Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
1
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(90.9%)
Australia
(0.9%):
Health
Care
(0.2%):
Sonic
Healthcare
Ltd.
....................................................
280,655
$
3,987
Materials
(0.3%):
Fortescue
Ltd.
.........................................................
315,107
4,502
Rio
Tinto
Ltd.
.........................................................
41,191
4,679
9,181
Utilities
(0.4%):
APA
Group
...........................................................
856,035
5,896
Origin
Energy
Ltd.
......................................................
715,033
6,151
12,047
25,215
Austria
(0.4%):
Energy
(0.4%):
OMV
AG
............................................................
146,018
10,681
Belgium
(0.3%):
Financials
(0.3%):
Ageas
SA
............................................................
112,774
8,301
Bermuda
(0.7%):
Energy
(0.7%):
DHT
Holdings,
Inc.
.....................................................
569,515
10,405
Golar
LNG
Ltd.
........................................................
173,631
9,395
19,800
Brazil
(4.2%):
Communication
Services
(0.6%):
Telefonica
Brasil
SA
.....................................................
877,800
6,988
TIM
SA
..............................................................
2,171,300
11,512
18,500
Consumer
Discretionary
(0.5%):
Ultrapar
Participacoes
SA
.................................................
637,500
3,535
Vibra
Energia
SA
.......................................................
1,750,606
10,687
14,222
Consumer
Staples
(0.5%):
Ambev
SA
............................................................
4,876,700
14,359
Energy
(0.3%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
929,000
8,730
Financials
(0.9%):
Banco
do
Brasil
SA
.....................................................
2,299,400
10,211
BB
Seguridade
Participacoes
SA
............................................
1,805,500
12,135
Caixa
Seguridade
Participacoes
SA
..........................................
915,174
3,242
25,588
Materials
(0.9%):
Gerdau
SA
,
Preference
Shares
..............................................
1,357,500
4,980
Klabin
SA
............................................................
2,013,911
7,586
Vale
SA
..............................................................
873,100
13,904
26,470
Utilities
(0.5%):
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
...............................
3,429,400
8,350
CPFL
Energia
SA
.......................................................
832,900
7,841
16,191
124,060
Canada
(2.4%):
Communication
Services
(0.1%):
BCE,
Inc.
............................................................
178,456
4,503
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Consumer
Discretionary
(0.3%):
Canadian
Tire
Corp.
Ltd.
,
Class
A
...........................................
43,595
$
5,864
Magna
International,
Inc.
.................................................
75,157
4,198
10,062
Energy
(1.4%):
Canadian
Natural
Resources
Ltd.
............................................
141,466
6,902
Enbridge,
Inc.
.........................................................
190,511
10,329
Keyera
Corp.
..........................................................
219,177
8,479
Pembina
Pipeline
Corp.
..................................................
167,760
7,511
TC
Energy
Corp.
.......................................................
102,492
6,419
39,640
Financials
(0.2%):
The
Bank
of
Nova
Scotia
.................................................
80,593
5,590
Utilities
(0.4%):
Canadian
Utilities
Ltd.
,
Class
A
.............................................
49,302
1,732
Emera,
Inc.
...........................................................
174,787
9,061
10,793
70,588
Chile
(0.3%):
Financials
(0.3%):
Banco
de
Chile
........................................................
44,333,056
8,059
China
(2.9%):
Consumer
Discretionary
(0.2%):
Haidilao
International
Holding
Ltd.
(a)
........................................
3,509,000
6,460
Consumer
Staples
(0.2%):
Tingyi
Cayman
Islands
Holding
Corp.
........................................
3,588,000
5,990
Energy
(0.9%):
China
Petroleum
&
Chemical
Corp.
,
Class
H
...................................
11,044,000
6,349
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
1,622,500
9,604
PetroChina
Co.
Ltd.
,
Class
H
..............................................
6,696,000
9,186
25,139
Financials
(1.3%):
Bank
of
China
Ltd.
,
Class
H
...............................................
10,782,000
6,885
Bank
of
Communications
Co.
Ltd.
,
Class
H
....................................
6,400,000
5,785
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
.......................................
8,424,000
8,533
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
495,000
3,146
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
7,868,000
6,935
Ping
An
Insurance
Group
Co.
of
China
Ltd.
....................................
379,500
2,918
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(a)
...............................
8,069,000
5,069
39,271
Industrials
(0.2%):
China
Railway
Group
Ltd.
,
Class
H
..........................................
9,236,000
4,796
Materials
(0.1%):
China
Hongqiao
Group
Ltd.
...............................................
939,000
4,242
85,898
Czech
Republic
(0.3%):
Utilities
(0.3%):
CEZ
A/S
.............................................................
146,355
8,281
Denmark
(0.3%):
Financials
(0.3%):
Danske
Bank
A/S
.......................................................
154,847
7,632
Finland
(0.8%):
Communication
Services
(0.2%):
Elisa
Oyj
.............................................................
104,845
5,106
Consumer
Staples
(0.2%):
Kesko
Oyj
,
Class
B
.....................................................
210,648
4,678
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Materials
(0.2%):
UPM-Kymmene
Oyj
....................................................
205,870
$
6,443
Utilities
(0.2%):
Fortum
Oyj
...........................................................
244,666
6,256
22,483
France
(3.3%):
Communication
Services
(0.6%):
Orange
SA
............................................................
696,453
14,277
Publicis
Groupe
SA
.....................................................
48,853
4,043
18,320
Consumer
Discretionary
(0.3%):
FDJ
UNITED
(b)
.......................................................
280,110
8,242
Consumer
Staples
(0.2%):
Carrefour
SA
..........................................................
354,706
6,567
Energy
(0.4%):
TotalEnergies
SE
.......................................................
118,287
10,854
Financials
(0.6%):
BNP
Paribas
SA
........................................................
62,309
5,935
Credit
Agricole
SA
......................................................
364,099
6,795
Edenred
SE
(b)
.........................................................
173,104
3,447
16,177
Health
Care
(0.1%):
Sanofi
SA
............................................................
43,307
4,182
Industrials
(0.3%):
Bouygues
SA
..........................................................
160,841
9,321
Materials
(0.1%):
Arkema
SA
...........................................................
60,758
4,171
Utilities
(0.7%):
Engie
SA
.............................................................
409,421
13,193
Veolia
Environnement
SA
.................................................
173,512
6,607
19,800
97,634
Germany
(1.1%):
Consumer
Discretionary
(0.5%):
Bayerische
Motoren
Werke
AG
.............................................
41,350
3,825
Mercedes-Benz
Group
AG
................................................
95,275
5,855
Volkswagen
AG
,
Preference
Shares
..........................................
45,669
4,671
14,351
Industrials
(0.2%):
Deutsche
Post
AG
......................................................
116,645
6,147
Materials
(0.4%):
BASF
SE
............................................................
89,257
5,497
Evonik
Industries
AG
....................................................
257,811
5,058
10,555
31,053
Hong
Kong
(3.0%):
Communication
Services
(0.2%):
HKT
Trust
&
HKT
Ltd.
,
Class
SS
...........................................
4,184,000
6,538
Consumer
Discretionary
(0.2%):
Bosideng
International
Holdings
Ltd.
.........................................
10,816,000
5,567
Consumer
Staples
(0.3%):
WH
Group
Ltd.
(a)
......................................................
5,398,000
7,096
Financials
(0.3%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
1,654,500
9,128
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Industrials
(0.6%):
CK
Hutchison
Holdings
Ltd.
...............................................
786,000
$
6,033
Orient
Overseas
International
Ltd.
...........................................
347,000
6,189
SITC
International
Holdings
Co.
Ltd.
.........................................
1,286,000
5,631
17,853
Utilities
(1.4%):
Beijing
Enterprises
Holdings
Ltd.
...........................................
1,430,500
5,469
China
Gas
Holdings
Ltd.
..................................................
4,844,400
4,427
CK
Infrastructure
Holdings
Ltd.
............................................
831,000
6,664
CLP
Holdings
Ltd.
......................................................
850,500
8,008
Guangdong
Investment
Ltd.
...............................................
3,716,000
3,722
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
7,893,000
7,180
Power
Assets
Holdings
Ltd.
...............................................
707,500
5,520
40,990
87,172
India
(2.0%):
Consumer
Discretionary
(0.3%):
Hero
MotoCorp
Ltd.
.....................................................
162,091
8,763
Consumer
Staples
(0.1%):
ITC
Ltd.
.............................................................
1,468,392
4,487
Energy
(0.7%):
Bharat
Petroleum
Corp.
Ltd.
...............................................
1,270,069
3,808
Coal
India
Ltd.
.........................................................
922,373
4,410
Hindustan
Petroleum
Corp.
Ltd.
............................................
715,321
2,550
Indian
Oil
Corp.
Ltd.
....................................................
2,969,214
4,263
Oil
&
Natural
Gas
Corp.
Ltd.
..............................................
1,401,700
4,223
19,254
Information
Technology
(0.3%):
HCL
Technologies
Ltd.
...................................................
300,893
4,331
Tata
Consultancy
Services
Ltd.
.............................................
123,644
3,114
7,445
Materials
(0.3%):
NMDC
Ltd.
...........................................................
4,088,425
3,327
Vedanta
Ltd.
..........................................................
805,878
5,655
8,982
Utilities
(0.3%):
GAIL
India
Ltd.
........................................................
2,401,577
3,520
Power
Grid
Corp.
of
India
Ltd.
.............................................
1,829,439
5,760
9,280
58,211
Indonesia
(1.3%):
Communication
Services
(0.2%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
37,764,500
6,829
Energy
(0.3%):
PT
Alamtri
Resources
Indonesia
Tbk
.........................................
23,858,000
3,647
PT
United
Tractors
Tbk
..................................................
2,745,900
5,023
8,670
Financials
(0.4%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
13,132,500
3,687
PT
Bank
Negara
Indonesia
Persero
Tbk
.......................................
13,992,200
3,126
PT
Bank
Rakyat
Indonesia
Persero
Tbk
.......................................
19,777,200
3,953
10,766
Industrials
(0.4%):
PT
Astra
International
Tbk
................................................
29,128,700
10,756
37,021
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Ireland
(0.2%):
Health
Care
(0.2%):
Medtronic
PLC
........................................................
78,585
$
6,809
Italy
(2.2%):
Energy
(0.4%):
Eni
SpA
.............................................................
464,707
13,211
Financials
(0.9%):
Banca
Monte
dei
Paschi
di
Siena
SpA
(b)
......................................
535,827
4,675
Banco
BPM
SpA
.......................................................
364,399
5,068
Intesa
Sanpaolo
SpA
.....................................................
1,084,327
6,557
Poste
Italiane
SpA
(a)
....................................................
417,964
9,837
26,137
Utilities
(0.9%):
Enel
SpA
.............................................................
821,087
8,976
Snam
SpA
............................................................
1,088,631
8,246
Terna
-
Rete
Elettrica
Nazionale
(b)
..........................................
720,128
8,235
25,457
64,805
Japan
(1.1%):
Consumer
Discretionary
(0.4%):
Isuzu
Motors
Ltd.
.......................................................
364,700
5,253
Yamaha
Motor
Co.
Ltd.
..................................................
667,700
4,824
10,077
Consumer
Staples
(0.2%):
Japan
Tobacco,
Inc.
.....................................................
167,900
6,442
Health
Care
(0.3%):
Astellas
Pharma,
Inc.
....................................................
214,200
3,492
Takeda
Pharmaceutical
Co.
Ltd.
............................................
156,200
5,753
9,245
Materials
(0.2%):
Mitsubishi
Chemical
Group
Corp.
...........................................
589,400
3,446
Nippon
Steel
Corp.
......................................................
931,300
3,434
6,880
32,644
Malaysia
(0.8%):
Communication
Services
(0.2%):
Telekom
Malaysia
Bhd
...................................................
3,449,700
6,062
Industrials
(0.2%):
Sime
Darby
Bhd
.......................................................
6,891,300
3,880
Utilities
(0.4%):
Tenaga
Nasional
Bhd
....................................................
3,554,600
12,255
22,197
Mexico
(1.3%):
Consumer
Staples
(0.6%):
Arca
Continental
SAB
de
CV
(b)
............................................
434,146
5,008
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
2,436,058
5,768
Wal-Mart
de
Mexico
SAB
de
CV
...........................................
2,276,650
7,394
18,170
Financials
(0.3%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
802,248
8,899
Industrials
(0.2%):
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
(b)
...........................
155,166
5,230
Materials
(0.2%):
Grupo
Mexico
SAB
de
CV
,
Class
B
..........................................
417,960
4,476
36,775
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Monaco
(0.3%):
Energy
(0.3%):
Scorpio
Tankers,
Inc.
....................................................
105,502
$
7,877
Netherlands
(1.3%):
Communication
Services
(0.4%):
Koninklijke
KPN
NV
....................................................
1,913,464
10,663
Consumer
Discretionary
(0.0%):(c)
Stellantis
NV
..........................................................
245,421
1,774
Financials
(0.9%):
ASR
Nederland
NV
.....................................................
121,544
8,367
ING
Groep
NV
........................................................
287,972
7,474
NN
Group
NV
.........................................................
125,700
9,815
25,656
38,093
Norway
(0.7%):
Communication
Services
(0.3%):
Telenor
ASA
..........................................................
472,686
8,346
Energy
(0.1%):
SFL
Corp.
Ltd.
,
Class
B
..................................................
265,646
2,866
Financials
(0.3%):
DNB
Bank
ASA
........................................................
306,535
9,598
20,810
Poland
(1.2%):
Energy
(0.6%):
ORLEN
SA
...........................................................
479,925
17,396
Financials
(0.6%):
Bank
Polska
Kasa
Opieki
SA
..............................................
136,732
8,105
Santander
Bank
Polska
SA
................................................
56,141
8,905
17,010
34,406
Portugal
(0.3%):
Energy
(0.1%):
Galp
Energia
SGPS
SA
...................................................
153,401
3,678
Utilities
(0.2%):
EDP
SA
..............................................................
1,200,129
6,350
10,028
Puerto
Rico
(0.2%):
Financials
(0.2%):
First
Bancorp
Puerto
Rico
.................................................
292,255
6,243
Russian
Federation
(0.0%):
Communication
Services
(0.0%):
Rostelecom
PJSC
(d)
(e)
(f)
.................................................
6,752,730
—
Consumer
Staples
(0.0%):
X5
Retail
Group
NV
,
GDR
(d)
(e)
(f)
..........................................
201,753
—
Energy
(0.0%):
Tatneft
PJSC
(d)
(e)
(f)
....................................................
827,565
—
Financials
(0.0%):
Moscow
Exchange
MICEX-RTS
PJSC
(d)
(e)
(f)
..................................
2,604,790
—
Materials
(0.0%):
Evraz
PLC
(d)
(e)
(f)
......................................................
753,373
—
GMK
Norilskiy
Nickel
PAO
(d)
(e)
(f)
.........................................
1,487,700
—
Magnitogorsk
Iron
&
Steel
Works
PJSC
(d)
(e)
(f)
.................................
4,673,660
—
Novolipetsk
Steel
PJSC
(d)
(e)
(f)
............................................
1,477,080
—
Polyus
PJSC
(d)
(e)
(f)
....................................................
344,030
—
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Severstal
PAO
(d)
(e)
(f)
...................................................
223,944
$
—
—
Utilities
(0.0%):
Inter
RAO
UES
PJSC
(d)
(e)
(f)
..............................................
128,274,200
—
RusHydro
PJSC
(d)
(e)
(f)
..................................................
694,437,000
—
—
—
Singapore
(0.5%):
Consumer
Staples
(0.2%):
Wilmar
International
Ltd.
.................................................
2,454,200
7,375
Financials
(0.3%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
502,200
8,604
15,979
South
Africa
(1.2%):
Communication
Services
(0.4%):
MTN
Group
Ltd.
.......................................................
366,928
4,286
Vodacom
Group
Ltd.
....................................................
655,213
5,615
9,901
Financials
(0.7%):
Absa
Group
Ltd.
.......................................................
705,985
10,174
Standard
Bank
Group
Ltd.
................................................
617,117
11,181
21,355
Industrials
(0.1%):
Bidvest
Group
Ltd.
......................................................
292,605
3,937
Materials
(0.0%):(c)
Kumba
Iron
Ore
Ltd.
....................................................
16,539
314
35,507
South
Korea
(1.1%):
Consumer
Staples
(0.4%):
KT&G
Corp.
..........................................................
97,956
10,536
Energy
(0.1%):
HD
Hyundai
Co.
Ltd.
....................................................
25,922
4,349
Financials
(0.4%):
Industrial
Bank
of
Korea
..................................................
397,839
5,748
Woori
Financial
Group,
Inc.
...............................................
249,016
5,461
11,209
Industrials
(0.2%):
Doosan
Bobcat,
Inc.
.....................................................
81,052
3,167
LG
Corp.
.............................................................
75,403
4,265
7,432
33,526
Spain
(1.5%):
Energy
(0.4%):
Repsol
SA
............................................................
423,135
11,909
Financials
(0.4%):
Banco
de
Sabadell
SA
...................................................
1,275,305
4,568
CaixaBank
SA
.........................................................
537,360
6,441
11,009
Utilities
(0.7%):
Endesa
SA
............................................................
245,471
10,258
Naturgy
Energy
Group
SA
................................................
115,893
3,478
Redeia
Corp.
SA
.......................................................
356,787
6,047
19,783
42,701
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Sweden
(0.8%):
Communication
Services
(0.3%):
Telia
Co.
AB
..........................................................
1,852,713
$
9,497
Financials
(0.2%):
Svenska
Handelsbanken
AB
,
Class
A
.........................................
169,008
2,229
Swedbank
AB
,
Class
A
...................................................
128,576
4,385
6,614
Industrials
(0.3%):
Volvo
AB
,
Class
B
......................................................
201,611
6,633
22,744
Switzerland
(0.2%):
Industrials
(0.2%):
Kuehne
+
Nagel
International
AG
,
Class
R
(b)
...................................
21,655
4,960
Taiwan
(3.5%):
Communication
Services
(0.9%):
Chunghwa
Telecom
Co.
Ltd.
...............................................
1,621,000
6,759
Far
EasTone
Telecommunications
Co.
Ltd.
.....................................
2,497,000
7,213
Taiwan
Mobile
Co.
Ltd.
..................................................
3,667,000
12,540
26,512
Consumer
Staples
(0.2%):
Uni-President
Enterprises
Corp.
............................................
2,454,000
5,482
Industrials
(0.5%):
Eva
Airways
Corp.
......................................................
8,221,000
8,859
Far
Eastern
New
Century
Corp.
.............................................
5,911,000
4,920
13,779
Information
Technology
(1.7%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
757,000
8,333
Asustek
Computer,
Inc.
...................................................
397,000
6,974
Compal
Electronics,
Inc.
..................................................
3,797,000
3,303
Hon
Hai
Precision
Industry
Co.
Ltd.
.........................................
809,000
4,946
MediaTek,
Inc.
.........................................................
73,000
3,502
Pegatron
Corp.
.........................................................
2,110,000
5,117
Quanta
Computer,
Inc.
...................................................
659,000
5,931
Realtek
Semiconductor
Corp.
..............................................
197,000
2,997
Synnex
Technology
International
Corp.
.......................................
2,962,000
7,135
United
Microelectronics
Corp.
.............................................
1,207,000
2,164
50,402
Materials
(0.2%):
Asia
Cement
Corp.
......................................................
6,472,000
7,078
103,253
Thailand
(1.5%):
Energy
(0.8%):
PTT
Exploration
&
Production
PCL
..........................................
2,176,700
10,489
PTT
PCL
.............................................................
11,063,800
11,756
22,245
Financials
(0.6%):
SCB
X
PCL
...........................................................
3,393,100
14,919
TMBThanachart
Bank
PCL
................................................
58,889,100
4,140
19,059
Materials
(0.1%):
The
Siam
Cement
PCL
...................................................
571,800
3,649
44,953
Turkey
(0.1%):
Energy
(0.1%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
793,552
4,612
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
United
Kingdom
(3.0%):
Communication
Services
(0.4%):
Vodafone
Group
PLC
....................................................
4,674,453
$
7,050
WPP
PLC
............................................................
1,004,642
3,141
10,191
Consumer
Discretionary
(0.3%):
Brightstar
Lottery
PLC
...................................................
318,152
4,053
Kingfisher
PLC
........................................................
1,318,162
5,012
9,065
Consumer
Staples
(0.8%):
British
American
Tobacco
PLC
.............................................
165,317
9,597
Imperial
Brands
PLC
....................................................
224,668
9,108
J
Sainsbury
PLC
.......................................................
1,108,485
4,990
23,695
Energy
(0.3%):
BP
PLC
..............................................................
985,144
7,709
Financials
(0.6%):
Admiral
Group
PLC
.....................................................
135,561
5,669
Aviva
PLC
............................................................
733,203
5,884
Standard
Life
PLC
......................................................
662,202
5,996
17,549
Materials
(0.4%):
Mondi
PLC
...........................................................
335,545
3,793
Rio
Tinto
PLC
.........................................................
80,893
7,503
11,296
Utilities
(0.2%):
National
Grid
PLC
......................................................
408,986
6,903
86,408
United
States
(43.7%):
Communication
Services
(1.2%):
AT&T,
Inc.
...........................................................
290,993
8,436
Comcast
Corp.
,
Class
A
..................................................
185,655
5,330
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
151,542
5,774
Omnicom
Group,
Inc.
....................................................
53,194
4,006
Verizon
Communications,
Inc.
..............................................
235,173
11,806
35,352
Consumer
Discretionary
(3.5%):
Best
Buy
Co.,
Inc.
......................................................
63,040
4,047
Carter's,
Inc.
..........................................................
129,022
4,614
Dana,
Inc.
............................................................
87,353
2,939
Darden
Restaurants,
Inc.
..................................................
34,188
6,702
Dine
Brands
Global,
Inc.
.................................................
78,724
2,066
Ford
Motor
Co.
........................................................
429,628
4,958
Genuine
Parts
Co.
......................................................
28,423
3,006
Hasbro,
Inc.
...........................................................
84,563
7,915
Kontoor
Brands,
Inc.
....................................................
101,545
7,138
La-Z-Boy,
Inc.
.........................................................
169,756
5,456
LCI
Industries
.........................................................
57,641
7,089
LKQ
Corp.
...........................................................
119,425
3,507
Meritage
Homes
Corp.
...................................................
78,822
4,874
Monro,
Inc.
...........................................................
175,970
2,823
Oxford
Industries,
Inc.
...................................................
46,100
1,775
Polaris,
Inc.
...........................................................
71,458
3,894
Steven
Madden
Ltd.
.....................................................
49,978
1,695
Strategic
Education,
Inc.
..................................................
63,948
5,305
The
Buckle,
Inc.
........................................................
192,306
9,684
Upbound
Group,
Inc.
....................................................
264,963
4,783
Winmark
Corp.
........................................................
14,442
6,175
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Winnebago
Industries,
Inc.
................................................
91,953
$
2,850
103,295
Consumer
Staples
(5.1%):
Altria
Group,
Inc.
.......................................................
120,113
7,926
Archer-Daniels-Midland
Co.
...............................................
125,607
9,130
Bunge
Global
SA
.......................................................
54,991
6,995
Cal-Maine
Foods,
Inc.
...................................................
74,959
5,933
Colgate-Palmolive
Co.
...................................................
99,301
8,463
Constellation
Brands,
Inc.
