
....................................................
1,488
223,498
Leidos
Holdings,
Inc.
....................................................
14,100
1,902,654
Lockheed
Martin
Corp.
...................................................
6,217
2,777,196
Paychex,
Inc.
..........................................................
6,554
1,011,151
Republic
Services,
Inc.
...................................................
16,647
4,031,237
Snap-on,
Inc.
..........................................................
960
323,530
Waste
Management,
Inc.
..................................................
15,339
3,551,132
Watsco,
Inc.
...........................................................
568
288,714
19,034,657
IT
Services
(2.7%):
Accenture
PLC
,
Class
A
..................................................
788
245,888
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
36,235
2,771,977
3,017,865
Materials
(2.1%):
AptarGroup,
Inc.
.......................................................
3,540
525,265
Crown
Holdings,
Inc.
....................................................
10,528
939,729
Magnera
Corp.
(a)
.......................................................
1,129
20,503
Nucor
Corp.
...........................................................
1,853
222,990
Packaging
Corp.
of
America
...............................................
1,877
371,683
Steel
Dynamics,
Inc.
.....................................................
2,207
276,052
2,356,222
Real
Estate
(0.4%):
Simon
Property
Group,
Inc.
...............................................
2,504
415,864
Software
(8.4%):
Corpay,
Inc.
(a)
.........................................................
892
311,058
Microsoft
Corp.
........................................................
24,071
9,036,013
9,347,071
Technology
Hardware,
Storage
&
Peripherals
(12.7%):
Apple,
Inc.
...........................................................
48,042
10,671,569
Hewlett
Packard
Enterprise
Co.
.............................................
119,227
1,839,673
NetApp,
Inc.
..........................................................
19,432
1,706,907
14,218,149
Total
Common
Stocks
(Cost
$101,836,225)
111,008,343
Total
Investments
(Cost
$101,836,225)
—
99.6%
111,008,343
Other
assets
in
excess
of
liabilities
—
0.4%
414,663
NET
ASSETS
-
100.00%
$
111,423,006
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
1
6/20/25
$
284,607
$
282,663
$
(
1,944
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
1,944
)
Total
net
unrealized
appreciation
(depreciation)
$
(
1,944
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
68
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.7%)
Communication
Services
(3.4%):
Alphabet,
Inc.
,
Class
A
...................................................
4,684
$
724,334
AT&T,
Inc.
...........................................................
38,894
1,099,922
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
1,570
578,592
Comcast
Corp.
,
Class
A
..................................................
22,884
844,420
Electronic
Arts,
Inc.
.....................................................
6,049
874,202
Fox
Corp.
,
Class
A
......................................................
18,810
1,064,646
Live
Nation
Entertainment,
Inc.
(a)
...........................................
6,525
852,035
Meta
Platforms,
Inc.
,
Class
A
..............................................
1,165
671,459
Netflix,
Inc.
(a)
.........................................................
799
745,092
News
Corp.
,
Class
A
.....................................................
38,429
1,046,037
Omnicom
Group,
Inc.
....................................................
11,041
915,409
Pinterest,
Inc.
,
Class
A
(a)
.................................................
13,584
421,104
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
5,787
316,665
The
Walt
Disney
Co.
....................................................
9,359
923,733
T-Mobile
US,
Inc.
......................................................
3,631
968,424
Verizon
Communications,
Inc.
..............................................
25,581
1,160,354
Warner
Music
Group
Corp.
,
Class
A
.........................................
26,801
840,211
14,046,639
Consumer
Discretionary
(9.0%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
4,211
503,046
Amazon.com,
Inc.
(a)
....................................................
3,608
686,458
Aptiv
PLC
(a)
..........................................................
9,326
554,897
AutoZone,
Inc.
(a)
.......................................................
322
1,227,715
Best
Buy
Co.,
Inc.
......................................................
8,091
595,578
Booking
Holdings,
Inc.
...................................................
172
792,389
Burlington
Stores,
Inc.
(a)
.................................................
3,149
750,501
CarMax,
Inc.
(a)
........................................................
8,821
687,332
Carvana
Co.
(a)
.........................................................
1,573
328,883
Chewy,
Inc.
,
Class
A
(a)
..................................................
12,101
393,403
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
12,663
635,809
Coupang,
Inc.
(a)
.......................................................
27,712
607,724
D.R.
Horton,
Inc.
.......................................................
5,263
669,085
Darden
Restaurants,
Inc.
..................................................
3,650
758,324
Deckers
Outdoor
Corp.
(a)
.................................................
3,751
419,399
Dick's
Sporting
Goods,
Inc.
................................................
2,846
573,640
Domino's
Pizza,
Inc.
.....................................................
1,487
683,202
DoorDash,
Inc.
,
Class
A
(a)
................................................
3,681
672,776
Duolingo,
Inc.
(a)
.......................................................
1,439
446,867
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
4,332
267,458
eBay,
Inc.
............................................................
12,324
834,705
Expedia
Group,
Inc.
.....................................................
3,028
509,007
Ford
Motor
Co.
........................................................
63,050
632,391
Garmin
Ltd.
...........................................................
2,602
564,972
General
Motors
Co.
.....................................................
12,654
595,118
Genuine
Parts
Co.
......................................................
5,340
636,208
Hilton
Worldwide
Holdings,
Inc.
............................................
4,265
970,501
Hyatt
Hotels
Corp.
,
Class
A
................................................
5,252
643,370
Las
Vegas
Sands
Corp.
...................................................
15,341
592,623
Lennar
Corp.
,
Class
A
....................................................
5,981
686,499
Lowe's
Cos.,
Inc.
.......................................................
3,936
917,993
Marriott
International,
Inc.
,
Class
A
..........................................
3,519
838,226
McDonald's
Corp.
......................................................
3,933
1,228,551
NIKE,
Inc.
,
Class
B
.....................................................
7,689
488,098
NVR,
Inc.
(a)
..........................................................
129
934,526
O'Reilly
Automotive,
Inc.
(a)
...............................................
853
1,221,991
Pool
Corp.
............................................................
2,102
669,172
PulteGroup,
Inc.
........................................................
6,712
689,994
Ralph
Lauren
Corp.
.....................................................
2,615
577,235
Ross
Stores,
Inc.
.......................................................
7,502
958,681
Royal
Caribbean
Cruises
Ltd.
..............................................
2,374
487,715
Service
Corp.
International
................................................
11,737
941,307
Somnigroup
International,
Inc.
.............................................
10,943
655,267
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Starbucks
Corp.
........................................................
5,024
$
492,804
Tapestry,
Inc.
..........................................................
6,748
475,127
Tesla,
Inc.
(a)
..........................................................
1,136
294,406
Texas
Roadhouse,
Inc.
...................................................
4,934
822,152
The
Home
Depot,
Inc.
...................................................
2,679
981,827
The
TJX
Cos.,
Inc.
......................................................
10,989
1,338,460
Tractor
Supply
Co.
......................................................
15,160
835,316
Ulta
Beauty,
Inc.
(a)
.....................................................
1,760
645,110
Williams-Sonoma,
Inc.
...................................................
2,210
349,401
Yum!
Brands,
Inc.
......................................................
6,932
1,090,820
36,854,059
Consumer
Staples
(9.0%):
Altria
Group,
Inc.
.......................................................
20,829
1,250,157
Archer-Daniels-Midland
Co.
...............................................
20,083
964,185
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
8,479
967,454
Brown-Forman
Corp.
,
Class
B
.............................................
24,364
826,914
Casey's
General
Stores,
Inc.
...............................................
1,731
751,323
Church
&
Dwight
Co.,
Inc.
................................................
10,710
1,179,064
Coca-Cola
Consolidated,
Inc.
..............................................
546
737,100
Colgate-Palmolive
Co.
...................................................
13,380
1,253,706
Conagra
Brands,
Inc.
....................................................
37,846
1,009,353
Constellation
Brands,
Inc.
,
Class
A
..........................................
4,235
777,207
Costco
Wholesale
Corp.
..................................................
1,117
1,056,436
Dollar
General
Corp.
....................................................
6,497
571,281
General
Mills,
Inc.
......................................................
18,376
1,098,701
Hormel
Foods
Corp.
.....................................................
38,027
1,176,555
Kenvue,
Inc.
..........................................................
34,231
820,859
Keurig
Dr.
Pepper,
Inc.
...................................................
36,061
1,234,007
Kimberly-Clark
Corp.
....................................................
8,828
1,255,518
McCormick
&
Co.,
Inc.
..................................................
13,680
1,126,001
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
14,099
858,206
Mondelez
International,
Inc.
,
Class
A
.........................................
17,395
1,180,251
Monster
Beverage
Corp.
(a)
................................................
15,621
914,141
PepsiCo,
Inc.
..........................................................
8,187
1,227,559
Performance
Food
Group
Co.
(a)
............................................
10,343
813,270
Philip
Morris
International,
Inc.
.............................................
5,745
911,904
Sprouts
Farmers
Market,
Inc.
(a)
............................................
3,856
588,580
Sysco
Corp.
...........................................................
14,674
1,101,137
Target
Corp.
..........................................................
4,699
490,388
The
Campbell's
Company
.................................................
24,485
977,441
The
Clorox
Co.
........................................................
6,839
1,007,043
The
Coca-Cola
Co.
......................................................
20,158
1,443,716
The
Hershey
Co.
.......................................................
4,857
830,693
The
Kraft
Heinz
Co.
.....................................................
35,814
1,089,820
The
Kroger
Co.
........................................................
15,670
1,060,702
The
Procter
&
Gamble
Co.
................................................
7,273
1,239,465
Tyson
Foods,
Inc.
,
Class
A
................................................
17,341
1,106,529
U.S.
Foods
Holding
Corp.
(a)
...............................................
14,463
946,748
Walmart,
Inc.
..........................................................
11,224
985,355
36,828,769
Energy
(4.8%):
Antero
Resources
Corp.
(a)
................................................
15,203
614,809
Baker
Hughes
Co.
......................................................
16,795
738,140
Cheniere
Energy,
Inc.
....................................................
3,820
883,948
Chevron
Corp.
.........................................................
7,016
1,173,707
ConocoPhillips
Co.
.....................................................
9,295
976,161
Coterra
Energy,
Inc.
.....................................................
32,376
935,666
Devon
Energy
Corp.
.....................................................
20,843
779,528
Diamondback
Energy,
Inc.
................................................
4,767
762,148
EOG
Resources,
Inc.
....................................................
7,690
986,166
EQT
Corp.
............................................................
13,230
706,879
Exxon
Mobil
Corp.
.....................................................
9,932
1,181,213
Halliburton
Co.
........................................................
28,533
723,882
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Kinder
Morgan,
Inc.
.....................................................
34,415
$
981,860
Marathon
Petroleum
Corp.
................................................
4,889
712,278
Occidental
Petroleum
Corp.
...............................................
18,793
927,622
ONEOK,
Inc.
..........................................................
9,139
906,772
Ovintiv,
Inc.
..........................................................
15,537
664,984
Permian
Resources
Corp.
.................................................
50,906
705,048
Phillips
66
Co.
.........................................................
6,373
786,938
Schlumberger
NV
......................................................
18,748
783,666
Targa
Resources
Corp.
...................................................
3,972
796,267
Texas
Pacific
Land
Corp.
.................................................
340
450,497
The
Williams
Cos.,
Inc.
..................................................
15,518
927,356
Valero
Energy
Corp.
.....................................................
5,447
719,385
19,824,920
Financials
(18.9%):
Aflac,
Inc.
............................................................
10,196
1,133,693
Ally
Financial,
Inc.
......................................................
16,986
619,479
American
Express
Co.
...................................................
2,976
800,693
American
International
Group,
Inc.
..........................................
12,057
1,048,236
Ameriprise
Financial,
Inc.
.................................................
1,711
828,312
Aon
PLC
,
Class
A
......................................................
2,959
1,180,907
Apollo
Global
Management,
Inc.
............................................
4,369
598,291
Arch
Capital
Group
Ltd.
..................................................
9,702
933,138
Ares
Management
Corp.
,
Class
A
...........................................
4,539
665,463
Arthur
J.
Gallagher
&
Co.
.................................................
3,543
1,223,185
Bank
of
America
Corp.
...................................................
20,623
860,598
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
2,603
1,386,306
Blackrock,
Inc.
........................................................
1,127
1,066,683
Blackstone,
Inc.
........................................................
4,803
671,363
Block,
Inc.
(a)
..........................................................
7,228
392,697
Blue
Owl
Capital,
Inc.
...................................................
28,955
580,258
Brown
&
Brown,
Inc.
....................................................
10,352
1,287,789
Capital
One
Financial
Corp.
...............................................
3,318
594,917
Cboe
Global
Markets,
Inc.
................................................
4,929
1,115,383
Chubb
Ltd.
...........................................................
4,299
1,298,255
Cincinnati
Financial
Corp.
................................................
6,613
976,872
Citigroup,
Inc.
.........................................................
9,487
673,482
Citizens
Financial
Group,
Inc.
..............................................
15,827
648,432
CME
Group,
Inc.
.......................................................
5,452
1,446,361
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
1,243
214,082
Corebridge
Financial,
Inc.
.................................................
20,976
662,212
East
West
Bancorp,
Inc.
..................................................
7,807
700,756
Equitable
Holdings,
Inc.
..................................................
13,526
704,569
Erie
Indemnity
Co.
,
Class
A
...............................................
1,731
725,376
Everest
Group
Ltd.
......................................................
2,533
920,315
FactSet
Research
Systems,
Inc.
.............................................
2,503
1,137,964
Fidelity
National
Financial,
Inc.
............................................
16,536
1,076,163
Fidelity
National
Information
Services,
Inc.
....................................
13,876
1,036,260
Fifth
Third
Bancorp
.....................................................
21,715
851,228
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
296
548,820
Fiserv,
Inc.
(a)
..........................................................
4,754
1,049,826
Global
Payments,
Inc.
....................................................
7,320
716,774
Houlihan
Lokey,
Inc.
....................................................
4,938
797,487
Huntington
Bancshares,
Inc.
...............................................
49,050
736,241
Interactive
Brokers
Group,
Inc.
.............................................
3,246
537,505
Intercontinental
Exchange,
Inc.
.............................................
7,704
1,328,940
Jack
Henry
&
Associates,
Inc.
..............................................
7,692
1,404,559
Jefferies
Financial
Group,
Inc.
..............................................
10,656
570,842
JPMorgan
Chase
&
Co.
..................................................
3,358
823,717
KKR
&
Co.,
Inc.
.......................................................
4,942
571,345
Loews
Corp.
..........................................................
13,850
1,272,953
LPL
Financial
Holdings,
Inc.
...............................................
1,709
559,082
M&T
Bank
Corp.
.......................................................
4,322
772,558
Markel
Group,
Inc.
(a)
....................................................
514
960,980
Marsh
&
McLennan
Cos.,
Inc.
.............................................
6,676
1,629,144
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Mastercard,
Inc.
,
Class
A
.................................................
2,267
$
1,242,588
MetLife,
Inc.
..........................................................
11,235
902,058
Moody's
Corp.
.........................................................
2,203
1,025,915
Morgan
Stanley
........................................................
5,892
687,420
Morningstar,
Inc.
.......................................................
3,514
1,053,743
MSCI,
Inc.
...........................................................
1,733
980,012
Nasdaq,
Inc.
..........................................................
14,463
1,097,163
Northern
Trust
Corp.
....................................................
8,640
852,336
PayPal
Holdings,
Inc.
(a)
..................................................
8,995
586,924
Principal
Financial
Group,
Inc.
.............................................
10,940
923,008
Prudential
Financial,
Inc.
.................................................
7,850
876,688
Raymond
James
Financial,
Inc.
.............................................
5,403
750,531
Regions
Financial
Corp.
..................................................
35,455
770,437
Reinsurance
Group
of
America,
Inc.
.........................................
3,990
785,631
RenaissanceRe
Holdings
Ltd.
..............................................
3,422
821,280
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
6,780
282,184
Rocket
Cos.,
Inc.
,
Class
A
(b)
...............................................
33,545
404,888
Ryan
Specialty
Holdings,
Inc.
..............................................
11,182
826,014
S&P
Global,
Inc.
.......................................................
2,486
1,263,137
SoFi
Technologies,
Inc.
(a)
.................................................
28,913
336,258
State
Street
Corp.
.......................................................
9,829
879,990
Synchrony
Financial
.....................................................
9,590
507,695
T.
Rowe
Price
Group,
Inc.
.................................................
9,327
856,871
The
Allstate
Corp.
......................................................
4,652
963,290
The
Bank
of
New
York
Mellon
Corp.
.........................................
12,287
1,030,511
The
Carlyle
Group,
Inc.
..................................................
12,623
550,237
The
Charles
Schwab
Corp.
................................................
10,165
795,716
The
Goldman
Sachs
Group,
Inc.
............................................
1,233
673,576
The
Hartford
Insurance
Group,
Inc.
..........................................
8,681
1,074,100
The
PNC
Financial
Services
Group,
Inc.
......................................
5,024
883,068
The
Progressive
Corp.
...................................................
3,576
1,012,044
The
Travelers
Cos.,
Inc.
..................................................
3,427
906,304
Tradeweb
Markets,
Inc.
,
Class
A
............................................
7,849
1,165,263
Truist
Financial
Corp.
....................................................
17,904
736,750
U.S.
Bancorp
..........................................................
18,538
782,674
Unum
Group
..........................................................
11,894
968,885
Visa,
Inc.
,
Class
A
......................................................
3,380
1,184,555
W.R.
Berkley
Corp.
.....................................................
15,923
1,133,081
Wells
Fargo
&
Co.
......................................................
9,052
649,843
77,563,159
Health
Care
(11.8%):
Abbott
Laboratories
.....................................................
8,259
1,095,556
AbbVie,
Inc.
..........................................................
4,110
861,127
Agilent
Technologies,
Inc.
.................................................
7,184
840,384
Align
Technology,
Inc.
(a)
.................................................
3,170
503,586
Amgen,
Inc.
...........................................................
2,986
930,288
Avantor,
Inc.
(a)
........................................................
39,202
635,464
Becton
Dickinson
&
Co.
..................................................
5,153
1,180,346
Biogen,
Inc.
(a)
.........................................................
6,533
893,976
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
9,463
668,939
Boston
Scientific
Corp.
(a)
.................................................
12,446
1,255,553
Cardinal
Health,
Inc.
....................................................
8,372
1,153,410
Cencora,
Inc.
..........................................................
4,768
1,325,933
Centene
Corp.
(a)
.......................................................
11,279
684,748
CVS
Health
Corp.
......................................................
8,562
580,076
Danaher
Corp.
.........................................................
4,400
902,000
DaVita,
Inc.
(a)
.........................................................
4,908
750,777
Dexcom,
Inc.
(a)
........................................................
4,271
291,667
Doximity,
Inc.
,
Class
A
(a)
.................................................
3,815
221,384
Edwards
Lifesciences
Corp.
(a)
.............................................
6,918
501,417
Elevance
Health,
Inc.
....................................................
2,122
922,985
Eli
Lilly
&
Co.
.........................................................
755
623,562
GE
HealthCare
Technologies,
Inc.
...........................................
10,949
883,694
Gilead
Sciences,
Inc.
....................................................
7,783
872,085
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Globus
Medical,
Inc.
(a)
..................................................
11,164
$
817,205
HCA
Healthcare,
Inc.
....................................................
2,624
906,723
Hologic,
Inc.
(a)
........................................................
16,280
1,005,616
Humana,
Inc.
..........................................................
1,949
515,705
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,775
745,411
Incyte
Corp.
(a)
.........................................................
9,132
552,943
Insulet
Corp.
(a)
........................................................
2,604
683,836
Intuitive
Surgical,
Inc.
(a)
.................................................
1,404
695,359
IQVIA
Holdings,
Inc.
(a)
..................................................
4,106
723,888
Johnson
&
Johnson
.....................................................
8,283
1,373,653
Labcorp
Holdings,
Inc.
...................................................
4,070
947,252
McKesson
Corp.
.......................................................
1,200
807,588
Medtronic
PLC
........................................................
12,196
1,095,933
Merck
&
Co.,
Inc.
......................................................
9,599
861,606
Mettler-Toledo
International,
Inc.
(a)
.........................................
647
764,049
Molina
Healthcare,
Inc.
(a)
................................................
1,583
521,424
Neurocrine
Biosciences,
Inc.
(a)
.............................................
4,628
511,857
Pfizer,
Inc.
............................................................
39,388
998,092
Quest
Diagnostics,
Inc.
...................................................
6,213
1,051,240
Regeneron
Pharmaceuticals,
Inc.
............................................
1,212
768,687
ResMed,
Inc.
..........................................................
2,882
645,136
Revvity,
Inc.
..........................................................
6,811
720,604
Solventum
Corp.
(a)
.....................................................
9,357
711,506
STERIS
PLC
..........................................................
5,341
1,210,538
Stryker
Corp.
..........................................................
3,045
1,133,501
Tenet
Healthcare
Corp.
(a)
.................................................
4,438
596,911
The
Cigna
Group
.......................................................
2,589
851,781
The
Cooper
Cos.,
Inc.
(a)
..................................................
10,193
859,780
Thermo
Fisher
Scientific,
Inc.
..............................................
1,924
957,382
United
Therapeutics
Corp.
(a)
..............................................
2,206
680,044
UnitedHealth
Group,
Inc.
.................................................
1,555
814,431
Universal
Health
Services,
Inc.
,
Class
B
.......................................
4,072
765,129
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
3,340
773,644
Waters
Corp.
(a)
........................................................
1,679
618,829
West
Pharmaceutical
Services,
Inc.
..........................................
1,601
358,432
Zimmer
Biomet
Holdings,
Inc.
.............................................
9,419
1,066,042
Zoetis,
Inc.
...........................................................
5,825
959,086
48,649,800
Industrials
(18.1%):
3M
Co.
..............................................................
4,318
634,141
AECOM
.............................................................
9,242
857,011
AMETEK,
Inc.
........................................................
5,206
896,161
Automatic
Data
Processing,
Inc.
............................................
4,670
1,426,825
Axon
Enterprise,
Inc.
(a)
..................................................
733
385,521
Booz
Allen
Hamilton
Holding
Corp.
.........................................
6,327
661,678
Broadridge
Financial
Solutions,
Inc.
.........................................
5,442
1,319,467
Builders
FirstSource,
Inc.
(a)
...............................................
4,033
503,883
C.H.
Robinson
Worldwide,
Inc.
.............................................
7,902
809,165
Carlisle
Cos.,
Inc.
.......................................................
2,190
745,695
Carrier
Global
Corp.
.....................................................
12,226
775,128
Caterpillar,
Inc.
........................................................
2,417
797,127
Cintas
Corp.
..........................................................
4,609
947,288
Clean
Harbors,
Inc.
(a)
...................................................
3,676
724,540
Comfort
Systems
USA,
Inc.
...............................................
1,079
347,794
Copart,
Inc.
(a)
.........................................................
16,963
959,936
CSX
Corp.
............................................................
29,282
861,769
Cummins,
Inc.
.........................................................
2,365
741,286
Curtiss-Wright
Corp.
....................................................
2,208
700,532
Deere
&
Co.
..........................................................
1,778
834,504
Delta
Air
Lines,
Inc.
.....................................................
10,364
451,870
Dover
Corp.
...........................................................
5,145
903,874
Eaton
Corp.
PLC
.......................................................
2,193
596,123
EMCOR
Group,
Inc.
....................................................
1,313
485,324
Emerson
Electric
Co.
....................................................
6,856
751,692
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Equifax,
Inc.
..........................................................
3,294
$
802,287
Expeditors
International
of
Washington,
Inc.
....................................
9,887
1,188,912
Fastenal
Co.
...........................................................
12,963
1,005,281
FedEx
Corp.
..........................................................
2,523
615,057
Fortive
Corp.
..........................................................
12,909
944,681
GE
Vernova,
Inc.
.......................................................
1,234
376,715
General
Dynamics
Corp.
..................................................
4,521
1,232,334
General
Electric
Co.
.....................................................
3,502
700,925
Graco,
Inc.
...........................................................
13,535
1,130,308
HEICO
Corp.
..........................................................
2,952
788,745
Honeywell
International,
Inc.
..............................................
5,202
1,101,523
Howmet
Aerospace,
Inc.
..................................................
4,730
613,623
Hubbell,
Inc.
..........................................................
1,937
640,973
IDEX
Corp.
...........................................................
4,598
832,100
Illinois
Tool
Works,
Inc.
..................................................
5,079
1,259,643
Ingersoll
Rand,
Inc.
.....................................................
9,342
747,640
ITT,
Inc.
.............................................................
5,983
772,764
J.B.
Hunt
Transport
Services,
Inc.
...........................................
5,066
749,515
Jacobs
Solutions,
Inc.
....................................................
8,286
1,001,695
Johnson
Controls
International
PLC
..........................................
9,243
740,457
L3Harris
Technologies,
Inc.
...............................................
5,204
1,089,249
Leidos
Holdings,
Inc.
....................................................
5,611
757,148
Lennox
International,
Inc.
.................................................
1,246
698,794
Lincoln
Electric
Holdings,
Inc.
.............................................
3,632
687,029
Lockheed
Martin
Corp.
...................................................
2,232
997,057
Masco
Corp.
..........................................................
12,194
847,971
Nordson
Corp.
.........................................................
4,716
951,312
Norfolk
Southern
Corp.
..................................................
3,278
776,394
Northrop
Grumman
Corp.
.................................................
2,414
1,235,992
Old
Dominion
Freight
Line,
Inc.
............................................
3,789
626,890
Otis
Worldwide
Corp.
....................................................
12,095
1,248,204
Owens
Corning,
Inc.
.....................................................
4,659
665,398
PACCAR,
Inc.
.........................................................
7,721
751,794
Parker-Hannifin
Corp.
...................................................
1,205
732,459
Paychex,
Inc.
..........................................................
7,470
1,152,472
Paycom
Software,
Inc.
...................................................
2,660
581,157
Paylocity
Holding
Corp.
(a)
................................................
3,624
678,920
Quanta
Services,
Inc.
....................................................
2,107
535,557
Republic
Services,
Inc.
...................................................
5,760
1,394,842
Rockwell
Automation,
Inc.
................................................
2,399
619,854
Rollins,
Inc.
...........................................................
20,407
1,102,590
RTX
Corp.
............................................................
8,093
1,071,999
Snap-on,
Inc.
..........................................................
2,949
993,842
Southwest
Airlines
Co.
...................................................
23,603
792,589
SS&C
Technologies
Holdings,
Inc.
..........................................
12,315
1,028,672
Stanley
Black
&
Decker,
Inc.
..............................................
8,114
623,804
Textron,
Inc.
..........................................................
13,340
963,815
Trane
Technologies
PLC
..................................................
2,537
854,766
TransDigm
Group,
Inc.
...................................................
622
860,406
TransUnion
...........................................................
7,615
631,969
Uber
Technologies,
Inc.
(a)
................................................
6,857
499,601
U-Haul
Holding
Co.
.....................................................
14,077
833,077
Union
Pacific
Corp.
.....................................................
4,480
1,058,355
United
Airlines
Holdings,
Inc.
(a)
............................................
5,505
380,120
United
Parcel
Service,
Inc.
,
Class
B
..........................................
6,300
692,937
United
Rentals,
Inc.
.....................................................
1,014
635,474
Veralto
Corp.
..........................................................
11,957
1,165,210
Verisk
Analytics,
Inc.
....................................................
3,914
1,164,885
Vertiv
Holdings
Co.
,
Class
A
...............................................
3,416
246,635
W.W.
Grainger,
Inc.
.....................................................
1,016
1,003,635
Waste
Management,
Inc.
..................................................
4,914
1,137,640
Watsco,
Inc.
...........................................................
1,544
784,815
Westinghouse
Air
Brake
Technologies
Corp.
....................................
4,990
904,936
XPO,
Inc.
(a)
..........................................................
4,356
468,618
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Xylem,
Inc.
...........................................................
7,536
$
900,251
74,192,646
Information
Technology
(11.3%):
Accenture
PLC
,
Class
A
..................................................
2,597
810,368
Adobe,
Inc.
(a)
.........................................................
1,465
561,871
Advanced
Micro
Devices,
Inc.
(a)
............................................
5,025
516,269
Akamai
Technologies,
Inc.
(a)
..............................................
7,004
563,822
Amphenol
Corp.
,
Class
A
.................................................
9,692
635,698
Analog
Devices,
Inc.
....................................................
2,861
576,978
Apple,
Inc.
...........................................................
3,868
859,199
Applied
Materials,
Inc.
...................................................
3,075
446,244
AppLovin
Corp.
,
Class
A
(a)
...............................................
778
206,147
Arista
Networks,
Inc.
(a)
..................................................
4,751
368,107
Autodesk,
Inc.
(a)
.......................................................
3,071
803,988
Bentley
Systems,
Inc.
,
Class
B
.............................................
19,387
762,685
Broadcom,
Inc.
........................................................
1,796
300,704
Cadence
Design
Systems,
Inc.
(a)
............................................
2,212
562,578
CDW
Corp.
...........................................................
4,466
715,721
Ciena
Corp.
(a)
.........................................................
5,646
341,188
Cisco
Systems,
Inc.
.....................................................
18,724
1,155,458
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
12,769
976,829
Corning,
Inc.
..........................................................
14,271
653,326
Corpay,
Inc.
(a)
.........................................................
2,499
871,451
Datadog,
Inc.
,
Class
A
(a)
.................................................
5,082
504,185
Dell
Technologies,
Inc.
,
Class
C
............................................
4,529
412,818
DocuSign,
Inc.
(a)
.......................................................
5,771
469,759
Dynatrace,
Inc.
(a)
......................................................
13,030
614,364
Entegris,
Inc.
..........................................................
5,126
448,422
EPAM
Systems,
Inc.
(a)
...................................................
2,822
476,466
F5,
Inc.
(a)
............................................................
2,588
689,107
Fair
Isaac
Corp.
(a)
......................................................
409
754,261
First
Solar,
Inc.
(a)
......................................................
3,100
391,933
Fortinet,
Inc.
(a)
........................................................
5,243
504,691
Gartner,
Inc.
(a)
........................................................
2,179
914,613
Gen
Digital,
Inc.
.......................................................
37,149
985,934
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
4,168
750,824
Hewlett
Packard
Enterprise
Co.
.............................................
29,369
453,164
HP,
Inc.
..............................................................
24,820
687,266
HubSpot,
Inc.
(a)
.......................................................
866
494,737
International
Business
Machines
Corp.
........................................
3,501
870,559
Intuit,
Inc.
............................................................
1,173
720,210
Jabil,
Inc.
............................................................
4,036
549,179
Keysight
Technologies,
Inc.
(a)
.............................................
4,147
621,096
KLA
Corp.
...........................................................
690
469,062
Lam
Research
Corp.
.....................................................
6,144
446,669
Microchip
Technology,
Inc.
................................................
8,995
435,448
Micron
Technology,
Inc.
..................................................
4,103
356,510
Microsoft
Corp.
........................................................
2,634
988,777
Monolithic
Power
Systems,
Inc.
............................................
620
359,588
Motorola
Solutions,
Inc.
..................................................
2,606
1,140,933
NetApp,
Inc.
..........................................................
6,451
566,656
NVIDIA
Corp.
.........................................................
3,176
344,215
NXP
Semiconductors
NV
.................................................
2,718
516,583
Okta,
Inc.
(a)
..........................................................
6,748
710,025
ON
Semiconductor
Corp.
(a)
...............................................
9,608
390,950
Oracle
Corp.
..........................................................
3,362
470,041
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
3,842
324,265
Palo
Alto
Networks,
Inc.
(a)
................................................
3,698
631,027
PTC,
Inc.
(a)
...........................................................
5,686
881,046
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
7,803
345,439
QUALCOMM,
Inc.
.....................................................
3,609
554,378
Roper
Technologies,
Inc.
..................................................
1,947
1,147,912
Salesforce,
Inc.
........................................................
2,468
662,312
Seagate
Technology
Holdings
PLC
..........................................
7,159
608,157
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
ServiceNow,
Inc.
(a)
.....................................................
699
$
556,502
Super
Micro
Computer,
Inc.
(a)
(b)
...........................................
4,515
154,594
Synopsys,
Inc.
(a)
.......................................................
1,235
529,630
TD
SYNNEX
Corp.
.....................................................
5,849
608,062
Teledyne
Technologies,
Inc.
(a)
.............................................
2,139
1,064,602
Teradyne,
Inc.
.........................................................
4,354
359,640
Texas
Instruments,
Inc.
...................................................
3,669
659,319
Trimble,
Inc.
(a)
........................................................
10,292
675,670
Tyler
Technologies,
Inc.
(a)
................................................
1,563
908,713
VeriSign,
Inc.
(a)
........................................................
4,789
1,215,783
Western
Digital
Corp.
(a)
..................................................
11,147
450,673
Workday,
Inc.
,
Class
A
(a)
.................................................
2,588
604,376
Zebra
Technologies
Corp.
(a)
...............................................
2,495
704,987
Zoom
Communications,
Inc.
(a)
.............................................
8,761
646,299
46,491,062
Materials
(5.0%):
Air
Products
and
Chemicals,
Inc.
............................................
2,744
809,260
Avery
Dennison
Corp.
...................................................
5,900
1,050,023
CF
Industries
Holdings,
Inc.
...............................................
8,814
688,814
Corteva,
Inc.
..........................................................
15,315
963,773
Dow,
Inc.
............................................................
25,255
881,905
DuPont
de
Nemours,
Inc.
.................................................
12,784
954,709
Ecolab,
Inc.
...........................................................
4,287
1,086,840
Freeport-McMoRan,
Inc.
.................................................
18,040
682,994
International
Flavors
&
Fragrances,
Inc.
.......................................
11,795
915,410
International
Paper
Co.
...................................................
14,250
760,237
Linde
PLC
............................................................
3,323
1,547,322
LyondellBasell
Industries
NV
,
Class
A
........................................
15,017
1,057,197
Martin
Marietta
Materials,
Inc.
.............................................
1,880
898,884
Newmont
Corp.
........................................................
15,398
743,415
Nucor
Corp.
...........................................................
4,504
542,011
Packaging
Corp.
of
America
...............................................
4,935
977,229
PPG
Industries,
Inc.
.....................................................
9,639
1,054,025
Reliance,
Inc.
..........................................................
2,727
787,421
RPM
International,
Inc.
..................................................
7,938
918,268
Steel
Dynamics,
Inc.
.....................................................
4,771
596,757
The
Sherwin-Williams
Co.
................................................
2,766
965,860
Vulcan
Materials
Co.
....................................................
3,572
833,348
Westlake
Corp.
........................................................
7,851
785,336
20,501,038
Real
Estate
(0.5%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
5,607
733,284
CoStar
Group,
Inc.
(a)
....................................................
10,641
843,086
Jones
Lang
LaSalle,
Inc.
(a)
................................................
2,585
640,847
2,217,217
Utilities
(7.9%):
Alliant
Energy
Corp.
....................................................
19,949
1,283,718
Ameren
Corp.
.........................................................
12,690
1,274,076
American
Electric
Power
Co.,
Inc.
...........................................
11,881
1,298,237
American
Water
Works
Co.,
Inc.
............................................
7,870
1,160,982
Atmos
Energy
Corp.
.....................................................
9,502
1,468,819
CenterPoint
Energy,
Inc.
..................................................
30,791
1,115,558
CMS
Energy
Corp.
......................................................
19,440
1,460,138
Consolidated
Edison,
Inc.
.................................................
12,467
1,378,726
Constellation
Energy
Corp.
................................................
1,288
259,699
Dominion
Energy,
Inc.
...................................................
18,369
1,029,950
DTE
Energy
Co.
.......................................................
9,689
1,339,698
Duke
Energy
Corp.
......................................................
11,352
1,384,603
Edison
International
.....................................................
13,680
806,026
Entergy
Corp.
.........................................................
9,477
810,189
Evergy,
Inc.
...........................................................
23,935
1,650,318
Eversource
Energy
......................................................
16,629
1,032,827
Exelon
Corp.
..........................................................
28,131
1,296,276
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
FirstEnergy
Corp.
.......................................................
30,021
$
1,213,449
NextEra
Energy,
Inc.
....................................................
11,914
844,583
NiSource,
Inc.
.........................................................
34,580
1,386,312
NRG
Energy,
Inc.
.......................................................
4,867
464,604
PG&E
Corp.
..........................................................
52,683
905,094
PPL
Corp.
............................................................
39,782
1,436,528
Public
Service
Enterprise
Group,
Inc.
.........................................
12,852
1,057,720
Sempra
..............................................................
10,080
719,309
The
Southern
Co.
.......................................................
14,167
1,302,656
Vistra
Corp.
...........................................................
2,265
266,002
WEC
Energy
Group,
Inc.
.................................................
13,096
1,427,202
Xcel
Energy,
Inc.
.......................................................
16,864
1,193,803
32,267,102
Total
Common
Stocks
(Cost
$368,166,383)
409,436,411
Investment
Companies
(0.2%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
4
.21
%
(c)
............
936,177
936,177
Total
Investment
Companies
(Cost
$936,177)
936,177
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(c)
........
137,139
137,139
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(c)
............
137,139
137,139
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(c)
...............
137,139
137,139
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(c)
.
137,139
137,139
Total
Collateral
for
Securities
Loaned
(Cost
$548,556)
548,556
Total
Investments
(Cost
$369,651,116)
—
100.0%
410,921,144
Liabilities
in
excess
of
other
assets
—
(0.0)%(d)
(
198,587
)
NET
ASSETS
-
100.00%
$
410,722,557
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
4
6/20/25
$
1,134,212
$
1,130,650
$
(
3,562
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
3,562
)
Total
net
unrealized
appreciation
(depreciation)
$
(
3,562
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
77
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.6%)
Communication
Services
(4.2%):
AT&T,
Inc.
...........................................................
317,740
$
8,985,687
Comcast
Corp.
,
Class
A
..................................................
186,949
6,898,418
Omnicom
Group,
Inc.
....................................................
90,201
7,478,565
Verizon
Communications,
Inc.
..............................................
208,977
9,479,197
32,841,867
Consumer
Discretionary
(2.7%):
Best
Buy
Co.,
Inc.
......................................................
66,095
4,865,253
Darden
Restaurants,
Inc.
..................................................
29,818
6,194,988
Ford
Motor
Co.
........................................................
515,077
5,166,222
Genuine
Parts
Co.
......................................................
43,624
5,197,363
21,423,826
Consumer
Staples
(22.6%):
Altria
Group,
Inc.
.......................................................
170,160
10,213,003
Archer-Daniels-Midland
Co.
...............................................
164,068
7,876,905
Conagra
Brands,
Inc.
....................................................
309,181
8,245,857
Dollar
General
Corp.
....................................................
53,077
4,667,061
General
Mills,
Inc.
......................................................
150,119
8,975,615
Hormel
Foods
Corp.
.....................................................
310,654
9,611,635
Kenvue,
Inc.
..........................................................
279,648
6,705,959
Keurig
Dr.
Pepper,
Inc.
...................................................
294,595
10,081,041
Kimberly-Clark
Corp.
....................................................
72,123
10,257,333
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
115,180
7,011,007
Mondelez
International,
Inc.
,
Class
A
.........................................
142,102
9,641,621
PepsiCo,
Inc.
..........................................................
66,886
10,028,887
Philip
Morris
International,
Inc.
.............................................
46,935
7,449,992
Sysco
Corp.
...........................................................
119,877
8,995,570
Target
Corp.
..........................................................
38,385
4,005,858
The
Campbell's
Company
.................................................
200,028
7,985,118
The
Clorox
Co.
........................................................
55,873
8,227,299
The
Coca-Cola
Co.
......................................................
164,678
11,794,238
The
Hershey
Co.
.......................................................
39,674
6,785,444
The
Kraft
Heinz
Co.
.....................................................
292,576
8,903,088
Tyson
Foods,
Inc.
,
Class
A
................................................
141,916
9,055,660
176,518,191
Electric
Utilities
(16.3%):
Alliant
Energy
Corp.
....................................................
162,972
10,487,248
American
Electric
Power
Co.,
Inc.
...........................................
97,063
10,606,074
Duke
Energy
Corp.
......................................................
92,735
11,310,888
Edison
International
.....................................................
111,752
6,584,428
Entergy
Corp.
.........................................................
77,418
6,618,465
Evergy,
Inc.
...........................................................
195,532
13,481,931
Eversource
Energy
......................................................
135,846
8,437,395
Exelon
Corp.
..........................................................
229,809
10,589,599
FirstEnergy
Corp.
.......................................................
245,251
9,913,046
NextEra
Energy,
Inc.
....................................................
97,326
6,899,440
PPL
Corp.
............................................................
324,993
11,735,497
The
Southern
Co.
.......................................................
115,739
10,642,201
Xcel
Energy,
Inc.
.......................................................
137,771
9,752,809
127,059,021
Energy
(12.4%):
Chevron
Corp.
.........................................................
57,314
9,588,059
ConocoPhillips
Co.
.....................................................
75,936
7,974,799
Coterra
Energy,
Inc.
.....................................................
264,492
7,643,819
Devon
Energy
Corp.
.....................................................
170,272
6,368,173
EOG
Resources,
Inc.
....................................................
62,825
8,056,678
Exxon
Mobil
Corp.
.....................................................
81,140
9,649,980
Kinder
Morgan,
Inc.
.....................................................
281,153
8,021,295
ONEOK,
Inc.
..........................................................
74,662
7,407,964
Ovintiv,
Inc.
..........................................................
126,926
5,432,433
Phillips
66
Co.
.........................................................
52,061
6,428,492
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Schlumberger
NV
......................................................
153,157
$
6,401,962
The
Williams
Cos.,
Inc.
..................................................
126,770
7,575,775
Valero
Energy
Corp.
.....................................................
44,497
5,876,719
96,426,148
Financials
(17.0%):
Ally
Financial,
Inc.
......................................................
138,767
5,060,832
Blue
Owl
Capital,
Inc.
...................................................
236,545
4,740,362
Citigroup,
Inc.
.........................................................
77,500
5,501,725
Citizens
Financial
Group,
Inc.
..............................................
129,297
5,297,298
CME
Group,
Inc.
.......................................................
44,539
11,815,751
Fidelity
National
Financial,
Inc.
............................................
135,091
8,791,722
Fifth
Third
Bancorp
.....................................................
177,401
6,954,119
Huntington
Bancshares,
Inc.
...............................................
400,710
6,014,657
M&T
Bank
Corp.
.......................................................
35,308
6,311,305
Morgan
Stanley
........................................................
48,134
5,615,794
Northern
Trust
Corp.
....................................................
70,584
6,963,112
Principal
Financial
Group,
Inc.
.............................................
89,372
7,540,316
Prudential
Financial,
Inc.
.................................................
64,131
7,162,150
Regions
Financial
Corp.
..................................................
289,647
6,294,029
State
Street
Corp.
.......................................................
80,300
7,189,259
T.
Rowe
Price
Group,
Inc.
.................................................
76,193
6,999,851
The
Carlyle
Group,
Inc.
..................................................
103,123
4,495,132
The
PNC
Financial
Services
Group,
Inc.
......................................
41,040
7,213,601
Truist
Financial
Corp.
....................................................
146,260
6,018,599
U.S.
Bancorp
..........................................................
151,448
6,394,135
132,373,749
Health
Care
(7.9%):
AbbVie,
Inc.
..........................................................
33,579
7,035,472
Amgen,
Inc.
...........................................................
24,391
7,599,016
CVS
Health
Corp.
......................................................
69,942
4,738,570
Gilead
Sciences,
Inc.
....................................................
63,581
7,124,251
Johnson
&
Johnson
.....................................................
67,665
11,221,564
Medtronic
PLC
........................................................
99,630
8,952,752
Merck
&
Co.,
Inc.
......................................................
78,416
7,038,620
Pfizer,
Inc.
............................................................
321,773
8,153,728
61,863,973
Industrials
(2.4%):
Lockheed
Martin
Corp.
...................................................
18,235
8,145,757
Stanley
Black
&
Decker,
Inc.
..............................................
66,285
5,095,991
United
Parcel
Service,
Inc.
,
Class
B
..........................................
51,468
5,660,965
18,902,713
Information
Technology
(2.5%):
HP,
Inc.
..............................................................
202,763
5,614,508
Microchip
Technology,
Inc.
................................................
73,479
3,557,118
Seagate
Technology
Holdings
PLC
..........................................
58,482
4,968,046
Texas
Instruments,
Inc.
...................................................
29,973
5,386,148
19,525,820
Materials
(2.8%):
Dow,
Inc.
............................................................
206,319
7,204,659
International
Paper
Co.
...................................................
116,412
6,210,580
LyondellBasell
Industries
NV
,
Class
A
........................................
122,684
8,636,954
22,052,193
Multi-Utilities
(8.8%):
CMS
Energy
Corp.
......................................................
158,814
11,928,520
Consolidated
Edison,
Inc.
.................................................
101,849
11,263,481
Dominion
Energy,
Inc.
...................................................
150,063
8,414,032
DTE
Energy
Co.
.......................................................
79,154
10,944,624
Public
Service
Enterprise
Group,
Inc.
.........................................
104,993
8,640,924
Sempra
..............................................................
82,343
5,875,996
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
WEC
Energy
Group,
Inc.
.................................................
106,988
$
11,659,552
68,727,129
Total
Common
Stocks
(Cost
$729,737,375)
777,714,630
Investment
Companies
(0.2%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
4
.21
%
(a)
............
1,799,699
1,799,699
Total
Investment
Companies
(Cost
$1,799,699)
1,799,699
Total
Investments
(Cost
$731,537,074)
—
99.8%
779,514,329
Other
assets
in
excess
of
liabilities
—
0.2%
1,515,554
NET
ASSETS
-
100.00%
$
781,029,883
(a)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
7
6/20/25
$
1,981,023
$
1,978,638
$
(
2,385
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
2,385
)
Total
net
unrealized
appreciation
(depreciation)
$
(
2,385
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
80
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.7%)
Banks
(12.5%):
1st
Source
Corp.
.......................................................
1,094
$
65,432
Ameris
Bancorp
........................................................
1,065
61,312
Associated
Banc-Corp.
...................................................
2,586
58,263
Atlantic
Union
Bankshares
Corp.
............................................
1,830
56,986
Axos
Financial,
Inc.
(a)
...................................................
790
50,971
Banc
of
California,
Inc.
..................................................
4,024
57,100
BancFirst
Corp.
........................................................
560
61,527
Bank
of
Hawaii
Corp.
....................................................
996
68,694
Bank
OZK
............................................................
1,333
57,919
BankUnited,
Inc.
.......................................................
1,661
57,205
Banner
Corp.
..........................................................
936
59,689
Cadence
Bank
.........................................................
2,016
61,206
Cathay
General
Bancorp
..................................................
1,524
65,578
City
Holding
Co.
.......................................................
683
80,232
Columbia
Banking
System,
Inc.
............................................
2,280
56,863
Community
Financial
System,
Inc.
..........................................
1,030
58,566
Customers
Bancorp,
Inc.
(a)
................................................
828
41,566
CVB
Financial
Corp.
....................................................
3,064
56,561
Eastern
Bankshares,
Inc.
..................................................
3,788
62,123
Enterprise
Financial
Services
Corp.
..........................................
1,059
56,911
FB
Financial
Corp.
......................................................
1,274
59,063
First
Bancorp
..........................................................
1,472
59,086
First
Bancorp
..........................................................
3,503
67,152
First
Commonwealth
Financial
Corp.
.........................................
3,942
61,259
First
Financial
Bancorp
...................................................
2,471
61,726
First
Financial
Bankshares,
Inc.
.............................................
1,785
64,117
First
Hawaiian,
Inc.
.....................................................
2,904
70,974
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
2,107
60,365
First
Merchants
Corp.
....................................................
1,488
60,175
FNB
Corp.
............................................................
4,587
61,695
Fulton
Financial
Corp.
...................................................
3,260
58,973
Glacier
Bancorp,
Inc.
....................................................
1,345
59,476
Hancock
Whitney
Corp.
..................................................
1,149
60,265
Hilltop
Holdings,
Inc.
....................................................
2,354
71,679
Home
Bancshares,
Inc.
...................................................
2,673
75,566
Independent
Bank
Corp.
..................................................
897
56,197
International
Bancshares
Corp.
.............................................
1,007
63,501
Lakeland
Financial
Corp.
.................................................
1,036
61,580
NBT
Bancorp,
Inc.
......................................................
1,436
61,604
Nicolet
Bankshares,
Inc.
..................................................
569
61,998
Northwest
Bancshares,
Inc.
................................................
5,954
71,567
OFG
Bancorp
.........................................................
1,696
67,874
Old
National
Bancorp
....................................................
2,924
61,960
Pacific
Premier
Bancorp,
Inc.
..............................................
2,383
50,806
Park
National
Corp.
.....................................................
350
52,990
Pathward
Financial,
Inc.
..................................................
937
68,354
Provident
Financial
Services,
Inc.
...........................................
3,469
59,563
Renasant
Corp.
........................................................
1,932
65,553
Seacoast
Banking
Corp.
of
Florida
...........................................
2,390
61,495
ServisFirst
Bancshares,
Inc.
...............................................
656
54,186
Simmons
First
National
Corp.
,
Class
A
.......................................
3,499
71,834
Stock
Yards
Bancorp,
Inc.
.................................................
900
62,154
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
846
63,196
The
Bancorp,
Inc.
(a)
.....................................................
899
47,503
Towne
Bank
..........................................................
2,147
73,406
Triumph
Financial,
Inc.
(a)
.................................................
737
42,599
UMB
Financial
Corp.
....................................................
631
63,794
United
Bankshares,
Inc.
..................................................
2,040
70,727
United
Community
Banks,
Inc.
.............................................
2,110
59,354
Valley
National
Bancorp
..................................................
6,043
53,722
WaFd,
Inc.
............................................................
2,340
66,877
WesBanco,
Inc.
........................................................
2,005
62,075
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
WSFS
Financial
Corp.
...................................................
1,152
$
59,754
3,862,498
Capital
Markets
(2.9%):
Affiliated
Managers
Group,
Inc.
............................................
494
83,007
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
1,858
72,648
BGC
Group,
Inc.
,
Class
A
.................................................
7,025
64,419
Cohen
&
Steers,
Inc.
....................................................
964
77,361
Federated
Hermes,
Inc.
...................................................
3,119
127,162
Hamilton
Lane,
Inc.
,
Class
A
...............................................
441
65,563
Lazard,
Inc.
...........................................................
1,100
47,630
Moelis
&
Co.
,
Class
A
...................................................
836
48,789
Piper
Sandler
Cos.
......................................................
209
51,761
PJT
Partners,
Inc.
,
Class
A
................................................
404
55,703
StoneX
Group,
Inc.
(a)
...................................................
952
72,714
Victory
Capital
Holdings,
Inc.
,
Class
A
(b)
.....................................
1,003
58,044
Virtu
Financial,
Inc.
,
Class
A
...............................................
1,678
63,965
888,766
Communication
Services
(3.1%):
Cargurus,
Inc.
(a)
.......................................................
1,621
47,220
Cinemark
Holdings,
Inc.
..................................................
2,537
63,146
Integral
Ad
Science
Holding
Corp.
(a)
.........................................
5,208
41,976
Iridium
Communications,
Inc.
..............................................
1,668
45,570
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
1,859
82,837
Madison
Square
Garden
Entertainment
Corp.
(a)
.................................
2,211
72,388
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
605
117,806
Magnite,
Inc.
(a)
........................................................
2,816
32,130
Nexstar
Media
Group,
Inc.
................................................
412
73,839
TEGNA,
Inc.
..........................................................
3,819
69,582
TripAdvisor,
Inc.
(a)
.....................................................
3,323
47,087
Warner
Music
Group
Corp.
,
Class
A
.........................................
2,673
83,798
Yelp,
Inc.
(a)
...........................................................
2,409
89,205
Ziff
Davis,
Inc.
(a)
.......................................................
1,370
51,485
ZoomInfo
Technologies,
Inc.
(a)
.............................................
3,213
32,130
950,199
Consumer
Discretionary
(13.6%):
Academy
Sports
&
Outdoors,
Inc.
...........................................
1,235
56,328
Acushnet
Holdings
Corp.
.................................................
1,111
76,281
Adtalem
Global
Education,
Inc.
(a)
...........................................
643
64,712
American
Eagle
Outfitters,
Inc.
.............................................
4,124
47,921
Asbury
Automotive
Group,
Inc.
(a)
...........................................
225
49,689
Atmus
Filtration
Technologies,
Inc.
..........................................
1,872
68,759
Boot
Barn
Holdings,
Inc.
(a)
...............................................
365
39,212
Boyd
Gaming
Corp.
.....................................................
1,208
79,523
Brinker
International,
Inc.
(a)
...............................................
280
41,734
Brunswick
Corp.
.......................................................
1,099
59,181
Cavco
Industries,
Inc.
(a)
..................................................
123
63,914
Century
Communities,
Inc.
................................................
853
57,236
Champion
Homes,
Inc.
(a)
.................................................
547
51,834
Chewy,
Inc.
,
Class
A
(a)
..................................................
1,207
39,240
Choice
Hotels
International,
Inc.
(c)
..........................................
668
88,697
Columbia
Sportswear
Co.
.................................................
958
72,511
Dillard's,
Inc.
,
Class
A
(c)
.................................................
136
48,706
Dorman
Products,
Inc.
(a)
.................................................
584
70,395
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
(c)
.....................................
1,732
39,074
Duolingo,
Inc.
(a)
.......................................................
144
44,718
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
432
26,672
Five
Below,
Inc.
(a)
......................................................
456
34,166
Foot
Locker,
Inc.
(a)
.....................................................
2,746
38,719
Frontdoor,
Inc.
(a)
.......................................................
1,265
48,601
Garrett
Motion,
Inc.
.....................................................
6,775
56,707
Graham
Holdings
Co.
,
Class
B
.............................................
73
70,143
Grand
Canyon
Education,
Inc.
(a)
............................................
457
79,070
Green
Brick
Partners,
Inc.
(a)
...............................................
961
56,036
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Group
1
Automotive,
Inc.
.................................................
157
$
59,966
Harley-Davidson,
Inc.
...................................................
2,681
67,695
Hilton
Grand
Vacations,
Inc.
(a)
.............................................
1,518
56,788
Kontoor
Brands,
Inc.
....................................................
918
58,871
Laureate
Education,
Inc.
(a)
................................................
3,648
74,602
La-Z-Boy,
Inc.
,
Class
Z
..................................................
1,308
51,130
LCI
Industries
.........................................................
595
52,021
Levi
Strauss
&
Co.
,
Class
A
...............................................
3,553
55,391
LGI
Homes,
Inc.
(a)
.....................................................
684
45,465
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
2,225
67,195
M/I
Homes,
Inc.
(a)
......................................................
494
56,405
Macy's,
Inc.
...........................................................
3,538
44,437
Marriott
Vacations
Worldwide
Corp.
.........................................
737
47,345
Mister
Car
Wash,
Inc.
(a)
..................................................
6,582
51,932
Modine
Manufacturing
Co.
(a)
..............................................
362
27,784
Monarch
Casino
&
Resort,
Inc.
.............................................
907
70,519
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
528
61,438
OneSpaWorld
Holdings
Ltd.
...............................................
3,761
63,147
Patrick
Industries,
Inc.
...................................................
726
61,391
Perdoceo
Education
Corp.
.................................................
2,668
67,180
Phinia,
Inc.
...........................................................
1,301
55,201
Polaris,
Inc.
...........................................................
1,230
50,356
PVH
Corp.
...........................................................
905
58,499
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
1,444
62,626
Revolve
Group,
Inc.
(a)
...................................................
1,225
26,325
RH
(a)
...............................................................
110
25,785
Rush
Street
Interactive,
Inc.
(a)
.............................................
3,706
39,728
Shake
Shack,
Inc.
,
Class
A
(a)
..............................................
434
38,266
Signet
Jewelers
Ltd.
.....................................................
829
48,132
Sonic
Automotive,
Inc.
,
Class
A
............................................
937
53,372
Steven
Madden
Ltd.
.....................................................
2,346
62,497
Strategic
Education,
Inc.
..................................................
772
64,817
Stride,
Inc.
(a)
..........................................................
299
37,823
The
Buckle,
Inc.
........................................................
1,804
69,129
The
Cheesecake
Factory,
Inc.
(c)
............................................
1,150
55,959
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
4,552
42,060
The
Wendy's
Co.
.......................................................
5,117
74,862
Thor
Industries,
Inc.
.....................................................
680
51,551
Travel
+
Leisure
Co.
.....................................................
1,359
62,908
Tri
Pointe
Homes,
Inc.
(a)
.................................................
2,088
66,649
United
Parks
&
Resorts,
Inc.
(a)
.............................................
1,291
58,689
Urban
Outfitters,
Inc.
(a)
..................................................
844
44,226
Valvoline,
Inc.
(a)
.......................................................
2,033
70,769
Victoria's
Secret
&
Co.
(a)
.................................................
1,491
27,703
Visteon
Corp.
(a)
........................................................
811
62,950
Worthington
Enterprises,
Inc.
..............................................
1,481
74,183
Wyndham
Hotels
&
Resorts,
Inc.
............................................
769
69,602
YETI
Holdings,
Inc.
(a)
...................................................
1,558
51,570
4,216,718
Consumer
Finance
(1.3%):
Bread
Financial
Holdings,
Inc.
.............................................
877
43,920
Enova
International,
Inc.
(a)
................................................
625
60,350
FirstCash
Holdings,
Inc.
..................................................
839
100,949
Nelnet,
Inc.
,
Class
A
.....................................................
759
84,196
OneMain
Holdings,
Inc.
..................................................
1,209
59,096
SLM
Corp.
...........................................................
2,198
64,555
413,066
Consumer
Staples
(5.6%):
Cal-Maine
Foods,
Inc.
...................................................
733
66,630
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
2,376
77,766
Darling
Ingredients,
Inc.
(a)
................................................
1,479
46,204
Energizer
Holdings,
Inc.
..................................................
2,932
87,725
Flowers
Foods,
Inc.
.....................................................
6,412
121,892
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Freshpet,
Inc.
(a)
........................................................
511
$
42,500
Interparfums,
Inc.
.......................................................
505
57,504
J
&
J
Snack
Foods
Corp.
..................................................
674
88,779
Lancaster
Colony
Corp.
..................................................
395
69,125
National
Beverage
Corp.
..................................................
1,807
75,063
PriceSmart,
Inc.
........................................................
913
80,207
Reynolds
Consumer
Products,
Inc.
..........................................
4,056
96,776
Seaboard
Corp.
........................................................
31
83,611
Spectrum
Brands
Holdings,
Inc.
............................................
1,092
78,133
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
340
81,206
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
1,100
59,906
The
Simply
Good
Foods
Co.
(a)
.............................................
2,299
79,293
The
Vita
Coco
Co.,
Inc.
(a)
................................................
1,728
52,963
Tootsie
Roll
Industries,
Inc.
................................................
2,828
89,025
Utz
Brands,
Inc.
........................................................
4,932
69,443
WD-40
Co.
...........................................................
394
96,136
Weis
Markets,
Inc.
......................................................
1,144
88,145
WK
Kellogg
Co.
.......................................................
2,439
48,609
1,736,641
Energy
(4.3%):
Archrock,
Inc.
.........................................................
2,092
54,894
Atlas
Energy
Solutions,
Inc.
(c)
.............................................
2,742
48,917
Cactus,
Inc.
,
Class
A
.....................................................
1,138
52,155
California
Resources
Corp.
................................................
1,416
62,262
Core
Natural
Resources,
Inc.
...............................................
748
57,671
CVR
Energy,
Inc.
.......................................................
2,331
45,221
Excelerate
Energy,
Inc.
,
Class
A
............................................
1,785
51,194
Helmerich
&
Payne,
Inc.
..................................................
1,940
50,673
International
Seaways,
Inc.
................................................
1,818
60,358
Kinetik
Holdings,
Inc.
...................................................
1,183
61,445
Kodiak
Gas
Services,
Inc.
.................................................
1,238
46,177
Liberty
Energy,
Inc.
.....................................................
2,936
46,477
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
3,196
80,731
Murphy
Oil
Corp.
......................................................
2,728
77,475
Northern
Oil
&
Gas,
Inc.
..................................................
1,975
59,704
Oceaneering
International,
Inc.
(a)
...........................................
2,306
50,294
Peabody
Energy
Corp.
...................................................
3,889
52,696
Sitio
Royalties
Corp.
,
Class
A
..............................................
3,831
76,122
SM
Energy
Co.
........................................................
1,639
49,088
Solaris
Energy
Infrastructure,
Inc.
...........................................
757
16,472
Tidewater,
Inc.
(a)
.......................................................
1,056
44,637
Valaris
Ltd.
(a)
.........................................................
1,544
60,617
Viper
Energy,
Inc.
......................................................
1,485
67,048
World
Kinect
Corp.
.....................................................
2,347
66,561
1,338,889
Financial
Services
(3.5%):
Euronet
Worldwide,
Inc.
(a)
................................................
793
84,732
EVERTEC,
Inc.
........................................................
1,821
66,958
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
366
68,629
Marqeta,
Inc.
,
Class
A
(a)
.................................................
7,695
31,703
Merchants
Bancorp
.....................................................
1,242
45,954
Mr.
Cooper
Group,
Inc.
(a)
.................................................
732
87,547
NCR
Atleos
Corp.
(a)
....................................................
2,073
54,686
NMI
Holdings,
Inc.
(a)
...................................................
2,527
91,098
Paymentus
Holdings,
Inc.
,
Class
A
(a)
........................................
1,393
36,357
Payoneer
Global,
Inc.
(a)
..................................................
5,208
38,071
PennyMac
Financial
Services,
Inc.
..........................................
756
75,683
Radian
Group,
Inc.
......................................................
2,622
86,710
Rocket
Cos.,
Inc.
,
Class
A
(c)
...............................................
3,345
40,374
Sezzle,
Inc.
(a)
.........................................................
342
11,932
Shift4
Payments,
Inc.
,
Class
A
(a)
(c)
..........................................
484
39,548
The
Western
Union
Co.
...................................................
8,682
91,856
UWM
Holdings
Corp.
...................................................
8,918
48,692
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Walker
&
Dunlop,
Inc.
...................................................
853
$
72,812
1,073,342
Health
Care
(6.7%):
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
1,311
39,749
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
2,499
41,508
Addus
HomeCare
Corp.
(a)
................................................
816
80,694
ADMA
Biologics,
Inc.
(a)
.................................................
2,020
40,077
Agios
Pharmaceuticals,
Inc.
(a)
.............................................
1,190
34,867
Alkermes
PLC
(a)
.......................................................
1,967
64,950
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
2,399
58,176
Concentra
Group
Holdings
Parent,
Inc.
.......................................
3,063
66,467
CONMED
Corp.
.......................................................
1,016
61,356
Corcept
Therapeutics,
Inc.
(a)
..............................................
769
87,835
CorVel
Corp.
(a)
........................................................
581
65,055
Doximity,
Inc.
,
Class
A
(a)
.................................................
380
22,051
Dynavax
Technologies
Corp.
(a)
.............................................
5,008
64,954
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
8,236
36,321
Haemonetics
Corp.
(a)
....................................................
916
58,212
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
1,315
43,645
Hims
&
Hers
Health,
Inc.
(a)
...............................................
473
13,977
Inspire
Medical
Systems,
Inc.
(a)
............................................
196
31,219
Integer
Holdings
Corp.
(a)
.................................................
700
82,607
Krystal
Biotech,
Inc.
(a)
...................................................
303
54,631
LeMaitre
Vascular,
Inc.
...................................................
783
65,694
MannKind
Corp.
(a)
.....................................................
10,821
54,430
Merit
Medical
Systems,
Inc.
(a)
.............................................
1,037
109,621
Omnicell,
Inc.
(a)
.......................................................
877
30,660
Option
Care
Health,
Inc.
(a)
................................................
1,517
53,019
Organon
&
Co.
........................................................
3,967
59,069
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
967
83,133
Privia
Health
Group,
Inc.
(a)
...............................................
2,339
52,510
Progyny,
Inc.
(a)
........................................................
1,537
34,337
Protagonist
Therapeutics,
Inc.
(a)
............................................
1,397
67,559
RadNet,
Inc.
(a)
........................................................
894
44,450
Select
Medical
Holdings
Corp.
.............................................
3,323
55,494
Sotera
Health
Co.
(a)
.....................................................
5,174
60,329
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
1,829
59,900
TG
Therapeutics,
Inc.
(a)
..................................................
1,189
46,882
TransMedics
Group,
Inc.
(a)
................................................
414
27,854
UFP
Technologies,
Inc.
(a)
.................................................
186
37,518
Veracyte,
Inc.
(a)
........................................................
1,097
32,526
Vericel
Corp.
(a)
........................................................
1,053
46,985
2,070,321
Industrials
(19.4%):
AAR
Corp.
(a)
.........................................................
964
53,974
ABM
Industries,
Inc.
....................................................
1,599
75,729
AeroVironment,
Inc.
(a)
...................................................
297
35,399
Air
Lease
Corp.
........................................................
1,439
69,518
Alamo
Group,
Inc.
......................................................
440
78,412
Alaska
Air
Group,
Inc.
(a)
.................................................
826
40,656
Albany
International
Corp.
................................................
880
60,755
ArcBest
Corp.
.........................................................
649
45,806
Arcosa,
Inc.
...........................................................
775
59,768
Argan,
Inc.
...........................................................
273
35,809
Aris
Water
Solutions,
Inc.
,
Class
A
...........................................
1,125
36,045
Armstrong
World
Industries,
Inc.
............................................
626
88,191
ASGN,
Inc.
(a)
.........................................................
983
61,949
Atkore,
Inc.
...........................................................
727
43,613
AZZ,
Inc.
............................................................
680
56,855
Boise
Cascade
Co.
......................................................
560
54,930
Brady
Corp.
,
Class
A
....................................................
1,366
96,494
Casella
Waste
Systems,
Inc.
(a)
.............................................
862
96,122
CBIZ,
Inc.
(a)
..........................................................
810
61,447
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Concentrix
Corp.
.......................................................
1,073
$
59,702
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
624
44,847
CoreCivic,
Inc.
(a)
......................................................
1,865
37,841
CSG
Systems
International,
Inc.
............................................
1,278
77,281
CSW
Industrials,
Inc.
....................................................
208
60,636
DNOW,
Inc.
(a)
........................................................
3,296
56,296
Dycom
Industries,
Inc.
(a)
.................................................
332
50,577
Enerpac
Tool
Group
Corp.
................................................
1,874
84,068
EnerSys
..............................................................
837
76,652
Enpro,
Inc.
...........................................................
350
56,626
Esab
Corp.
............................................................
552
64,308
ESCO
Technologies,
Inc.
.................................................
383
60,943
Everus
Construction
Group,
Inc.
(a)
..........................................
717
26,594
ExlService
Holdings,
Inc.
(a)
...............................................
1,924
90,832
Exponent,
Inc.
.........................................................
1,083
87,788
Federal
Signal
Corp.
.....................................................
832
61,194
Franklin
Electric
Co.,
Inc.
.................................................
839
78,765
Frontier
Group
Holdings,
Inc.
(a)
(c)
..........................................
4,147
17,998
GATX
Corp.
..........................................................
523
81,206
Genpact
Ltd.
..........................................................
1,340
67,509
Gibraltar
Industries,
Inc.
(a)
................................................
951
55,786
GMS,
Inc.
(a)
..........................................................
893
65,341
Granite
Construction,
Inc.
.................................................
1,111
83,769
Griffon
Corp.
..........................................................
661
47,261
Hayward
Holdings,
Inc.
(a)
................................................
4,610
64,171
Herc
Holdings,
Inc.
.....................................................
313
42,026
Hexcel
Corp.
..........................................................
1,335
73,105
Hillman
Solutions
Corp.
(a)
................................................
7,143
62,787
HNI
Corp.
............................................................
1,682
74,597
Hub
Group,
Inc.
,
Class
A
.................................................
1,844
68,541
Huron
Consulting
Group,
Inc.
(a)
............................................
432
61,970
IES
Holdings,
Inc.
(a)
....................................................
171
28,234
Innodata,
Inc.
(a)
........................................................
324
11,632
Insperity,
Inc.
..........................................................
645
57,553
JBT
Marel
Corp.
.......................................................
419
51,202
Kadant,
Inc.
...........................................................
178
59,970
Kennametal,
Inc.
.......................................................
3,137
66,818
Korn
Ferry
...........................................................
1,122
76,105
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
...................................
2,013
59,766
Legalzoom.com,
Inc.
(a)
..................................................
4,280
36,851
Loar
Holdings,
Inc.
(a)
...................................................
572
40,412
Lyft,
Inc.
,
Class
A
(a)
....................................................
2,828
33,568
ManpowerGroup,
Inc.
...................................................
1,329
76,923
Masterbrand,
Inc.
(a)
.....................................................
4,110
53,677
Matson,
Inc.
..........................................................
465
59,599
Maximus,
Inc.
.........................................................
1,382
94,239
MDU
Resources
Group,
Inc.
...............................................
4,649
78,615
Moog,
Inc.
,
Class
A
.....................................................
361
62,579
MSC
Industrial
Direct
Co.,
Inc.
.............................................
896
69,592
Mueller
Water
Products,
Inc.
,
Class
A
........................................
2,579
65,558
MYR
Group,
Inc.
(a)
.....................................................
343
38,790
OPENLANE,
Inc.
(a)
....................................................
3,580
69,022
Pitney
Bowes,
Inc.
......................................................
4,067
36,806
Powell
Industries,
Inc.
...................................................
155
26,401
Primoris
Services
Corp.
..................................................
635
36,455
Resideo
Technologies,
Inc.
(a)
..............................................
3,298
58,375
Rush
Enterprises,
Inc.
,
Class
A
.............................................
1,138
60,781
Ryder
System,
Inc.
......................................................
504
72,480
Schneider
National,
Inc.
,
Class
B
............................................
3,314
75,725
Science
Applications
International
Corp.
......................................
773
86,785
SkyWest,
Inc.
(a)
........................................................
623
54,431
Standex
International
Corp.
................................................
415
66,977
Sterling
Infrastructure,
Inc.
(a)
..............................................
286
32,378
Tecnoglass,
Inc.
........................................................
629
45,005
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Tennant
Co.
...........................................................
964
$
76,879
Terex
Corp.
...........................................................
1,297
49,001
The
Brink's
Co.
........................................................
898
77,372
The
Greenbrier
Cos.,
Inc.
.................................................
1,063
54,447
The
Timken
Co.
........................................................
891
64,036
TriNet
Group,
Inc.
......................................................
743
58,875
Trinity
Industries,
Inc.
...................................................
2,041
57,270
UL
Solutions,
Inc.
,
Class
A
................................................
1,600
90,240
UniFirst
Corp.
.........................................................
259
45,066
Upwork,
Inc.
(a)
........................................................
2,536
33,095
Valmont
Industries,
Inc.
..................................................
179
51,081
Verra
Mobility
Corp.
(a)
..................................................
3,268
73,563
Vicor
Corp.
(a)
.........................................................
532
24,887
VSE
Corp.
............................................................
404
48,476
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
417
85,035
Werner
Enterprises,
Inc.
..................................................
2,576
75,477
Zurn
Elkay
Water
Solutions
Corp.
...........................................
2,534
83,571
5,984,164
Information
Technology
(8.7%):
ACI
Worldwide,
Inc.
(a)
..................................................
1,237
67,676
ACM
Research,
Inc.
,
Class
A
(a)
............................................
1,122
26,187
Adeia,
Inc.
............................................................
2,821
37,294
Advanced
Energy
Industries,
Inc.
...........................................
481
45,844
Agilysys,
Inc.
(a)
.......................................................
577
41,856
Alarm.com
Holdings,
Inc.
(a)
...............................................
1,283
71,399
Appfolio,
Inc.
,
Class
A
(a)
.................................................
288
63,331
Avnet,
Inc.
............................................................
1,774
85,312
Axcelis
Technologies,
Inc.
(a)
..............................................
791
39,289
Badger
Meter,
Inc.
......................................................
387
73,627
Belden,
Inc.
...........................................................
626
62,757
BILL
Holdings,
Inc.
(a)
...................................................
634
29,094
BlackLine,
Inc.
(a)
......................................................
1,242
60,138
Box,
Inc.
,
Class
A
(a)
....................................................
2,640
81,470
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
....................................
10,390
93,822
Cleanspark,
Inc.
(a)
(c)
....................................................
2,756
18,520
Clear
Secure,
Inc.
,
Class
A
................................................
1,679
43,503
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
.................................
1,661
44,515
Crane
NXT
Co.
........................................................
1,347
69,236
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
415
16,666
DigitalOcean
Holdings,
Inc.
(a)
.............................................
997
33,290
Diodes,
Inc.
(a)
.........................................................
965
41,659
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
949
76,214
DoubleVerify
Holdings,
Inc.
(a)
.............................................
3,054
40,832
Dropbox,
Inc.
,
Class
A
(a)
.................................................
2,647
70,701
ePlus,
Inc.
(a)
..........................................................
850
51,876
FormFactor,
Inc.
(a)
.....................................................
1,234
34,910
Impinj,
Inc.
(a)
.........................................................
441
39,999
Informatica,
Inc.
,
Class
A
(a)
...............................................
2,926
51,059
InterDigital,
Inc.
.......................................................
303
62,645
Itron,
Inc.
(a)
..........................................................
615
64,427
Kyndryl
Holdings,
Inc.
(a)
.................................................
1,447
45,436
LiveRamp
Holdings,
Inc.
(a)
...............................................
1,949
50,947
MARA
Holdings,
Inc.
(a)
(c)
................................................
1,693
19,469
N-able,
Inc.
(a)
.........................................................
9,525
67,532
OSI
Systems,
Inc.
(a)
.....................................................
310
60,245
PC
Connection,
Inc.
.....................................................
1,108
69,161
Pegasystems,
Inc.
.......................................................
628
43,659
Plexus
Corp.
(a)
........................................................
492
63,040
Power
Integrations,
Inc.
..................................................
959
48,430
Progress
Software
Corp.
..................................................
1,294
66,654
Qualys,
Inc.
(a)
.........................................................
412
51,883
Rambus,
Inc.
(a)
........................................................
681
35,259
Rapid7,
Inc.
(a)
.........................................................
2,064
54,717
Riot
Platforms,
Inc.
(a)
...................................................
2,627
18,704
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Sanmina
Corp.
(a)
.......................................................
805
$
61,325
SEMrush
Holdings,
Inc.
,
Class
A
(a)
..........................................
4,150
38,719
Sprinklr,
Inc.
,
Class
A
(a)
..................................................
7,170
59,870
Synaptics,
Inc.
(a)
.......................................................
677
43,138
Teradata
Corp.
(a)
.......................................................
2,177
48,939
TTM
Technologies,
Inc.
(a)
................................................
2,277
46,701
Vontier
Corp.
..........................................................
2,074
68,131
2,701,107
Insurance
(4.9%):
Assured
Guaranty
Ltd.
...................................................
1,030
90,743
Axis
Capital
Holdings
Ltd.
................................................
1,057
105,954
Brighthouse
Financial,
Inc.
(a)
..............................................
1,013
58,744
CNO
Financial
Group,
Inc.
................................................
1,874
78,052
First
American
Financial
Corp.
.............................................
1,616
106,058
Genworth
Financial,
Inc.
(a)
................................................
12,696
90,015
Goosehead
Insurance,
Inc.
,
Class
A
..........................................
339
40,022
Hamilton
Insurance
Group
Ltd.
,
Class
B
(a)
....................................
3,342
69,280
Horace
Mann
Educators
Corp.
..............................................
2,072
88,536
Kemper
Corp.
.........................................................
1,356
90,648
Lincoln
National
Corp.
...................................................
1,648
59,180
Mercury
General
Corp.
...................................................
963
53,832
Palomar
Holdings,
Inc.
(a)
.................................................
454
62,234
Root,
Inc.
,
Class
A
(a)
....................................................
143
19,082
Selective
Insurance
Group,
Inc.
.............................................
740
67,740
SiriusPoint
Ltd.
(a)
......................................................
4,256
73,586
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
1,263
66,838
Stewart
Information
Services
Corp.
..........................................
1,133
80,839
The
Hanover
Insurance
Group,
Inc.
..........................................
580
100,891
White
Mountains
Insurance
Group
Ltd.
.......................................
54
103,994
1,506,268
Materials
(5.2%):
Alpha
Metallurgical
Resources,
Inc.
(a)
........................................
321
40,205
Avient
Corp.
..........................................................
1,666
61,909
Balchem
Corp.
.........................................................
546
90,636
Cabot
Corp.
...........................................................
757
62,937
Century
Aluminum
Co.
(a)
.................................................
1,692
31,404
Coeur
Mining,
Inc.
(a)
....................................................
6,676
39,522
Greif,
Inc.
,
Class
A
......................................................
1,380
75,886
H.B.
Fuller
Co.
........................................................
1,562
87,659
Hawkins,
Inc.
.........................................................
486
51,477
Hecla
Mining
Co.
.......................................................
8,383
46,610
Innospec,
Inc.
.........................................................
686
64,999
Knife
River
Corp.
(a)
....................................................
605
54,577
Materion
Corp.
........................................................
608
49,613
Minerals
Technologies,
Inc.
................................................
1,171
74,440
NewMarket
Corp.
......................................................
161
91,198
Olin
Corp.
............................................................
2,462
59,679
Quaker
Chemical
Corp.
..................................................
491
60,693
Sealed
Air
Corp.
.......................................................
2,468
71,325
Sensient
Technologies
Corp.
...............................................
1,306
97,206
Silgan
Holdings,
Inc.
....................................................
1,987
101,575
Sonoco
Products
Co.
....................................................
2,300
108,652
Sylvamo
Corp.
.........................................................
827
55,467
The
Chemours
Co.
......................................................
3,040
41,131
United
States
Lime
&
Minerals,
Inc.
.........................................
532
47,018
Warrior
Met
Coal,
Inc.
...................................................
977
46,622
1,612,440
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(0.2%):
HA
Sustainable
Infrastructure
Capital,
Inc.
.....................................
2,058
60,176
Real
Estate
(0.8%):
DigitalBridge
Group,
Inc.
.................................................
4,321
38,111
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
885
$
65,561
Newmark
Group,
Inc.
,
Class
A
.............................................
4,552
55,398
The
St.
Joe
Co.
........................................................
1,859
87,280
246,350
Utilities
(7.0%):
American
States
Water
Co.
................................................
1,401
110,231
Avista
Corp.
..........................................................
2,705
113,258
Black
Hills
Corp.
.......................................................
1,981
120,148
California
Water
Service
Group
.............................................
2,224
107,775
Chesapeake
Utilities
Corp.
................................................
883
113,404
Clearway
Energy,
Inc.
,
Class
C
.............................................
2,685
81,275
IDACORP,
Inc.
........................................................
1,127
130,980
MGE
Energy,
Inc.
......................................................
1,025
95,284
New
Jersey
Resources
Corp.
...............................................
2,502
122,748
Northwest
Natural
Holding
Co.
.............................................
2,712
115,857
Northwestern
Energy
Group,
Inc.
...........................................
1,978
114,467
ONE
Gas,
Inc.
.........................................................
1,478
111,722
Ormat
Technologies,
Inc.
.................................................
1,186
83,933
Otter
Tail
Corp.
........................................................
995
79,968
Portland
General
Electric
Co.
..............................................
2,856
127,378
SJW
Group
...........................................................
1,679
91,824
Southwest
Gas
Holdings,
Inc.
..............................................
1,321
94,848
Spire,
Inc.
............................................................
1,355
106,029
Talen
Energy
Corp.
(a)
...................................................
180
35,940
TXNM
Energy,
Inc.
.....................................................
2,247
120,169
UGI
Corp.
............................................................
2,326
76,921
2,154,159
Total
Common
Stocks
(Cost
$30,636,775)
30,815,104
Investment
Companies
(0.2%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
4
.21
%
(d)
............
61,361
61,361
Total
Investment
Companies
(Cost
$61,361)
61,361
Collateral
for
Securities
Loaned
(1.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(d)
........
94,584
94,584
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(d)
............
94,584
94,584
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(d)
...............
94,584
94,584
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(d)
.
94,584
94,584
Total
Collateral
for
Securities
Loaned
(Cost
$378,336)
378,336
Total
Investments
(Cost
$31,076,472)
—
101.1%
31,254,801
Liabilities
in
excess
of
other
assets
—
(1.1)%
(
326,718
)
NET
ASSETS
-
100.00%
$
30,928,083
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Affiliated
security.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Affiliated
Holdings
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
1
6/20/25
$
104,909
$
101,355
$
(
3,554
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
3,554
)
Total
net
unrealized
appreciation
(depreciation)
$
(
3,554
)
Fair
Value
6/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
3/31/2025
Shares
Dividend
Income
Capital
Gain
Distribution
Victory
Capital
Holdings,
Inc.
,
Class
A
.......
$
124,575
$
16,641
$
(
108,530
)
$
37,519
$
(
12,161
)
$
58,044
1,003
$
2,551
$
—
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
THB
Mid
Cap
ETF
90
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.4%)
Aerospace
&
Defense
(5.8%):
Curtiss-Wright
Corp.
....................................................
2,328
$
738,605
HEICO
Corp.
..........................................................
4,062
1,085,325
1,823,930
Building
Products
(5.5%):
Carlisle
Cos.,
Inc.
.......................................................
3,007
1,023,883
Simpson
Manufacturing
Co.,
Inc.
...........................................
4,532
711,887
1,735,770
Commercial
Services
&
Supplies
(2.9%):
Rollins,
Inc.
...........................................................
16,960
916,349
Construction
&
Engineering
(3.0%):
EMCOR
Group,
Inc.
....................................................
2,594
958,820
Consumer
Discretionary
(10.8%):
D.R.
Horton,
Inc.
.......................................................
8,309
1,056,323
NVR,
Inc.