,
Class
A
..........................................
20,539
3,081
Energizer
Holdings,
Inc.
..................................................
227,201
3,731
General
Mills,
Inc.
......................................................
76,195
2,836
Interparfums,
Inc.
.......................................................
73,654
6,691
J
&
J
Snack
Foods
Corp.
..................................................
87,612
6,945
Keurig
Dr.
Pepper,
Inc.
...................................................
149,174
3,928
Kimberly-Clark
Corp.
....................................................
69,870
6,740
PepsiCo,
Inc.
..........................................................
51,971
8,071
Philip
Morris
International,
Inc.
.............................................
57,376
9,486
Spectrum
Brands
Holdings,
Inc.
............................................
122,741
9,046
Sysco
Corp.
...........................................................
108,864
7,765
Target
Corp.
..........................................................
46,243
5,605
The
Clorox
Co.
........................................................
72,891
7,554
The
Coca-Cola
Co.
......................................................
100,882
7,672
The
Marzetti
Company
...................................................
50,550
6,993
Tyson
Foods,
Inc.
,
Class
A
................................................
111,945
7,172
Universal
Corp.
........................................................
142,911
7,531
149,294
Energy
(6.3%):
Archrock,
Inc.
.........................................................
261,182
9,089
California
Resources
Corp.
................................................
138,965
9,619
ConocoPhillips
Co.
.....................................................
46,314
6,113
Coterra
Energy,
Inc.
.....................................................
200,148
7,033
Crescent
Energy
Co.
,
Class
A
..............................................
599,446
8,093
Devon
Energy
Corp.
.....................................................
128,939
6,488
DT
Midstream,
Inc.
.....................................................
47,594
6,409
EOG
Resources,
Inc.
....................................................
44,164
6,385
Expand
Energy
Corp.
....................................................
52,860
5,803
Exxon
Mobil
Corp.
.....................................................
57,188
9,703
Helmerich
&
Payne,
Inc.
..................................................
199,040
7,171
International
Seaways,
Inc.
................................................
100,596
7,331
Kinder
Morgan,
Inc.
.....................................................
284,252
9,531
Kodiak
Gas
Services,
Inc.
.................................................
145,949
8,512
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
289,074
9,126
Murphy
Oil
Corp.
......................................................
163,776
6,756
ONEOK,
Inc.
..........................................................
83,586
7,555
Permian
Resources
Corp.
,
Class
A
...........................................
278,101
5,929
Phillips
66
Co.
.........................................................
38,037
6,930
SLB
Ltd.
.............................................................
157,143
8,076
SM
Energy
Co.
........................................................
300,084
9,357
The
Williams
Cos.,
Inc.
..................................................
141,354
10,288
Valero
Energy
Corp.
.....................................................
24,458
6,043
World
Kinect
Corp.
.....................................................
234,210
5,403
182,743
Financials
(8.9%):
Ally
Financial,
Inc.
......................................................
120,118
4,712
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
165,289
6,015
Associated
Banc-Corp.
...................................................
312,325
8,077
Atlantic
Union
Bankshares
Corp.
............................................
140,151
5,009
BankUnited,
Inc.
.......................................................
176,215
7,958
Banner
Corp.
..........................................................
82,843
5,027
Blackstone,
Inc.
........................................................
25,370
2,917
Citizens
Financial
Group,
Inc.
..............................................
146,848
8,807
Cohen
&
Steers,
Inc.
....................................................
55,784
3,489
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Community
Financial
System,
Inc.
..........................................
131,419
$
7,708
CVB
Financial
Corp.
....................................................
363,129
7,041
East
West
Bancorp,
Inc.
..................................................
38,423
4,102
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
14,678
2,178
Fidelity
National
Financial,
Inc.
............................................
122,443
5,679
Fifth
Third
Bancorp
.....................................................
123,717
5,748
First
Financial
Bancorp
...................................................
206,371
5,754
First
Hawaiian,
Inc.
.....................................................
189,513
4,670
First
Horizon
Corp.
.....................................................
108,171
2,462
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
215,144
7,186
First
Merchants
Corp.
....................................................
135,036
5,230
Fulton
Financial
Corp.
...................................................
462,008
9,397
HA
Sustainable
Infrastructure
Capital,
Inc.
.....................................
197,532
7,259
Huntington
Bancshares,
Inc.
...............................................
436,810
6,836
Independent
Bank
Corp.
..................................................
112,150
8,435
Jackson
Financial,
Inc.
,
Class
A
.............................................
68,205
7,211
KeyCorp
.............................................................
321,410
6,444
MetLife,
Inc.
..........................................................
80,939
5,724
Moelis
&
Co.
,
Class
A
...................................................
56,033
3,194
Morgan
Stanley
........................................................
30,164
4,964
Northwest
Bancshares,
Inc.
................................................
404,346
5,131
Principal
Financial
Group,
Inc.
.............................................
92,991
8,379
Provident
Financial
Services,
Inc.
...........................................
238,289
5,042
Prudential
Financial,
Inc.
.................................................
53,407
5,217
Regions
Financial
Corp.
..................................................
283,425
7,403
Simmons
First
National
Corp.
,
Class
A
.......................................
274,582
5,341
State
Street
Corp.
.......................................................
74,740
9,459
The
PNC
Financial
Services
Group,
Inc.
......................................
31,528
6,561
The
Progressive
Corp.
...................................................
32,603
6,463
United
Bankshares,
Inc.
..................................................
194,986
8,076
United
Community
Banks,
Inc.
.............................................
132,618
4,176
Valley
National
Bancorp
..................................................
455,114
5,589
WaFd,
Inc.
............................................................
222,243
6,978
Webster
Financial
Corp.
..................................................
29,402
2,041
Wells
Fargo
&
Co.
......................................................
53,089
4,226
259,315
Health
Care
(2.4%):
AbbVie,
Inc.
..........................................................
33,045
7,187
Amgen,
Inc.
...........................................................
17,925
6,307
Bristol-Myers
Squibb
Co.
.................................................
108,549
6,583
CVS
Health
Corp.
......................................................
72,720
5,223
Gilead
Sciences,
Inc.
....................................................
42,697
5,951
Johnson
&
Johnson
.....................................................
48,120
11,762
Merck
&
Co.,
Inc.
......................................................
60,518
7,280
Pfizer,
Inc.
............................................................
241,790
6,789
U.S.
Physical
Therapy,
Inc.
................................................
66,536
4,988
UnitedHealth
Group,
Inc.
.................................................
7,738
2,094
Viatris,
Inc.
...........................................................
420,299
5,678
69,842
Industrials
(3.4%):
ABM
Industries,
Inc.
....................................................
179,089
6,898
Alight,
Inc.
,
Class
A
(b)
...................................................
1,583,263
923
Apogee
Enterprises,
Inc.
..................................................
71,526
2,399
Herc
Holdings,
Inc.
.....................................................
12,965
1,291
HNI
Corp.
............................................................
159,952
5,341
Insperity,
Inc.
..........................................................
92,651
2,505
Kennametal,
Inc.
.......................................................
236,457
8,543
Korn
Ferry
...........................................................
137,870
8,679
Lockheed
Martin
Corp.
...................................................
13,926
8,417
MillerKnoll,
Inc.
.......................................................
259,885
3,758
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
......................................
51,912
4,790
Paychex,
Inc.
..........................................................
68,303
6,292
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Pitney
Bowes,
Inc.
......................................................
406,865
$
4,496
Snap-on,
Inc.
..........................................................
22,209
8,067
The
Greenbrier
Cos.,
Inc.
.................................................
109,313
5,755
Trinity
Industries,
Inc.
...................................................
201,788
6,493
Union
Pacific
Corp.
.....................................................
32,055
7,777
United
Parcel
Service,
Inc.
,
Class
B
..........................................
72,878
7,170
99,594
Information
Technology
(0.5%):
Avnet,
Inc.
............................................................
118,088
7,276
HP,
Inc.
..............................................................
217,890
4,186
Texas
Instruments,
Inc.
...................................................
13,233
2,569
14,031
Materials
(1.5%):
Avient
Corp.
..........................................................
176,640
6,412
Cabot
Corp.
...........................................................
107,681
8,109
Eastman
Chemical
Co.
...................................................
64,161
4,897
Greif,
Inc.
,
Class
A
......................................................
103,035
6,911
Kaiser
Aluminum
Corp.
..................................................
41,605
5,014
LyondellBasell
Industries
NV
,
Class
A
........................................
55,761
4,492
Sylvamo
Corp.
.........................................................
97,981
4,139
The
Mosaic
Co.
........................................................
113,691
2,899
42,873
Utilities
(10.9%):
Alliant
Energy
Corp.
....................................................
110,721
7,945
American
Electric
Power
Co.,
Inc.
...........................................
54,138
7,096
American
States
Water
Co.
................................................
166,969
12,626
Avista
Corp.
..........................................................
277,716
11,147
Black
Hills
Corp.
.......................................................
157,188
10,910
Brookfield
Infrastructure
Corp.
.............................................
208,953
8,258
California
Water
Service
Group
.............................................
213,095
9,662
Chesapeake
Utilities
Corp.
................................................
59,330
7,497
CMS
Energy
Corp.
......................................................
89,766
6,964
Consolidated
Edison,
Inc.
.................................................
70,530
7,983
Dominion
Energy,
Inc.
...................................................
117,873
7,287
DTE
Energy
Co.
.......................................................
51,947
7,596
Duke
Energy
Corp.
......................................................
72,299
9,467
Edison
International
.....................................................
86,550
6,334
Entergy
Corp.
.........................................................
60,603
6,809
Evergy,
Inc.
...........................................................
147,550
12,087
Eversource
Energy
......................................................
79,541
5,511
Exelon
Corp.
..........................................................
174,392
8,549
FirstEnergy
Corp.
.......................................................
208,500
10,563
H2O
America
(b)
.......................................................
152,683
8,958
MGE
Energy,
Inc.
......................................................
56,790
4,389
New
Jersey
Resources
Corp.
...............................................
292,508
16,064
NiSource,
Inc.
.........................................................
270,223
12,609
Northwest
Natural
Holding
Co.
.............................................
155,132
8,256
OGE
Energy
Corp.
......................................................
119,774
5,744
ONE
Gas,
Inc.
.........................................................
150,871
12,994
Otter
Tail
Corp.
........................................................
94,013
8,251
Pinnacle
West
Capital
Corp.
...............................................
50,549
5,093
Portland
General
Electric
Co.
..............................................
279,755
14,763
PPL
Corp.
............................................................
202,847
7,749
Southwest
Gas
Holdings,
Inc.
..............................................
110,553
9,607
Spire,
Inc.
............................................................
165,382
14,974
The
AES
Corp.
........................................................
167,777
2,364
The
Southern
Co.
.......................................................
91,013
8,785
WEC
Energy
Group,
Inc.
.................................................
73,005
8,452
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
4,340
GMK
Norilskiy
Nickel
PAO
....................................
9/19/2014
4,446
Inter
RAO
UES
PJSC
.........................................
3/19/2021
7,868
Magnitogorsk
Iron
&
Steel
Works
PJSC
............................
9/17/2021
4,370
Moscow
Exchange
MICEX-RTS
PJSC
............................
9/17/2021
5,924
Novolipetsk
Steel
PJSC
.......................................
9/17/2021
4,421
Polyus
PJSC
...............................................
9/17/2021
6,022
Rostelecom
PJSC
............................................
9/18/2020
8,205
RusHydro
PJSC
.............................................
9/18/2020
7,349
Severstal
PAO
..............................................
3/17/2017
4,076
Tatneft
PJSC
...............................................
9/15/2017
5,787
X5
Retail
Group
NV
,
GDR
.....................................
9/18/2020
5,468
Security
Description
Shares
Value
(000)
Xcel
Energy,
Inc.
.......................................................
82,146
$
6,526
319,869
1,276,208
Total
Common
Stocks
(Cost
$2,231,831)
2,653,627
Collateral
for
Securities
Loaned
(1.2%)^
United
States
(1.2%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(g)
........
8,845,752
8,845
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(g)
............
8,845,752
8,846
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(g)
...............
8,845,752
8,846
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(g)
.
8,845,752
8,846
Total
Collateral
for
Securities
Loaned
(Cost
$35,383)
35,383
Total
Investments
(Cost
$2,267,214)
—
92.1%
2,689,010
Other
assets
in
excess
of
liabilities
—
7.9%
229,624
NET
ASSETS
-
100.00%
$
2,918,634
^
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,
2026,
the
fair
value
of
these
securities
was
$28,462
(thousands)
and
amounted
to
1.0%
of
net
assets.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Non-income
producing
security.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2026
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2026.
(g)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
NASDAQ
100
E-Mini
Futures
.........
5,338
6/18/26
$
2,622,510
$
2,553,165
$
(
69,345
)
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
MSCI
EAFE
Index
Futures
......
3,498
6/18/26
$
510,635
$
507,402
$
3,233
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
5,963
6/18/26
444,439
433,689
10,750
E-Mini
Russell
2000
Index
Futures
......
3,477
6/18/26
434,030
436,746
(
2,716
)
E-Mini
S&P
500
Futures
..............
10,095
6/18/26
3,371,879
3,316,586
55,293
$
66,560
Total
unrealized
appreciation
$
69,276
Total
unrealized
depreciation
(
72,061
)
Total
net
unrealized
appreciation
(depreciation)
$
(
2,785
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
15
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(3.6%):
Alphabet,
Inc.
,
Class
A
...................................................
3,634
$
1,045
AT&T,
Inc.
...........................................................
52,666
1,527
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
...................................
3,229
697
Comcast
Corp.
,
Class
A
..................................................
41,519
1,192
Fox
Corp.
,
Class
A
......................................................
18,868
1,102
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(a)
............................
14,774
1,256
Meta
Platforms,
Inc.
,
Class
A
..............................................
1,417
811
Netflix,
Inc.
(a)
.........................................................
9,287
893
News
Corp.
,
Class
A
.....................................................
49,769
1,241
Omnicom
Group,
Inc.
....................................................
9,481
714
Reddit,
Inc.
,
Class
A
(a)
...................................................
3,209
432
Roku,
Inc.
,
Class
A
(a)
....................................................
6,812
644
The
New
York
Times
Co.
,
Class
A
...........................................
13,418
1,123
The
Walt
Disney
Co.
....................................................
12,121
1,168
TKO
Group
Holdings,
Inc.
,
Class
A
..........................................
4,347
877
T-Mobile
US,
Inc.
......................................................
5,874
1,234
Verizon
Communications,
Inc.
..............................................
25,670
1,289
Warner
Music
Group
Corp.
,
Class
A
.........................................
38,664
987
18,232
Consumer
Discretionary
(8.5%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
7,895
997
Amazon.com,
Inc.
(a)
....................................................
4,817
1,003
Aptiv
PLC
(a)
..........................................................
12,541
871
AutoZone,
Inc.
(a)
.......................................................
339
1,145
Best
Buy
Co.,
Inc.
......................................................
14,656
941
Booking
Holdings,
Inc.
...................................................
246
1,036
Burlington
Stores,
Inc.
(a)
.................................................
2,772
902
Carnival
Corp.
.........................................................
23,075
597
Carvana
Co.
,
Class
A
(a)
..................................................
1,492
469
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
20,504
656
Coupang,
Inc.
,
Class
A
(a)
.................................................
44,339
837
D.R.
Horton,
Inc.
.......................................................
4,767
654
Darden
Restaurants,
Inc.
..................................................
5,876
1,152
Deckers
Outdoor
Corp.
(a)
.................................................
5,519
552
Dick's
Sporting
Goods,
Inc.
................................................
4,211
835
Domino's
Pizza,
Inc.
.....................................................
3,250
1,166
DoorDash,
Inc.
,
Class
A
(a)
................................................
3,986
598
eBay,
Inc.
............................................................
8,251
751
Expedia
Group,
Inc.
.....................................................
3,062
707
Garmin
Ltd.
...........................................................
3,970
921
General
Motors
Co.
.....................................................
11,066
824
Genuine
Parts
Co.
......................................................
8,825
933
Hilton
Worldwide
Holdings,
Inc.
............................................
4,574
1,391
Las
Vegas
Sands
Corp.
...................................................
14,235
767
Lennar
Corp.
,
Class
A
....................................................
7,125
619
Lowe's
Cos.,
Inc.
.......................................................
4,806
1,136
Marriott
International,
Inc.
,
Class
A
..........................................
3,498
1,144
McDonald's
Corp.
......................................................
5,655
1,758
NIKE,
Inc.
,
Class
B
.....................................................
13,215
698
NVR,
Inc.
(a)
..........................................................
154
1,015
O'Reilly
Automotive,
Inc.
(a)
...............................................
15,360
1,418
PulteGroup,
Inc.
........................................................
6,492
764
Ralph
Lauren
Corp.
,
Class
A
...............................................
2,971
1,022
Ross
Stores,
Inc.
.......................................................
7,159
1,551
Royal
Caribbean
Cruises
Ltd.
..............................................
2,217
610
Somnigroup
International,
Inc.
.............................................
10,744
794
Starbucks
Corp.
........................................................
11,158
1,000
Tapestry,
Inc.
..........................................................
4,868
687
Tesla,
Inc.
(a)
..........................................................
1,699
632
The
Home
Depot,
Inc.
...................................................
3,673
1,208
The
TJX
Cos.,
Inc.
......................................................
11,978
1,913
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Toll
Brothers,
Inc.
......................................................
6,098
$
832
Tractor
Supply
Co.
......................................................
22,935
1,039
Ulta
Beauty,
Inc.
(a)
.....................................................
1,483
775
Williams-Sonoma,
Inc.
...................................................
4,405
803
Yum!
Brands,
Inc.
......................................................
8,283
1,288
43,411
Consumer
Staples
(7.3%):
Altria
Group,
Inc.
.......................................................
20,359
1,343
Archer-Daniels-Midland
Co.
...............................................
16,753
1,218
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
10,892
1,072
Brown-Forman
Corp.
,
Class
B
(b)
...........................................
32,517
860
Bunge
Global
SA
.......................................................
7,870
1,001
Casey's
General
Stores,
Inc.
...............................................
2,121
1,544
Celsius
Holdings,
Inc.
(a)
..................................................
10,198
362
Church
&
Dwight
Co.,
Inc.
................................................
13,551
1,265
Coca-Cola
Consolidated,
Inc.
..............................................
5,429
1,041
Colgate-Palmolive
Co.
...................................................
15,277
1,302
Constellation
Brands,
Inc.
,
Class
A
..........................................
6,471
971
Costco
Wholesale
Corp.
..................................................
1,663
1,657
Dollar
General
Corp.
....................................................
5,965
708
General
Mills,
Inc.
......................................................
28,667
1,067
Hormel
Foods
Corp.
.....................................................
42,100
954
Keurig
Dr.
Pepper,
Inc.
...................................................
35,304
929
Kimberly-Clark
Corp.
....................................................
10,873
1,049
McCormick
&
Co.,
Inc.
..................................................
16,663
840
Mondelez
International,
Inc.
,
Class
A
.........................................
22,484
1,296
Monster
Beverage
Corp.
(a)
................................................
16,269
1,179
PepsiCo,
Inc.
..........................................................
8,043
1,249
Performance
Food
Group
Co.
(a)
............................................
11,443
980
Philip
Morris
International,
Inc.
.............................................
6,627
1,096
Sysco
Corp.
...........................................................
14,966
1,067
Target
Corp.
..........................................................
9,041
1,096
The
Clorox
Co.
........................................................
10,527
1,091
The
Coca-Cola
Co.
......................................................
23,780
1,808
The
Hershey
Co.
.......................................................
4,717
981
The
Kroger
Co.
........................................................
16,650
1,205
The
Procter
&
Gamble
Co.
................................................
10,944
1,581
Tyson
Foods,
Inc.
,
Class
A
................................................
21,530
1,379
U.S.
Foods
Holding
Corp.
(a)
...............................................
11,194
1,032
Walmart,
Inc.
..........................................................
10,662
1,325
37,548
Energy
(5.8%):
Baker
Hughes
Co.
,
Class
A
................................................
15,029
918
Cheniere
Energy,
Inc.
....................................................
5,686
1,614
Chevron
Corp.
.........................................................
8,057
1,667
ConocoPhillips
Co.
.....................................................
9,609
1,268
Devon
Energy
Corp.
.....................................................
21,788
1,096
Diamondback
Energy,
Inc.
................................................
5,806
1,148
DT
Midstream,
Inc.
.....................................................
11,114
1,497
EOG
Resources,
Inc.
....................................................
10,064
1,455
EQT
Corp.
............................................................
14,491
922
Expand
Energy
Corp.
....................................................
8,480
931
Exxon
Mobil
Corp.
.....................................................
9,035
1,533
Halliburton
Co.
........................................................
22,288
869
Kinder
Morgan,
Inc.
.....................................................
46,216
1,550
Marathon
Petroleum
Corp.
................................................
5,465
1,334
Occidental
Petroleum
Corp.
...............................................
17,699
1,150
ONEOK,
Inc.
..........................................................
14,765
1,335
Ovintiv,
Inc.
..........................................................
16,962
1,007
Permian
Resources
Corp.
,
Class
A
...........................................
50,924
1,086
Phillips
66
Co.
.........................................................
7,137
1,300
SLB
Ltd.
.............................................................
18,428
947
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Targa
Resources
Corp.
...................................................
4,710
$
1,181
Texas
Pacific
Land
Corp.
.................................................
1,324
628
The
Williams
Cos.,
Inc.
..................................................
17,640
1,284
Valero
Energy
Corp.
.....................................................
4,631
1,144
Venture
Global,
Inc.
,
Class
A
...............................................
44,852
707
29,571
Financials
(18.6%):
Affirm
Holdings,
Inc.
,
Class
A
(a)
............................................
10,642
488
Aflac,
Inc.
............................................................
15,679
1,720
American
Express
Co.
...................................................
3,594
1,087
American
International
Group,
Inc.
..........................................
15,822
1,191
Ameriprise
Financial,
Inc.
.................................................
2,538
1,128
Apollo
Global
Management,
Inc.
............................................
8,257
920
Arch
Capital
Group
Ltd.
(a)
................................................
14,890
1,429
Ares
Management
Corp.
,
Class
A
...........................................
6,974
761
Arthur
J.
Gallagher
&
Co.
.................................................
4,930
1,068
Bank
of
America
Corp.
...................................................
28,329
1,381
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
4,409
2,113
BlackRock,
Inc.
........................................................
1,195
1,149
Blackstone,
Inc.
........................................................
8,433
970
Block,
Inc.
,
Class
A
(a)
...................................................
9,965
600
Blue
Owl
Capital,
Inc.
,
Class
A
(b)
...........................................
69,495
635
Brown
&
Brown,
Inc.
....................................................
15,630
1,019
Capital
One
Financial
Corp.
...............................................
4,869
888
Cboe
Global
Markets,
Inc.
................................................
5,283
1,485
Chubb
Ltd.
...........................................................
5,096
1,661
Cincinnati
Financial
Corp.
................................................
9,522
1,498
Citigroup,
Inc.
.........................................................
9,951
1,129
Citizens
Financial
Group,
Inc.
..............................................
18,949
1,136
CME
Group,
Inc.
,
Class
A
.................................................
5,418
1,600
CNA
Financial
Corp.
....................................................
34,091
1,565
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
2,455
429
Corpay,
Inc.
(a)
.........................................................
2,532
737
East
West
Bancorp,
Inc.
..................................................
10,144
1,083
Everest
Group
Ltd.
......................................................
3,795
1,240
Fidelity
National
Financial,
Inc.
............................................
22,926
1,063
Fidelity
National
Information
Services,
Inc.
....................................
21,263
997
Fifth
Third
Bancorp
.....................................................
24,256
1,127
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
564
1,063
Fiserv,
Inc.
(a)
..........................................................
7,950
444
Franklin
Resources,
Inc.
..................................................
46,487
1,098
Global
Payments,
Inc.
....................................................
10,146
683
Huntington
Bancshares,
Inc.
...............................................
68,356
1,070
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
11,515
772
Intercontinental
Exchange,
Inc.
.............................................
8,643
1,359
JPMorgan
Chase
&
Co.
..................................................
4,689
1,379
KeyCorp
.............................................................
59,131
1,186
KKR
&
Co.,
Inc.
.......................................................
9,291
859
Loews
Corp.
..........................................................
19,476
2,079
LPL
Financial
Holdings,
Inc.
...............................................
2,811
846
M&T
Bank
Corp.
.......................................................
6,415
1,326
Markel
Group,
Inc.
(a)
....................................................
846
1,619
Marsh
&
McLennan
Cos.,
Inc.
.............................................
7,524
1,305
Mastercard,
Inc.
,
Class
A
.................................................
2,698
1,348
MetLife,
Inc.
..........................................................
18,025
1,275
Moody's
Corp.
.........................................................
2,385
1,040
Morgan
Stanley
........................................................
7,347
1,209
MSCI,
Inc.
,
Class
A
.....................................................
1,796
968
Nasdaq,
Inc.
..........................................................
14,248
1,210
Northern
Trust
Corp.
....................................................
8,139
1,136
PayPal
Holdings,
Inc.
....................................................
15,900
719
Pinnacle
Financial
Partners,
Inc.
............................................
10,256
883
Principal
Financial
Group,
Inc.
.............................................
14,482
1,305
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Prudential
Financial,
Inc.
.................................................
13,781
$
1,346
Raymond
James
Financial,
Inc.
.............................................
8,098
1,173
Regions
Financial
Corp.
..................................................
43,452
1,135
Reinsurance
Group
of
America,
Inc.
.........................................
5,753
1,175
RenaissanceRe
Holdings
Ltd.
..............................................
4,260
1,266
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
5,922
410
S&P
Global,
Inc.
.......................................................
2,435
1,036
SoFi
Technologies,
Inc.
(a)
.................................................
30,076
478
State
Street
Corp.
.......................................................
9,453
1,196
Synchrony
Financial
.....................................................
14,759
1,004
T.
Rowe
Price
Group,
Inc.
.................................................
12,632
1,139
The
Allstate
Corp.
......................................................
5,909
1,225
The
Bank
of
New
York
Mellon
Corp.
.........................................
12,535
1,487
The
Carlyle
Group,
Inc.
..................................................
16,164
782
The
Charles
Schwab
Corp.
................................................
14,071
1,322
The
Goldman
Sachs
Group,
Inc.
............................................
1,327
1,123
The
Hartford
Insurance
Group,
Inc.
..........................................
12,093
1,635
The
PNC
Financial
Services
Group,
Inc.
......................................
6,574
1,368
The
Progressive
Corp.
...................................................
6,012
1,192
The
Travelers
Cos.,
Inc.
..................................................
5,293
1,544
Toast,
Inc.
,
Class
A
(a)
....................................................
25,684
681
TPG,
Inc.
,
Class
A
......................................................
18,882
765
Tradeweb
Markets,
Inc.
,
Class
A
............................................
8,772
1,032
Truist
Financial
Corp.
....................................................
27,410
1,260
U.S.
Bancorp
..........................................................
24,826
1,291
Visa,
Inc.
,
Class
A
......................................................
4,408
1,332
W.R.
Berkley
Corp.
.....................................................
20,613
1,366
Wells
Fargo
&
Co.
......................................................
14,281
1,137
95,378
Health
Care
(10.1%):
Abbott
Laboratories
.....................................................
11,128
1,143
AbbVie,
Inc.
..........................................................
5,422
1,179
Agilent
Technologies,
Inc.
.................................................
9,014
1,027
Align
Technology,
Inc.
(a)
.................................................
2,856
490
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
2,455
812
Amgen,
Inc.
...........................................................
2,747
967
Becton
Dickinson
&
Co.
..................................................
6,934
1,090
Biogen,
Inc.
(a)
.........................................................
4,786
877
Boston
Scientific
Corp.
(a)
.................................................
13,400
841
Bristol-Myers
Squibb
Co.
.................................................
17,993
1,091
Cardinal
Health,
Inc.
....................................................
4,247
897
Cencora,
Inc.
..........................................................
3,285
1,032
CVS
Health
Corp.
......................................................
12,659
909
Danaher
Corp.
.........................................................
5,342
1,013
Dexcom,
Inc.
(a)
........................................................
10,146
637
Edwards
Lifesciences
Corp.
(a)
.............................................
15,915
1,275
Elevance
Health,
Inc.
....................................................
2,365
692
Eli
Lilly
&
Co.
.........................................................
759
698
GE
HealthCare
Technologies,
Inc.
...........................................
13,004
926
Gilead
Sciences,
Inc.
....................................................
7,396
1,031
Globus
Medical,
Inc.
,
Class
A
(a)
............................................
6,129
528
HCA
Healthcare,
Inc.
....................................................
2,240
1,060
Humana,
Inc.
..........................................................
3,192
553
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,035
582
Illumina,
Inc.
(a)
........................................................
4,592
566
Incyte
Corp.
(a)
.........................................................
8,691
818
Insulet
Corp.
(a)
........................................................
3,875
813
Intuitive
Surgical,
Inc.
(a)
.................................................
2,028
935
IQVIA
Holdings,
Inc.
(a)
..................................................
4,135
705
Johnson
&
Johnson
.....................................................
7,451
1,821
Labcorp
Holdings,
Inc.
...................................................
4,546
1,213
McKesson
Corp.
.......................................................
1,028
890
Medpace
Holdings,
Inc.
(a)
................................................
912
438
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Medtronic
PLC
........................................................
16,915
$
1,466
Merck
&
Co.,
Inc.
......................................................
9,027
1,086
Mettler-Toledo
International,
Inc.
(a)
.........................................
863
1,088
Neurocrine
Biosciences,
Inc.
(a)
.............................................
7,548
994
Pfizer,
Inc.
............................................................
43,257
1,215
Quest
Diagnostics,
Inc.
...................................................
6,145
1,204
Regeneron
Pharmaceuticals,
Inc.
............................................
1,226
947
ResMed,
Inc.
..........................................................
5,259
1,181
Solventum
Corp.
(a)
.....................................................
15,215
994
STERIS
PLC
..........................................................
5,208
1,152
Stryker
Corp.
..........................................................
4,080
1,341
Tenet
Healthcare
Corp.
(a)
.................................................
3,250
613
The
Cigna
Group
.......................................................
3,015
804
The
Cooper
Cos.,
Inc.
(a)
..................................................
12,068
863
Thermo
Fisher
Scientific,
Inc.
..............................................
1,990
978
United
Therapeutics
Corp.
(a)
..............................................
1,204
714
UnitedHealth
Group,
Inc.
.................................................
2,447
662
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
5,312
933
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
1,728
772
Waters
Corp.
(a)
........................................................
2,654
790
West
Pharmaceutical
Services,
Inc.
..........................................
2,809
704
Zimmer
Biomet
Holdings,
Inc.
.............................................
10,416
942
Zoetis,
Inc.
,
Class
A
.....................................................
8,645
1,022
52,014
Industrials
(19.8%):
3M
Co.
..............................................................
7,123
1,034
Advanced
Drainage
Systems,
Inc.
...........................................
4,722
648
AECOM
.............................................................
9,974
846
Allegion
PLC
.........................................................
7,864
1,143
AMETEK,
Inc.
........................................................
6,448
1,382
ATI,
Inc.
(a)
...........................................................
4,819
701
Automatic
Data
Processing,
Inc.
............................................
6,842
1,390
Axon
Enterprise,
Inc.
(a)
..................................................
1,070
454
Broadridge
Financial
Solutions,
Inc.
.........................................
7,059
1,147
BWX
Technologies,
Inc.
..................................................
3,496
715
C.H.
Robinson
Worldwide,
Inc.
.............................................
3,806
632
CACI
International,
Inc.
,
Class
A
(a)
.........................................
1,561
849
Carlisle
Cos.,
Inc.
.......................................................
2,109
704
Carpenter
Technology
Corp.
...............................................
1,630
642
Carrier
Global
Corp.
.....................................................
15,737
886
Caterpillar,
Inc.
........................................................
1,316
932
Cintas
Corp.
..........................................................
8,530
1,443
Clean
Harbors,
Inc.
(a)
...................................................
4,009
1,150
Comfort
Systems
USA,
Inc.
...............................................
400
552
Copart,
Inc.
(a)
.........................................................
34,025
1,130
CSX
Corp.
............................................................
34,862
1,431
Cummins,
Inc.
.........................................................
1,768
951
Curtiss-Wright
Corp.
....................................................
1,421
968
Deere
&
Co.
..........................................................
1,685
949
Delta
Air
Lines,
Inc.
.....................................................
11,303
751
Dover
Corp.
...........................................................
5,945
1,239
Eaton
Corp.
PLC
.......................................................
2,749
983
EMCOR
Group,
Inc.
....................................................
1,078
796
Emerson
Electric
Co.
....................................................
7,327
960
Equifax,
Inc.
..........................................................
4,106
739
Expeditors
International
of
Washington,
Inc.
....................................
6,723
963
Fastenal
Co.
...........................................................
27,638
1,282
FedEx
Corp.
..........................................................
3,063
1,091
Ferguson
Enterprises,
Inc.
.................................................
4,329
1,010
Fortive
Corp.
..........................................................
19,294
1,067
FTAI
Aviation
Ltd.
......................................................
1,752
429
GE
Vernova,
Inc.
.......................................................
723
631
Generac
Holdings,
Inc.
(a)
.................................................
2,610
510
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
General
Dynamics
Corp.
..................................................
4,328
$
1,485
General
Electric
Co.
.....................................................
3,401
965
Graco,
Inc.
...........................................................
17,950
1,519
HEICO
Corp.
..........................................................
3,422
938
Honeywell
International,
Inc.
..............................................
5,930
1,340
Howmet
Aerospace,
Inc.
..................................................
4,146
955
Hubbell,
Inc.
,
Class
B
....................................................
2,293
1,125
Huntington
Ingalls
Industries,
Inc.
...........................................
2,060
783
IDEX
Corp.
...........................................................
5,591
1,060
Illinois
Tool
Works,
Inc.
..................................................
5,269
1,371
Ingersoll
Rand,
Inc.
.....................................................
10,258
822
ITT,
Inc.
.............................................................
5,338
1,017
J.B.
Hunt
Transport
Services,
Inc.
...........................................
3,357
711
Jacobs
Solutions,
Inc.
....................................................
7,244
922
Johnson
Controls
International
PLC
..........................................
8,522
1,116
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
...................................
5,043
356
L3Harris
Technologies,
Inc.
...............................................
3,543
1,223
Leidos
Holdings,
Inc.
....................................................
5,937
923
Lennox
International,
Inc.
.................................................
1,649
765
Lincoln
Electric
Holdings,
Inc.
.............................................
4,097
1,020
Lockheed
Martin
Corp.
...................................................
1,696
1,025
Masco
Corp.
..........................................................
14,726
889
MasTec,
Inc.
(a)
........................................................
2,805
902
Mueller
Industries,
Inc.
...................................................
9,476
1,050
Nextpower,
Inc.
,
Class
A
(a)
................................................
4,813
580
Nordson
Corp.
.........................................................
5,313
1,414
Northrop
Grumman
Corp.
.................................................
1,656
1,130
Old
Dominion
Freight
Line,
Inc.
............................................
3,985
779
Otis
Worldwide
Corp.
....................................................
14,278
1,101
PACCAR,
Inc.
.........................................................
9,522
1,100
Parker-Hannifin
Corp.
...................................................
1,385
1,240
Paychex,
Inc.
..........................................................
12,990
1,197
Quanta
Services,
Inc.
....................................................
1,693
930
RBC
Bearings,
Inc.
(a)
...................................................
2,332
1,267
Regal
Rexnord
Corp.
....................................................
3,336
625
Republic
Services,
Inc.
,
Class
A
............................................
7,672
1,680
Rockwell
Automation,
Inc.
................................................
2,908
1,044
Rollins,
Inc.
...........................................................
20,872
1,115
RTX
Corp.
............................................................
6,704
1,293
Snap-on,
Inc.
..........................................................
3,926
1,426
Southwest
Airlines
Co.
...................................................
14,338
539
SS&C
Technologies
Holdings,
Inc.
..........................................
16,939
1,145
Stanley
Black
&
Decker,
Inc.
..............................................
9,756
693
Sterling
Infrastructure,
Inc.
(a)
..............................................
1,237
504
Textron,
Inc.
..........................................................
12,873
1,127
The
Boeing
Co.
(a)
......................................................
4,597
915
Trane
Technologies
PLC
..................................................
2,602
1,084
TransDigm
Group,
Inc.
...................................................
852
987
TransUnion
...........................................................
9,858
682
Uber
Technologies,
Inc.
(a)
................................................
12,699
913
UL
Solutions,
Inc.
,
Class
A
................................................
8,951
767
Union
Pacific
Corp.
.....................................................
5,988
1,453
United
Airlines
Holdings,
Inc.
(a)
............................................
6,092
561
United
Parcel
Service,
Inc.
,
Class
B
..........................................
9,521
937
United
Rentals,
Inc.
.....................................................
1,018
742
Veralto
Corp.
..........................................................
15,311
1,354
Verisk
Analytics,
Inc.
,
Class
A
..............................................
5,001
949
Vertiv
Holdings
Co.
,
Class
A
...............................................
2,090
524
W.W.
Grainger,
Inc.
.....................................................
1,044
1,139
Waste
Management,
Inc.
..................................................
6,997
1,608
Watsco,
Inc.
...........................................................
2,469
898
WESCO
International,
Inc.
................................................
2,958
809
Westinghouse
Air
Brake
Technologies
Corp.
....................................
5,437
1,359
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Woodward,
Inc.
........................................................
2,473
$
885
XPO,
Inc.
(a)
..........................................................
3,302
642
Xylem,
Inc.
...........................................................
9,820
1,174
101,723
Information
Technology
(11.3%):
Accenture
PLC
,
Class
A
..................................................
4,280
849
Adobe,
Inc.
(a)
.........................................................
3,947
959
Advanced
Energy
Industries,
Inc.
...........................................
2,006
647
Advanced
Micro
Devices,
Inc.
(a)
............................................
2,458
500
Akamai
Technologies,
Inc.
(a)
..............................................
7,691
883
Amphenol
Corp.
,
Class
A
.................................................
5,555
702
Analog
Devices,
Inc.
....................................................
3,158
1,005
Apple,
Inc.
...........................................................
5,092
1,292
Applied
Materials,
Inc.
...................................................
1,849
632
AppLovin
Corp.
,
Class
A
(a)
...............................................
978
389
Arista
Networks,
Inc.
(a)
..................................................
4,581
562
Astera
Labs,
Inc.
(a)
.....................................................
2,717
298
Autodesk,
Inc.
(a)
.......................................................
4,068
974
Broadcom,
Inc.
........................................................
2,219
687
Cadence
Design
Systems,
Inc.
(a)
............................................
2,822
784
CDW
Corp.
...........................................................
8,046
974
Ciena
Corp.
(a)
.........................................................
1,506
585
Cisco
Systems,
Inc.
.....................................................
14,893
1,156
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
15,569
955
Coherent
Corp.
(a)
......................................................
1,817
433
Corning,
Inc.
..........................................................
4,730
643
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
3,502
329
Datadog,
Inc.
,
Class
A
(a)
.................................................
4,710
556
Dell
Technologies,
Inc.
,
Class
C
............................................
4,049
665
Entegris,
Inc.
..........................................................
4,222
495
Everpure,
Inc.
,
Class
A
(a)
.................................................
6,814
402
F5,
Inc.
(a)
............................................................
3,397
983
Fair
Isaac
Corp.
(a)
......................................................
480
512
First
Solar,
Inc.
(a)
......................................................
2,622
517
Fortinet,
Inc.
(a)
........................................................
9,523
778
Gen
Digital,
Inc.
.......................................................
49,404
930
HP,
Inc.
..............................................................
48,828
938
HubSpot,
Inc.
(a)
.......................................................
2,151
525
International
Business
Machines
Corp.
........................................
3,741
907
Intuit,
Inc.
............................................................
2,250
973
Jabil,
Inc.
............................................................
2,966
788
Keysight
Technologies,
Inc.
(a)
.............................................
2,551
720
KLA
Corp.
...........................................................
459
676
Lam
Research
Corp.
.....................................................
2,798
598
Lattice
Semiconductor
Corp.
(a)
.............................................
6,471
600
Lumentum
Holdings,
Inc.
(a)
...............................................
571
401
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
2,774
616
Marvell
Technology,
Inc.
.................................................
7,122
705
Micron
Technology,
Inc.
..................................................
1,276
431
Microsoft
Corp.
........................................................
3,336
1,235
MKS,
Inc.
............................................................
2,491
572
Monolithic
Power
Systems,
Inc.
............................................
619
677
Motorola
Solutions,
Inc.
..................................................
3,064
1,330
NetApp,
Inc.
..........................................................
10,168
1,041
NVIDIA
Corp.
.........................................................
5,200
907
NXP
Semiconductors
NV
.................................................
3,734
735
Okta,
Inc.
,
Class
A
(a)
....................................................
11,728
923
ON
Semiconductor
Corp.
(a)
...............................................
9,650
598
Oracle
Corp.
..........................................................
3,175
467
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
4,536
664
Palo
Alto
Networks,
Inc.
(a)
................................................
6,348
1,018
PTC,
Inc.
(a)
...........................................................
5,642
804
Qnity
Electronics,
Inc.
...................................................
4,457
514
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
QUALCOMM,
Inc.
.....................................................
6,581
$
848
Roper
Technologies,
Inc.
..................................................
3,489
1,235
Salesforce,
Inc.
........................................................
4,709
879
Seagate
Technology
Holdings
PLC
..........................................
1,202
471
ServiceNow,
Inc.
(a)
.....................................................
7,783
814
Super
Micro
Computer,
Inc.
(a)
.............................................
14,358
327
Synopsys,
Inc.
(a)
.......................................................
1,209
479
TD
SYNNEX
Corp.
.....................................................
7,197
1,214
TE
Connectivity
PLC
....................................................
4,466
933
Teledyne
Technologies,
Inc.
(a)
.............................................
1,909
1,155
Teradyne,
Inc.
.........................................................
1,634
484
Texas
Instruments,
Inc.
...................................................
4,263
828
Trimble,
Inc.
(a)
........................................................
16,601
1,083
Twilio,
Inc.
,
Class
A
(a)
...................................................
4,604
579
Tyler
Technologies,
Inc.
(a)
................................................
2,353
806
VeriSign,
Inc.
..........................................................
5,070
1,259
Western
Digital
Corp.
....................................................
1,738
470
Workday,
Inc.
,
Class
A
(a)
.................................................
6,413
833
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
10,805
869
58,005
Materials
(4.8%):
Alcoa
Corp.
...........................................................
9,514
631
Amcor
PLC
...........................................................
22,538
896
Avery
Dennison
Corp.
...................................................
6,827
1,179
Ball
Corp.
............................................................
18,129
1,071
CF
Industries
Holdings,
Inc.
...............................................
9,579
1,244
Coeur
Mining,
Inc.
(a)
....................................................
16,405
308
Corteva,
Inc.
..........................................................
16,292
1,364
CRH
PLC
............................................................
8,744
919
Crown
Holdings,
Inc.
....................................................
11,604
1,163
Ecolab,
Inc.
...........................................................
5,262
1,400
Freeport-McMoRan,
Inc.
.................................................
10,084
593
Hecla
Mining
Co.
.......................................................
16,733
312
Linde
PLC
............................................................
3,705
1,837
Martin
Marietta
Materials,
Inc.
.............................................
1,940
1,142
Newmont
Corp.
........................................................
5,274
571
Nucor
Corp.
...........................................................
5,812
983
Packaging
Corp.
of
America
...............................................
5,096
1,081
PPG
Industries,
Inc.
.....................................................
10,088
1,078
Reliance,
Inc.
..........................................................
3,832
1,165
Royal
Gold,
Inc.
........................................................
2,801
713
RPM
International,
Inc.
..................................................
10,922
1,086
Smurfit
WestRock
PLC
...................................................
16,498
657
Steel
Dynamics,
Inc.
.....................................................
4,947
890
The
Sherwin-Williams
Co.
................................................
3,697
1,185
Vulcan
Materials
Co.
....................................................
4,095
1,115
24,583
Real
Estate
(0.5%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
6,622
897
CoStar
Group,
Inc.
(a)
....................................................
17,527
707
Jones
Lang
LaSalle,
Inc.
(a)
................................................
2,818
858
2,462
Utilities
(9.3%):
Alliant
Energy
Corp.
....................................................
28,954
2,078
Ameren
Corp.
.........................................................
18,714
2,057
American
Electric
Power
Co.,
Inc.
...........................................
13,141
1,723
American
Water
Works
Co.,
Inc.
............................................
10,549
1,436
Atmos
Energy
Corp.
.....................................................
10,964
2,025
CenterPoint
Energy,
Inc.
..................................................
46,062
1,988
CMS
Energy
Corp.
......................................................
26,713
2,072
Consolidated
Edison,
Inc.
.................................................
16,524
1,870
Constellation
Energy
Corp.
................................................
2,081
581
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Dominion
Energy,
Inc.
...................................................
26,143
$
1,616
DTE
Energy
Co.
.......................................................
13,860
2,027
Duke
Energy
Corp.
......................................................
16,893
2,212
Edison
International
.....................................................
15,995
1,171
Entergy
Corp.
.........................................................
16,347
1,837
Evergy,
Inc.
...........................................................
25,015
2,049
Eversource
Energy
......................................................
16,113
1,116
Exelon
Corp.
..........................................................
34,886
1,710
FirstEnergy
Corp.
.......................................................
43,991
2,229
NextEra
Energy,
Inc.
....................................................
14,405
1,338
NiSource,
Inc.
.........................................................
36,786
1,716
NRG
Energy,
Inc.
.......................................................
4,116
601
PG&E
Corp.
..........................................................
59,197
1,040
PPL
Corp.
............................................................
47,744
1,824
Public
Service
Enterprise
Group,
Inc.
.........................................
19,595
1,586
Sempra
..............................................................
16,401
1,594
The
Southern
Co.
.......................................................
20,296
1,959
Vistra
Corp.
...........................................................
3,672
552
WEC
Energy
Group,
Inc.
.................................................
18,825
2,179
Xcel
Energy,
Inc.
.......................................................
20,621
1,638
47,824
Total
Common
Stocks
(Cost
$390,287)
a
a
a
510,751
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
334,717
334
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
334,717
335
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
334,717
335
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
334,717
335
Total
Collateral
for
Securities
Loaned
(Cost
$1,339)
a
a
a
1,339
Total
Investments
(Cost
$391,626)
—
99.9%
512,090
Other
assets
in
excess
of
liabilities
—  0.1%
584
NET
ASSETS
-
100.00%
$
512,674
^
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,
2026.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
5
6/18/26
$
1,654
$
1,643
$
(
11
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
11
)
Total
net
unrealized
appreciation
(depreciation)
$
(
11
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
24
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.5%)
Communication
Services
(4.6%):
AT&T,
Inc.