(a)
..........................................................
165
1,195,325
Pool
Corp.
............................................................
3,709
1,180,760
3,432,408
Consumer
Staples
(8.0%):
Casey's
General
Stores,
Inc.
...............................................
2,879
1,249,601
Ingredion,
Inc.
.........................................................
9,364
1,266,106
2,515,707
Financials
(13.6%):
Brown
&
Brown,
Inc.
....................................................
12,856
1,599,286
Cboe
Global
Markets,
Inc.
................................................
5,813
1,315,424
Houlihan
Lokey,
Inc.
....................................................
8,480
1,369,520
4,284,230
Ground
Transportation
(2.3%):
Old
Dominion
Freight
Line,
Inc.
............................................
4,350
719,708
Health
Care
(8.9%):
Chemed
Corp.
.........................................................
2,038
1,254,022
Hologic,
Inc.
(a)
........................................................
13,041
805,543
West
Pharmaceutical
Services,
Inc.
..........................................
3,292
737,013
2,796,578
Information
Technology
(7.5%):
PTC,
Inc.
(a)
...........................................................
6,599
1,022,515
Teledyne
Technologies,
Inc.
(a)
.............................................
2,736
1,361,735
2,384,250
Machinery
(11.8%):
Graco,
Inc.
...........................................................
12,081
1,008,884
Lincoln
Electric
Holdings,
Inc.
.............................................
4,019
760,234
Westinghouse
Air
Brake
Technologies
Corp.
....................................
7,126
1,292,299
Xylem,
Inc.
...........................................................
5,558
663,959
3,725,376
Materials
(10.5%):
CF
Industries
Holdings,
Inc.
...............................................
14,092
1,101,290
Martin
Marietta
Materials,
Inc.
.............................................
2,086
997,379
NewMarket
Corp.
......................................................
2,095
1,186,713
3,285,382
Professional
Services
(2.5%):
CACI
International,
Inc.
,
Class
A
(a)
.........................................
2,179
799,519
Trading
Companies
&
Distributors
(6.3%):
Fastenal
Co.
...........................................................
16,946
1,314,163
Watsco,
Inc.
...........................................................
1,311
666,381
1,980,544
Total
Common
Stocks
(Cost
$32,053,923)
31,358,571
Total
Investments
(Cost
$32,053,923)
—
99.4%
31,358,571
Victory
Portfolios
II
VictoryShares
THB
Mid
Cap
ETF
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Other
assets
in
excess
of
liabilities
—
0.6%
190,015
NET
ASSETS
-
100.00%
$
31,548,586
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
92
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.7%)
Biotechnology
(4.4%):
Amgen,
Inc.
...........................................................
262,030
$
81,635,446
Incyte
Corp.(a)
.........................................................
538,390
32,599,515
United
Therapeutics
Corp.(a)
..............................................
114,000
35,142,780
149,377,741
Consumer
Discretionary
(19.9%):
Airbnb,
Inc.,
Class
A(a)
..................................................
500,489
59,788,416
Aptiv
PLC(a)
..........................................................
674,171
40,113,175
D.R.
Horton,
Inc.
.......................................................
624,598
79,405,144
Expedia
Group,
Inc.
.....................................................
477,039
80,190,256
General
Motors
Co.
.....................................................
2,142,050
100,740,611
Lennar
Corp.,
Class
A
....................................................
925,242
106,199,277
NVR,
Inc.(a)
..........................................................
6,678
48,378,036
PulteGroup,
Inc.
........................................................
640,379
65,830,961
Tapestry,
Inc.
..........................................................
555,943
39,143,947
Toll
Brothers,
Inc.
......................................................
581,377
61,387,597
681,177,420
Energy
(23.6%):
Chevron
Corp.
.........................................................
750,814
125,603,674
ConocoPhillips
Co.
.....................................................
1,034,134
108,604,753
Coterra
Energy,
Inc.
.....................................................
2,311,752
66,809,633
Devon
Energy
Corp.
.....................................................
2,732,027
102,177,810
Diamondback
Energy,
Inc.
................................................
741,809
118,600,423
Exxon
Mobil
Corp.
.....................................................
1,199,097
142,608,606
Halliburton
Co.
........................................................
2,864,525
72,672,999
Schlumberger
NV
......................................................
1,634,515
68,322,727
805,400,625
Health
Care
Equipment
&
Supplies
(0.9%):
Align
Technology,
Inc.(a)
.................................................
190,136
30,205,005
Health
Care
Providers
&
Services
(11.3%):
Cardinal
Health,
Inc.
....................................................
363,179
50,035,171
Humana,
Inc.
..........................................................
239,599
63,397,895
McKesson
Corp.
.......................................................
92,006
61,919,118
Molina
Healthcare,
Inc.(a)
................................................
127,288
41,927,394
Tenet
Healthcare
Corp.(a)
.................................................
410,847
55,258,922
The
Cigna
Group
.......................................................
349,094
114,851,926
387,390,426
Industrials
(10.0%):
Carlisle
Cos.,
Inc.
.......................................................
104,798
35,683,719
Comfort
Systems
USA,
Inc.
...............................................
112,062
36,120,944
Delta
Air
Lines,
Inc.
.....................................................
1,636,691
71,359,728
EMCOR
Group,
Inc.
....................................................
141,521
52,310,407
Leidos
Holdings,
Inc.
....................................................
286,363
38,641,823
Owens
Corning,
Inc.
.....................................................
321,534
45,921,486
United
Airlines
Holdings,
Inc.(a)
............................................
874,519
60,385,537
340,423,644
Information
Technology
(15.2%):
Applied
Materials,
Inc.
...................................................
448,960
65,153,075
DocuSign,
Inc.(a)
.......................................................
481,258
39,174,401
F5,
Inc.(a)
............................................................
130,086
34,637,999
Jabil,
Inc.
............................................................
334,563
45,523,987
Juniper
Networks,
Inc.
...................................................
965,300
34,934,207
NetApp,
Inc.
..........................................................
599,749
52,681,952
ON
Semiconductor
Corp.(a)
...............................................
1,242,829
50,570,712
QUALCOMM,
Inc.
.....................................................
710,349
109,116,710
Zoom
Communications,
Inc.(a)
.............................................
1,168,650
86,211,311
518,004,354
Materials
(2.6%):
Newmont
Corp.
........................................................
1,186,882
57,302,663
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Royal
Gold,
Inc.
........................................................
185,774
$
30,375,907
87,678,570
Pharmaceuticals
(10.0%):
Bristol-Myers
Squibb
Co.
.................................................
2,195,407
133,897,873
Merck
&
Co.,
Inc.
......................................................
1,397,314
125,422,905
Royalty
Pharma
PLC,
Class
A
..............................................
2,602,489
81,015,482
340,336,260
Utilities
(1.8%):
NRG
Energy,
Inc.
.......................................................
653,352
62,368,982
Total
Common
Stocks
(Cost
$3,467,949,278)
3,402,363,027
Total
Investments
(Cost
$3,467,949,278)
—
99.7%
3,402,363,027
Other
assets
in
excess
of
liabilities
—
0.3%
9,351,340
NET
ASSETS
-
100.00%
$
3,411,714,367
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
30
6/20/25
$
8,572,260
$
8,479,875
$
(92,385)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(92,385)
Total
net
unrealized
appreciation
(depreciation)
$
(92,385)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
94
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.8%)
Communication
Services
(7.5%):
Bandwidth,
Inc.
,
Class
A
(a)
................................................
15,958
$
209,050
Cars.com,
Inc.
(a)
.......................................................
84,245
949,441
EverQuote,
Inc.
,
Class
A
(a)
................................................
21,169
554,416
Getty
Images
Holdings,
Inc.
(a)
(b)
...........................................
176,127
304,700
Gogo,
Inc.
(a)
(b)
........................................................
69,934
602,831
Ibotta,
Inc.
,
Class
A
(a)
(b)
.................................................
33,174
1,399,943
Magnite,
Inc.
(a)
........................................................
99,618
1,136,641
Match
Group,
Inc.
......................................................
64,629
2,016,425
MediaAlpha,
Inc.
,
Class
A
(a)
..............................................
40,713
376,188
National
CineMedia,
Inc.
.................................................
56,368
329,189
Outbrain,
Inc.
(a)
.......................................................
36,962
137,868
PubMatic,
Inc.
,
Class
A
(a)
................................................
27,895
254,960
Scholastic
Corp.
........................................................
17,467
329,777
Shutterstock,
Inc.
.......................................................
50,524
941,262
Spok
Holdings,
Inc.
.....................................................
4,234
69,607
TripAdvisor,
Inc.
(a)
.....................................................
118,885
1,684,601
Yelp,
Inc.
(a)
...........................................................
53,000
1,962,590
Ziff
Davis,
Inc.
(a)
.......................................................
57,757
2,170,508
ZoomInfo
Technologies,
Inc.
(a)
.............................................
124,371
1,243,710
16,673,707
Consumer
Discretionary
(18.9%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
31,650
2,417,111
Academy
Sports
&
Outdoors,
Inc.
...........................................
26,945
1,228,961
Accel
Entertainment,
Inc.
(a)
...............................................
31,862
316,071
Adtalem
Global
Education,
Inc.
(a)
...........................................
12,174
1,225,191
American
Eagle
Outfitters,
Inc.
.............................................
136,548
1,586,688
American
Public
Education,
Inc.
(a)
..........................................
7,527
168,003
AMMO,
Inc.
(a)
........................................................
44,774
61,788
Asbury
Automotive
Group,
Inc.
(a)
...........................................
7,251
1,601,311
Coursera,
Inc.
(a)
.......................................................
210,766
1,403,702
Crocs,
Inc.
(a)
..........................................................
26,459
2,809,946
Denny's
Corp.
(a)
.......................................................
59,427
218,097
Dillard's,
Inc.
,
Class
A
(b)
.................................................
8,003
2,866,114
Etsy,
Inc.
(a)
...........................................................
45,146
2,129,988
European
Wax
Center,
Inc.
,
Class
A
(a)
........................................
40,979
161,867
Everi
Holdings,
Inc.
(a)
...................................................
34,560
472,435
Figs,
Inc.
,
Class
A
(a)
....................................................
125,818
577,505
Flexsteel
Industries,
Inc.
..................................................
1,777
64,878
Gentex
Corp.
..........................................................
51,862
1,208,385
GigaCloud
Technology,
Inc.
,
Class
A
(a)
(b)
.....................................
134,619
1,911,590
H&R
Block,
Inc.
.......................................................
32,387
1,778,370
J.
Jill,
Inc.
............................................................
10,378
202,682
JAKKS
Pacific,
Inc.
.....................................................
7,757
191,365
KB
Home
............................................................
21,080
1,225,170
Kontoor
Brands,
Inc.
....................................................
20,744
1,330,313
Lear
Corp.
............................................................
14,851
1,310,155
Monarch
Casino
&
Resort,
Inc.
.............................................
7,937
617,102
Movado
Group,
Inc.
.....................................................
17,020
284,574
OneSpaWorld
Holdings
Ltd.
...............................................
47,486
797,290
Phinia,
Inc.
...........................................................
33,560
1,423,951
RCI
Hospitality
Holdings,
Inc.
.............................................
4,875
209,332
Rush
Street
Interactive,
Inc.
(a)
.............................................
142,025
1,522,508
Smith
Douglas
Homes
Corp.
(a)
.............................................
13,368
260,943
Steven
Madden
Ltd.
.....................................................
45,964
1,224,481
Strategic
Education,
Inc.
..................................................
9,646
809,878
Target
Hospitality
Corp.
(a)
................................................
65,845
433,260
Taylor
Morrison
Home
Corp.
(a)
............................................
39,318
2,360,653
Upbound
Group,
Inc.
....................................................
41,203
987,224
Visteon
Corp.
(a)
........................................................
19,160
1,487,199
YETI
Holdings,
Inc.
(a)
...................................................
36,695
1,214,605
42,100,686
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Consumer
Staples
(3.2%):
Cal-Maine
Foods,
Inc.
...................................................
18,903
$
1,718,283
Ingredion,
Inc.
.........................................................
11,598
1,568,166
Maplebear,
Inc.
(a)
......................................................
47,323
1,887,714
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
32,319
1,967,257
7,141,420
Energy
Equipment
&
Services
(6.9%):
Cactus,
Inc.
,
Class
A
.....................................................
22,812
1,045,474
ChampionX
Corp.
......................................................
38,459
1,146,078
Energy
Services
of
America
Corp.
...........................................
11,759
111,123
Expro
Group
Holdings
NV
(a)
..............................................
63,000
626,220
Forum
Energy
Technologies,
Inc.
(a)
.........................................
8,936
179,703
Helix
Energy
Solutions
Group,
Inc.
(a)
........................................
168,372
1,399,171
Helmerich
&
Payne,
Inc.
..................................................
61,233
1,599,406
Innovex
International,
Inc.
(a)
..............................................
39,320
706,187
National
Energy
Services
Reunited
Corp.
(a)
....................................
22,656
166,748
NOV,
Inc.
............................................................
129,753
1,974,841
Oil
States
International,
Inc.
(a)
.............................................
35,522
182,938
Patterson-UTI
Energy,
Inc.
................................................
237,922
1,955,719
Ranger
Energy
Services,
Inc.
...............................................
12,942
183,647
RPC,
Inc.
............................................................
95,603
525,817
Tidewater,
Inc.
(a)
.......................................................
41,046
1,735,014
Weatherford
International
PLC
.............................................
35,357
1,893,367
15,431,453
Financials
(2.7%):
I3
Verticals,
Inc.
,
Class
A
(a)
...............................................
22,182
547,230
OppFi,
Inc.
(b)
.........................................................
200,290
1,862,697
Oscar
Health,
Inc.
,
Class
A
(a)
..............................................
264,662
3,469,719
5,879,646
Health
Care
(10.5%):
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
53,780
893,286
Alkermes
PLC
(a)
.......................................................
51,409
1,697,525
Amicus
Therapeutics,
Inc.
(a)
...............................................
126,333
1,030,877
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
39,581
1,147,453
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
88,514
2,146,465
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
75,039
2,239,914
Definitive
Healthcare
Corp.
(a)
..............................................
66,980
193,572
DocGo,
Inc.
(a)
.........................................................
87,434
230,826
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
93,996
414,522
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
71,608
2,376,670
Jazz
Pharmaceuticals
PLC
(a)
..............................................
23,897
2,966,813
Kiniksa
Pharmaceuticals
International
PLC
(a)
..................................
48,472
1,076,563
MannKind
Corp.
(a)
.....................................................
258,968
1,302,609
Medpace
Holdings,
Inc.
(a)
................................................
4,841
1,475,004
Pacira
BioSciences,
Inc.
(a)
................................................
90,986
2,261,002
Progyny,
Inc.
(a)
........................................................
63,602
1,420,869
SIGA
Technologies,
Inc.
(a)
................................................
44,822
245,625
Tactile
Systems
Technology,
Inc.
(a)
..........................................
24,455
323,295
23,442,890
Industrials
(19.1%):
Alamo
Group,
Inc.
......................................................
5,889
1,049,479
Allison
Transmission
Holdings,
Inc.
.........................................
16,611
1,589,174
Ameresco,
Inc.
,
Class
A
(a)
................................................
113,413
1,370,029
Argan,
Inc.
...........................................................
10,791
1,415,456
Array
Technologies,
Inc.
(a)
................................................
177,305
863,475
Astec
Industries,
Inc.
....................................................
5,506
189,682
Blue
Bird
Corp.
(a)
......................................................
34,928
1,130,619
Concentrix
Corp.
.......................................................
40,426
2,249,303
DNOW,
Inc.
(a)
........................................................
111,505
1,904,505
Fluor
Corp.
(a)
.........................................................
68,799
2,464,380
Franklin
Covey
Co.
(a)
...................................................
7,532
208,034
FreightCar
America,
Inc.
(a)
................................................
14,106
78,006
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Gibraltar
Industries,
Inc.
(a)
................................................
15,732
$
922,839
Heartland
Express,
Inc.
...................................................
45,989
424,019
Heidrick
&
Struggles
International,
Inc.
.......................................
14,503
621,164
HNI
Corp.
............................................................
25,335
1,123,607
Hudson
Technologies,
Inc.
(a)
..............................................
35,203
217,203
Hyster-Yale,
Inc.
.......................................................
12,906
536,115
IBEX
Holdings
Ltd.
(a)
...................................................
4,815
117,245
Kelly
Services,
Inc.
,
Class
A
...............................................
25,244
332,464
Korn
Ferry
...........................................................
18,137
1,230,233
Legalzoom.com,
Inc.
(a)
..................................................
96,618
831,881
Liquidity
Services,
Inc.
(a)
.................................................
25,934
804,213
Lyft,
Inc.
,
Class
A
(a)
....................................................
299,383
3,553,676
Matrix
Service
Co.
(a)
....................................................
16,570
205,965
Maximus,
Inc.
.........................................................
19,723
1,344,911
Mayville
Engineering
Co.,
Inc.
(a)
...........................................
11,503
154,485
McGrath
RentCorp
......................................................
9,552
1,064,093
Miller
Industries,
Inc.
....................................................
6,491
275,024
MRC
Global,
Inc.
(a)
.....................................................
55,410
636,107
Mueller
Industries,
Inc.
...................................................
18,470
1,406,306
NEXTracker,
Inc.
,
Class
A
(a)
..............................................
40,271
1,697,020
Powell
Industries,
Inc.
...................................................
4,809
819,117
Preformed
Line
Products
Co.
..............................................
747
104,647
Proficient
Auto
Logistics,
Inc.
(a)
(b)
..........................................
11,817
98,908
Safe
Bulkers,
Inc.
.......................................................
45,944
169,533
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
194,302
645,083
Sterling
Infrastructure,
Inc.
(a)
..............................................
16,059
1,818,039
Sun
Country
Airlines
Holdings,
Inc.
(a)
........................................
76,613
943,872
Symbotic,
Inc.
(a)
(b)
.....................................................
88,853
1,795,719
TaskUS,
Inc.
,
Class
A
(a)
..................................................
22,872
311,745
Tennant
Co.
...........................................................
12,738
1,015,856
Upwork,
Inc.
(a)
........................................................
112,554
1,468,830
V2X,
Inc.
(a)
..........................................................
21,629
1,060,903
Willdan
Group,
Inc.
(a)
...................................................
5,427
220,987
42,483,951
Information
Technology
(7.8%):
8x8,
Inc.
(a)
...........................................................
68,410
136,820
Benchmark
Electronics,
Inc.
...............................................
17,326
658,908
Clear
Secure,
Inc.
,
Class
A
................................................
65,560
1,698,660
Daktronics,
Inc.
(a)
......................................................
25,848
314,829
Digi
International,
Inc.
(a)
.................................................
14,133
393,321
Dropbox,
Inc.
,
Class
A
(a)
.................................................
88,496
2,363,728
Expensify,
Inc.
,
Class
A
(a)
................................................
22,671
68,920
Immersion
Corp.
.......................................................
54,682
414,490
Informatica,
Inc.
,
Class
A
(a)
...............................................
81,360
1,419,732
Inseego
Corp.
(a)
.......................................................
14,455
118,097
LiveRamp
Holdings,
Inc.
(a)
...............................................
33,549
876,971
Mitek
Systems,
Inc.
(a)
...................................................
31,297
258,200
OneSpan,
Inc.
.........................................................
28,011
427,168
PagerDuty,
Inc.
(a)
......................................................
50,300
918,981
RingCentral,
Inc.
,
Class
A
(a)
...............................................
86,450
2,140,502
Sanmina
Corp.
(a)
.......................................................
16,032
1,221,318
TD
SYNNEX
Corp.
.....................................................
16,390
1,703,904
TSS,
Inc.
(a)
(b)
.........................................................
52,030
408,436
Turtle
Beach
Corp.
(a)
....................................................
7,516
107,253
UiPath,
Inc.
,
Class
A
(a)
..................................................
121,291
1,249,297
Yext,
Inc.
(a)
...........................................................
60,845
374,805
17,274,340
Materials
(3.4%):
Alpha
Metallurgical
Resources,
Inc.
(a)
........................................
5,985
749,621
Century
Aluminum
Co.
(a)
.................................................
49,210
913,338
Coeur
Mining,
Inc.
(a)
....................................................
168,072
994,986
Flotek
Industries,
Inc.
(a)
..................................................
8,123
67,665
NewMarket
Corp.
......................................................
3,436
1,946,322
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Perimeter
Solutions,
Inc.
(a)
................................................
116,798
$
1,176,156
Ramaco
Resources,
Inc.
,
Class
A
(b)
..........................................
50,597
416,413
Rayonier
Advanced
Materials,
Inc.
(a)
........................................
32,370
186,127
Sylvamo
Corp.
.........................................................
17,451
1,170,439
7,621,067
Oil,
Gas
&
Consumable
Fuels
(19.8%):
APA
Corp.
............................................................
143,049
3,006,890
Berry
Corp.
...........................................................
125,278
402,142
California
Resources
Corp.
................................................
46,540
2,046,364
Centrus
Energy
Corp.
,
Class
A
(a)
(b)
.........................................
10,112
629,068
Chord
Energy
Corp.
.....................................................
30,789
3,470,536
Civitas
Resources,
Inc.
...................................................
103,368
3,606,510
Core
Natural
Resources,
Inc.
...............................................
28,400
2,189,640
Crescent
Energy
Co.
,
Class
A
..............................................
190,960
2,146,390
CVR
Energy,
Inc.
.......................................................
48,046
932,092
Dorian
LPG
Ltd.
.......................................................
102,468
2,289,135
International
Seaways,
Inc.
................................................
82,350
2,734,020
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
71,451
1,804,852
Matador
Resources
Co.
...................................................
38,571
1,970,592
Murphy
Oil
Corp.
......................................................
61,229
1,738,904
Northern
Oil
&
Gas,
Inc.
..................................................
38,433
1,161,830
Peabody
Energy
Corp.
...................................................
106,595
1,444,362
Permian
Resources
Corp.
.................................................
198,101
2,743,699
REX
American
Resources
Corp.
(a)
..........................................
13,031
489,575
Riley
Exploration
Permian,
Inc.
.............................................
10,955
319,557
Ring
Energy,
Inc.
(a)
.....................................................
97,393
112,002
Scorpio
Tankers,
Inc.
....................................................
73,822
2,774,231
Sitio
Royalties
Corp.
,
Class
A
..............................................
56,998
1,132,550
SM
Energy
Co.
........................................................
62,093
1,859,685
Vital
Energy,
Inc.
(a)
.....................................................
54,430
1,155,005
Vitesse
Energy,
Inc.
.....................................................
8,591
211,253
World
Kinect
Corp.
.....................................................
55,490
1,573,696
43,944,580
Total
Common
Stocks
(Cost
$237,914,657)
221,993,740
Collateral
for
Securities
Loaned
(4.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(c)
........
2,560,428
2,560,428
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(c)
............
2,560,428
2,560,428
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(c)
...............
2,560,428
2,560,428
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(c)
.
2,560,428
2,560,428
Total
Collateral
for
Securities
Loaned
(Cost
$10,241,712)
10,241,712
Total
Investments
(Cost
$248,156,369)
—
104.4%
232,235,452
Liabilities
in
excess
of
other
assets
—
(4.4)%
(
9,762,876
)
NET
ASSETS
-
100.00%
$
222,472,576
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
5
6/20/25
$
513,966
$
506,775
$
(
7,191
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
7,191
)
Total
net
unrealized
appreciation
(depreciation)
$
(
7,191
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
Growth
ETF
98
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.9%)
Communication
Services
(18.1%):
Alphabet,
Inc.
,
Class
A
...................................................
68,617
$
10,610,933
Live
Nation
Entertainment,
Inc.
(a)
...........................................
31,273
4,083,628
Match
Group,
Inc.
......................................................
32,170
1,003,704
Meta
Platforms,
Inc.
,
Class
A
..............................................
13,581
7,827,545
Netflix,
Inc.
(a)
.........................................................
9,485
8,845,047
Pinterest,
Inc.
,
Class
A
(a)
.................................................
30,972
960,132
Reddit,
Inc.
,
Class
A
(a)
...................................................
47,426
4,974,987
Spotify
Technology
SA
(a)
.................................................
19,248
10,586,977
The
New
York
Times
Co.
,
Class
A
...........................................
20,461
1,014,866
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
19,333
1,057,901
50,965,720
Communications
Equipment
(2.2%):
Arista
Networks,
Inc.
(a)
..................................................
21,207
1,643,118
Motorola
Solutions,
Inc.
..................................................
10,528
4,609,264
6,252,382
Consumer
Discretionary
(15.3%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
18,432
2,201,887
Booking
Holdings,
Inc.
...................................................
1,877
8,647,169
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
26,400
1,325,544
Deckers
Outdoor
Corp.
(a)
.................................................
9,853
1,101,664
DoorDash,
Inc.
,
Class
A
(a)
................................................
22,865
4,179,036
DraftKings,
Inc.
(a)
......................................................
23,276
772,996
Duolingo,
Inc.
(a)
.......................................................
4,659
1,446,806
Expedia
Group,
Inc.
.....................................................
22,219
3,735,014
Hilton
Worldwide
Holdings,
Inc.
............................................
14,925
3,396,184
Lululemon
Athletica,
Inc.
(a)
...............................................
5,961
1,687,321
Marriott
International,
Inc.
,
Class
A
..........................................
6,233
1,484,701
Texas
Roadhouse,
Inc.
...................................................
9,297
1,549,159
The
TJX
Cos.,
Inc.
......................................................
41,495
5,054,091
Viking
Holdings
Ltd.
(a)
..................................................
130,694
5,195,087
Wingstop,
Inc.
.........................................................
5,826
1,314,229
43,090,888
Consumer
Staples
(0.7%):
BellRing
Brands,
Inc.
(a)
..................................................
12,657
942,440
Maplebear,
Inc.
(a)
......................................................
29,936
1,194,147
2,136,587
Electronic
Equipment,
Instruments
&
Components
(0.7%):
Badger
Meter,
Inc.
......................................................
10,114
1,924,189
Health
Care
(14.3%):
Cencora,
Inc.
..........................................................
6,254
1,739,175
Dexcom,
Inc.
(a)
........................................................
53,839
3,676,666
Doximity,
Inc.
,
Class
A
(a)
.................................................
50,112
2,907,999
Halozyme
Therapeutics,
Inc.
(a)
.............................................
83,768
5,345,237
Hims
&
Hers
Health,
Inc.
(a)
...............................................
74,981
2,215,689
IDEXX
Laboratories,
Inc.
(a)
...............................................
5,175
2,173,241
Incyte
Corp.
(a)
.........................................................
24,537
1,485,715
Lantheus
Holdings,
Inc.
(a)
................................................
31,894
3,112,854
McKesson
Corp.
.......................................................
7,195
4,842,162
Medpace
Holdings,
Inc.
(a)
................................................
4,790
1,459,465
Merck
&
Co.,
Inc.
......................................................
80,564
7,231,425
Neurocrine
Biosciences,
Inc.
(a)
.............................................
9,737
1,076,912
ResMed,
Inc.
..........................................................
9,496
2,125,680
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
4,854
1,124,332
40,516,552
Industrials
(14.5%):
Armstrong
World
Industries,
Inc.
............................................
13,466
1,897,090
Cintas
Corp.
..........................................................
17,397
3,575,605
Comfort
Systems
USA,
Inc.
...............................................
2,514
810,338
EMCOR
Group,
Inc.
....................................................
3,352
1,238,999
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
Growth
ETF
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
ExlService
Holdings,
Inc.
(a)
...............................................
89,965
$
4,247,248
GE
Vernova,
Inc.
.......................................................
24,347
7,432,652
Lennox
International,
Inc.
.................................................
3,708
2,079,558
Lincoln
Electric
Holdings,
Inc.
.............................................
9,141
1,729,112
Mueller
Industries,
Inc.
...................................................
71,991
5,481,394
NEXTracker,
Inc.
,
Class
A
(a)
..............................................
24,198
1,019,704
Paycom
Software,
Inc.
...................................................
5,321
1,162,532
Paylocity
Holding
Corp.
(a)
................................................
6,630
1,242,064
Rollins,
Inc.
...........................................................
26,501
1,431,849
Trane
Technologies
PLC
..................................................
8,880
2,991,850
Uber
Technologies,
Inc.
(a)
................................................
27,347
1,992,502
Vertiv
Holdings
Co.
,
Class
A
...............................................
13,855
1,000,331
W.W.
Grainger,
Inc.
.....................................................
1,129
1,115,260
40,448,088
IT
Services
(2.3%):
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
30,568
5,506,520
Snowflake,
Inc.
,
Class
A
(a)
................................................
6,632
969,333
6,475,853
Semiconductors
&
Semiconductor
Equipment
(6.0%):
Applied
Materials,
Inc.
...................................................
24,707
3,585,480
Astera
Labs,
Inc.
(a)
.....................................................
7,643
456,058
Broadcom,
Inc.
........................................................
22,252
3,725,652
KLA
Corp.
...........................................................
2,168
1,473,806
Lattice
Semiconductor
Corp.
(a)
.............................................
14,426
756,644
Monolithic
Power
Systems,
Inc.
............................................
2,049
1,188,379
NVIDIA
Corp.
.........................................................
46,582
5,048,557
Rambus,
Inc.
(a)
........................................................
14,008
725,264
16,959,840
Software
(25.5%):
Adobe,
Inc.
(a)
.........................................................
8,789
3,370,845
AppLovin
Corp.
,
Class
A
(a)
...............................................
38,771
10,273,153
Atlassian
Corp.
,
Class
A
(a)
................................................
6,839
1,451,304
Autodesk,
Inc.
(a)
.......................................................
4,808
1,258,734
Bentley
Systems,
Inc.
,
Class
B
.............................................
31,716
1,247,707
Cadence
Design
Systems,
Inc.
(a)
............................................
7,931
2,017,091
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
.................................
109,258
2,928,114
Commvault
Systems,
Inc.
(a)
...............................................
16,739
2,640,745
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
2,870
1,011,905
Datadog,
Inc.
,
Class
A
(a)
.................................................
10,772
1,068,690
DocuSign,
Inc.
(a)
.......................................................
29,442
2,396,579
Dynatrace,
Inc.
(a)
......................................................
21,478
1,012,688
Elastic
NV
(a)
..........................................................
7,351
654,974
Fair
Isaac
Corp.
(a)
......................................................
1,986
3,662,502
Fortinet,
Inc.
(a)
........................................................
64,438
6,202,802
Gitlab,
Inc.
,
Class
A
(a)
...................................................
9,949
467,603
HubSpot,
Inc.
(a)
.......................................................
1,348
770,099
Intuit,
Inc.
............................................................
3,259
2,000,993
Manhattan
Associates,
Inc.
(a)
..............................................
7,052
1,220,278
Microsoft
Corp.
........................................................
11,525
4,326,370
Nutanix,
Inc.
,
Class
A
(a)
..................................................
13,761
960,655
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
109,581
9,248,637
Palo
Alto
Networks,
Inc.
(a)
................................................
21,055
3,592,825
PTC,
Inc.
(a)
...........................................................
9,180
1,422,441
Salesforce,
Inc.
........................................................
9,199
2,468,644
ServiceNow,
Inc.
(a)
.....................................................
2,253
1,793,703
Workday,
Inc.
,
Class
A
(a)
.................................................
5,593
1,306,133
Zscaler,
Inc.
(a)
.........................................................
4,511
895,073
71,671,287
Technology
Hardware,
Storage
&
Peripherals
(0.3%):
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
18,073
800,092
Total
Common
Stocks
(Cost
$298,929,418)
281,241,478
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
Growth
ETF
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Value
Total
Investments
(Cost
$298,929,418)
—
99.9%
$
281,241,478
Other
assets
in
excess
of
liabilities
—
0.1%
258,353
NET
ASSETS
-
100.00%
$
281,499,831
At
March
31,
2025,
the
Fund's
investments
in
foreign
securities
were
7.8%
of
net
assets.
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
1
6/20/25
$
284,607
$
282,663
$
(
1,944
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
1,944
)
Total
net
unrealized
appreciation
(depreciation)
$
(
1,944
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
101
(Unaudited)
Security
Description
Principal
Amount
.
Value
Asset-Backed
Securities
(27.6%)
ABS
Auto
(15.5%):
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
B,
5.76%,
1/15/29,
Callable
6/15/27
@
100(a)
...............
$
1,000,000
$
1,022,220
Series
2023-1,
Class
D,
6.74%,
4/15/34,
Callable
6/15/27
@
100(a)
...............
422,000
434,184
Series
2023-A,
Class
C,
6.08%,
1/17/34,
Callable
9/15/27
@
100(a)
...............
1,000,000
1,014,894
Series
2023-A,
Class
D,
7.33%,
1/17/34,
Callable
9/15/27
@
100(a)
...............
667,000
695,070
Ally
Bank
Auto
Credit-Linked
Notes,
Series
2024-B,
Class
D,
5.41%,
9/15/32,
Callable
3/15/28
@
100(a)
...................................................
740,714
742,351
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2021-4,
Class
E,
3.12%,
2/14/28,
Callable
6/13/25
@
100(a)
...............
500,000
497,787
Series
2023-2,
Class
C,
5.96%,
8/13/29,
Callable
8/12/26
@
100(a)
...............
850,369
852,487
Series
2024-4,
Class
C,
4.91%,
8/12/31,
Callable
10/12/27
@
100(a)
..............
1,000,000
998,816
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A,
Class
A3,
4.90%,
9/17/29,
Callable
10/15/28
@
100(a)
............
780,000
781,436
Series
2024-1A,
Class
B,
5.32%,
9/16/30,
Callable
10/15/28
@
100(a)
.............
333,333
335,230
Series
2024-1A,
Class
C,
5.63%,
12/16/30,
Callable
10/15/28
@
100(a)
............
407,407
413,219
Series
2024-1A,
Class
D,
6.34%,
1/18/33,
Callable
10/15/28
@
100(a)
.............
348,387
348,814
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2020-3,
Class
D,
1.49%,
9/18/26,
Callable
4/18/25
@
100
.................
500,000
499,156
Series
2021-1,
Class
D,
1.21%,
12/18/26,
Callable
6/18/25
@
100
................
1,000,000
991,836
Series
2021-2,
Class
C,
1.01%,
1/19/27,
Callable
12/18/25
@
100
................
814,504
802,665
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A,
Class
A3,
3.43%,
1/15/31,
Callable
5/15/25
@
100(a)
..............
471,866
471,157
Series
2024-B,
Class
A3,
5.26%,
4/15/33,
Callable
7/15/27
@
100(a)
..............
1,350,000
1,371,920
Series
2024-B,
Class
B,
5.39%,
4/15/33,
Callable
7/15/27
@
100(a)
...............
275,000
280,485
Series
2024-B,
Class
C,
5.55%,
4/15/33,
Callable
7/15/27
@
100(a)
...............
344,000
350,001
Series
2025-A,
Class
C,
4.90%,
1/17/34,
Callable
9/15/28
@
100(a)
...............
1,083,333
1,077,688
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2021-1A,
Class
C,
2.13%,
8/20/27,
Callable
8/20/26
@
100(a)
..............
620,000
594,898
Series
2022-5A,
Class
B,
7.09%,
4/20/27(a)
................................
1,000,000
1,014,693
Series
2023-5A,
Class
B,
6.12%,
4/20/28(a)
................................
1,000,000
1,013,658
Bridgecrest
Lending
Auto
Securitization
Trust,
Series
2024-4,
Class
B,
4.77%,
8/15/30,
Callable
10/15/28
@
100
.............................................
857,000
857,774
CarMax
Auto
Owner
Trust
................................................
Series
2021-3,
Class
D,
1.50%,
1/18/28,
Callable
9/15/25
@
100
.................
1,370,000
1,340,453
Series
2021-4,
Class
D,
1.48%,
3/15/28,
Callable
1/15/26
@
100
.................
250,000
243,052
Series
2023-2,
Class
C,
5.57%,
11/15/28,
Callable
4/15/27
@
100
................
1,000,000
1,012,427
Series
2023-4,
Class
D,
7.16%,
4/15/30,
Callable
8/15/27
@
100
.................
1,000,000
1,039,081
Series
2024-1,
Class
C,
5.47%,
8/15/29,
Callable
10/15/27
@
100
................
1,000,000
1,011,081
Series
2024-4,
Class
D,
5.36%,
8/15/31,
Callable
3/15/28
@
100
.................
740,000
739,396
Carvana
Auto
Receivables
Trust
............................................
Series
2020-P1,
Class
D,
1.82%,
9/8/27,
Callable
12/8/25
@
100
.................
500,000
488,361
Series
2021-N1,
Class
A,
0.70%,
1/10/28,
Callable
6/10/26
@
100
................
144,960
141,331
Series
2021-N1,
Class
C,
1.30%,
1/10/28,
Callable
6/10/26
@
100
................
188,892
183,170
Series
2021-N4,
Class
C,
1.72%,
9/11/28,
Callable
9/10/27
@
100
................
137,670
132,807
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA,
Class
D,
6.85%,
6/25/31,
Callable
3/25/28
@
100(a)
.............
1,878,000
1,979,066
Series
2024-2A,
Class
D,
6.15%,
8/25/31,
Callable
12/25/27
@
100(a)
.............
805,000
834,059
Series
2024-5A,
Class
D,
4.97%,
1/26/32,
Callable
6/25/28
@
100(a)
..............
356,000
354,284
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A,
Class
B,
5.59%,
5/15/35,
Callable
4/15/26
@
100(a)
..............
176,000
177,193
Series
2023-1A,
Class
C,
6.07%,
5/15/35,
Callable
4/15/26
@
100(a)
..............
200,000
201,256
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
4/15/26
@
100(a)
..............
375,000
379,326
Series
2023-2A,
Class
B,
5.97%,
10/15/35,
Callable
10/15/26
@
100(a)
............
791,000
811,296
Series
2023-2A,
Class
C,
6.15%,
10/15/35,
Callable
10/15/26
@
100(a)
............
765,000
780,324
Series
2024-1A,
Class
C,
5.60%,
5/15/36,
Callable
6/15/27
@
100(a)
..............
600,000
604,655
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1,
Class
A4,
5.78%,
10/15/30,
Callable
3/15/27
@
100(a)
.............
2,000,000
2,037,726
Series
2023-2,
Class
A4,
5.74%,
10/15/30,
Callable
5/15/27
@
100(a)
.............
1,000,000
1,018,921
Series
2024-1,
Class
A4,
5.03%,
10/15/30,
Callable
9/15/27
@
100(a)
.............
1,000,000
1,011,196
CPS
Auto
Receivables
Trust,
Series
2022-D,
Class
B,
6.84%,
1/16/29,
Callable
6/15/27
@
100(a)
...........................................................
842,078
844,375
Credit
Acceptance
Auto
Loan
Trust
..........................................
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2022-1A,
Class
B,
4.95%,
8/16/32,
Callable
1/15/26
@
100(a)
..............
$
1,000,000
$
999,827
Series
2022-3A,
Class
C,
8.45%,
2/15/33,
Callable
7/15/26
@
100(a)
..............
1,050,000
1,075,919
Series
2023-1A,
Class
B,
7.02%,
5/16/33,
Callable
10/15/26
@
100(a)
.............
1,000,000
1,020,474
Series
2023-1A,
Class
C,
7.71%,
7/15/33,
Callable
10/15/26
@
100(a)
.............
25,000
25,866
Series
2023-2A,
Class
C,
7.15%,
9/15/33,
Callable
11/15/26
@
100(a)
.............
1,000,000
1,027,529
Series
2023-3A,
Class
C,
7.62%,
12/15/33,
Callable
3/15/27
@
100(a)
.............
977,000
1,018,791
Drive
Auto
Receivables
Trust,
Series
2021-2,
Class
D,
1.39%,
3/15/29,
Callable
9/15/25
@
100
1,156,320
1,141,449
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
9/15/28
@
100(a)
............
2,510,000
2,584,210
Series
2023-1A,
Class
B,
6.45%,
1/15/30,
Callable
9/15/28
@
100(a)
..............
400,000
412,898
Series
2023-1A,
Class
C,
6.77%,
4/15/30,
Callable
9/15/28
@
100(a)
..............
327,600
341,028
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-2,
Class
A2,
4.65%,
5/21/29,
Callable
7/20/25
@
100(a)
..............
100,668
100,627
Series
2022-3,
Class
A3,
4.29%,
7/20/29,
Callable
4/20/26
@
100(a)
..............
1,444,000
1,438,989
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
7/20/26
@
100(a)
.............
1,000,000
1,013,558
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
2/20/27
@
100(a)
..............
563,043
566,854
Series
2024-1,
Class
A3,
5.16%,
9/20/30,
Callable
8/20/27
@
100(a)
..............
1,000,000
1,015,200
Series
2024-2,
Class
A4,
5.69%,
12/20/30,
Callable
1/20/28
@
100(a)
.............
668,000
688,802
Series
2024-4,
Class
A3,
4.56%,
11/20/28,
Callable
9/20/28
@
100(a)
.............
500,000
499,954
Series
2025-1,
Class
A3,
4.82%,
2/20/29,
Callable
11/20/28
@
100(a)
.............
143,000
144,180
Exeter
Automobile
Receivables
Trust
.........................................
Series
2022-5A,
Class
C,
6.51%,
12/15/27,
Callable
8/15/27
@
100
...............
919,420
923,429
Series
2025-1A,
Class
C,
5.09%,
5/15/31,
Callable
9/15/30
@
100
................
1,000,000
1,003,232
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A,
Class
A4,
5.46%,
4/15/30,
Callable
5/15/28
@
100(a)
.............
1,212,000
1,230,119
Series
2024-1A,
Class
B,
5.71%,
7/15/30,
Callable
5/15/28
@
100(a)
..............
1,142,000
1,162,843
Series
2024-1A,
Class
C,
6.00%,
10/15/30,
Callable
5/15/28
@
100(a)
.............
334,286
342,931
Series
2024-1A,
Class
D,
6.78%,
7/15/32,
Callable
5/15/28
@
100(a)
..............
567,778
576,917
First
Investors
Auto
Owner
Trust,
Series
2023-1A,
Class
C,
6.81%,
12/17/29,
Callable
10/15/27
@
100(a)
.........................................................
1,000,000
1,040,248
Flagship
Credit
Auto
Trust
................................................
Series
2019-3,
Class
E,
3.84%,
12/15/26,
Callable
4/15/25
@
100(a)
..............
219,363
219,219
Series
2019-4,
Class
E,
4.11%,
3/15/27,
Callable
4/15/25
@
100(a)
...............
1,375,529
1,368,198
Series
2021-2,
Class
D,
1.59%,
6/15/27,
Callable
7/15/26
@
100(a)
...............
1,750,000
1,696,594
Series
2021-4,
Class
B,
1.49%,
2/15/27,
Callable
2/15/27
@
100(a)
...............
196,894
196,552
Series
2021-4,
Class
C,
1.96%,
12/15/27,
Callable
2/15/27
@
100(a)
..............
1,000,000
985,140
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2023-A,
Class
C,
5.54%,
12/15/26,
Callable
8/15/25
@
100
................
360,000
360,454
Series
2023-B,
Class
C,
6.43%,
4/15/27,
Callable
3/15/26
@
100
.................
786,000
797,852
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2023-1,
Class
B,
5.29%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
822,000
834,494
Series
2023-1,
Class
C,
5.58%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
1,000,000
1,014,673
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
2,290,000
2,344,203
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2021-2,
Class
E,
3.35%,
10/15/27,
Callable
4/15/25
@
100(a)
..............
1,750,000
1,748,601
Series
2022-1,
Class
B,
2.15%,
5/17/27,
Callable
11/15/25
@
100(a)
..............
388,436
387,419
Series
2023-1,
Class
B,
5.35%,
3/15/28,
Callable
1/15/27
@
100(a)
...............
626,000
626,737
Series
2024-1,
Class
B,
5.55%,
5/15/29,
Callable
4/15/27
@
100(a)
...............
714,000
717,871
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A,
Class
A4,
5.79%,
10/15/29,
Callable
8/15/28
@
100(a)
............
1,000,000
1,019,801
Series
2023-1A,
Class
B,
5.87%,
1/15/30,
Callable
8/15/28
@
100(a)
..............
415,000
424,330
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
8/15/28
@
100(a)
..............
250,000
258,797
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-3A,
Class
E,
3.20%,
10/16/28,
Callable
4/15/26
@
100(a)
.............
1,000,000
975,891
Series
2023-1A,
Class
D,
7.01%,
1/16/29,
Callable
9/15/27
@
100(a)
..............
750,000
767,909
Series
2024-2A,
Class
B,
5.77%,
11/15/28,
Callable
10/15/28
@
100(a)
............
667,000
674,879
Series
2025-1A,
Class
C,
5.07%,
11/15/30,
Callable
8/15/29
@
100(a)
.............
3,000,000
3,008,998
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A,
Class
D,
8.22%,
2/18/31,
Callable
8/15/28
@
100(a)
..............
1,000,000
1,077,702
Series
2024-1A,
Class
C,
5.69%,
3/15/30,
Callable
3/15/28
@
100(a)
..............
500,000
507,076
Series
2024-4A,
Class
C,
4.75%,
11/15/30,
Callable
6/15/29
@
100(a)
.............
505,000
498,024
Series
2025-1A,
Class
C,
5.26%,
3/15/31,
Callable
9/15/30
@
100(a)
..............
1,083,000
1,084,199
Series
2025-1A,
Class
D,
5.74%,
4/15/32,
Callable
9/15/30
@
100(a)
..............
1,300,000
1,303,002
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
GM
Financial
Automobile
Leasing
Trust,
Series
2023-2,
Class
B,
5.54%,
5/20/27,
Callable
10/20/25
@
100
....................................................
$
417,000
$
418,870
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
A3,
5.18%,
3/15/28,
Callable
1/15/27
@
100(a)
..............
909,393
911,071
Series
2023-1,
Class
A4,
5.12%,
4/16/29,
Callable
1/15/27
@
100(a)
..............
1,000,000
1,005,006
Series
2023-1,
Class
B,
5.39%,
8/15/29,
Callable
1/15/27
@
100(a)
...............
500,000
503,949
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A,
Class
A,
1.99%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
500,000
497,882
Series
2022-1A,
Class
B,
2.19%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
500,000
497,691
Series
2023-1A,
Class
C,
6.91%,
6/25/27(a)
................................
1,000,000
1,010,429
Huntington
Bank
Auto
Credit-Linked
Notes,
Series
2025-1,
Class
B,
4.96%,
3/21/33,
Callable
4/20/29
@
100(a)
...................................................
1,000,000
998,154
Hyundai
Auto
Receivables
Trust
............................................
Series
2020-C,
Class
C,
1.08%,
12/15/27,
Callable
4/15/25
@
100
................
863,917
862,469
Series
2024-C,
Class
B,
4.67%,
1/15/31,
Callable
11/15/28
@
100
................
471,000
469,619
JPMorgan
Chase
Bank
NA,
Series
2021-3,
Class
B,
0.76%,
2/26/29,
Callable
5/25/25
@
100(a)
9,740
9,703
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A,
Class
C,
2.35%,
4/15/27,
Callable
12/15/25
@
100(a)
.............
648,040
644,850
Series
2022-1A,
Class
A,
5.21%,
6/15/27,
Callable
8/15/26
@
100(a)
..............
105,783
105,853
Series
2022-1A,
Class
B,
5.87%,
9/15/27,
Callable
8/15/26
@
100(a)
..............
800,000
803,821
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
4/15/27
@
100(a)
..............
453,000
464,542
Series
2023-2A,
Class
D,
6.30%,
2/15/31,
Callable
6/15/27
@
100(a)
..............
350,000
355,325
Series
2024-3A,
Class
D,
5.18%,
2/17/32,
Callable
5/15/28
@
100(a)
..............
381,000
375,547
Series
2025-1A,
Class
B,
5.05%,
5/15/30,
Callable
4/15/29
@
100(a)
..............
1,000,000
1,006,949
Series
2025-1A,
Class
C,
5.11%,
7/15/30,
Callable
4/15/29
@
100(a)
..............
2,000,000
2,016,822
Series
2025-1A,
Class
D,
5.52%,
5/17/32,
Callable
4/15/29
@
100(a)
..............
2,000,000
2,004,819
Lobel
Automobile
Receivables
Trust
.........................................
Series
2025-1,
Class
B,
5.20%,
4/17/28,
Callable
4/17/28
@
100(a)
...............
1,000,000
1,000,648
Series
2025-1,
Class
C,
5.70%,
1/15/30,
Callable
5/15/28
@
100(a)
...............
3,650,000
3,653,253
Series
2025-1,
Class
D,
6.19%,
2/15/30,
Callable
5/15/28
@
100(a)
...............
1,750,000
1,752,221
M&T
Bank
Auto
Receivables
Trust,
Series
2025-1A,
Class
A3,
4.73%,
6/17/30,
Callable
1/15/29
@
100(a)
...................................................
2,143,000
2,157,193
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A,
Class
A,
7.21%,
5/20/36,
Callable
6/20/26
@
100(a)
..............
596,768
601,735
Series
2024-1A,
Class
A,
5.82%,
4/20/37,
Callable
5/20/27
@
100(a)
..............
1,200,000
1,209,815
Series
2024-1A,
Class
B,
5.95%,
4/20/37,
Callable
5/20/27
@
100(a)
..............
1,500,000
1,520,142
Series
2024-1A,
Class
C,
6.18%,
4/20/37,
Callable
5/20/27
@
100(a)
..............
2,000,000
2,030,261
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
5/20/27
@
100(a)
..............
2,367,000
2,399,866
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1,
Class
A,
5.59%,
4/25/29(a)
.................................
1,000,000
1,008,021
Series
2024-1,
Class
B,
5.79%,
4/25/29(a)
.................................
390,000
393,851
Series
2024-1,
Class
C,
6.13%,
4/25/29(a)
.................................
633,000
638,386
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2023-1,
Class
A,
6.18%,
8/25/28(a)
........................................................
413,793
415,892
OCCU
Auto
Receivables
Trust
.............................................
Series
2022-1A,
Class
C,
6.52%,
11/15/29,
Callable
8/15/27
@
100(a)
.............
500,000
516,576
Series
2023-1A,
Class
A4,
6.29%,
9/17/29,
Callable
1/15/28
@
100(a)
.............
925,000
948,958
Series
2023-1A,
Class
B,
6.51%,
9/17/29,
Callable
1/15/28
@
100(a)
..............
1,000,000
1,034,155
Series
2023-1A,
Class
C,
6.82%,
9/17/29,
Callable
1/15/28
@
100(a)
..............
1,000,000
1,042,939
Series
2023-1A,
Class
D,
7.88%,
12/15/31,
Callable
1/15/28
@
100(a)
.............
1,000,000
1,044,355
Oscar
US
Funding
XII
LLC,
Series
2021-1A,
Class
A4,
1.00%,
4/10/28,
Callable
4/10/25
@
100(a)
...........................................................
842,500
830,176
Oscar
US
Funding
XIV
LLC,
Series
2022-1A,
Class
A4,
2.82%,
4/10/29,
Callable
4/10/26
@
100(a)
...........................................................
147,267
144,974
Oscar
US
Funding
XVII
LLC,
Series
2024-2A,
Class
A3,
4.47%,
3/12/29,
Callable
11/10/28
@
100(a)
...........................................................
1,000,000
997,017
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A,
Class
A4,
4.18%,
12/15/28,
Callable
3/15/26
@
100(a)
.............
865,032
863,819
Series
2022-A,
Class
B,
4.60%,
12/15/28,
Callable
3/15/26
@
100(a)
..............
452,000
450,866
Series
2022-A,
Class
C,
4.83%,
12/15/28,
Callable
3/15/26
@
100(a)
..............
917,000
916,307
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
C,
5.65%,
2/15/28,
Callable
6/15/27
@
100(a)
..............
1,000,000
1,003,469
Series
2023-2A,
Class
C,
7.12%,
8/15/29,
Callable
10/15/27
@
100(a)
.............
2,000,000
2,051,139
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2022-A,
Class
B,
5.28%,
5/15/32,
Callable
2/15/26
@
100(a)
...............
$
54,535
$
54,533
Series
2022-A,
Class
C,
7.38%,
5/15/32,
Callable
2/15/26
@
100(a)
...............
29,703
29,701
Series
2022-A,
Class
D,
9.97%,
5/15/32,
Callable
2/15/26
@
100(a)
...............
1,350,000
1,369,408
Series
2022-C,
Class
B,
6.45%,
12/15/32,
Callable
12/15/26
@
100(a)
.............
105,864
106,109
Series
2022-C,
Class
C,
6.99%,
12/15/32,
Callable
12/15/26
@
100(a)
.............
105,864
106,212
Series
2022-C,
Class
D,
8.20%,
12/15/32,
Callable
12/15/26
@
100(a)
.............
88,604
89,073
Series
2022-C,
Class
E,
11.37%,
12/15/32,
Callable
12/15/26
@
100(a)
............
63,519
63,975
Series
2023-A,
Class
C,
6.74%,
6/15/33,
Callable
7/15/27
@
100(a)
...............
51,378
51,674
Series
2023-A,
Class
D,
7.08%,
6/15/33,
Callable
7/15/27
@
100(a)
...............
208,129
209,486
Series
2023-B,
Class
C,
5.93%,
12/15/33,
Callable
12/15/27
@
100(a)
.............
379,007
382,969
Series
2023-B,
Class
D,
6.66%,
12/15/33,
Callable
12/15/27
@
100(a)
.............
1,137,021
1,154,451
Series
2024-B,
Class
C,
5.14%,
1/18/33,
Callable
4/15/29
@
100(a)
...............
1,000,000
1,000,887
Series
2024-B,
Class
D,
5.48%,
1/18/33,
Callable
4/15/29
@
100(a)
...............
1,396,000
1,400,823
Series
2024-B,
Class
E,
6.80%,
1/18/33,
Callable
4/15/29
@
100(a)
...............
694,000
686,982
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
A4,
5.70%,
8/15/29,
Callable
1/15/28
@
100(a)
.............
1,800,000
1,831,877
Series
2023-1A,
Class
B,
6.08%,
11/15/29,
Callable
1/15/28
@
100(a)
.............
750,000
769,540
Series
2023-1A,
Class
C,
6.61%,
3/15/30,
Callable
1/15/28
@
100(a)
..............
1,500,000
1,556,910
Series
2023-1A,
Class
D,
7.34%,
11/17/31,
Callable
1/15/28
@
100(a)
.............
1,000,000
1,031,291
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A,
Class
B,
5.04%,
7/25/31,
Callable
4/25/28
@
100(a)
...............
607,668
611,476
Series
2025-A,
Class
C,
5.19%,
7/25/31,
Callable
4/25/28
@
100(a)
...............
590,512
593,717
Series
2025-A,
Class
D,
6.75%,
7/25/31,
Callable
4/25/28
@
100(a)
...............
629,338
640,366
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
C,
5.97%,
2/20/31,
Callable
11/20/27
@
100(a)
.............
903,000
924,463
Series
2024-1A,
Class
B,
5.38%,
1/21/31,
Callable
4/20/28
@
100(a)
..............
840,000
854,010
Series
2024-1A,
Class
C,
5.51%,
1/20/32,
Callable
4/20/28
@
100(a)
..............
500,000
507,129
Series
2024-2A,
Class
B,
5.41%,
8/20/30,
Callable
3/20/28
@
100(a)
..............
929,000
949,156
Series
2024-3A,
Class
B,
4.76%,
11/20/31,
Callable
8/20/28
@
100(a)
.............
1,000,000
999,900
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A,
Class
B,
6.41%,
7/20/27,
Callable
8/20/25
@
100(a)
...............
1,500,000
1,507,836
Series
2023-B,
Class
B,
6.57%,
8/20/27,
Callable
11/20/25
@
100(a)
..............
675,000
681,614
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1,
Class
A4,
5.38%,
2/20/29,
Callable
8/20/27
@
100(a)
..............
1,350,000
1,373,607
Series
2023-1,
Class
B,
5.82%,
5/20/31,
Callable
8/20/27
@
100(a)
...............
1,300,000
1,331,916
Toyota
Lease
Owner
Trust,
Series
2023-A,
Class
A4,
5.05%,
8/20/27,
Callable
8/20/25
@
100(a)
...........................................................
1,333,000
1,334,708
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
10/25/26
@
100(a)
.......
3,483,981
3,529,274
United
Auto
Credit
Securitization
Trust
.......................................
Series
2023-1,
Class
C,
6.28%,
7/10/28,
Callable
10/10/26
@
100(a)
..............
876,623
877,615
Series
2024-1,
Class
B,
6.57%,
6/10/27,
Callable
2/10/27
@
100(a)
...............
1,500,000
1,506,630
Series
2025-1,
Class
C,
5.15%,
6/10/30,
Callable
3/10/28
@
100(a)
...............
3,000,000
3,001,479
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
A3,
5.56%,
3/15/28,
Callable
9/15/27
@
100(a)
.............
944,987
948,907
Series
2023-1A,
Class
A4,
5.59%,
12/15/28,
Callable
9/15/27
@
100(a)
............
1,000,000
1,011,952
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
9/15/27
@
100(a)
..............
534,000
543,224
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
9/15/27
@
100(a)
..............
1,000,000
1,028,137
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A,
Class
A3,
6.87%,
11/15/27,
Callable
11/15/27
@
100(a)
............
500,000
503,024
Series
2023-A,
Class
B,
7.11%,
2/15/30,
Callable
4/15/28
@
100(a)
...............
1,000,000
1,026,469
Series
2024-A,
Class
B,
5.77%,
7/15/30,
Callable
8/15/28
@
100(a)
...............
250,000
253,154
Westlake
Automobile
Receivables
Trust
.......................................
Series
2021-3A,
Class
D,
2.12%,
1/15/27,
Callable
11/15/25
@
100(a)
.............
865,175
857,171
Series
2023-1A,
Class
B,
5.41%,
1/18/28,
Callable
1/15/27
@
100(a)
..............
500,000
501,174
Series
2023-4A,
Class
D,
7.19%,
7/16/29,
Callable
6/15/27
@
100(a)
..............
2,625,000
2,720,872
Series
2024-3A,
Class
B,
4.72%,
11/15/29,
Callable
5/15/28
@
100(a)
.............
500,000
500,114
Series
2025-1A,
Class
B,
4.98%,
9/16/30,
Callable
10/15/28
@
100(a)
.............
312,000
313,695
Series
2025-1A,
Class
C,
5.14%,
10/15/30,
Callable
10/15/28
@
100(a)
............
500,000
502,056
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
................................
552,847
557,197
Series
2023-1A,
Class
B,
5.80%,
4/18/38(a)
................................
1,000,000
1,013,523
Series
2023-1A,
Class
C,
6.18%,
4/18/38(a)
................................
1,667,000
1,687,906
Series
2023-2A,
Class
D,
7.38%,
8/18/38(a)
................................
911,000
947,919
Series
2024-3A,
Class
C,
5.21%,
9/19/39(a)
................................
822,222
819,145
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
World
Omni
Select
Auto
Trust,
Series
2023-A,
Class
C,
6.00%,
1/16/29,
Callable
1/15/27
@
100
.............................................................
$
1,250,000
$
1,264,867
176,832,472
ABS
Card
(1.0%):
American
Express
Credit
Account
Master
Trust,
Series
2024-1,
Class
A,
5.23%,
4/15/29
....
2,000,000
2,037,836
CARDS
II
Trust,
Series
2024-1A,
Class
C,
5.84%,
7/16/29(a)
.......................
630,000
635,046
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4,
Class
B,
5.25%,
10/15/28(a)
.............................
395,000
397,283
Series
2024-CRT4,
Class
C,
5.64%,
10/15/28(a)
.............................
452,000
454,692
Series
2025-CRT5,
Class
B,
5.24%,
5/15/29(a)
..............................
1,014,000
1,021,388
Series
2025-CRT5,
Class
C,
5.53%,
5/15/29(a)
..............................
555,000
557,222
Golden
Credit
Card
Trust,
Series
2021-1A,
Class
C,
1.74%,
8/15/28(a)
.................
500,000
477,075
Master
Credit
Card
Trust
II
................................................
Series
2023-1A,
Class
C,
5.87%,
6/21/27(a)
................................
600,000
602,760
Series
2023-2A,
Class
B,
6.26%,
1/21/27(a)
................................
410,000
411,547
Series
2023-2A,
Class
C,
6.89%,
1/21/27(a)
................................
476,000
478,226
Series
2024-1A,
Class
C,
6.02%,
1/21/28(a)
................................
840,000
845,453
Synchrony
Card
Issuance
Trust,
Series
2025-A1,
Class
A,
4.78%,
2/18/31
..............
640,000
647,417
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A,
Class
B,
5.23%,
3/26/31(a)
................................
1,000,000
1,006,385
Series
2023-1A,
Class
C,
6.06%,
3/26/31(a)
................................
375,000
381,103
Series
2023-3A,
Class
C,
6.94%,
8/26/28(a)
................................
1,000,000
1,006,434
Series
2024-1A,
Class
C,
5.99%,
12/26/28(a)
...............................
560,000
563,122
11,522,989
ABS
Other
(11.1%):
AFG
ABS
I
LLC
.......................................................
Series
2023-1,
Class
A2,
6.30%,
9/16/30,
Callable
2/15/27
@
100(a)
..............
154,627
155,169
Series
2023-1,
Class
B,
7.51%,
9/16/30,
Callable
2/15/27
@
100(a)
...............
832,992
844,034
Amur
Equipment
Finance
Receivables
X
LLC
..................................
Series
2022-1A,
Class
A2,
1.64%,
10/20/27,
Callable
9/20/25
@
100(a)
............
33,643
33,505
Series
2022-1A,
Class
B,
2.20%,
1/20/28,
Callable
9/20/25
@
100(a)
..............
541,000
535,793
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A,
Class
B,
6.03%,
12/20/29,
Callable
6/20/27
@
100(a)
.............
750,000
767,030
Series
2023-1A,
Class
C,
6.36%,
12/20/29,
Callable
6/20/27
@
100(a)
.............
655,173
676,257
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
6/20/27
@
100(a)
..............
325,000
341,473
Amur
Equipment
Finance
Receivables
XIII
LLC,
Series
2024-1A,
Class
B,
5.37%,
1/21/31,
Callable
3/20/28
@
100(a)
............................................
640,000
649,327
Atalaya
Equipment
Leasing
Trust,
Series
2021-1A,
Class
C,
2.69%,
6/15/28,
Callable
4/15/25
@
100(a)
.........................................................
1,000,000
984,243
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A,
Class
A3,
5.70%,
2/15/30,
Callable
2/15/28
@
100(a)
.............
1,000,000
1,017,550
Series
2023-1A,
Class
B,
6.05%,
6/17/30,
Callable
2/15/28
@
100(a)
..............
413,000
424,963
Series
2023-1A,
Class
C,
6.50%,
11/15/30,
Callable
2/15/28
@
100(a)
.............
300,000
312,827
Series
2023-1A,
Class
D,
7.27%,
12/16/30,
Callable
2/15/28
@
100(a)
.............
471,000
494,447
Series
2024-1A,
Class
A3,
5.49%,
7/15/31,
Callable
3/15/29
@
100(a)
.............
1,000,000
1,018,223
Series
2024-1A,
Class
C,
6.01%,
7/15/31,
Callable
3/15/29
@
100(a)
..............
750,000
778,787
Series
2024-1A,
Class
D,
6.79%,
7/15/31,
Callable
3/15/29
@
100(a)
..............
1,000,000
1,047,413
Barings
Equipment
Finance
LLC,
Series
2025-A,
Class
A2,
4.64%,
10/13/28,
Callable
10/13/28
@
100(a)
..................................................
1,000,000
1,001,578
Blue
Bridge
Funding
LLC,
Series
2023-1A,
Class
A,
7.37%,
11/15/30,
Callable
11/15/26
@
100(a)
...........................................................
383,236
386,961
Blue
Owl
Asset
Leasing
Trust
..............................................
Series
2024-1A,
Class
B,
5.41%,
3/15/30,
Callable
8/15/27
@
100(a)
..............
365,000
368,046
Series
2024-1A,
Class
C,
6.38%,
1/15/31,
Callable
8/15/27
@
100(a)
..............
252,000
254,832
Capital
Automotive
REIT
.................................................
Series
2024-2A,
Class
A1,
4.90%,
5/15/54,
Callable
5/15/27
@
100(a)
.............
290,000
287,065
Series
2024-3A,
Class
A1,
4.40%,
10/15/54,
Callable
10/15/27
@
100(a)
...........
740,000
711,173
Capteris
Equipment
Finance
LLC,
Series
2024-1A,
Class
A2,
5.58%,
7/20/32,
Callable
3/20/29
@
100(a)
.........................................................
1,160,014
1,176,600
CARS-DB7
LP,
Series
2023-1A,
Class
A1,
5.75%,
9/15/53,
Callable
9/15/26
@
100(a)
.....
940,000
947,096
CCG
Receivables
Trust
...................................................
Series
2023-1,
Class
B,
5.99%,
9/16/30,
Callable
6/14/26
@
100(a)
...............
1,000,000
1,018,351
Series
2023-1,
Class
C,
6.28%,
9/16/30,
Callable
6/14/26
@
100(a)
...............
1,777,778
1,813,136
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2023-2,
Class
C,
6.45%,
4/14/32,
Callable
9/14/27
@
100(a)
...............
$
1,963,000
$
2,033,293
Series
2023-2,
Class
D,
7.18%,
4/14/32,
Callable
9/14/27
@
100(a)
...............
433,000
452,983
Series
2025-1,
Class
D,
5.28%,
10/14/32,
Callable
10/14/28
@
100(a)
.............
652,000
651,439
Clarus
Capital
Funding
LLC
...............................................
Series
2024-1A,
Class
B,
4.79%,
8/20/32,
Callable
4/20/28
@
100(a)
..............
585,000
583,486
Series
2024-1A,
Class
C,
5.01%,
8/20/32,
Callable
4/20/28
@
100(a)
..............
292,000
290,401
Cloud
Capital
Holdco
LP,
Series
2024-1A,
Class
A2,
5.78%,
11/22/49,
Callable
11/22/27
@
100(a)
...........................................................
2,500,000
2,528,458
Conn's
Receivables
Funding
LLC,
Series
2023-A,
Class
B,
10.00%,
1/17/28(a)
...........
169,913
170,481
CP
EF
Asset
Securitization
I
LLC,
Series
2022-1A,
Class
A,
5.96%,
4/15/30,
Callable
12/15/25
@
100(a)
.........................................................
142,112
142,167
CP
EF
Asset
Securitization
II
LLC,
Series
2023-1A,
Class
A,
7.48%,
3/15/32,
Callable
7/15/27
@
100(a)
.........................................................
656,249
664,411
Crossroads
Asset
Trust
...................................................
Series
2024-A,
Class
B,
5.94%,
8/20/30,
Callable
3/20/28
@
100(a)
...............
839,000
858,150
Series
2024-A,
Class
C,
6.52%,
8/20/30,
Callable
3/20/28
@
100(a)
...............
750,000
774,074
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A,
Class
A2,
4.50%,
5/20/49(a)
...............................
1,860,000
1,790,640
Series
2025-1A,
Class
A2,
5.91%,
2/20/50,
Callable
2/20/28
@
100(a)
.............
1,795,918
1,828,354
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1,
Class
D,
6.80%,
3/22/29,
Callable
10/22/25
@
100(a)
..............
909,091
917,499
Series
2023-2,
Class
C,
6.06%,
1/22/29,
Callable
2/22/26
@
100(a)
...............
1,000,000
1,008,812
Series
2023-2,
Class
D,
6.74%,
7/23/29,
Callable
2/22/26
@
100(a)
...............
761,000
771,128
Series
2023-3,
Class
D,
6.75%,
10/22/29,
Callable
4/22/26
@
100(a)
..............
353,000
359,758
Series
2024-1,
Class
D,
6.12%,
9/23/30,
Callable
6/22/26
@
100(a)
...............
348,000
354,302
Series
2024-2,
Class
C,
4.99%,
8/22/30,
Callable
4/22/27
@
100(a)
...............
500,000
503,050
Series
2024-2,
Class
D,
5.29%,
2/24/31,
Callable
4/22/27
@
100(a)
...............
584,000
586,643
Dext
ABS
LLC
........................................................
Series
2021-1,
Class
C,
2.29%,
9/15/28,
Callable
2/15/26
@
100(a)
...............
1,000,000
990,504
Series
2023-1,
Class
A2,
5.99%,
3/15/32,
Callable
3/15/27
@
100(a)
..............
462,480
464,819
Series
2023-1,
Class
B,
6.55%,
3/15/32,
Callable
3/15/27
@
100(a)
...............
2,000,000
2,042,666
Series
2023-1,
Class
D,
8.82%,
3/15/33,
Callable
3/15/27
@
100(a)
...............
400,000
420,264
Series
2023-2,
Class
B,
6.41%,
5/15/34,
Callable
2/15/28
@
100(a)
...............
1,000,000
1,022,355
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
2/15/28
@
100(a)
...............
667,000
713,732
Series
2025-1,
Class
B,
4.98%,
8/15/35,
Callable
4/15/29
@
100(a)
...............
1,000,000
1,002,269
Series
2025-1,
Class
C,
5.39%,
8/15/35,
Callable
4/15/29
@
100(a)
...............
1,000,000
1,002,229
Series
2025-1,
Class
D,
5.65%,
2/15/36,
Callable
4/15/29
@
100(a)
...............
1,500,000
1,503,705
Diamond
Issuer
LLC,
Series
2021-1A,
Class
B,
2.70%,
11/20/51,
Callable
11/20/25
@
100(a)
655,000
605,351
DLLAA
LLC
..........................................................
Series
2023-1A,
Class
A3,
5.64%,
2/22/28,
Callable
10/20/27
@
100(a)
............
1,000,000
1,013,974
Series
2025-1A,
Class
A3,
4.95%,
9/20/29,
Callable
7/20/29
@
100(a)
.............
1,391,304
1,407,996
DLLAD
LLC
..........................................................
Series
2024-1A,
Class
A3,
5.30%,
7/20/29,
Callable
2/20/29
@
100(a)
.............
1,000,000
1,015,947
Series
2024-1A,
Class
A4,
5.38%,
9/22/31,
Callable
2/20/29
@
100(a)
.............
644,898
661,766
DLLMT
LLC,
Series
2023-1A,
Class
A4,
5.35%,
3/20/31,
Callable
2/20/27
@
100(a)
......
571,429
578,415
FirstKey
Homes
Trust
....................................................
Series
2021-SFR3,
Class
B,
2.44%,
12/17/38(a)(b)
...........................
1,000,000
961,468
Series
2021-SFR3,
Class
C,
2.54%,
12/17/38(a)(b)
...........................
1,000,000
960,631
Flexential
Issuer,
Series
2021-1A,
Class
A2,
3.25%,
11/27/51,
Callable
11/25/25
@
100(a)
..
1,000,000
957,377
Ford
Credit
Floorplan
Master
Owner
Trust
A,
Series
2023-1,
Class
C,
5.75%,
5/15/28(a)
....
532,000
537,366
Frontier
Issuer
LLC
.....................................................
Series
2023-1,
Class
B,
8.30%,
8/20/53,
Callable
7/20/26
@
100(a)
...............
466,667
482,023
Series
2023-1,
Class
C,
11.50%,
8/20/53,
Callable
7/20/26
@
100(a)
..............
400,000
424,708
Series
2024-1,
Class
C,
11.16%,
6/20/54,
Callable
5/20/28
@
100(a)
..............
1,175,000
1,330,685
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A,
Class
B,
6.62%,
4/20/33,
Callable
12/20/25
@
100(a)
.............
327,000
344,968
Series
2023-1A,
Class
C,
6.97%,
8/22/33,
Callable
12/20/25
@
100(a)
.............
300,000
318,139
Series
2023-1A,
Class
D,
7.00%,
8/22/33,
Callable
12/20/25
@
100(a)
.............
200,000
209,328
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2023-1,
Class
B,
5.21%,
3/15/30,
Callable
7/15/27
@
100(a)
...............
500,000
506,316
Series
2024-1,
Class
B,
5.18%,
12/16/30,
Callable
2/15/28
@
100(a)
..............
740,000
750,571
Series
2024-1,
Class
C,
5.43%,
12/15/31,
Callable
2/15/28
@
100(a)
..............
325,000
329,727
Series
2025-1,
Class
A3,
4.49%,
4/16/29,
Callable
4/16/29
@
100(a)
..............
1,500,000
1,500,129
Series
2025-1,
Class
B,
4.77%,
1/15/32,
Callable
5/15/29
@
100(a)
...............
2,000,000
2,002,793
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
HPEFS
Equipment
Trust
..................................................
Series
2022-1A,
Class
D,
2.40%,
11/20/29,
Callable
6/20/25
@
100(a)
.............
$
518,438
$
516,254
Series
2023-2A,
Class
D,
6.97%,
7/21/31,
Callable
12/20/26
@
100(a)
.............
500,000
511,196
Series
2024-1A,
Class
D,
5.82%,
11/20/31,
Callable
8/20/27
@
100(a)
.............
2,169,000
2,198,649
Series
2024-2A,
Class
D,
5.82%,
4/20/32,
Callable
1/20/28
@
100(a)
..............
714,286
725,381
John
Deere
Owner
Trust,
Series
2024-B,
Class
A4,
5.19%,
5/15/31,
Callable
1/15/28
@
100
.
550,000
560,917
Kubota
Credit
Owner
Trust
................................................
Series
2024-2A,
Class
A4,
5.19%,
5/15/30,
Callable
5/15/28
@
100(a)
.............
650,000
663,140
Series
2025-1A,
Class
A2,
4.61%,
12/15/27,
Callable
12/15/27
@
100(a)
...........
3,000,000
3,006,539
M&T
Equipment
LEAF
Notes,
Series
2023-1A,
Class
A4,
5.75%,
7/15/30,
Callable
7/15/27
@
100(a)
...........................................................
1,038,000
1,057,051
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A,
Class
A4,
1.04%,
11/13/30(a)
...............................
2,000,000
1,935,216
Series
2022-A,
Class
A3,
3.20%,
1/13/28(a)
................................
178,943
177,429
Series
2023-A,
Class
A3,
5.54%,
12/13/29(a)
...............................
500,000
508,808
Series
2024-A,
Class
A4,
5.10%,
7/13/49,
Callable
11/13/30
@
100(a)
.............
173,000
175,144
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1,
Class
A1,
1.91%,
10/20/61,
Callable
4/20/25
@
100(a)
.............
903,000
843,089
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
4/20/25
@
100(a)
.............
293,000
267,824
NMEF
Funding
LLC
....................................................
Series
2022-A,
Class
B,
3.35%,
10/16/28,
Callable
9/15/25
@
100(a)
..............
346,468
345,318
Series
2022-B,
Class
A2,
6.07%,
6/15/29,
Callable
8/15/26
@
100(a)
..............
199,113
199,461
Series
2023-A,
Class
B,
6.83%,
6/17/30,
Callable
6/15/27
@
100(a)
...............
1,000,000
1,026,840
Series
2024-A,
Class
A2,
5.15%,
12/15/31,
Callable
6/15/28
@
100(a)
.............
894,950
898,819
Series
2024-A,
Class
B,
5.32%,
12/15/31,
Callable
6/15/28
@
100(a)
..............
678,428
678,760
Series
2025-A,
Class
B,
5.18%,
7/15/32,
Callable
11/15/28
@
100(a)
..............
1,890,909
1,893,282
Series
2025-A,
Class
C,
5.79%,
7/15/32,
Callable
11/15/28
@
100(a)
..............
3,366,071
3,380,250
Pawnee
Equipment
Receivables
LLC,
Series
2021-1,
Class
B,
1.82%,
7/15/27,
Callable
8/15/25
@
100(a)
.........................................................
394,981
393,521
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A,
Class
A3,
5.64%,
11/20/30,
Callable
3/20/28
@
100(a)
............
1,500,000
1,524,586
Series
2024-1A,
Class
B,
5.79%,
11/20/30,
Callable
3/20/28
@
100(a)
.............
1,500,000
1,519,468
Series
2024-2A,
Class
A3,
4.65%,
10/20/31,
Callable
6/20/27
@
100(a)
............
571,000
570,517
Series
2025-1A,
Class
A3,
5.04%,
7/20/32,
Callable
11/20/28
@
100(a)
............
837,000
843,978
Series
2025-1A,
Class
B,
5.20%,
7/20/32,
Callable
11/20/28
@
100(a)
.............
765,000
770,572
Series
2025-1A,
Class
C,
5.49%,
7/20/32,
Callable
11/20/28
@
100(a)
.............
1,200,000
1,204,635
Post
Road
Equipment
Finance
LLC
..........................................
Series
2022-1A,
Class
A2,
4.88%,
11/15/28,
Callable
10/15/25
@
100(a)
...........
139,886
139,855
Series
2024-1A,
Class
B,
5.58%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
564,000
571,054
Series
2024-1A,
Class
C,
5.81%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
747,000
760,314
Series
2024-1A,
Class
D,
6.77%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
417,000
427,467
Series
2025-1A,
Class
B,
5.04%,
5/15/31,
Callable
6/15/28
@
100(a)
..............
218,000
219,528
Series
2025-1A,
Class
C,
5.13%,
5/15/31,
Callable
6/15/28
@
100(a)
..............
1,019,000
1,026,600
Series
2025-1A,
Class
D,
5.43%,
5/15/31,
Callable
6/15/28
@
100(a)
..............
1,120,000
1,120,544
Series
2025-1A,
Class
E,
7.08%,
5/17/32,
Callable
6/15/28
@
100(a)
..............
941,000
950,711
SCF
Equipment
Leasing
LLC
..............................................
Series
2021-1A,
Class
D,
1.93%,
9/20/30,
Callable
4/20/25
@
100(a)
..............
208,181
207,793
Series
2022-2A,
Class
B,
6.50%,
2/20/32,
Callable
8/20/25
@
100(a)
..............
356,809
358,939
Series
2023-1A,
Class
B,
6.37%,
5/20/32,
Callable
11/20/26
@
100(a)
.............
857,000
871,321
Series
2023-1A,
Class
C,
6.77%,
8/22/33,
Callable
11/20/26
@
100(a)
.............
1,672,000
1,716,460
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A,
Class
A3,
5.11%,
11/21/33,
Callable
9/20/31
@
100(a)
............
400,000
404,304
Series
2025-1A,
Class
B,
5.23%,
9/20/34,
Callable
9/20/31
@
100(a)
..............
1,250,000
1,264,347
Series
2025-1A,
Class
C,
5.37%,
9/20/34,
Callable
9/20/31
@
100(a)
..............
1,500,000
1,519,175
Switch
ABS
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.04%,
3/25/55,
Callable
3/25/28
@
100(a)
...........................................................
2,000,000
1,928,911
Tricon
Residential
Trust,
Series
2024-SFR4,
Class
A,
4.30%,
11/17/41,
Callable
11/17/29
@
100(a)(b)
.........................................................
347,625
338,247
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A,
Class
A2,
5.88%,
4/20/55,
Callable
10/20/28
@
100(a)
............
2,917,000
2,971,279
Series
2025-1A,
Class
B,
6.37%,
4/20/55,
Callable
10/20/28
@
100(a)
.............
539,000
548,293
Vantage
Data
Centers
Issuer
LLC,
Series
2020-1A,
Class
A2,
1.65%,
9/15/45,
Callable
4/15/25
@
100(a)
.........................................................
1,000,000
984,078
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2022-1A,
Class
C2I,
3.16%,
2/15/52,
Callable
2/15/26
@
100(a)
............
$
1,000,000
$
957,020
Series
2024-1A,
Class
C2,
5.59%,
5/15/54,
Callable
5/15/27
@
100(a)
.............
455,000
457,782
Series
2024-1A,
Class
D,
6.64%,
5/15/54,
Callable
5/15/27
@
100(a)
..............
167,000
170,310
Verdant
Receivables
LLC
.................................................
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
11/12/27
@
100(a)
............
327,591
333,003
Series
2023-1A,
Class
B,
6.05%,
1/13/31,
Callable
11/12/27
@
100(a)
.............
500,000
512,648
Series
2023-1A,
Class
C,
6.73%,
1/13/31,
Callable
11/12/27
@
100(a)
.............
374,000
386,620
Series
2024-1A,
Class
A2,
5.68%,
12/12/31,
Callable
9/12/28
@
100(a)
............
1,044,295
1,060,637
Series
2024-1A,
Class
B,
5.72%,
12/12/31,
Callable
9/12/28
@
100(a)
.............
350,000
358,177
Series
2024-1A,
Class
C,
6.25%,
12/12/31,
Callable
9/12/28
@
100(a)
.............
292,000
299,996
Series
2024-1A,
Class
D,
7.23%,
12/12/31,
Callable
9/12/28
@
100(a)
.............
258,000
268,752
Verizon
Master
Trust
....................................................
Series
2024-2,
Class
B,
5.08%,
12/22/31,
Callable
12/20/28
@
100(a)
.............
1,000,000
1,010,712
Series
2024-3,
Class
C,
5.73%,
4/22/30,
Callable
4/20/27
@
100
.................
417,000
424,609
Series
2024-8,
Class
C,
4.99%,
11/20/30,
Callable
11/20/27
@
100
...............
1,409,000
1,415,249
Series
2025-1,
Class
C,
5.09%,
1/21/31,
Callable
1/20/28
@
100
.................
1,500,000
1,510,794
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A,
Class
A3,
4.29%,
10/16/28,
Callable
7/15/28
@
100(a)
............
333,333
332,116
Series
2024-1A,
Class
A4,
4.29%,
7/15/31,
Callable
7/15/28
@
100(a)
.............
1,000,000
993,549
Series
2025-1A,
Class
A4,
4.53%,
10/15/31,
Callable
11/15/28
@
100(a)
...........
2,783,000
2,784,904
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
B,
5.06%,
9/20/32,
Callable
11/20/27
@
100(a)
.............
1,000,000
1,003,250
Series
2024-1A,
Class
C,
5.28%,
9/20/32,
Callable
11/20/27
@
100(a)
.............