...........................................................
159,496
$
4,624
Comcast
Corp.
,
Class
A
..................................................
125,738
3,610
Omnicom
Group,
Inc.
....................................................
28,714
2,162
Verizon
Communications,
Inc.
..............................................
77,740
3,903
Warner
Music
Group
Corp.
,
Class
A
.........................................
117,092
2,990
17,289
Consumer
Discretionary
(5.4%):
Best
Buy
Co.,
Inc.
......................................................
44,386
2,850
Darden
Restaurants,
Inc.
..................................................
17,793
3,488
Dick's
Sporting
Goods,
Inc.
................................................
12,754
2,529
Genuine
Parts
Co.
......................................................
26,726
2,826
NIKE,
Inc.
,
Class
B
.....................................................
40,022
2,114
Starbucks
Corp.
........................................................
33,792
3,028
The
Home
Depot,
Inc.
...................................................
11,123
3,658
20,493
Consumer
Staples
(16.0%):
Altria
Group,
Inc.
.......................................................
61,658
4,069
Archer-Daniels-Midland
Co.
...............................................
50,738
3,688
Brown-Forman
Corp.
,
Class
B
(a)
...........................................
98,475
2,604
Constellation
Brands,
Inc.
,
Class
A
..........................................
19,597
2,939
General
Mills,
Inc.
......................................................
86,817
3,231
Hormel
Foods
Corp.
.....................................................
127,497
2,888
Keurig
Dr.
Pepper,
Inc.
...................................................
106,916
2,815
Kimberly-Clark
Corp.
....................................................
32,927
3,176
McCormick
&
Co.,
Inc.
..................................................
50,463
2,545
Mondelez
International,
Inc.
,
Class
A
.........................................
68,093
3,925
PepsiCo,
Inc.
..........................................................
24,359
3,783
Philip
Morris
International,
Inc.
.............................................
20,069
3,318
Target
Corp.
..........................................................
27,382
3,319
The
Clorox
Co.
........................................................
31,882
3,304
The
Coca-Cola
Co.
......................................................
72,015
5,477
The
Procter
&
Gamble
Co.
................................................
33,144
4,787
Tyson
Foods,
Inc.
,
Class
A
................................................
65,203
4,178
60,046
Electric
Utilities
(15.9%):
Alliant
Energy
Corp.
....................................................
87,688
6,292
American
Electric
Power
Co.,
Inc.
...........................................
39,795
5,216
Duke
Energy
Corp.
......................................................
51,161
6,699
Edison
International
.....................................................
48,442
3,545
Evergy,
Inc.
...........................................................
75,755
6,206
Eversource
Energy
......................................................
48,797
3,381
Exelon
Corp.
..........................................................
105,648
5,179
FirstEnergy
Corp.
.......................................................
133,227
6,749
PPL
Corp.
............................................................
144,588
5,523
The
Southern
Co.
.......................................................
61,466
5,933
Xcel
Energy,
Inc.
.......................................................
62,450
4,961
59,684
Energy
(10.0%):
Chevron
Corp.
.........................................................
24,401
5,049
ConocoPhillips
Co.
.....................................................
29,100
3,841
EOG
Resources,
Inc.
....................................................
30,478
4,406
Exxon
Mobil
Corp.
.....................................................
27,363
4,642
Kinder
Morgan,
Inc.
.....................................................
139,963
4,693
ONEOK,
Inc.
..........................................................
44,717
4,042
Permian
Resources
Corp.
,
Class
A
...........................................
154,223
3,288
Phillips
66
Co.
.........................................................
21,616
3,938
The
Williams
Cos.,
Inc.
..................................................
53,423
3,888
37,787
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Financials
(22.7%):
Ares
Management
Corp.
,
Class
A
...........................................
21,118
$
2,304
Blackstone,
Inc.
........................................................
25,538
2,937
Blue
Owl
Capital,
Inc.
,
Class
A
(a)
...........................................
210,460
1,922
Citizens
Financial
Group,
Inc.
..............................................
57,386
3,441
CNA
Financial
Corp.
....................................................
103,241
4,741
Everest
Group
Ltd.
......................................................
11,493
3,756
Fidelity
National
Financial,
Inc.
............................................
69,433
3,220
Fidelity
National
Information
Services,
Inc.
....................................
64,395
3,021
Fifth
Third
Bancorp
.....................................................
73,460
3,413
Franklin
Resources,
Inc.
..................................................
140,782
3,325
Huntington
Bancshares,
Inc.
...............................................
207,012
3,240
KeyCorp
.............................................................
179,074
3,590
M&T
Bank
Corp.
.......................................................
19,426
4,016
MetLife,
Inc.
..........................................................
54,589
3,861
Principal
Financial
Group,
Inc.
.............................................
43,857
3,952
Prudential
Financial,
Inc.
.................................................
41,734
4,077
Regions
Financial
Corp.
..................................................
131,593
3,437
State
Street
Corp.
.......................................................
28,628
3,623
T.
Rowe
Price
Group,
Inc.
.................................................
38,257
3,448
The
Carlyle
Group,
Inc.
..................................................
48,951
2,369
The
PNC
Financial
Services
Group,
Inc.
......................................
19,910
4,143
The
Progressive
Corp.
...................................................
18,208
3,610
TPG,
Inc.
,
Class
A
......................................................
57,185
2,317
Truist
Financial
Corp.
....................................................
83,012
3,816
U.S.
Bancorp
..........................................................
75,185
3,910
85,489
Health
Care
(6.9%):
AbbVie,
Inc.
..........................................................
16,419
3,571
Amgen,
Inc.
...........................................................
8,321
2,928
Bristol-Myers
Squibb
Co.
.................................................
54,492
3,305
CVS
Health
Corp.
......................................................
38,336
2,753
Medtronic
PLC
........................................................
51,225
4,439
Merck
&
Co.,
Inc.
......................................................
27,339
3,289
Pfizer,
Inc.
............................................................
131,002
3,678
UnitedHealth
Group,
Inc.
.................................................
7,410
2,005
25,968
Industrials
(4.1%):
Automatic
Data
Processing,
Inc.
............................................
20,720
4,210
Paychex,
Inc.
..........................................................
39,340
3,624
Stanley
Black
&
Decker,
Inc.
..............................................
29,546
2,100
United
Parcel
Service,
Inc.
,
Class
B
..........................................
28,834
2,837
Watsco,
Inc.
...........................................................
7,478
2,720
15,491
Information
Technology
(3.5%):
Accenture
PLC
,
Class
A
..................................................
12,960
2,570
HP,
Inc.
..............................................................
147,874
2,841
International
Business
Machines
Corp.
........................................
11,329
2,746
QUALCOMM,
Inc.
.....................................................
19,932
2,567
Texas
Instruments,
Inc.
...................................................
12,909
2,506
13,230
Materials
(1.3%):
Amcor
PLC
...........................................................
68,254
2,713
Smurfit
WestRock
PLC
...................................................
49,963
1,991
4,704
Multi-Utilities
(9.1%):
CMS
Energy
Corp.
......................................................
80,899
6,276
Consolidated
Edison,
Inc.
.................................................
50,044
5,664
Dominion
Energy,
Inc.
...................................................
79,172
4,894
DTE
Energy
Co.
.......................................................
41,975
6,138
Public
Service
Enterprise
Group,
Inc.
.........................................
59,343
4,804
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
WEC
Energy
Group,
Inc.
.................................................
57,011
$
6,600
34,376
Total
Common
Stocks
(Cost
$341,057)
a
a
a
374,557
Collateral
for
Securities
Loaned
(0.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(b)
........
848,708
849
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(b)
............
848,708
849
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(b)
...............
848,708
849
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(b)
.
848,708
848
Total
Collateral
for
Securities
Loaned
(Cost
$3,395)
a
a
a
3,395
Total
Investments
(Cost
$344,452)
—
100.4%
377,952
Liabilities
in
excess
of
other
assets
—  (0.4)%
(1,338)
NET
ASSETS
-
100.00%
$
376,614
^
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,
2026.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
4
6/18/26
$
1,323
$
1,314
$
(
9
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
9
)
Total
net
unrealized
appreciation
(depreciation)
$
(
9
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
27
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.5%)
Banks
(17.2%):
Associated
Banc-Corp.
...................................................
102,707
$
2,656
Atlantic
Union
Bankshares
Corp.
............................................
67,244
2,403
Bank
of
Hawaii
Corp.
....................................................
38,811
2,882
Bank
OZK
............................................................
62,393
2,863
Columbia
Banking
System,
Inc.
............................................
81,947
2,248
CVB
Financial
Corp.
....................................................
143,111
2,775
First
Bancorp
Puerto
Rico
.................................................
137,323
2,933
First
Busey
Corp.
.......................................................
117,914
2,980
First
Financial
Bancorp
...................................................
97,679
2,723
First
Hawaiian,
Inc.
.....................................................
120,410
2,967
First
Interstate
BancSystem,
Inc.,
Class
A
......................................
70,794
2,364
First
Merchants
Corp.
....................................................
74,308
2,878
Fulton
Financial
Corp.
...................................................
131,197
2,669
Provident
Financial
Services,
Inc.
...........................................
123,137
2,606
United
Bankshares,
Inc.
..................................................
72,874
3,018
WesBanco,
Inc.
........................................................
77,727
2,681
43,646
Capital
Markets
(4.6%):
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
76,833
2,796
Cohen
&
Steers,
Inc.
....................................................
41,243
2,580
GCM
Grosvenor,
Inc.,
Class
A
.............................................
221,848
2,174
Lazard,
Inc.,
Class
A
.....................................................
45,627
1,938
Moelis
&
Co.,
Class
A
...................................................
36,747
2,095
11,583
Communication
Services
(3.1%):
Iridium
Communications,
Inc.
..............................................
52,546
1,458
Nexstar
Media
Group,
Inc.,
Class
A
..........................................
9,897
1,790
Sirius
XM
Holdings,
Inc.
.................................................
97,033
2,239
Warner
Music
Group
Corp.,
Class
A
.........................................
95,594
2,441
7,928
Consumer
Discretionary
(15.8%):
ADT,
Inc.
............................................................
415,004
2,727
American
Eagle
Outfitters,
Inc.
.............................................
41,627
695
Bath
&
Body
Works,
Inc.
.................................................
61,418
1,147
Gentex
Corp.
..........................................................
101,922
2,227
H&R
Block,
Inc.
.......................................................
77,074
2,446
Kontoor
Brands,
Inc.
....................................................
26,709
1,877
LCI
Industries
.........................................................
17,207
2,116
Lear
Corp.
............................................................
18,410
2,229
Levi
Strauss
&
Co.,
Class
A
...............................................
96,394
1,782
LKQ
Corp.
...........................................................
64,574
1,897
Macy's,
Inc.
...........................................................
79,559
1,439
Meritage
Homes
Corp.
...................................................
25,868
1,600
Sonic
Automotive,
Inc.,
Class
A
............................................
30,078
2,062
Steven
Madden
Ltd.
.....................................................
45,015
1,527
The
Buckle,
Inc.
........................................................
50,976
2,567
The
Gap,
Inc.
..........................................................
69,401
1,680
Thor
Industries,
Inc.
.....................................................
21,204
1,694
Travel
+
Leisure
Co.
.....................................................
29,981
2,074
Vail
Resorts,
Inc.
.......................................................
17,326
2,223
Whirlpool
Corp.
........................................................
24,799
1,337
Wyndham
Hotels
&
Resorts,
Inc.
............................................
31,337
2,546
39,892
Consumer
Finance
(1.0%):
OneMain
Holdings,
Inc.,
Class
A
............................................
47,668
2,550
Consumer
Staples
(5.5%):
Cal-Maine
Foods,
Inc.
...................................................
24,993
1,978
Flowers
Foods,
Inc.
.....................................................
239,517
1,952
Fresh
Del
Monte
Produce,
Inc.
.............................................
64,684
2,604
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Interparfums,
Inc.
.......................................................
25,979
$
2,360
Reynolds
Consumer
Products,
Inc.
..........................................
117,810
2,496
The
Marzetti
Company
...................................................
18,434
2,550
13,940
Energy
(11.8%):
APA
Corp.
............................................................
55,541
2,357
Archrock,
Inc.
.........................................................
75,181
2,616
California
Resources
Corp.
................................................
39,023
2,701
Chord
Energy
Corp.
.....................................................
20,085
2,856
Crescent
Energy
Co.,
Class
A
..............................................
125,176
1,690
International
Seaways,
Inc.
................................................
28,262
2,060
Kinetik
Holdings,
Inc.,
Class
A(a)
...........................................
43,321
2,097
Kodiak
Gas
Services,
Inc.
.................................................
40,255
2,348
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
91,488
2,888
Matador
Resources
Co.
...................................................
37,644
2,378
Murphy
Oil
Corp.
......................................................
47,820
1,973
Northern
Oil
&
Gas,
Inc.
..................................................
59,696
1,745
SM
Energy
Co.
........................................................
68,445
2,134
29,843
Financial
Services
(2.1%):
HA
Sustainable
Infrastructure
Capital,
Inc.
.....................................
58,231
2,140
The
Western
Union
Co.(a)
.................................................
249,785
2,180
UWM
Holdings
Corp.(a)
.................................................
302,442
1,095
5,415
Industrials
(5.4%):
ABM
Industries,
Inc.
....................................................
60,971
2,349
HNI
Corp.
............................................................
59,624
1,991
Korn
Ferry
...........................................................
42,896
2,700
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
......................................
31,395
2,897
Robert
Half,
Inc.
.......................................................
59,881
1,521
Trinity
Industries,
Inc.
...................................................
70,358
2,264
13,722
Information
Technology
(2.1%):
Avnet,
Inc.
............................................................
38,284
2,359
Dolby
Laboratories,
Inc.,
Class
A
...........................................
49,103
2,949
5,308
Insurance
(0.9%):
Lincoln
National
Corp.
...................................................
62,907
2,233
Materials
(6.1%):
Avient
Corp.
..........................................................
56,932
2,066
Cabot
Corp.
...........................................................
30,712
2,313
Graphic
Packaging
Holding
Co.
............................................
155,312
1,544
Greif,
Inc.,
Class
A
......................................................
43,161
2,895
Kaiser
Aluminum
Corp.
..................................................
13,202
1,591
Sonoco
Products
Co.
....................................................
50,880
2,752
The
Scotts
Miracle-Gro
Co.
...............................................
37,020
2,251
15,412
Utilities
(23.9%):
American
States
Water
Co.
................................................
55,167
4,172
Avista
Corp.
..........................................................
106,884
4,290
Black
Hills
Corp.
.......................................................
55,627
3,861
California
Water
Service
Group
.............................................
76,965
3,490
Clearway
Energy,
Inc.,
Class
C
.............................................
70,900
2,786
IDACORP,
Inc.(a)
......................................................
34,555
4,940
MDU
Resources
Group,
Inc.(a)
.............................................
167,258
3,466
MGE
Energy,
Inc.
......................................................
51,112
3,950
New
Jersey
Resources
Corp.
...............................................
84,067
4,617
Northwest
Natural
Holding
Co.
.............................................
76,894
4,092
ONE
Gas,
Inc.
.........................................................
53,138
4,577
Otter
Tail
Corp.
........................................................
41,917
3,679
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Portland
General
Electric
Co.
..............................................
78,837
$
4,160
Southwest
Gas
Holdings,
Inc.
..............................................
48,670
4,229
Spire,
Inc.
............................................................
47,610
4,311
60,620
Total
Common
Stocks
(Cost
$233,251)
a
a
a
252,092
Collateral
for
Securities
Loaned
(2.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.55%(b)
........
1,709,216
1,710
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.56%(b)
............
1,709,216
1,709
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.58%(b)
...............
1,709,216
1,709
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.57%(b)
.
1,709,216
1,709
Total
Collateral
for
Securities
Loaned
(Cost
$6,837)
a
a
a
6,837
Total
Investments
(Cost
$240,088)
—
102.2%
258,929
Liabilities
in
excess
of
other
assets
—  (2.2)%
(5,552)
NET
ASSETS
-
100.00%
$
253,377
^
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,
2026.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
Russell
2000
Index
Futures
......
6
6/18/26
$
754
$
754
$
—*
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
—*
Total
net
unrealized
appreciation
(depreciation)
$
—*
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
30
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.5%)
Beverages
(7.5%):
Brown-Forman
Corp.,
Class
B(a)
...........................................
217,285
$
5,745
Constellation
Brands,
Inc.,
Class
A
..........................................
12,822
1,923
PepsiCo,
Inc.
..........................................................
33,957
5,273
The
Coca-Cola
Co.
......................................................
47,653
3,624
16,565
Consumer
Discretionary
(5.3%):
Dick's
Sporting
Goods,
Inc.
................................................
8,671
1,720
Genuine
Parts
Co.
......................................................
30,698
3,246
Lowe's
Cos.,
Inc.
.......................................................
8,303
1,962
McDonald's
Corp.
......................................................
10,320
3,207
Williams-Sonoma,
Inc.
...................................................
8,474
1,545
11,680
Consumer
Staples
Distribution
&
Retail
(7.5%):
Sysco
Corp.
...........................................................
41,757
2,978
Target
Corp.
..........................................................
56,630
6,864
The
Kroger
Co.
........................................................
62,669
4,535
Walmart,
Inc.
..........................................................
17,843
2,217
16,594
Energy
(5.3%):
Chevron
Corp.
.........................................................
32,618
6,749
Exxon
Mobil
Corp.
.....................................................
29,146
4,945
11,694
Financials
(18.3%):
Aflac,
Inc.
............................................................
24,864
2,728
American
Financial
Group,
Inc.
.............................................
18,346
2,343
Ameriprise
Financial,
Inc.
.................................................
4,238
1,883
Brown
&
Brown,
Inc.
....................................................
16,634
1,085
Chubb
Ltd.
...........................................................
4,911
1,601
Cincinnati
Financial
Corp.
................................................
12,394
1,950
Commerce
Bancshares,
Inc.
...............................................
52,131
2,565
First
Citizens
Bancshares,
Inc.,
Class
A
.......................................
472
889
Franklin
Resources,
Inc.
..................................................
262,749
6,206
Marsh
&
McLennan
Cos.,
Inc.
.............................................
10,845
1,881
Mastercard,
Inc.,
Class
A
.................................................
2,667
1,333
Old
Republic
International
Corp.
............................................
57,940
2,312
S&P
Global,
Inc.
.......................................................
3,017
1,283
SEI
Investments
Co.
.....................................................
33,786
2,651
T.
Rowe
Price
Group,
Inc.
.................................................
59,747
5,386
The
Travelers
Cos.,
Inc.
..................................................
9,725
2,836
Visa,
Inc.,
Class
A
......................................................
4,837
1,462
40,394
Food
Products
(6.7%):
Archer-Daniels-Midland
Co.
...............................................
68,783
5,000
Hormel
Foods
Corp.
.....................................................
321,833
7,289
McCormick
&
Co.,
Inc.
..................................................
51,637
2,605
14,894
Health
Care
(6.6%):
Becton
Dickinson
&
Co.
..................................................
13,928
2,190
Cardinal
Health,
Inc.
....................................................
5,902
1,247
Eli
Lilly
&
Co.
.........................................................
1,242
1,142
Johnson
&
Johnson
.....................................................
13,585
3,321
McKesson
Corp.
.......................................................
1,265
1,095
Medtronic
PLC
........................................................
49,116
4,256
STERIS
PLC
..........................................................
5,794
1,281
14,532
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Household
Products
(8.9%):
Colgate-Palmolive
Co.
...................................................
48,808
$
4,160
Kimberly-Clark
Corp.
....................................................
63,390
6,115
The
Clorox
Co.
........................................................
56,503
5,856
The
Procter
&
Gamble
Co.
................................................
24,538
3,544
19,675
Industrials
(13.5%):
Advanced
Drainage
Systems,
Inc.
...........................................
7,483
1,026
Carlisle
Cos.,
Inc.
.......................................................
4,836
1,613
Caterpillar,
Inc.
........................................................
2,312
1,638
Cummins,
Inc.
.........................................................
3,289
1,770
Dover
Corp.
...........................................................
8,588
1,790
Emerson
Electric
Co.
....................................................
25,920
3,396
Illinois
Tool
Works,
Inc.
..................................................
14,052
3,658
Nordson
Corp.
.........................................................
8,223
2,188
Owens
Corning
........................................................
14,454
1,564
Parker-Hannifin
Corp.
...................................................
1,721
1,541
Stanley
Black
&
Decker,
Inc.
..............................................
66,670
4,738
Union
Pacific
Corp.
.....................................................
13,899
3,372
W.W.
Grainger,
Inc.
.....................................................
1,357
1,480
29,774
Information
Technology
(2.7%):
Lam
Research
Corp.
.....................................................
9,419
2,012
Microsoft
Corp.
........................................................
2,784
1,031
Monolithic
Power
Systems,
Inc.
............................................
1,184
1,294
Oracle
Corp.
..........................................................
11,772
1,732
6,069
Materials
(8.1%):
Air
Products
and
Chemicals,
Inc.
............................................
12,248
3,558
Ecolab,
Inc.
...........................................................
7,903
2,102
Linde
PLC
............................................................
3,612
1,790
Martin
Marietta
Materials,
Inc.
.............................................
2,154
1,268
Nucor
Corp.
...........................................................
8,763
1,482
PPG
Industries,
Inc.
.....................................................
36,650
3,917
RPM
International,
Inc.
..................................................
20,691
2,057
The
Sherwin-Williams
Co.
................................................
5,418
1,737
17,911
Tobacco
(4.0%):
Altria
Group,
Inc.
.......................................................
132,196
8,724
Utilities
(5.1%):
Atmos
Energy
Corp.
.....................................................
13,614
2,515
Consolidated
Edison,
Inc.
.................................................
43,333
4,904
OGE
Energy
Corp.
......................................................
79,401
3,808
11,227
Total
Common
Stocks
(Cost
$206,644)
a
a
a
219,733
Collateral
for
Securities
Loaned
(0.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.55%(b)
........
117,267
118
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.56%(b)
............
117,267
117
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.58%(b)
...............
117,267
117
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.57%(b)
.
117,267
117
Total
Collateral
for
Securities
Loaned
(Cost
$469)
a
a
a
469
Total
Investments
(Cost
$207,113)
—
99.7%
220,202
Other
assets
in
excess
of
liabilities
—  0.3%
618
NET
ASSETS
-
100.00%
$
220,820
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
(b)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
2
6/18/26
$
657
$
657
$
—*
Total
unrealized
appreciation
$
—*
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
—*
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
33
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(14.5%):
Alphabet,
Inc.
,
Class
A
...................................................
31,120
$
8,949
Comcast
Corp.
,
Class
A
..................................................
10,960
315
Electronic
Arts,
Inc.
.....................................................
21,128
4,307
T-Mobile
US,
Inc.
......................................................
15,913
3,342
Verizon
Communications,
Inc.
..............................................
88,490
4,442
Versant
Media
Group,
Inc.
................................................
322
12
21,367
Consumer
Discretionary
(1.2%):
Aptiv
PLC
(a)
..........................................................
3,983
277
BorgWarner,
Inc.
.......................................................
7,852
426
eBay,
Inc.