583,579
583,947
Zayo
Issuer
LLC
.......................................................
Series
2025-1A,
Class
A2,
5.65%,
3/20/55,
Callable
9/20/28
@
100(a)
.............
2,000,000
2,017,380
Series
2025-1A,
Class
B,
6.09%,
3/20/55,
Callable
9/20/28
@
100(a)
..............
1,000,000
1,010,653
125,995,601
Total
Asset-Backed
Securities
(Cost
$310,702,151)
314,351,062
Collateralized
Loan
Obligations
(0.1%)
Cash
Flow
CLO
(0.1%):
Palmer
Square
Loan
Funding
Ltd.,
Series
2024-3A,
Class
A2,
5.95%
(TSFR3M+165bps),
8/8/32,
Callable
8/8/25
@
100(a)(c)
......................................
1,000,000
1,000,500
Total
Collateralized
Loan
Obligations
(Cost
$1,000,000)
1,000,500
Collateralized
Mortgage
Obligations
(3.1%)
Agency
CMO
Other
(1.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270,
Class
AB,
5.50%,
1/25/49
...................................
798,654
804,439
Series
5450,
Class
KA,
4.50%,
6/25/51
...................................
1,828,314
1,803,728
Series
5478,
Class
J,
5.50%,
3/25/51
.....................................
3,729,100
3,747,965
Federal
National
Mortgage
Association,
Series
2022-88,
Class
BA,
5.50%,
7/25/47
........
803,678
807,664
Government
National
Mortgage
Association
....................................
Series
2023-107,
Class
PA,
5.50%,
1/20/46
................................
881,443
888,204
Series
2023-128,
Class
KA,
6.00%,
6/20/47
................................
746,254
753,006
Series
2023-131,
Class
P,
5.50%,
6/20/48
..................................
890,964
892,266
Series
2024-160,
Class
H,
4.00%,
9/20/62
.................................
1,647,689
1,628,599
Series
2024-97,
Class
MC,
5.00%,
1/20/64
.................................
1,780,388
1,776,169
13,102,040
Commercial
MBS
(1.9%):
Aventura
Mall
Trust,
Series
2018-AVM,
Class
C,
4.11%,
7/5/40(a)(b)(d)
...............
1,000,000
951,506
BBCMS
Mortgage
Trust,
Series
2020-BID,
Class
C,
8.07%
(TSFR1M+375bps),
10/15/37(a)(b)
(c)
.............................................................
1,000,000
1,000,001
BLP
Commercial
Mortgage
Trust,
Series
2025-IND,
Class
A,
5.52%
(TSFR1M+120bps),
3/15/42(a)(b)(c)
....................................................
1,000,000
992,241
BPR
Trust
............................................................
Series
2021-TY,
Class
A,
5.48%
(TSFR1M+116bps),
9/15/38(a)(b)(c)
.............
1,000,000
994,939
Series
2021-TY,
Class
C,
6.13%
(TSFR1M+181bps),
9/15/38(a)(b)(c)
.............
1,000,000
990,454
Series
2022-STAR,
Class
A,
7.55%
(TSFR1M+323bps),
8/15/39(a)(b)(c)
...........
2,000,000
2,000,722
BX
Trust
.............................................................
Series
2022-CLS,
Class
B,
6.30%,
10/13/27(a)(b)
............................
1,000,000
989,569
Series
2022-LBA6,
Class
C,
5.92%
(TSFR1M+160bps),
1/15/39(a)(b)(c)
...........
1,000,000
995,456
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2025-ROIC,
Class
A,
5.46%
(TSFR1M+114bps),
3/15/30(a)(b)(c)
...........
$
1,557,143
$
1,545,477
COMM
Mortgage
Trust,
Series
2015-PC1,
Class
AM,
4.29%,
7/10/50,
Callable
6/10/25
@
100(d)
...........................................................
1,500,000
1,477,943
DBWF
Mortgage
Trust,
Series
2024-LCRS,
Class
A,
6.06%
(TSFR1M+174bps),
4/15/37(a)(b)
(c)
.............................................................
1,000,000
997,814
GS
Mortgage
Securities
Corp.
Trust,
Series
2023-SHIP,
Class
B,
4.94%,
9/10/38(a)(b)(d)
...
1,000,000
998,458
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY,
Class
A,
2.84%,
8/10/38,
Callable
8/10/26
@
100(a)(b)
..........
1,500,000
1,452,410
Series
2025-SPRL,
Class
A,
5.47%,
1/13/40(a)(b)(d)
..........................
663,000
674,755
LEX
Mortgage
Trust,
Series
2024-BBG,
Class
A,
4.87%,
10/13/33,
Callable
10/13/28
@
100(a)
(b)(d)
...........................................................
962,963
956,026
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
B,
2.33%,
9/10/39(a)(b)(d)
......
500,000
465,116
SCOTT
Trust,
Series
2023-SFS,
Class
AS,
6.20%,
3/10/40(a)(b)
.....................
785,714
797,018
SHR
Trust,
Series
2024-LXRY,
Class
A,
6.27%
(TSFR1M+195bps),
10/15/41(a)(b)(c)
.....
842,105
841,821
SMRT,
Series
2022-MINI,
Class
B,
5.67%
(TSFR1M+135bps),
1/15/39(a)(b)(c)
..........
1,000,000
986,663
SWCH
Commercial
Mortgage
Trust,
Series
2025-DATA,
Class
A,
5.76%
(TSFR1M+144bps),
3/15/42(a)(b)(c)
....................................................
2,000,000
1,977,371
22,085,760
Total
Collateralized
Mortgage
Obligations
(Cost
$34,992,857)
35,187,800
Senior
Secured
Loans
(0.4%)
Industrials
(0.1%):
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
8.04%
(SOFR03M+375bps),
10/20/27(c)
.......................................
505,932
510,425
Materials
(0.3%):
Celanese
US
Holdings
LLC,
3/13/26(e)(f)
.....................................
3,500,000
3,500,000
Total
Senior
Secured
Loans
(Cost
$4,013,164)
4,010,425
Corporate
Bonds
(37.2%)
Communication
Services
(0.3%):
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital,
6.10%,
6/1/29,
Callable
5/1/29
@
100
..........................................
1,000,000
1,033,019
Discovery
Communications
LLC,
3.95%,
6/15/25,
Callable
5/4/25
@
100
..............
503,000
501,781
Fox
Corp.,
3.05%,
4/7/25
.................................................
1,121,000
1,120,647
Paramount
Global,
2.90%,
1/15/27,
Callable
10/15/26
@
100
.......................
580,000
561,023
3,216,470
Consumer
Discretionary
(2.2%):
Advance
Auto
Parts,
Inc.,
5.95%,
3/9/28,
Callable
2/9/28
@
100(g)
...................
1,000,000
1,011,904
Brunswick
Corp.,
5.85%,
3/18/29,
Callable
2/18/29
@
100
.........................
1,000,000
1,023,793
Daimler
Truck
Finance
North
America
LLC
5.00%,
1/15/27(a)
..................................................
2,000,000
2,011,498
5.13%,
9/25/27,
Callable
8/25/27
@
100(a)
................................
1,000,000
1,010,619
General
Motors
Financial
Co.,
Inc.
5.35%,
7/15/27
....................................................
1,000,000
1,008,840
5.05%,
4/4/28
.....................................................
2,000,000
2,002,171
Genuine
Parts
Co.,
4.95%,
8/15/29,
Callable
7/15/29
@
100
........................
1,000,000
1,004,063
Hyatt
Hotels
Corp.,
5.05%,
3/30/28,
Callable
2/29/28
@
100
........................
1,000,000
1,004,822
Las
Vegas
Sands
Corp.,
2.90%,
6/25/25,
Callable
5/25/25
@
100
.....................
1,075,000
1,070,703
LKQ
Corp.,
5.75%,
6/15/28,
Callable
5/15/28
@
100
.............................
500,000
511,382
Mattel,
Inc.,
3.38%,
4/1/26,
Callable
4/14/25
@
100(a)
............................
393,000
386,597
Nissan
Motor
Acceptance
Co.
LLC
1.85%,
9/16/26,
Callable
8/16/26
@
100(a)
................................
1,513,000
1,435,111
5.30%,
9/13/27(a)
..................................................
1,000,000
993,374
PVH
Corp.,
4.63%,
7/10/25,
Callable
6/10/25
@
100
.............................
2,000,000
1,997,354
Stellantis
Finance
US,
Inc.,
5.35%,
3/17/28,
Callable
2/17/28
@
100(a)
................
1,000,000
1,001,181
Tapestry,
Inc.,
5.10%,
3/11/30,
Callable
2/11/30
@
100
............................
1,000,000
999,950
The
Home
Depot,
Inc.,
5.15%,
6/25/26
.......................................
1,125,000
1,137,326
Volkswagen
Group
of
America
Finance
LLC
4.95%,
3/25/27(a)
..................................................
2,000,000
2,003,454
6.20%,
11/16/28,
Callable
10/16/28
@
100(a)
...............................
1,000,000
1,036,926
5.25%,
3/22/29,
Callable
2/22/29
@
100(a)
................................
1,000,000
998,036
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
ZF
North
America
Capital,
Inc.,
4.75%,
4/29/25(a)
...............................
$
1,750,000
$
1,748,547
25,397,651
Consumer
Staples
(0.8%):
Bimbo
Bakeries
USA,
Inc.,
6.05%,
1/15/29,
Callable
12/15/28
@
100(a)
...............
1,000,000
1,039,416
Coca-Cola
Consolidated,
Inc.,
5.25%,
6/1/29,
Callable
5/1/29
@
100
..................
1,000,000
1,021,893
Constellation
Brands,
Inc.,
5.00%,
2/2/26,
Callable
4/14/25
@
100
....................
208,000
207,869
Keurig
Dr.
Pepper,
Inc.,
5.05%,
3/15/29,
Callable
2/15/29
@
100
.....................
1,000,000
1,013,293
Mars,
Inc.,
4.45%,
3/1/27(a)
...............................................
2,000,000
2,004,310
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
..........................
1,000,000
872,379
Sysco
Corp.,
5.10%,
9/23/30,
Callable
8/23/30
@
100
.............................
2,000,000
2,030,479
The
Campbell's
Company,
5.20%,
3/19/27
.....................................
1,000,000
1,013,175
9,202,814
Energy
(3.1%):
Antero
Resources
Corp.,
7.63%,
2/1/29,
Callable
5/4/25
@
102.54(a)
..................
2,500,000
2,563,263
Apa
Corp.,
7.75%,
12/15/29(a)
.............................................
750,000
805,195
CITGO
Petroleum
Corp.,
8.38%,
1/15/29,
Callable
10/15/25
@
104.19(a)
...............
1,000,000
1,019,303
Columbia
Pipelines
Holding
Co.
LLC,
6.04%,
8/15/28,
Callable
7/15/28
@
100(a)
........
1,000,000
1,034,278
Energy
Transfer
LP
6.75%
(H15T5Y+513bps),
Callable
5/15/25
@
100(c)(h)
......................
167,000
167,064
6.50%
(H15T5Y+569bps),
Callable
11/15/26
@
100(c)(h)
......................
1,805,000
1,806,120
EQM
Midstream
Partners
LP,
7.50%,
6/1/27,
Callable
5/4/25
@
103.75(a)
..............
2,000,000
2,044,891
Gray
Oak
Pipeline
LLC,
2.60%,
10/15/25,
Callable
9/15/25
@
100(a)
.................
3,759,000
3,700,120
HF
Sinclair
Corp.,
6.38%,
4/15/27,
Callable
4/14/25
@
103.19
......................
1,912,000
1,936,338
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
6.00%,
4/15/30,
Callable
5/4/25
@
103(a)
.......
1,667,000
1,584,122
Marathon
Petroleum
Corp.
4.70%,
5/1/25
.....................................................
2,946,000
2,945,192
5.15%,
3/1/30,
Callable
2/1/30
@
100
....................................
1,000,000
1,006,027
MPLX
LP,
4.88%,
6/1/25,
Callable
4/9/25
@
100
................................
4,717,000
4,717,077
ONEOK,
Inc.,
4.25%,
9/24/27,
Callable
8/24/27
@
100
............................
1,000,000
991,488
Parsley
Energy
LLC/Parsley
Finance
Corp.,
4.13%,
2/15/28,
Callable
5/4/25
@
100(a)
.....
2,000,000
1,958,758
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
6.50%,
7/15/27,
Callable
5/4/25
@
101.63
.................................
1,000,000
1,004,959
5.00%,
1/15/28,
Callable
5/4/25
@
100.83
.................................
871,000
870,924
Valero
Energy
Corp.,
5.15%,
2/15/30,
Callable
1/15/30
@
100
.......................
2,000,000
2,018,628
Viper
Energy,
Inc.
5.38%,
11/1/27,
Callable
4/19/25
@
100.9(a)
...............................
1,000,000
991,519
7.38%,
11/1/31,
Callable
11/1/26
@
103.69(a)
..............................
1,000,000
1,045,421
Western
Midstream
Operating
LP,
3.95%,
6/1/25,
Callable
5/4/25
@
100
...............
947,000
944,817
35,155,504
Financials
(17.2%):
Ally
Financial,
Inc.,
6.99%
(SOFR+326bps),
6/13/29,
Callable
6/13/28
@
100(c)
.........
2,056,000
2,143,516
American
Express
Co.
3.55%
(H15T5Y+285bps),
Callable
9/15/26
@
100(c)(h)
......................
4,589,000
4,442,201
5.04%
(SOFR+93bps),
7/26/28,
Callable
7/26/27
@
100(c)
.....................
2,000,000
2,023,958
American
Honda
Finance
Corp.,
4.40%,
10/5/26
.................................
1,000,000
999,506
American
National
Global
Funding,
5.55%,
1/28/30(a)
............................
852,000
868,077
American
National
Group,
Inc.,
5.75%,
10/1/29,
Callable
9/1/29
@
100
................
1,500,000
1,513,050
AmFam
Holdings,
Inc.,
2.81%,
3/11/31,
Callable
12/11/30
@
100(a)
..................
825,000
683,369
Antares
Holdings
LP
8.50%,
5/18/25,
Callable
5/4/25
@
100(a)
.................................
1,000,000
1,002,625
6.35%,
10/23/29,
Callable
9/23/29
@
100(a)
...............................
1,000,000
1,000,344
Ares
Capital
Corp.,
3.25%,
7/15/25,
Callable
6/15/25
@
100
........................
750,000
747,177
Ashtead
Capital,
Inc.,
4.38%,
8/15/27,
Callable
4/19/25
@
100.73(a)
..................
1,000,000
992,020
Assurant,
Inc.,
6.10%,
2/27/26,
Callable
1/27/26
@
100
...........................
1,765,000
1,778,173
Athene
Global
Funding,
4.95%,
1/7/27(a)
......................................
2,000,000
2,007,295
Blackstone
Private
Credit
Fund
7.05%,
9/29/25
....................................................
500,000
504,924
2.63%,
12/15/26,
Callable
11/15/26
@
100
.................................
500,000
478,595
Blue
Owl
Credit
Income
Corp.,
7.75%,
9/16/27,
Callable
8/16/27
@
100
...............
1,000,000
1,045,583
BMW
U.S.
Capital
LLC,
4.60%,
8/13/27(a)
....................................
1,000,000
1,001,726
Capital
One
Financial
Corp.
4.25%,
4/30/25
....................................................
1,000,000
1,000,000
5.47%
(SOFR+208bps),
2/1/29,
Callable
2/1/28
@
100(c)
......................
1,000,000
1,016,215
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
6.31%
(SOFR+264bps),
6/8/29,
Callable
6/8/28
@
100(c)
......................
$
500,000
$
519,562
CDW
LLC/CDW
Finance
Corp.,
2.67%,
12/1/26,
Callable
11/1/26
@
100
..............
825,000
797,002
Citigroup,
Inc.
5.95%
(TSFR3M+417bps),
Callable
5/15/25
@
100(c)(h)
......................
5,000,000
4,993,530
1.00%,
10/30/25,
Callable
4/30/25
@
100,
MTN
.............................
1,000,000
974,957
Citizens
Bank
NA,
4.58%
(SOFR+200bps),
8/9/28,
Callable
8/9/27
@
100(c)
............
334,000
333,043
Citizens
Financial
Group,
Inc.,
5.65%
(H15T5Y+531bps),
Callable
10/6/25
@
100(c)(h)
....
6,076,000
6,040,327
CNO
Financial
Group,
Inc.,
5.25%,
5/30/25,
Callable
4/19/25
@
100
..................
1,000,000
1,000,137
CNO
Global
Funding
5.88%,
6/4/27(a)
...................................................
1,000,000
1,025,561
4.88%,
12/10/27(a)
..................................................
2,000,000
2,004,196
4.95%,
9/9/29(a)
...................................................
651,000
653,298
CoBank
ACB,
6.25%
(US0003M+466bps),
Callable
10/1/26
@
100(c)(h)(i)
.............
4,300,000
4,297,498
Comerica,
Inc.,
5.63%
(H15T5Y+529bps),
Callable
7/1/25
@
100(c)(h)
................
3,615,000
3,595,829
Cullen/Frost
Bankers,
Inc.,
4.50%,
3/17/27,
Callable
2/17/27
@
100
...................
2,000,000
1,967,093
Discover
Financial
Services,
6.13%
(H15T5Y+578bps),
Callable
6/23/25
@
100(c)(h)
.....
1,880,000
1,871,744
Enact
Holdings,
Inc.,
6.25%,
5/28/29,
Callable
4/28/29
@
100
.......................
2,500,000
2,565,701
Enstar
Finance
LLC,
5.75%
(H15T5Y+547bps),
9/1/40,
Callable
9/1/25
@
100(c)
........
2,204,000
2,196,402
Entergy
Texas
Restoration
Funding
II
LLC,
3.05%,
12/15/27
........................
343,998
337,218
EverBank
Financial
Corp.,
5.75%,
7/2/25,
Callable
6/2/25
@
100
....................
1,000,000
996,510
F&G
Global
Funding
5.15%,
7/7/25(a)
...................................................
1,000,000
1,000,550
5.88%,
6/10/27(a)
..................................................
1,000,000
1,020,096
Fifth
Third
Bancorp,
4.50%
(H15T5Y+422bps),
Callable
9/30/25
@
100(c)(g)(h)
.........
5,516,000
5,461,156
First
Citizens
Bancshares,
Inc.,
6.76%
(TSFR3M+247bps),
3/15/30,
Callable
6/15/25
@
100(c)
3,000,000
2,997,900
First
Financial
Bancorp,
5.13%,
8/25/25
.......................................
1,000,000
990,955
First
Horizon
Bank,
5.75%,
5/1/30,
Callable
2/1/30
@
100
.........................
350,000
353,773
First
Horizon
Corp.,
5.51%
(SOFR+177bps),
3/7/31,
Callable
3/7/30
@
100(c)(g)
.........
1,500,000
1,507,496
Fiserv,
Inc.,
4.75%,
3/15/30,
Callable
2/15/30
@
100
.............................
1,000,000
997,821
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/25,
Callable
10/13/25
@
100
.................................
1,000,000
987,870
5.13%,
11/5/26
.....................................................
1,000,000
993,118
2.90%,
2/10/29,
Callable
12/10/28
@
100
.................................
1,000,000
894,863
FS
KKR
Capital
Corp.,
3.40%,
1/15/26,
Callable
12/15/25
@
100
....................
1,024,000
1,010,177
Fulton
Financial
Corp.,
6.60%
(TSFR3M+230bps),
3/15/30,
Callable
6/15/25
@
100(c)
.....
1,000,000
984,754
GA
Global
Funding
Trust
1.63%,
1/15/26(a)
..................................................
500,000
487,624
4.40%,
9/23/27(a)
..................................................
500,000
497,070
Glencore
Funding
LLC,
5.34%,
4/4/27(a)
......................................
2,000,000
2,024,921
Goodman
US
Finance
Three
LLC,
3.70%,
3/15/28,
Callable
12/15/27
@
100(a)
..........
750,000
727,152
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC,
8.00%,
6/15/27,
Callable
3/15/27
@
100(a)
....
2,600,000
2,694,936
Highmark,
Inc.,
1.45%,
5/10/26,
Callable
4/10/26
@
100(a)
.........................
915,000
880,147
Hikma
Finance
USA
LLC,
3.25%,
7/9/25
......................................
3,400,000
3,380,453
Horace
Mann
Educators
Corp.
4.50%,
12/1/25,
Callable
9/1/25
@
100
...................................
750,000
747,536
7.25%,
9/15/28,
Callable
8/15/28
@
100
..................................
1,400,000
1,511,756
HSB
Group,
Inc.,
5.47%
(TSFR3M+117bps),
7/15/27,
Callable
5/4/25
@
100(c)
..........
750,000
735,423
Huntington
Bancshares,
Inc.,
4.45%
(H15T7Y+405bps),
Callable
10/15/27
@
100(c)(h)
....
1,150,000
1,106,890
Hyundai
Capital
America,
Inc.
4.30%,
9/24/27(a)
..................................................
1,000,000
988,367
5.30%,
1/8/29,
Callable
12/8/28
@
100(a)
.................................
2,000,000
2,017,454
Kemper
Corp.
2.40%,
9/30/30,
Callable
6/30/30
@
100
..................................
837,000
726,762
3.80%,
2/23/32,
Callable
11/23/31
@
100
..................................
2,400,000
2,155,313
LPL
Holdings,
Inc.,
5.70%,
5/20/27,
Callable
4/20/27
@
100
........................
300,000
304,998
Main
Street
Capital
Corp.,
3.00%,
7/14/26,
Callable
6/14/26
@
100
...................
500,000
484,773
Manufacturers
&
Traders
Trust
Co.,
4.65%,
1/27/26,
Callable
12/27/25
@
100
...........
500,000
499,782
Markel
Group,
Inc.,
6.00%
(H15T5Y+566bps),
Callable
6/1/25
@
100(c)(h)
.............
5,275,000
5,262,871
Mercedes
Benz
Finance
North
America
LLC,
4.65%,
4/1/27(a)
......................
750,000
750,758
MetLife,
Inc.,
3.85%
(H15T5Y+358bps),
Callable
9/15/25
@
100(c)(h)
................
3,738,000
3,701,271
Metropolitan
Life
Insurance
Co.,
7.80%,
11/1/25(a)
..............................
1,250,000
1,272,320
MGIC
Investment
Corp.,
5.25%,
8/15/28,
Callable
4/19/25
@
101.31
..................
1,000,000
989,729
MMI
Capital
Trust
I,
7.63%,
12/15/27
........................................
435,000
460,213
Morgan
Stanley
Bank
NA,
4.97%
(SOFR+93bps),
7/14/28,
Callable
7/14/27
@
100(c)
.....
1,500,000
1,512,787
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
MPT
Operating
Partnership
LP/MPT
Finance
Corp.,
5.00%,
10/15/27,
Callable
5/4/25
@
100.83(g)
........................................................
$
250,000
$
225,582
NextEra
Energy
Capital
Holdings,
Inc.,
4.85%,
2/4/28
.............................
2,000,000
2,023,684
NLG
Global
Funding,
5.40%,
1/23/30(a)
......................................
2,000,000
2,034,338
NMI
Holdings,
Inc.,
6.00%,
8/15/29,
Callable
7/15/29
@
100
.......................
2,000,000
2,031,343
Old
Republic
International
Corp.,
3.88%,
8/26/26,
Callable
7/26/26
@
100
..............
1,500,000
1,483,121
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
5.75%,
5/24/26,
Callable
4/24/26
@
100(a)
................................
1,000,000
1,011,096
5.35%,
3/30/29,
Callable
2/28/29
@
100(a)
................................
1,000,000
1,018,972
PRA
Group,
Inc.,
8.38%,
2/1/28,
Callable
5/4/25
@
104.19(a)
.......................
1,444,000
1,476,241
Principal
Life
Global
Funding
II,
4.60%,
8/19/27(a)
..............................
1,500,000
1,504,555
Radian
Group,
Inc.,
6.20%,
5/15/29,
Callable
4/15/29
@
100
........................
1,000,000
1,031,782
Regions
Financial
Corp.,
5.75%
(H15T5Y+543bps),
Callable
6/15/25
@
100(c)(h)
........
4,998,000
4,980,754
Reliance
Standard
Life
Global
Funding
II,
2.75%,
5/7/25(a)
........................
1,097,000
1,094,437
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.,
2.88%,
10/15/26,
Callable
5/4/25
@
100.72(a)
.........................................................
2,300,000
2,207,943
Sammons
Financial
Group
Global
Funding,
5.05%,
1/10/28(a)(g)
....................
2,000,000
2,023,454
SCE
Recovery
Funding
LLC,
0.86%,
11/15/31
..................................
1,344,207
1,189,563
Starwood
Property
Trust,
Inc.,
3.63%,
7/15/26,
Callable
1/15/26
@
100(a)
..............
500,000
484,606
Stewart
Information
Services
Corp.,
3.60%,
11/15/31,
Callable
8/15/31
@
100
...........
1,000,000
892,469
Synchrony
Bank,
5.40%,
8/22/25,
Callable
7/22/25
@
100
.........................
1,000,000
1,000,803
Synchrony
Financial
4.88%,
6/13/25,
Callable
5/13/25
@
100
..................................
1,412,000
1,411,310
3.95%,
12/1/27,
Callable
9/1/27
@
100
...................................
1,000,000
974,628
Synovus
Bank,
5.63%,
2/15/28,
Callable
1/15/28
@
100
...........................
1,000,000
1,004,939
Synovus
Financial
Corp.,
7.54%
(USISOA05+338bps),
2/7/29(c)
....................
1,500,000
1,535,410
Texas
Capital
Bancshares,
Inc.,
4.00%
(H15T5Y+315bps),
5/6/31,
Callable
5/6/26
@
100(c)
.
1,500,000
1,462,400
Texas
Capital
Bank
NA,
5.25%,
1/31/26
......................................
4,000,000
3,966,397
The
Bank
of
New
York
Mellon
Corp.
4.70%
(H15T5Y+436bps),
Callable
9/20/25
@
100(c)(h)
......................
5,800,000
5,773,932
4.98%
(SOFR+109bps),
3/14/30,
Callable
3/14/29
@
100,
MTN(c)
...............
1,000,000
1,013,528
The
Charles
Schwab
Corp.,
5.38%
(H15T5Y+497bps),
Callable
6/1/25
@
100(c)(h)
.......
7,400,000
7,384,756
The
Hanover
Insurance
Group,
Inc.,
4.50%,
4/15/26,
Callable
1/15/26
@
100
............
4,000,000
3,986,675
The
Huntington
National
Bank,
5.50%
(TSFR3M+535bps),
5/6/30,
Callable
5/6/25
@
100(c)
2,000,000
1,968,420
The
PNC
Financial
Services
Group,
Inc.,
3.40%
(H15T5Y+260bps),
Callable
9/15/26
@
100(c)(h)
.........................................................
4,250,000
4,048,890
The
Prudential
Insurance
Co.
of
America,
8.30%,
7/1/25(a)(g)
.......................
1,000,000
1,008,169
Toyota
Motor
Credit
Corp.,
4.55%,
8/7/26
.....................................
2,000,000
2,006,077
Truist
Financial
Corp.,
4.95%
(H15T5Y+461bps),
Callable
9/1/25
@
100(c)(h)
...........
4,000,000
3,976,759
U.S.
Bancorp
5.30%
(TSFR3M+318bps),
Callable
4/15/27
@
100(c)(h)
......................
3,800,000
3,767,195
5.78%
(SOFR+202bps),
6/12/29,
Callable
6/12/28
@
100(c)
....................
1,500,000
1,546,800
UL
Solutions,
Inc.,
6.50%,
10/20/28,
Callable
9/20/28
@
100(a)
.....................
1,000,000
1,051,700
Wells
Fargo
&
Co.
3.90%
(H15T5Y+345bps),
Callable
3/15/26
@
100(c)(h)
......................
4,000,000
3,884,352
5.88%,
Callable
6/15/25
@
100(h)
.......................................
333,000
332,951
196,359,828
Health
Care
(1.8%):
Blue
Cross
and
Blue
Shield
of
Minnesota,
3.79%,
5/1/25(a)
.........................
3,906,000
3,900,209
DENTSPLY
SIRONA,
Inc.,
3.25%,
6/1/30,
Callable
3/1/30
@
100
....................
2,100,000
1,881,976
Elevance
Health,
Inc.,
5.15%,
6/15/29,
Callable
5/15/29
@
100
......................
1,000,000
1,020,097
HCA,
Inc.,
5.00%,
3/1/28,
Callable
2/1/28
@
100
................................
1,000,000
1,008,082
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
1.50%,
6/1/25,
Callable
5/4/25
@
100(a)
..................................
3,311,000
3,290,678
5.20%,
6/15/29,
Callable
5/15/29
@
100(a)
................................
2,000,000
2,034,599
2.20%,
6/1/30,
Callable
3/1/30
@
100(a)
..................................
1,000,000
886,885
Humana,
Inc.,
5.38%,
4/15/31,
Callable
2/15/31
@
100
............................
1,250,000
1,259,500
Peacehealth
Obligated
Group,
1.38%,
11/15/25,
Callable
8/15/25
@
100
...............
3,250,000
3,176,613
Solventum
Corp.
5.45%,
2/25/27,
Callable
1/25/27
@
100
..................................
1,000,000
1,014,678
5.40%,
3/1/29,
Callable
2/1/29
@
100
....................................
1,000,000
1,020,060
20,493,377
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Industrials
(2.9%):
AGCO
Corp.,
5.45%,
3/21/27,
Callable
2/21/27
@
100
............................
$
1,000,000
$
1,012,782
American
Airlines
Pass
Through
Trust,
4.00%,
9/22/27
............................
430,213
408,587
Aon
North
America,
Inc.,
5.15%,
3/1/29,
Callable
2/1/29
@
100
.....................
1,000,000
1,016,678
CNH
Industrial
Capital
LLC,
5.10%,
4/20/29,
Callable
3/20/29
@
100
.................
1,000,000
1,012,303
Delta
Air
Lines
Pass
Through
Trust,
2.00%,
6/10/28
..............................
730,927
687,154
Delta
Air
Lines,
Inc.,
7.00%,
5/1/25(a)
........................................
3,250,000
3,252,680
HEICO
Corp.,
5.25%,
8/1/28,
Callable
7/1/28
@
100
.............................
1,000,000
1,017,705
JB
Hunt
Transport
Services,
Inc.,
4.90%,
3/15/30,
Callable
2/15/30
@
100
..............
2,000,000
2,012,789
Lennox
International,
Inc.,
1.35%,
8/1/25,
Callable
7/1/25
@
100
.....................
3,625,000
3,579,243
MasTec,
Inc.,
5.90%,
6/15/29,
Callable
5/15/29
@
100
............................
952,000
976,378
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.50%,
6/20/27,
Callable
5/4/25
@
101.63(a)
...........................................
900,000
903,731
Molex
Electronic
Technologies
LLC,
3.90%,
4/15/25(a)
...........................
5,950,000
5,947,745
Quanta
Services,
Inc.,
4.75%,
8/9/27,
Callable
7/9/27
@
100
........................
2,000,000
2,003,023
Regal
Rexnord
Corp.,
6.05%,
2/15/26
........................................
1,156,000
1,165,202
Republic
Services,
Inc.,
5.00%,
11/15/29,
Callable
10/15/29
@
100
...................
1,000,000
1,015,160
RXO,
Inc.,
7.50%,
11/15/27,
Callable
5/4/25
@
103.75(a)
..........................
500,000
514,219
Ryder
System,
Inc.
5.25%,
6/1/28,
Callable
5/1/28
@
100,
MTN
...............................
1,000,000
1,018,044
5.38%,
3/15/29,
Callable
2/15/29
@
100,
MTN
.............................
1,000,000
1,021,797
Stanley
Black
&
Decker,
Inc.,
6.27%,
3/6/26,
Callable
4/14/25
@
100
.................
1,000,000
1,000,188
U.S.
Airways
Pass
Through
Trust,
3.95%,
11/15/25
...............................
919,775
911,387
United
Airlines
Pass
Through
Trust
4.88%,
1/15/26
....................................................
1,331,712
1,325,328
5.88%,
10/15/27
....................................................
801,283
813,313
XPO,
Inc.,
6.25%,
6/1/28,
Callable
6/1/25
@
103.13(a)
............................
1,019,000
1,029,815
33,645,251
Information
Technology
(1.3%):
Atlassian
Corp.,
5.25%,
5/15/29,
Callable
4/15/29
@
100
..........................
2,000,000
2,035,712
Dell
International
LLC/EMC
Corp.,
4.75%,
4/1/28,
Callable
3/1/28
@
100
..............
1,500,000
1,506,133
Hewlett
Packard
Enterprise
Co.,
4.45%,
9/25/26
.................................
1,000,000
997,980
Microchip
Technology,
Inc.,
4.90%,
3/15/28
....................................
2,000,000
2,006,477
RELX
Capital,
Inc.,
4.75%,
3/27/30,
Callable
2/27/30
@
100
........................
2,000,000
2,013,260
Synopsys,
Inc.
4.55%,
4/1/27
.....................................................
2,000,000
2,007,619
4.65%,
4/1/28,
Callable
3/1/28
@
100
....................................
1,000,000
1,006,164
VeriSign,
Inc.,
5.25%,
4/1/25
...............................................
3,400,000
3,400,000
14,973,345
Materials
(1.9%):
Amcor
Flexibles
North
America,
Inc.,
4.80%,
3/17/28(a)
...........................
2,000,000
2,011,471
Bayport
Polymers
LLC,
4.74%,
4/14/27,
Callable
3/14/27
@
100(a)
...................
1,700,000
1,697,173
Berry
Global,
Inc.,
1.57%,
1/15/26,
Callable
12/15/25
@
100
........................
2,941,000
2,867,347
Celanese
US
Holdings
LLC,
6.42%,
7/15/27,
Callable
6/15/27
@
100
.................
637,000
647,420
Chevron
Phillips
Chemical
Co.
LLC
/
Chevron
Phillips
Chemical
Co.
LP,
4.75%,
5/15/30,
Callable
4/15/30
@
100(a)
............................................
2,000,000
1,998,586
International
Flavors
&
Fragrances,
Inc.,
1.23%,
10/1/25,
Callable
9/1/25
@
100(a)
........
5,810,000
5,702,199
Solvay
Finance
America
LLC,
5.65%,
6/4/29,
Callable
5/4/29
@
100(a)
................
1,000,000
1,025,831
Sonoco
Products
Co.,
4.45%,
9/1/26
.........................................
571,000
569,377
Southern
Copper
Corp.,
3.88%,
4/23/25
.......................................
4,000,000
3,993,670
The
Sherwin-Williams
Co.,
4.55%,
3/1/28,
Callable
2/1/28
@
100
....................
1,000,000
1,001,282
21,514,356
Real
Estate
(3.2%):
Alexandria
Real
Estate
Equities,
Inc.,
3.45%,
4/30/25
.............................
1,000,000
998,602
Boston
Properties
LP
3.65%,
2/1/26,
Callable
11/3/25
@
100
...................................
933,000
922,953
6.75%,
12/1/27,
Callable
11/1/27
@
100
..................................
1,500,000
1,567,830
CBRE
Services,
Inc.,
4.88%,
3/1/26,
Callable
12/1/25
@
100
........................
2,960,000
2,959,980
CubeSmart
LP,
4.38%,
2/15/29,
Callable
11/15/28
@
100
..........................
2,000,000
1,960,807
DOC
DR
LLC
4.30%,
3/15/27,
Callable
12/15/26
@
100
.................................
750,000
745,302
3.95%,
1/15/28,
Callable
10/15/27
@
100
.................................
450,000
440,908
Essex
Portfolio
LP,
1.70%,
3/1/28,
Callable
1/1/28
@
100
..........................
500,000
460,282
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Extra
Space
Storage
LP,
5.90%,
1/15/31,
Callable
11/15/30
@
100
....................
$
1,000,000
$
1,039,780
Federal
Realty
OP
LP,
5.38%,
5/1/28,
Callable
4/1/28
@
100
........................
2,000,000
2,036,994
Healthcare
Realty
Holdings
LP,
3.75%,
7/1/27,
Callable
4/1/27
@
100
.................
300,000
293,445
Highwoods
Realty
LP
4.13%,
3/15/28,
Callable
12/15/27
@
100
.................................
500,000
484,745
4.20%,
4/15/29,
Callable
1/15/29
@
100
..................................
1,000,000
958,570
Jones
Lang
LaSalle,
Inc.,
6.88%,
12/1/28,
Callable
11/1/28
@
100
....................
3,000,000
3,183,898
Kilroy
Realty
LP,
4.38%,
10/1/25,
Callable
7/1/25
@
100
..........................
2,600,000
2,593,880
Kimco
Realty
OP
LLC,
3.80%,
4/1/27,
Callable
1/1/27
@
100
.......................
1,000,000
985,336
Kite
Realty
Group
LP,
4.00%,
10/1/26,
Callable
7/1/26
@
100
.......................
1,119,000
1,107,582
LXP
Industrial
Trust,
6.75%,
11/15/28,
Callable
10/15/28
@
100
.....................
1,000,000
1,057,355
Mid-America
Apartments
LP,
5.30%,
2/15/32,
Callable
12/15/31
@
100
................
1,000,000
1,015,879
NNN
REIT,
Inc.
4.00%,
11/15/25,
Callable
8/15/25
@
100
..................................
3,000,000
2,984,523
2.50%,
4/15/30,
Callable
1/15/30
@
100
..................................
1,000,000
892,784
Realty
Income
Corp.,
5.05%,
1/13/26,
Callable
4/14/25
@
100(g)
....................
1,000,000
999,545
SBA
Tower
Trust
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
................................
421,000
431,564
4.83%,
10/15/29,
Callable
10/15/27
@
100(a)
...............................
2,000,000
1,982,947
The
NHP
Foundation,
5.85%,
12/1/28,
Callable
6/1/28
@
100
.......................
1,000,000
1,041,509
UDR,
Inc.,
3.50%,
7/1/27,
Callable
4/1/27
@
100,
MTN
...........................
2,000,000
1,953,005
Vornado
Realty
LP,
2.15%,
6/1/26,
Callable
5/1/26
@
100
..........................
1,500,000
1,446,801
36,546,806
Utilities
(2.5%):
AEP
Texas,
Inc.,
5.45%,
5/15/29,
Callable
4/15/29
@
100
..........................
1,000,000
1,023,602
Alliant
Energy
Finance
LLC,
5.40%,
6/6/27,
Callable
5/6/27
@
100(a)
.................
1,000,000
1,011,166
Black
Hills
Corp.,
5.95%,
3/15/28,
Callable
2/15/28
@
100
.........................
1,000,000
1,035,927
CenterPoint
Energy,
Inc.,
5.40%,
6/1/29,
Callable
5/1/29
@
100
......................
1,000,000
1,022,205
CMS
Energy
Corp.,
4.75%
(H15T5Y+412bps),
6/1/50,
Callable
3/1/30
@
100(c)
.........
1,250,000
1,175,445
Dominion
Energy,
Inc.,
4.35%
(H15T5Y+320bps),
Callable
1/15/27
@
100(c)(h)
.........
2,000,000
1,939,882
DTE
Energy
Co.
4.95%,
7/1/27,
Callable
6/1/27
@
100
....................................
1,000,000
1,007,825
4.88%,
6/1/28,
Callable
5/1/28
@
100
....................................
1,000,000
1,006,004
Essential
Utilities,
Inc.,
4.80%,
8/15/27,
Callable
7/15/27
@
100
.....................
1,500,000
1,505,773
Exelon
Corp.,
5.13%,
3/15/31,
Callable
2/15/31
@
100
............................
1,000,000
1,010,576
Florida
Power
&
Light
Co.,
5.05%,
4/1/28,
Callable
3/1/28
@
100
....................
1,000,000
1,019,178
NSTAR
Electric
Co.,
4.85%,
3/1/30,
Callable
2/1/30
@
100
........................
1,000,000
1,008,608
Oncor
Electric
Delivery
Co.
LLC,
4.50%,
3/20/27(a)
.............................
1,500,000
1,505,778
ONE
Gas,
Inc.,
5.10%,
4/1/29,
Callable
3/1/29
@
100
.............................
1,500,000
1,529,111
Public
Service
Enterprise
Group,
Inc.,
5.20%,
4/1/29,
Callable
3/1/29
@
100
............
1,000,000
1,018,646
The
AES
Corp.,
1.38%,
1/15/26,
Callable
12/15/25
@
100
..........................
1,000,000
972,670
The
Southern
Co.,
4.00%
(H15T5Y+373bps),
1/15/51,
Callable
10/15/25
@
100(c)
........
6,337,000
6,253,766
Vistra
Operations
Co.
LLC,
5.13%,
5/13/25(a)
..................................
1,000,000
998,716
Wisconsin
Electric
Power
Co.,
5.00%,
5/15/29,
Callable
4/15/29
@
100
................
2,000,000
2,034,367
28,079,245
Total
Corporate
Bonds
(Cost
$420,501,436)
424,584,647
Yankee
Dollars
(8.3%)
Communication
Services
(0.1%):
Videotron
Ltd.,
5.13%,
4/15/27,
Callable
5/4/25
@
100(a)
..........................
1,500,000
1,498,156
Consumer
Discretionary
(0.7%):
Flutter
Treasury
DAC,
6.38%,
4/29/29,
Callable
4/15/26
@
103.19(a)
.................
2,300,000
2,343,587
International
Game
Technology
PLC
4.13%,
4/15/26,
Callable
5/4/25
@
100(a)
.................................
1,428,000
1,410,535
6.25%,
1/15/27,
Callable
7/15/26
@
100(a)
................................
3,250,000
3,275,710
Phinia
Holdings
Jersey
Ltd.,
5.00%,
10/1/25(a)
..................................
500,000
495,578
7,525,410
Consumer
Staples
(0.3%):
Bacardi-Martini
BV,
5.55%,
2/1/30,
Callable
1/1/30
@
100(a)
.......................
2,000,000
2,037,169
BAT
International
Finance
PLC,
4.45%,
3/16/28,
Callable
2/16/28
@
100
...............
1,000,000
995,104
3,032,273
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Energy
(0.7%):
Canadian
Natural
Resources
Ltd.,
5.00%,
12/15/29,
Callable
11/15/29
@
100(a)
..........
$
2,000,000
$
1,998,321
Enbridge,
Inc.
5.30%,
4/5/29,
Callable
3/5/29
@
100
....................................
1,000,000
1,018,555
5.75%
(H15T5Y+531bps),
7/15/80,
Callable
4/15/30
@
100(c)
..................
1,515,000
1,466,476
Harbour
Energy
PLC,
5.50%,
10/15/26,
Callable
5/4/25
@
101.38(a)
..................
1,500,000
1,501,270
TransCanada
PipeLines
Ltd.,
4.88%,
1/15/26,
Callable
10/15/25
@
100
................
1,038,000
1,037,824
Vallourec
SACA,
7.50%,
4/15/32,
Callable
4/15/27
@
103.75(a)
.....................
250,000
261,189
Var
Energi
ASA,
5.00%,
5/18/27,
Callable
4/18/27
@
100(a)
........................
1,000,000
1,004,936
8,288,571
Financials
(4.2%):
Amcor
Group
Finance
PLC,
5.45%,
5/23/29,
Callable
4/23/29
@
100
..................
1,000,000
1,021,523
Avolon
Holdings
Funding
Ltd.,
6.38%,
5/4/28,
Callable
4/4/28
@
100(a)
...............
1,000,000
1,034,331
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
7.53%
(H15T5Y+300bps),
10/1/28(a)(c)(g)
................................
1,500,000
1,579,943
5.62%,
12/10/29,
Callable
11/10/29
@
100(a)
...............................
1,037,000
1,051,251
Barclays
PLC
7.33%
(H15T1Y+305bps),
11/2/26,
Callable
11/2/25
@
100(c)
..................
1,000,000
1,014,330
4.84%
(SOFR+134bps),
9/10/28,
Callable
9/10/27
@
100(c)
....................
1,000,000
1,000,108
5.09%
(SOFR+96bps),
2/25/29,
Callable
2/25/28
@
100(c)
.....................
1,000,000
1,006,471
Beazley
Insurance
DAC
5.88%,
11/4/26
.....................................................
1,000,000
1,004,222
5.50%,
9/10/29
....................................................
3,802,000
3,745,220
BP
Capital
Markets
PLC,
4.38%
(H15T5Y+404bps),
Callable
6/22/25
@
100(c)(h)
........
1,457,000
1,450,298
Canadian
Imperial
Bank
of
Commerce
4.51%
(SOFR+93bps),
9/11/27,
Callable
9/11/26
@
100(c)
.....................
2,000,000
1,997,755
4.86%
(SOFR+103bps),
3/30/29,
Callable
3/30/28
@
100(c)
....................
1,500,000
1,505,007
7.26%,
4/10/32(a)
..................................................
539,061
560,933
Essent
Group
Ltd.,
6.25%,
7/1/29,
Callable
6/1/29
@
100
..........................
2,000,000
2,058,947
HSBC
Holdings
PLC,
4.90%
(SOFR+103bps),
3/3/29,
Callable
3/3/28
@
100(c)
.........
1,000,000
1,002,057
ING
Groep
NV,
6.50%
(USSW5+445bps),
Callable
4/16/25
@
100(c)(h)
...............
5,500,000
5,502,267
Mitsubishi
UFJ
Financial
Group,
Inc.,
3.84%
(H15T1Y+113bps),
4/17/26,
Callable
4/17/25
@
100(c)
...........................................................
2,000,000
1,999,158
Mizuho
Financial
Group,
Inc.,
4.35%,
10/20/25(a)
...............................
590,000
587,827
National
Bank
of
Canada,
4.70%
(SOFR+56bps),
3/5/27,
Callable
3/5/26
@
100(c)
........
2,000,000
2,002,974
Nationwide
Building
Society,
4.00%,
9/14/26(a)
.................................
1,000,000
987,788
NatWest
Group
PLC,
7.47%
(H15T1Y+285bps),
11/10/26,
Callable
11/10/25
@
100(c)
.....
500,000
508,210
Phoenix
Group
Holdings
PLC,
4.75%
(H15T5Y+428bps),
9/4/31,
Callable
6/4/26
@
100(c)
.
1,000,000
990,448
QBE
Insurance
Group
Ltd.,
5.88%
(H15T5Y+551bps),
Callable
5/12/25
@
100(a)(c)(g)(h)
..
5,500,000
5,496,589
Santander
UK
Group
Holdings
PLC,
4.75%,
9/15/25(a)(g)
.........................
2,000,000
1,994,889
Standard
Chartered
PLC,
5.69%
(H15T1Y+105bps),
5/14/28,
Callable
5/14/27
@
100(a)(c)
..
2,000,000
2,033,980
The
Bank
of
Nova
Scotia,
4.90%
(H15T5Y+455bps),
Callable
6/4/25
@
100(c)(h)
........
4,650,000
4,630,722
47,767,248
Health
Care
(0.1%):
Galaxy
Pipeline
Assets
Bidco
Ltd.,
1.75%,
9/30/27(a)
.............................
241,190
232,462
Royalty
Pharma
PLC,
1.20%,
9/2/25,
Callable
8/2/25
@
100
........................
1,000,000
985,842
Smith
&
Nephew
PLC,
5.15%,
3/20/27,
Callable
2/20/27
@
100
.....................
500,000
504,552
1,722,856
Industrials
(0.7%):
Air
Canada
Pass
Through
Trust,
4.13%,
5/15/25(a)
...............................
1,272,545
1,268,586
Element
Fleet
Management
Corp.
5.64%,
3/13/27,
Callable
2/13/27
@
100(a)
................................
1,000,000
1,016,558
6.32%,
12/4/28,
Callable
11/4/28
@
100(a)
................................
1,000,000
1,051,003
LG
Energy
Solution
Ltd.
5.38%,
7/2/27(a)
...................................................
952,000
957,433
5.25%,
4/2/28(a)
...................................................
2,000,000
2,001,305
Rolls-Royce
PLC,
3.63%,
10/14/25,
Callable
7/14/25
@
100(a)
......................
1,600,000
1,588,138
7,883,023
Information
Technology
(0.1%):
CGI,
Inc.,
4.95%,
3/14/30,
Callable
2/14/30
@
100(a)
.............................
1,000,000
1,000,058
Materials
(1.2%):
Braskem
Netherlands
Finance
BV,
4.50%,
1/10/28,
Callable
10/10/27
@
100(a)
..........
1,500,000
1,403,058
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Endeavour
Mining
PLC,
5.00%,
10/14/26,
Callable
10/14/25
@
100(a)
................
$
500,000
$
492,638
Minera
Mexico
SA
de
CV,
5.63%,
2/12/32,
Callable
12/12/31
@
100(a)
................
2,000,000
1,987,758
Nutrien
Ltd.,
4.50%,
3/12/27
...............................................
2,000,000
2,001,948
Rio
Tinto
Finance
USA
PLC
4.38%,
3/12/27
....................................................
1,000,000
1,002,521
4.50%,
3/14/28,
Callable
2/14/28
@
100
..................................
1,000,000
1,005,661
Smurfit
Kappa
Treasury
Funding
DAC,
7.50%,
11/20/25
...........................
3,000,000
3,047,836
Syngenta
Finance
NV,
4.89%,
4/24/25(a)
......................................
2,997,000
2,995,804
13,937,224
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
3.88%,
3/20/27,
Callable
12/20/26
@
100(a)
...........................................................
1,000,000
984,566
Utilities
(0.1%):
Algonquin
Power
&
Utilities
Corp.,
5.37%,
6/15/26(j)
.............................
1,000,000
1,005,529
Total
Yankee
Dollars
(Cost
$93,670,109)
94,644,914
Municipal
Bonds
(1.0%)
Alabama
(0.1%):
Black
Belt
Energy
Gas
District
Revenue,
Series
D-2,
6.00%,
2/1/29,
Continuously
Callable
@100
...........................................................
1,000,000
1,050,321
California
(0.3%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
Series
B,
5.71%,
7/1/30
..............................................
1,000,000
1,034,451
Series
B,
5.76%,
7/1/31
..............................................
1,000,000
1,038,714
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
Tax
Allocation,
Series
A,
4.82%,
8/1/25
...................................................
1,240,000
1,240,074
3,313,239
Colorado
(0.0%):(k)
Colorado
Health
Facilities
Authority
Revenue,
Series
B,
2.80%,
12/1/26
................
305,000
295,908
Illinois
(0.1%):
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4.57%,
12/1/27
....................................................
250,000
250,446
4.63%,
12/1/28
....................................................
500,000
500,812
751,258
Indiana
(0.1%):
City
of
Carmel
IN
Waterworks
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
B,
4.94%,
5/1/27
..............................................
200,000
201,460
Series
B,
4.97%,
5/1/28
..............................................
225,000
227,162
Series
B,
5.02%,
5/1/29
..............................................
275,000
278,298
706,920
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue,
4.79%,
11/30/29
...................
750,000
754,217
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue,
1.89%,
1/1/26
.......
1,000,000
969,058
1,723,275
Michigan
(0.0%):(k)
Michigan
Finance
Authority
Revenue,
Series
A-1,
2.33%,
6/1/30
.....................
34,214
33,676
Ohio
(0.1%):
Columbus
Metropolitan
Housing
Authority
Revenue,
5.38%,
9/1/28,
Continuously
Callable
@100
...........................................................
845,000
857,305
Pennsylvania
(0.0%):(k)
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue,
Series
C,
4.96%,
11/1/25
....
500,000
501,230
Rhode
Island
(0.0%):(k)
Providence
Redevelopment
Agency
Revenue,
Series
A,
2.50%,
3/15/26
................
210,000
204,860
South
Carolina
(0.1%):
Greenville-Spartanburg
Airport
District
Revenue
Series
B,
4.75%,
7/1/26
..............................................
250,000
251,510
Series
B,
4.61%,
7/1/27
..............................................
350,000
352,794
Series
B,
4.59%,
7/1/28
..............................................
250,000
251,738
856,042
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Texas
(0.1%):
Culberson
County-Allamoore
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund),
7.00%,
2/15/27,
Continuously
Callable
@100
....................
$
1,100,000
$
1,133,294
Total
Municipal
Bonds
(Cost
$11,316,915)
11,427,328
U.S.
Government
Agency
Mortgages
(0.4%)
Farm
Credit
Bank
of
Texas
Series
4,
5.70%
(H15T5Y+542bps),
(a)(c)(h)
...............................
4,000,000
3,966,125
Federal
Home
Loan
Mortgage
Corporation
5.50%,
10/1/38
....................................................
694,926
706,067
Total
U.S.
Government
Agency
Mortgages
(Cost
$4,591,726)
4,672,192
U.S.
Treasury
Obligations
(15.3%)
U.S.
Treasury
Notes
4.25%,
10/15/25
....................................................
4,000,000
4,000,937
4.63%,
9/15/26
....................................................
43,000,000
43,404,805
4.38%,
12/15/26
....................................................
33,000,000
33,233,320
0.50%,
8/31/27
....................................................
28,000,000
25,825,625
4.13%,
11/15/27
....................................................
26,000,000
26,150,312
4.00%,
6/30/28
....................................................
15,000,000
15,050,391
3.75%,
12/31/28
....................................................
6,000,000
5,964,844
1.63%,
8/15/29
....................................................
10,000,000
9,089,844
4.13%,
8/31/30
....................................................
10,000,000
10,062,500
4.00%,
1/31/31
....................................................
2,000,000
1,997,500
Total
U.S.
Treasury
Obligations
(Cost
$173,261,100)
174,780,078
Commercial
Paper
(5.7%)
Consumer
Discretionary
(0.6%):
Whirlpool
Corp.
5.02%,
4/7/25(a)(l)
..................................................
2,000,000
1,998,052
5.01%,
4/10/25(a)(l)
.................................................
5,000,000
4,993,057
6,991,109
Consumer
Staples
(0.4%):
CVS
Health
Corp.,
4.76%,
4/7/25(a)(l)
........................................
4,000,000
3,996,298
Energy
(1.2%):
Apa
Corp.
5.03%,
4/1/25(a)(l)
..................................................
400,000
399,944
5.05%,
4/10/25(a)(l)
.................................................
10,700,000
10,685,020
Canadian
Natural
Resources
Ltd.,
4.99%,
4/8/25(a)(l)
.............................
3,000,000
2,996,679
14,081,643
Industrials
(1.7%):
Air
Lease
Corp.
4.74%,
4/2/25(a)(l)
..................................................
5,500,000
5,498,551
4.75%,
4/3/25(a)(l)
..................................................
3,500,000
3,498,616
4.77%,
4/10/25(a)(l)
.................................................
1,700,000
1,697,751
Global
Payments,
Inc.,
4.94%,
4/4/25(a)(l)
.....................................
6,600,000
6,596,376
Sonoco
Products
Co.,
4.99%,
4/9/25(a)(l)
......................................
2,300,000
2,297,135
19,588,429
Information
Technology
(0.2%):
Jabil,
Inc.,
5.13%,
4/1/25(a)(l)
..............................................
2,600,000
2,599,629
Materials
(0.4%):
FMC
Corp.
5.07%,
4/7/25(a)(l)
..................................................
400,000
399,607
5.08%,
4/10/25(a)(l)
.................................................
800,000
798,873
5.20%,
4/30/25(a)(l)
.................................................
1,000,000
995,683
International
Flavors
&
Fragrances,
Inc.,
4.56%,
4/14/25(a)(l)
.......................
2,000,000
1,996,462
4,190,625
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Real
Estate
(0.6%):
Crown
Castle
International
Corp.,
4.91%,
4/29/25(a)(l)
............................
$
6,700,000
$
6,673,609
Utilities
(0.6%):
Guadalupe
Valley
Electric
Cooperative,
Inc.
5.07%,
4/15/25(a)(l)
.................................................
2,400,000
2,394,938
4.37%,
4/16/25(a)(l)
.................................................
2,000,000
1,996,120
National
Fuel
Gas
Co.,
4.86%,
4/8/25(a)(l)
.....................................
2,800,000
2,796,978
7,188,036
Total
Commercial
Paper
(Cost
$65,317,010)
65,309,378
Shares
Collateral
for
Securities
Loaned
(0.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.26%(m)
.......
1,928,960
1,928,960
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.27%(m)
...........
1,928,960
1,928,960
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.30%(m)
...............
1,928,960
1,928,960
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.27%(m)
1,928,960
1,928,960
Total
Collateral
for
Securities
Loaned
(Cost
$7,715,840)
7,715,840
Total
Investments
(Cost
$1,127,082,308)
—
99.8%
1,137,684,164
Other
assets
in
excess
of
liabilities
—
0.2%
2,279,151
NET
ASSETS
-
100.00%
$
1,139,963,315
At
March
31,
2025,
the
Fund's
investments
in
foreign
securities
were
9.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2025,
the
fair
value
of
these
securities
was
$543,976,305
and
amounted
to
47.7%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2025.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
March
31,
2025.
(e)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(f)
The
Fund
may
enter
into
certain
credit
agreements
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
At
March
31,
2025,
the
Fund
held
unfunded
or
partially
unfunded
loan
commitments
of
$3,500,000,
and
there
was
$0
unrealized
gain/
(loss)
on
these
unfunded
loan
commitments.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(i)
Securities
referencing
LIBOR
are
expected
to
transition
to
an
alternative
reference
rate
by
the
security's
next
scheduled
coupon
reset
date.
(j)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(k)
Amount
represents
less
than
0.05%
of
net
assets.
(l)
Rate
represents
the
effective
yield
at
March
31,
2025.
(m)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
March
31,
2025.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2025.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2025.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
March
31,
2025,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2025.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2025.
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
120
(Unaudited)
Security
Description
Principal
Amount
.
Value
Asset-Backed
Securities
(12.6%)
ABS
Auto
(6.9%):
Ally
Auto
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.16
%
,
10/15/29
,
Callable
8/15/27
@
100
$
1,263,000
$
1,277,790
American
Heritage
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.07
%
,
6/17/30
,
Callable
10/15/28
@
100
(a)
...........................................
2,122,642
2,131,749
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
................
1,135,000
1,125,734
Series
2021-3
,
Class
B
,
1
.17
%
,
8/18/27
,
Callable
7/18/26
@
100
.................
591,089
586,787
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
5/15/25
@
100
(a)
..............
471,866
471,157
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
5/15/25
@
100
(a)
...............
467,000
466,430
Series
2024-A
,
Class
B
,
5
.16
%
,
11/15/32
,
Callable
9/15/27
@
100
(a)
..............
1,300,000
1,316,743
Series
2025-A
,
Class
A3
,
4
.46
%
,
1/17/34
,
Callable
9/15/28
@
100
(a)
..............
920,000
918,443
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2021-2A
,
Class
C
,
2
.35
%
,
2/20/28
,
Callable
2/20/27
@
100
(a)
..............
800,000
754,679
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
1,000,000
1,014,693
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
1,000,000
1,032,779
CarMax
Auto
Owner
Trust
................................................
Series
2021-2
,
Class
B
,
1
.03
%
,
12/15/26
,
Callable
5/15/25
@
100
................
2,000,000
1,990,793
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
9/15/25
@
100
.................
1,000,000
978,433
Series
2022-3
,
Class
C
,
4
.98
%
,
2/15/28
,
Callable
10/15/26
@
100
................
1,090,000
1,091,622
Series
2023-1
,
Class
D
,
6
.27
%
,
11/15/29
,
Callable
2/15/27
@
100
................
1,000,000
1,017,012
Series
2024-2
,
Class
B
,
5
.69
%
,
11/15/29
,
Callable
12/15/27
@
100
...............
1,450,000
1,483,235
Series
2024-4
,
Class
B
,
4
.82
%
,
5/15/30
,
Callable
3/15/28
@
100
.................
2,000,000
2,005,516
CarMax
Select
Receivables
Trust
,
Series
2024-A
,
Class
A3
,
5
.40
%
,
11/15/28
,
Callable
4/15/28
@
100
...........................................................
2,000,000
2,022,315
Carvana
Auto
Receivables
Trust
,
Series
2021-P2
,
Class
B
,
1
.27
%
,
3/10/27
,
Callable
2/10/27
@
100
.............................................................
1,500,000
1,454,380
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA
,
Class
C
,
6
.24
%
,
9/25/29
,
Callable
3/25/28
@
100
(a)
.............
875,000
909,497
Series
2024-1A
,
Class
A4
,
5
.05
%
,
10/25/29
,
Callable
2/25/28
@
100
(a)
............
1,400,000
1,427,183
Series
2024-1A
,
Class
B
,
5
.16
%
,
11/26/29
,
Callable
2/25/28
@
100
(a)
.............
643,000
651,890
Series
2024-2A
,
Class
B
,
5
.55
%
,
1/25/30
,
Callable
12/25/27
@
100
(a)
.............
2,700,000
2,769,511
Series
2024-3A
,
Class
A4
,
5
.08
%
,
12/25/29
,
Callable
2/25/28
@
100
(a)
............
2,950,000
3,000,802
Series
2024-4A
,
Class
B
,
5
.23
%
,
4/25/30
,
Callable
2/25/28
@
100
(a)
..............
1,450,000
1,474,919
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
4/15/26
@
100
(a)
..............
1,897,000
1,909,862
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
...........
746,110
756,058
Series
2024-1A
,
Class
A1
,
5
.52
%
,
5/15/36
,
Callable
6/15/27
@
100
(a)
.............
1,087,129
1,099,226
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A3
,
5
.84
%
,
1/18/28
,
Callable
3/15/27
@
100
(a)
..............
955,552
962,422
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
3/15/27
@
100
(a)
.............
1,000,000
1,018,863
CPS
Auto
Receivables
Trust
,
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
6/15/27
@
100
(a)
...........................................................
1,122,771
1,125,834
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2022-3A
,
Class
B
,
7
.52
%
,
12/15/32
,
Callable
7/15/26
@
100
(a)
.............
1,500,000
1,513,703
Series
2023-2A
,
Class
A
,
5
.92
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
800,000
804,482
Series
2023-2A
,
Class
B
,
6
.61
%
,
7/15/33
,
Callable
11/15/26
@
100
(a)
.............
1,000,000
1,017,443
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
947,000
974,049
Series
2024-3A
,
Class
A
,
4
.68
%
,
9/15/34
,
Callable
5/15/28
@
100
(a)
..............
2,000,000
1,999,253
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
9/15/25
@
100
1,011,780
998,768
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
9/15/28
@
100
(a)
...........................................................
2,700,000
2,779,828
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-1
,
Class
A3
,
3
.27
%
,
1/20/28
,
Callable
7/20/25
@
100
(a)
..............
1,000,000
993,788
Series
2022-3
,
Class
A2
,
4
.38
%
,
7/20/29
,
Callable
4/20/26
@
100
(a)
..............
300,572
300,103
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
2,000,000
2,027,116
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
563,043
566,854
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
7/20/27
@
100
(a)
..............
1,450,000
1,509,518
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
8/20/27
@
100
(a)
..............
2,000,000
2,030,399
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
994,000
1,024,955
FCCU
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
5/15/28
@
100
(a)
...........................................................
808,000
820,080
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
First
Investors
Auto
Owner
Trust
,
Series
2021-1A
,
Class
E
,
3
.35
%
,
4/15/27
,
Callable
4/15/25
@
100
(a)
.........................................................
$
950,000
$
949,121
Flagship
Credit
Auto
Trust
,
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
7/15/26
@
100
(a)
1,000,000
969,482
Ford
Credit
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
5
.29
%
,
6/15/26
,
Callable
8/15/25
@
100
800,000
800,570
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822,000
834,494
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
1,000,000
1,036,498
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
1/15/27
@
100
(a)
...............
1,253,000
1,254,474
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
4/15/27
@
100
(a)
...............
1,429,000
1,436,747
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
8/15/28
@
100
(a)
..............
415,000
424,330
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
8/15/28
@
100
(a)
..............
250,000
258,797
GLS
Auto
Receivables
Issuer
Trust
,
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
...................................................
1,000,000
975,891
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
B
,
6
.67
%
,
12/17/29
,
Callable
8/15/28
@
100
(a)
.............
2,755,000
2,854,481
Series
2024-1A
,
Class
B
,
5
.32
%
,
3/15/30
,
Callable
3/15/28
@
100
(a)
..............
875,000
884,848
Series
2024-4A
,
Class
B
,
4
.50
%
,
11/15/30
,
Callable
6/15/29
@
100
(a)
.............
2,000,000
1,984,400
Series
2025-1A
,
Class
A2
,
4
.71
%
,
4/15/30
,
Callable
4/15/30
@
100
(a)
.............
1,329,000
1,331,596
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2025-1
,
Class
B
,
5
.00
%
,
8/16/30
,
Callable
3/16/28
@
100
........................................
1,450,000
1,459,014
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
A4
,
5
.17
%
,
1/15/30
,
Callable
3/15/28
@
100
(a)
.............
2,500,000
2,518,584
Series
2024-1A
,
Class
B
,
5
.42
%
,
1/15/30
,
Callable
3/15/28
@
100
(a)
..............
1,200,000
1,211,994
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
1/15/27
@
100
(a)
...........................................................
1,250,000
1,256,257
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
C
,
7
.26
%
,
2/25/28
(a)
...........
1,000,000
1,020,339
Hertz
Vehicle
Financing
III
LP
,
Series
2021-2A
,
Class
A
,
1
.68
%
,
12/27/27
(a)
............
1,000,000
954,818
Hertz
Vehicle
Financing
LLC
,
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
...........................................................
1,000,000
997,092
Honda
Auto
Receivables
Owner
Trust
,
Series
2024-4
,
Class
A4
,
4
.35
%
,
12/16/30
,
Callable
11/15/27
@
100
....................................................
1,500,000
1,497,903
Hyundai
Auto
Receivables
Trust
............................................
Series
2021-C
,
Class
B
,
1
.49
%
,
12/15/27
,
Callable
3/15/26
@
100
................
2,000,000
1,951,656
Series
2024-C
,
Class
B
,
4
.67
%
,
1/15/31
,
Callable
11/15/28
@
100
................
941,000
938,242
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
12/15/25
@
100
(a)
.............
972,060
967,275
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
8/15/26
@
100
(a)
..............
1,600,000
1,607,641
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
4/15/27
@
100
(a)
..............
600,000
602,418
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
6/15/27
@
100
(a)
..............
1,000,000
1,006,760
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
7/15/27
@
100
(a)
..............
1,000,000
1,014,796
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
10/15/27
@
100
(a)
............
1,500,000
1,532,524
Series
2024-3A
,
Class
B
,
4
.74
%
,
1/15/30
,
Callable
5/15/28
@
100
(a)
..............
2,000,000
1,997,099
M&T
Bank
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
A4
,
4
.89
%
,
7/15/32
,
Callable
1/15/29
@
100
(a)
...................................................
2,624,000
2,662,014
Mercedes-Benz
Auto
Receivables
Trust
,
Series
2025-1
,
Class
A4
,
4
.92
%
,
4/15/31
,
Callable
9/15/28
@
100
.....................................................
1,890,000
1,906,163
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
6/20/26
@
100
(a)
..............
1,252,654
1,263,079
Series
2023-1A
,
Class
B
,
7
.25
%
,
5/20/36
,
Callable
6/20/26
@
100
(a)
..............
2,000,000
2,034,639
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
5/20/27
@
100
(a)
..............
3,200,000
3,226,173
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
1/15/28
@
100
(a)
...........................................................
500,000
517,077
Oscar
US
Funding
XIII
LLC
,
Series
2021-2A
,
Class
A4
,
1
.27
%
,
9/11/28
,
Callable
6/10/25
@
100
(a)
...........................................................
852,585
835,611
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
11/10/28
@
100
(a)
...........................................................
1,500,000
1,495,526
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
865,032
863,819
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
1,499,000
1,495,240
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
750,000
749,433
Series
2024-A
,
Class
A4
,
4
.75
%
,
3/15/30
,
Callable
1/15/29
@
100
(a)
..............
1,450,000
1,444,407
Prestige
Auto
Receivables
Trust
............................................
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2021-1A
,
Class
C
,
1
.53
%
,
2/15/28
,
Callable
7/15/26
@
100
(a)
..............
$
457,714
$
453,455
Series
2023-1A
,
Class
B
,
5
.55
%
,
4/15/27
,
Callable
4/15/27
@
100
(a)
..............
533,536
533,943
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
,
Callable
10/15/27
@
100
(a)
............
750,000
757,916
Series
2024-2A
,
Class
A2
,
4
.72
%
,
2/15/28
,
Callable
2/15/28
@
100
(a)
.............
1,614,667
1,613,853
Santander
Bank
Auto
Credit-Linked
Notes
,
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
2/15/26
@
100
(a)
...................................................
29,703
29,702
Santander
Drive
Auto
Receivables
Trust
,
Series
2022-3
,
Class
B
,
4
.13
%
,
8/16/27
,
Callable
7/15/26
@
100
.....................................................
341,373
341,111
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A
,
Class
A4
,
5
.21
%
,
4/16/29
,
Callable
5/15/28
@
100
(a)
..............
1,500,000
1,513,178
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
5/15/28
@
100
(a)
...............
1,500,000
1,513,062
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
1/15/28
@
100
(a)
.............
900,000
915,938
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
1/15/28
@
100
(a)
.............
2,000,000
2,052,107
Series
2024-1A
,
Class
B
,
5
.33
%
,
7/15/30
,
Callable
12/15/27
@
100
(a)
.............
1,950,200
1,961,926
Securitized
Term
Auto
Receivables
Trust
,
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
4/25/28
@
100
(a)
...................................................
2,369,273
2,384,120
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
B
,
5
.71
%
,
1/22/30
,
Callable
11/20/27
@
100
(a)
.............
1,500,000
1,532,951
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
4/20/28
@
100
(a)
..............
840,000
854,010
Series
2024-3A
,
Class
B
,
4
.76
%
,
11/20/31
,
Callable
8/20/28
@
100
(a)
.............
2,000,000
1,999,801
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
8/20/25
@
100
(a)
...............
2,275,000
2,286,884
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
11/20/25
@
100
(a)
.............
802,000
809,440
Series
2024-A
,
Class
A4
,
5
.31
%
,
12/20/27
,
Callable
6/20/26
@
100
(a)
.............
2,000,000
2,018,261
Toyota
Auto
Loan
Extended
Note
Trust
.......................................
Series
2021-1A
,
Class
A
,
1
.07
%
,
2/27/34
,
Callable
2/25/26
@
100
(a)
(b)
............
2,000,000
1,939,187
Series
2022-1A
,
Class
A
,
3
.82
%
,
4/25/35
,
Callable
4/25/27
@
100
(a)
..............
2,000,000
1,978,596
Toyota
Auto
Receivables
Owner
Trust
........................................
Series
2023-A
,
Class
A3
,
4
.63
%
,
9/15/27
,
Callable
4/15/27
@
100
................
3,153,550
3,155,887
Series
2024-D
,
Class
A4
,
4
.43
%
,
4/15/30
,
Callable
6/15/28
@
100
................
2,000,000
2,001,417
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
8/20/25
@
100
(a)
...........................................................
2,000,000
2,002,563
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
10/25/26
@
100
(a)
.......
1,175,068
1,190,344
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
9/15/27
@
100
(a)
............
1,000,000
1,011,952
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
9/15/27
@
100
(a)
..............
2,033,000
2,068,116
Westlake
Automobile
Receivables
Trust
,
Series
2022-2A
,
Class
C
,
4
.85
%
,
9/15/27
,
Callable
7/15/26
@
100
(a)
...................................................
816,445
815,972
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
829,271
835,796
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
2,000,000
2,066,389
Series
2024-1A
,
Class
B
,
5
.50
%
,
2/18/39
(a)
................................
1,357,000
1,376,543
Series
2024-2A
,
Class
B
,
4
.84
%
,
6/21/39
(a)
................................
1,625,000
1,622,866
Series
2024-3A
,
Class
B
,
5
.07
%
,
9/19/39
(a)
................................
1,514,286
1,522,067
World
Omni
Select
Auto
Trust
,
Series
2023-A
,
Class
C
,
6
.00
%
,
1/16/29
,
Callable
1/15/27
@
100
.............................................................
1,000,000
1,011,894
164,801,265
ABS
Card
(1.3%):
American
Express
Credit
Account
Master
Trust
.................................
Series
2023-4
,
Class
A
,
5
.15
%
,
9/15/30
...................................
2,900,000
2,979,027
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
...................................
3,000,000
3,098,326
BA
Credit
Card
Trust
....................................................
Series
2023-A2
,
Class
A2
,
4
.98
%
,
11/15/28
................................
1,800,000
1,819,263
Series
2024-A1
,
Class
A
,
4
.93
%
,
5/15/29
..................................
3,500,000
3,547,719
Capital
One
Multi-Asset
Execution
Trust
,
Series
2021-A2
,
Class
A2
,
1
.39
%
,
7/15/30
.......
4,700,000
4,274,850
CARDS
II
Trust
,
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/16/29
(a)
.......................
920,000
927,369
Chase
Issuance
Trust
,
Series
2024-A2
,
Class
A
,
4
.63
%
,
1/15/31
......................
4,840,000
4,891,933
Citibank
Credit
Card
Issuance
Trust
,
Series
2018-A7
,
Class
A7
,
3
.96
%
,
10/13/30
.........
1,900,000
1,877,360
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4
,
Class
C
,
5
.64
%
,
10/15/28
(a)
.............................
903,000
908,378
Series
2025-CRT5
,
Class
C
,
5
.53
%
,
5/15/29
(a)
..............................
833,000
836,334
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
.................
625,000
597,619
Master
Credit
Card
Trust
II
................................................
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
$
1,000,000
$
1,004,601
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
................................
410,000
411,547
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
1,145,000
1,203,959
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
A
,
1
.53
%
,
10/26/29
(a)
...............................
2,000,000
1,910,371
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
2,000,000
1,915,229
32,203,885
ABS
Other
(4.2%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
4/15/25
@
100
(a)
.........................................................
1,500,000
1,436,463
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............................................
67,228
66,954
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
457,010
458,044
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
............................................
2,710,000
2,771,537
Amur
Equipment
Finance
Receivables
XIII
LLC
,
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
3/20/28
@
100
(a)
............................................
1,081,000
1,096,753
Atalaya
Equipment
Leasing
Trust
...........................................
Series
2021-1A
,
Class
B
,
2
.08
%
,
2/15/27
,
Callable
4/15/25
@
100
(a)
..............
107,536
107,256
Series
2021-1A
,
Class
C
,
2
.69
%
,
6/15/28
,
Callable
4/15/25
@
100
(a)
..............
1,500,000
1,476,364
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
826,000
849,925
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
833,000
874,469
Barings
Equipment
Finance
LLC
,
Series
2025-A
,
Class
A4
,
5
.02
%
,
6/13/50
,
Callable
8/13/30
@
100
(a)
.........................................................
3,000,000
3,040,532
Blue
Owl
Asset
Leasing
Trust
,
Series
2024-1A
,
Class
B
,
5
.41
%
,
3/15/30
,
Callable
8/15/27
@
100
(a)
...........................................................
1,216,000
1,226,148
CCG
Receivables
Trust
...................................................
Series
2021-2
,
Class
C
,
1
.50
%
,
3/14/29
,
Callable
4/14/25
@
100
(a)
...............
1,000,000
998,696
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
..............
376,427
378,498
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
9/14/27
@
100
(a)
...............
1,450,000
1,498,186
Series
2025-1
,
Class
B
,
4
.69
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
965,000
965,732
CF
Hippolyta
Issuer
LLC
,
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
4/15/25
@
100
(a)
...........................................................
1,413,671
1,351,242
CNH
Equipment
Trust
,
Series
2024-C
,
Class
A4
,
4
.12
%
,
3/15/32
,
Callable
2/15/29
@
100
...
1,500,000
1,481,867
Crossroads
Asset
Trust
,
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
3/20/28
@
100
(a)
.
1,637,000
1,674,364
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
(a)
...............................
1,349,000
1,298,696
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
1,795,918
1,828,354
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A4
,
5
.93
%
,
12/16/30
,
Callable
10/15/26
@
100
.............................................................
1,680,000
1,713,835
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1
,
Class
A3
,
5
.65
%
,
9/22/28
,
Callable
10/22/25
@
100
(a)
.............
588,636
590,456
Series
2023-3
,
Class
A3
,
5
.93
%
,
4/23/29
,
Callable
4/22/26
@
100
(a)
..............
1,594,000
1,608,057
Series
2024-1
,
Class
B
,
5
.53
%
,
3/22/30
,
Callable
6/22/26
@
100
(a)
...............
1,900,000
1,928,341
Dext
ABS
LLC
,
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
.......
1,500,000
1,533,532
Diamond
Infrastructure
Funding
LLC
,
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
...................................................
1,000,000
947,331
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
A
,
2
.31
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
1,125,000
1,059,029
DLLAA
LLC
,
Series
2025-1A
,
Class
A4
,
5
.08
%
,
4/20/33
,
Callable
7/20/29
@
100
(a)
......
1,583,333
1,610,705
DLLAD
LLC
,
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
2/20/29
@
100
(a)
......
918,980
943,016
DLLMT
LLC
,
Series
2024-1A
,
Class
A4
,
4
.98
%
,
4/20/32
,
Callable
5/20/28
@
100
(a)
......
1,019,531
1,032,191
FirstKey
Homes
Trust
,
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
(c)
...............
1,153,846
1,098,550
Ford
Credit
Floorplan
Master
Owner
Trust
A
...................................
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
.................................
532,000
537,366
Series
2024-4
,
Class
A
,
4
.40
%
,
9/15/31
(a)
.................................
1,500,000
1,493,126
Granite
Park
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
12/20/25
@
100
(a)
..................................................
1,634,000
1,723,788
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2024-1
,
Class
B
,
5
.18
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
..............
1,480,000
1,501,142
Series
2025-1
,
Class
A4
,
4
.58
%
,
1/15/32
,
Callable
5/15/29
@
100
(a)
..............
2,180,000
2,182,338
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
12/20/26
@
100
(a)
.............
1,250,000
1,264,923
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2024-1A
,
Class
B
,
5
.18
%
,
5/20/31
,
Callable
8/20/27
@
100
(a)
..............
$
1,500,000
$
1,504,200
John
Deere
Owner
Trust
..................................................
Series
2022-A
,
Class
A4
,
2
.49
%
,
1/16/29
,
Callable
10/15/25
@
100
...............
1,000,000
988,989
Series
2024-C
,
Class
A4
,
4
.15
%
,
8/15/31
,
Callable
6/15/28
@
100
................
1,376,000
1,362,857
Kubota
Credit
Owner
Trust
................................................
Series
2022-1A
,
Class
A4
,
2
.78
%
,
2/15/28
,
Callable
1/15/26
@
100
(a)
.............
2,000,000
1,971,365
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
5/15/28
@
100
(a)
.............
1,268,000
1,293,632
Series
2025-1A
,
Class
A4
,
4
.87
%
,
7/15/30
,
Callable
2/15/29
@
100
(a)
.............
1,958,000
1,980,854
M&T
Equipment
LEAF
Notes
..............................................
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
.............
2,076,000
2,114,101
Series
2024-1A
,
Class
A4
,
4
.94
%
,
8/18/31
,
Callable
7/16/28
@
100
(a)
.............
2,360,000
2,372,835
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A
,
Class
A4
,
1
.04
%
,
11/13/30
(a)
...............................
2,000,000
1,935,216
Series
2022-A
,
Class
A4
,
3
.32
%
,
6/13/44
(a)
................................
1,500,000
1,482,364
Series
2023-A
,
Class
A3
,
5
.54
%
,
12/13/29
(a)
...............................
2,000,000
2,035,231
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
750,000
768,192
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
11/13/30
@
100
(a)
.............
865,000
875,720
MVW
LLC
,
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
12/20/26
@
100
(a)
......
230,308
217,203
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
4/20/25
@
100
(a)
............................................
1,807,000
1,687,111
NMEF
Funding
LLC
,
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..
1,418,182
1,419,962
NP
SPE
IX
LP
,
Series
2019-1A
,
Class
A2
,
3
.24
%
,
9/20/49
(a)
........................
498,295
483,276
NP
SPE
X
LP
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
.......................
427,500
414,754
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A
,
Class
A3
,
5
.64
%
,
11/20/30
,
Callable
3/20/28
@
100
(a)
............
1,450,000
1,473,766
Series
2024-2A
,
Class
A3
,
4
.65
%
,
10/20/31
,
Callable
6/20/27
@
100
(a)
............
1,143,000
1,142,034
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
11/20/28
@
100
(a)
............
773,000
779,445
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.58
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
2,622,000
2,654,795
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
6/15/28
@
100
(a)
..............
873,000
879,119
Progress
Residential
Trust
,
Series
2021-SFR6
,
Class
A
,
1
.52
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(c)
.........................................................
1,093,740
1,057,214
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
4,000,000
3,871,654
SCF
Equipment
Leasing
LLC
..............................................
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
8/20/25
@
100
(a)
..............
892,024
897,349
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
11/20/26
@
100
(a)
.............
1,243,000
1,263,771
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
,
Callable
3/25/28
@
100
(a)
...........................................................
2,000,000
1,928,911
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
............
1,000,000
957,020
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
500,000
484,383
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
1,330,000
1,338,132
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
11/12/27
@
100
(a)
............
818,638
832,163
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
............
783,452
795,712
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A
,
Class
A4
,
4
.29
%
,
7/15/31
,
Callable
7/15/28
@
100
(a)
.............
2,420,000
2,404,389
Series
2025-1A
,
Class
A4
,
4
.53
%
,
10/15/31
,
Callable
11/15/28
@
100
(a)
...........
1,000,000
1,000,684
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
1,111,109
976,664
Zayo
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
....
2,500,000
2,521,725
99,814,598
Agency
ABS
Other
(0.2%):
Navient
Student
Loan
Trust
................................................
Series
2015-2
,
Class
B
,
5
.95
%
(
SOFR30A
+
161
bps
)
,
8/25/50
,
Callable
3/25/33
@
100
(d)
3,000,000
2,907,972
Series
2018-2A
,
Class
B
,
5
.60
%
(
SOFR30A
+
126
bps
)
,
3/25/67
,
Callable
2/25/37
@
100
(a)
(d)
.....................................................
1,000,000
896,338
Nelnet
Student
Loan
Trust
,
Series
2019-5
,
Class
A
,
2
.53
%
,
10/25/67
,
Callable
2/25/33
@
100
(a)
...........................................................
1,422,259
1,284,139
SLM
Student
Loan
Trust
..................................................
Series
2006-10
,
Class
B
,
5
.04
%
(
SOFR90A
+
48
bps
)
,
3/25/44
,
Callable
10/25/30
@
100
(d)
110,516
107,734
Series
2007-1
,
Class
B
,
5
.04
%
(
SOFR90A
+
48
bps
)
,
1/27/42
,
Callable
7/25/29
@
100
(d)
182,589
168,982
5,365,165
Total
Asset-Backed
Securities
(Cost
$300,525,801)
302,184,913
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Collateralized
Mortgage
Obligations
(4.7%)
Agency
CMO
Other
(0.7%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
$
1,633,611
$
1,645,442
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
2,742,471
2,705,593
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
3,729,100
3,747,965
Federal
National
Mortgage
Association
,
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
........
1,409,961
1,416,955
Government
National
Mortgage
Association
....................................
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
1,770,732
1,554,261
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
1,322,164
1,332,305
Series
2024-20
,
Class
PA
,
4
.50
%
,
2/20/54
.................................
4,977,608
4,919,725
17,322,246
Agency
Commercial
MBS
(1.5%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K087
,
Class
A2
,
3
.77
%
,
12/25/28
..................................
500,000
491,512
Series
K091
,
Class
A2
,
3
.51
%
,
3/25/29
...................................
1,250,000
1,215,102
Series
K095
,
Class
A2
,
2
.79
%
,
6/25/29
,
Callable
6/25/29
@
100
.................
1,000,000
943,117
Series
K096
,
Class
A2
,
2
.52
%
,
7/25/29
,
Callable
7/25/29
@
100
.................
1,000,000
931,935
Series
K097
,
Class
A2
,
2
.51
%
,
7/25/29
,
Callable
7/25/29
@
100
.................
2,000,000
1,860,680
Series
K100
,
Class
A2
,
2
.67
%
,
9/25/29
,
Callable
9/25/29
@
100
.................
545,000
509,010
Series
K135
,
Class
A2
,
2
.15
%
,
10/25/31
,
Callable
10/25/31
@
100
(b)
.............
1,000,000
870,641
Series
K136
,
Class
A2
,
2
.13
%
,
11/25/31
...................................
4,000,000
3,469,533
Series
K141
,
Class
A2
,
2
.25
%
,
2/25/32
,
Callable
2/25/32
@
100
.................
4,000,000
3,480,138
Series
K142
,
Class
A2
,
2
.40
%
,
3/25/32
,
Callable
3/25/32
@
100
.................
3,000,000
2,629,875
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
,
Callable
4/25/32
@
100
.................
3,000,000
2,631,679
Series
K146
,
Class
A2
,
2
.92
%
,
6/25/32
,
Callable
6/25/32
@
100
.................
4,885,000
4,411,443
Series
K147
,
Class
A2
,
3
.00
%
,
6/25/32
(b)
.................................
3,000,000
2,722,133
Series
K-1510
,
Class
A3
,
3
.79
%
,
1/25/34
,
Callable
1/25/34
@
100
................
1,000,000
942,557
Series
K-1512
,
Class
A3
,
3
.06
%
,
4/25/34
,
Callable
4/25/34
@
100
................
1,000,000
890,014
Series
K159
,
Class
A2
,
3
.95
%
,
11/25/30
,
Callable
11/25/30
@
100
(b)
.............
500,000
488,957
Series
KG02
,
Class
A2
,
2
.41
%
,
8/25/29
,
Callable
8/25/29
@
100
.................
909,000
841,970
Series
KIR3
,
Class
A2
,
3
.28
%
,
8/25/27
,
Callable
8/25/27
@
100
.................
1,500,000
1,466,380
Federal
National
Mortgage
Association
.......................................
Series
2018-M4
,
Class
A2
,
3
.06
%
,
3/25/28
(b)
...............................
355,535
345,034
Series
2019-M1
,
Class
A2
,
3
.54
%
,
9/25/28
(b)
...............................
624,123
610,663
Series
2019-M12
,
Class
A2
,
2
.89
%
,
6/25/29
(b)
..............................
967,258
918,854
Series
2022-M12
,
Class
A
,
3
.10
%
,
12/25/28
(b)
..............................
2,431,229
2,341,410
35,012,637
Commercial
MBS
(2.5%):
Arbor
Multifamily
Mortgage
Securities
Trust
,
Series
2022-MF4
,
Class
A5
,
3
.28
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(b)
..........................................
2,000,000
1,819,761
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
(c)
...........................
1,740,000
1,691,542
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
(c)
...........................
1,000,000
951,505
Series
2018-AVM
,
Class
D
,
4
.11
%
,
7/5/40
(a)
(b)
(c)
...........................
1,000,000
943,460
Benchmark
Mortgage
Trust
,
Series
2020-B17
,
Class
ASB
,
2
.18
%
,
3/15/53
,
Callable
3/15/30
@
100
.............................................................
999,708
942,717
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
5
.48
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(c)
(d)
.............
865,000
860,622
Series
2022-OANA
,
Class
B
,
6
.77
%
(
TSFR1M
+
245
bps
)
,
4/15/37
(a)
(c)
(d)
..........
2,000,000
2,002,998
Series
2022-OANA
,
Class
D
,
8
.01
%
(
TSFR1M
+
370
bps
)
,
4/15/37
(a)
(c)
(d)
..........
1,000,000
1,001,480
Series
2022-STAR
,
Class
A
,
7
.55
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(c)
(d)
...........
2,690,909
2,691,881
BX
Commercial
Mortgage
Trust
,
Series
2022-CSMO
,
Class
B
,
7
.46
%
(
TSFR1M
+
314
bps
)
,
6/15/27
(a)
(c)
(d)
....................................................
1,800,000
1,802,161
BX
Trust
.............................................................
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
(c)
..........
923,077
853,683
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(c)
............................
2,000,000
1,979,137
Series
2025-ROIC
,
Class
A
,
5
.46
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(c)
(d)
...........
2,335,714
2,318,215
BXP
Trust
............................................................
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(b)
(c)
..........................
550,000
460,711
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
(c)
..........................
1,500,000
1,217,065
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
(c)
..........................
500,000
382,695
Citigroup
Commercial
Mortgage
Trust
........................................
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2017-P8
,
Class
AS
,
3
.79
%
,
9/15/50
,
Callable
9/15/27
@
100
(b)
.............
$
500,000
$
474,895
Series
2020-GC46
,
Class
AAB
,
2
.61
%
,
2/15/53
,
Callable
2/15/30
@
100
...........
718,547
685,346
COMM
Mortgage
Trust
..................................................
Series
2015-LC23
,
Class
AM
,
4
.16
%
,
10/10/48
,
Callable
11/10/25
@
100
(b)
........
250,000
247,775
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
...........
1,750,000
1,724,267
Series
2015-PC1
,
Class
B
,
4
.33
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
.............
865,000
831,782
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
(c)
..........
1,500,000
1,264,826
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(c)
.............................
1,960,000
2,043,560
CSMC
Trust
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
(c)
.....................
2,252,000
2,057,021
DBJPM
Mortgage
Trust
..................................................
Series
2016-C1
,
Class
A4
,
3
.28
%
,
5/10/49
,
Callable
4/10/26
@
100
...............
500,000
491,879
Series
2016-SFC
,
Class
A
,
2
.83
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
(c)
...........
1,750,000
793,725
DBWF
Mortgage
Trust
,
Series
2024-LCRS
,
Class
A
,
6
.06
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(c)
(d)
.............................................................
1,000,000
997,814
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
5
.81
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(c)
(d)
....................................................
673,673
672,280
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(c)
...........................
848,541
726,780
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(b)
(c)
..........................
1,080,000
1,078,335
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR
,
Class
A
,
5
.46
%
,
2/5/45
(a)
(b)
(c)
.........
1,752,667
1,777,648
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(c)
..........
1,000,000
968,273
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
(c)
.........................
535,000
485,427
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(b)
(c)
..........................
994,000
1,011,623
ILPT
Commercial
Mortgage
Trust
...........................................
Series
2022-LPF2
,
Class
B
,
7
.06
%
(
TSFR1M
+
274
bps
)
,
10/15/39
(a)
(c)
(d)
..........
2,000,000
1,988,702
Series
2022-LPFX
,
Class
A
,
3
.38
%
,
3/15/32
(a)
(c)
............................
2,000,000
1,779,096
IRV
Trust
,
Series
2025-200P
,
Class
A
,
5
.29
%
,
3/14/47
,
Callable
2/14/35
@
100
(a)
(b)
(c)
....
2,912,000
2,901,630
LBA
Trust
,
Series
2024-7IND
,
Class
A
,
5
.76
%
(
TSFR1M
+
144
bps
)
,
10/15/41
(a)
(c)
(d)
......
2,000,000
1,998,752
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(b)
(c)
.......................................................
2,407,407
2,390,063
MHC
Commercial
Mortgage
Trust
,
Series
2021-MHC
,
Class
A
,
5
.23
%
(
TSFR1M
+
92
bps
)
,
4/15/38
(a)
(c)
(d)
....................................................
697,787
695,080
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
B
,
2
.81
%
,
11/9/43
(a)
(c)
........
1,000,000
845,967
NRTH
Mortgage
Trust
,
Series
2024-PARK
,
Class
A
,
5
.96
%
(
TSFR1M
+
164
bps
)
,
3/15/39
(a)
(c)
(d)
.............................................................
2,170,000
2,172,027
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
(c)
................
1,930,000
1,722,718
SCOTT
Trust
,
Series
2023-SFS
,
Class
A
,
5
.91
%
,
3/10/40
(a)
(c)
......................
1,000,000
1,019,479
SLG
Office
Trust
,
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
(c)
...................
800,000
687,878
SREIT
Trust
,
Series
2021-MFP2
,
Class
B
,
5
.60
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(c)
(d)
....
1,500,000
1,490,054
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2018-AUS
,
Class
A
,
4
.06
%
,
8/17/36
(a)
(b)
(c)
250,000
242,043
60,186,378
Total
Collateralized
Mortgage
Obligations
(Cost
$115,084,676)
112,521,261
Corporate
Bonds
(22.8%)
Communication
Services
(0.6%):
AT&T,
Inc.
,
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
...............................
2,050,000
1,463,077
Comcast
Corp.
3
.55
%
,
5/1/28
,
Callable
2/1/28
@
100
....................................
1,250,000
1,218,236
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
...................................
1,050,000
639,408
Discovery
Communications
LLC
,
3
.63
%
,
5/15/30
,
Callable
2/15/30
@
100
..............
2,400,000
2,158,732
Paramount
Global
,
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
..........................
956,000
920,310
T-Mobile
US,
Inc.
4
.75
%
,
2/1/28
,
Callable
4/14/25
@
100.79
.................................
693,000
693,326
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
1,000,000
958,338
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
3,500,000
2,973,439
Verizon
Communications,
Inc.
3
.40
%
,
3/22/41
,
Callable
9/22/40
@
100
..................................
2,000,000
1,538,300
3
.55
%
,
3/22/51
,
Callable
9/22/50
@
100
..................................
1,500,000
1,069,500
Warnermedia
Holdings,
Inc.
,
4
.28
%
,
3/15/32
,
Callable
12/15/31
@
100
................
1,000,000
881,198
14,513,864
Consumer
Discretionary
(1.3%):
AutoNation,
Inc.
,
2
.40
%
,
8/1/31
,
Callable
5/1/31
@
100
...........................
3,000,000
2,511,718
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Brunswick
Corp.
,
2
.40
%
,
8/18/31
,
Callable
5/18/31
@
100
.........................
$
1,075,000
$
892,844
D.R.
Horton,
Inc.
,
5
.00
%
,
10/15/34
,
Callable
7/15/34
@
100
........................
1,755,000
1,709,521
Daimler
Truck
Finance
North
America
LLC
2
.38
%
,
12/14/28
(a)
..................................................
1,050,000
966,102
5
.38
%
,
1/13/32
,
Callable
11/13/31
@
100
(a)
................................
2,070,000
2,070,285
Genuine
Parts
Co.
4
.95
%
,
8/15/29
,
Callable
7/15/29
@
100
..................................
1,950,000
1,957,923
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
1,752,000
1,502,522
Hasbro,
Inc.
,
3
.90
%
,
11/19/29
,
Callable
8/19/29
@
100
............................
3,500,000
3,327,405
Marriott
International,
Inc.
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................................
1,200,000
1,069,867
5
.50
%
,
4/15/37
,
Callable
1/15/37
@
100
..................................
2,725,000
2,691,415
Mercedes-Benz
Finance
North
America
LLC
,
3
.45
%
,
1/6/27
(a)
......................
800,000
784,846
O'Reilly
Automotive,
Inc.
,
4
.20
%
,
4/1/30
,
Callable
1/1/30
@
100
.....................
1,000,000
975,273
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
1,788,000
1,522,925
Stellantis
Finance
US,
Inc.
,
6
.45
%
,
3/18/35
,
Callable
12/18/34
@
100
(a)
...............
1,000,000
992,475
Tapestry,
Inc.
,
5
.50
%
,
3/11/35
,
Callable
12/11/34
@
100
...........................
1,875,000
1,852,691
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
1,000,000
569,080
Tractor
Supply
Co.
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
...................................
1,000,000
849,442
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
750,000
755,609
Volkswagen
Group
of
America
Finance
LLC
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
1,500,000
1,574,288
5
.80
%
,
3/27/35
,
Callable
12/27/34
@
100
(a)
...............................
2,000,000
1,968,124
30,544,355
Consumer
Staples
(1.8%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
1,500,000
1,243,665
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
850,000
498,643
Altria
Group,
Inc.
,
2
.45
%
,
2/4/32
,
Callable
11/4/31
@
100
..........................
1,150,000
969,994
Anheuser-Busch
InBev
Worldwide,
Inc.
,
5
.45
%
,
1/23/39
,
Callable
7/23/38
@
100
.........
600,000
608,970
BAT
Capital
Corp.
2
.73
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
1,000,000
884,873
7
.75
%
,
10/19/32
,
Callable
7/19/32
@
100
.................................
800,000
916,576
4
.39
%
,
8/15/37
,
Callable
2/15/37
@
100
..................................
975,000
855,075
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
1,200,000
1,185,358
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
2,450,000
2,171,021
Cargill,
Inc.
2
.13
%
,
11/10/31
,
Callable
8/10/31
@
100
(a)
................................
1,075,000
916,602
5
.13
%
,
10/11/32
,
Callable
7/11/32
@
100
(a)
................................
2,025,000
2,039,601
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
1,000,000
858,374
Coca-Cola
Consolidated,
Inc.
,
5
.45
%
,
6/1/34
,
Callable
3/1/34
@
100
..................
1,950,000
1,995,325
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
1,000,000
847,900
Dollar
General
Corp.
,
5
.45
%
,
7/5/33
,
Callable
4/5/33
@
100
(e)
......................
1,250,000
1,253,896
General
Mills,
Inc.
,
4
.55
%
,
4/17/38
,
Callable
10/17/37
@
100
.......................
750,000
688,164
Keurig
Dr.
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
750,000
730,072
2
.25
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,000,000
868,751
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
1,100,000
915,786
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
900,000
818,299
Mars,
Inc.
3
.88
%
,
4/1/39
,
Callable
10/1/38
@
100
(a)
.................................
1,075,000
925,775
5
.65
%
,
5/1/45
,
Callable
11/1/44
@
100
(a)
.................................
2,100,000
2,104,557
McCormick
&
Co.,
Inc.
,
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
...................
1,000,000
846,884
Philip
Morris
International,
Inc.
,
5
.38
%
,
2/15/33
,
Callable
11/15/32
@
100
..............
2,000,000
2,038,916
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
2,850,000
2,486,281
Sysco
Corp.
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
.................................
1,500,000
1,291,143
5
.40
%
,
3/23/35
,
Callable
12/23/34
@
100
.................................
1,890,000
1,901,925
The
Campbell's
Company
5
.20
%
,
3/21/29
,
Callable
2/21/29
@
100
..................................
2,000,000
2,030,811
4
.75
%
,
3/23/35
,
Callable
12/23/34
@
100
.................................
1,000,000
958,747
The
Coca-Cola
Co.
,
2
.00
%
,
3/5/31
...........................................
1,750,000
1,529,948
The
Hershey
Co.
,
5
.10
%
,
2/24/35
,
Callable
11/24/34
@
100
........................
1,860,000
1,874,207
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
The
J.M.
Smucker
Co.
,
6
.20
%
,
11/15/33
,
Callable
8/15/33
@
100
....................
$
900,000
$
958,153
The
Kroger
Co.
,
5
.00
%
,
9/15/34
,
Callable
6/15/34
@
100
..........................
2,825,000
2,762,082
42,976,374
Energy
(2.0%):
Apa
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
(a)
............................
1,500,000
1,075,930
Boardwalk
Pipelines
LP
4
.45
%
,
7/15/27
,
Callable
4/15/27
@
100
..................................
500,000
496,786
4
.80
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
500,000
500,124
3
.60
%
,
9/1/32
,
Callable
6/1/32
@
100
....................................
1,000,000
891,492
Buckeye
Partners
LP
,
4
.13
%
,
12/1/27
,
Callable
9/1/27
@
100
.......................
675,000
649,525
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
1,191,000
1,006,974
Columbia
Pipelines
Operating
Co.
LLC
,
6
.04
%
,
11/15/33
,
Callable
8/15/33
@
100
(a)
......
1,000,000
1,032,822
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
....................
1,375,000
1,384,023
Eastern
Energy
Gas
Holdings
LLC
5
.65
%
,
10/15/54
,
Callable
4/15/54
@
100
.................................
2,420,000
2,331,815
6
.20
%
,
1/15/55
,
Callable
7/15/54
@
100
..................................
2,600,000
2,715,102
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(d)
(f)
......................
1,000,000
1,000,621
4
.15
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
1,000,000
972,845
5
.35
%
,
5/15/45
,
Callable
11/15/44
@
100
..................................
1,143,000
1,026,803
Enterprise
Products
Operating
LLC
,
4
.95
%
,
2/15/35
,
Callable
11/15/34
@
100
...........
2,050,000
2,022,180
EQT
Corp.
,
7
.00
%
,
2/1/30
,
Callable
11/1/29
@
100
..............................
514,000
554,498
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/38
.......................
2,461,278
2,477,175
Evergy
Missouri
West,
Inc.
,
5
.65
%
,
6/1/34
,
Callable
3/1/34
@
100
(a)
..................
1,750,000
1,791,205
Helmerich
&
Payne,
Inc.
2
.90
%
,
9/29/31
,
Callable
6/29/31
@
100
..................................
600,000
507,578
5
.50
%
,
12/1/34
,
Callable
9/1/34
@
100
(a)
(e)
...............................
2,000,000
1,891,817
HF
Sinclair
Corp.
,
6
.25
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
2,350,000
2,360,824
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.25
%
,
11/1/28
,
Callable
5/4/25
@
102.08
(a)
....
1,000,000
997,925
MPLX
LP
4
.25
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
500,000
495,385
4
.00
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
500,000
490,875
4
.80
%
,
2/15/29
,
Callable
11/15/28
@
100
..................................
250,000
250,359
5
.40
%
,
4/1/35
,
Callable
1/1/35
@
100
....................................
1,890,000
1,858,679
Murphy
Oil
USA,
Inc.
4
.75
%
,
9/15/29
,
Callable
4/19/25
@
102.38
................................
1,000,000
956,749
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
..............................
1,135,000
1,009,074
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
750,000
532,613
ONEOK,
Inc.
,
5
.05
%
,
11/1/34
,
Callable
8/1/34
@
100
.............................
1,985,000
1,918,003
Phillips
66
Co.
4
.95
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
1,000,000
962,994
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
...................................
1,200,000
1,031,399
Plains
All
American
Pipeline
LP
,
5
.95
%
,
6/15/35
,
Callable
3/15/35
@
100
..............
520,000
530,091
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
1,780,000
1,677,014
4
.70
%
,
6/15/44
,
Callable
12/15/43
@
100
.................................
500,000
417,904
Rockies
Express
Pipeline
LLC
,
4
.95
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
.............
1,200,000
1,148,529
Tampa
Electric
Co.
,
5
.15
%
,
3/1/35
,
Callable
12/1/34
@
100
........................
1,390,000
1,379,402
Targa
Resources
Corp.
,
5
.55
%
,
8/15/35
,
Callable
5/15/35
@
100
.....................
2,000,000
1,995,446
Valero
Energy
Corp.
5
.15
%
,
2/15/30
,
Callable
1/15/30
@
100
..................................
1,470,000
1,483,691
3
.65
%
,
12/1/51
,
Callable
6/1/51
@
100
...................................
1,100,000
742,502
Western
Midstream
Operating
LP
,
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
..............
1,000,000
954,519
47,523,292
Financials
(6.4%):
200
Park
Funding
Trust
,
5
.74
%
,
2/15/55
,
Callable
8/15/54
@
100
(a)
..................
1,435,000
1,418,389
Ally
Financial,
Inc.
,
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
......................
833,000
876,889
American
Express
Co.
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(d)
....................
1,450,000
1,428,723
5
.28
%
(
SOFR
+
142
bps
)
,
7/26/35
,
Callable
7/26/34
@
100
(d)
....................
2,450,000
2,446,986
American
Honda
Finance
Corp.
,
5
.20
%
,
3/5/35
..................................
1,390,000
1,374,361
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(a)
............................
1,705,000
1,737,173
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(a)
..................
585,000
484,571
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Assurant,
Inc.
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
..................................
$
882,000
$
888,583
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
1,050,000
887,302
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(d)
(f)
.......................
1,000,000
975,869
1
.66
%
(
SOFR
+
91
bps
)
,
3/11/27
,
Callable
3/11/26
@
100
(d)
.....................
500,000
486,412
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(d)
..................
4,100,000
3,536,168
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(d)
..................
1,075,000
895,085
Belrose
Funding
Trust
,
2
.33
%
,
8/15/30
,
Callable
5/15/30
@
100
(a)
(e)
.................
1,000,000
871,787
Blue
Owl
Credit
Income
Corp.
,
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
...............
250,000
241,723
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
.....................
1,000,000
877,271
BMW
U.S.
Capital
LLC
,
3
.75
%
,
4/12/28
,
Callable
1/12/28
@
100
(a)
(e)
................
1,000,000
975,998
Brown
&
Brown,
Inc.
,
4
.20
%
,
3/17/32
,
Callable
12/17/31
@
100
.....................
800,000
749,475
Capital
One
Financial
Corp.
3
.75
%
,
7/28/26
,
Callable
6/28/26
@
100
..................................
800,000
788,814
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(d)
......................
800,000
805,840
Citigroup,
Inc.
,
2
.52
%
(
SOFR
+
118
bps
)
,
11/3/32
,
Callable
11/3/31
@
100
(d)
.............
1,800,000
1,537,441
Citizens
Financial
Group,
Inc.
2
.50
%
,
2/6/30
,
Callable
11/6/29
@
100
...................................
1,775,000
1,580,410
5
.25
%
(
SOFR
+
126
bps
)
,
3/5/31
,
Callable
3/5/30
@
100
(d)
......................
2,400,000
2,412,464
CNO
Global
Funding
,
4
.95
%
,
9/9/29
(a)
.......................................
1,628,000
1,633,746
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.38
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(d)
..................................................
500,000
379,937
Equitable
Holdings,
Inc.
,
4
.35
%
,
4/20/28
,
Callable
1/20/28
@
100
....................
1,000,000
991,090
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
2,000,000
1,805,245
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
3,000,000
2,906,906
Fifth
Third
Bancorp
3
.95
%
,
3/14/28
,
Callable
2/14/28
@
100
..................................
500,000
490,753
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(d)
....................
2,000,000
1,880,170
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
2,525,000
2,131,980
First
Citizens
Bancshares,
Inc.
,
6
.76
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
6/15/25
@
100
(d)
2,000,000
1,998,600
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
2,450,000
2,476,410
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,500,000
1,539,534
5
.63
%
,
8/21/33
,
Callable
5/21/33
@
100
..................................
1,000,000
1,029,272
Ford
Motor
Credit
Co.
LLC
4
.54
%
,
8/1/26
,
Callable
6/1/26
@
100
....................................
1,000,000
987,083
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
750,000
671,147
Glencore
Funding
LLC
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(a)
................................
700,000
678,791
2
.50
%
,
9/1/30
,
Callable
6/1/30
@
100
(a)
..................................
950,000
836,117
2
.85
%
,
4/27/31
,
Callable
1/27/31
@
100
(a)
................................
1,050,000
926,855
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
1,500,000
1,313,076
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
(e)
................................
1,000,000
1,010,801
Globe
Life,
Inc.
,
5
.85
%
,
9/15/34
,
Callable
6/15/34
@
100
..........................
677,000
692,439
Guardian
Life
Global
Funding
,
1
.40
%
,
7/6/27
(a)
.................................
800,000
748,767
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(d)
......................
500,000
496,675
6
.21
%
(
SOFR
+
202
bps
)
,
8/21/29
,
Callable
8/21/28
@
100
(d)
....................
1,000,000
1,040,870
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(d)
..................
1,000,000
822,877
Hyundai
Capital
America,
Inc.
,
3
.50
%
,
11/2/26
,
Callable
9/2/26
@
100
(a)
..............
500,000
490,796
ILFC
E-Capital
Trust
I
,
6
.12
%
(
TSFR3M
+
181
bps
)
,
12/21/65
,
Callable
5/4/25
@
100
(a)
(d)
..
500,000
416,436
JPMorgan
Chase
&
Co.
2
.52
%
(
SOFR
+
204
bps
)
,
4/22/31
,
Callable
4/22/30
@
100
(d)
....................
3,000,000
2,690,668
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(d)
......................
2,000,000
1,700,747
5
.29
%
(
SOFR
+
146
bps
)
,
7/22/35
,
Callable
7/22/34
@
100
(d)
....................
2,100,000
2,110,332
2
.05
%
,
9/15/35
,
Callable
9/15/25
@
100
,
MTN
.............................
1,000,000
701,268
KeyBank
NA
,
3
.90
%
,
4/13/29
..............................................
1,500,000
1,440,284
KeyCorp
2
.25
%
,
4/6/27
,
MTN
................................................
500,000
476,766
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(d)
............
907,000
869,022
6
.40
%
(
SOFRINDX
+
242
bps
)
,
3/6/35
,
Callable
3/6/34
@
100
(d)
.................
1,000,000
1,055,769
Lincoln
National
Corp.
,
3
.80
%
,
3/1/28
,
Callable
12/1/27
@
100
......................
500,000
488,205
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Loews
Corp.
,
3
.20
%
,
5/15/30
,
Callable
2/15/30
@
100
............................
$
1,000,000
$
935,323
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(d)
..........
1,750,000
1,691,093
MassMutual
Global
Funding
II
1
.20
%
,
7/16/26
(a)
..................................................
900,000
864,746
4
.35
%
,
9/17/31
(a)
..................................................
2,070,000
2,021,851
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
............................
2,400,000
2,051,208
Midwest
Connector
Capital
Co.
LLC
,
4
.63
%
,
4/1/29
,
Callable
1/1/29
@
100
(a)
...........
1,500,000
1,487,787
Morgan
Stanley
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(d)
.............
3,100,000
2,660,028
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(d)
(e)
..................
1,300,000
1,297,946
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(d)
....................
2,075,000
1,718,517
New
York
Life
Global
Funding
4
.70
%
,
1/29/29
(a)
..................................................
1,000,000
1,005,748
1
.85
%
,
8/1/31
(a)
...................................................
1,350,000
1,144,507
5
.00
%
,
1/9/34
(a)
(e)
.................................................
750,000
750,106
NLG
Global
Funding
,
5
.40
%
,
1/23/30
(a)
......................................
2,020,000
2,054,682
Pacific
Life
Global
Funding
II
,
1
.38
%
,
4/14/26
(a)
................................
2,000,000
1,939,656
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
1
.70
%
,
6/15/26
,
Callable
5/15/26
@
100
(a)
................................
1,050,000
1,013,816
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
................................
750,000
793,799
PPL
Capital
Funding,
Inc.
,
5
.25
%
,
9/1/34
,
Callable
6/1/34
@
100
.....................
597,000
594,038
Pricoa
Global
Funding
I
,
4
.65
%
,
8/27/31
(a)
....................................
1,900,000
1,881,308
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
1,750,000
1,517,710
Principal
Life
Global
Funding
II
1
.25
%
,
8/16/26
(a)
(e)
................................................
2,000,000
1,918,168
5
.10
%
,
1/25/29
(a)
..................................................
1,000,000
1,016,041
Protective
Life
Global
Funding
1
.90
%
,
7/6/28
(a)
...................................................
2,000,000
1,844,722
5
.43
%
,
1/14/32
(a)
..................................................
1,420,000
1,455,875
Prudential
Financial,
Inc.
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
...................................
1,050,000
800,236
6
.00
%
(
H15T5Y
+
323
bps
)
,
9/1/52
,
Callable
6/1/32
@
100
(d)
....................
1,000,000
1,000,988
Regions
Financial
Corp.
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(d)
(f)
.......................
595,000
592,947
5
.72
%
(
SOFR
+
149
bps
)
,
6/6/30
,
Callable
6/6/29
@
100
(d)
......................
2,000,000
2,048,062
5
.50
%
(
SOFR
+
206
bps
)
,
9/6/35
,
Callable
9/6/34
@
100
(d)
......................
2,700,000
2,663,133
RGA
Global
Funding
,
5
.50
%
,
1/11/31
(a)
......................................
1,900,000
1,954,293
Santander
Holdings
USA,
Inc.
4
.40
%
,
7/13/27
,
Callable
4/14/27
@
100
..................................
750,000
743,956
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(d)
....................
500,000
518,120
5
.35
%
(
SOFR
+
194
bps
)
,
9/6/30
,
Callable
9/6/29
@
100
(d)
......................
1,855,000
1,847,978
Simon
Property
Group
LP
4
.75
%
,
9/26/34
,
Callable
6/26/34
@
100
..................................
2,050,000
1,965,663
5
.85
%
,
3/8/53
,
Callable
9/8/52
@
100
....................................
750,000
755,227
Stellantis
Finance
US,
Inc.
,
2
.69
%
,
9/15/31
,
Callable
6/15/31
@
100
(a)
................
1,200,000
1,000,498
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
1,270,000
1,133,436
Swepco
Storm
Recovery
Funding
LLC
,
4
.88
%
,
9/1/39
............................
2,905,000
2,893,058
Synchrony
Bank
,
5
.63
%
,
8/23/27
,
Callable
7/23/27
@
100
.........................
500,000
507,413
Synchrony
Financial
4
.50
%
,
7/23/25
,
Callable
5/4/25
@
100
...................................
500,000
499,352
5
.15
%
,
3/19/29
,
Callable
12/19/28
@
100
.................................
500,000
497,944
Synovus
Bank
,
4
.00
%
(
H15T5Y
+
363
bps
)
,
10/29/30
,
Callable
10/29/25
@
100
(d)
.........
500,000
491,872
Synovus
Financial
Corp.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(d)
....................
550,000
562,984
The
Bank
of
New
York
Mellon
Corp.
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(d)
(f)
.......................
500,000
497,753
3
.75
%
(
H15T5Y
+
263
bps
)
,
Callable
12/20/26
@
100
(d)
(f)
......................
1,000,000
958,170
3
.99
%
(
SOFR
+
115
bps
)
,
6/13/28
,
Callable
6/13/27
@
100
,
MTN
(d)
...............
1,000,000
991,215
5
.06
%
(
SOFR
+
123
bps
)
,
7/22/32
,
Callable
7/22/31
@
100
(d)
....................
940,000
950,331
5
.19
%
(
SOFR
+
142
bps
)
,
3/14/35
,
Callable
3/14/34
@
100
(d)
....................
2,000,000
2,012,610
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(d)
....................
908,000
917,228
The
Charles
Schwab
Corp.
,
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(d)
....
725,000
756,653
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
1,000,000
1,031,083
The
PNC
Financial
Services
Group,
Inc.
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.................................
1,575,000
1,426,932
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(d)
.................
$
376,000
$
358,160
5
.94
%
(
SOFR
+
195
bps
)
,
8/18/34
,
Callable
8/18/33
@
100
(d)
....................
1,100,000
1,144,440
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(d)
....................
282,000
288,727
Toyota
Motor
Credit
Corp.
,
5
.35
%
,
1/9/35
.....................................
4,100,000
4,161,059
Truist
Bank
,
2
.25
%
,
3/11/30
,
Callable
12/11/29
@
100
............................
850,000
745,943
Truist
Financial
Corp.
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(d)
(f)
.......................
2,000,000
1,988,379
5
.87
%
(
SOFR
+
236
bps
)
,
6/8/34
,
Callable
6/8/33
@
100
,
MTN
(d)
.................
1,500,000
1,542,000
U.S.
Bancorp
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(d)
....................
950,000
979,640
2
.49
%
(
H15T5Y
+
95
bps
)
,
11/3/36
,
Callable
11/3/31
@
100
(d)
...................
1,700,000
1,410,592
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
2,000,000
2,103,399
Webster
Financial
Corp.
,
4
.10
%
,
3/25/29
,
Callable
12/25/28
@
100
...................
500,000
479,099
Wells
Fargo
&
Co.
3
.00
%
,
10/23/26
....................................................
1,000,000
977,798
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(d)
...........
800,000
737,285
152,801,499
Health
Care
(1.9%):
AbbVie,
Inc.
3
.20
%
,
11/21/29
,
Callable
8/21/29
@
100
..................................
1,000,000
944,692
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
..................................
700,000
580,321
Amgen,
Inc.
5
.25
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,000,000
1,014,354
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
..................................
182,000
117,379
Baxter
International,
Inc.
,
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
(e)
..................
1,750,000
1,499,770
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
1,250,000
1,219,224
Boston
Medical
Center
Corp.
,
3
.91
%
,
7/1/28
...................................
500,000
482,903
Bristol-Myers
Squibb
Co.
3
.90
%
,
2/20/28
,
Callable
11/20/27
@
100
..................................
500,000
495,369
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
1,500,000
1,603,169
5
.50
%
,
2/22/44
,
Callable
8/22/43
@
100
..................................
2,250,000
2,239,503
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
1,450,000
1,223,525
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
5,400,000
4,839,366
Duke
University
Health
System,
Inc.
,
2
.60
%
,
6/1/30
..............................
2,000,000
1,810,080
Eastern
Maine
Healthcare
Systems
,
3
.71
%
,
7/1/26
...............................
195,000
190,228
Elevance
Health,
Inc.
2
.88
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
323,000
300,134
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,000,000
883,805
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(a)
...
2,500,000
2,112,063
HCA,
Inc.
5
.60
%
,
4/1/34
,
Callable
1/1/34
@
100
....................................
1,000,000
1,003,994
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
750,000
619,305
5
.25
%
,
6/15/49
,
Callable
12/15/48
@
100
.................................
1,150,000
1,009,837
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
(a)
...........................................................
1,300,000
1,318,790
Humana,
Inc.
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
..................................
1,132,000
1,140,603
5
.55
%
,
5/1/35
,
Callable
2/1/35
@
100
....................................
1,390,000
1,374,284
Laboratory
Corp.
of
America
Holdings
,
4
.55
%
,
4/1/32
,
Callable
2/1/32
@
100
...........
2,865,000
2,787,031
Orlando
Health
Obligated
Group
3
.78
%
,
10/1/28
,
Callable
7/1/28
@
100
...................................
500,000
489,361
2
.89
%
,
10/1/35
....................................................
1,000,000
856,149
Revvity,
Inc.
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,500,000
1,300,500
2
.25
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
500,000
421,305
Solventum
Corp.
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
....................................
625,000
637,537
5
.45
%
,
3/13/31
,
Callable
1/13/31
@
100
..................................
625,000
637,144
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
.................................
625,000
634,044
5
.90
%
,
4/30/54
,
Callable
10/30/53
@
100
.................................
825,000
815,661
Southern
Illinois
Healthcare
Enterprises,
Inc.
,
3
.97
%
,
5/15/50
,
Callable
11/15/49
@
100
....
1,000,000
746,538
The
Cigna
Group
,
2
.38
%
,
3/15/31
,
Callable
12/15/30
@
100
........................
2,000,000
1,745,059
Universal
Health
Services,
Inc.
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
2,847,000
2,379,566
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
5
.05
%
,
10/15/34
,
Callable
7/15/34
@
100
.................................
$
930,000
$
881,061
Zimmer
Biomet
Holdings,
Inc.
,
5
.20
%
,
9/15/34
,
Callable
6/15/34
@
100
...............
1,950,000
1,940,913
44,294,567
Industrials
(2.4%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
2,200,000
1,902,160
AGCO
Corp.
,
5
.80
%
,
3/21/34
,
Callable
12/21/33
@
100
...........................
2,250,000
2,278,633
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
1,000,000
869,084
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
(e)
..................................................
265,438
258,963
3
.58
%
,
1/15/28
....................................................
2,382,687
2,293,190
3
.85
%
,
2/15/28
....................................................
261,386
249,767
3
.60
%
,
10/15/29
....................................................
324,102
300,939
Aon
North
America,
Inc.
,
5
.45
%
,
3/1/34
,
Callable
12/1/33
@
100
....................
1,000,000
1,017,884
Ashtead
Capital,
Inc.
4
.25
%
,
11/1/29
,
Callable
4/14/25
@
102.13
(a)
..............................
1,548,000
1,494,991
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
................................
667,000
567,140
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
1,550,000
1,573,234
British
Airways
Pass
Through
Trust
3
.35
%
,
6/15/29
(a)
..................................................
285,488
271,696
3
.80
%
,
9/20/31
(a)
..................................................
403,513
387,822
Carlisle
Cos.,
Inc.
,
2
.75
%
,
3/1/30
,
Callable
12/1/29
@
100
.........................
1,000,000
907,874
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
385,000
302,533
Columbia
Pipelines
Operating
Co.
LLC
,
5
.44
%
,
2/15/35
,
Callable
11/15/34
@
100
(a)
......
1,920,000
1,898,347
Cummins,
Inc.
,
4
.90
%
,
2/20/29
,
Callable
1/20/29
@
100
...........................
2,050,000
2,084,921
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
1,250,000
1,244,050
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
(a)
..........................
1,500,000
1,100,977
Fluor
Corp.
,
4
.25
%
,
9/15/28
,
Callable
6/15/28
@
100
.............................
700,000
666,179
Fortune
Brands
Innovations,
Inc.
,
4
.00
%
,
3/25/32
,
Callable
12/25/31
@
100
.............
1,250,000
1,162,514
GXO
Logistics,
Inc.
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
..................................
2,100,000
1,799,968
6
.50
%
,
5/6/34
,
Callable
2/6/34
@
100
....................................
1,167,000
1,194,191
Hawaiian
Airlines
Pass
Through
Certificates
,
3
.90
%
,
1/15/26
........................
67,706
64,862
Howmet
Aerospace,
Inc.
,
3
.00
%
,
1/15/29
,
Callable
11/15/28
@
100
...................
800,000
754,770
Hubbell,
Inc.
,
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
1,500,000
1,301,466
Huntington
Ingalls
Industries,
Inc.
,
2
.04
%
,
8/16/28
,
Callable
6/16/28
@
100
.............
1,500,000
1,368,209
JetBlue
Pass
Through
Trust
,
2
.95
%
,
5/15/28
....................................
187,474
170,296
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
1,058,000
1,056,056
Leidos,
Inc.
2
.30
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
1,500,000
1,289,712
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
2,400,000
2,463,600
5
.50
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
890,000
887,006
Northwestern
Mutual
Global
Funding
4
.71
%
,
1/10/29
(a)
..................................................
2,450,000
2,463,652
4
.96
%
,
1/13/30
(a)
..................................................
1,920,000
1,945,846
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
735,000
558,222
Quanta
Services,
Inc.
,
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
.......................
600,000
540,349
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
395,000
409,749
Ryder
System,
Inc.
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
...............................
2,000,000
1,934,877
5
.38
%
,
3/15/29
,
Callable
2/15/29
@
100
,
MTN
.............................
1,000,000
1,021,797
Spirit
Airlines
Pass
Through
Trust
,
3
.38
%
,
2/15/30
(g)
.............................
852,404
745,810
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
2,800,000
2,598,188
6
.53
%
,
5/1/34
,
Callable
2/1/34
@
100
....................................
713,000
763,545
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
1,300,000
1,236,794
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
2,650,000
2,458,851
Trane
Technologies
Global
Holding
Co.
Ltd.
,
3
.75
%
,
8/21/28
,
Callable
5/21/28
@
100
.....
500,000
489,210
United
Airlines
Pass
Through
Trust
4
.88
%
,
1/15/26
....................................................
131,712
131,080
3
.70
%
,
3/1/30
.....................................................
340,145
315,678
5
.45
%
,
2/15/37
....................................................
2,428,679
2,434,732
Verisk
Analytics,
Inc.
,
5
.25
%
,
6/5/34
,
Callable
3/5/34
@
100
........................
1,450,000
1,458,383
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Waste
Management,
Inc.
,
5
.35
%
,
10/15/54
,
Callable
4/15/54
@
100
...................
$
1,896,000
$
1,851,429
58,541,226
Information
Technology
(1.1%):
Amphenol
Corp.
4
.35
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
500,000
496,979
2
.20
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
1,175,000
1,008,636
Broadcom,
Inc.
2
.45
%
,
2/15/31
,
Callable
11/15/30
@
100
(a)
................................
1,000,000
879,140
3
.42
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
................................
2,000,000
1,781,280
3
.47
%
,
4/15/34
,
Callable
1/15/34
@
100
(a)
................................
500,000
440,136
Dell
International
LLC/EMC
Corp.
4
.85
%
,
2/1/35
,
Callable
11/1/34
@
100
...................................
260,000
248,071
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
.................................
1,250,000
920,659
Hewlett
Packard
Enterprise
Co.
,
5
.00
%
,
10/15/34
,
Callable
7/15/34
@
100
..............
2,000,000
1,947,391
HP,
Inc.
,
2
.65
%
,
6/17/31
,
Callable
3/17/31
@
100
................................
1,500,000
1,307,011
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
1,474,000
1,319,428
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
1,739,000
1,700,854
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
1,050,000
983,595
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
1,100,000
690,085
Motorola
Solutions,
Inc.
2
.75
%
,
5/24/31
,
Callable
2/24/31
@
100
..................................
1,000,000
885,207
5
.60
%
,
6/1/32
,
Callable
3/1/32
@
100
....................................
800,000
825,995
Oracle
Corp.
2
.95
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
1,000,000
918,462
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
2,000,000
1,733,000
5
.38
%
,
7/15/40
....................................................
2,192,000
2,088,493
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
1,000,000
693,020
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
1,783,000
1,792,058
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
3,600,000
3,180,403
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
1,500,000
1,444,908
27,284,811
Materials
(1.4%):
Albemarle
Corp.
,
4
.65
%
,
6/1/27
,
Callable
5/1/27
@
100
...........................
750,000
744,032
Amcor
Flexibles
North
America,
Inc.
,
5
.50
%
,
3/17/35
,
Callable
12/17/34
@
100
(a)
........
1,500,000
1,505,478
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
1,052,000
957,681
Avery
Dennison
Corp.
2
.65
%
,
4/30/30
,
Callable
2/1/30
@
100
...................................
800,000
725,159
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
..................................
1,700,000
1,410,625
Ball
Corp.
,
3
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..............................
1,620,000
1,403,215
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,500,000
1,497,506
Chevron
Phillips
Chemical
Co.
LLC
/
Chevron
Phillips
Chemical
Co.
LP
,
4
.75
%
,
5/15/30
,
Callable
4/15/30
@
100
(a)
............................................
1,920,000
1,918,643
Colonial
Enterprises,
Inc.
,
3
.25
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
.................
850,000
787,654
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
1,800,000
1,571,299
Freeport-McMoRan,
Inc.
,
4
.38
%
,
8/1/28
,
Callable
5/4/25
@
101.46
...................
1,750,000
1,726,745
Huntsman
International
LLC
,
5
.70
%
,
10/15/34
,
Callable
7/15/34
@
100
(e)
..............
2,000,000
1,892,184
LYB
International
Finance
III
LLC
,
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
.............
600,000
442,705
Martin
Marietta
Materials,
Inc.
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
..................................
800,000
691,805
5
.50
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
1,800,000
1,708,419
NewMarket
Corp.
,
2
.70
%
,
3/18/31
,
Callable
12/18/30
@
100
........................
1,400,000
1,226,917
Packaging
Corp.
of
America
,
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
..................
2,168,000
1,381,795
Reliance,
Inc.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
............................
847,000
735,913
Solvay
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(a)
................
2,150,000
2,191,650
Sonoco
Products
Co.
,
5
.00
%
,
9/1/34
,
Callable
6/1/34
@
100
........................
3,000,000
2,874,980
The
Dow
Chemical
Co.
,
6
.30
%
,
3/15/33
,
Callable
12/15/32
@
100
....................
1,200,000
1,285,625
Vulcan
Materials
Co.
3
.90
%
,
4/1/27
,
Callable
1/1/27
@
100
....................................
500,000
494,072
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
1,000,000
941,592
5
.35
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
1,300,000
1,309,097
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
1,150,000
987,049
32,411,840
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Real
Estate
(1.2%):
Alexandria
Real
Estate
Equities,
Inc.
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
..................................
$
3,200,000
$
2,606,876
5
.50
%
,
10/1/35
,
Callable
7/1/35
@
100
...................................
1,900,000
1,908,779
AvalonBay
Communities,
Inc.
3
.20
%
,
1/15/28
,
Callable
10/15/27
@
100
,
MTN
.............................
1,050,000
1,015,447
2
.45
%
,
1/15/31
,
Callable
10/17/30
@
100
,
MTN
.............................
1,200,000
1,060,688
5
.35
%
,
6/1/34
,
Callable
3/1/34
@
100
....................................
845,000
856,671
Boston
Properties
LP
,
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
........................
1,600,000
1,317,342
CBRE
Services,
Inc.
,
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
........................
1,500,000
1,305,489
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
2,341,000
2,090,310
Crown
Castle,
Inc.
,
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.......................
1,500,000
1,281,408
DOC
DR
LLC
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
............................
1,000,000
865,354
Essex
Portfolio
LP
,
1
.70
%
,
3/1/28
,
Callable
1/1/28
@
100
..........................
950,000
874,536
GLP
Capital
LP/GLP
Financing
II,
Inc.
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
1,000,000
932,956
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
933,000
808,094
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
1,500,000
1,478,837
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
950,000
806,531
Host
Hotels
&
Resorts
LP
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
650,000
603,775
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
1,217,000
1,114,947
Phillips
Edison
Grocery
Center
Operating
Partnership
LP
,
4
.95
%
,
1/15/35
,
Callable
10/15/34
@
100
.............................................................
1,505,000
1,427,648
SBA
Tower
Trust
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
1,158,000
1,187,056
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
...............................
2,920,000
2,895,102
VICI
Properties
LP
,
5
.63
%
,
4/1/35
,
Callable
1/1/35
@
100
..........................
1,500,000
1,493,052
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
5/4/25
@
102.06
(a)
.....
2,000,000
1,882,900
29,813,798
Utilities
(2.7%):
AEP
Texas,
Inc.
5
.70
%
,
5/15/34
,
Callable
2/15/34
@
100
..................................
1,375,000
1,396,630
3
.45
%
,
1/15/50
,
Callable
7/15/49
@
100
..................................
850,000
583,355
Alabama
Power
Co.
,
3
.13
%
,
7/15/51
,
Callable
1/15/51
@
100
.......................
2,400,000
1,581,335
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
1,000,000
928,740
Appalachian
Power
Co.
,
2
.70
%
,
4/1/31
,
Callable
1/1/31
@
100
......................
1,300,000
1,150,012
Arizona
Public
Service
Co.
,
5
.70
%
,
8/15/34
,
Callable
5/15/34
@
100
..................
1,950,000
1,988,605
Black
Hills
Corp.
,
6
.00
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
2,150,000
2,224,244
CenterPoint
Energy,
Inc.
,
2
.65
%
,
6/1/31
,
Callable
3/1/31
@
100
......................
1,500,000
1,315,168
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(d)
.........
1,100,000
1,034,392
Commonwealth
Edison
Co.
,
5
.30
%
,
6/1/34
,
Callable
3/1/34
@
100
...................
1,884,000
1,913,823
Dominion
Energy,
Inc.
,
2
.25
%
,
8/15/31
,
Callable
5/15/31
@
100
.....................
1,575,000
1,340,506
DTE
Electric
Co.
2
.25
%
,
3/1/30
,
Callable
12/1/29
@
100
...................................
1,000,000
896,493
3
.00
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
1,000,000
892,255
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
....................................
400,000
295,444
DTE
Energy
Co.
,
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
...........................
512,000
529,029
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
1,200,000
1,055,837
Duke
Energy
Corp.
4
.50
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
3,075,000
2,966,765
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
..................................
1,150,000
1,164,523
Duquesne
Light
Holdings,
Inc.
2
.53
%
,
10/1/30
,
Callable
7/1/30
@
100
(a)
.................................
1,500,000
1,319,262
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
.................................
1,000,000
852,041
Entergy
Arkansas
LLC
,
5
.45
%
,
6/1/34
,
Callable
3/1/34
@
100
.......................
895,000
914,281
Entergy
Corp.
,
1
.90
%
,
6/15/28
,
Callable
4/15/28
@
100
...........................
2,000,000
1,837,337
Entergy
Louisiana
LLC
4
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
1,000,000
930,204
5
.15
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
1,888,000
1,880,793
5
.70
%
,
3/15/54
,
Callable
9/15/53
@
100
..................................
500,000
493,450
5
.80
%
,
3/15/55
,
Callable
9/15/54
@
100
..................................
1,450,000
1,443,345
Evergy
Kansas
Central,
Inc.
,
5
.25
%
,
3/15/35
,
Callable
12/15/34
@
100
................
2,360,000
2,365,152
IPALCO
Enterprises,
Inc.
,
4
.25
%
,
5/1/30
,
Callable
2/1/30
@
100
.....................
825,000
785,528
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
ITC
Holdings
Corp.
,
4
.95
%
,
9/22/27
,
Callable
8/22/27
@
100
(a)
.....................
$
1,000,000
$
1,007,089
NextEra
Energy
Capital
Holdings,
Inc.
,
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.........
2,000,000
1,709,151
Niagara
Mohawk
Power
Corp.
,
5
.29
%
,
1/17/34
,
Callable
10/17/33
@
100
(a)
.............
1,300,000
1,285,580
Northern
States
Power
Co.
,
5
.65
%
,
6/15/54
,
Callable
12/15/53
@
100
.................
1,415,000
1,425,129
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
950,000
764,199
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
1,138,000
933,934
Oncor
Electric
Delivery
Co.
LLC
5
.35
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
..................................
1,500,000
1,517,265
2
.70
%
,
11/15/51
,
Callable
5/15/51
@
100
..................................
1,575,000
930,399
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
1,650,000
1,670,467
Potomac
Electric
Power
Co.
,
5
.50
%
,
3/15/54
,
Callable
9/15/53
@
100
.................
2,050,000
2,002,555
Public
Service
Co.
of
Colorado
,
1
.88
%
,
6/15/31
,
Callable
12/15/30
@
100
(e)
............
2,100,000
1,772,312
Public
Service
Electric
and
Gas
Co.
,
1
.90
%
,
8/15/31
,
Callable
5/15/31
@
100
,
MTN
.......
2,075,000
1,760,973
Rayburn
Country
Securitization
LLC
,
2
.31
%
,
12/1/30
(a)
...........................
366,334
343,320
Southern
Co.
Gas
Capital
Corp.
,
1
.75
%
,
1/15/31
,
Callable
10/15/30
@
100
..............
600,000
505,507
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
750,000
487,559
The
AES
Corp.
,
2
.45
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
1,050,000
897,530
The
Southern
Co.
5
.70
%
,
3/15/34
,
Callable
9/15/33
@
100
..................................
3,150,000
3,256,797
4
.00
%
(
H15T5Y
+
373
bps
)
,
1/15/51
,
Callable
10/15/25
@
100
(d)
.................
1,500,000
1,480,298
Union
Electric
Co.
,
5
.20
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
1,500,000
1,511,983
Vistra
Operations
Co.
LLC
,
4
.30
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
................
550,000
531,965
Wisconsin
Electric
Power
Co.
,
4
.60
%
,
10/1/34
,
Callable
7/1/34
@
100
.................
1,100,000
1,065,913
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
1,250,000
777,700
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
500,000
422,762
64,138,936
Total
Corporate
Bonds
(Cost
$571,050,568)
544,844,562
Yankee
Dollars
(5.1%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
...............
2,050,000
1,858,814
Consumer
Discretionary
(0.1%):
International
Game
Technology
PLC
,
5
.25
%
,
1/15/29
,
Callable
5/4/25
@
101.31
(a)
........
1,000,000
977,537
Nemak
SAB
de
CV
,
3
.63
%
,
6/28/31
,
Callable
3/28/31
@
100
(a)
(e)
...................
1,000,000
767,958
1,745,495
Consumer
Staples
(0.5%):
Alimentation
Couche-Tard,
Inc.
,
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(a)
............
667,000
613,048
Bacardi
Ltd.
,
2
.75
%
,
7/15/26
,
Callable
4/15/26
@
100
(a)
...........................
500,000
488,003
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
675,000
661,320
Bacardi-Martini
BV
,
6
.00
%
,
2/1/35
,
Callable
11/1/34
@
100
(a)
......................
2,020,000
2,042,083
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
2,000,000
1,616,730
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
LUX
Co.
SARL
2
.50
%
,
1/15/27
,
Callable
12/15/26
@
100
.................................
1,500,000
1,442,640
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
.................................
2,493,000
2,693,761
JDE
Peet's
NV
,
2
.25
%
,
9/24/31
,
Callable
6/24/31
@
100
(a)
.........................
3,000,000
2,513,671
12,071,256
Energy
(0.4%):
Aker
BP
ASA
,
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
(a)
........................
750,000
701,559
Canadian
Natural
Resources
Ltd.
,
5
.40
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
...........
2,700,000
2,668,595
Enbridge,
Inc.
,
5
.63
%
,
4/5/34
,
Callable
1/5/34
@
100
.............................
1,855,000
1,884,325
Korea
National
Oil
Corp.
,
2
.63
%
,
4/18/32
(a)
...................................
645,000
559,733
Smurfit
Westrock
Financing
DAC
,
5
.42
%
,
1/15/35
,
Callable
10/15/34
@
100
(a)
..........
2,130,000
2,138,814
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(a)
.......................
1,150,000
1,296,117
9,249,143
Financials
(2.4%):
ABN
AMRO
Bank
NV
,
4
.80
%
,
4/18/26
(a)
.....................................
500,000
498,882
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
4
.95
%
,
9/10/34
,
Callable
6/10/34
@
100
...........................................................
1,350,000
1,299,348
Amcor
Group
Finance
PLC
,
5
.45
%
,
5/23/29
,
Callable
4/23/29
@
100
..................
1,950,000
1,991,970
Ascot
Group
Ltd.
,
4
.25
%
,
12/15/30
,
Callable
12/15/25
@
100
(a)
.....................
935,000
808,165
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
$
1,086,000
$
1,100,924
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
750,000
795,523
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(d)
........
1,575,000
1,338,527
Barclays
PLC
2
.28
%
(
H15T1Y
+
105
bps
)
,
11/24/27
,
Callable
11/24/26
@
100
(d)
................
2,000,000
1,922,551
2
.89
%
(
H15T1Y
+
130
bps
)
,
11/24/32
,
Callable
11/24/31
@
100
(d)
................
500,000
433,442
7
.44
%
(
H15T1Y
+
350
bps
)
,
11/2/33
,
Callable
11/2/32
@
100
(d)
..................
1,000,000
1,115,276
5
.34
%
(
SOFR
+
191
bps
)
,
9/10/35
,
Callable
9/10/34
@
100
(d)
(e)
..................
1,480,000
1,443,651
BP
Capital
Markets
PLC
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(d)
(f)
.......................
414,000
412,096
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(d)
(f)
.......................
750,000
720,063
BPCE
SA
5
.75
%
(
SOFR
+
287
bps
)
,
7/19/33
,
Callable
7/19/32
@
100
(a)
(d)
..................
700,000
705,281
6
.51
%
(
SOFR
+
279
bps
)
,
1/18/35
,
Callable
1/18/34
@
100
(a)
(d)
..................
2,400,000
2,456,181
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
650,000
576,529
Canadian
Imperial
Bank
of
Commerce
,
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...........
1,000,000
1,058,017
Cooperatieve
Rabobank
UA
,
1
.11
%
(
H15T1Y
+
55
bps
)
,
2/24/27
,
Callable
2/24/26
@
100
(a)
(d)
2,000,000
1,937,678
Credit
Agricole
SA
,
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(a)
(d)
.......
400,000
408,329
Deutsche
Bank
AG
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(d)
.....................
3,750,000
3,289,955
5
.40
%
(
SOFR
+
205
bps
)
,
9/11/35
,
Callable
9/11/34
@
100
(d)
....................
1,000,000
974,960
Federation
des
Caisses
Desjardins
du
Quebec
,
4
.55
%
,
8/23/27
(a)
.....................
2,200,000
2,196,415
HSBC
Holdings
PLC
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(d)
....................
1,000,000
916,098
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(d)
....................
1,050,000
1,194,113
Imperial
Brands
Finance
PLC
,
3
.88
%
,
7/26/29
,
Callable
4/26/29
@
100
(a)
..............
800,000
767,379
ING
Groep
NV
,
2
.73
%
(
SOFR
+
132
bps
)
,
4/1/32
,
Callable
4/1/31
@
100
(d)
..............
1,800,000
1,585,077
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(d)
...................
1,000,000
967,016
3
.57
%
(
US0003M
+
121
bps
)
,
11/7/28
,
Callable
11/7/27
@
100
(d)
(h)
...............
250,000
242,851
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(d)
.................
606,000
688,401
Macquarie
Group
Ltd.
,
4
.10
%
(
SOFR
+
213
bps
)
,
6/21/28
,
Callable
6/21/27
@
100
(a)
(d)
.....
600,000
591,986
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.02
%
(
H15T1Y
+
195
bps
)
,
7/20/28
,
Callable
7/20/27
@
100
(d)
...........................................................
1,500,000
1,513,795
Mizuho
Financial
Group,
Inc.
2
.56
%
,
9/13/31
....................................................
500,000
428,757
2
.17
%
(
H15T1Y
+
87
bps
)
,
5/22/32
,
Callable
5/22/31
@
100
(d)
...................
600,000
510,213
Nationwide
Building
Society
4
.30
%
(
US0003M
+
145
bps
)
,
3/8/29
,
Callable
3/8/28
@
100
(a)
(d)
(h)
...............
250,000
246,628
3
.96
%
(
US0003M
+
186
bps
)
,
7/18/30
,
Callable
7/18/29
@
100
(a)
(d)
(h)
.............
500,000
480,928
NatWest
Group
PLC
,
4
.45
%
(
US0003M
+
187
bps
)
,
5/8/30
,
Callable
5/8/29
@
100
(d)
(h)
.....
1,000,000
979,651
QBE
Insurance
Group
Ltd.
,
5
.88
%
(
H15T5Y
+
551
bps
)
,
Callable
5/12/25
@
100
(a)
(d)
(e)
(f)
..
2,000,000
1,998,759
RenaissanceRe
Holdings
Ltd.
,
5
.80
%
,
4/1/35
,
Callable
1/1/35
@
100
..................
2,054,000
2,101,409
Santander
UK
Group
Holdings
PLC
,
2
.90
%
(
SOFR
+
148
bps
)
,
3/15/32
,
Callable
3/15/31
@
100
(d)
...........................................................
2,150,000
1,892,976
Societe
Generale
SA
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(a)
(d)
..............
500,000
488,481
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(d)
(e)
..............
1,000,000
1,015,259
Standard
Chartered
PLC
,
4
.87
%
(
USISOA05
+
197
bps
)
,
3/15/33
,
Callable
3/15/28
@
100
(a)
(d)
300,000
296,240
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5
.05
%
,
3/13/35
(a)
(e)
...........................
1,500,000
1,483,152
The
Bank
of
Nova
Scotia
4
.90
%
(
H15T5Y
+
455
bps
)
,
Callable
6/4/25
@
100
(d)
(f)
.......................
1,950,000
1,941,916
4
.50
%
,
12/16/25
....................................................
500,000
498,847
1
.30
%
,
9/15/26
....................................................
1,050,000
1,003,802
2
.45
%
,
2/2/32
.....................................................
200,000
171,242
The
Toronto-Dominion
Bank
2
.00
%
,
9/10/31
....................................................
1,300,000
1,111,158
5
.15
%
(
H15T5Y
+
150
bps
)
,
9/10/34
,
Callable
9/10/29
@
100
(d)
..................
1,200,000
1,189,500
UBS
Group
AG
2
.19
%
(
SOFR
+
204
bps
)
,
6/5/26
,
Callable
6/5/25
@
100
(a)
(d)
....................
1,000,000
995,280
1
.31
%
(
SOFRINDX
+
98
bps
)
,
2/2/27
,
Callable
2/2/26
@
100
(a)
(d)
................
1,000,000
972,345
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..................................
750,000
740,962
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Westpac
Banking
Corp.
,
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(d)
$
1,000,000
$
991,517
57,489,501
Health
Care
(0.5%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
758,000
727,206
Royalty
Pharma
PLC
5
.40
%
,
9/2/34
,
Callable
6/2/34
@
100
....................................
1,650,000
1,629,178
3
.30
%
,
9/2/40
,
Callable
3/2/40
@
100
....................................
2,350,000
1,734,742
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
....................................
750,000
501,144
Smith
&
Nephew
PLC
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
.................................
2,650,000
2,283,455
5
.40
%
,
3/20/34
,
Callable
12/20/33
@
100
.................................
2,000,000
2,002,688
STERIS
Irish
FinCo
Unlimited
Co.
,
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
...........
2,000,000
1,770,976
Takeda
Pharmaceutical
Co.
Ltd.
,
5
.65
%
,
7/5/54
,
Callable
1/5/54
@
100
................
2,000,000
1,951,897
12,601,286
Industrials
(0.5%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
1,427,513
1,423,072
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
1,000,000
1,042,054
BAE
Systems
PLC
,
3
.40
%
,
4/15/30
,
Callable
1/15/30
@
100
(a)
......................
750,000
703,711
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(a)
..................................
1,875,000
1,733,271
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
................................
750,000
723,282
LG
Energy
Solution
Ltd.
,
5
.50
%
,
7/2/34
(a)
.....................................
1,960,000
1,925,357
nVent
Finance
SARL
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
......................
1,500,000
1,498,275
Pentair
Finance
SARL
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.....................
1,000,000
1,027,125
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
,
5
.90
%
,
11/24/31
,
Callable
8/24/31
@
100
(a)
(e)
.........................................................
1,000,000
999,437
Rolls-Royce
PLC
,
3
.63
%
,
10/14/25
,
Callable
7/14/25
@
100
(a)
......................
275,000
272,961
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
1,750,000
1,781,901
13,130,446
Information
Technology
(0.1%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
....
1,500,000
1,284,083
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
986,000
1,020,614
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(a)
(e)
.........................................
1,071,000
1,152,133
3,456,830
Materials
(0.3%):
CCL
Industries,
Inc.
,
3
.05
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
.......................
2,050,000
1,866,804
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
2,950,000
2,931,944
Rio
Tinto
Finance
USA
PLC
,
5
.25
%
,
3/14/35
,
Callable
12/14/34
@
100
................
2,250,000
2,267,556
7,066,304
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
3,463,000
2,977,072
Utilities
(0.1%):
Enel
Finance
International
NV
,
2
.13
%
,
7/12/28
,
Callable
5/12/28
@
100
(a)
..............
1,625,000
1,494,382
Total
Yankee
Dollars
(Cost
$126,596,016)
123,140,529
Municipal
Bonds
(1.2%)
Arizona
(0.0%):(i)
The
University
of
Arizona
Revenue
,
Series
A
,
1
.82
%
,
6/1/30
........................
1,000,000
879,558
California
(0.1%):
California
Statewide
Communities
Development
Authority
Revenue
,
1
.73
%
,
4/1/27
.......
1,000,000
945,321
City
of
El
Cajon
Revenue
Series
A
,
1
.70
%
,
4/1/27
..............................................
620,000
588,725
Series
A
,
1
.90
%
,
4/1/28
..............................................
500,000
464,586
1,998,632
Connecticut
(0.0%):(i)
State
of
Connecticut,
GO
,
Series
A
,
3
.43
%
,
4/15/28
..............................
500,000
489,033
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Florida
(0.1%):
Florida
Development
Finance
Corp.
Revenue
,
Series
B
,
3
.22
%
,
2/1/32
,
Continuously
Callable
@100
...........................................................
$
1,020,000
$
903,290
Hillsborough
County
IDA
Revenue
,
3
.58
%
,
8/1/35
,
Continuously
Callable
@100
.........
1,500,000
1,328,939
Hillsborough
County
School
Board
Certificate
of
Participation
,
Series
B
,
1
.92
%
,
7/1/25
....
750,000
745,124
2,977,353
Illinois
(0.1%):
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.02
%
,
12/1/32
....................................................
1,000,000
1,001,678
5
.12
%
,
12/1/33
....................................................
1,000,000
1,001,976
2,003,654
Louisiana
(0.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.28
%
,
2/1/36
..............................................
2,000,000
1,932,217
Series
A
,
4
.48
%
,
8/1/39
(e)
............................................
2,760,000
2,620,874
4,553,091
Michigan
(0.0%):(i)
Michigan
Finance
Authority
Revenue
,
2
.47
%
,
12/1/25
............................
1,000,000
988,385
New
Jersey
(0.1%):
New
Jersey
Economic
Development
Authority
Revenue
,
Series
NNN
,
3
.47
%
,
6/15/27
......
1,000,000
983,737
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
Series
A
,
3
.36
%
,
7/1/40
...
1,000,000
836,344
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.38
%
,
11/1/27
...............
900,000
854,290
2,674,371
Pennsylvania
(0.1%):
Public
Parking
Authority
of
Pittsburgh
Revenue
,
2
.33
%
,
12/1/29
.....................
895,000
811,958
State
Public
School
Building
Authority
Revenue
,
3
.15
%
,
4/1/30
......................
1,290,000
1,218,785
2,030,743
Texas
(0.4%):
City
of
San
Antonio,
GO
,
1
.76
%
,
2/1/31
,
Continuously
Callable
@100
.................
630,000
546,903
County
of
Bexar
Revenue
,
2
.28
%
,
8/15/32
,
Continuously
Callable
@100
...............
1,070,000
904,690
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
3
.34
%
,
11/15/37
......
2,000,000
1,717,115
San
Antonio
Education
Facilities
Corp.
Revenue
,
2
.50
%
,
4/1/29
......................
1,270,000
1,121,295
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
1
.63
%
,
9/1/26
.....................................................
525,000
505,026
1
.82
%
,
9/1/27
.....................................................
700,000
658,475
Texas
Water
Development
Board
Revenue
,
Series
B
,
4
.92
%
,
10/15/44
,
Continuously
Callable
@100
...........................................................
2,250,000
2,212,363
Uptown
Development
Authority
Tax
Allocation
Series
B
,
2
.58
%
,
9/1/31
..............................................
270,000
239,701
Series
B
,
2
.78
%
,
9/1/33
,
Continuously
Callable
@100
.........................
500,000
430,071
8,335,639
Virginia
(0.1%):
Virginia
Housing
Development
Authority
Revenue
Series
J
,
1
.97
%
,
11/1/28
..............................................
225,000
206,338
Series
J
,
2
.27
%
,
11/1/31
,
Continuously
Callable
@100
........................
225,000
193,538
Series
J
,
2
.42
%
,
11/1/32
,
Continuously
Callable
@100
........................
275,000
232,717
Series
J
,
2
.47
%
,
11/1/33
,
Continuously
Callable
@100
........................
270,000
223,527
Series
J
,
2
.52
%
,
11/1/34
,
Continuously
Callable
@100
........................
250,000
202,762
Series
J
,
2
.57
%
,
11/1/35
,
Continuously
Callable
@100
........................
300,000
238,703
1,297,585
Total
Municipal
Bonds
(Cost
$30,362,218)
28,228,044
U.S.
Government
Agency
Mortgages
(13.0%)
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
,
(a)
(d)
(f)
...............................
1,950,000
1,933,486
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Federal
Farm
Credit
Banks
Funding
Corporation
5
.93
%
,
7/14/33
....................................................
$
5,000,000
$
5,005,450
6
.00
%
,
6/5/34
.....................................................
3,000,000
3,001,590
5
.14
%
,
10/30/34
....................................................
4,000,000
3,945,920
2
.55
%
,
12/21/34
....................................................
3,000,000
2,474,790
2
.20
%
,
9/2/36
.....................................................
3,414,000
2,598,259
5
.60
%
,
8/5/39
.....................................................
1,900,000
1,887,479
6
.19
%
,
6/17/44
....................................................
2,455,000
2,444,959
21,358,447
Federal
Home
Loan
Banks
5
.25
%
,
9/25/34
....................................................
3,000,000
2,967,270
Federal
Home
Loan
Mortgage
Corporation
4
.05
%
,
10/1/29
....................................................
4,626,000
4,534,575
3
.00
%
,
3/1/31
-
5/1/52
...............................................
5,775,126
5,153,650
3
.50
%
,
5/1/33
-
7/1/52
...............................................
3,099,664
2,825,029
1
.50
%
,
4/1/37
.....................................................
2,934,664
2,576,785
5
.00
%
,
3/1/38
-
1/1/55
...............................................
19,674,751
19,502,820
5
.50
%
,
8/1/38
-
11/1/54
..............................................
20,860,694
20,929,527
4
.00
%
,
7/1/42
-
12/1/52
..............................................
6,848,829
6,445,830
4
.50
%
,
11/1/42
-
10/1/52
..............................................
3,919,776
3,798,183
6
.00
%
,
8/1/53
-
3/1/55
...............................................
13,458,683
13,722,406
79,488,805
Federal
National
Mortgage
Association
2
.50
%
,
11/1/34
-
3/1/52
..............................................
3,218,228
2,703,868
5
.00
%
,
12/1/37
-
2/1/54
..............................................
15,540,009
15,392,252
4
.50
%
,
1/1/38
-
1/1/53
...............................................
24,112,690
23,179,558
4
.00
%
,
4/1/38
-
7/1/53
...............................................
18,204,679
17,108,346
3
.50
%
,
12/1/42
-
8/1/52
..............................................
16,128,104
14,758,791
5
.50
%
,
12/1/44
-
3/1/55
..............................................
21,383,596
21,473,599
3
.00
%
,
2/1/50
-
2/1/52
...............................................
3,530,844
3,082,484
2
.00
%
,
11/1/51
-
12/1/51
..............................................
2,858,215
2,299,721
6
.00
%
,
9/1/53
-
3/1/54
...............................................
2,729,226
2,786,569
102,785,188
Government
National
Mortgage
Association
5
.00
%
,
8/20/38
-
2/20/54
.............................................
12,459,592
12,325,358
2
.50
%
,
1/20/51
-
9/20/53
.............................................
14,571,244
12,395,428
3
.00
%
,
10/20/51
-
1/20/53
.............................................
16,182,460
14,329,923
3
.50
%
,
2/20/52
-
6/20/52
.............................................
8,008,614
7,324,008
4
.50
%
,
8/20/52
-
11/20/53
.............................................
20,514,611
19,756,767
4
.00
%
,
11/20/52
....................................................
3,863,938
3,633,316
5
.50
%
,
4/20/53
-
2/20/54
.............................................
22,223,496
22,378,627
6
.00
%
,
9/20/53
....................................................
2,372,717
2,436,107
7
.50
%
,
10/20/54
....................................................
6,927,559
6,980,664
101,560,198
Total
U.S.
Government
Agency
Mortgages
(Cost
$312,683,159)
310,093,394
U.S.
Treasury
Obligations
(39.7%)
U.S.
Treasury
Bonds
5
.25
%
,
2/15/29
....................................................
7,000,000
7,341,797
3
.50
%
,
2/15/39
....................................................
20,250,000
18,452,813
1
.13
%
,
5/15/40
....................................................
6,878,000
4,351,410
3
.88
%
,
8/15/40
....................................................
15,250,000
14,256,367
1
.38
%
,
11/15/40
....................................................
5,250,000
3,412,500
2
.25
%
,
5/15/41
....................................................
13,250,000
9,819,492
1
.75
%
,
8/15/41
....................................................
21,000,000
14,227,500
2
.00
%
,
11/15/41
....................................................
12,190,000
8,561,570
2
.38
%
,
2/15/42
....................................................
10,250,000
7,609,023
3
.38
%
,
8/15/42
....................................................
15,300,000
13,117,359
3
.13
%
,
2/15/43
....................................................
14,250,000
11,691,680
2
.88
%
,
5/15/43
....................................................
2,000,000
1,574,375
3
.88
%
,
5/15/43
....................................................
17,000,000
15,520,469
4
.38
%
,
8/15/43
....................................................
9,000,000
8,772,188
4
.75
%
,
11/15/43
....................................................
10,000,000
10,217,188
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
3
.38
%
,
5/15/44
....................................................
$
7,000,000
$
5,886,562
4
.13
%
,
8/15/44
....................................................
5,500,000
5,153,672
4
.63
%
,
11/15/44
....................................................
18,500,000
18,526,016
2
.50
%
,
2/15/46
....................................................
10,500,000
7,464,844
2
.75
%
,
8/15/47
....................................................
950,000
694,539
2
.75
%
,
11/15/47
....................................................
750,000
547,031
3
.00
%
,
2/15/48
....................................................
3,500,000
2,667,656
3
.38
%
,
11/15/48
....................................................
7,012,000
5,690,676
3
.00
%
,
2/15/49
....................................................
7,000,000
5,292,656
1
.38
%
,
8/15/50
....................................................
7,000,000
3,566,719
1
.63
%
,
11/15/50
....................................................
3,000,000
1,632,656
1
.88
%
,
2/15/51
....................................................
28,013,000
16,243,163
2
.00
%
,
8/15/51
....................................................
27,203,000
16,198,536
4
.00
%
,
11/15/52
....................................................
2,000,000
1,803,750
3
.63
%
,
2/15/53
....................................................
10,000,000
8,423,437
4
.13
%
,
8/15/53
....................................................
10,000,000
9,215,625
4
.25
%
,
2/15/54
....................................................
9,500,000
8,952,266
4
.50
%
,
11/15/54
....................................................
1,500,000
1,477,969
U.S.
Treasury
Inflation
Indexed
Bonds
,
0
.88
%
,
1/15/29
............................
628,915
618,818
U.S.
Treasury
Notes
3
.00
%
,
7/15/25
....................................................
5,000,000
4,980,664
3
.00
%
,
9/30/25
....................................................
300,000
298,184
0
.38
%
,
11/30/25
....................................................
3,000,000
2,926,055
0
.38
%
,
1/31/26
....................................................
4,000,000
3,878,125
0
.75
%
,
5/31/26
....................................................
5,500,000
5,295,898
1
.50
%
,
8/15/26
....................................................
2,000,000
1,934,063
2
.38
%
,
5/15/27
....................................................
4,625,000
4,480,830
0
.50
%
,
6/30/27
....................................................
4,500,000
4,174,102
2
.75
%
,
2/15/28
....................................................
10,300,000
9,983,758
1
.25
%
,
3/31/28
....................................................
8,875,000
8,219,082
1
.25
%
,
4/30/28
....................................................
9,000,000
8,315,859
2
.88
%
,
8/15/28
....................................................
2,280,000
2,206,256
1
.25
%
,
9/30/28
....................................................
10,000,000
9,136,719
3
.75
%
,
12/31/28
....................................................
8,500,000
8,450,195
4
.00
%
,
1/31/29
....................................................
20,000,000
20,056,250
2
.63
%
,
2/15/29
....................................................
3,950,000
3,767,313
2
.38
%
,
3/31/29
....................................................
18,000,000
16,974,844
2
.88
%
,
4/30/29
....................................................
5,000,000
4,802,734
2
.75
%
,
5/31/29
....................................................
7,000,000
6,685,000
4
.25
%
,
6/30/29
....................................................
5,000,000
5,060,938
1
.63
%
,
8/15/29
....................................................
6,175,000
5,612,979
3
.63
%
,
8/31/29
....................................................
13,500,000
13,331,250
3
.50
%
,
1/31/30
....................................................
12,050,000
11,810,883
4
.00
%
,
2/28/30
....................................................
11,500,000
11,526,953
0
.63
%
,
8/15/30
....................................................
10,985,000
9,211,094
4
.13
%
,
8/31/30
....................................................
35,000,000
35,218,750
4
.63
%
,
9/30/30
....................................................
5,000,000
5,154,297
4
.00
%
,
1/31/31
....................................................
11,000,000
10,986,250
1
.13
%
,
2/15/31
....................................................
15,295,000
13,016,284
4
.13
%
,
3/31/31
....................................................
15,000,000
15,075,000
4
.63
%
,
4/30/31
....................................................
25,000,000
25,783,203
1
.63
%
,
5/15/31
....................................................
16,750,000
14,573,809
3
.63
%
,
9/30/31
....................................................
5,000,000
4,875,391
4
.13
%
,
10/31/31
....................................................
7,000,000
7,021,875
1
.38
%
,
11/15/31
....................................................
16,128,000
13,618,080
1
.88
%
,
2/15/32
....................................................
18,000,000
15,629,062
2
.88
%
,
5/15/32
....................................................
9,185,000
8,497,560
2
.75
%
,
8/15/32
....................................................
14,532,000
13,287,697
4
.13
%
,
11/15/32
....................................................
65,300,000
65,402,031
3
.38
%
,
5/15/33
....................................................
53,350,000
50,532,453
3
.88
%
,
8/15/33
....................................................
36,676,000
35,948,211
4
.50
%
,
11/15/33
....................................................
44,250,000
45,314,766
4
.00
%
,
2/15/34
....................................................
11,030,000
10,881,784
3
.88
%
,
8/15/34
....................................................
83,000,000
80,899,062
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
4
.25
%
,
11/15/34
....................................................
$
26,250,000
$
26,332,031
Total
U.S.
Treasury
Obligations
(Cost
$980,529,426)
950,149,946
Commercial
Paper
(0.3%)
Energy
(0.1%):
The
Williams
Cos.,
Inc.
,
4
.51
%
,
4/1/25
(a)
(j)
....................................
2,500,000
2,499,687
Utilities
(0.2%):
Ameren
Illinois
Co.
,
4
.45
%
,
4/1/25
(a)
(j)
......................................
5,000,000
4,999,381
Total
Commercial
Paper
(Cost
$7,500,000)
7,499,068
Shares
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(k)
........
2,628,194
2,628,194
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(k)
............
2,628,194
2,628,194
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(k)
...............
2,628,194
2,628,194
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(k)
.
2,628,194
2,628,194
Total
Collateral
for
Securities
Loaned
(Cost
$10,512,776)
10,512,776
Total
Investments
(Cost
$2,454,844,640)
—
99.8%
2,389,174,493
Other
assets
in
excess
of
liabilities
—
0.2%
5,136,204
NET
ASSETS
-
100.00%
$
2,394,310,697
At
March
31,
2025,
the
Fund's
investments
in
foreign
securities
were
5.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2025,
the
fair
value
of
these
securities
was
$476,991,167
and
amounted
to
19.9%
of
net
assets.
(b)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
March
31,
2025.
(c)
Security
is
interest
only.
(d)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2025.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(g)
Issuer
filed
for
bankruptcy.
(h)
Securities
referencing
LIBOR
are
expected
to
transition
to
an
alternative
reference
rate
by
the
security's
next
scheduled
coupon
reset
date.
(i)
Amount
represents
less
than
0.05%
of
net
assets.
(j)
Rate
represents
the
effective
yield
at
March
31,
2025.
(k)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
March
31,
2025.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2025.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2025.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2025.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2025.
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
March
31,
2025,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2025.
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
143
(Unaudited)
Security
Description
Principal
Amount
.
Value
Asset-Backed
Securities
(19.2%)
ABS
Auto
(8.2%):
Ally
Auto
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.16
%
,
10/15/29
,
Callable
8/15/27
@
100
$
474,000
$
479,551
Ally
Bank
Auto
Credit-Linked
Notes
,
Series
2024-B
,
Class
D
,
5
.41
%
,
9/15/32
,
Callable
3/15/28
@
100
(a)
...................................................
323,068
323,783
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A
,
Class
B
,
5
.32
%
,
9/16/30
,
Callable
10/15/28
@
100
(a)
.............
106,773
107,381
Series
2024-1A
,
Class
C
,
5
.63
%
,
12/16/30
,
Callable
10/15/28
@
100
(a)
............
130,500
132,362
Series
2024-1A
,
Class
D
,
6
.34
%
,
1/18/33
,
Callable
10/15/28
@
100
(a)
.............
111,595
111,732
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2020-3
,
Class
D
,
1
.49
%
,
9/18/26
,
Callable
4/18/25
@
100
.................
50,000
49,916
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
................
191,000
189,441
Series
2021-3
,
Class
C
,
1
.41
%
,
8/18/27
,
Callable
7/18/26
@
100
.................
500,000
486,007
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
5/15/25
@
100
(a)
..............
117,657
117,480
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
5/15/25
@
100
(a)
...............