............................................................
3,787
345
Texas
Roadhouse,
Inc.
,
Class
A
.............................................
2,074
342
The
TJX
Cos.,
Inc.
......................................................
2,386
381
1,771
Consumer
Staples
(17.3%):
Altria
Group,
Inc.
.......................................................
66,793
4,408
Constellation
Brands,
Inc.
,
Class
A
..........................................
2,562
384
Costco
Wholesale
Corp.
..................................................
4,589
4,572
Dollar
General
Corp.
....................................................
22,561
2,679
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
7,616
328
The
Hershey
Co.
.......................................................
1,846
384
The
Kroger
Co.
........................................................
60,429
4,373
The
Procter
&
Gamble
Co.
................................................
13,818
1,996
Walmart,
Inc.
..........................................................
50,934
6,330
25,454
Electronic
Equipment,
Instruments
&
Components
(2.8%):
TE
Connectivity
PLC
....................................................
19,645
4,106
Energy
(5.1%):
EOG
Resources,
Inc.
....................................................
3,079
445
Exxon
Mobil
Corp.
.....................................................
38,478
6,528
Halliburton
Co.
........................................................
14,056
548
7,521
Financials
(6.1%):
Capital
One
Financial
Corp.
...............................................
1,617
295
Cboe
Global
Markets,
Inc.
................................................
11,158
3,136
Mastercard,
Inc.
,
Class
A
.................................................
603
301
Old
Republic
International
Corp.
............................................
12,167
486
RenaissanceRe
Holdings
Ltd.
..............................................
2,326
692
The
Allstate
Corp.
......................................................
18,223
3,778
The
Hartford
Insurance
Group,
Inc.
..........................................
2,583
349
9,037
Health
Care
(13.3%):
AbbVie,
Inc.
..........................................................
7,249
1,577
Bristol-Myers
Squibb
Co.
.................................................
43,781
2,655
Johnson
&
Johnson
.....................................................
27,862
6,811
Medtronic
PLC
........................................................
3,614
313
Merck
&
Co.,
Inc.
......................................................
6,899
830
ResMed,
Inc.
..........................................................
1,430
321
The
Cigna
Group
.......................................................
12,298
3,280
United
Therapeutics
Corp.
(a)
..............................................
824
489
UnitedHealth
Group,
Inc.
.................................................
11,102
3,004
Universal
Health
Services,
Inc.
,
Class
B
.......................................
1,685
301
19,581
Industrials
(12.2%):
AECOM
.............................................................
2,626
223
Armstrong
World
Industries,
Inc.
............................................
1,752
289
Automatic
Data
Processing,
Inc.
............................................
1,170
238
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
C.H.
Robinson
Worldwide,
Inc.
.............................................
2,611
$
434
Caterpillar,
Inc.
........................................................
724
513
Generac
Holdings,
Inc.
(a)
.................................................
2,060
402
General
Dynamics
Corp.
..................................................
6,725
2,308
L3Harris
Technologies,
Inc.
...............................................
9,923
3,425
Lockheed
Martin
Corp.
...................................................
8,866
5,359
Parker-Hannifin
Corp.
...................................................
455
407
Republic
Services,
Inc.
,
Class
A
............................................
16,284
3,566
Sterling
Infrastructure,
Inc.
(a)
..............................................
1,015
413
Trane
Technologies
PLC
..................................................
816
340
17,917
IT
Services
(0.2%):
Accenture
PLC
,
Class
A
..................................................
1,393
276
Materials
(1.7%):
AptarGroup,
Inc.
.......................................................
2,574
325
CF
Industries
Holdings,
Inc.
...............................................
17,337
2,251
2,576
Real
Estate
(0.2%):
Sun
Communities,
Inc.
...................................................
2,674
337
Semiconductors
&
Semiconductor
Equipment
(9.8%):
KLA
Corp.
...........................................................
3,338
4,915
Lam
Research
Corp.
.....................................................
27,742
5,927
QUALCOMM,
Inc.
.....................................................
27,394
3,528
14,370
Software
(6.3%):
Adobe,
Inc.
(a)
.........................................................
12,745
3,098
Intuit,
Inc.
............................................................
5,703
2,466
Salesforce,
Inc.
........................................................
19,716
3,680
9,244
Technology
Hardware,
Storage
&
Peripherals
(9.0%):
Apple,
Inc.
...........................................................
52,026
13,204
Total
Common
Stocks
(Cost
$126,700)
a
a
a
146,761
Total
Investments
(Cost
$126,700)
—
99.7%
146,761
Other
assets
in
excess
of
liabilities
—  0.3%
398
NET
ASSETS
-
100.00%
$
147,159
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
1
6/18/26
$
334
$
328
$
(
6
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
6
)
Total
net
unrealized
appreciation
(depreciation)
$
(
6
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
35
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(3.6%):
Alphabet,
Inc.
,
Class
A
...................................................
2,814
$
809
AT&T,
Inc.
...........................................................
40,784
1,182
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
...................................
2,500
540
Comcast
Corp.
,
Class
A
..................................................
32,152
923
Fox
Corp.
,
Class
A
......................................................
14,611
853
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(a)
............................
11,441
973
Meta
Platforms,
Inc.
,
Class
A
..............................................
1,098
628
Netflix,
Inc.
(a)
.........................................................
7,192
691
News
Corp.
,
Class
A
.....................................................
38,541
961
Omnicom
Group,
Inc.
....................................................
7,342
553
Reddit,
Inc.
,
Class
A
(a)
...................................................
2,486
335
Roku,
Inc.
,
Class
A
(a)
....................................................
5,275
499
The
New
York
Times
Co.
,
Class
A
...........................................
10,391
870
The
Walt
Disney
Co.
....................................................
9,386
905
TKO
Group
Holdings,
Inc.
,
Class
A
..........................................
3,366
679
T-Mobile
US,
Inc.
......................................................
4,548
955
Verizon
Communications,
Inc.
..............................................
19,879
998
Warner
Music
Group
Corp.
,
Class
A
.........................................
29,941
765
14,119
Consumer
Discretionary
(8.5%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
6,114
772
Amazon.com,
Inc.
(a)
....................................................
3,730
777
Aptiv
PLC
(a)
..........................................................
9,712
674
AutoZone,
Inc.
(a)
.......................................................
263
888
Best
Buy
Co.,
Inc.
......................................................
11,350
729
Booking
Holdings,
Inc.
...................................................
191
804
Burlington
Stores,
Inc.
(a)
.................................................
2,147
699
Carnival
Corp.
.........................................................
17,869
462
Carvana
Co.
,
Class
A
(a)
..................................................
1,155
363
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
15,878
508
Coupang,
Inc.
,
Class
A
(a)
.................................................
34,336
648
D.R.
Horton,
Inc.
.......................................................
3,692
507
Darden
Restaurants,
Inc.
..................................................
4,550
892
Deckers
Outdoor
Corp.
(a)
.................................................
4,274
428
Dick's
Sporting
Goods,
Inc.
................................................
3,261
647
Domino's
Pizza,
Inc.
.....................................................
2,517
903
DoorDash,
Inc.
,
Class
A
(a)
................................................
3,087
464
eBay,
Inc.
............................................................
6,390
582
Expedia
Group,
Inc.
.....................................................
2,371
547
Garmin
Ltd.
...........................................................
3,074
713
General
Motors
Co.
.....................................................
8,570
638
Genuine
Parts
Co.
......................................................
6,834
723
Hilton
Worldwide
Holdings,
Inc.
............................................
3,542
1,077
Las
Vegas
Sands
Corp.
...................................................
11,024
594
Lennar
Corp.
,
Class
A
....................................................
5,518
479
Lowe's
Cos.,
Inc.
.......................................................
3,722
879
Marriott
International,
Inc.
,
Class
A
..........................................
2,708
886
McDonald's
Corp.
......................................................
4,378
1,361
NIKE,
Inc.
,
Class
B
.....................................................
10,234
541
NVR,
Inc.
(a)
..........................................................
119
784
O'Reilly
Automotive,
Inc.
(a)
...............................................
11,894
1,098
PulteGroup,
Inc.
........................................................
5,028
591
Ralph
Lauren
Corp.
,
Class
A
...............................................
2,301
792
Ross
Stores,
Inc.
.......................................................
5,544
1,201
Royal
Caribbean
Cruises
Ltd.
..............................................
1,717
473
Somnigroup
International,
Inc.
.............................................
8,320
615
Starbucks
Corp.
........................................................
8,641
774
Tapestry,
Inc.
..........................................................
3,770
532
Tesla,
Inc.
(a)
..........................................................
1,315
489
The
Home
Depot,
Inc.
...................................................
2,844
935
The
TJX
Cos.,
Inc.
......................................................
9,276
1,481
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Toll
Brothers,
Inc.
......................................................
4,722
$
644
Tractor
Supply
Co.
......................................................
17,761
805
Ulta
Beauty,
Inc.
(a)
.....................................................
1,149
601
Williams-Sonoma,
Inc.
...................................................
3,411
622
Yum!
Brands,
Inc.
......................................................
6,414
997
33,619
Consumer
Staples
(7.3%):
Altria
Group,
Inc.
.......................................................
15,767
1,041
Archer-Daniels-Midland
Co.
...............................................
12,974
943
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
8,434
830
Brown-Forman
Corp.
,
Class
B
(b)
...........................................
25,181
666
Bunge
Global
SA
.......................................................
6,094
775
Casey's
General
Stores,
Inc.
...............................................
1,643
1,196
Celsius
Holdings,
Inc.
(a)
..................................................
7,897
280
Church
&
Dwight
Co.,
Inc.
................................................
10,494
979
Coca-Cola
Consolidated,
Inc.
..............................................
4,204
806
Colgate-Palmolive
Co.
...................................................
11,830
1,008
Constellation
Brands,
Inc.
,
Class
A
..........................................
5,011
752
Costco
Wholesale
Corp.
..................................................
1,288
1,283
Dollar
General
Corp.
....................................................
4,619
548
General
Mills,
Inc.
......................................................
22,200
826
Hormel
Foods
Corp.
.....................................................
32,602
738
Keurig
Dr.
Pepper,
Inc.
...................................................
27,339
720
Kimberly-Clark
Corp.
....................................................
8,420
812
McCormick
&
Co.,
Inc.
..................................................
12,904
651
Mondelez
International,
Inc.
,
Class
A
.........................................
17,412
1,004
Monster
Beverage
Corp.
(a)
................................................
12,599
913
PepsiCo,
Inc.
..........................................................
6,229
967
Performance
Food
Group
Co.
(a)
............................................
8,861
759
Philip
Morris
International,
Inc.
.............................................
5,132
849
Sysco
Corp.
...........................................................
11,590
827
Target
Corp.
..........................................................
7,002
849
The
Clorox
Co.
........................................................
8,152
845
The
Coca-Cola
Co.
......................................................
18,415
1,401
The
Hershey
Co.
.......................................................
3,653
759
The
Kroger
Co.
........................................................
12,894
933
The
Procter
&
Gamble
Co.
................................................
8,475
1,224
Tyson
Foods,
Inc.
,
Class
A
................................................
16,673
1,068
U.S.
Foods
Holding
Corp.
(a)
...............................................
8,668
799
Walmart,
Inc.
..........................................................
8,256
1,026
29,077
Energy
(5.8%):
Baker
Hughes
Co.
,
Class
A
................................................
11,638
711
Cheniere
Energy,
Inc.
....................................................
4,403
1,249
Chevron
Corp.
.........................................................
6,240
1,291
ConocoPhillips
Co.
.....................................................
7,441
982
Devon
Energy
Corp.
.....................................................
16,873
849
Diamondback
Energy,
Inc.
................................................
4,497
890
DT
Midstream,
Inc.
.....................................................
8,606
1,159
EOG
Resources,
Inc.
....................................................
7,793
1,127
EQT
Corp.
............................................................
11,222
714
Expand
Energy
Corp.
....................................................
6,567
721
Exxon
Mobil
Corp.
.....................................................
6,997
1,187
Halliburton
Co.
........................................................
17,260
673
Kinder
Morgan,
Inc.
.....................................................
35,790
1,200
Marathon
Petroleum
Corp.
................................................
4,232
1,033
Occidental
Petroleum
Corp.
...............................................
13,706
891
ONEOK,
Inc.
..........................................................
11,434
1,034
Ovintiv,
Inc.
..........................................................
13,134
780
Permian
Resources
Corp.
,
Class
A
...........................................
39,435
841
Phillips
66
Co.
.........................................................
5,527
1,007
SLB
Ltd.
.............................................................
14,271
733
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Targa
Resources
Corp.
...................................................
3,647
$
914
Texas
Pacific
Land
Corp.
.................................................
1,026
487
The
Williams
Cos.,
Inc.
..................................................
13,661
994
Valero
Energy
Corp.
.....................................................
3,586
886
Venture
Global,
Inc.
,
Class
A
...............................................
34,732
547
22,900
Financials
(18.6%):
Affirm
Holdings,
Inc.
,
Class
A
(a)
............................................
8,241
378
Aflac,
Inc.
............................................................
12,142
1,332
American
Express
Co.
...................................................
2,783
842
American
International
Group,
Inc.
..........................................
12,253
922
Ameriprise
Financial,
Inc.
.................................................
1,966
874
Apollo
Global
Management,
Inc.
............................................
6,394
712
Arch
Capital
Group
Ltd.
(a)
................................................
11,531
1,107
Ares
Management
Corp.
,
Class
A
...........................................
5,400
589
Arthur
J.
Gallagher
&
Co.
.................................................
3,818
827
Bank
of
America
Corp.
...................................................
21,938
1,069
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
3,414
1,636
BlackRock,
Inc.
........................................................
926
891
Blackstone,
Inc.
........................................................
6,530
751
Block,
Inc.
,
Class
A
(a)
...................................................
7,717
464
Blue
Owl
Capital,
Inc.
,
Class
A
(b)
...........................................
53,815
491
Brown
&
Brown,
Inc.
....................................................
12,104
789
Capital
One
Financial
Corp.
...............................................
3,770
688
Cboe
Global
Markets,
Inc.
................................................
4,091
1,150
Chubb
Ltd.
...........................................................
3,946
1,286
Cincinnati
Financial
Corp.
................................................
7,374
1,160
Citigroup,
Inc.
.........................................................
7,706
874
Citizens
Financial
Group,
Inc.
..............................................
14,674
880
CME
Group,
Inc.
,
Class
A
.................................................
4,196
1,239
CNA
Financial
Corp.
....................................................
26,399
1,212
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
1,901
332
Corpay,
Inc.
(a)
.........................................................
1,961
571
East
West
Bancorp,
Inc.
..................................................
7,856
839
Everest
Group
Ltd.
......................................................
2,939
961
Fidelity
National
Financial,
Inc.
............................................
17,754
823
Fidelity
National
Information
Services,
Inc.
....................................
16,466
772
Fifth
Third
Bancorp
.....................................................
18,784
873
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
437
824
Fiserv,
Inc.
(a)
..........................................................
6,156
343
Franklin
Resources,
Inc.
..................................................
35,999
850
Global
Payments,
Inc.
....................................................
7,857
529
Huntington
Bancshares,
Inc.
...............................................
52,934
828
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
8,917
598
Intercontinental
Exchange,
Inc.
.............................................
6,693
1,053
JPMorgan
Chase
&
Co.
..................................................
3,631
1,068
KeyCorp
.............................................................
45,789
918
KKR
&
Co.,
Inc.
.......................................................
7,195
665
Loews
Corp.
..........................................................
15,082
1,610
LPL
Financial
Holdings,
Inc.
...............................................
2,177
655
M&T
Bank
Corp.
.......................................................
4,967
1,027
Markel
Group,
Inc.
(a)
....................................................
655
1,254
Marsh
&
McLennan
Cos.,
Inc.
.............................................
5,827
1,011
Mastercard,
Inc.
,
Class
A
.................................................
2,090
1,044
MetLife,
Inc.
..........................................................
13,959
987
Moody's
Corp.
.........................................................
1,846
805
Morgan
Stanley
........................................................
5,690
936
MSCI,
Inc.
,
Class
A
.....................................................
1,391
750
Nasdaq,
Inc.
..........................................................
11,033
937
Northern
Trust
Corp.
....................................................
6,303
880
PayPal
Holdings,
Inc.
....................................................
12,313
557
Pinnacle
Financial
Partners,
Inc.
............................................
7,942
684
Principal
Financial
Group,
Inc.
.............................................
11,215
1,011
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Prudential
Financial,
Inc.
.................................................
10,672
$
1,043
Raymond
James
Financial,
Inc.
.............................................
6,271
908
Regions
Financial
Corp.
..................................................
33,649
879
Reinsurance
Group
of
America,
Inc.
.........................................
4,454
909
RenaissanceRe
Holdings
Ltd.
..............................................
3,299
981
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
4,586
318
S&P
Global,
Inc.
.......................................................
1,886
802
SoFi
Technologies,
Inc.
(a)
.................................................
23,291
370
State
Street
Corp.
.......................................................
7,320
926
Synchrony
Financial
.....................................................
11,430
777
T.
Rowe
Price
Group,
Inc.
.................................................
9,782
882
The
Allstate
Corp.
......................................................
4,576
949
The
Bank
of
New
York
Mellon
Corp.
.........................................
9,707
1,152
The
Carlyle
Group,
Inc.
..................................................
12,517
606
The
Charles
Schwab
Corp.
................................................
10,897
1,024
The
Goldman
Sachs
Group,
Inc.
............................................
1,027
869
The
Hartford
Insurance
Group,
Inc.
..........................................
9,364
1,266
The
PNC
Financial
Services
Group,
Inc.
......................................
5,091
1,059
The
Progressive
Corp.
...................................................
4,656
923
The
Travelers
Cos.,
Inc.
..................................................
4,099
1,196
Toast,
Inc.
,
Class
A
(a)
....................................................
19,889
527
TPG,
Inc.
,
Class
A
......................................................
14,622
592
Tradeweb
Markets,
Inc.
,
Class
A
............................................
6,793
799
Truist
Financial
Corp.
....................................................
21,227
976
U.S.
Bancorp
..........................................................
19,225
1,000
Visa,
Inc.
,
Class
A
......................................................
3,413
1,032
W.R.
Berkley
Corp.
.....................................................
15,963
1,058
Wells
Fargo
&
Co.
......................................................
11,060
880
73,861
Health
Care
(10.1%):
Abbott
Laboratories
.....................................................
8,617
885
AbbVie,
Inc.
..........................................................
4,198
913
Agilent
Technologies,
Inc.
.................................................
6,980
796
Align
Technology,
Inc.
(a)
.................................................
2,211
379
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
1,901
629
Amgen,
Inc.
...........................................................
2,128
749
Becton
Dickinson
&
Co.
..................................................
5,369
844
Biogen,
Inc.
(a)
.........................................................
3,706
679
Boston
Scientific
Corp.
(a)
.................................................
10,377
651
Bristol-Myers
Squibb
Co.
.................................................
13,934
845
Cardinal
Health,
Inc.
....................................................
3,289
695
Cencora,
Inc.
..........................................................
2,543
799
CVS
Health
Corp.
......................................................
9,803
704
Danaher
Corp.
.........................................................
4,137
784
Dexcom,
Inc.
(a)
........................................................
7,858
494
Edwards
Lifesciences
Corp.
(a)
.............................................
12,325
987
Elevance
Health,
Inc.
....................................................
1,831
536
Eli
Lilly
&
Co.
.........................................................
588
541
GE
HealthCare
Technologies,
Inc.
...........................................
10,070
717
Gilead
Sciences,
Inc.
....................................................
5,727
798
Globus
Medical,
Inc.
,
Class
A
(a)
............................................
4,747
409
HCA
Healthcare,
Inc.
....................................................
1,735
821
Humana,
Inc.
..........................................................
2,472
429
IDEXX
Laboratories,
Inc.
(a)
...............................................
801
450
Illumina,
Inc.
(a)
........................................................
3,556
438
Incyte
Corp.
(a)
.........................................................
6,731
634
Insulet
Corp.
(a)
........................................................
3,001
630
Intuitive
Surgical,
Inc.
(a)
.................................................
1,571
724
IQVIA
Holdings,
Inc.
(a)
..................................................
3,202
546
Johnson
&
Johnson
.....................................................
5,771
1,411
Labcorp
Holdings,
Inc.
...................................................
3,521
939
McKesson
Corp.
.......................................................
796
689
Medpace
Holdings,
Inc.
(a)
................................................
706
339
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Medtronic
PLC
........................................................
13,099
$
1,135
Merck
&
Co.,
Inc.
......................................................
6,991
841
Mettler-Toledo
International,
Inc.
(a)
.........................................
668
843
Neurocrine
Biosciences,
Inc.
(a)
.............................................
5,845
770
Pfizer,
Inc.
............................................................
33,498
941
Quest
Diagnostics,
Inc.
...................................................
4,758
932
Regeneron
Pharmaceuticals,
Inc.
............................................
950
734
ResMed,
Inc.
..........................................................
4,073
914
Solventum
Corp.
(a)
.....................................................
11,783
769
STERIS
PLC
..........................................................
4,033
892
Stryker
Corp.
..........................................................
3,159
1,038
Tenet
Healthcare
Corp.
(a)
.................................................
2,517
475
The
Cigna
Group
.......................................................
2,335
623
The
Cooper
Cos.,
Inc.
(a)
..................................................
9,346
668
Thermo
Fisher
Scientific,
Inc.
..............................................
1,542
758
United
Therapeutics
Corp.
(a)
..............................................
932
553
UnitedHealth
Group,
Inc.
.................................................
1,895
513
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
4,113
723
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
1,338
597
Waters
Corp.
(a)
........................................................
2,056
612
West
Pharmaceutical
Services,
Inc.
..........................................
2,176
545
Zimmer
Biomet
Holdings,
Inc.
.............................................
8,066
729
Zoetis,
Inc.
,
Class
A
.....................................................
6,694
791
40,280
Industrials
(19.8%):
3M
Co.
..............................................................
5,516
801
Advanced
Drainage
Systems,
Inc.
...........................................
3,657
501
AECOM
.............................................................
7,724
655
Allegion
PLC
.........................................................
6,089
885
AMETEK,
Inc.
........................................................
4,993
1,070
ATI,
Inc.
(a)
...........................................................
3,731
543
Automatic
Data
Processing,
Inc.
............................................
5,298
1,076
Axon
Enterprise,
Inc.
(a)
..................................................
829
352
Broadridge
Financial
Solutions,
Inc.
.........................................
5,466
888
BWX
Technologies,
Inc.
..................................................
2,707
554
C.H.
Robinson
Worldwide,
Inc.
.............................................
2,947
489
CACI
International,
Inc.
,
Class
A
(a)
.........................................
1,209
658
Carlisle
Cos.,
Inc.
.......................................................
1,633
545
Carpenter
Technology
Corp.
...............................................
1,263
498
Carrier
Global
Corp.
.....................................................
12,187
686
Caterpillar,
Inc.
........................................................
1,019
722
Cintas
Corp.
..........................................................
6,605
1,117
Clean
Harbors,
Inc.
(a)
...................................................
3,104
890
Comfort
Systems
USA,
Inc.
...............................................
310
428
Copart,
Inc.
(a)
.........................................................
26,349
875
CSX
Corp.
............................................................
26,997
1,108
Cummins,
Inc.
.........................................................
1,369
737
Curtiss-Wright
Corp.
....................................................
1,101
750
Deere
&
Co.
..........................................................