116,000
115,858
Series
2022-A
,
Class
C
,
4
.17
%
,
1/15/31
,
Callable
5/15/25
@
100
(a)
...............
250,000
249,705
Series
2024-A
,
Class
C
,
5
.38
%
,
11/15/32
,
Callable
9/15/27
@
100
(a)
..............
50,000
50,578
Series
2024-B
,
Class
A3
,
5
.26
%
,
4/15/33
,
Callable
7/15/27
@
100
(a)
..............
293,000
297,758
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
7/15/27
@
100
(a)
...............
53,000
54,057
Series
2024-B
,
Class
C
,
5
.55
%
,
4/15/33
,
Callable
7/15/27
@
100
(a)
...............
90,000
91,570
Series
2025-A
,
Class
C
,
4
.90
%
,
1/17/34
,
Callable
9/15/28
@
100
(a)
...............
135,417
134,711
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
500,000
507,347
Series
2023-6A
,
Class
B
,
6
.40
%
,
12/20/29
(a)
...............................
189,000
195,364
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
251,000
259,228
BofA
Auto
Trust
,
Series
2024-1A
,
Class
A3
,
5
.35
%
,
11/15/28
,
Callable
6/15/27
@
100
(a)
...
160,000
161,869
CarMax
Auto
Owner
Trust
................................................
Series
2021-2
,
Class
C
,
1
.34
%
,
2/16/27
,
Callable
5/15/25
@
100
.................
60,000
59,723
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
9/15/25
@
100
.................
79,000
77,296
Series
2022-3
,
Class
D
,
6
.20
%
,
1/16/29
,
Callable
10/15/26
@
100
................
200,000
202,319
Series
2023-3
,
Class
D
,
6
.44
%
,
12/16/30
,
Callable
8/15/27
@
100
................
220,000
224,850
Series
2024-3
,
Class
D
,
5
.67
%
,
1/15/31
,
Callable
2/15/28
@
100
.................
134,000
135,163
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N4
,
Class
D
,
2
.30
%
,
9/11/28
,
Callable
9/10/27
@
100
................
199,084
190,972
Series
2021-P4
,
Class
B
,
1
.98
%
,
2/10/28
,
Callable
9/10/27
@
100
................
500,000
476,860
Chase
Auto
Owner
Trust
..................................................
Series
2024-1A
,
Class
D
,
5
.87
%
,
6/25/31
,
Callable
2/25/28
@
100
(a)
..............
211,000
216,475
Series
2024-2A
,
Class
D
,
6
.15
%
,
8/25/31
,
Callable
12/25/27
@
100
(a)
.............
242,000
250,736
Series
2024-3A
,
Class
B
,
5
.28
%
,
1/25/30
,
Callable
2/25/28
@
100
(a)
..............
198,000
201,097
Series
2024-3A
,
Class
C
,
5
.41
%
,
2/28/30
,
Callable
2/25/28
@
100
(a)
..............
295,000
300,419
Series
2024-4A
,
Class
C
,
5
.46
%
,
7/25/30
,
Callable
2/25/28
@
100
(a)
..............
200,000
204,047
Series
2024-4A
,
Class
D
,
5
.79
%
,
11/25/31
,
Callable
2/25/28
@
100
(a)
.............
187,000
192,051
Series
2024-5A
,
Class
C
,
4
.62
%
,
8/26/30
,
Callable
6/25/28
@
100
(a)
..............
274,000
270,946
Series
2024-5A
,
Class
D
,
4
.97
%
,
1/26/32
,
Callable
6/25/28
@
100
(a)
..............
122,000
121,412
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
4/15/26
@
100
(a)
..............
57,000
57,386
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
4/15/26
@
100
(a)
..............
64,000
64,402
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
4/15/26
@
100
(a)
..............
96,000
97,108
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
...........
64,464
65,323
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
119,000
122,053
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
185,000
188,706
Series
2024-1A
,
Class
B
,
5
.44
%
,
5/15/36
,
Callable
6/15/27
@
100
(a)
..............
223,000
226,378
Series
2024-1A
,
Class
C
,
5
.60
%
,
5/15/36
,
Callable
6/15/27
@
100
(a)
..............
192,000
193,490
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2022-1A
,
Class
B
,
4
.95
%
,
8/16/32
,
Callable
1/15/26
@
100
(a)
..............
450,000
449,922
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
10/15/26
@
100
(a)
.............
750,000
765,355
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
11/15/26
@
100
(a)
.............
189,000
194,203
Series
2023-3A
,
Class
A
,
6
.39
%
,
8/15/33
,
Callable
3/15/27
@
100
(a)
..............
125,000
126,477
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
118,000
121,370
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
196,000
204,384
Series
2023-5A
,
Class
A
,
6
.13
%
,
12/15/33
,
Callable
6/15/27
@
100
(a)
.............
302,064
306,463
Series
2023-5A
,
Class
C
,
7
.30
%
,
4/17/34
,
Callable
6/15/27
@
100
(a)
..............
234,254
243,904
Series
2024-1A
,
Class
C
,
6
.71
%
,
7/17/34
,
Callable
6/15/27
@
100
(a)
..............
237,000
243,376
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
9/15/25
@
100
$
148,009
$
146,105
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
9/15/28
@
100
(a)
............
74,472
76,674
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
9/15/28
@
100
(a)
..............
845,000
872,246
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
9/15/28
@
100
(a)
..............
48,794
50,794
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
250,000
253,390
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
106,415
107,135
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
7/20/27
@
100
(a)
..............
151,000
157,198
Series
2024-1
,
Class
A2
,
5
.23
%
,
3/20/30
,
Callable
8/20/27
@
100
(a)
..............
245,403
246,919
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
92,000
94,865
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
B
,
5
.71
%
,
7/15/30
,
Callable
5/15/28
@
100
(a)
..............
1,000,000
1,018,251
Series
2024-1A
,
Class
C
,
6
.00
%
,
10/15/30
,
Callable
5/15/28
@
100
(a)
.............
45,918
47,106
First
Investors
Auto
Owner
Trust
,
Series
2021-1A
,
Class
E
,
3
.35
%
,
4/15/27
,
Callable
4/15/25
@
100
(a)
.........................................................
238,000
237,780
Flagship
Credit
Auto
Trust
................................................
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
4/15/25
@
100
(a)
...............
1,160,029
1,153,847
Series
2021-4
,
Class
C
,
1
.96
%
,
12/15/27
,
Callable
2/15/27
@
100
(a)
..............
500,000
492,570
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2023-A
,
Class
C
,
5
.54
%
,
12/15/26
,
Callable
8/15/25
@
100
................
90,000
90,114
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
3/15/26
@
100
.................
166,000
168,503
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
689,000
657,594
Series
2021-2
,
Class
D
,
2
.60
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
750,000
718,563
Series
2022-1
,
Class
C
,
4
.67
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
950,000
942,241
Series
2022-1
,
Class
D
,
5
.16
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
102,000
101,736
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
206,000
209,131
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
750,000
761,005
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
750,000
767,752
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
195,000
202,117
Series
2023-2
,
Class
C
,
6
.16
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
440,000
455,145
Series
2023-2
,
Class
D
,
6
.60
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
118,711
122,567
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
1/15/27
@
100
(a)
............................................
313,000
313,368
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
8/15/28
@
100
(a)
...........................................................
19,000
19,669
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
.............
1,110,000
1,083,239
Series
2023-1A
,
Class
D
,
7
.01
%
,
1/16/29
,
Callable
9/15/27
@
100
(a)
..............
109,000
111,603
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
D
,
8
.22
%
,
2/18/31
,
Callable
8/15/28
@
100
(a)
..............
120,000
129,324
Series
2024-1A
,
Class
C
,
5
.69
%
,
3/15/30
,
Callable
3/15/28
@
100
(a)
..............
95,000
96,344
Series
2024-4A
,
Class
C
,
4
.75
%
,
11/15/30
,
Callable
6/15/29
@
100
(a)
.............
191,000
188,362
GM
Financial
Revolving
Receivables
Trust
,
Series
2021-1
,
Class
B
,
1
.49
%
,
6/12/34
,
Callable
9/11/26
@
100
(a)
...................................................
250,000
238,541
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2023-1
,
Class
B
,
5
.73
%
,
6/15/28
(a)
.................................
200,403
202,514
Series
2024-2A
,
Class
B
,
5
.35
%
,
3/15/31
(a)
................................
1,009,191
1,026,588
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
C
,
5
.77
%
,
2/15/30
,
Callable
3/15/28
@
100
(a)
..............
73,000
74,342
Series
2024-1A
,
Class
D
,
6
.50
%
,
6/15/32
,
Callable
3/15/28
@
100
(a)
..............
70,000
70,665
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
A3
,
5
.18
%
,
3/15/28
,
Callable
1/15/27
@
100
(a)
..............
909,393
911,071
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
1/15/27
@
100
(a)
...............
224,000
225,769
Series
2023-1
,
Class
C
,
5
.88
%
,
11/15/29
,
Callable
1/15/27
@
100
(a)
..............
168,000
170,600
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A
,
Class
B
,
2
.19
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
..............
66,667
66,359
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
................................
261,000
263,722
Series
2023-2A
,
Class
B
,
6
.49
%
,
9/25/29
(a)
................................
212,000
219,392
Series
2023-2A
,
Class
C
,
7
.13
%
,
9/25/29
(a)
................................
75,000
77,297
Series
2023-3A
,
Class
A
,
5
.94
%
,
2/25/28
(a)
................................
125,000
127,169
Series
2023-3A
,
Class
B
,
6
.53
%
,
2/25/28
(a)
................................
38,000
38,818
Series
2023-4A
,
Class
C
,
7
.51
%
,
3/25/30
(a)
................................
220,000
230,045
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Hertz
Vehicle
Financing
LLC
..............................................
Series
2022-2A
,
Class
B
,
2
.65
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
$
1,000,000
$
950,965
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
..............
700,000
697,964
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1
,
Class
B1
,
6
.15
%
,
5/20/32
,
Callable
11/20/27
@
100
(a)
.............
134,373
136,042
Series
2024-2
,
Class
B1
,
5
.44
%
,
10/20/32
,
Callable
9/20/28
@
100
(a)
.............
566,740
569,473
Hyundai
Auto
Receivables
Trust
............................................
Series
2020-C
,
Class
C
,
1
.08
%
,
12/15/27
,
Callable
4/15/25
@
100
................
262,631
262,191
Series
2021-C
,
Class
C
,
1
.66
%
,
6/15/28
,
Callable
3/15/26
@
100
.................
500,000
486,492
Series
2024-C
,
Class
B
,
4
.67
%
,
1/15/31
,
Callable
11/15/28
@
100
................
109,000
108,680
JPMorgan
Chase
Bank
NA
................................................
Series
2021-3
,
Class
B
,
0
.76
%
,
2/26/29
,
Callable
5/25/25
@
100
(a)
...............
4,083
4,067
Series
2021-3
,
Class
E
,
2
.10
%
,
2/26/29
,
Callable
5/25/25
@
100
(a)
...............
249
248
Series
2021-3
,
Class
F
,
3
.69
%
,
2/26/29
,
Callable
5/25/25
@
100
(a)
...............
1,150,000
1,147,122
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
12/15/25
@
100
(a)
.............
324,020
322,425
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
4/15/27
@
100
(a)
..............
240,000
240,967
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
4/15/27
@
100
(a)
.............
520,000
525,594
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
4/15/27
@
100
(a)
..............
226,000
231,758
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
6/15/27
@
100
(a)
..............
200,000
201,352
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
6/15/27
@
100
(a)
..............
52,000
52,791
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
7/15/27
@
100
(a)
..............
214,000
217,166
Series
2023-3A
,
Class
D
,
6
.92
%
,
12/16/30
,
Callable
7/15/27
@
100
(a)
.............
198,000
203,942
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
10/15/27
@
100
(a)
............
182,141
186,090
Series
2023-4A
,
Class
C
,
6
.76
%
,
3/15/29
,
Callable
10/15/27
@
100
(a)
.............
212,497
218,980
Series
2023-4A
,
Class
D
,
7
.37
%
,
4/15/31
,
Callable
10/15/27
@
100
(a)
.............
303,568
315,798
Series
2024-1A
,
Class
C
,
5
.64
%
,
6/15/29
,
Callable
11/15/27
@
100
(a)
.............
207,000
209,419
Series
2024-2A
,
Class
B
,
5
.50
%
,
7/16/29
,
Callable
2/15/28
@
100
(a)
..............
198,627
201,472
Series
2024-2A
,
Class
C
,
5
.66
%
,
10/15/29
,
Callable
2/15/28
@
100
(a)
.............
198,627
201,179
Series
2024-2A
,
Class
D
,
6
.37
%
,
10/15/31
,
Callable
2/15/28
@
100
(a)
.............
162,212
165,757
Series
2024-3A
,
Class
D
,
5
.18
%
,
2/17/32
,
Callable
5/15/28
@
100
(a)
..............
224,000
220,794
Merchants
Fleet
Funding
LLC
..............................................
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
5/20/27
@
100
(a)
..............
285,000
287,331
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
5/20/27
@
100
(a)
..............
485,000
491,513
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
5/20/27
@
100
(a)
..............
659,000
668,971
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
5/20/27
@
100
(a)
..............
476,000
482,609
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1
,
Class
B
,
5
.79
%
,
4/25/29
(a)
.................................
50,000
50,494
Series
2024-1
,
Class
C
,
6
.13
%
,
4/25/29
(a)
.................................
82,000
82,698
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
81,433
81,846
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
1/15/28
@
100
(a)
.............
92,500
94,896
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
1/15/28
@
100
(a)
.............
329,346
343,954
Oscar
US
Funding
XII
LLC
,
Series
2021-1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
4/10/25
@
100
(a)
...........................................................
84,250
83,018
Oscar
US
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
4/10/26
@
100
(a)
...........................................................
981,780
966,496
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
11/10/28
@
100
(a)
...........................................................
241,000
240,281
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
216,258
215,955
Series
2022-A
,
Class
D
,
5
.85
%
,
6/17/30
,
Callable
3/15/26
@
100
(a)
...............
106,000
106,393
Prestige
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
5
.65
%
,
2/15/28
,
Callable
6/15/27
@
100
(a)
...........................................................
265,000
265,919
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
2/15/26
@
100
(a)
...............
59,726
59,724
Series
2022-A
,
Class
C
,
7
.38
%
,
5/15/32
,
Callable
2/15/26
@
100
(a)
...............
29,703
29,701
Series
2022-A
,
Class
D
,
9
.97
%
,
5/15/32
,
Callable
2/15/26
@
100
(a)
...............
719,057
729,394
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
12/15/26
@
100
(a)
.............
31,069
31,233
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
154,848
155,741
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
11,180
11,252
Series
2023-B
,
Class
B
,
5
.64
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
153,877
154,936
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
65,567
66,253
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
$
189,882
$
192,793
Series
2024-B
,
Class
B
,
4
.97
%
,
1/18/33
,
Callable
4/15/29
@
100
(a)
...............
544,000
543,244
Series
2024-B
,
Class
C
,
5
.14
%
,
1/18/33
,
Callable
4/15/29
@
100
(a)
...............
619,778
620,327
Series
2024-B
,
Class
D
,
5
.48
%
,
1/18/33
,
Callable
4/15/29
@
100
(a)
...............
770,100
772,761
Series
2024-B
,
Class
E
,
6
.80
%
,
1/18/33
,
Callable
4/15/29
@
100
(a)
...............
308,000
304,885
Santander
Consumer
Auto
Receivables
Trust
,
Series
2021-AA
,
Class
E
,
3
.28
%
,
3/15/27
,
Callable
12/15/25
@
100
(a)
...........................................
60,000
59,132
SBNA
Auto
Lease
Trust
,
Series
2024-B
,
Class
A4
,
5
.55
%
,
12/20/28
,
Callable
5/20/27
@
100
(a)
132,657
134,693
SBNA
Auto
Receivables
Trust
,
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
5/15/28
@
100
(a)
...........................................................
203,000
204,768
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
1/15/28
@
100
(a)
..............
429,952
446,264
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
1/15/28
@
100
(a)
.............
226,365
233,448
Series
2024-1A
,
Class
C
,
5
.62
%
,
12/16/30
,
Callable
12/15/27
@
100
(a)
............
199,759
202,544
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
4/25/28
@
100
(a)
...............
477,647
480,640
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
4/25/28
@
100
(a)
...............
384,646
386,733
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
11/20/27
@
100
(a)
.............
167,000
170,969
Series
2024-1A
,
Class
C
,
5
.51
%
,
1/20/32
,
Callable
4/20/28
@
100
(a)
..............
126,000
127,796
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
8/20/25
@
100
(a)
...............
280,000
281,463
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
11/20/25
@
100
(a)
.............
87,000
87,807
Tesla
Electric
Vehicle
Trust
,
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
8/20/27
@
100
(a)
...........................................................
200,000
204,910
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
8/20/25
@
100
(a)
...........................................................
100,000
100,128
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
10/25/26
@
100
(a)
.......
170,279
172,493
United
Auto
Credit
Securitization
Trust
.......................................
Series
2023-1
,
Class
C
,
6
.28
%
,
7/10/28
,
Callable
10/10/26
@
100
(a)
..............
219,156
219,404
Series
2024-1
,
Class
B
,
6
.57
%
,
6/10/27
,
Callable
2/10/27
@
100
(a)
...............
209,000
209,924
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
9/15/27
@
100
(a)
..............
636,000
646,986
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
9/15/27
@
100
(a)
..............
220,000
226,190
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
109,936
110,801
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
181,000
187,008
Series
2023-2A
,
Class
C
,
6
.94
%
,
8/18/38
(a)
................................
195,000
200,703
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
220,000
228,916
Series
2024-1A
,
Class
C
,
5
.69
%
,
2/18/39
(a)
................................
341,000
343,886
Series
2024-2A
,
Class
A1
,
4
.87
%
,
6/21/39
(a)
...............................
1,437,000
1,443,582
Series
2024-2A
,
Class
C
,
4
.89
%
,
6/21/39
(a)
................................
335,000
334,978
Series
2024-3A
,
Class
B
,
5
.07
%
,
9/19/39
(a)
................................
318,376
320,012
Series
2024-3A
,
Class
C
,
5
.21
%
,
9/19/39
(a)
................................
345,742
344,448
51,270,485
ABS
Card
(1.9%):
American
Express
Credit
Account
Master
Trust
,
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
....
3,238,000
3,344,126
BA
Credit
Card
Trust
,
Series
2024-A1
,
Class
A
,
4
.93
%
,
5/15/29
......................
232,000
235,163
CARDS
II
Trust
........................................................
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/16/29
(a)
................................
168,000
169,346
Series
2025-1A
,
Class
C
,
5
.42
%
,
3/17/31
(a)
................................
1,350,000
1,353,338
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4
,
Class
B
,
5
.25
%
,
10/15/28
(a)
.............................
467,000
469,699
Series
2024-CRT4
,
Class
C
,
5
.64
%
,
10/15/28
(a)
.............................
267,000
268,590
Series
2025-CRT5
,
Class
B
,
5
.24
%
,
5/15/29
(a)
..............................
996,000
1,003,257
Series
2025-CRT5
,
Class
C
,
5
.53
%
,
5/15/29
(a)
..............................
450,000
451,801
Golden
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
.................
200,000
190,830
Master
Credit
Card
Trust
.................................................
Series
2022-2A
,
Class
B
,
2
.38
%
,
7/21/28
(a)
................................
500,000
479,382
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
................................
312,000
298,332
Master
Credit
Card
Trust
II
................................................
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
250,000
251,150
Series
2023-2A
,
Class
C
,
6
.89
%
,
1/21/27
(a)
................................
95,000
95,444
Series
2023-4A
,
Class
B
,
6
.56
%
,
10/21/32
(a)
...............................
104,000
109,460
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
$
265,000
$
278,646
Series
2024-1A
,
Class
B
,
5
.53
%
,
1/21/28
(a)
................................
193,000
193,948
Series
2024-1A
,
Class
C
,
6
.02
%
,
1/21/28
(a)
................................
171,000
172,110
Synchrony
Card
Funding
LLC
.............................................
Series
2022-A1
,
Class
A
,
3
.37
%
,
4/15/28
,
Callable
4/15/25
@
100
................
220,000
219,894
Series
2023-A1
,
Class
A
,
5
.54
%
,
7/15/29
..................................
59,000
59,816
Synchrony
Card
Issuance
Trust
,
Series
2025-A1
,
Class
A
,
4
.78
%
,
2/18/31
..............
240,000
242,781
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
833,000
797,693
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
72,000
73,172
Series
2023-2A
,
Class
B
,
5
.35
%
,
3/26/33
(a)
................................
100,000
101,154
Series
2023-3A
,
Class
B
,
6
.26
%
,
8/26/28
(a)
................................
234,000
235,133
Series
2023-3A
,
Class
C
,
6
.94
%
,
8/26/28
(a)
................................
214,000
215,377
Series
2024-1A
,
Class
B
,
5
.50
%
,
12/26/28
(a)
...............................
228,000
228,942
Series
2024-1A
,
Class
C
,
5
.99
%
,
12/26/28
(a)
...............................
121,000
121,675
11,660,259
ABS
Other
(9.1%):
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
............................................
676,000
669,494
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
229,114
229,633
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
131,151
135,372
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
6/20/27
@
100
(a)
..............
37,000
38,875
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
3/20/28
@
100
(a)
..............
119,000
120,734
Series
2024-1A
,
Class
C
,
5
.55
%
,
1/21/31
,
Callable
3/20/28
@
100
(a)
..............
262,000
266,811
Amur
Equipment
Finance
Receivables
XIV
LLC
................................
Series
2024-2A
,
Class
B
,
5
.20
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
..............
1,000,000
1,011,618
Series
2024-2A
,
Class
C
,
5
.38
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
..............
333,000
338,052
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
124,000
127,592
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
2/15/28
@
100
(a)
.............
88,000
91,763
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
141,000
148,019
Series
2024-1A
,
Class
B
,
5
.69
%
,
7/15/31
,
Callable
3/15/29
@
100
(a)
..............
124,094
127,619
Barings
Equipment
Finance
LLC
,
Series
2025-A
,
Class
A4
,
5
.02
%
,
6/13/50
,
Callable
8/13/30
@
100
(a)
.........................................................
1,031,000
1,044,930
Blue
Owl
Asset
Leasing
Trust
..............................................
Series
2024-1A
,
Class
B
,
5
.41
%
,
3/15/30
,
Callable
8/15/27
@
100
(a)
..............
154,000
155,285
Series
2024-1A
,
Class
C
,
6
.38
%
,
1/15/31
,
Callable
8/15/27
@
100
(a)
..............
80,000
80,899
Capital
Automotive
REIT
,
Series
2024-3A
,
Class
A1
,
4
.40
%
,
10/15/54
,
Callable
10/15/27
@
100
(a)
...........................................................
278,886
268,022
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/26
@
100
(a)
.....
198,340
199,837
CCG
Receivables
Trust
...................................................
Series
2021-2
,
Class
C
,
1
.50
%
,
3/14/29
,
Callable
4/14/25
@
100
(a)
...............
250,000
249,674
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
6/14/26
@
100
(a)
...............
173,174
176,618
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
9/14/27
@
100
(a)
...............
93,000
97,292
Series
2025-1
,
Class
C
,
4
.89
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
500,000
499,665
Series
2025-1
,
Class
D
,
5
.28
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
133,000
132,886
Clarus
Capital
Funding
LLC
,
Series
2024-1A
,
Class
C
,
5
.01
%
,
8/20/32
,
Callable
4/20/28
@
100
(a)
...........................................................
70,000
69,617
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
604,160
611,037
CP
EF
Asset
Securitization
I
LLC
,
Series
2022-1A
,
Class
A
,
5
.96
%
,
4/15/30
,
Callable
12/15/25
@
100
(a)
.........................................................
13,602
13,607
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
(a)
...............................
205,000
197,356
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
441,125
449,092
DB
Master
Finance
LLC
,
Series
2021-1A
,
Class
A2II
,
2
.49
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
...........................................................
1,306,125
1,200,265
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1
,
Class
D
,
6
.80
%
,
3/22/29
,
Callable
10/22/25
@
100
(a)
..............
147,446
148,810
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
2/22/26
@
100
(a)
...............
125,000
126,102
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
2/22/26
@
100
(a)
...............
237,000
240,154
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
4/22/26
@
100
(a)
..............
$
73,000
$
74,397
Series
2024-1
,
Class
C
,
5
.73
%
,
3/22/30
,
Callable
6/22/26
@
100
(a)
...............
92,000
93,287
Series
2024-1
,
Class
D
,
6
.12
%
,
9/23/30
,
Callable
6/22/26
@
100
(a)
...............
92,000
93,666
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
3/15/27
@
100
(a)
...............
100,000
102,133
Series
2023-1
,
Class
D
,
8
.82
%
,
3/15/33
,
Callable
3/15/27
@
100
(a)
...............
775,000
814,261
Series
2023-2
,
Class
C
,
6
.93
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
224,000
232,409
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
101,000
108,076
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
654,000
604,426
DLLAA
LLC
..........................................................
Series
2023-1A
,
Class
A2
,
5
.93
%
,
7/20/26
,
Callable
7/20/26
@
100
(a)
.............
18,951
18,993
Series
2025-1A
,
Class
A4
,
5
.08
%
,
4/20/33
,
Callable
7/20/29
@
100
(a)
.............
1,068,828
1,087,306
DLLAD
LLC
,
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
2/20/29
@
100
(a)
......
128,980
132,354
DLLMT
LLC
,
Series
2024-1A
,
Class
A3
,
4
.84
%
,
8/21/28
,
Callable
5/20/28
@
100
(a)
......
200,652
201,833
FirstKey
Homes
Trust
....................................................
Series
2021-SFR3
,
Class
A
,
2
.14
%
,
12/17/38
(a)
(b)
...........................
734,999
703,570
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
(b)
...........................
500,000
480,734
Series
2021-SFR3
,
Class
D
,
2
.79
%
,
12/17/38
(a)
(b)
...........................
750,000
721,579
Ford
Credit
Floorplan
Master
Owner
Trust
.....................................
Series
2020-2
,
Class
C
,
1
.87
%
,
9/15/27
...................................
127,000
125,172
Series
2023-1
,
Class
B
,
5
.31
%
,
5/15/28
(a)
.................................
70,000
70,344
Series
2024-2
,
Class
B
,
5
.56
%
,
4/15/31
(a)
.................................
225,000
231,632
Series
2024-4
,
Class
B
,
4
.61
%
,
9/15/31
(a)
.................................
1,829,000
1,831,522
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
....
106,000
107,069
Frontier
Issuer
LLC
.....................................................
Series
2023-1
,
Class
A2
,
6
.60
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
..............
558,062
567,399
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
...............
415,490
429,162
Series
2023-1
,
Class
C
,
11
.50
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
..............
3,637,383
3,862,064
Series
2024-1
,
Class
A2
,
6
.19
%
,
6/20/54
,
Callable
5/20/28
@
100
(a)
..............
198,607
203,815
Series
2024-1
,
Class
C
,
11
.16
%
,
6/20/54
,
Callable
5/20/28
@
100
(a)
..............
1,539,003
1,742,917
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
A2
,
6
.51
%
,
5/20/30
,
Callable
12/20/25
@
100
(a)
............
22,232
22,355
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
12/20/25
@
100
(a)
.............
97,000
102,330
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
12/20/25
@
100
(a)
.............
89,000
94,381
Series
2023-1A
,
Class
E
,
7
.00
%
,
6/20/35
,
Callable
12/20/25
@
100
(a)
.............
74,000
72,630
Greatamerica
Leasing
Receivables
Funding
LLC
,
Series
2025-1
,
Class
C
,
5
.01
%
,
1/18/33
,
Callable
5/15/29
@
100
(a)
............................................
698,171
699,019
GreatAmerica
Leasing
Receivables
Funding
LLC
,
Series
2024-1
,
Class
C
,
5
.43
%
,
12/15/31
,
Callable
2/15/28
@
100
(a)
............................................
65,000
65,945
HPEFS
Equipment
Trust
..................................................
Series
2022-1A
,
Class
D
,
2
.40
%
,
11/20/29
,
Callable
6/20/25
@
100
(a)
.............
258,831
257,740
Series
2022-2A
,
Class
D
,
4
.94
%
,
3/20/30
,
Callable
12/20/25
@
100
(a)
.............
1,300,000
1,298,984
Series
2022-3A
,
Class
C
,
6
.13
%
,
8/20/29
,
Callable
4/20/26
@
100
(a)
..............
1,159,000
1,162,706
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
12/20/26
@
100
(a)
.............
150,000
153,359
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
151,000
153,064
Series
2024-2A
,
Class
B
,
5
.35
%
,
10/20/31
,
Callable
1/20/28
@
100
(a)
.............
265,066
266,909
Series
2024-2A
,
Class
D
,
5
.82
%
,
4/20/32
,
Callable
1/20/28
@
100
(a)
..............
141,999
144,205
Kubota
Credit
Owner
Trust
................................................
Series
2022-1A
,
Class
A3
,
2
.67
%
,
10/15/26
,
Callable
1/15/26
@
100
(a)
............
187,508
186,153
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
5/15/28
@
100
(a)
.............
129,000
131,608
Series
2025-1A
,
Class
A4
,
4
.87
%
,
7/15/30
,
Callable
2/15/29
@
100
(a)
.............
399,000
403,657
M&T
Equipment
LEAF
Notes
..............................................
Series
2023-1A
,
Class
A3
,
5
.74
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
.............
118,000
118,890
Series
2024-1A
,
Class
A2
,
4
.99
%
,
8/18/31
,
Callable
7/16/28
@
100
(a)
.............
200,652
200,902
Series
2024-1A
,
Class
A4
,
4
.94
%
,
8/18/31
,
Callable
7/16/28
@
100
(a)
.............
270,000
271,468
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A
,
Class
A4
,
1
.04
%
,
11/13/30
(a)
...............................
252,245
244,074
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
152,000
155,687
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
11/13/30
@
100
(a)
.............
485,929
491,951
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
4/20/25
@
100
(a)
.............
677,000
632,083
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
4/20/25
@
100
(a)
.............
366,000
334,551
NMEF
Funding
LLC
....................................................
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
6/15/27
@
100
(a)
...............
207,000
212,556
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2024-A
,
Class
A2
,
5
.15
%
,
12/15/31
,
Callable
6/15/28
@
100
(a)
.............
$
302,518
$
303,826
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
6/15/28
@
100
(a)
..............
221,597
221,705
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
615,166
615,938
Series
2025-A
,
Class
C
,
5
.79
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
346,770
348,231
Pawnee
Equipment
Receivables
LLC
,
Series
2021-1
,
Class
B
,
1
.82
%
,
7/15/27
,
Callable
8/15/25
@
100
(a)
.........................................................
207,760
206,992
PEAC
Solutions
Receivables
LLC
...........................................
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
11/20/28
@
100
(a)
............
412,000
415,435
Series
2025-1A
,
Class
B
,
5
.20
%
,
7/20/32
,
Callable
11/20/28
@
100
(a)
.............
376,000
378,739
Series
2025-1A
,
Class
C
,
5
.49
%
,
7/20/32
,
Callable
11/20/28
@
100
(a)
.............
295,000
296,139
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
A2
,
5
.59
%
,
11/15/29
,
Callable
4/15/27
@
100
(a)
............
154,602
155,348
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
76,000
77,355
Series
2024-1A
,
Class
D
,
6
.77
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
531,000
544,328
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
6/15/28
@
100
(a)
..............
105,000
105,736
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
6/15/28
@
100
(a)
..............
250,000
251,865
Retained
Vantage
Data
Centers
Issuer
LLC
.....................................
Series
2024-1A
,
Class
A2
,
4
.99
%
,
9/15/49
,
Callable
9/15/27
@
100
(a)
.............
395,744
388,853
Series
2024-1A
,
Class
B
,
5
.78
%
,
9/15/49
,
Callable
9/15/27
@
100
(a)
..............
106,679
104,884
SCF
Equipment
Leasing
LLC
..............................................
Series
2021-1A
,
Class
D
,
1
.93
%
,
9/20/30
,
Callable
4/20/25
@
100
(a)
..............
457,997
457,144
Series
2022-2A
,
Class
C
,
6
.50
%
,
8/20/32
,
Callable
8/20/25
@
100
(a)
..............
196,294
200,053
Series
2022-2A
,
Class
D
,
6
.50
%
,
10/20/32
,
Callable
8/20/25
@
100
(a)
.............
329,793
337,260
Series
2023-1A
,
Class
A3
,
6
.17
%
,
5/20/32
,
Callable
11/20/26
@
100
(a)
............
153,000
153,548
Series
2024-1A
,
Class
A3
,
5
.52
%
,
1/20/32
,
Callable
3/20/30
@
100
(a)
.............
3,000,000
3,063,601
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A
,
Class
B
,
5
.23
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
1,765,427
1,785,690
Series
2025-1A
,
Class
C
,
5
.37
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
1,598,672
1,619,109
Series
2025-1A
,
Class
D
,
5
.88
%
,
11/20/35
,
Callable
9/20/31
@
100
(a)
.............
1,440,341
1,442,302
Subway
Funding
LLC
,
Series
2024-1A
,
Class
A2II
,
6
.27
%
,
7/30/54
,
Callable
7/30/28
@
100
(a)
226,433
229,641
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
,
Callable
3/25/28
@
100
(a)
...........................................................
500,978
483,171
Tricon
Residential
Trust
..................................................
Series
2022-SFR2
,
Class
B
,
5
.24
%
,
7/17/40
,
Callable
7/17/28
@
100
(a)
(b)
..........
200,000
202,310
Series
2024-SFR4
,
Class
A
,
4
.30
%
,
11/17/41
,
Callable
11/17/29
@
100
(a)
(b)
........
219,999
214,064
Trinity
Rail
Leasing
LLC
,
Series
2022-1A
,
Class
A
,
4
.55
%
,
5/19/52
,
Callable
4/21/25
@
100
(a)
...........................................................
454,606
441,304
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A
,
Class
A2
,
5
.88
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
............
426,488
434,424
Series
2025-1A
,
Class
B
,
6
.37
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
.............
177,000
180,052
Vantage
Data
Centers
Issuer
LLC
,
Series
2020-1A
,
Class
A2
,
1
.65
%
,
9/15/45
,
Callable
4/15/25
@
100
(a)
.........................................................
43,687
42,991
Vantage
Data
Centers
LLC
,
Series
2020-2A
,
Class
A2
,
1
.99
%
,
9/15/45
,
Callable
9/15/25
@
100
(a)
...........................................................
453,000
420,666
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2II
,
3
.71
%
,
2/15/57
,
Callable
2/15/30
@
100
(a)
............
1,000,000
881,274
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
300,000
290,630
Series
2022-1A
,
Class
F
,
5
.27
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
1,500,000
1,447,552
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
146,000
146,893
Series
2024-1A
,
Class
D
,
6
.64
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
107,000
109,121
Series
2024-1A
,
Class
F
,
8
.87
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
7,000
7,263
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
11/12/27
@
100
(a)
............
32,556
33,094
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
11/12/27
@
100
(a)
.............
47,000
48,586
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
............
169,594
172,248
Series
2024-1A
,
Class
B
,
5
.72
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
57,000
58,332
Series
2024-1A
,
Class
C
,
6
.25
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
47,000
48,287
Series
2024-1A
,
Class
D
,
7
.23
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
59,000
61,459
Verizon
Master
Trust
....................................................
Series
2023-2
,
Class
A
,
4
.89
%
,
4/13/28
,
Callable
4/20/25
@
100
.................
129,000
129,014
Series
2024-2
,
Class
B
,
5
.08
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.............
265,000
267,839
Series
2024-3
,
Class
C
,
5
.73
%
,
4/22/30
,
Callable
4/20/27
@
100
.................
1,105,000
1,125,164
Series
2024-4
,
Class
C
,
5
.60
%
,
6/20/29
,
Callable
6/20/26
@
100
.................
80,000
80,733
Series
2024-7
,
Class
C
,
4
.84
%
,
8/20/32
,
Callable
8/20/29
@
100
(a)
...............
478,533
475,496
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
2024-8
,
Class
C
,
4
.99
%
,
11/20/30
,
Callable
11/20/27
@
100
...............
$
302,000
$
303,339
Series
2025-2
,
Class
C
,
5
.34
%
,
1/20/33
,
Callable
1/20/30
@
100
(a)
...............
1,905,958
1,929,526
Volvo
Financial
Equipment
LLC
,
Series
2024-1A
,
Class
A4
,
4
.29
%
,
7/15/31
,
Callable
7/15/28
@
100
(a)
.........................................................
1,000,000
993,549
Wingspire
Equipment
Finance
LLC
,
Series
2024-1A
,
Class
D
,
6
.31
%
,
9/20/32
,
Callable
11/20/27
@
100
(a)
..................................................
108,170
109,382
Zayo
Issuer
LLC
.......................................................
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.............
382,789
386,115
Series
2025-1A
,
Class
B
,
6
.09
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
..............
339,693
343,312
57,354,969
Total
Asset-Backed
Securities
(Cost
$119,877,061)
120,285,713
Collateralized
Loan
Obligations
(1.5%)
Cash
Flow
CLO
(1.5%):
720
East
CLO
IV
Ltd.
,
Series
2024-1A
,
Class
A2
,
6
.10
%
(
TSFR3M
+
180
bps
)
,
4/15/37
,
Callable
4/15/26
@
100
(a)
(c)
.................................................
185,000
185,133
720
East
CLO
Ltd.
......................................................
Series
2022-1A
,
Class
A2R
,
5
.89
%
(
TSFR3M
+
160
bps
)
,
1/20/38
,
Callable
1/20/27
@
100
(a)
(c)
.....................................................
442,000
439,677
Series
2022-1A
,
Class
BR
,
5
.99
%
(
TSFR3M
+
170
bps
)
,
1/20/38
,
Callable
1/20/27
@
100
(a)
(c)
.....................................................
442,000
439,579
Series
2023-2A
,
Class
A2
,
6
.45
%
(
TSFR3M
+
215
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(c)
.....................................................
245,000
245,380
Series
2023-2A
,
Class
D
,
9
.45
%
(
TSFR3M
+
515
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(c)
.....................................................
184,000
185,250
Series
2023-IA
,
Class
B
,
6
.80
%
(
TSFR3M
+
250
bps
)
,
4/15/36
,
Callable
4/15/25
@
100
(a)
(c)
.....................................................
250,000
249,854
Series
2023-IA
,
Class
D
,
10
.15
%
(
TSFR3M
+
585
bps
)
,
4/15/36
,
Callable
4/15/25
@
100
(a)
(c)
.....................................................
500,000
501,210
720
East
CLO
VII
Ltd.
,
Series
2025-7A
,
Class
A2
,
5
.68
%
(
TSFR3M
+
140
bps
)
,
4/20/37
(a)
(c)
.
300,000
299,341
AIMCO
CLO
Ltd.
......................................................
Series
2022-17A
,
Class
XR
,
5
.44
%
(
TSFR3M
+
115
bps
)
,
7/20/37
,
Callable
7/22/26
@
100
(a)
(c)
.....................................................
248,732
247,809
Series
2023-20A
,
Class
B1
,
6
.51
%
(
TSFR3M
+
220
bps
)
,
10/16/36
,
Callable
10/16/25
@
100
(a)
(c)
.....................................................
178,000
178,272
Series
2023-20A
,
Class
C1
,
7
.01
%
(
TSFR3M
+
270
bps
)
,
10/16/36
,
Callable
10/16/25
@
100
(a)
(c)
.....................................................
178,000
178,507
Barrow
Hanley
CLO
II
Ltd.
,
Series
2023-2A
,
Class
C
,
7
.79
%
(
TSFR3M
+
350
bps
)
,
10/20/35
,
Callable
10/20/25
@
100
(a)
(c)
.........................................
184,000
187,447
Columbia
Cent
CLO
Ltd.
,
Series
2022-32A
,
Class
BF
,
5
.20
%
,
7/24/34
,
Callable
4/24/25
@
100
(a)
...........................................................
250,000
245,837
Dryden
CLO
Ltd.
.......................................................
Series
2021-93A
,
Class
A2R
,
5
.93
%
(
TSFR3M
+
160
bps
)
,
1/15/38
,
Callable
1/15/27
@
100
(a)
(c)
.....................................................
171,000
170,995
Series
2021-93A
,
Class
XR
,
5
.48
%
(
TSFR3M
+
115
bps
)
,
1/15/38
,
Callable
1/15/27
@
100
(a)
(c)
.....................................................
336,000
335,991
Series
2022-113A
,
Class
BR2
,
5
.95
%
(
TSFR3M
+
165
bps
)
,
10/15/37
,
Callable
10/15/25
@
100
(a)
(c)
.....................................................
1,000,000
994,683
Series
2023-102A
,
Class
A2
,
6
.30
%
(
TSFR3M
+
200
bps
)
,
10/15/36
,
Callable
10/15/25
@
100
(a)
(c)
.....................................................
109,696
110,001
Series
2024-121A
,
Class
B
,
6
.03
%
(
TSFR3M
+
170
bps
)
,
1/15/37
,
Callable
1/15/27
@
100
(a)
(c)
.....................................................
428,083
428,574
Golub
Capital
Partners
CLO
Ltd.
,
Series
2023-68A
,
Class
B
,
7
.10
%
(
TSFR3M
+
280
bps
)
,
7/25/36
,
Callable
7/25/25
@
100
(a)
(c)
....................................
155,000
155,542
Magnetite
XXXV
Ltd.
,
Series
2022-35A
,
Class
AR
,
5
.95
%
(
TSFR3M
+
165
bps
)
,
10/25/36
,
Callable
10/25/25
@
100
(a)
(c)
.........................................
295,000
295,443
NGC
Ltd.
,
Series
2024-1A
,
Class
X
,
5
.44
%
(
TSFR3M
+
115
bps
)
,
7/20/37
,
Callable
7/20/26
@
100
(a)
(c)
.........................................................
246,316
246,308
Oaktree
CLO
Ltd.
,
Series
2023-1A
,
Class
B
,
6
.85
%
(
TSFR3M
+
255
bps
)
,
4/15/36
,
Callable
4/15/25
@
100
(a)
(c)
.................................................
250,000
249,855
Octagon
62
Ltd.
,
Series
2022-1A
,
Class
A2R
,
5
.89
%
(
TSFR3M
+
160
bps
)
,
1/23/38
,
Callable
1/23/27
@
100
(a)
(c)
.................................................
432,000
430,218
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Octagon
68
Ltd.
,
Series
2023-1A
,
Class
X
,
5
.59
%
(
TSFR3M
+
130
bps
)
,
10/20/36
,
Callable
10/20/25
@
100
(a)
(c)
................................................
$
247,500
$
247,519
Palmer
Square
Loan
Funding
Ltd.
,
Series
2024-3A
,
Class
A2
,
5
.95
%
(
TSFR3M
+
165
bps
)
,
8/8/32
,
Callable
8/8/25
@
100
(a)
(c)
......................................
259,000
259,130
Symphony
CLO
XXIX
Ltd.
,
Series
2021-29A
,
Class
B
,
6
.21
%
(
TSFR3M
+
191
bps
)
,
1/15/34
,
Callable
4/15/25
@
100
(a)
(c)
..........................................
500,000
500,625
Trimaran
Cavu
Ltd.
,
Series
2021-3A
,
Class
C1
,
7
.02
%
(
TSFR3M
+
273
bps
)
,
1/18/35
,
Callable
4/18/25
@
100
(a)
(c)
.................................................
750,000
750,639
Venture
CLO
Ltd.
......................................................
Series
2023-47A
,
Class
AJ
,
6
.59
%
(
TSFR3M
+
230
bps
)
,
4/20/36
,
Callable
4/20/25
@
100
(a)
(c)
.....................................................
194,000
193,864
Series
2023-48A
,
Class
B1
,
7
.04
%
(
TSFR3M
+
275
bps
)
,
10/20/36
,
Callable
10/20/25
@
100
(a)
(c)
.....................................................
197,000
198,222
Series
2024-49A
,
Class
X
,
5
.64
%
(
TSFR3M
+
135
bps
)
,
4/20/37
,
Callable
4/20/26
@
100
(a)
(c)
.....................................................
130,811
130,640
Series
2024-50A
,
Class
X
,
5
.54
%
(
TSFR3M
+
125
bps
)
,
10/20/37
,
Callable
10/20/26
@
100
(a)
(c)
.....................................................
252,700
252,727
Voya
CLO
Ltd.
,
Series
2020-1A
,
Class
BR
,
6
.27
%
(
TSFR3M
+
196
bps
)
,
7/16/34
,
Callable
4/16/25
@
100
(a)
(c)
.................................................
220,000
219,802
9,754,074
Total
Collateralized
Loan
Obligations
(Cost
$9,754,902)
9,754,074
Collateralized
Mortgage
Obligations
(8.6%)
Agency
CMO
Other
(0.5%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
219,821
221,413
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
494,426
487,778
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
1,651,854
1,660,211
Federal
National
Mortgage
Association
,
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
........
127,815
128,449
Government
National
Mortgage
Association
....................................
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
164,591
144,469
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
266,187
268,229
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
160,924
161,159
3,071,708
Agency
Commercial
MBS
(2.4%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K119
,
Class
A2
,
1
.57
%
,
9/25/30
,
Callable
9/25/30
@
100
.................
600,000
518,483
Series
K136
,
Class
A2
,
2
.13
%
,
11/25/31
...................................
2,485,739
2,156,088
Series
K141
,
Class
A2
,
2
.25
%
,
2/25/32
,
Callable
2/25/32
@
100
.................
1,155,071
1,004,952
Series
K142
,
Class
A2
,
2
.40
%
,
3/25/32
,
Callable
3/25/32
@
100
.................
1,338,841
1,173,662
Series
K143
,
Class
A2
,
2
.35
%
,
3/25/32
,
Callable
3/25/32
@
100
.................
354,257
309,195
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
,
Callable
4/25/32
@
100
.................
2,000,000
1,754,453
Series
K145
,
Class
A2
,
2
.58
%
,
5/25/32
,
Callable
5/25/32
@
100
.................
2,546,606
2,249,863
Series
K146
,
Class
A2
,
2
.92
%
,
6/25/32
,
Callable
6/25/32
@
100
.................
2,154,425
1,945,573
Series
K147
,
Class
A2
,
3
.00
%
,
6/25/32
(d)
.................................
814,859
739,385
Series
K149
,
Class
A2
,
3
.53
%
,
8/25/32
,
Callable
8/25/32
@
100
.................
1,178,242
1,105,236
Series
K159
,
Class
A2
,
4
.50
%
,
7/25/33
,
Callable
7/25/33
@
100
(d)
...............
1,566,307
1,558,271
Series
K536
,
Class
AS
,
4
.85
%
(
SOFR30A
+
50
bps
)
,
11/25/29
,
Callable
11/25/29
@
100
(c)
999,973
998,630
15,513,791
Commercial
MBS
(5.7%):
AOA
Mortgage
Trust
....................................................
Series
2021-1177
,
Class
B
,
5
.61
%
(
TSFR1M
+
129
bps
)
,
10/15/38
(a)
(b)
(c)
...........
250,000
231,300
Series
2021-1177
,
Class
D
,
6
.26
%
(
TSFR1M
+
194
bps
)
,
10/15/38
(a)
(b)
(c)
...........
300,000
264,377
Arbor
Multifamily
Mortgage
Securities
Trust
...................................
Series
2020-MF1
,
Class
AS
,
3
.06
%
,
5/15/53
,
Callable
5/15/30
@
100
(a)
(d)
.........
350,000
318,223
Series
2021-MF2
,
Class
B
,
2
.56
%
,
6/15/54
,
Callable
7/15/31
@
100
(a)
(d)
..........
1,050,000
895,245
Series
2022-MF4
,
Class
A5
,
3
.28
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(d)
.........
500,000
454,940
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
790,000
767,999
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
100,000
95,151
Series
2018-AVM
,
Class
D
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
100,000
94,346
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
C
,
8
.07
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
(c)
.............................................................
$
269,000
$
269,000
Benchmark
Mortgage
Trust
................................................
Series
2020-B19
,
Class
AS
,
2
.15
%
,
9/15/53
,
Callable
10/15/30
@
100
.............
1,000,000
830,483
Series
2022-B36
,
Class
XA
,
0
.64
%
,
7/15/55
,
Callable
6/15/32
@
100
(b)
(d)
.........
9,997,886
425,689
BLP
Commercial
Mortgage
Trust
,
Series
2025-IND
,
Class
A
,
5
.52
%
(
TSFR1M
+
120
bps
)
,
3/15/42
(a)
(b)
(c)
....................................................
300,000
297,672
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
5
.48
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
(c)
.............
500,000
497,470
Series
2021-TY
,
Class
C
,
6
.13
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
(c)
.............
119,946
118,801
Series
2021-TY
,
Class
D
,
6
.78
%
(
TSFR1M
+
246
bps
)
,
9/15/38
(a)
(b)
(c)
.............
309,661
306,799
Series
2022-OANA
,
Class
A
,
6
.22
%
(
TSFR1M
+
190
bps
)
,
4/15/37
(a)
(b)
(c)
..........
1,000,000
999,999
Series
2022-OANA
,
Class
B
,
6
.77
%
(
TSFR1M
+
245
bps
)
,
4/15/37
(a)
(b)
(c)
..........
203,000
203,304
Series
2022-OANA
,
Class
D
,
8
.01
%
(
TSFR1M
+
370
bps
)
,
4/15/37
(a)
(b)
(c)
..........
500,000
500,740
Series
2022-STAR
,
Class
A
,
7
.55
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(b)
(c)
...........
407,215
407,362
BX
Commercial
Mortgage
Trust
............................................
Series
2021-VOLT
,
Class
B
,
5
.38
%
(
TSFR1M
+
106
bps
)
,
9/15/36
(a)
(b)
(c)
...........
1,540,000
1,526,127
Series
2021-XL2
,
Class
B
,
5
.43
%
(
TSFR1M
+
111
bps
)
,
10/15/38
(a)
(b)
(c)
...........
175,000
174,119
Series
2021-XL2
,
Class
C
,
5
.63
%
(
TSFR1M
+
131
bps
)
,
10/15/38
(a)
(b)
(c)
...........
105,000
104,332
Series
2022-CSMO
,
Class
A
,
6
.43
%
(
TSFR1M
+
211
bps
)
,
6/15/27
(a)
(b)
(c)
..........
900,000
900,691
Series
2022-CSMO
,
Class
C
,
8
.21
%
(
TSFR1M
+
389
bps
)
,
6/15/27
(a)
(b)
(c)
..........
500,000
500,503
Series
2022-CSMO
,
Class
D
,
8
.66
%
(
TSFR1M
+
434
bps
)
,
6/15/27
(a)
(b)
(c)
..........
100,000
100,152
BX
Trust
.............................................................
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(b)
............................
250,000
247,392
Series
2022-RISE
,
Class
A
,
5
.18
%
(
TSFR1M
+
86
bps
)
,
11/15/36
(a)
(b)
(c)
...........
507,197
503,040
Series
2025-ROIC
,
Class
A
,
5
.46
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(c)
...........
895,357
888,649
Series
2025-ROIC
,
Class
B
,
5
.71
%
(
TSFR1M
+
139
bps
)
,
3/15/30
(a)
(b)
(c)
...........
168,795
167,320
BXP
Trust
............................................................
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
500,000
418,828
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
250,000
202,844
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
1,250,000
956,738
CAMB
Commercial
Mortgage
Trust
,
Series
2021-CX2
,
Class
A
,
2
.70
%
,
11/10/46
,
Callable
11/10/31
@
100
(a)
(b)
................................................
250,000
209,420
COMM
Mortgage
Trust
..................................................
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(d)
...........
20,334
20,035
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
(b)
..........
185,000
155,995
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(b)
............................
266,611
277,977
Series
2024-277P
,
Class
B
,
7
.00
%
,
8/10/44
(a)
(b)
(d)
..........................
33,326
35,271
CSMC
Trust
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
(b)
.....................
302,000
275,853
DBWF
Mortgage
Trust
...................................................
Series
2024-LCRS
,
Class
A
,
6
.06
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(c)
...........
232,143
231,636
Series
2024-LCRS
,
Class
B
,
6
.56
%
(
TSFR1M
+
224
bps
)
,
4/15/37
(a)
(b)
(c)
...........
250,000
249,453
GS
Mortgage
Securities
Corp.
Trust
,
Series
2023-SHIP
,
Class
C
,
5
.51
%
,
9/10/38
(a)
(b)
(d)
...
118,438
118,501
Hilton
USA
Trust
.......................................................
Series
2016-HHV
,
Class
B
,
4
.19
%
,
11/5/38
(a)
(b)
(d)
..........................
350,000
344,835
Series
2016-HHV
,
Class
C
,
4
.19
%
,
11/5/38
(a)
(b)
(d)
..........................
200,000
196,513
Series
2016-HHV
,
Class
D
,
4
.19
%
,
11/5/38
(a)
(b)
(d)
..........................
169,000
165,076
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR
,
Class
A
,
5
.46
%
,
2/5/45
(a)
(b)
(d)
.........
177,473
180,003
Hudson
Yards
Mortgage
Trust
..............................................
Series
2019-30HY
,
Class
A
,
3
.23
%
,
7/10/39
(a)
(b)
............................
458,789
425,176
Series
2019-30HY
,
Class
D
,
3
.44
%
,
7/10/39
(a)
(b)
(d)
..........................
115,000
103,426
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
(d)
.........................
1,115,000
1,011,684
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(b)
(d)
..........................
604,000
614,709
Series
2025-SPRL
,
Class
B
,
5
.76
%
,
1/13/40
(a)
(b)
(d)
..........................
274,000
277,824
HYT
Commercial
Mortgage
Trust
,
Series
2024-RGCY
,
Class
A
,
6
.16
%
(
TSFR1M
+
184
bps
)
,
9/15/41
(a)
(b)
(c)
....................................................
1,412,906
1,411,822
ILPT
Commercial
Mortgage
Trust
...........................................
Series
2022-LPF2
,
Class
C
,
7
.81
%
(
TSFR1M
+
349
bps
)
,
10/15/39
(a)
(b)
(c)
..........
100,000
98,410
Series
2022-LPFX
,
Class
C
,
3
.82
%
,
3/15/32
(a)
(b)
(d)
.........................
750,000
663,786
IRV
Trust
,
Series
2025-200P
,
Class
A
,
5
.29
%
,
3/14/47
,
Callable
2/14/35
@
100
(a)
(b)
(d)
....
900,000
896,795
JW
Commercial
Mortgage
Trust
,
Series
2024-MRCO
,
Class
A
,
5
.94
%
(
TSFR1M
+
162
bps
)
,
6/15/39
(a)
(b)
(c)
....................................................
198,627
198,200
LBA
Trust
,
Series
2024-7IND
,
Class
B
,
6
.06
%
(
TSFR1M
+
174
bps
)
,
10/15/41
(a)
(b)
(c)
......
691,467
690,172
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(b)
(d)
.......................................................
$
330,875
$
328,491
Life
BMR
Mortgage
Trust
,
Series
2022-BMR2
,
Class
C
,
6
.41
%
(
TSFR1M
+
209
bps
)
,
5/15/39
,
Callable
5/15/25
@
100
(a)
(b)
(c)
........................................
250,000
227,490
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(b)
............................
1,787,539
1,666,580
Series
2020-1MW
,
Class
B
,
2
.33
%
,
9/10/39
(a)
(b)
(d)
..........................
197,276
183,512
Series
2020-1MW
,
Class
D
,
2
.33
%
,
9/10/39
(a)
(b)
(d)
..........................
165,544
151,413
MHC
Commercial
Mortgage
Trust
..........................................
Series
2021-MHC
,
Class
A
,
5
.23
%
(
TSFR1M
+
92
bps
)
,
4/15/38
(a)
(b)
(c)
............
76,178
75,882
Series
2021-MHC
,
Class
B
,
5
.53
%
(
TSFR1M
+
122
bps
)
,
4/15/38
(a)
(b)
(c)
...........
160,000
159,293
Series
2021-MHC
,
Class
D
,
6
.03
%
(
TSFR1M
+
172
bps
)
,
4/15/38
(a)
(b)
(c)
...........
400,000
398,038
MHP
,
Series
2022-MHIL
,
Class
D
,
5
.93
%
(
TSFR1M
+
161
bps
)
,
1/15/39
(a)
(b)
(c)
..........
455,807
451,246
Morgan
Stanley
Capital
I
Trust
.............................................
Series
2021-PLZA
,
Class
B
,
2
.81
%
,
11/9/43
(a)
(b)
............................
500,000
422,983
Series
2021-PLZA
,
Class
C
,
2
.81
%
,
11/9/43
(a)
(b)
............................
750,000
593,451
MTN
Commercial
Mortgage
Trust
,
Series
2022-LPFL
,
Class
C
,
6
.71
%
(
TSFR1M
+
239
bps
)
,
3/15/39
(a)
(b)
(c)
....................................................
250,000
248,784
NRTH
Mortgage
Trust
,
Series
2024-PARK
,
Class
A
,
5
.96
%
(
TSFR1M
+
164
bps
)
,
3/15/39
(a)
(b)
(c)
.............................................................
816,000
816,762
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
(b)
................
2,393,000
2,135,992
ONE
Mortgage
Trust
,
Series
2021-PARK
,
Class
D
,
5
.93
%
(
TSFR1M
+
161
bps
)
,
3/15/36
(a)
(b)
(c)
.............................................................
225,000
218,283
SHR
Trust
............................................................
Series
2024-LXRY
,
Class
B
,
6
.77
%
(
TSFR1M
+
245
bps
)
,
10/15/41
(a)
(b)
(c)
..........
376,873
378,026
Series
2024-LXRY
,
Class
D
,
7
.92
%
(
TSFR1M
+
360
bps
)
,
10/15/41
(a)
(b)
(c)
..........
94,218
94,234
SLG
Office
Trust
.......................................................
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
(b)
............................
625,000
537,405
Series
2021-OVA
,
Class
C
,
2
.85
%
,
7/15/41
(a)
(b)
............................
500,000
427,556
SREIT
Trust
..........................................................
Series
2021-MFP2
,
Class
B
,
5
.60
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(b)
(c)
..........
500,000
496,685
Series
2021-MFP2
,
Class
D
,
6
.00
%
(
TSFR1M
+
168
bps
)
,
11/15/36
(a)
(b)
(c)
..........
760,000
753,259
SUMIT
Mortgage
Trust
,
Series
2022-BVUE
,
Class
D
,
2
.89
%
,
2/12/41
,
Callable
2/12/29
@
100
(a)
(b)
(d)
.......................................................
636
486
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.76
%
(
TSFR1M
+
144
bps
)
,
3/15/42
(a)
(b)
(c)
....................................................
491,649
486,086
TTAN
,
Series
2021-MHC
,
Class
C
,
5
.78
%
(
TSFR1M
+
146
bps
)
,
3/15/38
(a)
(b)
(c)
..........
538,331
535,466
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2021-SAVE
,
Class
B
,
5
.98
%
(
TSFR1M
+
166
bps
)
,
2/15/40
(a)
(b)
(c)
...........
200,000
199,106
Series
2021-SAVE
,
Class
C
,
6
.33
%
(
TSFR1M
+
201
bps
)
,
2/15/40
(a)
(b)
(c)
...........
200,000
198,081
35,706,797
Total
Collateralized
Mortgage
Obligations
(Cost
$55,173,639)
54,292,296
Senior
Secured
Loans
(2.0%)
Communication
Services
(0.4%):
Charter
Communications
Operating
LLC,
Term
Loan
B-5,
First
Lien
,
6
.56
%
(
SOFR03M
+
225
bps
)
,
12/15/31
(c)
.......................................
572,518
570,228
Frontier
Communications
Holdings
LLC,
Initial
Term
Loans,
First
Lien
,
6
.79
%
(
SOFR06M
+
250
bps
)
,
7/1/31
(c)
.........................................
1,100,000
1,097,250
Zayo
Group
Holdings,
Inc.,
2022
Incremental
Term
Loans,
First
Lien
,
3/9/27
(e)
..........
498,718
466,581
2,134,059
Consumer
Discretionary
(0.4%):
Aramark
Services,
Inc.,
Term
Loan
B8,
First
Lien
,
6
.32
%
(
SOFR01M
+
200
bps
)
,
6/24/30
(c)
..
301,817
301,376
Burlington
Coat
Factory
Warehouse
Corp.,
Term
Loan
B7,
First
Lien
,
6
.07
%
(
SOFR01M
+
175
bps
)
,
9/19/31
(c)
........................................
124,375
123,831
Carnival
Corp.,
2025
Repricing
Advance,
First
Lien
,
6
.32
%
(
SOFR01M
+
200
bps
)
,
10/18/28
(c)
250,000
249,452
Carnival
Corp.,
2025
Repricing
Advance,
First
Lien
,
6
.32
%
(
SOFR01M
+
200
bps
)
,
8/9/27
(c)
.
267,548
266,812
Flutter
Financing
B.V.,
Refinancing
Term
B
Loan,
First
Lien
,
6
.08
%
(
SOFR03M
+
175
bps
)
,
11/29/30
(c)
.......................................................
698,750
694,131
Four
Seasons
Hotels
Ltd.,
Term
Loan
B,
First
Lien
,
6
.07
%
(
SOFR01M
+
175
bps
)
,
11/30/29
(c)
99,239
99,130
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien
,
7
.57
%
(
SOFR01M
+
325
bps
)
,
1/23/32
(c)
539,391
537,368
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Petco
Health
and
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien
,
7
.58
%
(
SOFR03M
+
325
bps
)
,
3/6/28
(c)
.........................................
$
125,000
$
113,594
2,385,694
Consumer
Staples
(0.0%):(f)
BJ's
Wholesale
Club,
Inc.,
Tranch
B
Term,
First
Lien
,
6
.06
%
(
SOFR01M
+
175
bps
)
,
2/5/29
(c)
.
165,000
165,929
Reynolds
Consumer
Products
LLC,
Initial
Term
Loan,
First
Lien
,
6
.07
%
(
SOFR01M
+
175
bps
)
,
3/4/32
(c)
.........................................................
250,000
250,157
416,086
Energy
(0.1%):
Hilcorp
Energy
I
LP,
Initial
Loan,
First
Lien
,
6
.32
%
(
SOFR01M
+
200
bps
)
,
2/11/30
(c)
......
475,000
473,813
Financials
(0.6%):
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
7
.04
%
(
SOFR06M
+
275
bps
)
,
2/18/31
(c)
........................................
236,013
232,768
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
7
.07
%
(
SOFR01M
+
275
bps
)
,
2/18/31
(c)
........................................
13,987
13,794
AS
Mileage
Plan
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
6
.29
%
(
SOFR03M
+
200
bps
)
,
10/15/31
(c)
.......................................................
423,938
423,408
Boost
Newco
Borrower
LLC,
Term
Loan
B-2,
First
Lien
,
6
.29
%
(
SOFR03M
+
200
bps
)
,
1/31/31
(c)
........................................................
99,750
98,971
Cincinnati
Bell,
Inc.,
Term
B2,
First
Lien
,
6
.57
%
(
SOFR01M
+
225
bps
)
,
5/19/31
(c)
........
1,000,000
991,880
Delta
2
(LUX)
SARL,
Inc.,
Delayed
Draw
Term
Loan,
First
Lien
,
9/10/31
(e)
(g)
..........
100,000
99,719
Delta
2
(LUX)
SARL,
Term
Loan
B,
First
Lien
,
6
.33
%
(
SOFR03M
+
200
bps
)
,
9/19/31
(c)
....
150,000
149,579
Focus
Financial
Partners
LLC,
Tranche
B
Incremental
Term
Loan,
First
Lien
,
7
.07
%
(
SOFR01M
+
275
bps
)
,
9/15/31
(c)
........................................
903,014
893,424
Jefferies
Finance
PLC,
Initial
Term
Loan,
First
Lien
,
7
.32
%
(
SOFR01M
+
300
bps
)
,
10/9/31
(c)
548,625
546,337
OneDigital
Borrower
LLC,
Refinancing
Term
Loans,
First
Lien
,
7
.32
%
(
SOFR01M
+
300
bps
)
,
7/2/31
(c)
.........................................................
124,063
123,135
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
First
Lien
,
7
.08
%
(
SOFR03M
+
275
bps
)
,
5/6/31
(c)
.........................................................
275,806
273,738
3,846,753
Industrials
(0.0%):(f)
Arcosa,
Inc.,
Initial
Term
Loans,
First
Lien
,
6
.57
%
(
SOFR01M
+
225
bps
)
,
10/1/31
(c)
.......
149,625
149,251
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
8
.04
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(c)
.......................................
2,727
2,751
Janus
International
Group
LLC,
Term
Loan
B,
First
Lien
,
6
.79
%
(
SOFR03M
+
250
bps
)
,
8/5/30
(c)
.........................................................
44,440
44,218
196,220
Information
Technology
(0.3%):
Open
Text
Corp.,
Term
Loan
B,
First
Lien
,
6
.07
%
(
SOFR01M
+
175
bps
)
,
1/31/30
(c)
.......
282,001
281,231
SanDisk
Corp.,
Term
B
Loan,
First
Lien
,
7
.33
%
(
SOFR03M
+
300
bps
)
,
12/13/31
(c)
........
1,000,000
983,750
UKG,
Inc.,
Initial
Term
Loans,
First
Lien
,
7
.30
%
(
SOFR03M
+
300
bps
)
,
2/10/31
(c)
........
33,458
33,370
1,298,351
Materials
(0.2%):
Asplundh
Tree
Expert
LLC,
Term
Loan
B,
First
Lien
,
6
.07
%
(
SOFR01M
+
175
bps
)
,
5/23/31
(c)
247,875
247,131
CNT
Holdings
I
Corp.,
2025
Replacement
Term
Loans,
First
Lien
,
6
.80
%
(
SOFR03M
+
250
bps
)
,
11/8/32
(c)
........................................
467,496
464,134
DK
Crown
Holdings,
Inc.,
Term
B
Loans,
First
Lien
,
6
.07
%
(
SOFR01M
+
175
bps
)
,
3/4/32
(c)
.
700,000
695,191
Knife
River
Corp.,
Initial
Tranche
B
Term
Loans,
First
Lien
,
6
.29
%
(
SOFR03M
+
200
bps
)
,
2/19/32
(c)
........................................................
200,000
199,250
Light
&
Wonder
International,
Inc.,
Term
B-2
Loans,
First
Lien
,
6
.57
%
(
SOFR01M
+
225
bps
)
,
4/16/29
(c)
........................................................
243,181
242,230
The
Chemours
Co.,
Term
Loan
B,
First
Lien
,
7
.32
%
(
SOFR01M
+
300
bps
)
,
8/18/28
(c)
......
205,074
204,219
2,052,155
Real
Estate
(0.0%):(f)
OEG
Borrower
LLC,
Amendment
No.1
Term
Loan,
First
Lien
,
7
.80
%
(
SOFR03M
+
350
bps
)
,
6/30/31
(c)
........................................................
49,750
49,626
Total
Senior
Secured
Loans
(Cost
$12,885,712)
12,852,757
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Corporate
Bonds
(17.5%)
Communication
Services
(1.3%):
AT&T,
Inc.
,
4
.50
%
,
5/15/35
,
Callable
11/15/34
@
100
............................
$
250,000
$
234,978
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
4
.80
%
,
3/1/50
,
Callable
9/1/49
@
100
..........................................
60,000
45,214
Clear
Channel
Outdoor
Holdings,
Inc.
9
.00
%
,
9/15/28
,
Callable
9/15/25
@
104.5
(a)
...............................
91,000
93,651
7
.88
%
,
4/1/30
,
Callable
10/1/26
@
103.94
(a)
...............................
279,000
273,754
Cox
Communications,
Inc.
,
5
.70
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
................
268,000
268,656
Directv
Financing
LLC/Directv
Financing
Co.-Obligor,
Inc.
,
10
.00
%
,
2/15/31
,
Callable
2/15/27
@
105
(a)
.........................................................
489,000
469,198
Frontier
Communications
Holdings
LLC
,
6
.75
%
,
5/1/29
,
Callable
5/4/25
@
101.69
(a)
......
2,773,000
2,785,619
Gray
Media,
Inc.
,
10
.50
%
,
7/15/29
,
Callable
7/15/26
@
105.25
(a)
....................
32,000
33,428
Paramount
Global
,
4
.38
%
,
3/15/43
..........................................
627,000
464,598
T-Mobile
US,
Inc.
5
.30
%
,
5/15/35
,
Callable
2/15/35
@
100
..................................
304,000
305,628
5
.50
%
,
1/15/55
,
Callable
7/15/54
@
100
..................................
137,000
130,203
Verizon
Communications,
Inc.
,
2
.55
%
,
3/21/31
,
Callable
12/21/30
@
100
...............
993,000
874,974
Warnermedia
Holdings,
Inc.
4
.28
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
590,000
519,907
5
.14
%
,
3/15/52
,
Callable
9/15/51
@
100
..................................
106,000
77,264
WMG
Acquisition
Corp.
,
3
.88
%
,
7/15/30
,
Callable
7/15/25
@
101.94
(a)
...............
1,351,000
1,251,073
7,828,145
Consumer
Discretionary
(1.1%):
AutoNation,
Inc.
,
5
.89
%
,
3/15/35
,
Callable
12/15/34
@
100
........................
401,000
400,103
Caesars
Entertainment,
Inc.
,
7
.00
%
,
2/15/30
,
Callable
2/15/26
@
103.5
(a)
..............
114,000
115,412
Choice
Hotels
International,
Inc.
,
5
.85
%
,
8/1/34
,
Callable
5/1/34
@
100
................
282,000
282,218
Daimler
Truck
Finance
North
America
LLC
5
.50
%
,
9/20/33
(a)
..................................................
53,000
53,018
5
.38
%
,
6/25/34
,
Callable
3/25/34
@
100
(a)
................................
382,000
377,507
Dr
Horton,
Inc.
,
5
.50
%
,
10/15/35
,
Callable
7/15/35
@
100
..........................
451,000
453,389
ERAC
USA
Finance
LLC
,
4
.90
%
,
5/1/33
,
Callable
2/1/33
@
100
(a)
...................
633,000
624,527
Everi
Holdings,
Inc.
,
5
.00
%
,
7/15/29
,
Callable
5/4/25
@
102.5
(a)
....................
352,000
352,568
Genuine
Parts
Co.
,
6
.88
%
,
11/1/33
,
Callable
8/1/33
@
100
.........................
307,000
340,777
Hyatt
Hotels
Corp.
,
5
.75
%
,
3/30/32
,
Callable
1/30/32
@
100
........................
302,000
303,759
Las
Vegas
Sands
Corp.
,
6
.20
%
,
8/15/34
,
Callable
5/15/34
@
100
.....................
444,000
446,097
LKQ
Corp.
,
6
.25
%
,
6/15/33
,
Callable
3/15/33
@
100
.............................
237,000
246,059
Marriott
International,
Inc.
,
5
.50
%
,
4/15/37
,
Callable
1/15/37
@
100
..................
499,000
492,850
Meritage
Homes
Corp.
,
5
.65
%
,
3/15/35
,
Callable
12/15/34
@
100
....................
500,000
493,397
O'Reilly
Automotive,
Inc.
,
5
.00
%
,
8/19/34
,
Callable
5/19/34
@
100
...................
509,000
500,369
PulteGroup,
Inc.
,
6
.00
%
,
2/15/35
............................................
200,000
205,642
Toll
Brothers
Finance
Corp.
,
3
.80
%
,
11/1/29
,
Callable
8/1/29
@
100
..................
250,000
238,023
Tractor
Supply
Co.
,
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
.........................
234,000
198,769
Vail
Resorts,
Inc.
,
6
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.25
(a)
.....................
139,000
140,577
Volkswagen
Group
of
America
Finance
LLC
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
205,000
215,153
5
.60
%
,
3/22/34
,
Callable
12/22/33
@
100
(a)
(h)
.............................
239,000
235,927
6,716,141
Consumer
Staples
(1.1%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
502,000
416,213
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
1,211,000
710,420
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
6
.50
%
,
2/15/28
,
Callable
5/4/25
@
103.25
(a)
...............................
430,000
435,667
4
.88
%
,
2/15/30
,
Callable
5/4/25
@
103.66
(a)
...............................
100,000
95,633
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
1,070,000
1,056,944
Coca-Cola
Consolidated,
Inc.
,
5
.45
%
,
6/1/34
,
Callable
3/1/34
@
100
..................
310,000
317,206
Dollar
General
Corp.
,
5
.45
%
,
7/5/33
,
Callable
4/5/33
@
100
........................
1,000
1,003
Dollar
Tree,
Inc.
,
2
.65
%
,
12/1/31
,
Callable
9/1/31
@
100
(h)
........................
220,000
189,553
General
Mills,
Inc.
,
2
.25
%
,
10/14/31
,
Callable
7/14/31
@
100
.......................
575,000
491,304
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
USA
Foods
Group
,
5
.95
%
,
4/20/35
,
Callable
1/20/35
@
100
(a)
............................................
557,000
572,725
Kellanova
,
4
.50
%
,
4/1/46
.................................................
211,000
180,836
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Kraft
Heinz
Foods
Co.
,
5
.40
%
,
3/15/35
,
Callable
12/15/34
@
100
....................
$
400,000
$
403,160
Mars,
Inc.
,
5
.20
%
,
3/1/35
,
Callable
12/1/34
@
100
(a)
.............................
601,000
604,029
Post
Holdings,
Inc.
,
6
.38
%
,
3/1/33
,
Callable
9/1/27
@
103.19
(a)
.....................
50,000
49,342
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
100,000
87,238
Sysco
Corp.
,
5
.40
%
,
3/23/35
,
Callable
12/23/34
@
100
............................
300,000
301,893
The
Hershey
Co.
,
5
.10
%
,
2/24/35
,
Callable
11/24/34
@
100
........................
499,000
502,811
The
J.M.
Smucker
Co.
,
6
.50
%
,
11/15/53
,
Callable
5/15/53
@
100
....................
147,000
158,912
The
Kroger
Co.
,
5
.50
%
,
9/15/54
,
Callable
3/15/54
@
100
..........................
32,000
30,196
6,605,085
Energy
(1.2%):
CITGO
Petroleum
Corp.
,
8
.38
%
,
1/15/29
,
Callable
10/15/25
@
104.19
(a)
...............
709,000
722,686
Coterra
Energy,
Inc.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
528,000
519,935
Diamondback
Energy,
Inc.
5
.40
%
,
4/18/34
,
Callable
1/18/34
@
100
..................................
437,000
436,105
5
.75
%
,
4/18/54
,
Callable
10/18/53
@
100
.................................
94,000
88,499
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
....................
247,000
248,621
Eastern
Energy
Gas
Holdings
LLC
,
5
.80
%
,
1/15/35
,
Callable
10/15/34
@
100
...........
547,000
564,626
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/38
.......................
208,485
209,831
Harvest
Midstream
I
LP
,
7
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.75
(a)
................
40,000
41,051
Helmerich
&
Payne,
Inc.
,
5
.50
%
,
12/1/34
,
Callable
9/1/34
@
100
(a)
(h)
................
391,000
369,850
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.88
%
,
5/15/34
,
Callable
5/15/29
@
103.44
(a)
...
65,000
61,217
ONEOK,
Inc.
,
5
.15
%
,
10/15/43
,
Callable
4/15/43
@
100
...........................
195,000
175,559
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3
.80
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
350,000
329,240
5
.70
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
382,000
385,800
South
Bow
USA
Infrastructure
Holdings
LLC
,
5
.58
%
,
10/1/34
,
Callable
7/1/34
@
100
(a)
...
235,000
230,114
Viper
Energy,
Inc.
5
.38
%
,
11/1/27
,
Callable
4/19/25
@
100.9
(a)
...............................
638,000
632,589
7
.38
%
,
11/1/31
,
Callable
11/1/26
@
103.69
(a)
..............................
2,129,000
2,225,701
7,241,424
Financials
(5.4%):
American
Express
Co.
,
5
.28
%
(
SOFR
+
142
bps
)
,
7/26/35
,
Callable
7/26/34
@
100
(c)
.......
390,000
389,520
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(a)
............................
326,000
332,152
Antares
Holdings
LP
,
6
.35
%
,
10/23/29
,
Callable
9/23/29
@
100
(a)
....................
392,000
392,135
Aon
Corp./Aon
Global
Holdings
PLC
,
5
.35
%
,
2/28/33
,
Callable
11/28/32
@
100
.........
223,000
226,628
Arthur
J.
Gallagher
&
Co.
5
.45
%
,
7/15/34
,
Callable
4/15/34
@
100
..................................
497,000
504,187
5
.55
%
,
2/15/55
,
Callable
8/15/54
@
100
..................................
150,000
143,937
Bank
of
America
Corp.
,
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(c)
....
719,000
598,666
Blue
Owl
Finance
LLC
,
6
.25
%
,
4/18/34
,
Callable
1/18/34
@
100
.....................
236,000
241,886
Boost
Newco
Borrower
LLC
,
7
.50
%
,
1/15/31
,
Callable
1/15/27
@
103.75
(a)
............
2,011,000
2,093,820
Brown
&
Brown,
Inc.
,
5
.65
%
,
6/11/34
,
Callable
3/11/34
@
100
......................
638,000
648,365
Citigroup,
Inc.
,
5
.95
%
(
TSFR3M
+
417
bps
)
,
Callable
5/15/25
@
100
(c)
(i)
...............
501,000
500,352
Citizens
Financial
Group,
Inc.
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(c)
(i)
.......................
2,323,000
2,309,361
2
.64
%
,
9/30/32
,
Callable
7/2/32
@
100
...................................
500,000
411,053
Comerica,
Inc.
,
5
.63
%
(
H15T5Y
+
529
bps
)
,
Callable
7/1/25
@
100
(c)
(i)
................
520,000
517,242
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
250,000
225,656
Fifth
Third
Bancorp
,
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(c)
(i)
...........
412,000
407,904
First
Citizens
Bancshares,
Inc.
,
6
.76
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
6/15/25
@
100
(c)
113,000
112,921
Fiserv,
Inc.
,
5
.15
%
,
8/12/34
,
Callable
5/12/34
@
100
.............................
381,000
377,964
Focus
Financial
Partners
LLC
,
6
.75
%
,
9/15/31
,
Callable
9/15/27
@
103.38
(a)
............
17,000
16,762
Ford
Motor
Credit
Co.
LLC
,
6
.50
%
,
2/7/35
,
Callable
11/7/34
@
100
..................
385,000
377,566
Global
Atlantic
Fin
Co.
,
7
.95
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
...................
299,000
336,380
Global
Payments,
Inc.
4
.15
%
,
8/15/49
,
Callable
2/15/49
@
100
..................................
474,000
356,612
5
.95
%
,
8/15/52
,
Callable
2/15/52
@
100
..................................
177,000
171,032
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
,
8
.00
%
,
6/15/27
,
Callable
3/15/27
@
100
(a)
....
506,000
524,476
HUB
International
Ltd.
,
7
.25
%
,
6/15/30
,
Callable
6/15/26
@
103.63
(a)
................
31,000
31,904
Huntington
Bancshares,
Inc.
,
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
.
500,000
411,438
Janus
Henderson
US
Holdings,
Inc.
,
5
.45
%
,
9/10/34
,
Callable
6/10/34
@
100
(a)
..........
636,000
615,219
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.
,
6
.63
%
,
10/15/31
,
Callable
10/15/27
@
103.31
(a)
126,000
124,549
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
JPMorgan
Chase
&
Co.
2
.96
%
(
SOFR
+
126
bps
)
,
1/25/33
,
Callable
1/25/32
@
100
(c)
....................
$
232,000
$
204,852
5
.77
%
(
SOFR
+
149
bps
)
,
4/22/35
,
Callable
4/22/34
@
100
(c)
....................
261,000
271,072
KeyCorp
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(c)
............
300,000
287,438
6
.40
%
(
SOFRINDX
+
242
bps
)
,
3/6/35
,
Callable
3/6/34
@
100
(c)
.................
274,000
289,281
LPL
Holdings,
Inc.
,
5
.65
%
,
3/15/35
,
Callable
12/15/34
@
100
.......................
499,000
493,795
Markel
Group,
Inc.
,
6
.00
%
(
H15T5Y
+
566
bps
)
,
Callable
6/1/25
@
100
(c)
(i)
.............
449,333
448,300
Marsh
&
McLennan
Cos.,
Inc.
,
5
.40
%
,
3/15/55
,
Callable
9/15/54
@
100
...............
6,000
5,781
MetLife,
Inc.
3
.85
%
(
H15T5Y
+
358
bps
)
,
Callable
9/15/25
@
100
(c)
(i)
.......................
505,000
500,038
9
.25
%
,
4/8/38
,
Callable
4/8/33
@
100
(a)
..................................
55,000
64,783
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
............................
650,000
555,535
Morgan
Stanley
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(c)
....................
627,000
626,009
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
50,000
41,410
New
York
Life
Global
Funding
1
.85
%
,
8/1/31
(a)
...................................................
1,325,000
1,123,312
5
.35
%
,
1/23/35
(a)
..................................................
563,000
575,579
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
578,000
617,676
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
407,000
430,768
PPL
Capital
Funding,
Inc.
,
5
.25
%
,
9/1/34
,
Callable
6/1/34
@
100
.....................
150,000
149,256
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(c)
(i)
........
357,000
355,768
Ryan
Specialty
LLC
,
5
.88
%
,
8/1/32
,
Callable
8/1/27
@
102.94
(a)
....................
1,064,000
1,050,981
Santander
Holdings
USA,
Inc.
5
.35
%
(
SOFR
+
194
bps
)
,
9/6/30
,
Callable
9/6/29
@
100
(c)
......................
326,000
324,766
6
.34
%
(
SOFR
+
214
bps
)
,
5/31/35
,
Callable
5/31/34
@
100
(c)
....................
410,000
419,107
State
Street
Corp.
4
.16
%
(
SOFR
+
173
bps
)
,
8/4/33
,
Callable
8/4/32
@
100
(c)
......................
750,000
712,349
6
.12
%
(
SOFR
+
196
bps
)
,
11/21/34
,
Callable
11/21/33
@
100
(c)
..................
704,000
739,713
Stonepeak
Nile
Parent
LLC
,
7
.25
%
,
3/15/32
,
Callable
3/15/28
@
103.63
(a)
.............
500,000
509,771
Swepco
Storm
Recovery
Funding
LLC
,
4
.88
%
,
9/1/39
............................
494,000
491,969
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(c)
.
500,000
487,466
The
Bank
of
New
York
Mellon
Corp.
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(c)
(i)
.......................
1,435,000
1,428,551
5
.19
%
(
SOFR
+
142
bps
)
,
3/14/35
,
Callable
3/14/34
@
100
(c)
....................
257,000
258,620
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(c)
....................
386,000
389,923
The
Charles
Schwab
Corp.
5
.38
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(c)
(i)
........................
1,389,000
1,386,139
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....................
162,000
169,073
The
Goldman
Sachs
Group,
Inc.
,
5
.85
%
(
SOFR
+
155
bps
)
,
4/25/35
,
Callable
4/25/34
@
100
(c)
182,000
187,930
The
Huntington
National
Bank
,
5
.50
%
(
TSFR3M
+
535
bps
)
,
5/6/30
,
Callable
5/6/25
@
100
(c)
750,000
738,158
The
PNC
Financial
Services
Group,
Inc.
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(c)
....................
150,000
153,578
5
.58
%
(
SOFR
+
139
bps
)
,
1/29/36
,
Callable
1/29/35
@
100
(c)
....................
575,000
584,708
Toyota
Motor
Credit
Corp.
,
5
.35
%
,
1/9/35
.....................................
745,000
756,095
Truist
Financial
Corp.
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(c)
(i)
........................
1,107,150
1,100,717
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(c)
(i)
.......................
8,000
7,782
7
.16
%
(
SOFR
+
245
bps
)
,
10/30/29
,
Callable
10/30/28
@
100
,
MTN
(c)
.............
30,000
32,291
U.S.
Bancorp
,
4
.97
%
(
SOFR
+
211
bps
)
,
7/22/33
,
Callable
7/22/32
@
100
(c)
.............
346,000
332,432
Wells
Fargo
&
Co.
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(c)
(i)
.......................
179,000
173,825
5
.88
%
,
Callable
6/15/25
@
100
(h)
(i)
.....................................
282,000
281,959
Willis
North
America,
Inc.
5
.35
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
405,000
408,202
5
.90
%
,
3/5/54
,
Callable
9/5/53
@
100
....................................
294,000
288,690
33,855,135
Health
Care
(1.1%):
Agilent
Technologies,
Inc.
,
4
.75
%
,
9/9/34
,
Callable
6/9/34
@
100
....................
210,000
203,070
Alcon
Finance
Corp.
,
5
.75
%
,
12/6/52
,
Callable
6/6/52
@
100
(a)
.....................
471,000
469,651
Amgen,
Inc.
,
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
.............................
350,000
225,730
Coty,
Inc.
,
6
.63
%
,
7/15/30
,
Callable
7/16/26
@
103.31
(a)
..........................
600,000
614,352
CVS
Health
Corp.
,
6
.75
%
(
H15T5Y
+
252
bps
)
,
12/10/54
,
Callable
9/10/34
@
100
(c)
.......
65,000
64,984
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
$
2,382,000
$
2,134,698
HCA,
Inc.
5
.60
%
,
4/1/34
,
Callable
1/1/34
@
100
....................................
68,000
68,272
5
.75
%
,
3/1/35
,
Callable
12/1/34
@
100
...................................
299,000
301,658
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.88
%
,
6/15/54
,
Callable
12/15/53
@
100
(a)
...........................................................
80,000
78,536
Orlando
Health
Obligated
Group
,
5
.48
%
,
10/1/35
,
Callable
4/1/34
@
100
...............
1,685,000
1,717,618
Solventum
Corp.
,
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
........................
41,000
41,593
Tenet
Healthcare
Corp.
,
4
.38
%
,
1/15/30
,
Callable
5/4/25
@
102.19
...................
50,000
46,895
Universal
Health
Services,
Inc.
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
87,000
72,716
5
.05
%
,
10/15/34
,
Callable
7/15/34
@
100
.................................
466,000
441,478
Zimmer
Biomet
Holdings,
Inc.
,
5
.20
%
,
9/15/34
,
Callable
6/15/34
@
100
...............
397,000
395,150
6,876,401
Industrials
(2.7%):
Air
Lease
Corp.
,
4
.65
%
(
H15T5Y
+
408
bps
)
,
Callable
6/15/26
@
100
(c)
(i)
..............
85,000
82,667
American
Airlines
Pass
Through
Trust
,
3
.70
%
,
10/15/25
...........................
207,057
203,926
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
,
5
.75
%
,
4/20/29
(a)
................
462,821
452,758
Aon
North
America,
Inc.
,
5
.75
%
,
3/1/54
,
Callable
9/1/53
@
100
.....................
41,000
40,433
CRH
America
Finance,
Inc.
5
.50
%
,
1/9/35
,
Callable
10/9/34
@
100
...................................
1,145,000
1,159,195
5
.88
%
,
1/9/55
,
Callable
7/9/54
@
100
....................................
282,000
285,225
Delta
Air
Lines
Pass
Through
Trust
,
2
.50
%
,
6/10/28
..............................
94,942
89,132
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
17,594
17,510
Esab
Corp.
,
6
.25
%
,
4/15/29
,
Callable
4/15/26
@
103.13
(a)
.........................
34,000
34,511
Extra
Space
Storage
LP
,
5
.35
%
,
1/15/35
,
Callable
10/15/34
@
100
....................
418,000
414,928
GXO
Logistics,
Inc.
,
6
.50
%
,
5/6/34
,
Callable
2/6/34
@
100
.........................
1,013,000
1,036,602
HEICO
Corp.
,
5
.35
%
,
8/1/33
,
Callable
5/1/33
@
100
.............................
323,000
326,058
JetBlue
Airways
Corp./JetBlue
Loyalty
LP
,
9
.88
%
,
9/20/31
,
Callable
8/27/27
@
104.94
(a)
...
725,000
715,180
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
375,000
374,311
MasTec,
Inc.
,
5
.90
%
,
6/15/29
,
Callable
5/15/29
@
100
............................
185,000
189,737
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
6
.50
%
,
6/20/27
,
Callable
5/4/25
@
101.63
(a)
...........................................
891,402
895,097
Northwestern
Mutual
Global
Funding
,
4
.96
%
,
1/13/30
(a)
..........................
456,000
462,138
OneSky
Flight
LLC
,
8
.88
%
,
12/15/29
,
Callable
12/15/26
@
104.44
(a)
.................
148,000
150,841
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
1,562,000
1,620,325
Resideo
Funding,
Inc.
,
6
.50
%
,
7/15/32
,
Callable
7/15/27
@
103.25
(a)
.................
162,000
161,761
RXO,
Inc.
,
7
.50
%
,
11/15/27
,
Callable
5/4/25
@
103.75
(a)
..........................
1,225,000
1,259,837
Spirit
AeroSystems,
Inc.
9
.38
%
,
11/30/29
,
Callable
11/30/25
@
104.69
(a)
............................
393,000
420,152
9
.75
%
,
11/15/30
,
Callable
11/15/26
@
104.88
(a)
............................
2,081,000
2,299,497
The
Boeing
Co.
6
.88
%
,
3/15/39
....................................................
1,250,000
1,357,938
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
655,000
623,154
6
.86
%
,
5/1/54
,
Callable
11/1/53
@
100
...................................
281,000
305,405
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
555,000
514,967
Uber
Technologies,
Inc.
,
6
.25
%
,
1/15/28
,
Callable
4/14/25
@
101.56
(a)
................
65,000
65,432
United
Airlines
Pass
Through
Trust
4
.00
%
,
4/11/26
.....................................................
480,834
474,820
5
.88
%
,
2/15/37
....................................................
131,843
131,874
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
6/1/25
@
103.13
(a)
............................
995,000
1,005,560
17,170,971
Information
Technology
(0.7%):
Atlassian
Corp.
,
5
.50
%
,
5/15/34
,
Callable
2/15/34
@
100
..........................
483,000
490,693
Broadcom,
Inc.
,
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
(a)
........................
108,000
91,008
Cadence
Design
Systems,
Inc.
,
4
.70
%
,
9/10/34
,
Callable
6/10/34
@
100
................
281,000
274,187
Crowdstrike
Holdings,
Inc.
,
3
.00
%
,
2/15/29
,
Callable
4/14/25
@
100.75
................
254,000
233,759
Foundry
JV
Holdco
LLC
,
6
.40
%
,
1/25/38
,
Callable
10/25/37
@
100
(a)
................
128,000
133,861
Hewlett
Packard
Enterprise
Co.
,
5
.00
%
,
10/15/34
,
Callable
7/15/34
@
100
..............
38,000
37,001
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
454,000
444,041
Oracle
Corp.
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
726,000
629,079
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
4,000
2,772
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Roper
Technologies,
Inc.
,
4
.90
%
,
10/15/34
,
Callable
7/15/34
@
100
...................
$
536,000
$
523,590
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
473,000
475,403
Trimble,
Inc.
,
6
.10
%
,
3/15/33
,
Callable
12/15/32
@
100
...........................
131,000
137,237
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
525,000
463,809
VMware
LLC
,
2
.20
%
,
8/15/31
,
Callable
5/15/31
@
100
...........................
550,000
467,328
4,403,768
Materials
(0.8%):
Amcor
Flexibles
North
America,
Inc.
2
.69
%
,
5/25/31
,
Callable
2/25/31
@
100
..................................
745,000
655,381
5
.50
%
,
3/17/35
,
Callable
12/17/34
@
100
(a)
...............................
503,000
504,837
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
58,000
52,800
LYB
International
Finance
III
LLC
,
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
.............
223,000
164,539
Martin
Marietta
Materials,
Inc.
5
.15
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
447,000
444,119
5
.50
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
208,000
197,417
Olin
Corp.
5
.00
%
,
2/1/30
,
Callable
5/4/25
@
101.25
..................................
200,000
188,305
6
.63
%
,
4/1/33
,
Callable
4/1/28
@
103.31
(a)
................................
750,000
728,716
Panther
Escrow
Issuer
LLC
,
7
.13
%
,
6/1/31
,
Callable
6/1/27
@
103.56
(a)
...............
91,000
92,664
Reliance,
Inc.
,
6
.85
%
,
11/15/36
.............................................
369,000
405,611
Solvay
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(a)
................
195,000
198,778
Sonoco
Products
Co.
,
5
.00
%
,
9/1/34
,
Callable
6/1/34
@
100
........................
403,000
386,206
The
Dow
Chemical
Co.
,
6
.90
%
,
5/15/53
,
Callable
11/15/52
@
100
....................
231,000
252,265
The
Sherwin-Williams
Co.
,
4
.80
%
,
9/1/31
,
Callable
7/1/31
@
100
....................
384,000
382,579
Vulcan
Materials
Co.
5
.35
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
527,000
530,688
5
.70
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
112,000
109,472
5,294,377
Real
Estate
(1.1%):
Alexandria
Real
Estate
Equities,
Inc.
,
5
.50
%
,
10/1/35
,
Callable
7/1/35
@
100
............
413,000
414,908
American
Assets
Trust
LP
,
6
.15
%
,
10/1/34
,
Callable
7/1/34
@
100
....................
341,000
339,919
American
Tower
Trust
#1
,
5
.49
%
,
3/15/28
,
Callable
3/15/27
@
100
(a)
.................
260,000
264,138
Boston
Properties
LP
,
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
.......................
450,000
351,866
CBRE
Services,
Inc.
,
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
........................
304,000
264,579
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
115,000
102,685
EPR
Properties
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
..........................
266,000
237,342
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
.........
72,000
70,984
Healthpeak
Op
LLC
,
5
.38
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
319,000
317,771
Regency
Centers
LP
,
5
.10
%
,
1/15/35
,
Callable
10/15/34
@
100
......................
349,000
344,362
SBA
Tower
Trust
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
211,000
216,294
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
...............................
688,000
682,134
2
.59
%
,
10/15/31
(a)
..................................................
500,000
422,415
Service
Properties
Trust
,
8
.88
%
,
6/15/32
,
Callable
6/15/27
@
104.44
(h)
................
182,000
180,265
The
Howard
Hughes
Corp.
,
4
.38
%
,
2/1/31
,
Callable
2/1/26
@
102.19
(a)
................
365,000
325,281
The
NHP
Foundation
,
6
.00
%
,
12/1/33
,
Callable
6/1/33
@
100
.......................
179,000
189,788
VICI
Properties
LP
,
5
.63
%
,
4/1/35
,
Callable
1/1/35
@
100
..........................
536,000
533,517
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
5/4/25
@
102.06
(a)
.....
2,049,000
1,929,031
7,187,279
Utilities
(1.0%):
Black
Hills
Corp.
,
6
.00
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
137,000
141,731
Calpine
Corp.
5
.13
%
,
3/15/28
,
Callable
5/4/25
@
100.85
(a)
...............................
670,000
659,308
5
.00
%
,
2/1/31
,
Callable
2/1/26
@
102.5
(a)
.................................
2,100,000
2,005,271
CenterPoint
Energy
Houston
Electric
LLC
,
5
.05
%
,
3/1/35
,
Callable
12/1/34
@
100
........
420,000
416,717
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(c)
.........
129,000
121,306
DTE
Energy
Co.
,
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
...........................
331,000
342,009
Duke
Energy
Corp.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
.......................
368,000
372,647
Duke
Energy
Progress
SC
Storm
Funding
LLC
,
5
.40
%
,
3/1/44
.......................
170,813
173,749
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
300,000
255,612
Entergy
Corp.
,
2
.40
%
,
6/15/31
,
Callable
3/5/31
@
100
............................
125,000
107,625
Entergy
Louisiana
LLC
,
5
.15
%
,
9/15/34
,
Callable
6/15/34
@
100
....................
541,000
538,935
Essex
Portfolio
LP
,
5
.50
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
444,000
447,875
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Interstate
Power
and
Light
Co.
,
4
.95
%
,
9/30/34
,
Callable
6/30/34
@
100
...............
$
341,000
$
332,574
Oncor
Electric
Delivery
Co.
LLC
,
5
.35
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
.............
302,000
305,476
The
Southern
Co.
,
4
.00
%
(
H15T5Y
+
373
bps
)
,
1/15/51
,
Callable
10/15/25
@
100
(c)
........
182,000
179,610
6,400,445
Total
Corporate
Bonds
(Cost
$110,367,111)
109,579,171
Yankee
Dollars
(5.6%)
Communication
Services
(0.1%):
Bell
Telephone
Co.of
Canada/Bell
Canada
,
6
.88
%
(
H15T5Y
+
239
bps
)
,
9/15/55
,
Callable
6/15/30
@
100
(c)
...................................................
299,000
300,141
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
...............
125,000
113,342
Zegona
Finance
PLC
,
8
.63
%
,
7/15/29
,
Callable
7/15/26
@
104.31
(a)
..................
68,000
72,103
485,586
Consumer
Discretionary
(1.5%):
Carnival
Corp.
7
.00
%
,
8/15/29
,
Callable
8/15/26
@
103.5
(a)
...............................
1,265,000
1,321,809
6
.13
%
,
2/15/33
,
Callable
2/15/28
@
103.06
(a)
..............................
85,000
83,746
Flutter
Treasury
DAC
,
6
.38
%
,
4/29/29
,
Callable
4/15/26
@
103.19
(a)
.................
2,575,000
2,623,799
IHO
Verwaltungs
GmbH
,
8
.00
%
,
11/15/32
,
Callable
11/15/27
@
104
(a)
(j)
..............
995,422
954,964
International
Game
Technology
PLC
6
.25
%
,
1/15/27
,
Callable
7/15/26
@
100
(a)
................................
654,000
659,174
5
.25
%
,
1/15/29
,
Callable
5/4/25
@
101.31
(a)
(h)
.............................
1,550,000
1,515,182
NCL
Corp.
Ltd.
5
.88
%
,
3/15/26
,
Callable
12/15/25
@
100
(a)
...............................
68,000
67,846
6
.75
%
,
2/1/32
,
Callable
2/1/28
@
103.38
(a)
................................
154,000
152,248
Royal
Caribbean
Cruises
Ltd.
5
.63
%
,
9/30/31
,
Callable
9/30/27
@
102.81
(a)
..............................
488,000
479,401
6
.25
%
,
3/15/32
,
Callable
3/15/27
@
103.13
(a)
..............................
1,245,000
1,256,811
6
.00
%
,
2/1/33
,
Callable
8/1/27
@
103
(a)
..................................
499,000
499,315
9,614,295
Consumer
Staples
(0.6%):
Alimentation
Couche-Tard,
Inc.
,
5
.27
%
,
2/12/34
,
Callable
11/12/33
@
100
(a)
............
624,000
616,173
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
413,000
404,630
Bacardi-Martini
BV
,
6
.00
%
,
2/1/35
,
Callable
11/1/34
@
100
(a)
......................
837,000
846,150
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
(h)
....................
1,794,000
1,450,207
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
LUX
Co.
SARL
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
.................................
183,000
197,737
6
.50
%
,
12/1/52
,
Callable
6/1/52
@
100
...................................
117,000
121,784
3,636,681
Energy
(0.2%):
Aker
BP
ASA
,
5
.13
%
,
10/1/34
,
Callable
7/1/34
@
100
(a)
..........................
744,000
711,137
Enbridge,
Inc.
,
5
.63
%
,
4/5/34
,
Callable
1/5/34
@
100
.............................
201,000
204,178
Harbour
Energy
PLC
,
6
.33
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
......................
506,000
504,903
1,420,218
Financials
(2.2%):
1375209
BC
Ltd.
,
9
.00
%
,
1/30/28
,
Callable
4/8/25
@
100
(a)
(h)
......................
1,802,000
1,800,032
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(a)
(c)
.............
300,000
311,392
Ardonagh
Finco
Ltd.
,
7
.75
%
,
2/15/31
,
Callable
2/15/27
@
103.88
(a)
..................
141,000
143,868
AS
Mileage
Plan
IP
Ltd.
,
5
.31
%
,
10/20/31
,
Callable
8/20/31
@
100
(a)
.................
420,000
410,876
Avolon
Holdings
Funding
Ltd.
,
2
.75
%
,
2/21/28
,
Callable
12/21/27
@
100
(a)
............
190,000
178,679
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
167,000
169,295
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
200,000
212,139
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(c)
........
750,000
637,394
Barclays
PLC
,
3
.56
%
(
H15T5Y
+
290
bps
)
,
9/23/35
,
Callable
9/23/30
@
100
(c)
...........
750,000
677,045
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
7
.63
%
(
H15T5Y
+
338
bps
)
,
2/11/35
,
Callable
2/11/30
@
100
(a)
(c)
................
294,000
297,903
8
.45
%
(
H15T5Y
+
466
bps
)
,
6/29/38
,
Callable
6/29/33
@
100
(a)
..................
116,000
121,205
8
.13
%
(
H15T5Y
+
421
bps
)
,
1/8/39
,
Callable
1/8/34
@
100
(a)
(c)
..................
252,000
258,097
BNP
Paribas
SA
,
5
.74
%
(
SOFR
+
188
bps
)
,
2/20/35
,
Callable
2/20/34
@
100
(a)
(c)
(h)
.......
70,000
71,488
BP
Capital
Markets
PLC
,
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(c)
(i)
........
52,000
51,761
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
161
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
BPCE
SA
,
6
.29
%
(
SOFR
+
204
bps
)
,
1/14/36
,
Callable
1/14/35
@
100
(a)
(c)
..............
$
455,000
$
470,312
Brookfield
Finance,
Inc.
,
5
.68
%
,
1/15/35
,
Callable
10/15/34
@
100
...................
243,000
248,351
Credit
Agricole
SA
,
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(a)
(c)
.......
50,000
51,041
Deutsche
Bank
AG
,
5
.40
%
(
SOFR
+
205
bps
)
,
9/11/35
,
Callable
9/11/34
@
100
(c)
.........
235,000
229,116
HSBC
Holdings
PLC
,
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(c)
........
50,000
56,863
ING
Groep
NV
,
6
.11
%
(
SOFR
+
209
bps
)
,
9/11/34
,
Callable
9/11/33
@
100
(c)
............
382,000
400,409
Lloyds
Banking
Group
PLC
,
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
252,000
286,266
Macquarie
Airfinance
Holdings
Ltd.
,
6
.50
%
,
3/26/31
,
Callable
1/26/31
@
100
(a)
.........
5,000
5,206
Mizuho
Financial
Group,
Inc.
,
5
.58
%
(
H15T1Y
+
130
bps
)
,
5/26/35
,
Callable
5/26/34
@
100
(c)
727,000
742,954
QBE
Insurance
Group
Ltd.
,
5
.88
%
(
H15T5Y
+
551
bps
)
,
Callable
5/12/25
@
100
(a)
(c)
(i)
....
1,459,000
1,458,095
Royal
Bank
of
Canada
,
5
.15
%
,
2/1/34
........................................
555,000
558,826
Societe
Generale
SA
3
.34
%
(
H15T1Y
+
160
bps
)
,
1/21/33
,
Callable
1/21/32
@
100
(a)
(c)
................
500,000
434,591
4
.03
%
(
H15T1Y
+
190
bps
)
,
1/21/43
,
Callable
1/21/42
@
100
(a)
(c)
................
250,000
179,879
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5
.05
%
,
3/13/35
(a)
(h)
...........................
520,000
514,159
The
Bank
of
Nova
Scotia
,
4
.90
%
(
H15T5Y
+
455
bps
)
,
Callable
6/4/25
@
100
(c)
(i)
.........
1,615,000
1,608,305
The
Toronto-Dominion
Bank
,
5
.15
%
(
H15T5Y
+
150
bps
)
,
9/10/34
,
Callable
9/10/29
@
100
(c)
450,000
446,062
UBS
Group
AG
,
3
.09
%
(
SOFR
+
173
bps
)
,
5/14/32
,
Callable
5/14/31
@
100
(a)
(c)
..........
500,000
445,476
Westpac
Banking
Corp.
,
3
.02
%
(
H15T5Y
+
153
bps
)
,
11/18/36
,
Callable
11/18/31
@
100
(c)
..
600,000
518,192
13,995,277
Industrials
(0.3%):
Aircastle
Ltd.
,
5
.25
%
(
H15T5Y
+
441
bps
)
,
Callable
6/15/26
@
100
(a)
(c)
(i)
..............
146,000
143,501
Avianca
Midco
2
PLC
,
9
.63
%
,
2/14/30
,
Callable
2/14/27
@
104.81
(a)
.................
100,000
92,415
Grupo
Aeromexico
SAB
de
CV
,
8
.63
%
,
11/15/31
,
Callable
11/15/27
@
104.31
(a)
(h)
.......
201,000
193,870
Latam
Airlines
Group
SA
,
7
.88
%
,
4/15/30
,
Callable
10/15/26
@
103.94
(a)
(h)
............
485,000
482,521
LG
Energy
Solution
Ltd.
,
5
.50
%
,
7/2/34
(a)
.....................................
437,000
429,276
nVent
Finance
SARL
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
......................
287,000
286,670
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
,
9
.50
%
,
6/1/28
,
Callable
6/1/25
@
104.75
(a)
(h)
....................................................
25,000
24,751
1,653,004
Information
Technology
(0.3%):
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
912,000
944,016
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(a)
(h)
.........................................
722,000
776,695
1,720,711
Materials
(0.2%):
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
588,000
584,401
NOVA
Chemicals
Corp.
,
4
.25
%
,
5/15/29
,
Callable
5/4/25
@
102.13
(a)
.................
402,000
384,117
968,518
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
1,646,000
1,415,033
Utilities
(0.0%):(f)
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
25,000
22,289
Total
Yankee
Dollars
(Cost
$35,363,217)
34,931,612
Municipal
Bonds
(3.7%)
California
(0.0%):(f)
California
Infrastructure
&
Economic
Development
Bank
Revenue
,
Series
B
,
6
.03
%
,
7/1/38
.
110,000
116,391
Colorado
(0.2%):
Colorado
Housing
and
Finance
Authority
Revenue
Series
C1
,
5
.66
%
,
11/1/39
,
Continuously
Callable
@100
.......................
645,000
655,205
Series
D-1
,
5
.84
%
,
5/1/44
,
Continuously
Callable
@100
.......................
370,000
376,363
Series
E1
,
5
.28
%
,
11/1/39
,
Continuously
Callable
@102
.......................
125,000
123,410
1,154,978
Connecticut
(0.1%):
Connecticut
Housing
Finance
Authority
Revenue
,
Series
C2
,
5
.81
%
,
11/15/39
,
Continuously
Callable
@100
.....................................................
320,000
330,327
Florida
(0.8%):
County
of
Miami-Dade
FL
Aviation
Revenue
,
Series
C
,
5
.55
%
,
10/1/43
,
Continuously
Callable
@100
...........................................................
750,000
753,206
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Florida
Housing
Finance
Corp.
Revenue
Series
4
,
5
.67
%
,
7/1/39
,
Continuously
Callable
@100
.........................
$
295,000
$
301,134
Series
4
,
5
.88
%
,
7/1/44
,
Continuously
Callable
@100
.........................
195,000
201,038
Series
6
,
5
.07
%
,
7/1/39
,
Continuously
Callable
@100
.........................
45,000
43,714
State
Board
of
Administration
Finance
Corp.
Revenue
,
Series
A
,
5
.53
%
,
7/1/34
,
Continuously
Callable
@100
(h)
...................................................
3,430,000
3,514,689
4,813,781
Hawaii
(0.1%):
State
of
Hawaii,
GO
Series
GN
,
4
.64
%
,
10/1/34
............................................
340,000
336,968
Series
GN
,
5
.11
%
,
10/1/43
,
Continuously
Callable
@100
......................
310,000
304,659
641,627
Idaho
(0.2%):
Idaho
Housing
&
Finance
Association
Revenue
Series
A
,
5
.67
%
,
1/1/45
,
Continuously
Callable
@100
.........................
500,000
498,784
Series
C
,
5
.43
%
,
7/1/39
,
Continuously
Callable
@100
.........................
505,000
507,471
1,006,255
Illinois
(0.1%):
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.28
%
,
12/1/36
,
Continuously
Callable
@100
...........................................
65,000
64,819
Illinois
Housing
Development
Authority
Revenue
Series
B
,
5
.63
%
,
10/1/41
,
Continuously
Callable
@100
........................
345,000
345,744
Series
F
,
5
.44
%
,
10/1/39
,
Continuously
Callable
@100
........................
250,000
248,119
Sales
Tax
Securitization
Corp.
Revenue
,
Series
B
,
5
.23
%
,
1/1/39
,
Continuously
Callable
@100
175,000
174,250
832,932
Indiana
(0.1%):
Indiana
Housing
&
Community
Development
Authority
Revenue
,
Series
A-2
,
5
.83
%
,
7/1/45
,
Continuously
Callable
@100
...........................................
355,000
359,348
Iowa
(0.2%):
Iowa
Finance
Authority
Revenue
,
Series
H
,
5
.38
%
,
7/1/39
,
Continuously
Callable
@100
....
1,000,000
1,000,149
Louisiana
(0.1%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.48
%
,
8/1/39
..............................................
906,000
860,330
Series
A1-A3
,
5
.08
%
,
6/1/31
...........................................
71,439
72,188
932,518
Maryland
(0.0%):(f)
Maryland
Economic
Development
Corp.
Revenue
,
5
.07
%
,
11/30/34
...................
65,000
65,301
Massachusetts
(0.0%):(f)
Massachusetts
Housing
Finance
Agency
Revenue
,
Series
238
,
4
.94
%
,
12/1/39
,
Continuously
Callable
@100
.....................................................
150,000
143,126
Michigan
(0.1%):
Michigan
State
Housing
Development
Authority
Revenue
,
Series
E
,
5
.10
%
,
12/1/39
,
Continuously
Callable
@100
...........................................
380,000
363,099
Minnesota
(0.3%):
Minnesota
Housing
Finance
Agency
Revenue
Series
D
,
5
.58
%
,
8/1/39
,
Continuously
Callable
@100
........................
90,000
91,059
Series
J
,
5
.62
%
,
7/1/39
,
Continuously
Callable
@100
.........................
185,000
193,033
Series
M
,
5
.73
%
,
7/1/39
,
Continuously
Callable
@100
........................
355,000
363,456
Series
M
,
5
.92
%
,
7/1/44
,
Continuously
Callable
@100
........................
330,000
335,116
Series
P
,
5
.39
%
,
7/1/39
,
Continuously
Callable
@100
.........................
470,000
471,000
Series
V
,
5
.88
%
,
7/1/44
,
Continuously
Callable
@100
.........................
425,000
431,473
1,885,137
Montana
(0.0%):(f)
Montana
Facility
Finance
Authority
Revenue
,
2
.44
%
,
8/15/31
.......................
250,000
217,246
Nebraska
(0.0%):(f)
Nebraska
Investment
Finance
Authority
Revenue
,
Series
H
,
5
.77
%
,
3/1/43
,
Continuously
Callable
@100
.....................................................
190,000
191,472
Nevada
(0.2%):
Nevada
Housing
Division
Revenue
Series
B
,
5
.68
%
,
10/1/45
,
Continuously
Callable
@100
........................
700,000
698,813
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Series
D
,
5
.79
%
,
10/1/35
,
Continuously
Callable
@100
........................
$
255,000
$
266,633
Series
F
,
5
.13
%
,
10/1/39
,
Continuously
Callable
@100
........................
170,000
165,965
1,131,411
New
Hampshire
(0.0%):(f)
New
Hampshire
Business
Finance
Authority
Revenue
,
Series
B
,
5
.35
%
,
11/1/39
,
Continuously
Callable
@100
.....................................................
310,000
309,827
New
Jersey
(0.0%):(f)
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue
Series
L
,
5
.64
%
,
10/1/34
,
Continuously
Callable
@100
........................
30,000
31,081
Series
L
,
5
.71
%
,
10/1/35
,
Continuously
Callable
@100
........................
40,000
41,388
72,469
New
York
(0.2%):
New
York
City
Housing
Development
Corp.
Revenue
3
.76
%
,
1/1/29
.....................................................
250,000
243,831
Series
C
,
5
.71
%
,
11/1/39
,
Continuously
Callable
@100
........................
265,000
274,080
Series
C
,
5
.90
%
,
11/1/44
,
Continuously
Callable
@100
........................
225,000
231,555
New
York
City
Transitional
Finance
Authority
Revenue
,
Series
G-3
,
5
.11
%
,
5/1/36
,
Continuously
Callable
@100
...........................................
225,000
227,021
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
5
.57
%
,
10/1/40
,
Continuously
Callable
@100
...........................................
260,000
263,230
1,239,717
North
Carolina
(0.1%):
North
Carolina
Housing
Finance
Agency
Revenue
5
.80
%
,
7/1/50
,
Continuously
Callable
@100
...............................
200,000
201,316
Series
54-B
,
5
.60
%
,
7/1/39
,
Continuously
Callable
@100
......................
130,000
132,166
Series
54-B
,
5
.81
%
,
7/1/44
,
Continuously
Callable
@100
......................
325,000
329,971
663,453
Ohio
(0.0%):(f)
Columbus
Metropolitan
Housing
Authority
Revenue
,
5
.38
%
,
9/1/28
,
Continuously
Callable
@100
...........................................................
130,000
131,893
University
of
Cincinnati
Revenue
,
Series
B
,
5
.53
%
,
6/1/40
,
Continuously
Callable
@100
...
65,000
67,579
199,472
Oregon
(0.0%):(f)
State
of
Oregon,
GO
,
Series
B
,
5
.36
%
,
5/1/39
,
Continuously
Callable
@100
.............
190,000
194,671
Pennsylvania
(0.1%):
Pennsylvania
Housing
Finance
Agency
Revenue
Series
145B
,
5
.71
%
,
10/1/39
,
Continuously
Callable
@100
.....................
195,000
199,223
Series
146B
,
5
.56
%
,
10/1/39
,
Continuously
Callable
@100
.....................
65,000
65,777
Series
147B
,
5
.89
%
,
10/1/44
,
Continuously
Callable
@100
.....................
155,000
157,417
422,417
Rhode
Island
(0.1%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
5
.71
%
,
10/1/39
,
Continuously
Callable
@100
...............................
200,000
203,468
5
.89
%
,
10/1/44
,
Continuously
Callable
@100
...............................
330,000
332,350
Series
84-T
,
4
.93
%
,
10/1/39
,
Continuously
Callable
@100
.....................
275,000
260,936
796,754
South
Carolina
(0.3%):
Charleston
County
Airport
District
Revenue
Series
C
,
4
.58
%
,
7/1/33
..............................................
750,000
745,764
Series
C
,
4
.63
%
,
7/1/34
..............................................
730,000
722,672
County
of
Charleston
SC
Revenue
,
1
.92
%
,
12/1/29
...............................
250,000
224,074
Greenville-Spartanburg
Airport
District
Revenue
Series
B
,
5
.06
%
,
7/1/34
..............................................
15,000
15,081
Series
B
,
5
.11
%
,
7/1/35
,
Continuously
Callable
@100
.........................
20,000
20,081
1,727,672
Tennessee
(0.0%):(f)
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
,
Series
D
,
5
.27
%
,
7/1/35
.....................................................
75,000
78,796
Tennessee
Housing
Development
Agency
Revenue
,
Series
2B
,
5
.65
%
,
7/1/39
,
Continuously
Callable
@100
.....................................................
190,000
193,040
271,836
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Texas
(0.1%):
County
of
Harris
TX
Hotel
Occupancy
Tax
Revenue
,
5
.26
%
,
8/15/44
,
Continuously
Callable
@100
...........................................................
$
160,000
$
159,466
Texas
Department
of
Housing
&
Community
Affairs
Revenue
Series
D
,
5
.55
%
,
1/1/39
,
Continuously
Callable
@100
........................
65,000
66,504
Series
D
,
5
.73
%
,
1/1/44
,
Continuously
Callable
@100
........................
65,000
65,422
Texas
Water
Development
Board
Revenue
,
Series
B
,
4
.31
%
,
10/15/34
.................
150,000
145,698
University
of
Houston
Revenue
,
Series
B
,
4
.86
%
,
2/15/37
,
Continuously
Callable
@100
....
25,000
25,041
462,131
Utah
(0.1%):
Utah
Housing
Corp.
Revenue
Series
F
,
5
.61
%
,
7/1/36
,
Continuously
Callable
@100
.........................
115,000
117,610
Series
F
,
5
.69
%
,
7/1/39
,
Continuously
Callable
@100
.........................
355,000
360,573
478,183
Virginia
(0.2%):
Virginia
Housing
Development
Authority
Revenue
Series
B
,
5
.66
%
,
10/1/39
,
Continuously
Callable
@100
........................
320,000
326,299
Series
C
,
5
.31
%
,
10/1/39
,
Continuously
Callable
@100
........................
300,000
298,218
Series
E
,
5
.51
%
,
7/1/39
,
Continuously
Callable
@100
.........................
480,000
485,686
1,110,203
West
Virginia
(0.0%):(f)
West
Virginia
Housing
Development
Fund
Revenue
Series
C
,
5
.83
%
,
11/1/39
,
Continuously
Callable
@100
........................
115,000
117,901
Series
C
,
6
.02
%
,
11/1/44
,
Continuously
Callable
@100
........................
130,000
132,636
250,537
Total
Municipal
Bonds
(Cost
$23,274,312)
23,384,440
U.S.
Government
Agency
Mortgages
(16.3%)
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
,
(a)
(c)
(i)
...............................
1,206,000
1,195,787
Federal
Farm
Credit
Banks
Funding
Corporation
6
.00
%
,
6/5/34
.....................................................
325,000
325,172
5
.14
%
,
10/30/34
....................................................
589,000
581,037
2
.55
%
,
12/21/34
....................................................
309,000
254,903
2
.20
%
,
9/2/36
.....................................................
795,000
605,043
5
.60
%
,
8/5/39
.....................................................
333,000
330,806
6
.19
%
,
6/17/44
....................................................
381,000
379,442
2,476,403
Federal
Home
Loan
Banks
5
.25
%
,
9/25/34
....................................................
685,000
677,527
Federal
Home
Loan
Mortgage
Corporation
1
.50
%
,
4/1/37
.....................................................
477,134
418,948
5
.50
%
,
8/1/38
-
1/1/55
...............................................
12,879,503
12,910,928
5
.00
%
,
2/1/40
-
1/1/55
...............................................
4,665,204
4,622,418
3
.00
%
,
4/1/40
-
5/1/52
...............................................
528,987
467,695
2
.50
%
,
5/1/42
.....................................................
1,313,345
1,153,759
4
.50
%
,
11/1/42
-
7/1/53
..............................................
1,819,651
1,748,683
4
.00
%
,
1/1/43
-
12/1/54
..............................................
3,163,090
2,954,873
3
.50
%
,
7/1/52
.....................................................
291,885
263,787
6
.00
%
,
8/1/53
-
3/1/55
...............................................
5,212,263
5,311,056
29,852,147
Federal
National
Mortgage
Association
2
.13
%
,
1/1/34
.....................................................
502,816
420,416
5
.00
%
,
12/1/37
-
11/1/54
..............................................
7,056,076
6,953,281
4
.00
%
,
4/1/38
-
7/1/53
...............................................
3,380,111
3,169,458
3
.50
%
,
12/1/42
-
8/1/52
..............................................
1,799,783
1,642,540
5
.50
%
,
12/1/44
-
3/1/55
..............................................
18,365,847
18,422,357
2
.50
%
,
10/1/50
-
7/1/52
..............................................
912,029
760,363
3
.00
%
,
12/1/51
....................................................
239,195
207,517
4
.50
%
,
6/1/52
-
1/1/53
...............................................
2,333,976
2,240,806
6
.00
%
,
7/1/52
-
11/1/54
..............................................
3,483,360
3,553,307
37,370,045
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Government
National
Mortgage
Association
5
.00
%
,
8/20/38
-
2/20/54
.............................................
$
4,129,854
$
4,080,349
2
.50
%
,
1/20/51
-
9/20/53
.............................................
3,005,086
2,552,666
3
.50
%
,
2/20/52
-
2/20/54
.............................................
3,118,766
2,866,936
3
.00
%
,
3/20/52
-
11/20/53
.............................................
9,128,155
8,087,148
4
.00
%
,
6/20/52
-
5/20/53
.............................................
3,130,631
2,934,597
4
.50
%
,
8/20/52
-
11/20/53
.............................................
4,520,894
4,354,836
5
.50
%
,
4/20/53
-
2/20/54
.............................................
3,494,061
3,518,115
6
.00
%
,
9/20/53
-
10/20/53
.............................................
862,970
882,768
5
.50
%
,
1/20/54
....................................................
260,815
262,400
7
.50
%
,
10/20/54
....................................................
1,002,645
1,010,356
30,550,171
Total
U.S.
Government
Agency
Mortgages
(Cost
$101,952,733)
102,122,080
U.S.
Treasury
Obligations
(24.7%)
U.S.
Treasury
Bonds
4
.50
%
,
2/15/36
....................................................
25,661,600
26,411,400
5
.00
%
,
5/15/37
....................................................
19,997,000
21,393,665
4
.38
%
,
11/15/39
....................................................
12,899,000
12,830,474
1
.38
%
,
11/15/40
....................................................
2,500,000
1,625,000
1
.75
%
,
8/15/41
....................................................
11,650,000
7,892,875
3
.38
%
,
8/15/42
....................................................
2,275,000
1,950,457
3
.88
%
,
5/15/43
....................................................
796,000
726,723
4
.38
%
,
8/15/43
....................................................
6,174,000
6,017,721
4
.75
%
,
11/15/43
....................................................
3,590,000
3,667,970
4
.63
%
,
11/15/44
....................................................
1,950,000
1,952,742
1
.25
%
,
5/15/50
....................................................
1,000,000
496,563
2
.00
%
,
8/15/51
....................................................
4,250,000
2,530,742
3
.63
%
,
2/15/53
....................................................
763,000
642,708
3
.63
%
,
5/15/53
....................................................
921,000
775,943
4
.13
%
,
8/15/53
....................................................
7,019,000
6,468,447
4
.75
%
,
11/15/53
....................................................
7,844,000
8,018,039
4
.25
%
,
8/15/54
....................................................
7,160,000
6,758,369
4
.63
%
,
2/15/55
....................................................
1,403,000
1,412,207
U.S.
Treasury
Notes
4
.13
%
,
10/31/26
....................................................
3,543,000
3,552,134
4
.38
%
,
11/30/30
....................................................
1,931,000
1,965,999
4
.63
%
,
5/31/31
....................................................
7,546,000
7,781,813
4
.13
%
,
11/15/32
....................................................
4,054,000
4,060,334
3
.50
%
,
2/15/33
....................................................
5,543,000
5,309,155
3
.38
%
,
5/15/33
....................................................
2,056,000
1,947,417
3
.88
%
,
8/15/33
....................................................
4,015,000
3,935,327
4
.50
%
,
11/15/33
....................................................
14,236,000
14,578,554
4
.63
%
,
2/15/35
....................................................
300,000
309,891
Total
U.S.
Treasury
Obligations
(Cost
$157,943,626)
155,012,669
Commercial
Paper
(0.3%)
Information
Technology
(0.3%):
Jabil,
Inc.
,
5
.13
%
,
4/1/25
(a)
(k)
.............................................
2,000,000
1,999,715
Total
Commercial
Paper
(Cost
$2,000,000)
1,999,715
Shares
Collateral
for
Securities
Loaned
(1.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(l)
........
2,204,154
2,204,154
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(l)
............
2,204,154
2,204,154
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(l)
................
2,204,154
2,204,154
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(l)
.
2,204,154
2,204,154
Total
Collateral
for
Securities
Loaned
(Cost
$8,816,616)
8,816,616
Total
Investments
(Cost
$637,408,929)
—
100.8%
633,031,143
Liabilities
in
excess
of
other
assets
—
(0.8)%
(
5,260,983
)
NET
ASSETS
-
100.00%
$
627,770,160
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
At
March
31,
2025,
the
Fund's
investments
in
foreign
securities
were
8.8%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2025,
the
fair
value
of
these
securities
was
$227,874,783
and
amounted
to
36.3%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2025.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
March
31,
2025.
(e)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
The
Fund
may
enter
into
certain
credit
agreements
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
At
March
31,
2025,
the
Fund
held
unfunded
or
partially
unfunded
loan
commitments
of
$99,719,
which
included
a
$(281)
unrealized
gain/loss.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(j)
Up
to
8.75%
of
the
coupon
may
be
PIK.
(k)
Rate
represents
the
effective
yield
at
March
31,
2025.
(l)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
March
31,
2025.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
March
31,
2025.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
March
31,
2025.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
March
31,
2025.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2025.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2025.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2025.
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
100
6/18/25
$
10,883,846
$
11,121,875
$
238,029
30-Year
U.S.
Treasury
Bond
Futures
.....
81
6/18/25
9,300,989
9,499,781
198,792
5-Year
U.S.
Treasury
Note
Futures
.......
55
6/30/25
5,848,180
5,948,594
100,414
$
537,235
Total
unrealized
appreciation
$
537,235
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
537,235
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
168
(Unaudited)
Security
Description
Principal
Amount
.
Value
Corporate
Bonds
(77.9%)
Communication
Services
(5.8%):
AT&T,
Inc.
,
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
...............................
$
2,000,000
$
1,427,393
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
.........................................
750,000
675,527
Comcast
Corp.
5
.30
%
,
6/1/34
,
Callable
3/1/34
@
100
(a)
..................................
300,000
304,766
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
(b)
.................................
1,000,000
583,839
Discovery
Communications
LLC
,
3
.63
%
,
5/15/30
,
Callable
2/15/30
@
100
..............
500,000
449,736
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
445,000
427,520
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
750,000
722,000
T-Mobile
US,
Inc.
2
.55
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
1,500,000
1,322,340
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
500,000
424,777
Verizon
Communications,
Inc.
1
.75
%
,
1/20/31
,
Callable
10/20/30
@
100
.................................
1,000,000
844,923
2
.88
%
,
11/20/50
,
Callable
5/20/50
@
100
..................................
1,000,000
621,555
Warnermedia
Holdings,
Inc.
,
5
.05
%
,
3/15/42
,
Callable
9/15/41
@
100
(b)
...............
389,000
310,932
8,115,308
Consumer
Discretionary
(5.0%):
AutoNation,
Inc.
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
500,000
450,868
5
.89
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
210,000
209,530
Brunswick
Corp.
,
4
.40
%
,
9/15/32
,
Callable
6/15/32
@
100
.........................
250,000
228,671
Choice
Hotels
International,
Inc.
,
5
.85
%
,
8/1/34
,
Callable
5/1/34
@
100
................
300,000
300,232
Daimler
Truck
Finance
North
America
LLC
2
.38
%
,
12/14/28
(b)
.................................................
350,000
322,034
5
.38
%
,
6/25/34
,
Callable
3/25/34
@
100
(b)
................................
200,000
197,648
General
Motors
Financial
Co.,
Inc.
5
.35
%
,
7/15/27
....................................................
200,000
201,768
5
.95
%
,
4/4/34
,
Callable
1/4/34
@
100
....................................
300,000
298,724
Genuine
Parts
Co.
6
.50
%
,
11/1/28
,
Callable
10/1/28
@
100
..................................
175,000
184,692
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
167,000
143,220
Hasbro,
Inc.
,
3
.55
%
,
11/19/26
,
Callable
9/19/26
@
100
............................
250,000
245,355
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
(a)
............................
250,000
174,487
Lithia
Motors,
Inc.
,
3
.88
%
,
6/1/29
,
Callable
5/4/25
@
101.94
(b)
.....................
250,000
229,370
Lowe's
Cos.,
Inc.
,
2
.80
%
,
9/15/41
,
Callable
3/15/41
@
100
.........................
1,000,000
691,686
Marriott
International,
Inc.
,
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................
250,000
222,889
Mattel,
Inc.
,
3
.75
%
,
4/1/29
,
Callable
4/14/25
@
100.94
(b)
..........................
250,000
236,868
Nissan
Motor
Acceptance
Co.
LLC
,
6
.95
%
,
9/15/26
(b)
............................
250,000
254,408
O'Reilly
Automotive,
Inc.
,
5
.00
%
,
8/19/34
,
Callable
5/19/34
@
100
...................
350,000
344,065
Stellantis
Finance
US,
Inc.
,
6
.45
%
,
3/18/35
,
Callable
12/18/34
@
100
(b)
...............
200,000
198,495
Tapestry,
Inc.
,
5
.50
%
,
3/11/35
,
Callable
12/11/34
@
100
...........................
260,000
256,906
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
600,000
341,448
Tractor
Supply
Co.
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
...................................
500,000
424,721
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
250,000
251,870
Volkswagen
Group
of
America
Finance
LLC
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(b)
..................................
250,000
243,823
5
.80
%
,
3/27/35
,
Callable
12/27/34
@
100
(b)
...............................
275,000
270,617
6,924,395
Consumer
Staples
(5.4%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
,
4
.88
%
,
2/15/30
,
Callable
5/4/25
@
103.66
(b)
...........................................
250,000
239,084
Anheuser-Busch
InBev
Worldwide,
Inc.
,
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
..........
500,000
476,513
BAT
Capital
Corp.
2
.73
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
300,000
265,462
6
.42
%
,
8/2/33
,
Callable
5/2/33
@
100
....................................
200,000
213,346
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(b)
.................
400,000
395,119
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
(a)
.................
500,000
443,066
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
250,000
214,594
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Coca-Cola
Consolidated,
Inc.
,
5
.45
%
,
6/1/34
,
Callable
3/1/34
@
100
..................
$
300,000
$
306,973
Dollar
General
Corp.
,
5
.20
%
,
7/5/28
,
Callable
6/5/28
@
100
........................
250,000
253,634
General
Mills,
Inc.
,
2
.25
%
,
10/14/31
,
Callable
7/14/31
@
100
.......................
450,000
384,499
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
USA
Foods
Group
,
5
.95
%
,
4/20/35
,
Callable
1/20/35
@
100
(b)
............................................
200,000
205,646
Keurig
Dr.
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
250,000
243,357
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
325,000
270,573
Mars,
Inc.
,
5
.70
%
,
5/1/55
,
Callable
11/1/54
@
100
(b)
.............................
275,000
274,543
McCormick
&
Co.,
Inc.
,
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
...................
500,000
423,442
Philip
Morris
International,
Inc.
,
5
.63
%
,
9/7/33
,
Callable
6/7/33
@
100
................
500,000
518,092
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(b)
..........................
750,000
654,284
Sysco
Corp.
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
.................................
500,000
430,381
5
.40
%
,
3/23/35
,
Callable
12/23/34
@
100
.................................
100,000
100,631
The
Campbell's
Company
,
5
.40
%
,
3/21/34
,
Callable
12/21/33
@
100
..................
300,000
302,363
The
J.M.
Smucker
Co.
6
.50
%
,
11/15/43
,
Callable
5/15/43
@
100
..................................
225,000
241,481
6
.50
%
,
11/15/53
,
Callable
5/15/53
@
100
..................................
225,000
243,232
The
Kroger
Co.
,
5
.50
%
,
9/15/54
,
Callable
3/15/54
@
100
..........................
350,000
330,274
7,430,589
Energy
(5.2%):
Apa
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
(b)
............................
250,000
179,322
Columbia
Pipelines
Operating
Co.
LLC
,
6
.54
%
,
11/15/53
,
Callable
5/15/53
@
100
(b)
......
200,000
209,902
ConocoPhillips
Co.
,
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
.......................
250,000
242,210
Coterra
Energy,
Inc.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
325,000
320,036
DCP
Midstream
Operating
LP
,
5
.60
%
,
4/1/44
,
Callable
10/1/43
@
100
.................
250,000
232,494
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(b)
....................
300,000
301,969
Eastern
Energy
Gas
Holdings
LLC
5
.80
%
,
1/15/35
,
Callable
10/15/34
@
100
.................................
225,000
232,250
5
.65
%
,
10/15/54
,
Callable
4/15/54
@
100
.................................
275,000
264,979
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(d)
......................
250,000
250,155
5
.35
%
,
5/15/45
,
Callable
11/15/44
@
100
..................................
200,000
179,668
Enterprise
Products
Operating
LLC
,
5
.55
%
,
2/16/55
,
Callable
8/15/54
@
100
............
350,000
340,049
Evergy
Missouri
West,
Inc.
,
5
.65
%
,
6/1/34
,
Callable
3/1/34
@
100
(b)
..................
300,000
307,064
Helmerich
&
Payne,
Inc.
,
5
.50
%
,
12/1/34
,
Callable
9/1/34
@
100
(a)
(b)
................
260,000
245,936
HF
Sinclair
Corp.
,
6
.25
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
250,000
251,151
MPLX
LP
,
4
.70
%
,
4/15/48
,
Callable
10/15/47
@
100
.............................
500,000
409,018
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
400,000
284,060
ONEOK,
Inc.
,
5
.05
%
,
11/1/34
,
Callable
8/1/34
@
100
.............................
260,000
251,225
Patterson-UTI
Energy,
Inc.
,
7
.15
%
,
10/1/33
,
Callable
7/1/33
@
100
...................
250,000
263,411
Phillips
66
Co.
,
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
(b)
..........................
250,000
214,875
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3
.80
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
500,000
470,343
5
.70
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
150,000
151,492
Shell
Finance
U.S.,
Inc.
,
2
.75
%
,
4/6/30
,
Callable
1/6/30
@
100
......................
500,000
460,069
South
Bow
USA
Infrastructure
Holdings
LLC
,
5
.58
%
,
10/1/34
,
Callable
7/1/34
@
100
(b)
...
230,000
225,218
Targa
Resources
Corp.
,
5
.55
%
,
8/15/35
,
Callable
5/15/35
@
100
.....................
125,000
124,715
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
,
5
.50
%
,
3/1/30
,
Callable
4/14/25
@
102.75
..................................................
250,000
252,155
Valero
Energy
Corp.
,
5
.15
%
,
2/15/30
,
Callable
1/15/30
@
100
.......................
265,000
267,468
Western
Midstream
Operating
LP
,
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
...............
350,000
298,601
7,229,835
Financials
(22.2%):
200
Park
Funding
Trust
,
5
.74
%
,
2/15/55
,
Callable
8/15/54
@
100
(b)
..................
220,000
217,453
Ally
Financial,
Inc.
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
.................................
278,000
292,647
6
.18
%
(
SOFR
+
229
bps
)
,
7/26/35
,
Callable
7/26/34
@
100
(c)
....................
200,000
198,702
American
Express
Co.
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
....................
500,000
492,663
5
.28
%
(
SOFR
+
142
bps
)
,
7/26/35
,
Callable
7/26/34
@
100
(c)
....................
420,000
419,483
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(b)
............................
162,000
165,057
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
170
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(b)
..................
$
500,000
$
414,163
Antares
Holdings
LP
,
6
.35
%
,
10/23/29
,
Callable
9/23/29
@
100
(b)
....................
250,000
250,086
Arthur
J.
Gallagher
&
Co.
,
5
.15
%
,
2/15/35
,
Callable
11/15/34
@
100
..................
250,000
247,880
Assurant,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
...........................
250,000
211,262
Aviation
Capital
Group
LLC
,
6
.75
%
,
10/25/28
,
Callable
9/25/28
@
100
(b)
..............
250,000
263,988
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(d)
......................
500,000
487,935
3
.42
%
(
TSFR3M
+
130
bps
)
,
12/20/28
,
Callable
12/20/27
@
100
(c)
................
1,250,000
1,211,162
2
.69
%
(
SOFR
+
132
bps
)
,
4/22/32
,
Callable
4/22/31
@
100
(c)
....................
1,750,000
1,540,366
Blue
Owl
Credit
Income
Corp.
,
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
.................
175,000
172,812
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
.....................
250,000
219,318
BMW
U.S.
Capital
LLC
,
3
.70
%
,
4/1/32
,
Callable
1/1/32
@
100
(b)
....................
250,000
229,324
Brown
&
Brown,
Inc.
,
5
.65
%
,
6/11/34
,
Callable
3/11/34
@
100
......................
300,000
304,874
Capital
One
Financial
Corp.
,
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
.....
500,000
503,650
Citizens
Financial
Group,
Inc.
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(c)
(d)
......................
206,000
204,791
5
.25
%
(
SOFR
+
126
bps
)
,
3/5/31
,
Callable
3/5/30
@
100
(c)
......................
225,000
226,169
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
500,000
491,773
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(b)
......................................
250,000
225,656
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(b)
................
750,000
726,727
Fifth
Third
Bancorp
,
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(c)
(d)
...........
250,000
247,514
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
750,000
633,262
First
Citizens
Bancshares,
Inc.
,
6
.76
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
6/15/25
@
100
(c)
230,000
229,839
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
250,000
252,695
First
Horizon
Corp.
,
5
.51
%
(
SOFR
+
177
bps
)
,
3/7/31
,
Callable
3/7/30
@
100
(c)
...........
50,000
50,250
Fiserv,
Inc.
,
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
..............................
250,000
256,589
Ford
Motor
Credit
Co.
LLC
6
.80
%
,
5/12/28
,
Callable
4/12/28
@
100
..................................
250,000
256,787
5
.11
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
300,000
289,239
Glencore
Funding
LLC
,
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(b)
...................
300,000
290,911
Global
Atlantic
Fin
Co.
,
3
.13
%
,
6/15/31
,
Callable
3/15/31
@
100
(b)
...................
250,000
220,214
Global
Payments,
Inc.
,
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
(a)
....................
250,000
252,700
Globe
Life,
Inc.
,
5
.85
%
,
9/15/34
,
Callable
6/15/34
@
100
..........................
115,000
117,623
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
250,000
248,337
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
500,000
411,438
Hyundai
Capital
America,
Inc.
,
5
.30
%
,
1/8/29
,
Callable
12/8/28
@
100
(b)
..............
300,000
302,618
JPMorgan
Chase
&
Co.
2
.95
%
(
SOFR
+
117
bps
)
,
2/24/28
,
Callable
2/24/27
@
100
(c)
....................
250,000
242,727
2
.96
%
(
TSFR3M
+
252
bps
)
,
5/13/31
,
Callable
5/13/30
@
100
(c)
..................
250,000
227,031
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
530,000
450,698
5
.29
%
(
SOFR
+
146
bps
)
,
7/22/35
,
Callable
7/22/34
@
100
(c)
....................
720,000
723,542
3
.16
%
(
SOFR
+
146
bps
)
,
4/22/42
,
Callable
4/22/41
@
100
(c)
....................
500,000
372,895
3
.33
%
(
SOFR
+
158
bps
)
,
4/22/52
,
Callable
4/22/51
@
100
(c)
....................
1,000,000
693,500
KeyBank
NA
,
3
.90
%
,
4/13/29
..............................................
500,000
480,095
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
250,000
241,585
Marsh
&
McLennan
Cos.,
Inc.
,
5
.40
%
,
3/15/55
,
Callable
9/15/54
@
100
...............
325,000
313,148
MetLife,
Inc.
,
4
.13
%
,
8/13/42
..............................................
500,000
420,470
Morgan
Stanley
1
.59
%
(
SOFR
+
88
bps
)
,
5/4/27
,
Callable
5/4/26
@
100
(c)
.......................
1,950,000
1,888,181
1
.93
%
(
SOFR
+
102
bps
)
,
4/28/32
,
Callable
4/28/31
@
100
,
MTN
(c)
...............
250,000
209,330
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(c)
....................
250,000
249,605
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
550,000
455,511
2
.80
%
(
SOFR
+
143
bps
)
,
1/25/52
,
Callable
1/25/51
@
100
(c)
....................
1,000,000
616,610
New
York
Life
Global
Funding
,
1
.85
%
,
8/1/31
(b)
................................
500,000
423,891
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
500,000
534,322
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
5
.35
%
,
3/30/29
,
Callable
2/28/29
@
100
(b)
................................
100,000
101,897
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(b)
................................
250,000
264,600
PPL
Capital
Funding,
Inc.
,
5
.25
%
,
9/1/34
,
Callable
6/1/34
@
100
.....................
88,000
87,563
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
250,000
216,816
Protective
Life
Global
Funding
,
5
.47
%
,
12/8/28
(b)
...............................
300,000
308,258
Prudential
Financial,
Inc.
,
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
....................
500,000
381,065
Regions
Bank
,
6
.45
%
,
6/26/37
.............................................
500,000
516,720
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
171
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
RGA
Global
Funding
,
5
.50
%
,
1/11/31
(b)
......................................
$
350,000
$
360,001
Santander
Holdings
USA,
Inc.
,
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
.
250,000
259,060
State
Street
Corp.
,
6
.12
%
(
SOFR
+
196
bps
)
,
11/21/34
,
Callable
11/21/33
@
100
(c)
.........
250,000
262,682
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
250,000
223,117
Synchrony
Financial
,
5
.94
%
(
SOFRINDX
+
213
bps
)
,
8/2/30
,
Callable
8/2/29
@
100
(c)
......
200,000
202,773
The
Allstate
Corp.
,
7
.52
%
(
TSFR3M
+
320
bps
)
,
8/15/53
,
Callable
5/4/25
@
100
(c)
.........
500,000
500,075
The
Bank
of
New
York
Mellon
Corp.
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(c)
(d)
......................
250,000
248,876
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(c)
....................
227,000
229,307
The
Charles
Schwab
Corp.
5
.38
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(c)
(d)
.......................
250,000
249,485
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....................
150,000
156,549
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
250,000
257,771
The
PNC
Financial
Services
Group,
Inc.
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.................................
1,000,000
905,989
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(c)
....................
250,000
255,963
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(c)
(d)
......................
500,000
486,348
1
.89
%
(
SOFR
+
86
bps
)
,
6/7/29
,
Callable
6/7/28
@
100
,
MTN
(c)
..................
1,000,000
915,570
U.S.
Bancorp
,
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
.............
250,000
257,800
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
250,000
175,970
Webster
Financial
Corp.
,
4
.10
%
,
3/25/29
,
Callable
12/25/28
@
100
...................
500,000
479,099
Wells
Fargo
&
Co.
,
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(c)
.
250,000
230,402
30,854,854
Health
Care
(6.3%):
AbbVie,
Inc.
,
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
...........................
500,000
414,515
Agilent
Technologies,
Inc.
,
4
.75
%
,
9/9/34
,
Callable
6/9/34
@
100
....................
275,000
265,925
Amgen,
Inc.
1
.65
%
,
8/15/28
,
Callable
6/15/28
@
100
..................................
500,000
456,639
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
250,000
196,450
Baxter
International,
Inc.
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
(b)
.................................
250,000
214,253
3
.50
%
,
8/15/46
,
Callable
2/15/46
@
100
..................................
250,000
177,863
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
250,000
243,845
Bristol-Myers
Squibb
Co.
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
300,000
320,634
4
.55
%
,
2/20/48
,
Callable
8/20/47
@
100
..................................
300,000
258,881
2
.55
%
,
11/13/50
,
Callable
5/13/50
@
100
..................................
500,000
294,327
CVS
Health
Corp.
,
1
.75
%
,
8/21/30
,
Callable
5/21/30
@
100
........................
1,250,000
1,057,910
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
1,000,000
896,179
Elevance
Health,
Inc.
5
.15
%
,
6/15/29
,
Callable
5/15/29
@
100
..................................
300,000
306,029
4
.55
%
,
5/15/52
,
Callable
11/15/51
@
100
..................................
250,000
204,996
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(b)
...
500,000
422,412
HCA,
Inc.
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
94,000
77,620
5
.25
%
,
6/15/49
,
Callable
12/15/48
@
100
.................................
500,000
439,059
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.88
%
,
6/15/54
,
Callable
12/15/53
@
100
(b)
...........................................................
300,000
294,509
Humana,
Inc.
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
..................................
170,000
171,292
5
.55
%
,
5/1/35
,
Callable
2/1/35
@
100
....................................
250,000
247,173
Regeneron
Pharmaceuticals,
Inc.
,
2
.80
%
,
9/15/50
,
Callable
3/15/50
@
100
..............
400,000
236,377
Revvity,
Inc.
,
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
500,000
433,500
Solventum
Corp.
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
....................................
75,000
76,504
5
.45
%
,
3/13/31
,
Callable
1/13/31
@
100
..................................
75,000
76,457
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
.................................
75,000
76,085
5
.90
%
,
4/30/54
,
Callable
10/30/53
@
100
.................................
75,000
74,151
The
Cigna
Group
,
3
.40
%
,
3/1/27
,
Callable
12/1/26
@
100
..........................
500,000
490,381
Universal
Health
Services,
Inc.
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
(b)
...............................
191,000
159,641
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
5
.05
%
,
10/15/34
,
Callable
7/15/34
@
100
.................................
$
150,000
$
142,107
8,725,714
Industrials
(7.0%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
750,000
648,464
AGCO
Corp.
,
5
.80
%
,
3/21/34
,
Callable
12/21/33
@
100
...........................
215,000
217,736
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
250,000
217,271
American
Airlines
Pass
Through
Trust
,
3
.58
%
,
1/15/28
............................
217,420
209,254
Aon
North
America,
Inc.
,
5
.45
%
,
3/1/34
,
Callable
12/1/33
@
100
....................
300,000
305,365
Ashtead
Capital,
Inc.
,
5
.50
%
,
8/11/32
,
Callable
5/11/32
@
100
(b)
....................
500,000
498,490
Burlington
Northern
Santa
Fe
LLC
,
3
.90
%
,
8/1/46
,
Callable
2/1/46
@
100
..............
500,000
397,122
Carlisle
Cos.,
Inc.
,
2
.75
%
,
3/1/30
,
Callable
12/1/29
@
100
.........................
250,000
226,969
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
400,000
314,320
Concentrix
Corp.
,
6
.85
%
,
8/2/33
,
Callable
5/2/33
@
100
(a)
.........................
150,000
155,206
CRH
America
Finance,
Inc.
,
5
.50
%
,
1/9/35
,
Callable
10/9/34
@
100
..................
250,000
253,099
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(b)
.........................
250,000
248,810
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
(b)
..........................
250,000
183,496
Fortune
Brands
Innovations,
Inc.
,
4
.00
%
,
3/25/32
,
Callable
12/25/31
@
100
.............
250,000
232,503
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
750,000
642,846
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
250,000
254,426
Hubbell,
Inc.
,
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
500,000
433,822
Leidos,
Inc.
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
250,000
256,625
5
.50
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
150,000
149,495
MasTec,
Inc.
,
5
.90
%
,
6/15/29
,
Callable
5/15/29
@
100
............................
214,000
219,480
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
500,000
379,743
Owens
Corning
,
5
.95
%
,
6/15/54
,
Callable
12/15/53
@
100
.........................
300,000
300,162
Quanta
Services,
Inc.
,
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
.......................
500,000
450,291
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
81,000
84,025
RTX
Corp.
,
4
.20
%
,
12/15/44
,
Callable
6/15/44
@
100
.............................
250,000
200,116
Ryder
System,
Inc.
,
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
.....................
500,000
483,719
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
500,000
463,962
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
300,000
285,414
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
500,000
463,934
United
Airlines
Pass
Through
Trust
,
5
.45
%
,
2/15/37
..............................
272,607
273,286
Verisk
Analytics,
Inc.
,
5
.25
%
,
6/5/34
,
Callable
3/5/34
@
100
........................
300,000
301,734
9,751,185
Information
Technology
(4.9%):
Atlassian
Corp.
,
5
.50
%
,
5/15/34
,
Callable
2/15/34
@
100
..........................
230,000
233,663
Autodesk,
Inc.
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..........................
750,000
642,941
Broadcom,
Inc.
,
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
(b)
.......................
1,000,000
842,665
Dell
International
LLC/EMC
Corp.
4
.85
%
,
2/1/35
,
Callable
11/1/34
@
100
...................................
150,000
143,118
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
(b)
...............................
500,000
368,263
Hewlett
Packard
Enterprise
Co.
,
5
.00
%
,
10/15/34
,
Callable
7/15/34
@
100
..............
215,000
209,345
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
500,000
447,567
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
200,000
195,613
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
150,000
140,514
Micron
Technology,
Inc.
,
5
.88
%
,
2/9/33
,
Callable
11/9/32
@
100
.....................
250,000
258,797
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
250,000
156,837
Oracle
Corp.
1
.65
%
,
3/25/26
,
Callable
2/25/26
@
100
..................................
600,000
583,261
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
320,000
277,280
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
650,000
450,463
Qorvo,
Inc.
,
3
.38
%
,
4/1/31
,
Callable
4/1/26
@
101.69
(b)
...........................
300,000
262,990
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
245,000
246,245
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
800,000
706,756
Western
Digital
Corp.
,
2
.85
%
,
2/1/29
,
Callable
12/1/28
@
100
.......................
250,000
226,148
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
500,000
481,636
6,874,102
Materials
(3.9%):
Albemarle
Corp.
,
4
.65
%
,
6/1/27
,
Callable
5/1/27
@
100
...........................
250,000
248,011
Amcor
Flexibles
North
America,
Inc.
,
2
.69
%
,
5/25/31
,
Callable
2/25/31
@
100
...........
227,000
199,693
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
$
588,000
$
535,282
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
500,000
414,889
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(b)
...................
500,000
499,169
Chevron
Phillips
Chemical
Co.
LLC
/
Chevron
Phillips
Chemical
Co.
LP
,
4
.75
%
,
5/15/30
,
Callable
4/15/30
@
100
(b)
............................................
215,000
214,848
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
250,000
218,236
Ecolab,
Inc.
,
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
............................
250,000
152,585
Huntsman
International
LLC
,
5
.70
%
,
10/15/34
,
Callable
7/15/34
@
100
................
220,000
208,140
LYB
International
Finance
III
LLC
,
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
.............
500,000
373,305
Martin
Marietta
Materials,
Inc.
,
5
.50
%
,
12/1/54
,
Callable
6/1/54
@
100
................
325,000
308,465
Packaging
Corp.
of
America
,
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
..................
750,000
478,020
Reliance,
Inc.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
............................
250,000
217,211
Sealed
Air
Corp.
,
7
.25
%
,
2/15/31
,
Callable
11/15/26
@
103.63
(b)
....................
350,000
362,199
Solvay
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(b)
................
300,000
305,812
Vulcan
Materials
Co.
5
.35
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
160,000
161,120
5
.70
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
200,000
195,486
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
400,000
343,321
5,435,792
Real
Estate
(4.2%):
Alexandria
Real
Estate
Equities,
Inc.
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
..................................
500,000
407,324
5
.50
%
,
10/1/35
,
Callable
7/1/35
@
100
...................................
270,000
271,248
3
.55
%
,
3/15/52
,
Callable
9/15/51
@
100
..................................
500,000
341,339
Boston
Properties
LP
,
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
........................
500,000
411,669
CBRE
Services,
Inc.
,
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
........................
250,000
217,581
Crown
Castle,
Inc.
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
250,000
213,568
2
.90
%
,
4/1/41
,
Callable
10/1/40
@
100
...................................
250,000
175,067
DOC
DR
LLC
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
............................
250,000
216,339
ERP
Operating
LP
,
2
.85
%
,
11/1/26
,
Callable
8/1/26
@
100
.........................
500,000
488,182
Essex
Portfolio
LP
,
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
500,000
427,340
GLP
Capital
LP/GLP
Financing
II,
Inc.
5
.38
%
,
4/15/26
,
Callable
1/15/26
@
100
..................................
200,000
200,553
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
117,000
101,337
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
150,000
147,884
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
400,000
339,592
Host
Hotels
&
Resorts
LP
,
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
...................
500,000
458,072
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
400,000
310,700
Kimco
Realty
OP
LLC
,
4
.85
%
,
3/1/35
,
Callable
12/1/34
@
100
......................
350,000
336,667
Phillips
Edison
Grocery
Center
Operating
Partnership
LP
,
4
.95
%
,
1/15/35
,
Callable
10/15/34
@
100
.............................................................
215,000
203,950
Simon
Property
Group
LP
,
2
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
..................
250,000
211,541
VICI
Properties
LP
,
5
.63
%
,
4/1/35
,
Callable
1/1/35
@
100
..........................
100,000
99,537
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
5/4/25
@
102.06
(b)
.....
250,000
235,362
5,814,852
Utilities
(8.0%):
AEP
Texas,
Inc.
,
5
.70
%
,
5/15/34
,
Callable
2/15/34
@
100
..........................
275,000
279,326
Alabama
Power
Co.
,
3
.13
%
,
7/15/51
,
Callable
1/15/51
@
100
.......................
500,000
329,445
Alliant
Energy
Finance
LLC
,
5
.40
%
,
6/6/27
,
Callable
5/6/27
@
100
(b)
.................
250,000
252,791
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
250,000
232,185
Ameren
Illinois
Co.
,
5
.55
%
,
7/1/54
,
Callable
1/1/54
@
100
.........................
300,000
296,735
Arizona
Public
Service
Co.
,
5
.70
%
,
8/15/34
,
Callable
5/15/34
@
100
..................
250,000
254,949
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(c)
.........
300,000
282,107
DTE
Electric
Co.
,
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
...........................
500,000
369,305
DTE
Energy
Co.
4
.95
%
,
7/1/27
,
Callable
6/1/27
@
100
....................................
100,000
100,782
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
....................................
47,000
48,563
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
250,000
219,966
Duke
Energy
Corp.
,
5
.80
%
,
6/15/54
,
Callable
12/15/53
@
100
.......................
250,000
244,354
Duke
Energy
Florida
LLC
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..................
1,000,000
866,773
Duquesne
Light
Holdings,
Inc.
2
.53
%
,
10/1/30
,
Callable
7/1/30
@
100
(b)
.................................
150,000
131,926
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(b)
.................................
$
250,000
$
213,010
Entergy
Corp.
,
2
.40
%
,
6/15/31
,
Callable
3/5/31
@
100
............................
500,000
430,500
Entergy
Louisiana
LLC
5
.70
%
,
3/15/54
,
Callable
9/15/53
@
100
..................................
250,000
246,725
5
.80
%
,
3/15/55
,
Callable
9/15/54
@
100
..................................
200,000
199,082
Florida
Power
&
Light
Co.
3
.15
%
,
10/1/49
,
Callable
4/1/49
@
100
...................................
250,000
169,843
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................................
500,000
316,482
Georgia
Power
Co.
,
5
.25
%
,
3/15/34
,
Callable
9/15/33
@
100
........................
500,000
505,064
ITC
Holdings
Corp.
,
3
.35
%
,
11/15/27
,
Callable
8/15/27
@
100
......................
500,000
484,481
MidAmerican
Energy
Co.
,
2
.70
%
,
8/1/52
,
Callable
2/1/52
@
100
.....................
500,000
304,534
NextEra
Energy
Capital
Holdings,
Inc.
,
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.........
500,000
427,288
Niagara
Mohawk
Power
Corp.
,
5
.29
%
,
1/17/34
,
Callable
10/17/33
@
100
(b)
............
250,000
247,227
Northern
States
Power
Co.
,
5
.65
%
,
6/15/54
,
Callable
12/15/53
@
100
.................
200,000
201,432
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
100,000
80,442
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
312,000
256,052
5
.80
%
,
6/1/54
,
Callable
12/1/53
@
100
(b)
.................................
150,000
147,081
Oncor
Electric
Delivery
Co.
LLC
3
.75
%
,
4/1/45
,
Callable
10/1/44
@
100
...................................
500,000
385,565
5
.80
%
,
4/1/55
,
Callable
10/1/54
@
100
(b)
.................................
220,000
220,856
PECO
Energy
Co.
,
3
.00
%
,
9/15/49
,
Callable
3/15/49
@
100
........................
500,000
330,835
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
250,000
253,101
Potomac
Electric
Power
Co.
,
5
.50
%
,
3/15/54
,
Callable
9/15/53
@
100
.................
300,000
293,057
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
250,000
162,520
The
Southern
Co.
,
4
.00
%
(
H15T5Y
+
373
bps
)
,
1/15/51
,
Callable
10/15/25
@
100
(c)
........
300,000
296,060
Union
Electric
Co.
,
2
.15
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
500,000
418,957
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
250,000
155,540
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
500,000
422,762
11,077,703
Total
Corporate
Bonds
(Cost
$118,110,155)
108,234,329
Yankee
Dollars
(16.5%)
Communication
Services
(0.3%):
Rogers
Communications,
Inc.
,
4
.50
%
,
3/15/42
,
Callable
9/15/41
@
100
(b)
..............
500,000
422,215
Consumer
Staples
(0.9%):
Alimentation
Couche-Tard,
Inc.
,
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(b)
............
500,000
459,556
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(b)
............
300,000
293,920
Bacardi-Martini
BV
,
6
.00
%
,
2/1/35
,
Callable
11/1/34
@
100
(b)
......................
150,000
151,640
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
(b)
....................
250,000
202,091
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
LUX
Co.
SARL
,
5
.75
%
,
4/1/33
,
Callable
1/1/33
@
100
...............................................
182,000
185,096
1,292,303
Energy
(1.2%):
Canadian
Natural
Resources
Ltd.
,
5
.40
%
,
12/15/34
,
Callable
9/15/34
@
100
(b)
...........
450,000
444,766
Enbridge,
Inc.
,
5
.63
%
,
4/5/34
,
Callable
1/5/34
@
100
.............................
300,000
304,743
Shell
International
Finance
BV
,
2
.88
%
,
11/26/41
,
Callable
5/26/41
@
100
..............
500,000
359,890
Smurfit
Westrock
Financing
DAC
,
5
.42
%
,
1/15/35
,
Callable
10/15/34
@
100
(b)
..........
200,000
200,827
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(b)
.......................
250,000
281,765
1,591,991
Financials
(9.9%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
4
.95
%
,
9/10/34
,
Callable
6/10/34
@
100
...........................................................
300,000
288,744
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(b)
(c)
.............
200,000
207,594
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
200,000
212,139
Bank
of
New
Zealand
,
2
.87
%
,
1/27/32
(a)
(b)
....................................
250,000
219,045
Barclays
PLC
5
.83
%
(
SOFR
+
221
bps
)
,
5/9/27
,
Callable
5/9/26
@
100
(c)
......................
250,000
252,973
4
.95
%
,
1/10/47
....................................................
1,000,000
900,470
BNP
Paribas
SA
,
4
.63
%
,
3/13/27
(b)
..........................................
500,000
497,747
BP
Capital
Markets
PLC
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(c)
(d)
......................
104,000
103,522
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(d)
......................
$
250,000
$
240,021
BPCE
SA
,
6
.51
%
(
SOFR
+
279
bps
)
,
1/18/35
,
Callable
1/18/34
@
100
(b)
(c)
..............
300,000
307,022
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
500,000
443,484
Canadian
Imperial
Bank
of
Commerce
7
.26
%
,
4/10/32
(b)
..................................................
179,687
186,978
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...................................
250,000
264,504
Commonwealth
Bank
of
Australia
,
2
.69
%
,
3/11/31
(b)
.............................
500,000
436,230
Credit
Agricole
SA
,
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(b)
(c)
.......
250,000
255,205
Deutsche
Bank
AG
4
.88
%
(
USISOA05
+
255
bps
)
,
12/1/32
,
Callable
12/1/27
@
100
(c)
................
500,000
489,704
5
.40
%
(
SOFR
+
205
bps
)
,
9/11/35
,
Callable
9/11/34
@
100
(c)
....................
250,000
243,740
HSBC
Holdings
PLC
,
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
........
1,000,000
916,098
JAB
Holdings
BV
,
4
.50
%
,
4/8/52
,
Callable
10/8/51
@
100
(b)
.......................
250,000
191,392
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(c)
...................
1,000,000
967,016
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
303,000
344,201
Macquarie
Airfinance
Holdings
Ltd.
5
.15
%
,
3/17/30
,
Callable
2/17/30
@
100
(b)
................................
112,000
110,716
6
.50
%
,
3/26/31
,
Callable
1/26/31
@
100
(b)
................................
42,000
43,731
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(b)
(c)
......
500,000
437,442
Mizuho
Financial
Group,
Inc.
,
5
.58
%
(
H15T1Y
+
130
bps
)
,
5/26/35
,
Callable
5/26/34
@
100
(c)
293,000
299,430
NatWest
Group
PLC
,
1
.64
%
(
H15T1Y
+
90
bps
)
,
6/14/27
,
Callable
6/14/26
@
100
(c)
.......
1,000,000
964,774
QBE
Insurance
Group
Ltd.
,
5
.88
%
(
H15T5Y
+
551
bps
)
,
Callable
5/12/25
@
100
(b)
(c)
(d)
....
250,000
249,845
Societe
Generale
SA
,
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(b)
(c)
..
500,000
488,481
Standard
Chartered
PLC
,
7
.77
%
(
H15T1Y
+
345
bps
)
,
11/16/28
,
Callable
11/16/27
@
100
(b)
(c)
500,000
535,094
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.47
%
,
1/14/29
...........................
250,000
231,318
The
Bank
of
Nova
Scotia
4
.50
%
,
12/16/25
....................................................
500,000
498,847
5
.13
%
(
SOFR
+
107
bps
)
,
2/14/31
,
Callable
2/14/30
@
100
(c)
....................
275,000
277,424
The
Toronto-Dominion
Bank
,
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(c)
.
500,000
489,692
UBS
Group
AG
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(b)
..................................
217,000
214,385
3
.09
%
(
SOFR
+
173
bps
)
,
5/14/32
,
Callable
5/14/31
@
100
(b)
(c)
..................
500,000
445,476
Westpac
Banking
Corp.
,
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
.
500,000
495,758
13,750,242
Health
Care
(1.1%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(b)
........................
152,000
145,825
Royalty
Pharma
PLC
,
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
........................
750,000
501,144
Smith
&
Nephew
PLC
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
.................................
475,000
409,299
5
.40
%
,
3/20/34
,
Callable
12/20/33
@
100
.................................
100,000
100,134
Takeda
Pharmaceutical
Co.
Ltd.
,
5
.65
%
,
7/5/54
,
Callable
1/5/54
@
100
................
400,000
390,379
1,546,781
Industrials
(1.3%):
Aircastle
Ltd.
,
5
.95
%
,
2/15/29
,
Callable
1/15/29
@
100
(b)
..........................
300,000
308,232
Element
Fleet
Management
Corp.
,
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(b)
...........
250,000
262,751
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(b)
..................................
250,000
231,103
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(b)
................................
250,000
241,094
LG
Energy
Solution
Ltd.
,
5
.38
%
,
7/2/29
(a)
(b)
..................................
200,000
200,796
Pentair
Finance
Sarl
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.......................
250,000
256,781
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
250,000
254,557
1,755,314
Information
Technology
(1.0%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
5
.00
%
,
1/15/33
,
Callable
10/15/32
@
100
....
450,000
443,293
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(b)
.......................
338,000
349,866
SK
Hynix,
Inc.
5
.50
%
,
1/16/29
(b)
..................................................
200,000
204,226
6
.50
%
,
1/17/33
(a)
(b)
................................................
321,000
345,317
1,342,702
Materials
(0.5%):
Alcoa
Nederland
Holding
BV
,
7
.13
%
,
3/15/31
,
Callable
3/15/27
@
103.56
(b)
............
37,000
38,079
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
176
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
........................
$
250,000
$
269,071
CCL
Industries,
Inc.
,
3
.25
%
,
10/1/26
,
Callable
7/1/26
@
100
(b)
......................
250,000
244,969
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(b)
................
200,000
198,776
750,895
Real
Estate
(0.3%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(b)
...........................................................
504,000
433,279
Total
Yankee
Dollars
(Cost
$23,962,384)
22,885,722
U.S.
Treasury
Obligations
(4.2%)
U.S.
Treasury
Bonds
3
.88
%
,
5/15/43
....................................................
1,300,000
1,186,859
4
.50
%
,
2/15/44
....................................................