1,304
735
Delta
Air
Lines,
Inc.
.....................................................
8,753
582
Dover
Corp.
...........................................................
4,604
960
Eaton
Corp.
PLC
.......................................................
2,129
761
EMCOR
Group,
Inc.
....................................................
835
617
Emerson
Electric
Co.
....................................................
5,673
743
Equifax,
Inc.
..........................................................
3,180
573
Expeditors
International
of
Washington,
Inc.
....................................
5,206
746
Fastenal
Co.
...........................................................
21,403
993
FedEx
Corp.
..........................................................
2,372
845
Ferguson
Enterprises,
Inc.
.................................................
3,352
782
Fortive
Corp.
..........................................................
14,941
826
FTAI
Aviation
Ltd.
......................................................
1,357
332
GE
Vernova,
Inc.
.......................................................
560
489
Generac
Holdings,
Inc.
(a)
.................................................
2,021
395
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
General
Dynamics
Corp.
..................................................
3,352
$
1,150
General
Electric
Co.
.....................................................
2,633
747
Graco,
Inc.
...........................................................
13,900
1,177
HEICO
Corp.
..........................................................
2,650
727
Honeywell
International,
Inc.
..............................................
4,592
1,038
Howmet
Aerospace,
Inc.
..................................................
3,211
740
Hubbell,
Inc.
,
Class
B
....................................................
1,775
871
Huntington
Ingalls
Industries,
Inc.
...........................................
1,595
606
IDEX
Corp.
...........................................................
4,330
821
Illinois
Tool
Works,
Inc.
..................................................
4,081
1,062
Ingersoll
Rand,
Inc.
.....................................................
7,944
636
ITT,
Inc.
.............................................................
4,134
788
J.B.
Hunt
Transport
Services,
Inc.
...........................................
2,600
551
Jacobs
Solutions,
Inc.
....................................................
5,610
714
Johnson
Controls
International
PLC
..........................................
6,600
864
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
...................................
3,905
275
L3Harris
Technologies,
Inc.
...............................................
2,744
947
Leidos
Holdings,
Inc.
....................................................
4,598
715
Lennox
International,
Inc.
.................................................
1,277
593
Lincoln
Electric
Holdings,
Inc.
.............................................
3,173
790
Lockheed
Martin
Corp.
...................................................
1,313
794
Masco
Corp.
..........................................................
11,404
688
MasTec,
Inc.
(a)
........................................................
2,172
699
Mueller
Industries,
Inc.
...................................................
7,338
813
Nextpower,
Inc.
,
Class
A
(a)
................................................
3,727
449
Nordson
Corp.
.........................................................
4,114
1,095
Northrop
Grumman
Corp.
.................................................
1,283
875
Old
Dominion
Freight
Line,
Inc.
............................................
3,086
603
Otis
Worldwide
Corp.
....................................................
11,056
852
PACCAR,
Inc.
.........................................................
7,374
852
Parker-Hannifin
Corp.
...................................................
1,072
960
Paychex,
Inc.
..........................................................
10,059
927
Quanta
Services,
Inc.
....................................................
1,311
720
RBC
Bearings,
Inc.
(a)
...................................................
1,806
981
Regal
Rexnord
Corp.
....................................................
2,584
484
Republic
Services,
Inc.
,
Class
A
............................................
5,941
1,301
Rockwell
Automation,
Inc.
................................................
2,252
808
Rollins,
Inc.
...........................................................
16,163
863
RTX
Corp.
............................................................
5,192
1,002
Snap-on,
Inc.
..........................................................
3,040
1,104
Southwest
Airlines
Co.
...................................................
11,103
417
SS&C
Technologies
Holdings,
Inc.
..........................................
13,117
886
Stanley
Black
&
Decker,
Inc.
..............................................
7,555
537
Sterling
Infrastructure,
Inc.
(a)
..............................................
958
390
Textron,
Inc.
..........................................................
9,969
873
The
Boeing
Co.
(a)
......................................................
3,560
709
Trane
Technologies
PLC
..................................................
2,015
840
TransDigm
Group,
Inc.
...................................................
660
765
TransUnion
...........................................................
7,634
528
Uber
Technologies,
Inc.
(a)
................................................
9,834
707
UL
Solutions,
Inc.
,
Class
A
................................................
6,932
594
Union
Pacific
Corp.
.....................................................
4,637
1,125
United
Airlines
Holdings,
Inc.
(a)
............................................
4,717
434
United
Parcel
Service,
Inc.
,
Class
B
..........................................
7,373
725
United
Rentals,
Inc.
.....................................................
788
574
Veralto
Corp.
..........................................................
11,857
1,048
Verisk
Analytics,
Inc.
,
Class
A
..............................................
3,873
735
Vertiv
Holdings
Co.
,
Class
A
...............................................
1,619
406
W.W.
Grainger,
Inc.
.....................................................
809
882
Waste
Management,
Inc.
..................................................
5,418
1,245
Watsco,
Inc.
...........................................................
1,912
696
WESCO
International,
Inc.
................................................
2,290
627
Westinghouse
Air
Brake
Technologies
Corp.
....................................
4,211
1,052
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Woodward,
Inc.
........................................................
1,915
$
685
XPO,
Inc.
(a)
..........................................................
2,557
497
Xylem,
Inc.
...........................................................
7,605
909
78,775
Information
Technology
(11.3%):
Accenture
PLC
,
Class
A
..................................................
3,314
657
Adobe,
Inc.
(a)
.........................................................
3,056
743
Advanced
Energy
Industries,
Inc.
...........................................
1,554
501
Advanced
Micro
Devices,
Inc.
(a)
............................................
1,904
387
Akamai
Technologies,
Inc.
(a)
..............................................
5,956
684
Amphenol
Corp.
,
Class
A
.................................................
4,302
544
Analog
Devices,
Inc.
....................................................
2,446
778
Apple,
Inc.
...........................................................
3,943
1,001
Applied
Materials,
Inc.
...................................................
1,432
489
AppLovin
Corp.
,
Class
A
(a)
...............................................
757
301
Arista
Networks,
Inc.
(a)
..................................................
3,548
436
Astera
Labs,
Inc.
(a)
.....................................................
2,104
231
Autodesk,
Inc.
(a)
.......................................................
3,150
754
Broadcom,
Inc.
........................................................
1,718
532
Cadence
Design
Systems,
Inc.
(a)
............................................
2,185
607
CDW
Corp.
...........................................................
6,231
754
Ciena
Corp.
(a)
.........................................................
1,166
453
Cisco
Systems,
Inc.
.....................................................
11,533
895
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
12,056
740
Coherent
Corp.
(a)
......................................................
1,407
335
Corning,
Inc.
..........................................................
3,662
498
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
2,712
255
Datadog,
Inc.
,
Class
A
(a)
.................................................
3,648
431
Dell
Technologies,
Inc.
,
Class
C
............................................
3,135
514
Entegris,
Inc.
..........................................................
3,270
383
Everpure,
Inc.
,
Class
A
(a)
.................................................
5,277
312
F5,
Inc.
(a)
............................................................
2,630
761
Fair
Isaac
Corp.
(a)
......................................................
372
397
First
Solar,
Inc.
(a)
......................................................
2,030
400
Fortinet,
Inc.
(a)
........................................................
7,375
603
Gen
Digital,
Inc.
.......................................................
38,258
720
HP,
Inc.
..............................................................
37,812
726
HubSpot,
Inc.
(a)
.......................................................
1,665
406
International
Business
Machines
Corp.
........................................
2,897
702
Intuit,
Inc.
............................................................
1,742
753
Jabil,
Inc.
............................................................
2,296
610
Keysight
Technologies,
Inc.
(a)
.............................................
1,976
558
KLA
Corp.
...........................................................
355
523
Lam
Research
Corp.
.....................................................
2,167
463
Lattice
Semiconductor
Corp.
(a)
.............................................
5,011
465
Lumentum
Holdings,
Inc.
(a)
...............................................
442
311
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
2,149
477
Marvell
Technology,
Inc.
.................................................
5,515
546
Micron
Technology,
Inc.
..................................................
988
334
Microsoft
Corp.
........................................................
2,583
956
MKS,
Inc.
............................................................
1,929
443
Monolithic
Power
Systems,
Inc.
............................................
480
525
Motorola
Solutions,
Inc.
..................................................
2,373
1,030
NetApp,
Inc.
..........................................................
7,874
806
NVIDIA
Corp.
.........................................................
4,026
702
NXP
Semiconductors
NV
.................................................
2,891
569
Okta,
Inc.
,
Class
A
(a)
....................................................
9,082
715
ON
Semiconductor
Corp.
(a)
...............................................
7,473
463
Oracle
Corp.
..........................................................
2,458
362
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
3,513
514
Palo
Alto
Networks,
Inc.
(a)
................................................
4,916
788
PTC,
Inc.
(a)
...........................................................
4,369
622
Qnity
Electronics,
Inc.
...................................................
3,451
398
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
QUALCOMM,
Inc.
.....................................................
5,097
$
656
Roper
Technologies,
Inc.
..................................................
2,702
956
Salesforce,
Inc.
........................................................
3,646
681
Seagate
Technology
Holdings
PLC
..........................................
931
365
ServiceNow,
Inc.
(a)
.....................................................
6,026
630
Super
Micro
Computer,
Inc.
(a)
.............................................
11,118
253
Synopsys,
Inc.
(a)
.......................................................
937
371
TD
SYNNEX
Corp.
.....................................................
5,573
940
TE
Connectivity
PLC
....................................................
3,458
723
Teledyne
Technologies,
Inc.
(a)
.............................................
1,478
894
Teradyne,
Inc.
.........................................................
1,266
375
Texas
Instruments,
Inc.
...................................................
3,301
641
Trimble,
Inc.
(a)
........................................................
12,856
839
Twilio,
Inc.
,
Class
A
(a)
...................................................
3,565
449
Tyler
Technologies,
Inc.
(a)
................................................
1,822
624
VeriSign,
Inc.
..........................................................
3,926
975
Western
Digital
Corp.
....................................................
1,346
364
Workday,
Inc.
,
Class
A
(a)
.................................................
4,966
645
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
8,367
673
44,917
Materials
(4.8%):
Alcoa
Corp.
...........................................................
7,368
489
Amcor
PLC
...........................................................
17,453
694
Avery
Dennison
Corp.
...................................................
5,286
913
Ball
Corp.
............................................................
14,039
830
CF
Industries
Holdings,
Inc.
...............................................
7,419
963
Coeur
Mining,
Inc.
(a)
....................................................
12,704
238
Corteva,
Inc.
..........................................................
12,616
1,056
CRH
PLC
............................................................
6,772
712
Crown
Holdings,
Inc.
....................................................
8,986
901
Ecolab,
Inc.
...........................................................
4,075
1,084
Freeport-McMoRan,
Inc.
.................................................
7,809
459
Hecla
Mining
Co.
.......................................................
12,958
241
Linde
PLC
............................................................
2,869
1,422
Martin
Marietta
Materials,
Inc.
.............................................
1,502
884
Newmont
Corp.
........................................................
4,084
442
Nucor
Corp.
...........................................................
4,501
761
Packaging
Corp.
of
America
...............................................
3,947
838
PPG
Industries,
Inc.
.....................................................
7,812
835
Reliance,
Inc.
..........................................................
2,968
902
Royal
Gold,
Inc.
........................................................
2,169
552
RPM
International,
Inc.
..................................................
8,459
841
Smurfit
WestRock
PLC
...................................................
12,775
509
Steel
Dynamics,
Inc.
.....................................................
3,831
690
The
Sherwin-Williams
Co.
................................................
2,863
918
Vulcan
Materials
Co.
....................................................
3,171
863
19,037
Real
Estate
(0.5%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
5,128
695
CoStar
Group,
Inc.
(a)
....................................................
13,572
547
Jones
Lang
LaSalle,
Inc.
(a)
................................................
2,182
664
1,906
Utilities
(9.3%):
Alliant
Energy
Corp.
....................................................
22,422
1,609
Ameren
Corp.
.........................................................
14,492
1,593
American
Electric
Power
Co.,
Inc.
...........................................
10,176
1,334
American
Water
Works
Co.,
Inc.
............................................
8,169
1,112
Atmos
Energy
Corp.
.....................................................
8,490
1,568
CenterPoint
Energy,
Inc.
..................................................
35,670
1,540
CMS
Energy
Corp.
......................................................
20,687
1,605
Consolidated
Edison,
Inc.
.................................................
12,797
1,448
Constellation
Energy
Corp.
................................................
1,612
450
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Dominion
Energy,
Inc.
...................................................
20,245
$
1,252
DTE
Energy
Co.
.......................................................
10,733
1,569
Duke
Energy
Corp.
......................................................
13,082
1,713
Edison
International
.....................................................
12,387
907
Entergy
Corp.
.........................................................
12,659
1,422
Evergy,
Inc.
...........................................................
19,371
1,587
Eversource
Energy
......................................................
12,478
864
Exelon
Corp.
..........................................................
27,015
1,324
FirstEnergy
Corp.
.......................................................
34,067
1,726
NextEra
Energy,
Inc.
....................................................
11,155
1,036
NiSource,
Inc.
.........................................................
28,487
1,329
NRG
Energy,
Inc.
.......................................................
3,188
466
PG&E
Corp.
..........................................................
45,842
805
PPL
Corp.
............................................................
36,972
1,412
Public
Service
Enterprise
Group,
Inc.
.........................................
15,174
1,228
Sempra
..............................................................
12,701
1,234
The
Southern
Co.
.......................................................
15,717
1,517
Vistra
Corp.
...........................................................
2,844
428
WEC
Energy
Group,
Inc.
.................................................
14,578
1,688
Xcel
Energy,
Inc.
.......................................................
15,969
1,269
37,035
Total
Common
Stocks
(Cost
$339,177)
a
a
a
395,526
Investment
Companies
(0.3%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
3
.53
%
(c)
............
1,034,581
1,035
Total
Investment
Companies
(Cost
$1,035)
a
a
a
1,035
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
345,924
346
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
345,924
346
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
345,924
346
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
345,924
346
Total
Collateral
for
Securities
Loaned
(Cost
$1,384)
a
a
a
1,384
Total
Investments
(Cost
$341,596)
—
100.2%
397,945
Liabilities
in
excess
of
other
assets
—  (0.2)%
(935)
NET
ASSETS
-
100.00%
$
397,010
^
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,
2026.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
4
6/18/26
$
1,320
$
1,314
$
(
6
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
6
)
Total
net
unrealized
appreciation
(depreciation)
$
(
6
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
44
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.5%)
Communication
Services
(4.6%):
AT&T,
Inc.
...........................................................
305,904
$
8,868
Comcast
Corp.,
Class
A
..................................................
241,158
6,924
Omnicom
Group,
Inc.
....................................................
55,072
4,147
Verizon
Communications,
Inc.
..............................................
149,101
7,485
Warner
Music
Group
Corp.,
Class
A
.........................................
224,574
5,736
33,160
Consumer
Discretionary
(5.4%):
Best
Buy
Co.,
Inc.
......................................................
85,129
5,465
Darden
Restaurants,
Inc.
..................................................
34,125
6,690
Dick's
Sporting
Goods,
Inc.
................................................
24,461
4,850
Genuine
Parts
Co.
......................................................
51,259
5,421
NIKE,
Inc.,
Class
B
.....................................................
76,760
4,054
Starbucks
Corp.
........................................................
64,812
5,807
The
Home
Depot,
Inc.
...................................................
21,333
7,016
39,303
Consumer
Staples
(16.0%):
Altria
Group,
Inc.
.......................................................
118,257
7,804
Archer-Daniels-Midland
Co.
...............................................
97,312
7,074
Brown-Forman
Corp.,
Class
B(a)
...........................................
188,869
4,994
Constellation
Brands,
Inc.,
Class
A
..........................................
37,586
5,638
General
Mills,
Inc.
......................................................
166,509
6,197
Hormel
Foods
Corp.
.....................................................
244,530
5,538
Keurig
Dr.
Pepper,
Inc.
...................................................
205,059
5,399
Kimberly-Clark
Corp.(a)
..................................................
63,151
6,092
McCormick
&
Co.,
Inc.
..................................................
96,785
4,882
Mondelez
International,
Inc.,
Class
A
.........................................
130,597
7,528
PepsiCo,
Inc.
..........................................................
46,718
7,255
Philip
Morris
International,
Inc.
.............................................
38,491
6,364
Target
Corp.
..........................................................
52,518
6,365
The
Clorox
Co.
........................................................
61,147
6,337
The
Coca-Cola
Co.
......................................................
138,120
10,504
The
Procter
&
Gamble
Co.
................................................
63,568
9,182
Tyson
Foods,
Inc.,
Class
A
................................................
125,055
8,012
115,165
Electric
Utilities
(15.9%):
Alliant
Energy
Corp.
....................................................
168,180
12,069
American
Electric
Power
Co.,
Inc.
...........................................
76,324
10,005
Duke
Energy
Corp.
......................................................
98,123
12,848
Edison
International
.....................................................
92,908
6,799
Evergy
,
Inc.
...........................................................
145,293
11,902
Eversource
Energy
......................................................
93,589
6,484
Exelon
Corp.
..........................................................
202,626
9,933
FirstEnergy
Corp.
.......................................................
255,520
12,945
PPL
Corp.
............................................................
277,311
10,593
The
Southern
Co.
.......................................................
117,887
11,378
Xcel
Energy,
Inc.
.......................................................
119,776
9,515
114,471
Energy
(10.0%):
Chevron
Corp.
.........................................................
46,799
9,683
ConocoPhillips
Co.
.....................................................
55,812
7,367
EOG
Resources,
Inc.
....................................................
58,455
8,451
Exxon
Mobil
Corp.
.....................................................
52,481
8,904
Kinder
Morgan,
Inc.
.....................................................
268,440
9,001
ONEOK,
Inc.
..........................................................
85,764
7,752
Permian
Resources
Corp.,
Class
A
...........................................
295,789
6,306
Phillips
66
Co.
.........................................................
41,458
7,553
The
Williams
Cos.,
Inc.
..................................................
102,462
7,457
72,474
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Financials
(22.7%):
Ares
Management
Corp.,
Class
A
...........................................
40,503
$
4,419
Blackstone,
Inc.
........................................................
48,981
5,632
Blue
Owl
Capital,
Inc.,
Class
A(a)
...........................................
403,649
3,685
Citizens
Financial
Group,
Inc.
..............................................
110,062
6,600
CNA
Financial
Corp.
....................................................
198,003
9,092
Everest
Group
Ltd.
......................................................
22,043
7,205
Fidelity
National
Financial,
Inc.
............................................
133,167
6,176
Fidelity
National
Information
Services,
Inc.
....................................
123,507
5,794
Fifth
Third
Bancorp
.....................................................
140,892
6,546
Franklin
Resources,
Inc.
..................................................
270,011
6,378
Huntington
Bancshares,
Inc.
...............................................
397,035
6,214
KeyCorp
.............................................................
343,453
6,886
M&T
Bank
Corp.
.......................................................
37,258
7,702
MetLife,
Inc.
..........................................................
104,698
7,404
Principal
Financial
Group,
Inc.
.............................................
84,116
7,580
Prudential
Financial,
Inc.
.................................................
80,044
7,820
Regions
Financial
Corp.
..................................................
252,388
6,592
State
Street
Corp.
.......................................................
54,906
6,949
T.
Rowe
Price
Group,
Inc.
.................................................
73,374
6,614
The
Carlyle
Group,
Inc.
..................................................
93,885
4,543
The
PNC
Financial
Services
Group,
Inc.
......................................
38,186
7,946
The
Progressive
Corp.
...................................................
34,921
6,923
TPG,
Inc.,
Class
A
......................................................
109,678
4,443
Truist
Financial
Corp.
....................................................
159,212
7,319
U.S.
Bancorp
..........................................................
144,200
7,500
163,962
Health
Care
(6.9%):
AbbVie,
Inc.
..........................................................
31,490
6,849
Amgen,
Inc.
...........................................................
15,960
5,615
Bristol-Myers
Squibb
Co.
.................................................
104,512
6,339
CVS
Health
Corp.
......................................................
73,527
5,281
Medtronic
PLC
........................................................
98,246
8,513
Merck
&
Co.,
Inc.
......................................................
52,434
6,307
Pfizer,
Inc.
............................................................
251,253
7,055
UnitedHealth
Group,
Inc.
.................................................
14,213
3,846
49,805
Industrials
(4.1%):
Automatic
Data
Processing,
Inc.
............................................
39,740
8,074
Paychex,
Inc.
..........................................................
75,451
6,951
Stanley
Black
&
Decker,
Inc.
..............................................
56,666
4,027
United
Parcel
Service,
Inc.,
Class
B
..........................................
55,301
5,441
Watsco
,
Inc.(a)
.........................................................
14,342
5,217
29,710
Information
Technology
(3.5%):
Accenture
PLC,
Class
A
..................................................
24,857
4,929
HP,
Inc.
..............................................................
283,614
5,448
International
Business
Machines
Corp.
........................................
21,729
5,267
QUALCOMM,
Inc.
.....................................................
38,229
4,923
Texas
Instruments,
Inc.
...................................................
24,759
4,807
25,374
Materials
(1.3%):
Amcor
PLC
...........................................................
130,907
5,203
Smurfit
WestRock
PLC
...................................................
95,826
3,819
9,022
Multi-Utilities
(9.1%):
CMS
Energy
Corp.
......................................................
155,160
12,037
Consolidated
Edison,
Inc.
.................................................
95,982
10,863
Dominion
Energy,
Inc.
...................................................
151,847
9,387
DTE
Energy
Co.
.......................................................
80,506
11,772
Public
Service
Enterprise
Group,
Inc.
.........................................
113,816
9,213
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
WEC
Energy
Group,
Inc.
.................................................
109,344
$
12,659
65,931
Total
Common
Stocks
(Cost
$659,813)
a
a
a
718,377
Investment
Companies
(0.3%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
3.53%(b)
............
$
2,217,484
2,217
Total
Investment
Companies
(Cost
$2,217)
a
a
a
2,217
Collateral
for
Securities
Loaned
(1.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.55%(b)
........
2,293,441
2,294
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.56%(b)
............
2,293,441
2,294
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.58%(b)
...............
2,293,441
2,293
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.57%(b)
.
2,293,441
2,293
Total
Collateral
for
Securities
Loaned
(Cost
$9,174)
a
a
a
9,174
Total
Investments
(Cost
$671,204)
—
101.1%
729,768
Liabilities
in
excess
of
other
assets
—  (1.1)%
(7,616)
NET
ASSETS
-
100.00%
$
722,152
^
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,
2026.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
7
6/18/26
$
2,326
$
2,300
$
(26)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(26)
Total
net
unrealized
appreciation
(depreciation)
$
(26)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
47
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.5%)
Communication
Services
(4.8%):
Fox
Corp.
,
Class
A
......................................................
1,535,511
$
89,674
Omnicom
Group,
Inc.
....................................................
2,743,142
206,586
296,260
Communications
Equipment
(1.0%):
F5,
Inc.
(a)
............................................................
224,883
65,065
Consumer
Discretionary
(17.9%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
971,271
122,652
Aptiv
PLC
(a)
..........................................................
1,027,057
71,319
Booking
Holdings,
Inc.
...................................................
37,906
159,597
Carnival
Corp.
.........................................................
4,107,627
106,305
Deckers
Outdoor
Corp.
(a)
.................................................
874,992
87,578
Expedia
Group,
Inc.