550,000
543,469
3
.38
%
,
5/15/44
....................................................
1,100,000
925,031
3
.00
%
,
5/15/45
....................................................
750,000
588,164
3
.38
%
,
11/15/48
....................................................
500,000
405,781
4
.13
%
,
8/15/53
....................................................
1,100,000
1,013,719
4
.25
%
,
8/15/54
....................................................
500,000
471,953
U.S.
Treasury
Notes
1
.63
%
,
11/30/26
....................................................
250,000
240,810
3
.88
%
,
12/31/27
....................................................
250,000
249,922
1
.38
%
,
12/31/28
....................................................
150,000
136,840
3
.88
%
,
8/15/34
....................................................
100,000
97,469
Total
U.S.
Treasury
Obligations
(Cost
$5,966,371)
5,860,017
Shares
Collateral
for
Securities
Loaned
(1.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(e)
........
442,091
442,091
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(e)
............
442,091
442,091
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(e)
...............
442,091
442,091
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(e)
.
442,091
442,091
Total
Collateral
for
Securities
Loaned
(Cost
$1,768,364)
1,768,364
Total
Investments
(Cost
$149,807,274)
—
99.9%
138,748,432
Other
assets
in
excess
of
liabilities
—
0.1%
100,843
NET
ASSETS
-
100.00%
$
138,849,275
At
March
31,
2025,
the
Fund's
investments
in
foreign
securities
were
16.5%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2025,
the
fair
value
of
these
securities
was
$27,879,126
and
amounted
to
20.1%
of
net
assets.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2025.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
bps
—
Basis
points
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
March
31,
2025.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2025.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2025.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2025.
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
177
(Unaudited)
Security
Description
Principal
Amount
.
Value
Corporate
Bonds
(31.2%)
Communication
Services
(1.8%):
AT&T,
Inc.
4
.25
%
,
3/1/27
,
Callable
12/1/26
@
100
...................................
$
68,000
$
67,692
1
.65
%
,
2/1/28
,
Callable
12/1/27
@
100
...................................
74,000
68,443
4
.35
%
,
3/1/29
,
Callable
12/1/28
@
100
...................................
68,000
67,336
5
.40
%
,
2/15/34
,
Callable
11/15/33
@
100
..................................
33,000
33,513
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
3
.75
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
70,000
67,808
5
.05
%
,
3/30/29
,
Callable
12/30/28
@
100
.................................
68,000
67,607
2
.80
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
40,000
34,553
Comcast
Corp.
3
.55
%
,
5/1/28
,
Callable
2/1/28
@
100
....................................
98,000
95,510
2
.65
%
,
2/1/30
,
Callable
11/1/29
@
100
...................................
50,000
45,770
3
.40
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
50,000
47,305
Discovery
Communications
LLC
,
3
.63
%
,
5/15/30
,
Callable
2/15/30
@
100
..............
70,000
62,963
Paramount
Global
4
.00
%
,
1/15/26
,
Callable
10/15/25
@
100
.................................
34,000
33,709
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
37,000
35,546
T-Mobile
US,
Inc.
3
.75
%
,
4/15/27
,
Callable
2/15/27
@
100
..................................
112,000
110,375
2
.55
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
46,000
40,552
5
.15
%
,
4/15/34
,
Callable
1/15/34
@
100
..................................
50,000
50,071
Verizon
Communications,
Inc.
4
.33
%
,
9/21/28
....................................................
82,000
81,589
1
.75
%
,
1/20/31
,
Callable
10/20/30
@
100
.................................
49,000
41,401
2
.55
%
,
3/21/31
,
Callable
12/21/30
@
100
.................................
46,000
40,532
Warnermedia
Holdings,
Inc.
,
4
.28
%
,
3/15/32
,
Callable
12/15/31
@
100
................
48,000
42,297
1,134,572
Consumer
Discretionary
(1.8%):
AutoNation,
Inc.
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
37,000
33,364
5
.89
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
25,000
24,944
AutoZone,
Inc.
,
4
.75
%
,
8/1/32
,
Callable
5/1/32
@
100
............................
34,000
33,412
Brunswick
Corp.
5
.85
%
,
3/18/29
,
Callable
2/18/29
@
100
..................................
52,000
53,237
4
.40
%
,
9/15/32
,
Callable
6/15/32
@
100
..................................
29,000
26,526
Choice
Hotels
International,
Inc.
,
5
.85
%
,
8/1/34
,
Callable
5/1/34
@
100
................
30,000
30,023
General
Motors
Financial
Co.,
Inc.
,
5
.85
%
,
4/6/30
,
Callable
2/6/30
@
100
..............
77,000
78,369
Genuine
Parts
Co.
6
.50
%
,
11/1/28
,
Callable
10/1/28
@
100
..................................
50,000
52,769
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
31,000
26,586
Hasbro,
Inc.
,
3
.55
%
,
11/19/26
,
Callable
9/19/26
@
100
............................
82,000
80,477
Las
Vegas
Sands
Corp.
,
3
.90
%
,
8/8/29
,
Callable
5/8/29
@
100
.......................
72,000
67,724
LKQ
Corp.
,
5
.75
%
,
6/15/28
,
Callable
5/15/28
@
100
.............................
52,000
53,184
Lowe's
Cos.,
Inc.
2
.63
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
61,000
54,037
5
.00
%
,
4/15/33
,
Callable
1/15/33
@
100
..................................
40,000
39,910
Marriott
International,
Inc.
,
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................
70,000
62,409
O'Reilly
Automotive,
Inc.
3
.60
%
,
9/1/27
,
Callable
6/1/27
@
100
....................................
70,000
68,571
4
.20
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
40,000
39,011
5
.00
%
,
8/19/34
,
Callable
5/19/34
@
100
..................................
40,000
39,322
PulteGroup,
Inc.
5
.00
%
,
1/15/27
,
Callable
10/15/26
@
100
.................................
54,000
54,321
6
.38
%
,
5/15/33
....................................................
25,000
26,420
Tapestry,
Inc.
,
5
.50
%
,
3/11/35
,
Callable
12/11/34
@
100
...........................
40,000
39,524
The
Home
Depot,
Inc.
,
1
.38
%
,
3/15/31
,
Callable
12/15/30
@
100
....................
41,000
34,108
Tractor
Supply
Co.
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
...................................
57,000
48,418
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
26,000
26,194
1,092,860
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
178
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Consumer
Staples
(1.9%):
Anheuser-Busch
InBev
Worldwide,
Inc.
4
.75
%
,
1/23/29
,
Callable
10/23/28
@
100
.................................
$
66,000
$
66,664
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
35,000
33,356
BAT
Capital
Corp.
3
.22
%
,
9/6/26
,
Callable
7/6/26
@
100
....................................
100,000
98,082
6
.42
%
,
8/2/33
,
Callable
5/2/33
@
100
....................................
31,000
33,069
Bunge
Ltd.
Finance
Corp.
3
.25
%
,
8/15/26
,
Callable
5/15/26
@
100
..................................
56,000
55,054
3
.75
%
,
9/25/27
,
Callable
6/25/27
@
100
..................................
56,000
55,042
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
..................................
20,000
17,723
Campbell
Soup
Co.
,
4
.15
%
,
3/15/28
,
Callable
12/15/27
@
100
......................
68,000
67,273
Church
&
Dwight
Co.,
Inc.
,
5
.60
%
,
11/15/32
,
Callable
8/15/32
@
100
.................
32,000
33,379
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
70,000
59,353
Dollar
General
Corp.
,
5
.20
%
,
7/5/28
,
Callable
6/5/28
@
100
........................
66,000
66,959
Keurig
Dr.
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
70,000
68,140
4
.05
%
,
4/15/32
,
Callable
1/15/32
@
100
..................................
35,000
33,245
Kraft
Heinz
Foods
Co.
,
4
.25
%
,
3/1/31
,
Callable
12/1/30
@
100
......................
35,000
33,965
Mars,
Inc.
,
4
.80
%
,
3/1/30
,
Callable
2/1/30
@
100
(a)
..............................
100,000
100,611
McCormick
&
Co.,
Inc.
,
3
.40
%
,
8/15/27
,
Callable
5/15/27
@
100
....................
69,000
67,446
Philip
Morris
International,
Inc.
4
.88
%
,
2/15/28
,
Callable
1/15/28
@
100
..................................
66,000
66,837
5
.38
%
,
2/15/33
,
Callable
11/15/32
@
100
..................................
33,000
33,642
Sysco
Corp.
,
3
.30
%
,
7/15/26
,
Callable
4/15/26
@
100
.............................
68,000
66,964
The
J.M.
Smucker
Co.
5
.90
%
,
11/15/28
,
Callable
10/15/28
@
100
.................................
65,000
67,985
6
.20
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
31,000
33,003
The
Kroger
Co.
,
5
.00
%
,
9/15/34
,
Callable
6/15/34
@
100
..........................
20,000
19,555
1,177,347
Energy
(2.2%):
Apa
Corp.
,
4
.38
%
,
10/15/28
,
Callable
7/15/28
@
100
(a)
...........................
70,000
67,152
ConocoPhillips
Co.
,
5
.90
%
,
10/15/32
.........................................
31,000
33,124
Coterra
Energy,
Inc.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
40,000
39,389
DCP
Midstream
Operating
LP
5
.63
%
,
7/15/27
,
Callable
4/15/27
@
100
..................................
66,000
67,081
3
.25
%
,
2/15/32
,
Callable
8/15/31
@
100
..................................
38,000
33,160
Duke
Energy
Carolinas
LLC
,
6
.00
%
,
12/1/28
...................................
94,000
98,554
Eastern
Energy
Gas
Holdings
LLC
,
5
.80
%
,
1/15/35
,
Callable
10/15/34
@
100
...........
50,000
51,611
Energy
Transfer
LP
4
.20
%
,
4/15/27
,
Callable
1/15/27
@
100
..................................
68,000
67,419
6
.55
%
,
12/1/33
,
Callable
9/1/33
@
100
...................................
46,000
49,207
Enterprise
Products
Operating
LLC
,
4
.95
%
,
2/15/35
,
Callable
11/15/34
@
100
...........
40,000
39,457
Helmerich
&
Payne,
Inc.
,
5
.50
%
,
12/1/34
,
Callable
9/1/34
@
100
(a)
(b)
................
35,000
33,107
HF
Sinclair
Corp.
,
6
.25
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
50,000
50,230
Kinder
Morgan,
Inc.
1
.75
%
,
11/15/26
,
Callable
10/15/26
@
100
.................................
58,000
55,488
4
.30
%
,
3/1/28
,
Callable
12/1/27
@
100
...................................
54,000
53,587
5
.20
%
,
6/1/33
,
Callable
3/1/33
@
100
....................................
27,000
26,769
MPLX
LP
,
4
.95
%
,
9/1/32
,
Callable
6/1/32
@
100
................................
41,000
40,136
ONEOK,
Inc.
,
5
.05
%
,
11/1/34
,
Callable
8/1/34
@
100
.............................
35,000
33,819
Patterson-UTI
Energy,
Inc.
,
7
.15
%
,
10/1/33
,
Callable
7/1/33
@
100
...................
25,000
26,341
Phillips
66
Co.
,
3
.15
%
,
12/15/29
,
Callable
9/15/29
@
100
..........................
72,000
67,224
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
72,000
67,834
3
.80
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
76,000
71,492
Shell
Finance
U.S.,
Inc.
,
2
.75
%
,
4/6/30
,
Callable
1/6/30
@
100
......................
30,000
27,604
South
Bow
USA
Infrastructure
Holdings
LLC
,
5
.58
%
,
10/1/34
,
Callable
7/1/34
@
100
(a)
...
40,000
39,168
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
5
.00
%
,
1/15/28
,
Callable
5/4/25
@
100.83
.................................
54,000
53,995
5
.50
%
,
3/1/30
,
Callable
4/14/25
@
102.75
.................................
26,000
26,224
Valero
Energy
Corp.
,
5
.15
%
,
2/15/30
,
Callable
1/15/30
@
100
.......................
60,000
60,559
Western
Midstream
Operating
LP
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
...................................
40,000
38,181
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
179
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
6
.15
%
,
4/1/33
,
Callable
1/1/33
@
100
....................................
$
32,000
$
32,972
1,350,884
Financials
(10.6%):
Ally
Financial,
Inc.
,
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
......................
32,000
33,686
Amcor
Finance
USA,
Inc.
3
.63
%
,
4/28/26
,
Callable
1/28/26
@
100
..................................
54,000
53,441
4
.50
%
,
5/15/28
,
Callable
2/15/28
@
100
..................................
54,000
53,657
American
Express
Co.
5
.10
%
(
SOFR
+
100
bps
)
,
2/16/28
,
Callable
2/16/27
@
100
(c)
....................
15,000
15,180
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
....................
34,000
33,501
5
.28
%
(
SOFR
+
142
bps
)
,
7/26/35
,
Callable
7/26/34
@
100
(c)
....................
40,000
39,951
American
Honda
Finance
Corp.
,
4
.60
%
,
4/17/30
.................................
33,000
32,698
Aon
Corp./Aon
Global
Holdings
PLC
2
.85
%
,
5/28/27
,
Callable
4/28/27
@
100
..................................
84,000
81,398
4
.50
%
,
12/15/28
,
Callable
9/15/28
@
100
.................................
80,000
79,768
5
.00
%
,
9/12/32
,
Callable
6/12/32
@
100
..................................
40,000
40,043
Athene
Holding
Ltd.
,
4
.13
%
,
1/12/28
,
Callable
10/12/27
@
100
......................
98,000
96,622
Bank
of
America
Corp.
6
.22
%
,
9/15/26
....................................................
104,000
106,303
5
.93
%
(
SOFR
+
134
bps
)
,
9/15/27
,
Callable
9/15/26
@
100
(c)
....................
104,000
106,020
4
.18
%
,
11/25/27
,
Callable
11/25/26
@
100
,
MTN
............................
111,000
109,940
3
.42
%
(
TSFR3M
+
130
bps
)
,
12/20/28
,
Callable
12/20/27
@
100
(c)
................
143,000
138,557
2
.69
%
(
SOFR
+
132
bps
)
,
4/22/32
,
Callable
4/22/31
@
100
(c)
....................
77,000
67,776
5
.29
%
(
SOFR
+
191
bps
)
,
4/25/34
,
Callable
4/25/33
@
100
(c)
....................
68,000
68,306
Blue
Owl
Credit
Income
Corp.
,
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
.................
56,000
55,300
Brookfield
Capital
Finance
LLC
,
6
.09
%
,
6/14/33
,
Callable
3/14/33
@
100
..............
32,000
33,567
Brown
&
Brown,
Inc.
,
5
.65
%
,
6/11/34
,
Callable
3/11/34
@
100
......................
10,000
10,162
Capital
One
Financial
Corp.
3
.75
%
,
7/28/26
,
Callable
6/28/26
@
100
..................................
54,000
53,245
4
.93
%
(
SOFR
+
206
bps
)
,
5/10/28
,
Callable
5/10/27
@
100
(c)
....................
55,000
55,204
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
......................
26,000
26,190
CDW
LLC/CDW
Finance
Corp.
,
2
.67
%
,
12/1/26
,
Callable
11/1/26
@
100
..............
70,000
67,624
Citigroup,
Inc.
3
.11
%
(
SOFR
+
284
bps
)
,
4/8/26
,
Callable
4/9/25
@
100
(c)
......................
98,000
97,952
4
.13
%
,
7/25/28
....................................................
68,000
66,891
3
.98
%
(
TSFR3M
+
160
bps
)
,
3/20/30
,
Callable
3/20/29
@
100
(c)
..................
35,000
33,901
4
.41
%
(
SOFR
+
391
bps
)
,
3/31/31
,
Callable
3/31/30
@
100
(c)
....................
45,000
43,834
6
.17
%
(
SOFR
+
266
bps
)
,
5/25/34
,
Callable
5/25/33
@
100
(c)
....................
42,000
42,929
Citizens
Financial
Group,
Inc.
2
.85
%
,
7/27/26
,
Callable
4/27/26
@
100
..................................
56,000
54,740
5
.84
%
(
SOFR
+
201
bps
)
,
1/23/30
,
Callable
1/23/29
@
100
(c)
....................
106,000
108,825
Corebridge
Financial,
Inc.
,
3
.65
%
,
4/5/27
,
Callable
3/5/27
@
100
....................
68,000
66,808
Fifth
Third
Bancorp
2
.25
%
,
2/1/27
,
Callable
1/1/27
@
100
....................................
72,000
69,291
1
.71
%
(
SOFR
+
69
bps
)
,
11/1/27
,
Callable
11/1/26
@
100
(c)
.....................
72,000
68,655
5
.63
%
(
SOFR
+
184
bps
)
,
1/29/32
,
Callable
1/29/31
@
100
(c)
....................
48,000
49,097
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
41,000
34,618
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
38,000
38,410
First
Horizon
Corp.
,
5
.51
%
(
SOFR
+
177
bps
)
,
3/7/31
,
Callable
3/7/30
@
100
(c)
...........
40,000
40,200
Fiserv,
Inc.
3
.50
%
,
7/1/29
,
Callable
4/1/29
@
100
....................................
72,000
68,465
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
48,000
49,265
Ford
Motor
Credit
Co.
LLC
4
.39
%
,
1/8/26
.....................................................
68,000
67,528
6
.80
%
,
5/12/28
,
Callable
4/12/28
@
100
..................................
65,000
66,765
General
Motors
Financial
Co.,
Inc.
,
2
.70
%
,
8/20/27
,
Callable
6/20/27
@
100
............
92,000
87,480
Global
Payments,
Inc.
4
.80
%
,
4/1/26
,
Callable
1/1/26
@
100
....................................
66,000
65,998
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
33,000
33,356
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
98,000
97,348
5
.02
%
(
SOFR
+
205
bps
)
,
5/17/33
,
Callable
5/17/32
@
100
(c)
....................
35,000
34,181
JPMorgan
Chase
&
Co.
4
.13
%
,
12/15/26
....................................................
139,000
138,509
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
180
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
1
.47
%
(
SOFR
+
77
bps
)
,
9/22/27
,
Callable
9/22/26
@
100
(c)
.....................
$
116,000
$
110,942
2
.95
%
(
SOFR
+
117
bps
)
,
2/24/28
,
Callable
2/24/27
@
100
(c)
....................
112,000
108,741
5
.58
%
(
SOFR
+
116
bps
)
,
4/22/30
,
Callable
4/22/29
@
100
(c)
....................
52,000
53,630
2
.96
%
(
TSFR3M
+
252
bps
)
,
5/13/31
,
Callable
5/13/30
@
100
(c)
..................
60,000
54,487
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
35,000
29,763
6
.25
%
(
SOFR
+
181
bps
)
,
10/23/34
,
Callable
10/23/33
@
100
(c)
..................
49,000
52,575
5
.29
%
(
SOFR
+
146
bps
)
,
7/22/35
,
Callable
7/22/34
@
100
(c)
....................
30,000
30,148
KeyBank
NA
3
.90
%
,
4/13/29
....................................................
88,000
84,497
5
.00
%
,
1/26/33
,
Callable
10/26/32
@
100
.................................
29,000
28,241
Lincoln
National
Corp.
,
3
.05
%
,
1/15/30
,
Callable
10/15/29
@
100
....................
37,000
34,115
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
35,000
33,822
MetLife,
Inc.
,
4
.55
%
,
3/23/30
,
Callable
12/23/29
@
100
...........................
33,000
33,033
Morgan
Stanley
4
.35
%
,
9/8/26
,
MTN
................................................
108,000
107,506
1
.59
%
(
SOFR
+
88
bps
)
,
5/4/27
,
Callable
5/4/26
@
100
(c)
.......................
114,000
110,386
6
.30
%
(
SOFR
+
224
bps
)
,
10/18/28
,
Callable
10/18/27
@
100
(c)
..................
76,000
79,042
4
.43
%
(
TSFR3M
+
189
bps
)
,
1/23/30
,
Callable
1/23/29
@
100
(c)
..................
41,000
40,471
1
.93
%
(
SOFR
+
102
bps
)
,
4/28/32
,
Callable
4/28/31
@
100
,
MTN
(c)
...............
80,000
66,986
6
.34
%
(
SOFR
+
256
bps
)
,
10/18/33
,
Callable
10/18/32
@
100
(c)
..................
64,000
68,578
5
.25
%
(
SOFR
+
187
bps
)
,
4/21/34
,
Callable
4/21/33
@
100
(c)
....................
68,000
67,977
NextEra
Energy
Capital
Holdings,
Inc.
4
.95
%
,
1/29/26
....................................................
54,000
54,200
3
.55
%
,
5/1/27
,
Callable
2/1/27
@
100
....................................
56,000
54,943
1
.90
%
,
6/15/28
,
Callable
4/15/28
@
100
..................................
74,000
68,276
5
.25
%
,
3/15/34
,
Callable
12/15/33
@
100
.................................
27,000
27,031
Northern
Trust
Corp.
4
.00
%
,
5/10/27
,
Callable
4/10/27
@
100
..................................
68,000
67,622
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
...................................
31,000
33,128
PNC
Bank
NA
,
4
.05
%
,
7/26/28
.............................................
70,000
68,556
PPL
Capital
Funding,
Inc.
,
5
.25
%
,
9/1/34
,
Callable
6/1/34
@
100
.....................
35,000
34,826
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
31,000
26,885
Prudential
Financial,
Inc.
,
3
.88
%
,
3/27/28
,
Callable
12/27/27
@
100
,
MTN
..............
68,000
66,952
Reinsurance
Group
of
America,
Inc.
,
3
.90
%
,
5/15/29
,
Callable
2/15/29
@
100
...........
70,000
67,796
Santander
Holdings
USA,
Inc.
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
65,000
67,356
5
.35
%
(
SOFR
+
194
bps
)
,
9/6/30
,
Callable
9/6/29
@
100
(c)
......................
30,000
29,886
State
Street
Corp.
,
5
.16
%
(
SOFR
+
189
bps
)
,
5/18/34
,
Callable
5/18/33
@
100
(c)
..........
53,000
53,311
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
40,000
35,699
The
Allstate
Corp.
3
.28
%
,
12/15/26
,
Callable
9/15/26
@
100
.................................
56,000
54,878
1
.45
%
,
12/15/30
,
Callable
9/15/30
@
100
.................................
33,000
27,522
The
Bank
of
New
York
Mellon
Corp.
4
.98
%
(
SOFR
+
109
bps
)
,
3/14/30
,
Callable
3/14/29
@
100
(c)
....................
30,000
30,406
5
.83
%
(
SOFRINDX
+
207
bps
)
,
10/25/33
,
Callable
10/25/32
@
100
(c)
..............
32,000
33,646
The
Charles
Schwab
Corp.
2
.45
%
,
3/3/27
,
Callable
2/3/27
@
100
....................................
56,000
54,028
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....................
26,000
27,135
The
Goldman
Sachs
Group,
Inc.
1
.95
%
(
SOFR
+
91
bps
)
,
10/21/27
,
Callable
10/21/26
@
100
(c)
...................
72,000
69,075
3
.62
%
(
SOFR
+
185
bps
)
,
3/15/28
,
Callable
3/15/27
@
100
(c)
....................
68,000
66,715
6
.48
%
(
SOFR
+
177
bps
)
,
10/24/29
,
Callable
10/24/28
@
100
(c)
..................
64,000
67,613
2
.60
%
,
2/7/30
,
Callable
11/7/29
@
100
...................................
93,000
84,219
3
.10
%
(
SOFR
+
141
bps
)
,
2/24/33
,
Callable
2/24/32
@
100
(c)
....................
63,000
55,507
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
30,000
30,932
The
PNC
Financial
Services
Group,
Inc.
5
.81
%
(
SOFR
+
132
bps
)
,
6/12/26
,
Callable
6/12/25
@
100
(c)
....................
52,000
52,090
6
.62
%
(
SOFRINDX
+
173
bps
)
,
10/20/27
,
Callable
10/20/26
@
100
(c)
..............
52,000
53,581
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.................................
45,000
40,769
5
.94
%
(
SOFR
+
195
bps
)
,
8/18/34
,
Callable
8/18/33
@
100
(c)
....................
65,000
67,626
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(c)
....................
41,000
41,978
Toyota
Motor
Credit
Corp.
,
4
.80
%
,
1/5/34
,
MTN
................................
44,000
43,300
Truist
Financial
Corp.
1
.89
%
(
SOFR
+
86
bps
)
,
6/7/29
,
Callable
6/7/28
@
100
,
MTN
(c)
..................
90,000
82,401
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
181
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
5
.44
%
(
SOFR
+
162
bps
)
,
1/24/30
,
Callable
1/24/29
@
100
(c)
....................
$
110,000
$
112,262
5
.12
%
(
SOFR
+
185
bps
)
,
1/26/34
,
Callable
1/26/33
@
100
(c)
....................
66,000
64,677
U.S.
Bancorp
3
.10
%
,
4/27/26
,
Callable
3/27/26
@
100
,
MTN
.............................
68,000
66,988
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
85,000
87,652
4
.97
%
(
SOFR
+
211
bps
)
,
7/22/33
,
Callable
7/22/32
@
100
(c)
....................
35,000
33,628
4
.84
%
(
SOFR
+
160
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
......................
35,000
33,968
Wells
Fargo
&
Co.
4
.10
%
,
6/3/26
,
MTN
................................................
68,000
67,561
5
.20
%
(
SOFR
+
150
bps
)
,
1/23/30
,
Callable
1/22/29
@
100
(c)
....................
40,000
40,669
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(c)
...........
37,000
34,099
2
.57
%
(
TSFR3M
+
126
bps
)
,
2/11/31
,
Callable
2/11/30
@
100
,
MTN
(c)
.............
38,000
34,261
5
.50
%
(
SOFR
+
178
bps
)
,
1/23/35
,
Callable
1/23/34
@
100
(c)
....................
39,000
39,508
Willis
North
America,
Inc.
,
4
.65
%
,
6/15/27
,
Callable
5/15/27
@
100
..................
68,000
68,020
6,601,306
Health
Care
(3.0%):
AbbVie,
Inc.
3
.20
%
,
11/21/29
,
Callable
8/21/29
@
100
..................................
72,000
68,018
4
.95
%
,
3/15/31
,
Callable
1/15/31
@
100
..................................
33,000
33,521
5
.05
%
,
3/15/34
,
Callable
12/15/33
@
100
.................................
48,000
48,346
Agilent
Technologies,
Inc.
,
4
.75
%
,
9/9/34
,
Callable
6/9/34
@
100
....................
45,000
43,515
Amgen,
Inc.
1
.65
%
,
8/15/28
,
Callable
6/15/28
@
100
..................................
106,000
96,807
5
.25
%
,
3/2/30
,
Callable
1/2/30
@
100
....................................
33,000
33,754
2
.00
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
41,000
34,271
Baxter
International,
Inc.
2
.60
%
,
8/15/26
,
Callable
5/15/26
@
100
..................................
56,000
54,512
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
32,000
27,424
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
70,000
68,277
Bristol-Myers
Squibb
Co.
3
.45
%
,
11/15/27
,
Callable
8/15/27
@
100
..................................
82,000
80,396
5
.10
%
,
2/22/31
,
Callable
12/22/30
@
100
.................................
39,000
39,944
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
37,000
39,545
Centene
Corp.
,
4
.25
%
,
12/15/27
,
Callable
4/19/25
@
100.71
........................
82,000
80,066
CVS
Health
Corp.
3
.63
%
,
4/1/27
,
Callable
2/1/27
@
100
....................................
68,000
66,692
1
.30
%
,
8/21/27
,
Callable
6/21/27
@
100
..................................
60,000
55,418
1
.75
%
,
8/21/30
,
Callable
5/21/30
@
100
..................................
32,000
27,083
5
.30
%
,
6/1/33
,
Callable
3/1/33
@
100
....................................
27,000
26,711
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
78,000
69,902
Elevance
Health,
Inc.
,
1
.50
%
,
3/15/26
,
Callable
2/15/26
@
100
......................
86,000
83,664
HCA,
Inc.
5
.38
%
,
9/1/26
,
Callable
3/1/26
@
100
....................................
52,000
52,281
4
.13
%
,
6/15/29
,
Callable
3/15/29
@
100
..................................
56,000
54,386
5
.60
%
,
4/1/34
,
Callable
1/1/34
@
100
....................................
26,000
26,104
Humana,
Inc.
5
.75
%
,
12/1/28
,
Callable
11/1/28
@
100
..................................
64,000
66,042
5
.88
%
,
3/1/33
,
Callable
12/1/32
@
100
...................................
32,000
32,711
5
.55
%
,
5/1/35
,
Callable
2/1/35
@
100
....................................
25,000
24,717
Pfizer,
Inc.
2
.63
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
37,000
33,855
1
.75
%
,
8/18/31
,
Callable
5/18/31
@
100
..................................
40,000
33,894
Revvity,
Inc.
3
.30
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
58,000
54,284
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
31,000
26,877
Solventum
Corp.
5
.45
%
,
2/25/27
,
Callable
1/25/27
@
100
..................................
52,000
52,763
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
....................................
52,000
53,043
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
.................................
42,000
42,608
The
Cigna
Group
5
.69
%
,
3/15/26
....................................................
52,000
52,000
3
.40
%
,
3/1/27
,
Callable
12/1/26
@
100
...................................
68,000
66,692
2
.40
%
,
3/15/30
,
Callable
12/15/29
@
100
.................................
45,000
40,408
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
182
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Universal
Health
Services,
Inc.
2
.65
%
,
10/15/30
,
Callable
7/15/30
@
100
.................................
$
31,000
$
27,166
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
32,000
26,746
1,844,443
Industrials
(2.2%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
40,000
34,585
AGCO
Corp.
,
5
.80
%
,
3/21/34
,
Callable
12/21/33
@
100
...........................
39,000
39,496
Air
Lease
Corp.
3
.00
%
,
2/1/30
,
Callable
11/1/29
@
100
,
MTN
..............................
37,000
33,911
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
39,000
33,894
American
Airlines
Pass
Through
Trust
,
3
.58
%
,
1/15/28
............................
29,784
28,665
Carlisle
Cos.,
Inc.
,
2
.75
%
,
3/1/30
,
Callable
12/1/29
@
100
.........................
52,000
47,209
Carrier
Global
Corp.
2
.49
%
,
2/15/27
,
Callable
12/15/26
@
100
.................................
70,000
67,609
2
.72
%
,
2/15/30
,
Callable
11/15/29
@
100
..................................
37,000
33,825
FedEx
Corp.
3
.40
%
,
2/15/28
,
Callable
11/15/27
@
100
(a)
................................
55,000
52,891
4
.90
%
,
1/15/34
(a)
..................................................
27,000
26,282
Fortune
Brands
Innovations,
Inc.
,
3
.25
%
,
9/15/29
,
Callable
6/15/29
@
100
..............
101,000
94,556
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
49,000
41,999
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
66,000
67,169
Hubbell,
Inc.
,
3
.50
%
,
2/15/28
,
Callable
11/15/27
@
100
...........................
70,000
67,981
Leidos,
Inc.
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
47,000
48,246
5
.50
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
25,000
24,916
Otis
Worldwide
Corp.
,
2
.57
%
,
2/15/30
,
Callable
11/15/29
@
100
.....................
37,000
33,513
Quanta
Services,
Inc.
,
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
.......................
37,000
33,321
RTX
Corp.
4
.13
%
,
11/16/28
,
Callable
8/16/28
@
100
..................................
68,000
67,079
2
.25
%
,
7/1/30
,
Callable
4/1/30
@
100
....................................
39,000
34,629
Ryder
System,
Inc.
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
...............................
70,000
67,721
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
...............................
82,000
83,480
The
Boeing
Co.
6
.26
%
,
5/1/27
,
Callable
4/1/27
@
100
....................................
96,000
98,788
5
.15
%
,
5/1/30
,
Callable
2/1/30
@
100
....................................
34,000
34,203
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
38,000
35,261
The
Timken
Co.
,
4
.50
%
,
12/15/28
,
Callable
9/15/28
@
100
.........................
68,000
67,456
Union
Pacific
Corp.
6
.63
%
,
2/1/29
.....................................................
62,000
66,989
2
.80
%
,
2/14/32
,
Callable
12/15/31
@
100
.................................
38,000
33,759
1,399,433
Information
Technology
(2.8%):
Arrow
Electronics,
Inc.
,
3
.88
%
,
1/12/28
,
Callable
10/12/27
@
100
....................
100,000
97,430
Autodesk,
Inc.
3
.50
%
,
6/15/27
,
Callable
3/15/27
@
100
..................................
68,000
66,670
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
.................................
40,000
34,290
Broadcom,
Inc.
4
.11
%
,
9/15/28
,
Callable
6/15/28
@
100
..................................
68,000
67,043
4
.75
%
,
4/15/29
,
Callable
1/15/29
@
100
..................................
66,000
66,253
4
.15
%
,
11/15/30
,
Callable
8/15/30
@
100
..................................
35,000
33,879
3
.42
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
................................
38,000
33,844
Dell
International
LLC/EMC
Corp.
5
.25
%
,
2/1/28
,
Callable
1/1/28
@
100
....................................
66,000
67,212
5
.30
%
,
10/1/29
,
Callable
7/1/29
@
100
...................................
96,000
97,710
4
.85
%
,
2/1/35
,
Callable
11/1/34
@
100
...................................
32,000
30,532
Hewlett
Packard
Enterprise
Co.
,
5
.00
%
,
10/15/34
,
Callable
7/15/34
@
100
..............
45,000
43,816
HP,
Inc.
,
1
.45
%
,
6/17/26
,
Callable
5/17/26
@
100
................................
72,000
69,339
Jabil,
Inc.
4
.25
%
,
5/15/27
,
Callable
4/15/27
@
100
..................................
54,000
53,627
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
31,000
27,749
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
40,000
39,123
KLA
Corp.
,
4
.65
%
,
7/15/32
,
Callable
4/15/32
@
100
.............................
34,000
33,726
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
183
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Lam
Research
Corp.
,
1
.90
%
,
6/15/30
,
Callable
3/15/30
@
100
.......................
$
39,000
$
34,253
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
102,000
95,549
Micron
Technology,
Inc.
4
.19
%
,
2/15/27
,
Callable
12/15/26
@
100
.................................
68,000
67,456
5
.88
%
,
2/9/33
,
Callable
11/9/32
@
100
...................................
32,000
33,126
Oracle
Corp.
1
.65
%
,
3/25/26
,
Callable
2/25/26
@
100
..................................
84,000
81,657
2
.65
%
,
7/15/26
,
Callable
4/15/26
@
100
..................................
114,000
111,311
2
.88
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
46,000
41,194
4
.90
%
,
2/6/33
,
Callable
11/6/32
@
100
...................................
40,000
39,326
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
80,000
69,320
Qorvo,
Inc.
,
4
.38
%
,
10/15/29
,
Callable
5/4/25
@
102.19
...........................
70,000
66,797
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
47,000
47,239
TSMC
Arizona
Corp.
3
.88
%
,
4/22/27
,
Callable
3/22/27
@
100
..................................
68,000
67,344
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.................................
39,000
34,454
Workday,
Inc.
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
....................................
70,000
67,429
3
.80
%
,
4/1/32
,
Callable
1/1/32
@
100
....................................
37,000
34,237
1,752,935
Materials
(0.9%):
Albemarle
Corp.
,
4
.65
%
,
6/1/27
,
Callable
5/1/27
@
100
...........................
20,000
19,841
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
38,000
34,593
Avery
Dennison
Corp.
,
4
.88
%
,
12/6/28
,
Callable
9/6/28
@
100
......................
66,000
66,403
Chevron
Phillips
Chemical
Co.
LLC
/
Chevron
Phillips
Chemical
Co.
LP
,
4
.75
%
,
5/15/30
,
Callable
4/15/30
@
100
(a)
............................................
50,000
49,965
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
39,000
34,045
Freeport-McMoRan,
Inc.
,
4
.63
%
,
8/1/30
,
Callable
8/1/25
@
102.31
...................
81,000
79,208
Huntsman
International
LLC
,
5
.70
%
,
10/15/34
,
Callable
7/15/34
@
100
................
25,000
23,652
LYB
International
Finance
III
LLC
2
.25
%
,
10/1/30
,
Callable
7/1/30
@
100
...................................
31,000
26,981
5
.63
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
26,000
26,433
Packaging
Corp.
of
America
,
3
.40
%
,
12/15/27
,
Callable
9/15/27
@
100
................
70,000
68,002
Reliance,
Inc.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
............................
39,000
33,885
The
Dow
Chemical
Co.
,
2
.10
%
,
11/15/30
,
Callable
8/15/30
@
100
....................
31,000
26,777
Vulcan
Materials
Co.
,
5
.35
%
,
12/1/34
,
Callable
9/1/34
@
100
.......................
50,000
50,350
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
31,000
26,607
566,742
Real
Estate
(1.8%):
Alexandria
Real
Estate
Equities,
Inc.
3
.80
%
,
4/15/26
,
Callable
2/15/26
@
100
..................................
68,000
67,420
5
.50
%
,
10/1/35
,
Callable
7/1/35
@
100
...................................
30,000
30,139
Boston
Properties
LP
,
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
........................
42,000
34,580
CBRE
Services,
Inc.
,
5
.50
%
,
4/1/29
,
Callable
3/1/29
@
100
........................
52,000
53,320
Crown
Castle,
Inc.
4
.30
%
,
2/15/29
,
Callable
11/15/28
@
100
..................................
82,000
80,127
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
48,000
41,005
DOC
DR
LLC
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
............................
40,000
34,614
ERP
Operating
LP
2
.85
%
,
11/1/26
,
Callable
8/1/26
@
100
...................................
70,000
68,346
3
.00
%
,
7/1/29
,
Callable
4/1/29
@
100
....................................
102,000
95,425
GLP
Capital
LP/GLP
Financing
II,
Inc.
5
.38
%
,
4/15/26
,
Callable
1/15/26
@
100
..................................
54,000
54,149
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
31,000
26,850
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
10,000
9,859
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
33,000
28,016
Host
Hotels
&
Resorts
LP
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
74,000
68,738
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
37,000
33,897
Kilroy
Realty
LP
,
3
.05
%
,
2/15/30
,
Callable
11/15/29
@
100
........................
66,000
58,715
Kimco
Realty
OP
LLC
,
4
.85
%
,
3/1/35
,
Callable
12/1/34
@
100
......................
50,000
48,095
Phillips
Edison
Grocery
Center
Operating
Partnership
LP
,
4
.95
%
,
1/15/35
,
Callable
10/15/34
@
100
.............................................................
35,000
33,201
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
184
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Regency
Centers
LP
3
.60
%
,
2/1/27
,
Callable
11/1/26
@
100
...................................
$
98,000
$
96,473
2
.95
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
30,000
27,930
Simon
Property
Group
LP
,
2
.20
%
,
2/1/31
,
Callable
11/1/30
@
100
....................
48,000
41,598
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
5/4/25
@
102.06
(a)
.....
70,000
65,902
1,098,399
Utilities
(2.2%):
AEP
Texas,
Inc.
,
3
.95
%
,
6/1/28
,
Callable
3/1/28
@
100
............................
70,000
68,585
Ameren
Corp.
,
1
.95
%
,
3/15/27
,
Callable
2/15/27
@
100
...........................
72,000
68,624
Arizona
Public
Service
Co.
2
.60
%
,
8/15/29
,
Callable
5/15/29
@
100
..................................
74,000
67,861
5
.55
%
,
8/1/33
,
Callable
5/1/33
@
100
....................................
43,000
43,523
DTE
Electric
Co.
,
5
.20
%
,
4/1/33
,
Callable
1/1/33
@
100
...........................
54,000
54,590
Duke
Energy
Carolinas
LLC
,
3
.95
%
,
11/15/28
,
Callable
8/15/28
@
100
................
68,000
67,030
Duke
Energy
Corp.
,
2
.65
%
,
9/1/26
,
Callable
6/1/26
@
100
.........................
70,000
68,178
Duke
Energy
Florida
LLC
,
3
.80
%
,
7/15/28
,
Callable
4/15/28
@
100
..................
30,000
29,438
Entergy
Corp.
2
.95
%
,
9/1/26
,
Callable
6/1/26
@
100
....................................
84,000
82,107
2
.40
%
,
6/15/31
,
Callable
3/5/31
@
100
...................................
63,000
54,243
Entergy
Louisiana
LLC
,
3
.12
%
,
9/1/27
,
Callable
6/1/27
@
100
......................
70,000
67,896
Exelon
Corp.
5
.15
%
,
3/15/28
,
Callable
2/15/28
@
100
..................................
72,000
73,158
4
.05
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
28,000
27,145
Florida
Power
&
Light
Co.
3
.30
%
,
5/30/27
,
Callable
2/28/27
@
100
..................................
56,000
54,793
2
.45
%
,
2/3/32
,
Callable
11/3/31
@
100
...................................
31,000
26,779
ITC
Holdings
Corp.
,
3
.35
%
,
11/15/27
,
Callable
8/15/27
@
100
......................
84,000
81,393
MidAmerican
Energy
Co.
,
3
.65
%
,
4/15/29
,
Callable
1/15/29
@
100
...................
70,000
67,887
Oncor
Electric
Delivery
Co.
LLC
,
5
.75
%
,
3/15/29
,
Callable
12/15/28
@
100
............
63,000
65,611
Piedmont
Natural
Gas
Co.,
Inc.
,
3
.50
%
,
6/1/29
,
Callable
3/1/29
@
100
.................
72,000
68,882
The
Southern
Co.
3
.25
%
,
7/1/26
,
Callable
4/1/26
@
100
....................................
68,000
66,942
3
.70
%
,
4/30/30
,
Callable
1/30/30
@
100
..................................
36,000
34,296
5
.70
%
,
10/15/32
,
Callable
4/15/32
@
100
.................................
32,000
33,248
Union
Electric
Co.
2
.95
%
,
6/15/27
,
Callable
3/15/27
@
100
..................................
42,000
40,789
2
.15
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
39,000
32,679
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
59,000
49,886
1,395,563
Total
Corporate
Bonds
(Cost
$19,274,516)
19,414,484
Yankee
Dollars
(5.1%)
Communication
Services
(0.2%):
Rogers
Communications,
Inc.
5
.00
%
,
2/15/29
,
Callable
1/15/29
@
100
..................................
80,000
80,096
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
44,000
39,897
119,993
Consumer
Staples
(0.1%):
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
LUX
Co.
SARL
5
.50
%
,
1/15/30
,
Callable
4/14/25
@
102.75
................................
27,000
27,456
5
.75
%
,
4/1/33
,
Callable
1/1/33
@
100
....................................
43,000
43,731
71,187
Energy
(0.1%):
Canadian
Natural
Resources
Ltd.
,
5
.40
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
...........
50,000
49,418
Shell
International
Finance
BV
,
2
.75
%
,
4/6/30
,
Callable
1/6/30
@
100
.................
15,000
13,900
63,318
Financials
(3.7%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
1
.75
%
,
1/30/26
,
Callable
12/30/25
@
100
.................................
56,000
54,672
3
.00
%
,
10/29/28
,
Callable
8/29/28
@
100
.................................
88,000
82,653
3
.30
%
,
1/30/32
,
Callable
10/30/31
@
100
.................................
31,000
27,442
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
185
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
Banco
Santander
SA
2
.96
%
,
3/25/31
....................................................
$
38,000
$
34,048
6
.92
%
,
8/8/33
.....................................................
31,000
32,882
Barclays
PLC
2
.85
%
(
SOFR
+
271
bps
)
,
5/7/26
,
Callable
5/7/25
@
100
(c)
......................
68,000
67,859
2
.28
%
(
H15T1Y
+
105
bps
)
,
11/24/27
,
Callable
11/24/26
@
100
(c)
................
72,000
69,212
4
.84
%
,
5/9/28
,
Callable
5/7/27
@
100
....................................
69,000
68,732
5
.09
%
(
US0003M
+
305
bps
)
,
6/20/30
,
Callable
6/20/29
@
100
(c)
(d)
...............
34,000
33,744
6
.22
%
(
SOFR
+
298
bps
)
,
5/9/34
,
Callable
5/9/33
@
100
(c)
......................
47,000
48,929
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
60,000
53,218
Deutsche
Bank
AG
5
.37
%
,
9/9/27
.....................................................
66,000
67,428
6
.82
%
(
SOFR
+
251
bps
)
,
11/20/29
,
Callable
11/20/28
@
100
(c)
..................
65,000
68,937
7
.08
%
(
SOFR
+
365
bps
)
,
2/10/34
,
Callable
11/10/32
@
100
(c)
...................
32,000
33,659
HSBC
Holdings
PLC
2
.25
%
(
SOFR
+
110
bps
)
,
11/22/27
,
Callable
11/22/26
@
100
(c)
..................
116,000
111,518
6
.16
%
(
SOFR
+
197
bps
)
,
3/9/29
,
Callable
3/9/28
@
100
(c)
......................
78,000
80,844
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
....................
120,000
109,932
7
.40
%
(
SOFR
+
302
bps
)
,
11/13/34
,
Callable
11/13/33
@
100
(c)
..................
36,000
39,527
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(c)
...................
72,000
69,625
5
.87
%
(
H15T1Y
+
170
bps
)
,
3/6/29
,
Callable
3/6/28
@
100
(c)
....................
94,000
96,927
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
29,000
32,943
5
.68
%
(
H15T1Y
+
175
bps
)
,
1/5/35
,
Callable
1/5/34
@
100
(c)
....................
33,000
33,356
Mitsubishi
UFJ
Financial
Group,
Inc.
5
.02
%
(
H15T1Y
+
195
bps
)
,
7/20/28
,
Callable
7/20/27
@
100
(c)
..................
66,000
66,607
5
.35
%
(
H15T1Y
+
190
bps
)
,
9/13/28
,
Callable
9/13/27
@
100
(c)
..................
96,000
97,739
3
.74
%
,
3/7/29
.....................................................
70,000
67,905
NatWest
Group
PLC
4
.89
%
(
US0003M
+
175
bps
)
,
5/18/29
,
Callable
5/18/28
@
100
(c)
(d)
...............
69,000
69,067
5
.08
%
(
US0003M
+
191
bps
)
,
1/27/30
,
Callable
1/27/29
@
100
(c)
(d)
...............
63,000
63,382
Pfizer
Investment
Enterprises
Pte
Ltd.
,
4
.45
%
,
5/19/28
,
Callable
4/19/28
@
100
..........
66,000
66,123
Santander
UK
Group
Holdings
PLC
,
2
.90
%
(
SOFR
+
148
bps
)
,
3/15/32
,
Callable
3/15/31
@
100
(c)
...........................................................
39,000
34,338
Sumitomo
Mitsui
Financial
Group,
Inc.
2
.47
%
,
1/14/29
....................................................
88,000
81,424
2
.22
%
,
9/17/31
....................................................
30,000
25,580
5
.77
%
,
1/13/33
....................................................
38,000
39,496
The
Bank
of
Nova
Scotia
4
.50
%
,
12/16/25
....................................................
68,000
67,843
5
.13
%
(
SOFR
+
107
bps
)
,
2/14/31
,
Callable
2/14/30
@
100
(c)
....................
70,000
70,617
The
Toronto-Dominion
Bank
,
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(c)
.
65,000
63,660
UBS
AG
1
.25
%
,
6/1/26
.....................................................
72,000
69,449
5
.65
%
,
9/11/28
.....................................................
64,000
66,134
Westpac
Banking
Corp.
,
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
.
34,000
33,712
2,301,163
Health
Care
(0.2%):
Royalty
Pharma
PLC
1
.75
%
,
9/2/27
,
Callable
7/2/27
@
100
....................................
58,000
54,134
2
.15
%
,
9/2/31
,
Callable
6/2/31
@
100
....................................
43,000
36,035
Smith
&
Nephew
PLC
,
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
....................
40,000
34,467
124,636
Industrials
(0.3%):
Aircastle
Ltd.
,
4
.25
%
,
6/15/26
,
Callable
4/15/26
@
100
............................
68,000
67,428
Pentair
Finance
SARL
4
.50
%
,
7/1/29
,
Callable
4/1/29
@
100
....................................
68,000
66,988
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
..................................
32,000
32,868
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
32,000
32,583
199,867
Information
Technology
(0.3%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
4
.30
%
,
6/18/29
,
Callable
3/18/29
@
100
..................................
98,000
96,065
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
186
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Principal
Amount
.
Value
5
.00
%
,
1/15/33
,
Callable
10/15/32
@
100
.................................
$
44,000
$
43,344
139,409
Materials
(0.2%):
ArcelorMittal
SA
4
.25
%
,
7/16/29
....................................................
98,000
95,607
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
..................................
31,000
33,365
128,972
Total
Yankee
Dollars
(Cost
$3,122,054)
3,148,545
U.S.
Treasury
Obligations
(62.5%)
U.S.
Treasury
Bonds
4
.50
%
,
2/15/36
....................................................
1,550,000
1,595,289
4
.25
%
,
5/15/39
....................................................
390,000
384,028
2
.50
%
,
2/15/45
....................................................
2,475,000
1,783,547
1
.63
%
,
11/15/50
....................................................
6,530,000
3,553,748
2
.88
%
,
5/15/52
....................................................
3,300,000
2,396,109
4
.25
%
,
2/15/54
....................................................
2,580,000
2,431,247
U.S.
Treasury
Notes
3
.63
%
,
5/31/28
....................................................
3,580,000
3,550,633
1
.88
%
,
2/28/29
....................................................
5,045,000
4,673,720
3
.75
%
,
6/30/30
....................................................
4,175,000
4,128,684
3
.75
%
,
12/31/30
....................................................
3,150,000
3,106,934
4
.13
%
,
3/31/31
....................................................
1,930,000
1,939,650
2
.88
%
,
5/15/32
....................................................
2,320,000
2,146,362
4
.13
%
,
11/15/32
....................................................
2,710,000
2,714,234
4
.50
%
,
11/15/33
....................................................
1,890,000
1,935,478
4
.00
%
,
2/15/34
....................................................
2,615,000
2,579,861
Total
U.S.
Treasury
Obligations
(Cost
$39,001,976)
38,919,524
Shares
Collateral
for
Securities
Loaned
(0.0%)^(e)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(f)
........
7,692
7,692
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(f)
............
7,692
7,692
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(f)
................
7,692
7,692
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(f)
.
7,692
7,692
Total
Collateral
for
Securities
Loaned
(Cost
$30,768)
30,768
Total
Investments
(Cost
$61,429,314)
—
98.8%
61,513,321
Other
assets
in
excess
of
liabilities
—
1.2%
769,314
NET
ASSETS
-
100.00%
$
62,282,635
At
March
31,
2025,
the
Fund's
investments
in
foreign
securities
were
5.1%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2025,
the
fair
value
of
these
securities
was
$518,340
and
amounted
to
0.8%
of
net
assets.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2025.
(d)
Securities
referencing
LIBOR
are
expected
to
transition
to
an
alternative
reference
rate
by
the
security's
next
scheduled
coupon
reset
date.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
bps
—
Basis
points
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2025.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
March
31,
2025.
Victory
Portfolios
II
VictoryShares
WestEnd
Economic
Cycle
Bond
ETF
187
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2025.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
March
31,
2025,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2025.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2025.
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
188
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.6%)
Communication
Services
(5.9%):
Alphabet,
Inc.
,
Class
A
...................................................
7,126
$
1,101,965
AT&T,
Inc.
...........................................................
59,181
1,673,639
Fox
Corp.
,
Class
A
......................................................
28,626
1,620,231
Meta
Platforms,
Inc.
,
Class
A
..............................................
1,773
1,021,886
News
Corp.
,
Class
A
.....................................................
58,469
1,591,526
Verizon
Communications,
Inc.
..............................................
38,928
1,765,774
8,775,021
Consumer
Discretionary
(4.0%):
Carvana
Co.
(a)
.........................................................
2,393
500,329
Ford
Motor
Co.
........................................................
95,945
962,328
General
Motors
Co.
.....................................................
19,253
905,469
Lennar
Corp.
,
Class
A
....................................................
9,099
1,044,383
PulteGroup,
Inc.
........................................................
10,213
1,049,896
Royal
Caribbean
Cruises
Ltd.
..............................................
3,612
742,049
Tapestry,
Inc.
..........................................................
10,268
722,970
5,927,424
Consumer
Staples
(9.0%):
Altria
Group,
Inc.
.......................................................
31,686
1,901,794
Archer-Daniels-Midland
Co.
...............................................
30,557
1,467,042
Casey's
General
Stores,
Inc.
...............................................
2,633
1,142,827
Sprouts
Farmers
Market,
Inc.
(a)
............................................
5,867
895,539
The
Kraft
Heinz
Co.
.....................................................
54,494
1,658,252
The
Kroger
Co.
........................................................
23,840
1,613,730
Tyson
Foods,
Inc.
,
Class
A
................................................
26,430
1,686,498
U.S.
Foods
Holding
Corp.
(a)
...............................................
22,009
1,440,709
Walmart,
Inc.
..........................................................
17,076
1,499,102
13,305,493
Energy
(3.3%):
Kinder
Morgan,
Inc.
.....................................................
52,360
1,493,831
Marathon
Petroleum
Corp.
................................................
7,439
1,083,788
Targa
Resources
Corp.
...................................................
6,045
1,211,841
Valero
Energy
Corp.
.....................................................
8,287
1,094,464
4,883,924
Financials
(22.6%):
American
Express
Co.
...................................................
4,528
1,218,258
American
International
Group,
Inc.
..........................................
18,341
1,594,567
Bank
of
America
Corp.
...................................................
31,382
1,309,571
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
3,961
2,109,549
Blackrock,
Inc.
........................................................
1,715
1,623,213
Capital
One
Financial
Corp.
...............................................
5,048
905,106
Citigroup,
Inc.
.........................................................
14,436
1,024,812
Citizens
Financial
Group,
Inc.
..............................................
24,080
986,558
Corebridge
Financial,
Inc.
.................................................
31,917
1,007,620
Equitable
Holdings,
Inc.
..................................................
20,582
1,072,116
Fifth
Third
Bancorp
.....................................................
33,036
1,295,011
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
450
834,354
Fiserv,
Inc.
(a)
..........................................................
7,233
1,597,263
Global
Payments,
Inc.
....................................................
11,137
1,090,535
Interactive
Brokers
Group,
Inc.
.............................................
4,939
817,849
Jefferies
Financial
Group,
Inc.
..............................................
16,214
868,584
M&T
Bank
Corp.
.......................................................
6,576
1,175,460
Northern
Trust
Corp.
....................................................
13,144
1,296,656
PayPal
Holdings,
Inc.
(a)
..................................................
13,686
893,012
Raymond
James
Financial,
Inc.
.............................................
8,220
1,141,840
Regions
Financial
Corp.
..................................................
53,948
1,172,290
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
10,317
429,394
State
Street
Corp.
.......................................................
14,954
1,338,832
Synchrony
Financial
.....................................................
14,592
772,501
The
Bank
of
New
York
Mellon
Corp.
.........................................
18,692
1,567,698
The
Goldman
Sachs
Group,
Inc.
............................................
1,876
1,024,840
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
189
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
The
PNC
Financial
Services
Group,
Inc.
......................................
7,642
$
1,343,234
Truist
Financial
Corp.
....................................................
27,240
1,120,926
Wells
Fargo
&
Co.
......................................................
13,774
988,835
33,620,484
Health
Care
(10.7%):
Boston
Scientific
Corp.
(a)
.................................................
18,934
1,910,062
Centene
Corp.
(a)
.......................................................
17,160
1,041,784
CVS
Health
Corp.
......................................................
13,026
882,511
Gilead
Sciences,
Inc.
....................................................
11,844
1,327,120
HCA
Healthcare,
Inc.
....................................................
3,993
1,379,781
Intuitive
Surgical,
Inc.
(a)
.................................................
2,137
1,058,392
Labcorp
Holdings,
Inc.
...................................................
6,192
1,441,126
Medtronic
PLC
........................................................
18,559
1,667,712
Pfizer,
Inc.
............................................................
59,942
1,518,930
Quest
Diagnostics,
Inc.
...................................................
9,453
1,599,448
Revvity,
Inc.
..........................................................
10,362
1,096,300
United
Therapeutics
Corp.
(a)
..............................................
3,356
1,034,554
15,957,720
Industrials
(10.5%):
Axon
Enterprise,
Inc.
(a)
..................................................
1,115
586,434
Builders
FirstSource,
Inc.
(a)
...............................................
6,137
766,757
Cummins,
Inc.
.........................................................
3,599
1,128,070
Delta
Air
Lines,
Inc.
.....................................................
15,766
687,398
EMCOR
Group,
Inc.
....................................................
1,998
738,521
FedEx
Corp.
..........................................................
3,839
935,871
Howmet
Aerospace,
Inc.
..................................................
7,195
933,407
Leidos
Holdings,
Inc.
....................................................
8,537
1,151,983
Owens
Corning,
Inc.
.....................................................
7,090
1,012,594
RTX
Corp.
............................................................
12,310
1,630,583
Snap-on,
Inc.
..........................................................
4,488
1,512,501
SS&C
Technologies
Holdings,
Inc.
..........................................
18,733
1,564,767
United
Airlines
Holdings,
Inc.
(a)
............................................
8,376
578,363
United
Rentals,
Inc.
.....................................................
1,543
966,998
Westinghouse
Air
Brake
Technologies
Corp.
....................................
7,592
1,376,809
15,571,056
Information
Technology
(11.6%):
AppLovin
Corp.
,
Class
A
(a)
...............................................
1,318
349,231
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
19,428
1,486,242
Corning,
Inc.
..........................................................
21,717
994,204
Dell
Technologies,
Inc.
,
Class
C
............................................
6,891
628,115
F5,
Inc.
(a)
............................................................
3,937
1,048,305
Gen
Digital,
Inc.
.......................................................
56,514
1,499,882
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
6,343
1,142,628
Hewlett
Packard
Enterprise
Co.
.............................................
44,680
689,412
HP,
Inc.
..............................................................
37,759
1,045,547
Intel
Corp.
............................................................
23,805
540,612
International
Business
Machines
Corp.
........................................
5,326
1,324,363
Jabil,
Inc.
............................................................
6,141
835,606
Micron
Technology,
Inc.
..................................................
6,243
542,454
MicroStrategy,
Inc.
(a)
....................................................
1,681
484,582
NetApp,
Inc.
..........................................................
9,816
862,237
ON
Semiconductor
Corp.
(a)
...............................................
14,618
594,806
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
5,846
493,402
Trimble,
Inc.
(a)
........................................................
15,657
1,027,882
Twilio,
Inc.
,
Class
A
(a)
...................................................
5,938
581,390
Zoom
Communications,
Inc.
(a)
.............................................
13,329
983,280
17,154,180
Materials
(6.0%):
CF
Industries
Holdings,
Inc.
...............................................
13,409
1,047,913
Corteva,
Inc.
..........................................................
23,301
1,466,332
Dow,
Inc.
............................................................
38,428
1,341,906
DuPont
de
Nemours,
Inc.
.................................................
19,450
1,452,526
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
190
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
International
Paper
Co.
...................................................
21,683
$
1,156,788
Packaging
Corp.
of
America
...............................................
7,510
1,487,130
Steel
Dynamics,
Inc.
.....................................................
7,259
907,956
8,860,551
Real
Estate
(9.7%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
13,342
1,234,268
AvalonBay
Communities,
Inc.
..............................................
8,340
1,789,931
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
8,532
1,115,815
Kimco
Realty
Corp.
.....................................................
77,931
1,655,254
Simon
Property
Group,
Inc.
...............................................
8,756
1,454,197
Ventas,
Inc.
...........................................................
23,585
1,621,705
VICI
Properties,
Inc.
....................................................
56,608
1,846,553
Welltower,
Inc.
.........................................................
11,338
1,737,095
Weyerhaeuser
Co.
......................................................
48,324
1,414,927
Zillow
Group,
Inc.
,
Class
C
(a)
..............................................
8,265
566,648
14,436,393
Utilities
(6.3%):
Ameren
Corp.
.........................................................
19,312
1,938,925
Dominion
Energy,
Inc.
...................................................
27,953
1,567,325
Duke
Energy
Corp.
......................................................
17,275
2,107,032
Entergy
Corp.
.........................................................
14,421
1,232,851
NiSource,
Inc.
.........................................................
52,608
2,109,055
Vistra
Corp.
...........................................................
3,446
404,698
9,359,886
Total
Common
Stocks
(Cost
$135,419,001)
147,852,132
Total
Investments
(Cost
$135,419,001)
—
99.6%
147,852,132
Other
assets
in
excess
of
liabilities
—
0.4%
650,350
NET
ASSETS
-
100.00%
$
148,502,482
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
2
6/20/25
$
564,998
$
565,325
$
327
Total
unrealized
appreciation
$
327
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
327
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
191
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.4%)
Communication
Services
(3.5%):
AST
SpaceMobile
,
Inc.(a)(b)
..............................................
48,210
$
1,096,295
Cargurus
,
Inc.(a)
.......................................................
75,258
2,192,265
Cinemark
Holdings,
Inc.
..................................................
117,790
2,931,793
EchoStar
Corp.,
Class
A(a)
................................................
56,374
1,442,047
GCI
Liberty,
Inc.(a)(c)
...................................................
4,908
49
IAC,
Inc.(a)
...........................................................
64,418
2,959,363
Lumen
Technologies,
Inc.(a)
...............................................
276,903
1,085,460
Sphere
Entertainment
Co.(a)(b)
.............................................
53,109
1,737,726
TEGNA,
Inc.
..........................................................
177,312
3,230,625
Telephone
and
Data
Systems,
Inc.
...........................................
71,792
2,781,222
TKO
Group
Holdings,
Inc.
................................................
24,234
3,703,198
United
States
Cellular
Corp.(a)
.............................................
49,971
3,455,495
Ziff
Davis,
Inc.(a)
.......................................................
63,595
2,389,900
29,005,438
Consumer
Discretionary
(12.0%):
ADT,
Inc.
............................................................
357,329
2,908,658
Adtalem
Global
Education,
Inc.(a)
...........................................
29,860
3,005,110
Asbury
Automotive
Group,
Inc.(a)
...........................................
10,436
2,304,686
Atmus
Filtration
Technologies,
Inc.
..........................................
86,911
3,192,241
Boyd
Gaming
Corp.
.....................................................
56,082
3,691,878
Brinker
International,
Inc.(a)
...............................................
12,986
1,935,563
Chewy,
Inc.,
Class
A(a)
..................................................
56,032
1,821,600
Dick's
Sporting
Goods,
Inc.
................................................
13,182
2,656,964
Dillard's,
Inc.,
Class
A(b)
.................................................
6,317
2,262,307
Dorman
Products,
Inc.(a)
.................................................
27,139
3,271,335
Duolingo
,
Inc.(a)
.......................................................
6,665
2,069,749
Frontdoor
,
Inc.(a)
.......................................................
58,736
2,256,637
G-III
Apparel
Group
Ltd.(a)
...............................................
86,084
2,354,397
Graham
Holdings
Co.,
Class
B
.............................................
3,392
3,259,237
Group
1
Automotive,
Inc.
.................................................
7,269
2,776,395
Hyatt
Hotels
Corp.,
Class
A
................................................
24,325
2,979,813
KB
Home
............................................................
47,370
2,753,144
Kohl's
Corp.(b)
........................................................
205,309
1,679,428
Kontoor
Brands,
Inc.
....................................................
42,637
2,734,311
La-Z-Boy,
Inc.
.........................................................
60,733
2,374,053
Levi
Strauss
&
Co.,
Class
A
...............................................
164,979
2,572,023
Life
Time
Group
Holdings,
Inc.(a)
...........................................
103,296
3,119,539
Macy's,
Inc.
...........................................................
164,304
2,063,658
Mohawk
Industries,
Inc.(a)
................................................
20,989
2,396,524
Patrick
Industries,
Inc.
...................................................
33,729
2,852,124
Perdoceo
Education
Corp.
.................................................
123,893
3,119,626
Phinia
,
Inc.
...........................................................
60,398
2,562,687
Ralph
Lauren
Corp.
.....................................................
12,109
2,672,941
Rush
Street
Interactive,
Inc.(a)
.............................................
172,087
1,844,773
Sonic
Automotive,
Inc.,
Class
A
............................................
43,501
2,477,817
Stride,
Inc.(a)
..........................................................
13,866
1,754,049
Taylor
Morrison
Home
Corp.(a)
............................................
51,641
3,100,526
The
Cheesecake
Factory,
Inc.(b)
............................................
53,399
2,598,395
The
Goodyear
Tire
&
Rubber
Co.(a)
.........................................
211,337
1,952,754
Tri
Pointe
Homes,
Inc.(a)
.................................................
96,965
3,095,123
Under
Armour
,
Inc.,
Class
A(a)
.............................................
254,148
1,588,425
Victoria's
Secret
&
Co.(a)
.................................................
69,249
1,286,646
Warby
Parker,
Inc.,
Class
A(a)
..............................................
87,502
1,595,162
Winnebago
Industries,
Inc.
................................................
65,444
2,255,200
97,195,498
Consumer
Staples
(4.1%):
Cal-Maine
Foods,
Inc.
...................................................
34,052
3,095,327
Coca-Cola
Consolidated,
Inc.
..............................................
2,531
3,416,850
Ingredion,
Inc.
.........................................................
30,198
4,083,072
Molson
Coors
Beverage
Co.,
Class
B
.........................................
65,288
3,974,080
Post
Holdings,
Inc.(a)
....................................................
50,797
5,910,739
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
192
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Spectrum
Brands
Holdings,
Inc.
............................................
50,705
$
3,627,943
The
Andersons,
Inc.
.....................................................
63,743
2,736,487
United
Natural
Foods,
Inc.(a)
..............................................
53,623
1,468,734
Universal
Corp.
........................................................
85,086
4,769,070
33,082,302
Energy
(5.9%):
Antero
Resources
Corp.(a)
................................................
70,396
2,846,814
Civitas
Resources,
Inc.
...................................................
66,960
2,336,234
CNX
Resources
Corp.(a)
.................................................
102,407
3,223,772
Comstock
Resources,
Inc.(a)
...............................................
105,084
2,137,408
Crescent
Energy
Co.,
Class
A
..............................................
214,544
2,411,475
DT
Midstream,
Inc.
.....................................................
38,639
3,727,891
Gulfport
Energy
Corp.(a)
.................................................
19,025
3,503,263
International
Seaways,
Inc.
................................................
84,408
2,802,346
Kinetik
Holdings,
Inc.
...................................................
54,948
2,853,999
Kodiak
Gas
Services,
Inc.
.................................................
57,487
2,144,265
Ovintiv
,
Inc.
..........................................................
71,937
3,078,904
PBF
Energy,
Inc.,
Class
A
.................................................
108,674
2,074,587
Peabody
Energy
Corp.
...................................................
180,583
2,446,900
Select
Water
Solutions,
Inc.
................................................
182,942
1,920,891
SM
Energy
Co.
........................................................
76,085
2,278,746
Viper
Energy,
Inc.
......................................................
68,961
3,113,589
Vital
Energy,
Inc.(a)
.....................................................
81,412
1,727,563
World
Kinect
Corp.
.....................................................
109,003
3,091,325
47,719,972
Financials
(13.3%):
Affiliated
Managers
Group,
Inc.
............................................
22,952
3,856,625
Associated
Banc-Corp.
...................................................
120,090
2,705,628
Assured
Guaranty
Ltd.
...................................................
47,827
4,213,559
Axis
Capital
Holdings
Ltd.
................................................
49,078
4,919,579
Bread
Financial
Holdings,
Inc.
.............................................
40,740
2,040,259
Brighthouse
Financial,
Inc.
(a)
..............................................
47,034
2,727,502
CNO
Financial
Group,
Inc.
................................................
87,003
3,623,675
Dynex
Capital,
Inc.
.....................................................
477,496
6,216,998
Enova
International,
Inc.(a)
................................................
29,019
2,802,075
First
Horizon
Corp.
.....................................................
139,370
2,706,565
Genworth
Financial,
Inc.(a)
................................................
589,528
4,179,753
Invesco
Ltd.
...........................................................
198,931
3,017,783
Jackson
Financial,
Inc.,
Class
A
.............................................
25,574
2,142,590
LendingClub
Corp.(a)
....................................................
148,519
1,532,716
Lincoln
National
Corp.
...................................................
76,511
2,747,510
Main
Street
Capital
Corp.(b)
...............................................
109,714
6,205,424
MGIC
Investment
Corp.
..................................................
183,063
4,536,301
Mr.
Cooper
Group,
Inc.(a)
.................................................
33,975
4,063,410
Navient
Corp.
.........................................................
220,638
2,786,658
NCR
Atleos
Corp.(a)
....................................................
96,240
2,538,811
Old
Republic
International
Corp.
............................................
140,365
5,505,115
Payoneer
Global,
Inc.(a)
..................................................
241,805
1,767,594
Rithm
Capital
Corp.
.....................................................
451,752
5,172,560
Sezzle
,
Inc.(a)
.........................................................
26,220
914,816
Simmons
First
National
Corp.,
Class
A
.......................................
162,469
3,335,489
Stifel
Financial
Corp.
....................................................
33,540
3,161,480
StoneX
Group,
Inc.(a)
...................................................
44,273
3,381,572
Unum
Group
..........................................................
55,087
4,487,387
Valley
National
Bancorp
..................................................
280,588
2,494,427
Veritex
Holdings,
Inc.
....................................................
111,343
2,780,235
Victory
Capital
Holdings,
Inc.,
Class
A(d)
.....................................
46,554
2,694,080
Virtu
Financial,
Inc.,
Class
A
...............................................
77,898
2,969,472
108,227,648
Health
Care
(19.3%):
AdaptHealth
Corp.(a)
....................................................
154,256
1,672,135
Addus
HomeCare
Corp.(a)
................................................
37,911
3,749,019
ADMA
Biologics,
Inc.(a)
.................................................
93,808
1,861,151
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
193
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Akero
Therapeutics,
Inc.(a)
................................................
26,608
$
1,077,092
Alignment
Healthcare,
Inc.(a)
..............................................
100,970
1,880,061
Amneal
Pharmaceuticals,
Inc.(a)
............................................
344,946
2,890,647
AtriCure
,
Inc.(a)
.......................................................
51,534
1,662,487
Bio-Rad
Laboratories,
Inc.,
Class
A(a)
........................................
10,847
2,641,895
BrightSpring
Health
Services,
Inc.(a)(b)
.......................................
127,003
2,297,484
CareDx
,
Inc.(a)
........................................................
68,610
1,217,827
Catalyst
Pharmaceuticals,
Inc.(a)
............................................
111,414
2,701,790
Clover
Health
Investments
Corp.(a)
..........................................
329,215
1,181,882
Corcept
Therapeutics,
Inc.(a)
..............................................
35,696
4,077,197
DaVita,
Inc.(a)
.........................................................
22,727
3,476,549
Doximity
,
Inc.,
Class
A(a)
.................................................
18,539
1,075,818
Elanco
Animal
Health,
Inc.(a)
..............................................
212,201
2,228,111
Encompass
Health
Corp.
..................................................
48,949
4,957,555
Enovis
Corp.(a)
........................................................
80,271
3,067,155
Envista
Holdings
Corp.(a)
.................................................
132,707
2,290,523
Exelixis
,
Inc.(a)
........................................................
74,235
2,740,756
Fortrea
Holdings,
Inc.(a)
..................................................
112,112
846,446
GeneDx
Holdings
Corp.(a)
................................................
12,708
1,125,484
Glaukos
Corp.(a)
.......................................................
21,288
2,095,165
Globus
Medical,
Inc.(a)
..................................................
51,694
3,784,001
Halozyme
Therapeutics,
Inc.(a)
.............................................
42,933
2,739,555
Harmony
Biosciences
Holdings,
Inc.(a)
.......................................
61,074
2,027,046
HealthEquity
,
Inc.(a)
....................................................
27,369
2,418,599
Hims
&
Hers
Health,
Inc.(a)
...............................................
28,986
856,536
ICU
Medical,
Inc.(a)
....................................................
16,722
2,322,017
Incyte
Corp.(a)
.........................................................
42,282
2,560,175
Innoviva
,
Inc.(a)
.......................................................
335,789
6,087,855
Insmed
,
Inc.(a)
.........................................................
31,893
2,433,117
Integer
Holdings
Corp.(a)
.................................................
32,493
3,834,499
Integra
LifeSciences
Holdings
Corp.(a)
.......................................
81,870
1,800,321
Janux
Therapeutics,
Inc.(a)
................................................
39,738
1,072,926
Jazz
Pharmaceuticals
PLC(a)
..............................................
26,281
3,262,786
LeMaitre
Vascular,
Inc.
...................................................
36,366
3,051,107
LifeStance
Health
Group,
Inc.(a)
............................................
356,823
2,376,441
Ligand
Pharmaceuticals,
Inc.(a)
.............................................
21,399
2,249,891
Masimo
Corp.(a)
.......................................................
13,746
2,290,084
Merit
Medical
Systems,
Inc.(a)
.............................................
48,130
5,087,822
Omnicell
,
Inc.(a)
.......................................................
40,699
1,422,837
Organon
&
Co.
........................................................
184,199
2,742,723
Owens
&
Minor,
Inc.(a)
..................................................
136,428
1,231,945
Pacira
BioSciences
,
Inc.(a)
................................................
55,730
1,384,890
Perrigo
Co.
PLC
.......................................................
98,690
2,767,268
Premier,
Inc.,
Class
A
....................................................
178,096
3,433,691
Prestige
Consumer
Healthcare,
Inc.(a)
........................................
44,897
3,859,795
Protagonist
Therapeutics,
Inc.(a)
............................................
64,852
3,136,243
QuidelOrtho
Corp.(a)
....................................................
55,570
1,943,283
RadNet
,
Inc.(a)
........................................................
41,499
2,063,330
Scholar
Rock
Holding
Corp.(a)
.............................................
33,668
1,082,426
Select
Medical
Holdings
Corp.
.............................................
154,297
2,576,760
Solventum
Corp.(a)
.....................................................
43,329
3,294,737
Supernus
Pharmaceuticals,
Inc.(a)
...........................................
84,899
2,780,442
Tarsus
Pharmaceuticals,
Inc.(a)
.............................................
40,326
2,071,547
Tenet
Healthcare
Corp.(a)
.................................................
20,550
2,763,975
TG
Therapeutics,
Inc.(a)
..................................................
55,227
2,177,601
The
Ensign
Group,
Inc.
...................................................
30,913
4,000,142
Universal
Health
Services,
Inc.,
Class
B
.......................................
18,856
3,543,042
Veracyte
,
Inc.(a)
........................................................
50,913
1,509,570
Viatris
,
Inc.
...........................................................
325,466
2,834,809
Vir
Biotechnology,
Inc.(a)
.................................................
155,779
1,009,448
156,699,511
Industrials
(15.1%):
ABM
Industries,
Inc.
....................................................
74,238
3,515,912
Air
Lease
Corp.
........................................................
66,820
3,228,074
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
194
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Alaska
Air
Group,
Inc.(a)
.................................................
38,334
$
1,886,799
Allegiant
Travel
Co.
.....................................................
24,105
1,245,023
Allison
Transmission
Holdings,
Inc.
.........................................
33,643
3,218,626
American
Woodmark
Corp.(a)
..............................................
40,831
2,402,088
Argan
,
Inc.
...........................................................
12,685
1,663,891
Armstrong
World
Industries,
Inc.
............................................
29,069
4,095,241
Atkore
,
Inc.
...........................................................
33,738
2,023,943
Avis
Budget
Group,
Inc.(a)(b)
..............................................
24,279
1,842,776
Boise
Cascade
Co.
......................................................
25,988
2,549,163
Concentrix
Corp.
.......................................................
49,800
2,770,872
CoreCivic
,
Inc.(a)
......................................................
86,598
1,757,073
Curtiss-Wright
Corp.
....................................................
10,224
3,243,768
Dun
&
Bradstreet
Holdings,
Inc.
............................................
329,247
2,943,468
DXP
Enterprises,
Inc.(a)
..................................................
24,293
1,998,342
ExlService
Holdings,
Inc.(a)
...............................................
89,323
4,216,939
Granite
Construction,
Inc.
.................................................
51,593
3,890,112
Herc
Holdings,
Inc.
.....................................................
14,549
1,953,494
Hertz
Global
Holdings,
Inc.(a)(b)
...........................................
322,108
1,269,106
IES
Holdings,
Inc.(a)
....................................................
7,942
1,311,304
Innodata,
Inc.(a)
........................................................
24,791
889,997
Interface,
Inc.
.........................................................
98,151
1,947,316
Intuitive
Machines,
Inc.(a)
................................................
89,642
667,833
Kirby
Corp.(a)
.........................................................
33,695
3,403,532
Knight-Swift
Transportation
Holdings,
Inc.
....................................
69,713
3,031,818
Korn
Ferry
...........................................................
52,101
3,534,011
Leonardo
DRS,
Inc.
.....................................................
82,769
2,721,445
MasTec
,
Inc.(a)
........................................................
18,877
2,203,135
Masterbrand,
Inc.(a)
.....................................................
190,873
2,492,801
Matson,
Inc.
..........................................................
21,612
2,770,010
MDU
Resources
Group,
Inc.
...............................................
215,829
3,649,668
Mueller
Industries,
Inc.
...................................................
36,023
2,742,791
Primoris
Services
Corp.
..................................................
29,480
1,692,447
Resideo
Technologies,
Inc.(a)
..............................................
153,134
2,710,472
REV
Group,
Inc.
.......................................................
73,185
2,312,646
Rocket
Lab
USA,
Inc.(a)
.................................................
63,786
1,140,494
Rush
Enterprises,
Inc.,
Class
A
.............................................
52,825
2,821,383
Ryder
System,
Inc.
......................................................
23,380
3,362,278
Schneider
National,
Inc.,
Class
B
............................................
153,836
3,515,153
SkyWest,
Inc.(a)
........................................................
28,946
2,529,012
Sterling
Infrastructure,
Inc.
(a)
..............................................
13,278
1,503,202
The
GEO
Group,
Inc.(a)
..................................................
53,722
1,569,220
The
Greenbrier
Cos.,
Inc.
.................................................
49,369
2,528,680
Trinity
Industries,
Inc.
...................................................
94,759
2,658,938
Tutor
Perini
Corp.(a)
....................................................
48,408
1,122,097
U-Haul
Holding
Co.
.....................................................
65,190
3,857,944
UL
Solutions,
Inc.,
Class
A
................................................
74,300
4,190,520
Vestis
Corp.
...........................................................
209,455
2,073,605
122,668,462
Information
Technology
(7.8%):
A10
Networks,
Inc.
.....................................................
190,443
3,111,839
ACI
Worldwide,
Inc.(a)
..................................................
57,466
3,143,965
Alpha
&
Omega
Semiconductor
Ltd.(a)
.......................................
43,163
1,073,032
Amkor
Technology,
Inc.
..................................................
97,658
1,763,703
Arrow
Electronics,
Inc.(a)
.................................................
34,790
3,612,246
AvePoint
,
Inc.(a)
.......................................................
176,855
2,553,786
Avnet,
Inc.
............................................................
82,367
3,961,029
Benchmark
Electronics,
Inc.
...............................................
64,341
2,446,888
Coherent
Corp.(a)
......................................................
23,039
1,496,153
Credo
Technology
Group
Holding
Ltd.(a)
.....................................
23,686
951,230
Dave,
Inc.(a)
..........................................................
12,984
1,073,257
DXC
Technology
Co.(a)
..................................................
159,804
2,724,658
ePlus
,
Inc.(a)
..........................................................
39,453
2,407,817
Intapp
,
Inc.(a)
.........................................................
36,473
2,129,294
IonQ
,
Inc.(a)
..........................................................
53,194
1,173,992
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
195
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
NetScout
Systems,
Inc.(a)
.................................................
126,176
$
2,650,958
Pegasystems
,
Inc.
.......................................................
29,169
2,027,829
Photronics
,
Inc.(a)
......................................................
123,294
2,559,583
Plexus
Corp.(a)
........................................................
22,846
2,927,258
Q2
Holdings,
Inc.(a)
.....................................................
30,755
2,460,707
Quantum
Computing,
Inc.(a)(b)
.............................................
215,496
1,723,968
Rigetti
Computing,
Inc.(a)(b)
..............................................
154,490
1,223,561
Sanmina
Corp.(a)
.......................................................
37,362
2,846,237
SoundHound
AI,
Inc.,
Class
A(a)(b)
..........................................
120,793
980,839
TD
SYNNEX
Corp.
.....................................................
27,081
2,815,341
TTM
Technologies,
Inc.(a)
................................................
105,729
2,168,502
Vertex,
Inc.,
Class
A(a)
...................................................
73,234
2,563,922
Vishay
Intertechnology
,
Inc.
...............................................
159,476
2,535,668
63,107,262
Materials
(3.3%):
Alpha
Metallurgical
Resources,
Inc.(a)
........................................
14,907
1,867,102
Carpenter
Technology
Corp.
...............................................
11,396
2,064,727
Cleveland-Cliffs,
Inc.(a)
..................................................
170,959
1,405,283
Commercial
Metals
Co.
..................................................
61,653
2,836,655
Eastman
Chemical
Co.
...................................................
43,313
3,816,308
Greif,
Inc.,
Class
A
......................................................
64,099
3,524,804
Louisiana-Pacific
Corp.
..................................................
32,570
2,995,789
O-I
Glass,
Inc.(a)
.......................................................
206,645
2,370,218
Sylvamo
Corp.
.........................................................
38,390
2,574,817
The
Mosaic
Co.
........................................................
121,610
3,284,686
26,740,389
Real
Estate
(10.1%):
Acadia
Realty
Trust
.....................................................
216,496
4,535,591
Agree
Realty
Corp.
.....................................................
84,001
6,484,037
Apple
Hospitality
REIT,
Inc.
...............................................
311,346
4,019,477
COPT
Defense
Properties
.................................................
203,538
5,550,481
Cousins
Properties,
Inc.
..................................................