.....................................................
720,206
166,288
General
Motors
Co.
.....................................................
2,045,282
152,374
Las
Vegas
Sands
Corp.
...................................................
1,716,366
92,478
Lululemon
Athletica,
Inc.
(a)
...............................................
454,800
69,630
Toll
Brothers,
Inc.
......................................................
551,793
75,303
1,103,524
Electronic
Equipment,
Instruments
&
Components
(1.1%):
CDW
Corp.
...........................................................
570,718
69,068
Energy
(12.8%):
Coterra
Energy,
Inc.
.....................................................
3,756,295
131,996
Diamondback
Energy,
Inc.
................................................
744,687
147,292
EQT
Corp.
............................................................
1,633,169
103,935
Expand
Energy
Corp.
....................................................
1,312,225
144,056
Permian
Resources
Corp.
,
Class
A
...........................................
6,477,602
138,102
SLB
Ltd.
.............................................................
2,403,969
123,540
788,921
Health
Care
(17.6%):
Centene
Corp.
(a)
.......................................................
2,764,236
90,501
Humana,
Inc.
..........................................................
495,645
85,940
Incyte
Corp.
(a)
.........................................................
1,453,867
136,838
Merck
&
Co.,
Inc.
......................................................
1,494,781
179,807
Neurocrine
Biosciences,
Inc.
(a)
.............................................
608,624
80,180
Royalty
Pharma
PLC
,
Class
A
..............................................
3,021,337
144,934
Tenet
Healthcare
Corp.
(a)
.................................................
514,892
97,165
The
Cigna
Group
.......................................................
760,337
202,820
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
395,954
69,553
1,087,738
Industrials
(10.1%):
Automatic
Data
Processing,
Inc.
............................................
523,852
106,436
Delta
Air
Lines,
Inc.
.....................................................
2,274,620
151,217
Leidos
Holdings,
Inc.
....................................................
420,165
65,344
Paychex,
Inc.
..........................................................
861,933
79,401
Snap-on,
Inc.
..........................................................
178,996
65,015
Uber
Technologies,
Inc.
(a)
................................................
2,170,487
156,123
623,536
IT
Services
(7.8%):
Accenture
PLC
,
Class
A
..................................................
1,016,550
201,572
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
2,223,525
136,413
Okta,
Inc.
,
Class
A
(a)
....................................................
997,742
78,532
Twilio,
Inc.
,
Class
A
(a)
...................................................
492,740
61,997
478,514
Materials
(4.6%):
Coeur
Mining,
Inc.
(a)
....................................................
6,798,822
127,614
Newmont
Corp.
........................................................
1,455,038
157,508
285,122
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Semiconductors
&
Semiconductor
Equipment
(1.5%):
ON
Semiconductor
Corp.
(a)
...............................................
1,478,628
$
91,557
Software
(11.1%):
Adobe,
Inc.
(a)
.........................................................
781,247
189,905
Salesforce,
Inc.
........................................................
1,073,778
200,442
Workday,
Inc.
,
Class
A
(a)
.................................................
957,448
124,392
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
2,119,974
170,425
685,164
Technology
Hardware,
Storage
&
Peripherals
(7.5%):
Dell
Technologies,
Inc.
,
Class
C
............................................
1,114,828
182,977
NetApp,
Inc.
..........................................................
1,073,065
109,871
Sandisk
Corp.
(a)
.......................................................
266,420
169,267
462,115
Utilities
(1.7%):
NRG
Energy,
Inc.
.......................................................
705,182
103,055
Total
Common
Stocks
(Cost
$6,002,736)
a
a
a
6,139,639
Total
Investments
(Cost
$6,002,736)
—
99.5%
6,139,639
Other
assets
in
excess
of
liabilities
—  0.5%
30,377
NET
ASSETS
-
100.00%
$
6,170,016
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
5.6%
of
net
assets.
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
79
6/18/26
$
26,245
$
25,954
$
(
291
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
291
)
Total
net
unrealized
appreciation
(depreciation)
$
(
291
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
49
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.4%)
Communication
Services
(8.9%):
Angi,
Inc.
,
Class
A
(a)
....................................................
122,606
$
840
Bandwidth,
Inc.
,
Class
A
(a)
................................................
31,640
564
Bumble,
Inc.
,
Class
A
(a)
..................................................
573,159
1,868
Cargurus,
Inc.
,
Class
A
(a)
.................................................
81,785
2,785
Cars.com,
Inc.
(a)
.......................................................
241,728
1,963
DoubleVerify
Holdings,
Inc.
(a)
.............................................
288,502
2,741
EverQuote,
Inc.
,
Class
A
(a)
................................................
142,721
2,201
Getty
Images
Holdings,
Inc.
(a)
(b)
...........................................
765,570
607
Gogo,
Inc.
(a)
..........................................................
188,990
760
Iridium
Communications,
Inc.
..............................................
99,207
2,752
Magnite,
Inc.
(a)
........................................................
188,499
2,239
Match
Group,
Inc.
......................................................
165,584
5,085
MediaAlpha,
Inc.
,
Class
A
(a)
..............................................
83,719
779
MNTN,
Inc.
,
Class
A
(a)
..................................................
101,017
889
Ooma,
Inc.
(a)
.........................................................
34,770
506
QuinStreet,
Inc.
(a)
......................................................
138,343
1,661
Shutterstock,
Inc.
(b)
.....................................................
40,084
666
Spok
Holdings,
Inc.
.....................................................
40,488
441
Stagwell,
Inc.
,
Class
A
(a)
(b)
...............................................
176,832
1,112
TripAdvisor,
Inc.
(a)
(b)
...................................................
435,258
4,640
Yelp,
Inc.
,
Class
A
(a)
....................................................
184,218
4,558
ZoomInfo
Technologies,
Inc.
,
Class
A
(a)
......................................
722,936
4,323
43,980
Consumer
Discretionary
(16.8%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
46,272
4,228
American
Public
Education,
Inc.
(a)
..........................................
16,662
948
Asbury
Automotive
Group,
Inc.
(a)
...........................................
21,233
4,149
BorgWarner,
Inc.
.......................................................
83,253
4,517
Build-A-Bear
Workshop,
Inc.
(b)
............................................
29,915
1,120
Coursera,
Inc.
(a)
.......................................................
413,477
2,406
Covista,
Inc.
(a)
........................................................
23,827
2,746
Crocs,
Inc.
(a)
..........................................................
61,390
5,097
Dillard's,
Inc.
,
Class
A
(b)
.................................................
6,460
3,696
Driven
Brands
Holdings,
Inc.
(a)
(b)
..........................................
170,611
2,151
Duolingo,
Inc.
,
Class
A
(a)
.................................................
37,726
3,719
Etsy,
Inc.
(a)
...........................................................
64,001
3,199
European
Wax
Center,
Inc.
,
Class
A
(a)
........................................
84,503
488
Frontdoor,
Inc.
(a)
.......................................................
38,063
2,012
Gentex
Corp.
..........................................................
159,651
3,488
Gentherm,
Inc.
(a)
.......................................................
19,452
540
GigaCloud
Technology,
Inc.
,
Class
A
(a)
.......................................
59,826
2,715
H&R
Block,
Inc.
.......................................................
128,027
4,064
Kontoor
Brands,
Inc.
....................................................
38,688
2,719
Monarch
Casino
&
Resort,
Inc.
.............................................
9,873
944
Peloton
Interactive,
Inc.
,
Class
A
(a)
..........................................
1,192,757
5,117
Phinia,
Inc.
...........................................................
34,207
2,341
PVH
Corp.
...........................................................
61,608
4,298
Strategic
Education,
Inc.
..................................................
25,079
2,081
Strattec
Security
Corp.
(a)
.................................................
6,225
488
Stride,
Inc.
(a)
..........................................................
43,520
3,837
The
Gap,
Inc.
..........................................................
136,342
3,300
Udemy,
Inc.
(a)
.........................................................
361,336
1,669
Upbound
Group,
Inc.
....................................................
90,976
1,642
Visteon
Corp.
..........................................................
35,510
3,235
82,954
Consumer
Staples
(3.6%):
BellRing
Brands,
Inc.
(a)
..................................................
126,572
2,037
Cal-Maine
Foods,
Inc.
(b)
.................................................
42,611
3,373
Maplebear,
Inc.
(a)
......................................................
139,467
5,224
Niagen
Bioscience,
Inc.
(a)
................................................
100,632
444
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Spectrum
Brands
Holdings,
Inc.
............................................
25,467
$
1,877
The
Honest
Co.,
Inc.
(a)
(b)
................................................
177,673
522
The
Simply
Good
Foods
Co.
(a)
.............................................
191,871
2,753
Universal
Corp.
........................................................
32,448
1,710
17,940
Energy
(15.2%):
Bristow
Group,
Inc.
.....................................................
34,200
1,604
Cactus,
Inc.
,
Class
A
.....................................................
52,999
2,511
California
Resources
Corp.
................................................
42,480
2,941
Chord
Energy
Corp.
.....................................................
27,973
3,977
Core
Natural
Resources,
Inc.
...............................................
26,051
2,728
Crescent
Energy
Co.
,
Class
A
..............................................
380,626
5,138
Diversified
Energy
Co.
...................................................
110,662
1,930
Dorian
LPG
Ltd.
.......................................................
73,142
2,501
Expro
Group
Holdings
NV
(a)
..............................................
90,996
1,584
Forum
Energy
Technologies,
Inc.
(a)
.........................................
13,485
791
Helix
Energy
Solutions
Group,
Inc.
(a)
........................................
202,976
2,007
Innovex
International,
Inc.
(a)
..............................................
63,690
1,553
International
Seaways,
Inc.
................................................
45,068
3,285
National
Energy
Services
Reunited
Corp.
(a)
....................................
90,427
1,942
NOV,
Inc.
............................................................
188,229
3,541
Oil
States
International,
Inc.
(a)
.............................................
57,768
672
Ranger
Energy
Services,
Inc.
,
Class
A
........................................
28,787
493
REX
American
Resources
Corp.
(a)
..........................................
14,080
642
Riley
Exploration
Permian,
Inc.
.............................................
14,355
523
Scorpio
Tankers,
Inc.
....................................................
90,978
6,792
SM
Energy
Co.
........................................................
224,826
7,010
Smart
Sand,
Inc.
........................................................
130,564
669
Teekay
Tankers
Ltd.
,
Class
A
...............................................
75,188
5,513
Transocean
Ltd.
(a)
......................................................
499,958
3,315
Viper
Energy,
Inc.
,
Class
A
................................................
112,484
5,286
Vitesse
Energy,
Inc.
.....................................................
28,654
520
Weatherford
International
PLC
.............................................
30,101
2,847
World
Kinect
Corp.
.....................................................
115,098
2,655
74,970
Financials
(1.4%):
OppFi,
Inc.
...........................................................
139,669
1,077
Oscar
Health,
Inc.
,
Class
A
(a)
..............................................
498,705
5,720
6,797
Health
Care
(15.7%):
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
95,934
2,135
Alkermes
PLC
(a)
.......................................................
100,967
3,570
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
70,330
1,378
ANI
Pharmaceuticals,
Inc.
(a)
..............................................
32,751
2,519
Astrana
Health,
Inc.
(a)
...................................................
43,771
1,073
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
68,963
3,896
Bioventus,
Inc.
,
Class
A
(a)
(b)
..............................................
56,401
515
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
136,090
3,370
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
138,794
4,590
CONMED
Corp.
.......................................................
63,204
2,235
CorMedix,
Inc.
(a)
(b)
....................................................
491,680
3,338
Doximity,
Inc.
,
Class
A
(a)
.................................................
106,677
2,486
GoodRx
Holdings,
Inc.
,
Class
A
(a)
(b)
........................................
398,730
782
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
149,583
4,190
Innoviva,
Inc.
(a)
.......................................................
170,340
3,969
Inspire
Medical
Systems,
Inc.
(a)
............................................
54,914
2,832
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
(a)
....................................
695,161
2,440
Jazz
Pharmaceuticals
PLC
(a)
..............................................
34,982
6,613
Lantheus
Holdings,
Inc.
(a)
................................................
31,344
2,377
MannKind
Corp.
(a)
.....................................................
1,198,282
2,936
MiMedx
Group,
Inc.
(a)
...................................................
122,609
484
Nutex
Health,
Inc.
(a)
(b)
..................................................
44,561
4,235
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Pacira
BioSciences,
Inc.
(a)
................................................
134,240
$
3,034
Phreesia,
Inc.
(a)
........................................................
191,047
1,601
Progyny,
Inc.
(a)
........................................................
224,368
3,810
SIGA
Technologies,
Inc.
..................................................
88,674
474
TG
Therapeutics,
Inc.
(a)
..................................................
112,034
3,722
Travere
Therapeutics,
Inc.
(a)
...............................................
78,558
2,334
Zevra
Therapeutics,
Inc.
(a)
................................................
47,624
444
77,382
Industrials
(16.1%):
ACV
Auctions,
Inc.
,
Class
A
(a)
.............................................
321,382
1,363
Alamo
Group,
Inc.
......................................................
11,289
1,862
Barrett
Business
Services,
Inc.
.............................................
20,747
605
Blue
Bird
Corp.
(a)
......................................................
30,234
1,717
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
...................................
41,997
3,277
CBIZ,
Inc.
(a)
..........................................................
81,094
2,177
Concentrix
Corp.
(b)
.....................................................
125,158
3,424
Covenant
Logistics
Group,
Inc.
,
Class
A
.......................................
19,693
535
DNOW,
Inc.
(a)
........................................................
231,608
2,759
Energy
Recovery,
Inc.
(a)
.................................................
47,368
477
Ennis,
Inc.
............................................................
22,815
489
Genpact
Ltd.
..........................................................
105,112
3,915
Gibraltar
Industries,
Inc.
(a)
................................................
50,481
2,013
Healthcare
Services
Group,
Inc.
(a)
...........................................
57,898
1,074
HNI
Corp.
............................................................
61,943
2,068
IBEX
Holdings
Ltd.
(a)
...................................................
16,906
453
Karat
Packaging,
Inc.
....................................................
21,741
607
KBR,
Inc.
............................................................
117,588
4,334
Korn
Ferry
...........................................................
41,496
2,612
Legalzoom.com,
Inc.
(a)
..................................................
642,459
3,643
Liquidity
Services,
Inc.
(a)
.................................................
16,600
508
LSI
Industries,
Inc.
......................................................
25,171
468
Lyft,
Inc.
,
Class
A
(a)
....................................................
536,882
7,141
Matrix
Service
Co.
(a)
....................................................
47,001
540
Maximus,
Inc.
.........................................................
42,290
2,711
OPENLANE,
Inc.
(a)
....................................................
97,956
2,855
Pangaea
Logistics
Solutions
Ltd.
............................................
69,963
495
Paylocity
Holding
Corp.
(a)
................................................
22,476
2,428
Proficient
Auto
Logistics,
Inc.
(a)
............................................
80,173
544
Sun
Country
Airlines
Holdings,
Inc.
(a)
........................................
117,752
1,945
Symbotic,
Inc.
,
Class
A
(a)
.................................................
134,755
7,169
TaskUS,
Inc.
,
Class
A
(b)
..................................................
46,910
315
Terex
Corp.
...........................................................
43,353
2,562
Tutor
Perini
Corp.
......................................................
76,564
5,910
Upwork,
Inc.
(a)
........................................................
397,129
4,353
79,348
Information
Technology
(20.2%):
Amdocs
Ltd.
..........................................................
57,117
3,728
Aviat
Networks,
Inc.
(a)
...................................................
19,340
437
BILL
Holdings,
Inc.
(a)
...................................................
82,834
3,173
Blackbaud,
Inc.
(a)
......................................................
66,345
2,562
Box,
Inc.
,
Class
A
(a)
....................................................
114,302
2,702
Cirrus
Logic,
Inc.
(a)
.....................................................
20,922
3,026
Clear
Secure,
Inc.
,
Class
A
................................................
86,778
4,201
Commerce.com,
Inc.
(a)
..................................................
173,852
464
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
48,120
2,890
Dropbox,
Inc.
,
Class
A
(a)
.................................................
181,550
4,125
Elastic
NV
(a)
..........................................................
45,670
2,283
EPAM
Systems,
Inc.
(a)
...................................................
27,898
3,777
Extreme
Networks,
Inc.
(a)
................................................
115,381
1,740
Five9,
Inc.
(a)
..........................................................
177,933
2,699
Freshworks,
Inc.
,
Class
A
(a)
...............................................
558,821
4,487
Gitlab,
Inc.
,
Class
A
(a)
...................................................
94,415
2,043
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Globant
SA
(a)
.........................................................
64,543
$
2,976
Grid
Dynamics
Holdings,
Inc.
(a)
............................................
173,062
986
Harmonic,
Inc.
(a)
.......................................................
91,415
821
I3
Verticals,
Inc.
,
Class
A
(a)
(b)
.............................................
66,244
1,481
Itron,
Inc.
(a)
..........................................................
26,780
2,400
LiveRamp
Holdings,
Inc.
(a)
...............................................
87,659
2,325
Mitek
Systems,
Inc.
(a)
...................................................
35,815
484
NetScout
Systems,
Inc.
(a)
.................................................
99,474
3,162
Nutanix,
Inc.
,
Class
A
(a)
..................................................
86,021
3,270
OneSpan,
Inc.
.........................................................
64,870
683
PagerDuty,
Inc.
(a)
......................................................
480,281
2,983
Pegasystems,
Inc.
.......................................................
64,289
2,736
Penguin
Solutions,
Inc.
(a)
.................................................
110,308
1,941
Progress
Software
Corp.
(a)
................................................
71,939
1,845
Qualys,
Inc.
(a)
.........................................................
33,306
2,926
Rapid7,
Inc.
(a)
.........................................................
404,709
2,230
RingCentral,
Inc.
,
Class
A
.................................................
120,895
4,496
Sprinklr,
Inc.
,
Class
A
(a)
..................................................
373,688
2,242
Sprout
Social,
Inc.
,
Class
A
(a)
..............................................
295,287
1,683
SPS
Commerce,
Inc.
(a)
...................................................
36,096
2,010
TD
SYNNEX
Corp.
.....................................................
23,403
3,948
Telos
Corp.
(a)
.........................................................
115,487
484
Tenable
Holdings,
Inc.
(a)
.................................................
166,222
2,812
The
Hackett
Group,
Inc.
..................................................
34,376
447
Turtle
Beach
Corp.
(a)
....................................................
36,306
368
UiPath,
Inc.
,
Class
A
(a)
..................................................
260,784
2,895
Yext,
Inc.
(a)
...........................................................
147,712
567
99,538
Materials
(1.5%):
Century
Aluminum
Co.
(a)
.................................................
54,708
3,211
Contango
ORE,
Inc.
(a)
(b)
.................................................
29,591
555
NewMarket
Corp.
......................................................
5,357
3,433
7,199
Total
Common
Stocks
(Cost
$492,249)
a
a
a
490,108
Collateral
for
Securities
Loaned
(2.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
3,072,281
3,073
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
3,072,281
3,072
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
3,072,281
3,072
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
3,072,281
3,072
Total
Collateral
for
Securities
Loaned
(Cost
$12,289)
a
a
a
12,289
Total
Investments
(Cost
$504,538)
—
101.9%
502,397
Liabilities
in
excess
of
other
assets
—  (1.9)%
(9,245)
NET
ASSETS
-
100.00%
$
493,152
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
5.8%
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,
2026.
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
Russell
2000
Index
Futures
......
23
6/18/26
$
2,881
$
2,889
$
8
Total
unrealized
appreciation
$
8
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
8
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
Growth
ETF
54
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(5.5%):
Netflix,
Inc.
(a)
.........................................................
57,601
$
5,538
Omnicom
Group,
Inc.
....................................................
33,688
2,537
Pinterest,
Inc.
,
Class
A
(a)
.................................................
263,664
4,836
Reddit,
Inc.
,
Class
A
(a)
...................................................
16,193
2,180
Roku,
Inc.
,
Class
A
(a)
....................................................
33,227
3,144
Spotify
Technology
SA
(a)
.................................................
6,152
2,983
The
New
York
Times
Co.
,
Class
A
...........................................
116,338
9,741
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
161,742
3,670
34,629
Communications
Equipment
(1.7%):
Arista
Networks,
Inc.
(a)
..................................................
61,983
7,610
Motorola
Solutions,
Inc.
..................................................
6,963
3,022
10,632
Consumer
Discretionary
(15.9%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
24,887
3,143
Booking
Holdings,
Inc.
...................................................
1,054
4,438
Brinker
International,
Inc.
(a)
...............................................
11,202
1,599
Carvana
Co.
,
Class
A
(a)
..................................................
23,656
7,437
Chewy,
Inc.
,
Class
A
(a)
..................................................
137,784
3,720
Deckers
Outdoor
Corp.
(a)
.................................................
31,307
3,134
DoorDash,
Inc.
,
Class
A
(a)
................................................
15,871
2,383
DraftKings,
Inc.
(a)
......................................................
148,716
3,215
Hilton
Worldwide
Holdings,
Inc.
............................................
19,986
6,077
Lululemon
Athletica,
Inc.
(a)
...............................................
43,065
6,593
Marriott
International,
Inc.
,
Class
A
..........................................
20,168
6,597
Ralph
Lauren
Corp.
,
Class
A
...............................................
21,885
7,528
Ross
Stores,
Inc.
.......................................................
61,778
13,383
SharkNinja,
Inc.
(a)
......................................................
32,459
3,437
The
TJX
Cos.,
Inc.
......................................................
73,955
11,811
Viking
Holdings
Ltd.
(a)
..................................................
123,606
9,083
Wayfair,
Inc.
,
Class
A
(a)
..................................................
100,737
7,576
101,154
Consumer
Staples
(1.8%):
Maplebear,
Inc.
(a)
......................................................
49,439
1,852
Monster
Beverage
Corp.
(a)
................................................
128,113
9,283
11,135
Electronic
Equipment,
Instruments
&
Components
(2.1%):
Amphenol
Corp.
,
Class
A
.................................................
103,751
13,109
Energy
(0.7%):
Viper
Energy,
Inc.
,
Class
A
................................................
90,989
4,276
Health
Care
(12.6%):
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
14,759
4,883
Cardinal
Health,
Inc.
....................................................
67,485
14,260
Cencora,
Inc.
..........................................................
28,948
9,094
Dexcom,
Inc.
(a)
........................................................
53,246
3,344
Eli
Lilly
&
Co.
.........................................................
6,532
6,008
Halozyme
Therapeutics,
Inc.
(a)
.............................................
34,246
2,213
Incyte
Corp.
(a)
.........................................................
71,389
6,720
Intuitive
Surgical,
Inc.
(a)
.................................................
9,553
4,403
McKesson
Corp.
.......................................................
10,563
9,141
Medpace
Holdings,
Inc.
(a)
................................................
10,953
5,260
Neurocrine
Biosciences,
Inc.
(a)
.............................................
23,580
3,106
ResMed,
Inc.
..........................................................
15,635
3,510
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
21,088
3,704
Waters
Corp.
(a)
........................................................
12,865
3,831
79,477
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
Growth
ETF
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Industrials
(15.9%):
Armstrong
World
Industries,
Inc.
............................................
13,309
$
2,193
Cintas
Corp.
..........................................................
12,182
2,060
Comfort
Systems
USA,
Inc.
...............................................
9,178
12,656
EMCOR
Group,
Inc.
....................................................