140,873
4,155,754
DiamondRock
Hospitality
Co.
..............................................
511,232
3,946,711
Douglas
Emmett,
Inc.
....................................................
196,114
3,137,824
Highwoods
Properties,
Inc.
................................................
148,322
4,396,264
JBG
SMITH
Properties(b)
................................................
239,466
3,857,797
Jones
Lang
LaSalle,
Inc.(a)
................................................
11,969
2,967,235
Kilroy
Realty
Corp.
.....................................................
88,912
2,912,757
Medical
Properties
Trust,
Inc.(b)
............................................
319,722
1,927,924
Newmark
Group,
Inc.,
Class
A
.............................................
211,361
2,572,263
Park
Hotels
&
Resorts,
Inc.
................................................
298,653
3,189,614
Pebblebrook
Hotel
Trust
..................................................
249,893
2,531,416
RLJ
Lodging
Trust
......................................................
451,959
3,565,957
Sabra
Health
Care
REIT,
Inc.
..............................................
256,560
4,482,103
Sila
Realty
Trust,
Inc.
....................................................
118,657
3,169,328
SL
Green
Realty
Corp.
...................................................
48,955
2,824,704
Sunstone
Hotel
Investors,
Inc.
..............................................
371,059
3,491,665
The
Macerich
Co.
......................................................
181,036
3,108,388
Vornado
Realty
Trust
....................................................
68,843
2,546,503
Xenia
Hotels
&
Resorts,
Inc.
...............................................
271,104
3,188,183
82,561,976
Utilities
(5.0%):
Black
Hills
Corp.
.......................................................
92,004
5,580,043
Clearway
Energy,
Inc.,
Class
C
.............................................
124,680
3,774,064
Evergy
,
Inc.
...........................................................
110,803
7,639,867
National
Fuel
Gas
Co.
...................................................
72,170
5,715,142
Oklo
,
Inc.(a)(b)
........................................................
39,143
846,663
ONE
Gas,
Inc.
.........................................................
68,648
5,189,102
Pinnacle
West
Capital
Corp.
...............................................
67,063
6,387,751
Talen
Energy
Corp.(a)
...................................................
8,363
1,669,840
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
196
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Affiliated
Holdings
Security
Description
Shares
.
Value
UGI
Corp.
............................................................
107,997
$
3,571,461
40,373,933
Total
Common
Stocks
(Cost
$838,441,332)
807,382,391
Collateral
for
Securities
Loaned
(2.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.26%(e)
........
5,425,000
5,425,000
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.27%(e)
............
5,425,000
5,425,000
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.30%(e)
...............
5,425,000
5,425,000
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.27%(e)
.
5,425,000
5,425,000
Total
Collateral
for
Securities
Loaned
(Cost
$21,700,000)
21,700,000
Total
Investments
(Cost
$860,141,332)
—
102.1%
829,082,391
Liabilities
in
excess
of
other
assets
—
(2.1)%
(17,334,149)
NET
ASSETS
-
100.00%
$
811,748,242
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2025.
(d)
Affiliated
security.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
33
6/20/25
$
3,434,114
$
3,344,715
$
(89,399)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(89,399)
Total
net
unrealized
appreciation
(depreciation)
$
(89,399)
Fair
Value
6/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
3/31/2025
Shares
Dividend
Income
Capital
Gain
Distribution
Victory
Capital
Holdings,
Inc.,
Class
A
.......
$
867,875
$
3,195,653
$
(1,631,444)
$
343,954
$
(81,958)
$
2,694,080
46,554
$
17,170
$
—
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
197
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.7%)
Australia
(2.4%):
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
28,443
$
1,139,838
Financials
(0.6%):
Westpac
Banking
Corp.
..................................................
73,208
1,443,790
Health
Care
(0.3%):
Pro
Medicus
Ltd.
.......................................................
4,741
591,718
Industrials
(0.5%):
Qantas
Airways
Ltd.
.....................................................
199,559
1,128,213
Materials
(0.5%):
Rio
Tinto
Ltd.
.........................................................
17,516
1,263,719
5,567,278
Austria
(2.2%):
Energy
(0.8%):
OMV
AG
............................................................
36,875
1,893,786
Financials
(1.4%):
BAWAG
Group
AG
(a)
...................................................
12,693
1,303,746
Erste
Group
Bank
AG
....................................................
17,951
1,236,715
Raiffeisen
Bank
International
AG
...........................................
33,895
869,272
3,409,733
5,303,519
Belgium
(1.4%):
Financials
(0.9%):
Ageas
SA
............................................................
36,598
2,190,182
Health
Care
(0.5%):
UCB
SA
.............................................................
6,598
1,161,017
3,351,199
Canada
(11.8%):
Consumer
Discretionary
(0.6%):
Gildan
Activewear,
Inc.
..................................................
34,720
1,535,122
Consumer
Staples
(1.7%):
George
Weston
Ltd.
.....................................................
11,390
1,941,976
Loblaw
Cos.
Ltd.
.......................................................
14,631
2,050,516
3,992,492
Energy
(1.8%):
Enbridge,
Inc.
.........................................................
51,889
2,296,762
TC
Energy
Corp.
.......................................................
39,641
1,872,265
4,169,027
Financials
(3.7%):
Canadian
Imperial
Bank
of
Commerce
........................................
31,562
1,775,623
Fairfax
Financial
Holdings
Ltd.
.............................................
973
1,406,410
IGM
Financial,
Inc.
(b)
...................................................
57,044
1,754,651
Manulife
Financial
Corp.
.................................................
48,937
1,525,009
Royal
Bank
of
Canada
...................................................
19,501
2,196,895
8,658,588
Industrials
(1.7%):
Element
Fleet
Management
Corp.
...........................................
85,584
1,701,687
Waste
Connections,
Inc.
..................................................
11,528
2,247,195
3,948,882
Information
Technology
(0.1%):
Celestica,
Inc.
(c)
.......................................................
4,147
327,172
Materials
(1.4%):
Agnico
Eagle
Mines
Ltd.
.................................................
11,249
1,218,870
Alamos
Gold,
Inc.
......................................................
43,214
1,154,756
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
198
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Kinross
Gold
Corp.
.....................................................
72,029
$
907,558
3,281,184
Utilities
(0.8%):
Emera,
Inc.
...........................................................
46,459
1,956,967
27,869,434
China
(0.3%):
Industrials
(0.3%):
Yangzijiang
Shipbuilding
Holdings
Ltd.
.......................................
381,000
672,253
Denmark
(0.3%):
Industrials
(0.3%):
AP
Moller
-
Maersk
A/S
,
Class
B
(b)
.........................................
436
757,434
France
(7.2%):
Consumer
Discretionary
(0.4%):
Renault
SA
...........................................................
21,119
1,062,914
Consumer
Staples
(0.6%):
Carrefour
SA
(b)
........................................................
101,655
1,452,999
Financials
(1.2%):
Credit
Agricole
SA
......................................................
98,395
1,784,600
Societe
Generale
SA
.....................................................
22,896
1,024,614
2,809,214
Health
Care
(0.6%):
EssilorLuxottica
SA
(c)
...................................................
4,955
1,421,837
Industrials
(2.0%):
Bouygues
SA
..........................................................
50,677
1,994,972
Cie
de
Saint-Gobain
SA
..................................................
12,215
1,211,066
Eiffage
SA
............................................................
13,979
1,620,984
4,827,022
Real
Estate
(1.5%):
Klepierre
SA
..........................................................
61,872
2,068,420
Unibail-Rodamco-Westfield
...............................................
16,331
1,375,484
3,443,904
Utilities
(0.9%):
Engie
SA
.............................................................
108,745
2,120,463
17,138,353
Germany
(9.6%):
Communication
Services
(0.9%):
Deutsche
Telekom
AG
...................................................
57,011
2,109,327
Consumer
Discretionary
(1.4%):
Bayerische
Motoren
Werke
AG
.............................................
11,771
937,709
Mercedes-Benz
Group
AG
................................................
19,501
1,142,566
Volkswagen
AG
,
Preference
Shares
..........................................
12,253
1,239,475
3,319,750
Consumer
Staples
(0.8%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
25,836
2,052,578
Financials
(0.9%):
Commerzbank
AG
......................................................
44,140
1,000,774
Deutsche
Bank
AG
,
Registered
Shares
........................................
51,020
1,203,651
2,204,425
Health
Care
(2.1%):
Bayer
AG
,
Registered
Shares
..............................................
37,671
898,907
Fresenius
Medical
Care
AG
...............................................
24,593
1,213,563
Fresenius
SE
&
Co.
KGaA
(c)
..............................................
37,322
1,588,677
Merck
KGaA
..........................................................
9,453
1,293,923
4,995,070
Industrials
(2.3%):
Deutsche
Lufthansa
AG
,
Registered
Shares
....................................
151,391
1,096,026
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
199
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
GEA
Group
AG
........................................................
31,940
$
1,930,421
MTU
Aero
Engines
AG
..................................................
3,657
1,266,447
Rheinmetall
AG
........................................................
763
1,088,114
5,381,008
Information
Technology
(0.6%):
SAP
SE
..............................................................
5,243
1,385,435
Materials
(0.6%):
Heidelberg
Materials
AG
.................................................
7,911
1,347,581
22,795,174
Hong
Kong
(5.0%):
Consumer
Discretionary
(0.3%):
Geely
Automobile
Holdings
Ltd.
............................................
272,000
581,669
Consumer
Staples
(0.5%):
WH
Group
Ltd.
(a)
......................................................
1,220,671
1,120,083
Industrials
(1.0%):
CK
Hutchison
Holdings
Ltd.
...............................................
280,169
1,575,258
Orient
Overseas
International
Ltd.
...........................................
58,500
866,839
2,442,097
Real
Estate
(3.2%):
China
Overseas
Land
&
Investment
Ltd.
,
Class
H
................................
342,000
610,934
CK
Asset
Holdings
Ltd.
..................................................
285,993
1,155,925
Henderson
Land
Development
Co.
Ltd.
.......................................
381,571
1,095,989
Hongkong
Land
Holdings
Ltd.
.............................................
225,000
972,000
Sino
Land
Co.
Ltd.
(c)
....................................................
1,409,131
1,410,725
Sun
Hung
Kai
Properties
Ltd.
..............................................
121,809
1,156,850
Swire
Pacific
Ltd.
,
Class
A
................................................
140,678
1,240,234
7,642,657
11,786,506
Israel
(3.0%):
Financials
(1.9%):
Bank
Hapoalim
BM
.....................................................
122,698
1,654,830
Bank
Leumi
Le-Israel
BM
................................................
115,671
1,551,958
Israel
Discount
Bank
Ltd.
,
Class
A
...........................................
185,968
1,288,133
4,494,921
Industrials
(0.7%):
Elbit
Systems
Ltd.
......................................................
4,541
1,742,682
Materials
(0.4%):
ICL
Group
Ltd.
........................................................
159,541
897,558
7,135,161
Italy
(7.3%):
Energy
(0.8%):
Eni
SpA
.............................................................
125,876
1,945,913
Financials
(4.8%):
Banca
Mediolanum
SpA
..................................................
112,644
1,811,024
Banca
Monte
dei
Paschi
di
Siena
SpA
(b)
......................................
113,523
896,254
BPER
Banca
SPA
.......................................................
122,745
956,851
Generali
.............................................................
53,169
1,861,404
Intesa
Sanpaolo
SpA
.....................................................
289,530
1,481,928
Poste
Italiane
SpA
(a)
....................................................
113,422
2,014,838
UniCredit
SpA
.........................................................
20,417
1,137,515
Unipol
Assicurazioni
SpA
.................................................
81,172
1,291,871
11,451,685
Industrials
(0.5%):
Leonardo
SpA
.........................................................
23,561
1,142,004
Materials
(0.5%):
Buzzi
SpA
............................................................
25,376
1,213,241
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
200
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Utilities
(0.7%):
A2A
SpA
.............................................................
688,172
$
1,655,512
17,408,355
Japan
(12.2%):
Communication
Services
(0.5%):
LY
Corp.
.............................................................
335,900
1,134,001
Consumer
Discretionary
(1.7%):
Asics
Corp.
...........................................................
29,800
624,932
Honda
Motor
Co.
Ltd.
...................................................
76,700
686,602
Isuzu
Motors
Ltd.
.......................................................
73,400
986,938
Nissan
Motor
Co.
Ltd.
...................................................
184,300
465,389
Subaru
Corp.
..........................................................
37,900
668,437
Sumitomo
Electric
Industries
Ltd.
...........................................
40,500
665,953
4,098,251
Energy
(1.2%):
ENEOS
Holdings,
Inc.
...................................................
164,700
859,137
Idemitsu
Kosan
Co.
Ltd.
..................................................
154,500
1,084,807
Inpex
Corp.
...........................................................
71,600
982,310
2,926,254
Financials
(0.4%):
Japan
Post
Holdings
Co.
Ltd.
..............................................
83,900
835,252
Health
Care
(1.3%):
Otsuka
Holdings
Co.
Ltd.
.................................................
24,200
1,251,067
Takeda
Pharmaceutical
Co.
Ltd.
............................................
58,900
1,733,185
2,984,252
Industrials
(2.4%):
Fujikura
Ltd.
..........................................................
10,800
388,734
IHI
Corp.
.............................................................
9,100
626,205
Kawasaki
Kisen
Kaisha
Ltd.
(b)
.............................................
43,000
580,186
Mitsubishi
Heavy
Industries
Ltd.
............................................
42,500
715,843
Mitsui
OSK
Lines
Ltd.
(b)
.................................................
22,700
785,275
Nippon
Yusen
KK
......................................................
23,000
754,704
Obayashi
Corp.
........................................................
67,200
889,010
Sanwa
Holdings
Corp.
...................................................
29,300
931,731
5,671,688
Information
Technology
(1.7%):
Canon,
Inc.
...........................................................
31,300
969,451
FUJIFILM
Holdings
Corp.
................................................
42,900
813,690
Kyocera
Corp.
.........................................................
83,000
927,295
NEC
Corp.
...........................................................
34,500
723,495
NTT
Data
Group
Corp.
...................................................
38,200
683,025
4,116,956
Materials
(1.8%):
JFE
Holdings,
Inc.
(b)
....................................................
104,300
1,272,367
Mitsubishi
Chemical
Group
Corp.
...........................................
184,500
906,691
Nippon
Steel
Corp.
......................................................
59,500
1,267,603
Toray
Industries,
Inc.
....................................................
124,300
842,094
4,288,755
Utilities
(1.2%):
Chubu
Electric
Power
Co.,
Inc.
.............................................
112,400
1,216,411
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
62,900
743,417
Tokyo
Gas
Co.
Ltd.
.....................................................
30,400
965,495
2,925,323
28,980,732
Luxembourg
(0.4%):
Materials
(0.4%):
ArcelorMittal
SA
.......................................................
34,250
980,211
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
201
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Netherlands
(2.8%):
Consumer
Discretionary
(0.5%):
Prosus
NV
(c)
..........................................................
24,469
$
1,126,357
Consumer
Staples
(0.8%):
Koninklijke
Ahold
Delhaize
NV
............................................
50,650
1,892,598
Financials
(1.5%):
ABN
AMRO
Bank
NV
,
Class
CV
(a)
.........................................
66,972
1,401,857
NN
Group
NV
.........................................................
38,066
2,110,525
3,512,382
6,531,337
Norway
(2.4%):
Consumer
Staples
(0.9%):
Orkla
ASA
............................................................
187,029
2,050,827
Energy
(1.0%):
Equinor
ASA
..........................................................
49,363
1,308,131
Var
Energi
ASA
........................................................
356,407
1,149,383
2,457,514
Industrials
(0.5%):
Kongsberg
Gruppen
ASA
.................................................
7,250
1,058,369
5,566,710
Portugal
(0.5%):
Financials
(0.5%):
Banco
Comercial
Portugues
SA
,
Class
R
......................................
1,863,119
1,122,424
Singapore
(2.0%):
Consumer
Staples
(0.7%):
Wilmar
International
Ltd.
.................................................
635,300
1,584,466
Financials
(0.6%):
DBS
Group
Holdings
Ltd.
.................................................
45,500
1,574,140
Industrials
(0.7%):
Singapore
Airlines
Ltd.
...................................................
328,900
1,662,620
4,821,226
South
Korea
(7.3%):
Communication
Services
(1.0%):
KT
Corp.
.............................................................
29,128
981,287
SK
Telecom
Co.
Ltd.
....................................................
38,217
1,440,633
2,421,920
Consumer
Discretionary
(1.1%):
Hyundai
Mobis
Co.
Ltd.
..................................................
5,676
1,004,278
Hyundai
Motor
Co.
.....................................................
6,101
817,168
Kia
Corp.
............................................................
13,450
843,194
2,664,640
Financials
(2.7%):
Hana
Financial
Group,
Inc.
................................................
21,490
869,934
Industrial
Bank
of
Korea
..................................................
141,128
1,363,065
KB
Financial
Group,
Inc.
.................................................
13,589
729,152
Meritz
Financial
Group,
Inc.
...............................................
11,718
970,995
Samsung
Life
Insurance
Co.
Ltd.
............................................
11,833
666,274
Shinhan
Financial
Group
Co.
Ltd.
...........................................
25,679
820,619
Woori
Financial
Group,
Inc.
...............................................
85,394
957,007
6,377,046
Health
Care
(0.2%):
Alteogen,
Inc.
(c)
.......................................................
1,575
380,833
Industrials
(1.9%):
Hanwha
Aerospace
Co.
Ltd.
...............................................
1,132
482,078
HD
Hyundai
Electric
Co.
Ltd.
..............................................
1,931
382,974
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
..........................
3,964
541,170
HMM
Co.
Ltd.
.........................................................
55,876
742,331
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
202
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Hyundai
Glovis
Co.
Ltd.
..................................................
7,907
$
603,645
LG
Corp.
.............................................................
22,093
969,373
SK,
Inc.
..............................................................
8,979
790,381
4,511,952
Information
Technology
(0.2%):
SK
Hynix,
Inc.
.........................................................
4,133
535,328
Materials
(0.2%):
Korea
Zinc
Co.
Ltd.
.....................................................
712
376,239
17,267,958
Spain
(5.7%):
Communication
Services
(0.8%):
Telefonica
SA
.........................................................
410,030
1,930,231
Energy
(0.7%):
Repsol
SA
............................................................
118,531
1,576,312
Financials
(1.0%):
Banco
Santander
SA
.....................................................
166,923
1,118,235
CaixaBank
SA
.........................................................
165,877
1,286,627
2,404,862
Industrials
(1.5%):
ACS
Actividades
de
Construccion
y
Servicios
SA
(c)
..............................
28,412
1,620,427
Aena
SME
SA
(a)
.......................................................
8,179
1,915,419
3,535,846
Utilities
(1.7%):
Endesa
SA
............................................................
73,375
1,943,656
Iberdrola
SA
..........................................................
132,503
2,140,334
4,083,990
13,531,241
Sweden
(2.4%):
Communication
Services
(0.8%):
Tele2
AB
,
B
Shares
.....................................................
145,253
1,959,518
Financials
(1.6%):
Industrivarden
AB
,
Class
C
(b)
..............................................
50,480
1,845,794
Investor
AB
,
Class
B
....................................................
62,098
1,843,862
3,689,656
5,649,174
Switzerland
(2.9%):
Industrials
(0.8%):
Schindler
Holding
AG
,
Class
PC
............................................
6,167
1,922,961
Information
Technology
(0.3%):
STMicroelectronics
NV
..................................................
30,865
667,423
Materials
(0.6%):
Holcim
AG
...........................................................
13,284
1,419,263
Real
Estate
(1.2%):
Swiss
Prime
Site
AG
,
Registered
Shares
.......................................
22,683
2,785,047
6,794,694
United
Kingdom
(9.6%):
Communication
Services
(1.1%):
BT
Group
PLC
........................................................
592,141
1,268,344
Vodafone
Group
PLC
....................................................
1,501,098
1,413,295
2,681,639
Consumer
Discretionary
(0.8%):
Pearson
PLC
..........................................................
122,423
1,925,780
Consumer
Staples
(3.3%):
British
American
Tobacco
PLC
.............................................
38,663
1,588,884
Imperial
Brands
PLC
....................................................
56,980
2,108,353
J
Sainsbury
PLC
.......................................................
423,042
1,285,042
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
203
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Marks
&
Spencer
Group
PLC
..............................................
248,374
$
1,140,360
Tesco
PLC
............................................................
410,573
1,762,045
7,884,684
Financials
(3.1%):
3i
Group
PLC
.........................................................
28,008
1,307,997
Barclays
PLC
.........................................................
274,142
1,018,973
HSBC
Holdings
PLC
....................................................
134,433
1,517,274
Lloyds
Banking
Group
PLC
...............................................
1,317,292
1,226,290
NatWest
Group
PLC
.....................................................
184,932
1,079,083
Standard
Chartered
PLC
..................................................
76,449
1,125,078
7,274,695
Industrials
(0.8%):
International
Consolidated
Airlines
Group
SA
...................................
254,853
858,408
Rolls-Royce
Holdings
PLC
(c)
..............................................
96,202
930,598
1,789,006
Utilities
(0.5%):
Centrica
PLC
..........................................................
627,989
1,211,305
22,767,109
Total
Common
Stocks
(Cost
$205,991,902)
233,797,482
Collateral
for
Securities
Loaned
(3.3%)^
United
States
(3.3%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(d)
........
1,946,847
1,946,847
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(d)
............
1,946,847
1,946,847
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(d)
...............
1,946,847
1,946,847
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(d)
.
1,946,847
1,946,847
Total
Collateral
for
Securities
Loaned
(Cost
$7,787,388)
7,787,388
Total
Investments
(Cost
$213,779,290)
—
102.0%
241,584,870
Liabilities
in
excess
of
other
assets
—
(2.0)%
(
4,679,780
)
NET
ASSETS
-
100.00%
$
236,905,090
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2025,
the
fair
value
of
these
securities
was
$7,755,943
and
amounted
to
3.3%
of
net
assets.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Non-income
producing
security.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
10
6/20/25
$
1,236,596
$
1,208,150
$
(
28,446
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
28,446
)
Total
net
unrealized
appreciation
(depreciation)
$
(
28,446
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
204
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Brazil
(8.9%):
Consumer
Staples
(1.8%):
BRF
SA
.............................................................
295,000
$
1,017,544
JBS
S/A
.............................................................
188,900
1,361,087
Marfrig
Global
Foods
SA
.................................................
290,500
919,539
3,298,170
Energy
(0.8%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
241,900
1,575,498
Financials
(1.0%):
Porto
Seguro
SA
.......................................................
265,700
1,862,764
Industrials
(0.9%):
Embraer
SA
(a)
.........................................................
63,400
730,620
WEG
SA
.............................................................
131,500
1,043,610
1,774,230
Materials
(2.1%):
Gerdau
SA
,
Preference
Shares
..............................................
407,384
1,155,284
Klabin
SA
............................................................
499,400
1,633,302
Suzano
SA
............................................................
136,600
1,267,480
4,056,066
Utilities
(2.3%):
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
........................
82,000
1,465,954
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
...............................
702,890
1,263,982
Cia
Paranaense
de
Energia
,
Preference
Shares
..................................
906,800
1,654,507
4,384,443
16,951,171
Chile
(3.2%):
Consumer
Discretionary
(0.9%):
Falabella
SA
..........................................................
403,773
1,684,710
Consumer
Staples
(1.0%):
Cencosud
SA
..........................................................
622,925
1,903,384
Industrials
(1.3%):
Latam
Airlines
Group
SA
.................................................
93,873,511
1,471,765
Sociedad
Quimica
y
Minera
de
Chile
SA
,
Preference
Shares
........................
25,422
1,012,498
2,484,263
6,072,357
China
(35.0%):
Communication
Services
(1.6%):
Baidu,
Inc.
,
Class
SW
(a)
..................................................
82,400
952,537
China
Tower
Corp.
Ltd.
,
Class
H
(a)
(b)
........................................
1,034,328
1,390,411
Kingsoft
Corp.
Ltd.
.....................................................
145,000
701,595
3,044,543
Consumer
Discretionary
(3.9%):
BYD
Co.
Ltd.
.........................................................
19,917
1,005,423
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
H
(b)
................................
158,000
1,126,947
Great
Wall
Motor
Co.
Ltd.
................................................
482,905
844,022
Haier
Smart
Home
Co.
Ltd.
,
Class
H
.........................................
291,324
935,987
JD.com,
Inc.
,
Class
SW
(a)
................................................
34,050
703,650
Meituan
,
Class
W
(a)
(b)
...................................................
31,800
636,719
Midea
Group
Co.
Ltd.
,
Class
H
(a)
...........................................
62,700
636,573
Pop
Mart
International
Group
Ltd.
(b)
.........................................
53,200
1,069,989
Zhongsheng
Group
Holdings
Ltd.
...........................................
309,000
543,248
7,502,558
Consumer
Staples
(3.0%):
China
Feihe
Ltd.
(b)
.....................................................
1,162,000
876,592
Giant
Biogene
Holding
Co.
Ltd.
(b)
..........................................
101,800
921,684
Smoore
International
Holdings
Ltd.
(b)
........................................
405,000
690,164
Tingyi
Cayman
Islands
Holding
Corp.
........................................
708,000
1,188,310
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
126,000
906,801
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
205
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Uni-President
China
Holdings
Ltd.
..........................................
919,000
$
1,057,042
5,640,593
Energy
(3.9%):
China
Coal
Energy
Co.
Ltd.
,
Class
H
.........................................
1,010,404
1,029,726
China
Petroleum
&
Chemical
Corp.
,
Class
H
...................................
2,346,543
1,236,419
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
293,439
1,189,791
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
Class
B
....................................
781,400
1,700,326
PetroChina
Co.
Ltd.
,
Class
H
..............................................
1,565,451
1,265,446
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
.....................................
923,454
957,728
7,379,436
Financials
(11.2%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
2,259,722
1,359,109
Bank
of
China
Ltd.
,
Class
H
...............................................
2,716,882
1,637,559
Bank
of
Communications
Co.
Ltd.
,
Class
H
....................................
1,641,370
1,468,146
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
.......................................
1,790,560
1,401,392
China
Construction
Bank
Corp.
,
Class
H
......................................
1,672,000
1,478,353
China
Everbright
Bank
Co.
Ltd.
,
Class
H
......................................
3,267,000
1,330,950
China
Galaxy
Securities
Co.
Ltd.
,
Class
H
.....................................
473,500
470,993
China
International
Capital
Corp.
Ltd.
,
Class
H
(b)
...............................
247,200
461,284
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......................................
381,256
734,956
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
152,384
898,888
China
Merchants
Securities
Co.
Ltd.
,
Class
H
(b)
.................................
249,400
428,851
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
...................................
2,669,416
1,200,709
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
244,554
768,435
CITIC
Securities
Co.
Ltd.
,
Class
H
..........................................
163,434
425,325
GF
Securities
Co.
Ltd.
,
Class
H
.............................................
399,200
538,683
Huatai
Securities
Co.
Ltd.
,
Class
H
(b)
........................................
328,200
526,389
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
1,916,191
1,364,275
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
....................................
169,600
646,255
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
682,865
1,261,965
Ping
An
Insurance
Group
Co.
of
China
Ltd.
....................................
143,500
853,859
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(b)
...............................
1,844,771
1,140,357
The
People's
Insurance
Co.
Group
of
China
Ltd.
,
Class
H
..........................
1,766,937
912,852
21,309,585
Health
Care
(1.9%):
China
Resources
Pharmaceutical
Group
Ltd.
(b)
.................................
1,617,000
1,051,511
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.
,
Class
H
........................
1,221,200
935,377
Sinopharm
Group
Co.
Ltd.
,
Class
H
..........................................
445,376
1,032,563
WuXi
AppTec
Co.
Ltd.
,
Class
H
(b)
..........................................
70,500
626,973
3,646,424
Industrials
(2.0%):
China
Southern
Airlines
Co.
Ltd.
,
Class
H
(a)
...................................
1,458,000
665,180
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.................................
609,430
958,647
JD
Logistics,
Inc.
(a)
(b)
...................................................
388,600
627,257
Sinotruk
Hong
Kong
Ltd.
.................................................
298,500
809,432
Weichai
Power
Co.
Ltd.
,
Class
H
............................................
388,675
818,190
3,878,706
Information
Technology
(2.1%):
AAC
Technologies
Holdings,
Inc.
...........................................
127,871
774,010
GDS
Holdings
Ltd.
,
Class
A
(a)
.............................................
102,100
320,161
Hua
Hong
Semiconductor
Ltd.
(b)
...........................................
106,000
422,981
Kingsoft
Cloud
Holdings
Ltd.
(a)
............................................
436,000
411,839
Lenovo
Group
Ltd.
......................................................
540,000
727,291
Xiaomi
Corp.
,
Class
W
(a)
(b)
...............................................
128,200
810,600
ZTE
Corp.
,
Class
H
.....................................................
149,200
457,310
3,924,192
Materials
(3.3%):
Aluminum
Corp.
of
China
Ltd.
,
Class
H
.......................................
1,368,000
856,187
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
357,581
1,010,998
China
Hongqiao
Group
Ltd.
...............................................
490,000
1,007,557
CMOC
Group
Ltd.
,
Class
H
...............................................
1,232,191
1,013,471
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
206
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Jiangxi
Copper
Co.
Ltd.
,
Class
H
............................................
652,000
$
1,144,595
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
557,912
1,267,656
6,300,464
Real
Estate
(0.9%):
China
Resources
Mixc
Lifestyle
Services
Ltd.
(b)
................................
172,400
761,057
Greentown
China
Holdings
Ltd.
............................................
399,500
564,759
Longfor
Group
Holdings
Ltd.
(a)
(b)
..........................................
356,427
449,359
1,775,175
Utilities
(1.2%):
China
Longyuan
Power
Group
Corp.
Ltd.
,
Class
H
...............................
1,064,000
851,889
Huaneng
Power
International,
Inc.
,
Class
H
....................................
2,333,420
1,352,455
2,204,344
66,606,020
Cyprus
(0.0%):
Financials
(0.0%):
TCS
Group
Holding
PLC
,
GDR
(a)
(c)
........................................
15,868
—
Czech
Republic
(0.8%):
Utilities
(0.8%):
CEZ
A/S
.............................................................
31,900
1,580,413
Greece
(0.0%):
Consumer
Discretionary
(0.0%):
FF
Group
(a)
(c)
........................................................
14,913
—
Hungary
(1.3%):
Financials
(0.6%):
OTP
Bank
Nyrt
........................................................
18,234
1,224,827
Health
Care
(0.7%):
Richter
Gedeon
Nyrt
....................................................
45,653
1,258,547
2,483,374
India
(9.7%):
Consumer
Discretionary
(1.1%):
Dixon
Technologies
India
Ltd.
..............................................
5,534
853,370
Mahindra
&
Mahindra
Ltd.
(a)
..............................................
38,434
1,198,787
2,052,157
Financials
(1.8%):
BSE
Ltd.
.............................................................
11,345
727,391
Multi
Commodity
Exchange
of
India
Ltd.
.....................................
17,073
1,061,076
Muthoot
Finance
Ltd.
(a)
..................................................
57,650
1,607,327
3,395,794
Health
Care
(3.9%):
Aster
DM
Healthcare
Ltd.
(b)
...............................................
261,104
1,477,097
Glenmark
Pharmaceuticals
Ltd.
.............................................
84,828
1,529,519
Lupin
Ltd.
(a)
..........................................................
60,523
1,436,073
Sun
Pharmaceutical
Industries
Ltd.
..........................................
106,555
2,162,705
Wockhardt
Ltd.
(a)
......................................................
48,270
804,467
7,409,861
Industrials
(0.7%):
Bharat
Electronics
Ltd.
...................................................
394,160
1,389,631
Information
Technology
(0.4%):
PG
Electroplast
Ltd.
(a)
...................................................
63,962
685,963
Materials
(1.8%):
Lloyds
Metals
&
Energy
Ltd.
..............................................
78,200
1,177,792
National
Aluminium
Co.
Ltd.
..............................................
438,956
901,512
Vedanta
Ltd.
..........................................................
259,084
1,404,739
3,484,043
18,417,449
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
207
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
Indonesia
(2.6%):
Energy
(1.3%):
PT
Alamtri
Resources
Indonesia
Tbk
.........................................
4,592,900
$
511,863
PT
Bumi
Resources
Tbk
(a)
................................................
107,992,100
606,661
PT
United
Tractors
Tbk
..................................................
984,500
1,400,482
2,519,006
Industrials
(0.8%):
PT
Astra
International
Tbk
................................................
5,419,500
1,610,627
Materials
(0.5%):
PT
Bumi
Resources
Minerals
Tbk
(a)
.........................................
25,246,400
506,301
PT
Petrosea
Tbk
........................................................
2,464,200
363,192
869,493
4,999,126
Malaysia
(7.3%):
Consumer
Discretionary
(0.8%):
Genting
Bhd
..........................................................
2,013,400
1,475,434
Financials
(3.2%):
AMMB
Holdings
Bhd
...................................................
1,326,900
1,675,454
CIMB
Group
Holdings
Bhd
...............................................
1,079,500
1,703,833
RHB
Bank
Bhd
........................................................
1,711,800
2,640,071
6,019,358
Health
Care
(1.2%):
IHH
Healthcare
Bhd
.....................................................
1,535,500
2,395,865
Industrials
(1.1%):
Gamuda
Bhd
..........................................................
1,125,000
1,065,389
Sunway
Bhd
..........................................................
1,100,800
1,126,862
2,192,251
Utilities
(1.0%):
Tenaga
Nasional
Bhd
....................................................
606,500
1,829,756
13,912,664
Mexico
(2.4%):
Consumer
Staples
(0.8%):
Coca-Cola
Femsa
SAB
de
CV
..............................................
160,322
1,465,671
Industrials
(1.6%):
Alfa
SAB
de
CV
,
Class
A
.................................................
1,067,995
833,559
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
...............................
115,640
1,136,761
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
Class
B
............................
63,620
1,176,542
3,146,862
4,612,533
Netherlands
(0.8%):
Real
Estate
(0.8%):
NEPI
Rockcastle
NV
....................................................
210,191
1,519,821
Poland
(0.7%):
Communication
Services
(0.4%):
CD
Projekt
SA
.........................................................
12,042
658,804
Consumer
Discretionary
(0.3%):
CCC
SA
(a)
...........................................................
9,186
555,232
1,214,036
Russian
Federation
(0.0%):
Energy
(0.0%):
Gazprom
PJSC
(a)
(c)
(d)
..................................................
324,752
—
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(c)
(d)
.............................................
177,888
—
Materials
(0.0%):
PhosAgro
PJSC
,
GDR
(a)
(c)
(d)
.............................................
35,202
—
PhosAgro
Public
Joint
,
GDR
(a)
(c)
...........................................
227
—
Severstal
PAO
(a)
(c)
(d)
...................................................
37,552
—
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
208
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
Value
United
Co.
RUSAL
International
PJSC
(a)
(c)
(d)
.................................
555,630
$
—
—
Utilities
(0.0%):
Inter
RAO
UES
PJSC
(c)
(d)
................................................
23,475,472
—
—
South
Africa
(4.1%):
Consumer
Discretionary
(1.2%):
Foschini
Group
Ltd.
.....................................................
101,272
686,953
Mr
Price
Group
Ltd.
.....................................................
61,247
740,511
Pepkor
Holdings
Ltd.
(b)
..................................................
662,294
922,568
2,350,032
Financials
(1.6%):
Capitec
Bank
Holdings
Ltd.
...............................................
6,178
1,045,873
Nedbank
Group
Ltd.
.....................................................
64,560
906,183
OUTsurance
Group
Ltd.
..................................................
261,741
995,408
2,947,464
Materials
(0.7%):
Harmony
Gold
Mining
Co.
Ltd.
.............................................
49,620
721,497
Impala
Platinum
Holdings
Ltd.
(a)
...........................................
93,913
645,234
1,366,731
Real
Estate
(0.6%):
Growthpoint
Properties
Ltd.
...............................................
1,611,545
1,138,699
7,802,926
Taiwan
(14.3%):
Consumer
Discretionary
(0.6%):
Pou
Chen
Corp.
........................................................
1,068,000
1,135,554
Financials
(1.4%):
Cathay
Financial
Holding
Co.
Ltd.
...........................................
711,000
1,310,639
Fubon
Financial
Holding
Co.
Ltd.
...........................................
550,000
1,413,102
2,723,741
Health
Care
(0.3%):
Caliway
Biopharmaceuticals
Co.
Ltd.
(a)
......................................
21,000
498,434
Industrials
(3.9%):
Advanced
Energy
Solution
Holding
Co.
Ltd.
...................................
22,000
551,988
Bizlink
Holding,
Inc.
....................................................
36,000
546,506
China
Airlines
Ltd.
......................................................
1,935,000
1,311,370
Eva
Airways
Corp.
......................................................
1,026,000
1,253,142
Evergreen
Marine
Corp.
Taiwan
Ltd.
.........................................
153,400
1,018,816
United
Integrated
Services
Co.
Ltd.
..........................................
82,000
1,127,500
Wan
Hai
Lines
Ltd.
.....................................................
297,000
699,560
Yang
Ming
Marine
Transport
Corp.
..........................................
422,000
945,687
7,454,569
Information
Technology
(8.1%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
169,000
727,922
Asustek
Computer,
Inc.
...................................................
55,000
1,008,885
Catcher
Technology
Co.
Ltd.
...............................................
223,000
1,407,184
Compal
Electronics,
Inc.
..................................................
1,244,000
1,193,416
Foxconn
Technology
Co.
Ltd.
..............................................
376,000
699,904
Hon
Hai
Precision
Industry
Co.
Ltd.
.........................................
178,000
782,771
King
Yuan
Electronics
Co.
Ltd.
.............................................
230,000
607,560
Lotes
Co.
Ltd.
.........................................................
14,000
579,819
Mitac
Holdings
Corp.
(a)
..................................................
380,000
630,663
Pegatron
Corp.
.........................................................
462,000
1,167,524
Powertech
Technology,
Inc.
................................................
272,000
999,518
Radiant
Opto-Electronics
Corp.
.............................................
219,000
1,187,349
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
34,000
931,928
Tripod
Technology
Corp.
.................................................
189,000
1,115,783
United
Microelectronics
Corp.
.............................................
1,042,000
1,401,364
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
209
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
12/8/2017
$
722,938
Inter
RAO
UES
PJSC
.........................................
5/2/2018
1,576,280
PhosAgro
PJSC
,
GDR
........................................
12/21/2021
748,678
Sberbank
of
Russia
PJSC
......................................
10/24/2017
634,243
Severstal
PAO
..............................................
5/27/2021
881,363
United
Co.
RUSAL
International
PJSC
............................
11/30/2021
516,962
Security
Description
Shares
Value
Zhen
Ding
Technology
Holding
Ltd.
.........................................
293,000
$
913,419
15,355,009
27,167,307
Thailand
(5.4%):
Communication
Services
(0.6%):
True
Corp.
PCL
(a)
......................................................
3,535,300
1,219,453
Consumer
Staples
(0.6%):
Charoen
Pokphand
Foods
PCL
.............................................
1,732,300
1,215,495
Financials
(3.2%):
Kasikornbank
PCL
......................................................
421,600
2,007,365
Krung
Thai
Bank
PCL
...................................................
2,606,100
1,851,660
SCB
X
PCL
...........................................................
608,600
2,206,938
6,065,963
Information
Technology
(0.3%):
Cal-Comp
Electronics
Thailand
PCL
.........................................
2,825,600
487,326
Utilities
(0.7%):
Gulf
Energy
Development
PCL
.............................................
916,400
1,344,099
10,332,336
Turkey
(3.0%):
Communication
Services
(0.3%):
Turkcell
Iletisim
Hizmetleri
A/S
............................................
255,393
645,122
Consumer
Staples
(0.5%):
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
A/S
....................................
101,890
448,927
Migros
Ticaret
A/S
......................................................
45,219
590,491
1,039,418
Financials
(0.3%):
Turkiye
Vakiflar
Bankasi
T.A.O.
(a)
..........................................
792,811
500,869
Industrials
(1.6%):
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A/S
......................................
254,905
805,870
Pegasus
Hava
Tasimaciligi
A/S
(a)
...........................................
101,604
690,521
TAV
Havalimanlari
Holding
A/S
(a)
..........................................
105,776
674,948
Turk
Hava
Yollari
AO
(a)
..................................................
98,466
807,447
2,978,786
Materials
(0.3%):
Gubre
Fabrikalari
TAS
(a)
.................................................
71,838
498,170
5,662,365
Total
Common
Stocks
(Cost
$178,520,447)
189,333,898
Total
Investments
(Cost
$178,520,447)
—
99.5%
189,333,898
Other
assets
in
excess
of
liabilities
—
0.5%
1,001,757
NET
ASSETS
-
100.00%
$
190,335,655
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2025,
the
fair
value
of
these
securities
was
$16,418,790
and
amounted
to
8.6%
of
net
assets.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2025.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2025.
GDR
—
Global
Depositary
Receipt
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
210
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
12
6/20/25
$
691,164
$
666,480
$
(
24,684
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
24,684
)
Total
net
unrealized
appreciation
(depreciation)
$
(
24,684
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
211
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(99.7%)
Communication
Services
(9.5%):
Alphabet,
Inc.
,
Class
C
...................................................
51,815
$
8,095,057
Alphabet,
Inc.
,
Class
A
...................................................
58,528
9,050,770
AT&T,
Inc.
...........................................................
73,383
2,075,271
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
994
366,319
Comcast
Corp.
,
Class
A
..................................................
38,916
1,436,000
Electronic
Arts,
Inc.
.....................................................
2,398
346,559
Fox
Corp.
,
Class
A
......................................................
2,226
125,992
Fox
Corp.
,
Class
B
......................................................
1,336
70,421
Liberty
Media
Corp.-Liberty
Formula
One,
Series
A
(a)
............................
218
17,760
Liberty
Media
Corp.-Liberty
Formula
One,
Series
C
(a)
............................
2,189
197,032
Live
Nation
Entertainment,
Inc.
(a)
...........................................
1,523
198,873
Meta
Platforms,
Inc.
,
Class
A
..............................................
21,872
12,606,146
Netflix,
Inc.
(a)
.........................................................
4,266
3,978,173
Omnicom
Group,
Inc.
....................................................
2,002
165,986
Pinterest,
Inc.
,
Class
A
(a)
.................................................
5,882
182,342
ROBLOX
Corp.
,
Class
A
(a)
...............................................
5,244
305,673
Snap,
Inc.
,
Class
A
(a)
....................................................
10,828
94,312
Spotify
Technology
SA
(a)
.................................................
1,434
788,743
Take-Two
Interactive
Software,
Inc.
(a)
........................................
1,610
333,673
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
4,615
252,533
The
Walt
Disney
Co.
....................................................
18,447
1,820,719
T-Mobile
US,
Inc.
......................................................
4,971
1,325,815
Verizon
Communications,
Inc.
..............................................
43,175
1,958,418
Warner
Bros
Discovery,
Inc.
(a)
.............................................
22,462
241,017
46,033,604
Communications
Equipment
(0.6%):
Arista
Networks,
Inc.
(a)
..................................................
7,334
568,238
Cisco
Systems,
Inc.
.....................................................
28,882
1,782,308
Motorola
Solutions,
Inc.
..................................................
1,211
530,188
2,880,734
Consumer
Discretionary
(9.5%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
3,929
469,358
Amazon.com,
Inc.
(a)
....................................................
89,348
16,999,350
AutoZone,
Inc.
(a)
.......................................................
157
598,606
Best
Buy
Co.,
Inc.
......................................................
1,934
142,362
Booking
Holdings,
Inc.
...................................................
306
1,409,714
Burlington
Stores,
Inc.
(a)
.................................................
597
142,283
Carnival
Corp.
(a)
.......................................................
9,660
188,660
Carvana
Co.
(a)
.........................................................
1,124
235,006
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
12,992
652,328
D.R.
Horton,
Inc.
.......................................................
2,806
356,727
Darden
Restaurants,
Inc.
..................................................
1,149
238,716
Deckers
Outdoor
Corp.
(a)
.................................................
1,440
161,006
Domino's
Pizza,
Inc.
.....................................................
321
147,483
DoorDash,
Inc.
,
Class
A
(a)
................................................
3,039
555,438
DraftKings,
Inc.
(a)
......................................................
4,326
143,666
eBay,
Inc.
............................................................
4,631
313,658
Expedia
Group,
Inc.
.....................................................
1,154
193,987
Ford
Motor
Co.
........................................................
37,602
377,148
Garmin
Ltd.
...........................................................
1,481
321,570
General
Motors
Co.
.....................................................
10,533
495,367
Genuine
Parts
Co.
......................................................
1,340
159,648
Hilton
Worldwide
Holdings,
Inc.
............................................
2,514
572,061
Las
Vegas
Sands
Corp.
...................................................
3,638
140,536
Lennar
Corp.
,
Class
A
....................................................
2,320
266,290
Lennar
Corp.
,
Class
B
...................................................
100
10,907
Lowe's
Cos.,
Inc.
.......................................................
5,507
1,284,398
Lululemon
Athletica,
Inc.
(a)
...............................................
1,020
288,721
Marriott
International,
Inc.
,
Class
A
..........................................
2,314
551,195
McDonald's
Corp.
......................................................
6,930
2,164,724
NIKE,
Inc.
,
Class
B
.....................................................
11,322
718,721
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
212
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
NVR,
Inc.
(a)
..........................................................
28
$
202,843
O'Reilly
Automotive,
Inc.
(a)
...............................................
533
763,565
Pool
Corp.
............................................................
348
110,786
PulteGroup,
Inc.
........................................................
2,028
208,478
Ross
Stores,
Inc.
.......................................................
3,150
402,539
Royal
Caribbean
Cruises
Ltd.
..............................................
2,324
477,443
Starbucks
Corp.
........................................................
10,702
1,049,759
Tesla,
Inc.
(a)
..........................................................
25,582
6,629,831
The
Home
Depot,
Inc.
...................................................
9,845
3,608,094
The
TJX
Cos.,
Inc.
......................................................
10,866
1,323,479
Tractor
Supply
Co.
......................................................
5,171
284,922
Ulta
Beauty,
Inc.
(a)
.....................................................
433
158,712
Williams-Sonoma,
Inc.
...................................................
1,148
181,499
Yum!
Brands,
Inc.
......................................................
2,708
426,131
46,127,715
Consumer
Staples
(10.4%):
Altria
Group,
Inc.
.......................................................
29,705
1,782,894
Archer-Daniels-Midland
Co.
...............................................
8,382
402,420
Brown-Forman
Corp.
,
Class
A
..............................................
790
26,441
Brown-Forman
Corp.
,
Class
B
(b)
...........................................
5,127
174,010
Church
&
Dwight
Co.,
Inc.
................................................
4,324
476,029
Colgate-Palmolive
Co.
...................................................
14,403
1,349,561
Constellation
Brands,
Inc.
,
Class
A
..........................................
2,708
496,972
Costco
Wholesale
Corp.
..................................................
7,758
7,337,361
Dollar
General
Corp.
....................................................
3,771
331,584
Dollar
Tree,
Inc.
(a)
......................................................
3,750
281,513
General
Mills,
Inc.
......................................................
9,751
583,012
Hormel
Foods
Corp.
.....................................................
5,106
157,980
Kellanova
............................................................
5,090
419,874
Kenvue,
Inc.
..........................................................
33,386
800,596
Keurig
Dr.
Pepper,
Inc.
...................................................
20,390
697,746
Kimberly-Clark
Corp.
....................................................
5,865
834,120
McCormick
&
Co.,
Inc.
..................................................
4,687
385,787
Mondelez
International,
Inc.
,
Class
A
.........................................
23,396
1,587,419
Monster
Beverage
Corp.
(a)
................................................
12,159
711,545
PepsiCo,
Inc.
..........................................................
24,360
3,652,538
Philip
Morris
International,
Inc.
.............................................
27,109
4,303,012
Sysco
Corp.
...........................................................
8,573
643,318
Target
Corp.
..........................................................
7,993
834,150
The
Campbell's
Company
.................................................
3,488
139,241
The
Clorox
Co.
........................................................
2,174
320,122
The
Coca-Cola
Co.
......................................................
75,099
5,378,590
The
Estee
Lauder
Cos.,
Inc.
...............................................
3,979
262,614
The
Hershey
Co.
.......................................................
2,604
445,362
The
Kraft
Heinz
Co.
.....................................................
21,269
647,216
The
Kroger
Co.
........................................................
12,542
848,968
The
Procter
&
Gamble
Co.
................................................
41,236
7,027,439
Tyson
Foods,
Inc.
,
Class
A
................................................
4,898
312,541
Walmart,
Inc.
..........................................................
76,992
6,759,128
50,411,103
Electronic
Equipment,
Instruments
&
Components
(0.4%):
Amphenol
Corp.
,
Class
A
.................................................
8,481
556,269
CDW
Corp.
...........................................................
963
154,330
Corning,
Inc.
..........................................................
5,519
252,660
Jabil,
Inc.
............................................................
802
109,128
Keysight
Technologies,
Inc.
(a)
.............................................
1,237
185,266
TE
Connectivity
PLC
....................................................
2,169
306,523
Teledyne
Technologies,
Inc.
(a)
.............................................
323
160,760
Trimble,
Inc.
(a)
........................................................
1,762
115,675
Zebra
Technologies
Corp.
(a)
...............................................
358
101,157
1,941,768
Financials
(20.6%):
Affirm
Holdings,
Inc.
(a)
..................................................
3,468
156,719
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
213
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Aflac,
Inc.
............................................................
6,992
$
777,440
American
Express
Co.
...................................................
9,640
2,593,642
American
International
Group,
Inc.
..........................................
8,678
754,465
Ameriprise
Financial,
Inc.
.................................................
1,325
641,446
Aon
PLC
,
Class
A
......................................................
2,882
1,150,177
Apollo
Global
Management,
Inc.
............................................
5,334
730,438
Arch
Capital
Group
Ltd.
..................................................
5,044
485,132
Ares
Management
Corp.
,
Class
A
...........................................
2,530
370,923
Arthur
J.
Gallagher
&
Co.
.................................................
3,443
1,188,661
Bank
of
America
Corp.
...................................................
104,918
4,378,228
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
18,425
9,812,787
Berkshire
Hathaway,
Inc.
,
Class
A
(a)
.........................................
5
3,992,208
Blackrock,
Inc.
........................................................
2,000
1,892,960
Blackstone,
Inc.
........................................................
9,786
1,367,887
Block,
Inc.
(a)
..........................................................
7,371
400,466
Brown
&
Brown,
Inc.
....................................................
3,299
410,396
Capital
One
Financial
Corp.
...............................................
5,102
914,789
Cboe
Global
Markets,
Inc.
................................................
1,433
324,274
Chubb
Ltd.
...........................................................
5,561
1,679,366
Cincinnati
Financial
Corp.
................................................
2,153
318,041
Citigroup,
Inc.
.........................................................
25,893
1,838,144
Citizens
Financial
Group,
Inc.
..............................................
6,058
248,196
CME
Group,
Inc.
.......................................................
4,990
1,323,797
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
2,501
430,747
Corebridge
Financial,
Inc.
.................................................
3,521
111,158
Discover
Financial
Services
...............................................
3,397
579,868
Erie
Indemnity
Co.
,
Class
A
...............................................
335
140,382
Everest
Group
Ltd.
......................................................
439
159,502
FactSet
Research
Systems,
Inc.
.............................................
508
230,957
Fidelity
National
Information
Services,
Inc.
....................................
7,473
558,084
Fifth
Third
Bancorp
.....................................................
9,235
362,012
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
131
242,890
Fiserv,
Inc.
(a)
..........................................................
7,710
1,702,599
Global
Payments,
Inc.
....................................................
3,507
343,405
Huntington
Bancshares,
Inc.
...............................................
19,872
298,279
Interactive
Brokers
Group,
Inc.
.............................................
1,387
229,673
Intercontinental
Exchange,
Inc.
.............................................
7,926
1,367,235
JPMorgan
Chase
&
Co.
..................................................
38,093
9,344,213
KeyCorp
.............................................................
13,677
218,695
KKR
&
Co.,
Inc.
.......................................................
9,138
1,056,444
Loews
Corp.
..........................................................
2,504
230,143
LPL
Financial
Holdings,
Inc.
...............................................
1,012
331,066
M&T
Bank
Corp.
.......................................................
2,277
407,014
Markel
Group,
Inc.
(a)
....................................................
169
315,964
Marsh
&
McLennan
Cos.,
Inc.
.............................................
6,800
1,659,404
Mastercard,
Inc.
,
Class
A
.................................................
11,183
6,129,626
MetLife,
Inc.
..........................................................
8,008
642,962
Moody's
Corp.
.........................................................
2,506
1,167,019
Morgan
Stanley
........................................................
16,783
1,958,073
MSCI,
Inc.
...........................................................
1,068
603,954
Nasdaq,
Inc.
..........................................................
5,662
429,519
Northern
Trust
Corp.
....................................................
2,660
262,409
PayPal
Holdings,
Inc.
(a)
..................................................
13,558
884,660
Principal
Financial
Group,
Inc.
.............................................
3,171
267,537
Prudential
Financial,
Inc.
.................................................
4,901
547,344
Raymond
James
Financial,
Inc.
.............................................
2,508
348,386
Regions
Financial
Corp.
..................................................
12,518
272,016
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
7,914
329,381
S&P
Global,
Inc.
.......................................................
4,258
2,163,490
SoFi
Technologies,
Inc.
(a)
.................................................
13,782
160,285
State
Street
Corp.
.......................................................
3,986
356,867
Synchrony
Financial
.....................................................
5,269
278,941
T.
Rowe
Price
Group,
Inc.
.................................................
2,982
273,956
The
Allstate
Corp.
......................................................
3,657
757,255
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
214
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
The
Bank
of
New
York
Mellon
Corp.
.........................................
9,883
$
828,887
The
Carlyle
Group,
Inc.
..................................................
3,310
144,283
The
Charles
Schwab
Corp.
................................................
22,908
1,793,238
The
Goldman
Sachs
Group,
Inc.
............................................
4,226
2,308,622
The
Hartford
Insurance
Group,
Inc.
..........................................
4,013
496,528
The
PNC
Financial
Services
Group,
Inc.
......................................
5,435
955,310
The
Progressive
Corp.
...................................................
8,161
2,309,645
The
Travelers
Cos.,
Inc.
..................................................
3,172
838,867
Toast,
Inc.
,
Class
A
(a)
....................................................
5,574
184,890
Truist
Financial
Corp.
....................................................
18,278
752,140
U.S.
Bancorp
..........................................................
21,456
905,872
Visa,
Inc.
,
Class
A
......................................................
23,679
8,298,542
W.R.
Berkley
Corp.
.....................................................
4,009
285,280
Wells
Fargo
&
Co.
......................................................
45,692
3,280,229
Willis
Towers
Watson
PLC
................................................
1,383
467,385
99,753,714
Health
Care
(21.0%):
Abbott
Laboratories
.....................................................
32,310
4,285,922
AbbVie,
Inc.
..........................................................
32,953
6,904,313
Agilent
Technologies,
Inc.
.................................................
5,287
618,473
Align
Technology,
Inc.
(a)
.................................................
1,287
204,453
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
2,346
633,467
Amgen,
Inc.
...........................................................
10,210
3,180,926
Avantor,
Inc.
(a)
........................................................
12,314
199,610
Baxter
International,
Inc.
.................................................
9,496
325,048
Becton
Dickinson
&
Co.
..................................................
5,322
1,219,057
Biogen,
Inc.
(a)
.........................................................
2,757
377,268
Boston
Scientific
Corp.
(a)
.................................................
26,567
2,680,079
Bristol-Myers
Squibb
Co.
.................................................
38,792
2,365,924
Cardinal
Health,
Inc.
....................................................
4,494
619,138
Cencora,
Inc.
..........................................................
3,267
908,520
Centene
Corp.
(a)
.......................................................
9,504
576,988
CVS
Health
Corp.
......................................................
23,500
1,592,125
Danaher
Corp.
.........................................................
12,822
2,628,510
Dexcom,
Inc.
(a)
........................................................
7,168
489,503
Edwards
Lifesciences
Corp.
(a)
.............................................
10,613
769,230
Elevance
Health,
Inc.
....................................................
4,389
1,909,039
Eli
Lilly
&
Co.
.........................................................
16,256
13,425,993
GE
HealthCare
Technologies,
Inc.
...........................................
8,303
670,135
Gilead
Sciences,
Inc.
....................................................
23,166
2,595,750
HCA
Healthcare,
Inc.
....................................................
3,425
1,183,509
Hologic,
Inc.
(a)
........................................................
4,147
256,160
Humana,
Inc.
..........................................................
2,242
593,233
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,487
624,466
Illumina,
Inc.
(a)
........................................................
2,881
228,579
Incyte
Corp.
(a)
.........................................................
3,582
216,890
Insulet
Corp.
(a)
........................................................
1,239
325,374
Intuitive
Surgical,
Inc.
(a)
.................................................
6,315
3,127,630
IQVIA
Holdings,
Inc.
(a)
..................................................
3,314
584,258
Johnson
&
Johnson
.....................................................
45,090
7,477,726
Labcorp
Holdings,
Inc.
...................................................
1,542
358,885
McKesson
Corp.
.......................................................
2,377
1,599,697
Medtronic
PLC
........................................................
23,797
2,138,398
Merck
&
Co.,
Inc.
......................................................
47,643
4,276,436
Mettler-Toledo
International,
Inc.
(a)
.........................................
373
440,479
Moderna,
Inc.
(a)
.......................................................
6,567
186,174
Molina
Healthcare,
Inc.
(a)
................................................
1,080
355,741
Natera,
Inc.
(a)
.........................................................
2,274
321,566
Pfizer,
Inc.
............................................................
106,581
2,700,763
Quest
Diagnostics,
Inc.
...................................................
2,084
352,613
Regeneron
Pharmaceuticals,
Inc.
............................................
2,043
1,295,732
ResMed,
Inc.
..........................................................
2,718
608,424
Revvity,
Inc.
..........................................................
2,265
239,637
STERIS
PLC
..........................................................
1,814
411,143
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
215
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Stryker
Corp.
..........................................................
6,618
$
2,463,551
The
Cigna
Group
.......................................................
5,203
1,711,787
The
Cooper
Cos.,
Inc.
(a)
..................................................
3,701
312,179
Thermo
Fisher
Scientific,
Inc.
..............................................
7,138
3,551,869
UnitedHealth
Group,
Inc.
.................................................
17,036
8,922,605
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
2,703
626,096
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
4,810
2,331,984
Viatris,
Inc.
...........................................................
21,692
188,937
Waters
Corp.
(a)
........................................................
1,107
408,007
West
Pharmaceutical
Services,
Inc.
..........................................
1,334
298,656
Zimmer
Biomet
Holdings,
Inc.
.............................................
3,724
421,482
Zoetis,
Inc.
...........................................................
8,464
1,393,598
101,713,735
IT
Services
(1.0%):
Accenture
PLC
,
Class
A
..................................................
4,485
1,399,499
Akamai
Technologies,
Inc.
(a)
..............................................
1,063
85,572
Cloudflare,
Inc.
,
Class
A
(a)
................................................
2,131
240,142
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
3,559
272,264
Gartner,
Inc.
(a)
........................................................
529
222,042
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
1,007
181,401
International
Business
Machines
Corp.
........................................
6,653
1,654,335
MongoDB,
Inc.
(a)
......................................................
489
85,771
Snowflake,
Inc.
,
Class
A
(a)
................................................
2,137
312,344
VeriSign,
Inc.
(a)
........................................................
713
181,009
4,634,379
Semiconductors
&
Semiconductor
Equipment
(6.8%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
11,539
1,185,517
Analog
Devices,
Inc.
....................................................
3,569
719,760
Applied
Materials,
Inc.
...................................................
5,917
858,675
Broadcom,
Inc.
........................................................
32,496
5,440,805
Entegris,
Inc.
..........................................................
1,094
95,703
First
Solar,
Inc.
(a)
......................................................
741
93,685
Intel
Corp.
............................................................
30,075
683,003
KLA
Corp.
...........................................................
963
654,647
Lam
Research
Corp.
.....................................................
9,230
671,021
Marvell
Technology,
Inc.
.................................................
5,922
364,618
Microchip
Technology,
Inc.
................................................
3,846
186,185
Micron
Technology,
Inc.
..................................................
7,983
693,643
Monolithic
Power
Systems,
Inc.
............................................
327
189,653
NVIDIA
Corp.
.........................................................
170,871
18,518,999
ON
Semiconductor
Corp.
(a)
...............................................
3,063
124,633
QUALCOMM,
Inc.
.....................................................
8,069
1,239,479
Skyworks
Solutions,
Inc.
.................................................
1,158
74,842
Teradyne,
Inc.
.........................................................
1,145
94,577
Texas
Instruments,
Inc.
...................................................
6,605
1,186,919
33,076,364
Software
(14.6%):
Adobe,
Inc.
(a)
.........................................................
6,404
2,456,126
ANSYS,
Inc.
(a)
........................................................
1,265
400,448
AppLovin
Corp.
,
Class
A
(a)
...............................................
2,863
758,609
Atlassian
Corp.
,
Class
A
(a)
................................................
2,217
470,470
Autodesk,
Inc.
(a)
.......................................................
3,089
808,700
Bentley
Systems,
Inc.
,
Class
B
.............................................
1,993
78,405
Cadence
Design
Systems,
Inc.
(a)
............................................
3,930
999,517
Corpay,
Inc.
(a)
.........................................................
944
329,192
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
3,246
1,144,475
Datadog,
Inc.
,
Class
A
(a)
.................................................
4,296
426,206
Dynatrace,
Inc.
(a)
......................................................
4,254
200,576
Fair
Isaac
Corp.
(a)
......................................................
332
612,261
Fortinet,
Inc.
(a)
........................................................
9,060
872,116
Gen
Digital,
Inc.
.......................................................
8,058
213,859
HubSpot,
Inc.
(a)
.......................................................
732
418,184
Intuit,
Inc.
............................................................
3,926
2,410,525
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
216
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Microsoft
Corp.
........................................................
107,231
$
40,253,445
MicroStrategy,
Inc.
(a)
....................................................
2,633
759,015
Oracle
Corp.
..........................................................
23,331
3,261,907
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
29,356
2,477,646
Palo
Alto
Networks,
Inc.
(a)
................................................
9,293
1,585,758
PTC,
Inc.
(a)
...........................................................
1,713
265,429
Roper
Technologies,
Inc.
..................................................
1,562
920,924
Salesforce,
Inc.
........................................................
13,429
3,603,806
ServiceNow,
Inc.
(a)
.....................................................
2,923
2,327,117
Synopsys,
Inc.
(a)
.......................................................
2,205
945,614
Tyler
Technologies,
Inc.
(a)
................................................
596
346,508
Workday,
Inc.
,
Class
A
(a)
.................................................
2,986
697,321
Zoom
Communications,
Inc.
(a)
.............................................
3,484
257,015
Zscaler,
Inc.
(a)
.........................................................
1,350
267,867
70,569,041
Technology
Hardware,
Storage
&
Peripherals
(5.3%):
Apple,
Inc.
...........................................................
109,469
24,316,349
Dell
Technologies,
Inc.
,
Class
C
............................................
2,373
216,299
Hewlett
Packard
Enterprise
Co.
.............................................
9,210
142,110
HP,
Inc.
..............................................................
6,994
193,664
NetApp,
Inc.
..........................................................
1,452
127,544
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
2,181
96,553
Seagate
Technology
Holdings
PLC
..........................................
1,515
128,699
Super
Micro
Computer,
Inc.
(a)
(b)
...........................................
3,366
115,252
Western
Digital
Corp.
(a)
..................................................
2,548
103,015
25,439,485
Total
Common
Stocks
(Cost
$410,006,432)
482,581,642
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
ABIOMED,
Inc.,
CVR
,
expiring
1/2/26
(a)
(d)
..................................
532
543
Total
Rights
(Cost
$–)
543
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(e)
........
65,528
65,528
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(e)
............
65,528
65,528
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(e)
...............
65,528
65,528
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(e)
.
65,528
65,528
Total
Collateral
for
Securities
Loaned
(Cost
$262,112)
262,112
Total
Investments
(Cost
$410,268,544)
—
99.8%
482,844,297
Other
assets
in
excess
of
liabilities
—
0.2%
756,832
NET
ASSETS
-
100.00%
$
483,601,129
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2025.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
217
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
3
6/20/25
$
850,303
$
847,988
$
(
2,315
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
2,315
)
Total
net
unrealized
appreciation
(depreciation)
$
(
2,315
)
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
WestEnd
Global
Equity
ETF
218
(Unaudited)
Security
Description
Shares
.
Value
Exchange-Traded
Funds
(99.7%)
Communication
Services
Select
Sector
SPDR
Fund
..............................
6,725
$
648,626
Consumer
Discretionary
Select
Sector
SPDR
Fund
...............................
3,191
630,095
Consumer
Staples
Select
Sector
SPDR
Fund
...................................
8,421
687,743
Financial
Select
Sector
SPDR
Fund
..........................................
27,239
1,356,775
Health
Care
Select
Sector
SPDR
Fund
........................................
9,405
1,373,224
iShares
Core
MSCI
Europe
ETF
............................................
4,161
250,284
iShares
Expanded
Tech-Software
Sector
ETF
(a)
(b)
...............................
5,242
466,486
Technology
Select
Sector
SPDR
Fund
........................................
6,750
1,393,740
Vanguard
FTSE
All-World
ex-US
ETF
........................................
20,322
1,232,732
Vanguard
FTSE
Pacific
ETF
...............................................
20,118
1,457,750
Total
Exchange-Traded
Funds
(Cost
$9,776,105)
9,497,455
Collateral
for
Securities
Loaned
(4.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(c)
........
107,748
107,748
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(c)
............
107,748
107,748
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(c)
...............
107,748
107,748
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(c)
.
107,748
107,748
Total
Collateral
for
Securities
Loaned
(Cost
$430,992)
430,992
Total
Investments
(Cost
$10,207,097)
—
104.2%
9,928,447
Liabilities
in
excess
of
other
assets
—
(4.2)%
(
401,224
)
NET
ASSETS
-
100.00%
$
9,527,223
At
March
31,
2025,
the
foreign
securities
held
by
the
underlying
Funds
were
80.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
ETF
—
Exchange-Traded
Fund
Schedule
of
Portfolio
Investments
March
31,
2025
Victory
Portfolios
II
VictoryShares
Hedged
Equity
Income
ETF
219
(Unaudited)
Security
Description
Shares
.
Value
Common
Stocks
(92.8%)
Communication
Services
(3.8%):
AT&T,
Inc.
...........................................................
14,789
$
418,233
Gray
Media,
Inc.
.......................................................
8,326
35,968
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
883
39,347
Nexstar
Media
Group,
Inc.
................................................
598
107,174
Omnicom
Group,
Inc.
....................................................
1,430
118,561
Playtika
Holding
Corp.
...................................................
5,236
27,070
Sinclair,
Inc.
..........................................................
1,627
25,918
TEGNA,
Inc.
..........................................................
3,358
61,183
Verizon
Communications,
Inc.
..............................................
6,787
307,858
1,141,312
Consumer
Discretionary
(7.4%):
Best
Buy
Co.,
Inc.
......................................................
2,156
158,703
Bloomin'
Brands,
Inc.
....................................................
3,943
28,271
Carter's,
Inc.
..........................................................
3,423
140,001
Dana,
Inc.
............................................................
3,990
53,187
Darden
Restaurants,
Inc.
..................................................
1,612
334,909
Dine
Brands
Global,
Inc.
.................................................
2,080
48,402
Ethan
Allen
Interiors,
Inc.
.................................................
2,578
71,411
Ford
Motor
Co.
........................................................
13,900
139,417
Haverty
Furniture
Cos.,
Inc.
...............................................
2,384
47,012
International
Game
Technology
PLC
.........................................
2,288
37,203
Kontoor
Brands,
Inc.
....................................................
586
37,580
LCI
Industries
.........................................................
476
41,617
Macy's,
Inc.
...........................................................
6,312
79,279
Monro,
Inc.
...........................................................
1,846
26,712
Polaris,
Inc.
...........................................................
998
40,858
Standard
Motor
Products,
Inc.
..............................................
2,154
53,699
Tapestry,
Inc.
..........................................................
3,655
257,348
The
Buckle,
Inc.
........................................................
1,271
48,705
The
Cheesecake
Factory,
Inc.
(a)
............................................
992
48,271
Travel
+
Leisure
Co.
.....................................................
4,057
187,798
Upbound
Group,
Inc.
....................................................
2,392
57,312
Vail
Resorts,
Inc.
.......................................................
1,161
185,783
Whirlpool
Corp.
........................................................
600
54,078
Wolverine
World
Wide,
Inc.
...............................................
2,227
30,978
2,208,534
Consumer
Staples
(15.0%):
Altria
Group,
Inc.
.......................................................
6,548
393,011
Archer-Daniels-Midland
Co.
...............................................
3,799
182,390
B&G
Foods,
Inc.
.......................................................
15,269
104,898
Cal-Maine
Foods,
Inc.
...................................................
608
55,267
Conagra
Brands,
Inc.
....................................................
9,613
256,379
Energizer
Holdings,
Inc.
..................................................
3,684
110,225
Flowers
Foods,
Inc.
.....................................................
13,002
247,168
Fresh
Del
Monte
Produce,
Inc.
.............................................
3,007
92,706
General
Mills,
Inc.
......................................................
5,616
335,781
Hormel
Foods
Corp.
.....................................................
5,205
161,043
John
B
Sanfilippo
&
Son,
Inc.
..............................................
322
22,817
Kenvue,
Inc.
..........................................................
8,881
212,966
Kimberly-Clark
Corp.
....................................................
1,652
234,947
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
2,489
151,505
PepsiCo,
Inc.
..........................................................
950
142,443
Philip
Morris
International,
Inc.
.............................................
2,981
473,174
Reynolds
Consumer
Products,
Inc.
..........................................
6,860
163,680
SpartanNash
Co.
.......................................................
4,515
91,474
The
Campbell's
Company
.................................................
2,381
95,049
The
Clorox
Co.
........................................................
1,040
153,140
The
J.M.
Smucker
Co.
...................................................
1,621
191,943
The
Kraft
Heinz
Co.
.....................................................
13,067
397,629
Tyson
Foods,
Inc.
,
Class
A
................................................
2,141
136,617
Universal
Corp.
........................................................
484
27,128
Victory
Portfolios
II
VictoryShares
Hedged
Equity
Income
ETF
220
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
WK
Kellogg
Co.
.......................................................
1,606
$
32,008
4,465,388
Energy
(9.4%):
Antero
Midstream
Corp.
..................................................
20,427
367,686
APA
Corp.
............................................................
3,313
69,639
Archrock,
Inc.
.........................................................
2,257
59,224
Ardmore
Shipping
Corp.
..................................................
3,755
36,761
Berry
Corp.
...........................................................
12,563
40,327
Coterra
Energy,
Inc.
.....................................................
5,294
152,997
Crescent
Energy
Co.
,
Class
A
..............................................
5,839
65,630
DHT
Holdings,
Inc.
.....................................................
7,957
83,548
Exxon
Mobil
Corp.
.....................................................
1,347
160,199
Golar
LNG
Ltd.
........................................................
1,423
54,060
Helmerich
&
Payne,
Inc.
..................................................
1,113
29,071
Kinder
Morgan,
Inc.
.....................................................
16,352
466,522
Kinetik
Holdings,
Inc.
...................................................
2,226
115,618
Kodiak
Gas
Services,
Inc.
.................................................
3,092
115,332
Murphy
Oil
Corp.
......................................................
1,339
38,028
Noble
Corp.
PLC
.......................................................
1,335
31,639
Nordic
American
Tankers
Ltd.
..............................................
23,202
57,077
Northern
Oil
&
Gas,
Inc.
..................................................
1,994
60,279
ONEOK,
Inc.
..........................................................
3,689
366,023
Riley
Exploration
Permian,
Inc.
.............................................
1,924
56,123
SandRidge
Energy,
Inc.
..................................................
3,699
42,243
Scorpio
Tankers,
Inc.
....................................................
543
20,406
SFL
Corp.
Ltd.
.........................................................
7,710
63,222
Sitio
Royalties
Corp.
,
Class
A
..............................................
4,176
82,977
Solaris
Energy
Infrastructure,
Inc.
...........................................
2,622
57,055
VAALCO
Energy,
Inc.
...................................................
7,093
26,670
Vitesse
Energy,
Inc.
.....................................................
3,593
88,352
2,806,708
Financials
(17.7%):
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
2,138
83,596
Banco
Latinoamericano
de
Comercio
Exterior
SA
,
Class
E
.........................
3,094
113,240
Central
Pacific
Financial
Corp.
.............................................
3,765
101,806
Citizens
Financial
Group,
Inc.
..............................................
4,546
186,250
Compass
Diversified
Holdings
.............................................
4,162
77,704
CVB
Financial
Corp.
....................................................
4,512
83,291
Dime
Community
Bancshares,
Inc.
..........................................
2,462
68,641
Fidelity
National
Financial,
Inc.
............................................
3,170
206,304
Fifth
Third
Bancorp
.....................................................
3,211
125,871
First
Hawaiian,
Inc.
.....................................................
9,590
234,380
First
Horizon
Corp.
.....................................................
10,914
211,950
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
2,580
73,917
HA
Sustainable
Infrastructure
Capital,
Inc.
.....................................
1,800
52,632
Hanmi
Financial
Corp.
...................................................
3,940
89,280
Heritage
Financial
Corp.
..................................................
3,572
86,907
Hope
Bancorp,
Inc.
.....................................................
6,308
66,045
Huntington
Bancshares,
Inc.
...............................................
15,505
232,730
Invesco
Ltd.
...........................................................
10,703
162,364
Janus
Henderson
Group
PLC
..............................................
7,141
258,147
Lazard,
Inc.
...........................................................
3,759
162,765
Moelis
&
Co.
,
Class
A
...................................................
1,031
60,169
Northern
Trust
Corp.
....................................................
2,052
202,430
Northwest
Bancshares,
Inc.
................................................
7,591
91,244
OneMain
Holdings,
Inc.
..................................................
4,251
207,789
Peoples
Bancorp,
Inc.
....................................................
3,177
94,230
Prudential
Financial,
Inc.
.................................................
2,281
254,742
Regions
Financial
Corp.
..................................................
9,507
206,587
Safety
Insurance
Group,
Inc.
...............................................
1,351
106,567
Simmons
First
National
Corp.
,
Class
A
.......................................
3,682
75,591
Southside
Bancshares,
Inc.
................................................
2,518
72,921
Synovus
Financial
Corp.
..................................................
2,173
101,566
Victory
Portfolios
II
VictoryShares
Hedged
Equity
Income
ETF
221
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
T.
Rowe
Price
Group,
Inc.
.................................................
2,253
$
206,983
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
2,861
111,350
The
PNC
Financial
Services
Group,
Inc.
......................................
1,050
184,558
The
Western
Union
Co.
...................................................
21,608
228,613
Truist
Financial
Corp.
....................................................
5,204
214,145
United
Bankshares,
Inc.
..................................................
2,282
79,117
Zions
Bancorp
NA
......................................................
1,621
80,823
5,257,245
Health
Care
(8.3%):
AbbVie,
Inc.
..........................................................
881
184,587
Amgen,
Inc.
...........................................................
194
60,441
Baxter
International,
Inc.
.................................................
3,238
110,837
Bristol-Myers
Squibb
Co.
.................................................
4,137
252,316
CVS
Health
Corp.
......................................................
2,979
201,827
Embecta
Corp.
.........................................................
2,631
33,545
Gilead
Sciences,
Inc.
....................................................
2,972
333,013
Johnson
&
Johnson
.....................................................
1,145
189,887
Medtronic
PLC
........................................................
2,391
214,855
Organon
&
Co.
........................................................
8,937
133,072
Perrigo
Co.
PLC
.......................................................
5,961
167,146
Pfizer,
Inc.
............................................................
7,810
197,905
Premier,
Inc.
,
Class
A
....................................................
12,441
239,863
Viatris,
Inc.
...........................................................
17,672
153,923
2,473,217
Industrials
(3.7%):
Costamare,
Inc.
........................................................
3,199
31,478
CSG
Systems
International,
Inc.
............................................
807
48,799
Deluxe
Corp.
..........................................................
3,694
58,402
Douglas
Dynamics,
Inc.
..................................................
2,487
57,773
Genco
Shipping
&
Trading
Ltd.
.............................................
5,017
67,027
Golden
Ocean
Group
Ltd.
.................................................
6,087
48,574
Kennametal,
Inc.
.......................................................
2,111
44,965
ManpowerGroup,
Inc.
...................................................
3,182
184,174
MillerKnoll,
Inc.
.......................................................
1,171
22,413
MSC
Industrial
Direct
Co.,
Inc.
.............................................
2,715
210,874
Pitney
Bowes,
Inc.
......................................................
3,796
34,354
Resources
Connection,
Inc.
................................................
7,832
51,221
Steelcase,
Inc.
,
Class
A
...................................................
2,715
29,757
Trinity
Industries,
Inc.
...................................................
1,541
43,241
United
Parcel
Service,
Inc.
,
Class
B
..........................................
1,581
173,894
1,106,946
Information
Technology
(1.0%):
Cisco
Systems,
Inc.
.....................................................
3,405
210,122
HP,
Inc.
..............................................................
2,617
72,465
282,587
Materials
(4.9%):
Amcor
PLC
...........................................................
24,292
235,632
Ardagh
Metal
Packaging
SA
...............................................
21,966
66,337
Dow,
Inc.
............................................................
5,724
199,882
Eastman
Chemical
Co.
...................................................
1,351
119,037
FMC
Corp.
...........................................................
718
30,292
Greif,
Inc.
,
Class
A
......................................................
991
54,495
Huntsman
Corp.
........................................................
2,739
43,249
Kaiser
Aluminum
Corp.
..................................................
830
50,315
LyondellBasell
Industries
NV
,
Class
A
........................................
3,304
232,602
Myers
Industries,
Inc.
....................................................
3,811
45,465
Ramaco
Resources,
Inc.
,
Class
A
............................................
3,250
26,747
Ryerson
Holding
Corp.
...................................................
1,698
38,986
Sonoco
Products
Co.
....................................................
5,528
261,143
SunCoke
Energy,
Inc.
....................................................
6,658
61,254
1,465,436
Victory
Portfolios
II
VictoryShares
Hedged
Equity
Income
ETF
222
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Security
Description
Shares
.
Value
Utilities
(21.6%):
Alliant
Energy
Corp.
....................................................
4,020
$
258,687
American
Electric
Power
Co.,
Inc.
...........................................
2,601
284,211
American
States
Water
Co.
................................................
340
26,751
Avista
Corp.
..........................................................
3,065
128,332
Black
Hills
Corp.
.......................................................
2,100
127,365
Clearway
Energy,
Inc.
,
Class
C
.............................................
6,516
197,239
CMS
Energy
Corp.
......................................................
2,464
185,071
Consolidated
Edison,
Inc.
.................................................
2,376
262,762
Dominion
Energy,
Inc.
...................................................
4,269
239,363
DTE
Energy
Co.
.......................................................
1,576
217,913
Duke
Energy
Corp.
......................................................
3,082
375,912
Edison
International
.....................................................
3,653
215,235
Entergy
Corp.
.........................................................
5,244
448,310
Evergy,
Inc.
...........................................................
5,504
379,501
Exelon
Corp.
..........................................................
4,714
217,221
Middlesex
Water
Co.
....................................................
469
30,063
National
Fuel
Gas
Co.
...................................................
3,591
284,371
New
Jersey
Resources
Corp.
...............................................
2,492
122,257
NiSource,
Inc.
.........................................................
7,241
290,292
Northwest
Natural
Holding
Co.
.............................................
2,464
105,262
Northwestern
Energy
Group,
Inc.
...........................................
2,487
143,923
OGE
Energy
Corp.
......................................................
8,205
377,102
ONE
Gas,
Inc.
.........................................................
1,512
114,292
Otter
Tail
Corp.
........................................................
359
28,853
Pinnacle
West
Capital
Corp.
...............................................
3,342
318,325
Portland
General
Electric
Co.
..............................................
2,829
126,173
PPL
Corp.
............................................................
7,574
273,497
SJW
Group
...........................................................
537
29,369
Southwest
Gas
Holdings,
Inc.
..............................................
1,061
76,180
Spire,
Inc.
............................................................
2,121
165,968
TXNM
Energy,
Inc.
.....................................................
2,630
140,652
UGI
Corp.
............................................................
7,231
239,129
6,429,581
Total
Common
Stocks
(Cost
$27,320,218)
27,636,954
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.26
%
(b)
........
10,140
10,140
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(b)
............
10,140
10,140
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.30
%
(b)
...............
10,140
10,140
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.27
%
(b)
.
10,140
10,140
Total
Collateral
for
Securities
Loaned
(Cost
$40,560)
40,560
Total
Investments
(Cost
$27,360,778)
—
92.9%
27,677,514
Other
assets
in
excess
of
liabilities
—
7.1%
2,111,927
NET
ASSETS
-
100.00%
$
29,789,441
At
March
31,
2025,
the
Fund's
investments
in
foreign
securities
were
5.3%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rate
disclosed
is
the
daily
yield
on
March
31,
2025.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
86
6/20/25
$
34,229,703
$
33,435,940
$
(
793,763
)
Victory
Portfolios
II
VictoryShares
Hedged
Equity
Income
ETF
223
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2025
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
118
6/20/25
$
12,153,671
$
11,959,890
$
193,781
E-Mini
S&P
500
Futures
..............
108
6/20/25
30,725,900
30,527,550
198,350
$
392,131
Total
unrealized
appreciation
$
392,131
Total
unrealized
depreciation
(
793,763
)
Total
net
unrealized
appreciation
(depreciation)
$
(
401,632
)