15,938
11,767
GE
Vernova,
Inc.
.......................................................
22,654
19,775
IES
Holdings,
Inc.
(a)
....................................................
14,848
7,075
Nextpower,
Inc.
,
Class
A
(a)
................................................
61,744
7,443
Paycom
Software,
Inc.
...................................................
24,672
2,999
Rollins,
Inc.
...........................................................
48,656
2,599
Sterling
Infrastructure,
Inc.
(a)
..............................................
21,400
8,716
Trane
Technologies
PLC
..................................................
15,293
6,373
Uber
Technologies,
Inc.
(a)
................................................
54,175
3,897
Vertiv
Holdings
Co.
,
Class
A
...............................................
53,863
13,497
101,050
IT
Services
(1.2%):
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
67,608
5,589
Snowflake,
Inc.
,
Class
A
(a)
................................................
13,238
1,997
7,586
Materials
(5.4%):
Coeur
Mining,
Inc.
(a)
....................................................
618,760
11,614
Newmont
Corp.
........................................................
205,750
22,273
33,887
Semiconductors
&
Semiconductor
Equipment
(17.1%):
Applied
Materials,
Inc.
...................................................
46,274
15,816
Astera
Labs,
Inc.
(a)
.....................................................
24,469
2,682
Broadcom,
Inc.
........................................................
71,199
22,037
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
54,995
5,162
KLA
Corp.
...........................................................
8,178
12,041
Lam
Research
Corp.
.....................................................
79,246
16,932
Monolithic
Power
Systems,
Inc.
............................................
7,028
7,684
NVIDIA
Corp.
.........................................................
130,608
22,778
Rambus,
Inc.
(a)
........................................................
31,987
2,752
107,884
Software
(16.5%):
Adobe,
Inc.
(a)
.........................................................
38,550
9,371
AppLovin
Corp.
,
Class
A
(a)
...............................................
17,635
7,019
Atlassian
Corp.
,
Class
A
(a)
................................................
81,765
5,580
Autodesk,
Inc.
(a)
.......................................................
8,202
1,964
Cadence
Design
Systems,
Inc.
(a)
............................................
11,984
3,330
Circle
Internet
Group,
Inc.
,
Class
A
(a)
........................................
10,722
1,023
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
7,362
2,874
Datadog,
Inc.
,
Class
A
(a)
.................................................
15,704
1,854
Docusign,
Inc.
,
Class
A
(a)
.................................................
82,178
3,896
Dynatrace,
Inc.
(a)
......................................................
74,485
2,754
Fair
Isaac
Corp.
(a)
......................................................
2,537
2,708
Fortinet,
Inc.
(a)
........................................................
46,242
3,779
HubSpot,
Inc.
(a)
.......................................................
13,511
3,298
InterDigital,
Inc.
.......................................................
12,765
3,855
Intuit,
Inc.
............................................................
11,734
5,074
Manhattan
Associates,
Inc.
(a)
..............................................
10,322
1,374
Nutanix,
Inc.
,
Class
A
(a)
..................................................
107,113
4,071
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
73,387
10,735
Palo
Alto
Networks,
Inc.
(a)
................................................
19,508
3,128
Procore
Technologies,
Inc.
(a)
..............................................
27,168
1,549
PTC,
Inc.
(a)
...........................................................
10,010
1,426
Rubrik,
Inc.
,
Class
A
(a)
..................................................
17,563
860
Salesforce,
Inc.
........................................................
45,297
8,456
Samsara,
Inc.
,
Class
A
(a)
.................................................
39,797
1,261
ServiceNow,
Inc.
(a)
.....................................................
47,225
4,937
Workday,
Inc.
,
Class
A
(a)
.................................................
46,539
6,046
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
Growth
ETF
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Zscaler,
Inc.
(a)
.........................................................
15,393
$
2,159
104,381
Technology
Hardware,
Storage
&
Peripherals
(3.2%):
Everpure,
Inc.
,
Class
A
(a)
.................................................
32,867
1,940
Sandisk
Corp.
(a)
.......................................................
28,765
18,276
20,216
Total
Common
Stocks
(Cost
$616,460)
a
a
a
629,416
Total
Investments
(Cost
$616,460)
—
99.6%
629,416
Other
assets
in
excess
of
liabilities
—  0.4%
2,516
NET
ASSETS
-
100.00%
$
631,932
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
8
6/18/26
$
2,655
$
2,628
$
(
27
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
27
)
Total
net
unrealized
appreciation
(depreciation)
$
(
27
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
ETF
57
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.1%)
Australia
(3.9%):
Consumer
Discretionary
(0.9%):
Aristocrat
Leisure
Ltd.
...................................................
42,603
$
1,332
Health
Care
(1.2%):
CSL
Ltd.
.............................................................
18,577
1,804
Industrials
(0.7%):
Computershare
Ltd.
.....................................................
58,824
1,152
Utilities
(1.1%):
Origin
Energy
Ltd.
......................................................
220,033
1,879
6,167
Austria
(0.5%):
Industrials
(0.5%):
ANDRITZ
AG
.........................................................
12,270
844
Canada
(15.0%):
Communication
Services
(0.8%):
Quebecor,
Inc.
,
Class
B
...................................................
27,837
1,182
Consumer
Discretionary
(2.2%):
Gildan
Activewear,
Inc.
,
Class
A
............................................
17,059
949
Magna
International,
Inc.
.................................................
44,866
2,504
3,453
Consumer
Staples
(0.5%):
Saputo,
Inc.
...........................................................
23,673
740
Energy
(0.8%):
Whitecap
Resources,
Inc.
.................................................
110,161
1,243
Information
Technology
(2.6%):
CGI,
Inc.
.............................................................
30,604
2,238
Constellation
Software,
Inc.
...............................................
1,104
1,938
4,176
Materials
(8.1%):
Agnico
Eagle
Mines
Ltd.
.................................................
10,181
2,067
Barrick
Mining
Corp.
....................................................
46,065
1,879
CCL
Industries,
Inc.
,
Class
B
..............................................
12,916
809
DPM
Metals,
Inc.
.......................................................
32,771
1,154
Kinross
Gold
Corp.
.....................................................
95,563
2,917
Lundin
Gold,
Inc.
.......................................................
11,636
889
OceanaGold
Corp.
......................................................
41,673
1,314
Pan
American
Silver
Corp.
................................................
29,101
1,590
12,619
23,413
Denmark
(2.0%):
Health
Care
(0.9%):
Genmab
A/S
(a)
........................................................
5,167
1,369
Industrials
(1.1%):
Vestas
Wind
Systems
A/S
.................................................
61,995
1,824
3,193
Finland
(1.3%):
Industrials
(1.3%):
Konecranes
Oyj
........................................................
22,770
735
Wartsila
Oyj
Abp
.......................................................
36,255
1,329
2,064
France
(13.9%):
Communication
Services
(1.9%):
Publicis
Groupe
SA
.....................................................
35,953
2,943
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
ETF
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Energy
(0.5%):
Gaztransport
Et
Technigaz
SA
..............................................
3,407
$
800
Health
Care
(3.6%):
Ipsen
SA
.............................................................
6,124
1,135
Sanofi
SA
............................................................
46,875
4,481
5,616
Industrials
(5.3%):
Bouygues
SA
..........................................................
30,091
1,718
Bureau
Veritas
SA
......................................................
32,929
978
Eiffage
SA
............................................................
12,511
1,896
SPIE
SA
.............................................................
16,919
838
Vinci
SA
.............................................................
19,291
2,863
8,293
Information
Technology
(2.6%):
Capgemini
SE
.........................................................
20,338
2,362
Dassault
Systemes
SE
....................................................
88,194
1,760
4,122
21,774
Germany
(4.2%):
Communication
Services
(0.3%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
8,514
489
Consumer
Discretionary
(0.9%):
adidas
AG
............................................................
8,984
1,419
Industrials
(1.6%):
Deutsche
Lufthansa
AG
,
Registered
Shares
....................................
130,545
1,086
GEA
Group
AG
........................................................
11,237
794
KION
Group
AG
.......................................................
10,949
563
2,443
Materials
(1.4%):
Heidelberg
Materials
AG
.................................................
10,906
2,247
6,598
Hong
Kong
(2.6%):
Consumer
Discretionary
(0.9%):
Galaxy
Entertainment
Group
Ltd.
...........................................
301,262
1,344
Consumer
Staples
(0.3%):
Alibaba
Health
Information
Technology
Ltd.
(a)
.................................
760,000
452
Industrials
(1.4%):
SITC
International
Holdings
Co.
Ltd.
.........................................
222,250
966
Techtronic
Industries
Co.
Ltd.
..............................................
100,363
1,307
2,273
4,069
Israel
(1.1%):
Information
Technology
(1.1%):
Check
Point
Software
Technologies
Ltd.
(a)
....................................
11,822
1,689
Italy
(2.4%):
Energy
(1.5%):
Saipem
SpA
...........................................................
511,411
2,313
Health
Care
(0.4%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
12,351
700
Materials
(0.5%):
Buzzi
SpA
............................................................
16,392
816
3,829
Japan
(23.5%):
Communication
Services
(1.2%):
LY
Corp.
.............................................................
311,800
752
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
ETF
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Nexon
Co.
Ltd.
........................................................
57,700
$
1,065
1,817
Consumer
Discretionary
(7.2%):
Aisin
Corp.
...........................................................
80,400
1,098
Bandai
Namco
Holdings,
Inc.
..............................................
46,300
1,128
Bridgestone
Corp.
......................................................
97,900
2,015
Denso
Corp.
..........................................................
234,500
2,879
Sony
Group
Corp.
......................................................
118,000
2,386
Suzuki
Motor
Corp.
.....................................................
143,300
1,694
11,200
Consumer
Staples
(0.8%):
Suntory
Beverage
&
Food
Ltd.
.............................................
24,000
679
Unicharm
Corp.
........................................................
107,000
627
1,306
Health
Care
(5.0%):
Astellas
Pharma,
Inc.
....................................................
180,700
2,869
Ono
Pharmaceutical
Co.
Ltd.
..............................................
43,300
685
Otsuka
Holdings
Co.
Ltd.
.................................................
21,800
1,512
Takeda
Pharmaceutical
Co.
Ltd.
............................................
71,200
2,541
7,607
Industrials
(3.9%):
Dai
Nippon
Printing
Co.
Ltd.
..............................................
39,600
705
Kawasaki
Kisen
Kaisha
Ltd.
(b)
.............................................
55,900
930
Makita
Corp.
..........................................................
20,900
669
Obayashi
Corp.
........................................................
52,200
1,236
Recruit
Holdings
Co.
Ltd.
.................................................
51,000
2,097
TOPPAN
Holdings,
Inc.
..................................................
22,300
577
6,214
Information
Technology
(4.2%):
Canon,
Inc.
...........................................................
63,900
1,754
Kioxia
Holdings
Corp.
(a)
.................................................
20,800
2,501
Otsuka
Corp.
..........................................................
37,900
722
Renesas
Electronics
Corp.
.................................................
120,900
1,639
6,616
Materials
(1.2%):
Nippon
Paint
Holdings
Co.
Ltd.
.............................................
113,400
698
Nitto
Denko
Corp.
......................................................
59,700
1,152
1,850
36,610
Luxembourg
(1.1%):
Energy
(1.1%):
Tenaris
SA
............................................................
58,427
1,722
Netherlands
(3.9%):
Consumer
Staples
(1.6%):
Heineken
NV
..........................................................
21,821
1,672
JDE
Peet's
NV
.........................................................
20,174
742
2,414
Industrials
(1.2%):
Wolters
Kluwer
NV
.....................................................
24,221
1,809
Information
Technology
(1.1%):
NXP
Semiconductors
NV
.................................................
9,723
1,914
6,137
Norway
(3.0%):
Energy
(3.0%):
Equinor
ASA
..........................................................
74,291
3,228
Frontline
PLC
.........................................................
41,001
1,440
4,668
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
ETF
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Portugal
(1.0%):
Energy
(1.0%):
Galp
Energia
SGPS
SA
...................................................
63,506
$
1,542
Spain
(0.9%):
Consumer
Discretionary
(0.9%):
Amadeus
IT
Group
SA
...................................................
24,345
1,370
Sweden
(2.4%):
Consumer
Discretionary
(1.9%):
Autoliv,
Inc.
..........................................................
10,655
1,120
Evolution
AB
(c)
........................................................
31,590
1,954
3,074
Industrials
(0.5%):
Securitas
AB
,
Class
B
....................................................
43,927
733
3,807
Switzerland
(1.2%):
Consumer
Staples
(0.6%):
Barry
Callebaut
AG
,
Registered
Shares
.......................................
531
920
Health
Care
(0.6%):
Sonova
Holding
AG
.....................................................
4,300
963
1,883
United
Kingdom
(14.4%):
Communication
Services
(0.9%):
Informa
PLC
..........................................................
146,005
1,444
Consumer
Discretionary
(0.7%):
Next
PLC
............................................................
6,980
1,171
Energy
(5.9%):
Shell
PLC
............................................................
115,628
5,485
Subsea
7
SA
..........................................................
63,864
1,983
TechnipFMC
PLC
......................................................
22,802
1,576
9,044
Health
Care
(1.6%):
GSK
PLC
............................................................
93,012
2,541
Industrials
(2.6%):
International
Consolidated
Airlines
Group
SA
...................................
745,565
3,464
Intertek
Group
PLC
.....................................................
12,778
617
4,081
Information
Technology
(0.7%):
The
Sage
Group
PLC
....................................................
94,851
1,052
Materials
(2.0%):
Endeavour
Mining
PLC
..................................................
53,685
3,169
22,502
United
States
(0.8%):
Information
Technology
(0.8%):
Flex
Ltd.
(a)
...........................................................
19,968
1,307
Total
Common
Stocks
(Cost
$150,254)
155,188
Total
Investments
(Cost
$150,254)
—
99.1%
155,188
Other
assets
in
excess
of
liabilities
—
0.9%
1,424
NET
ASSETS
-
100.00%
$
156,612
(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,
2026,
the
fair
value
of
these
securities
was
$1,954
(thousands)
and
amounted
to
1.2%
of
net
assets.
PLC
—
Public
Limited
Company
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
ETF
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
MSCI
EAFE
Index
Futures
......
6
6/18/26
$
868
$
870
$
2
Total
unrealized
appreciation
$
2
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
2
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
Growth
ETF
62
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.2%)
Australia
(2.9%):
Health
Care
(0.1%):
Pro
Medicus
Ltd.
.......................................................
3,987
$
322
Industrials
(1.2%):
Brambles
Ltd.
.........................................................
91,651
1,429
Computershare
Ltd.
.....................................................
72,474
1,419
2,848
Materials
(1.6%):
Evolution
Mining
Ltd.
...................................................
405,679
3,531
6,701
Belgium
(1.2%):
Consumer
Discretionary
(0.2%):
D'ieteren
Group
........................................................
2,403
439
Health
Care
(1.0%):
UCB
SA
.............................................................
7,883
2,355
2,794
Canada
(26.3%):
Consumer
Discretionary
(1.2%):
Dollarama,
Inc.
........................................................
14,057
1,725
Gildan
Activewear,
Inc.
,
Class
A
............................................
19,582
1,090
2,815
Industrials
(2.1%):
Bombardier,
Inc.
,
Class
B
(a)
...............................................
27,661
4,893
Information
Technology
(3.0%):
Celestica,
Inc.
(a)
.......................................................
13,416
3,779
Constellation
Software,
Inc.
...............................................
1,254
2,202
Shopify,
Inc.
,
Class
A
(a)
..................................................
9,466
1,123
7,104
Materials
(20.0%):
Agnico
Eagle
Mines
Ltd.
.................................................
32,965
6,691
Alamos
Gold,
Inc.
......................................................
53,807
2,391
Barrick
Mining
Corp.
....................................................
171,724
7,005
DPM
Metals,
Inc.
.......................................................
80,546
2,836
First
Majestic
Silver
Corp.
................................................
156,995
3,372
Franco-Nevada
Corp.
....................................................
11,390
2,814
IAMGOLD
Corp.
(a)
.....................................................
252,249
4,747
Kinross
Gold
Corp.
.....................................................
225,805
6,892
Lundin
Gold,
Inc.
.......................................................
42,053
3,214
OceanaGold
Corp.
......................................................
96,693
3,049
Pan
American
Silver
Corp.
................................................
66,746
3,646
46,657
61,469
Denmark
(3.0%):
Health
Care
(1.7%):
Genmab
A/S
(a)
........................................................
3,227
855
Novo
Nordisk
A/S
,
Class
B
................................................
86,244
3,081
3,936
Industrials
(1.3%):
Vestas
Wind
Systems
A/S
.................................................
100,693
2,962
6,898
Finland
(2.1%):
Health
Care
(0.4%):
Orion
Oyj
,
Class
B
......................................................
10,582
852
Industrials
(1.7%):
Wartsila
Oyj
Abp
.......................................................
112,032
4,106
4,958
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
Growth
ETF
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
France
(4.2%):
Consumer
Discretionary
(1.2%):
Hermes
International
SCA
................................................
1,548
$
2,879
Energy
(0.6%):
Gaztransport
Et
Technigaz
SA
..............................................
5,793
1,360
Industrials
(2.4%):
Airbus
SE
............................................................
6,660
1,238
Safran
SA
............................................................
7,411
2,393
SPIE
SA
.............................................................
15,324
759
Thales
SA
............................................................
3,893
1,134
5,524
9,763
Germany
(8.8%):
Communication
Services
(0.3%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
12,707
729
Industrials
(6.8%):
HOCHTIEF
AG
........................................................
6,750
2,986
Nordex
SE
(a)
..........................................................
50,411
2,653
Rational
AG
..........................................................
628
451
Rheinmetall
AG
........................................................
1,103
1,841
Siemens
Energy
AG
.....................................................
48,891
8,039
15,970
Information
Technology
(1.7%):
Nemetschek
SE
........................................................
10,507
774
SAP
SE
..............................................................
18,432
3,129
3,903
20,602
Hong
Kong
(0.1%):
Consumer
Staples
(0.1%):
Alibaba
Health
Information
Technology
Ltd.
(a)
.................................
540,826
321
Ireland
(1.0%):
Industrials
(1.0%):
Ryanair
Holdings
PLC
...................................................
84,512
2,331
Israel
(1.6%):
Information
Technology
(1.6%):
Next
Vision
Stabilized
Systems
Ltd.
.........................................
15,377
1,493
Nova
Ltd.
(a)
..........................................................
4,992
2,168
3,661
Italy
(2.4%):
Consumer
Discretionary
(1.2%):
Ferrari
NV
............................................................
5,908
1,973
Moncler
SpA
..........................................................
15,959
948
2,921
Energy
(0.9%):
Saipem
SpA
(b)
........................................................
436,302
1,974
Health
Care
(0.3%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
13,337
756
5,651
Japan
(18.5%):
Communication
Services
(0.4%):
Capcom
Co.
Ltd.
(b)
.....................................................
16,400
346
Konami
Group
Corp.
....................................................
5,400
658
1,004
Consumer
Discretionary
(2.5%):
Asics
Corp.
...........................................................
56,300
1,474
Bandai
Namco
Holdings,
Inc.
..............................................
58,400
1,423
Fast
Retailing
Co.
Ltd.
...................................................
6,700
2,602
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
Growth
ETF
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Sanrio
Co.
Ltd.
(b)
......................................................
60,000
$
370
5,869
Consumer
Staples
(0.9%):
Ajinomoto
Co.,
Inc.
.....................................................
72,300
2,003
Health
Care
(0.9%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
36,800
1,997
Industrials
(2.7%):
Fujikura
Ltd.
..........................................................
169,800
4,376
Recruit
Holdings
Co.
Ltd.
.................................................
46,500
1,912
6,288
Information
Technology
(11.1%):
Advantest
Corp.
........................................................
42,200
5,406
Disco
Corp.
...........................................................
6,700
2,586
Kioxia
Holdings
Corp.
(a)
.................................................
68,700
8,261
Lasertec
Corp.
.........................................................
13,400
2,816
Obic
Co.
Ltd.
..........................................................
18,700
454
Otsuka
Corp.
..........................................................
24,100
459
SCREEN
Holdings
Co.
Ltd.
...............................................
27,600
1,555
Tokyo
Electron
Ltd.
.....................................................
19,000
4,458
25,995
43,156
Macau
(0.2%):
Consumer
Discretionary
(0.2%):
Sands
China
Ltd.
.......................................................
230,086
484
Netherlands
(4.9%):
Communication
Services
(1.0%):
Universal
Music
Group
NV
................................................
120,052
2,308
Health
Care
(0.4%):
Argenx
SE
(a)
..........................................................
1,384
993
Information
Technology
(3.5%):
ASM
International
NV
...................................................
2,053
1,511
ASML
Holding
NV
.....................................................
5,084
6,576
8,087
11,388
New
Zealand
(0.4%):
Information
Technology
(0.4%):
Xero
Ltd.
(a)
...........................................................
16,413
850
Norway
(0.5%):
Industrials
(0.5%):
Kongsberg
Gruppen
ASA
.................................................
28,100
1,199
Singapore
(0.9%):
Communication
Services
(0.9%):
Sea
Ltd.
,
ADR
(a)
.......................................................
25,564
2,117
Spain
(1.9%):
Consumer
Discretionary
(1.4%):
Amadeus
IT
Group
SA
...................................................
31,803
1,790
Industria
de
Diseno
Textil
SA
..............................................
24,996
1,422
3,212
Information
Technology
(0.5%):
Indra
Sistemas
SA
......................................................
23,388
1,277
4,489
Sweden
(2.3%):
Consumer
Discretionary
(0.7%):
Evolution
AB
(c)
........................................................
26,006
1,608
Industrials
(1.6%):
AddTech
AB
,
B
Shares
...................................................
9,908
333
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
Growth
ETF
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Alfa
Laval
AB
.........................................................
18,110
$
972
Atlas
Copco
AB
,
Class
A
.................................................
73,482
1,267
Epiroc
AB
,
Class
A
......................................................
47,458
1,149
3,721
5,329
Switzerland
(1.0%):
Consumer
Discretionary
(0.2%):
On
Holding
AG
,
Class
A
(a)
................................................
16,648
566
Industrials
(0.8%):
Accelleron
Industries
AG
.................................................
16,106
1,436
Belimo
Holding
AG
,
Class
R
..............................................
520
413
1,849
2,415
United
Kingdom
(15.0%):
Consumer
Discretionary
(2.3%):
Compass
Group
PLC
....................................................
56,510
1,560
InterContinental
Hotels
Group
PLC
..........................................
9,428
1,229
Next
PLC
............................................................
15,120
2,536
5,325
Energy
(3.6%):
Subsea
7
SA
..........................................................
60,668
1,883
TechnipFMC
PLC
......................................................
95,306
6,588
8,471
Health
Care
(1.4%):
AstraZeneca
PLC
.......................................................
17,082
3,321
Industrials
(3.7%):
Babcock
International
Group
PLC
...........................................
114,664
1,757
Diploma
PLC
.........................................................
13,117
1,035
International
Consolidated
Airlines
Group
SA
...................................
263,404
1,224
Rolls-Royce
Holdings
PLC
................................................
312,356
4,680
8,696
Information
Technology
(1.6%):
Halma
PLC
...........................................................
46,427
2,336
The
Sage
Group
PLC
....................................................
121,219
1,344
3,680
Materials
(2.4%):
Endeavour
Mining
PLC
..................................................
94,028
5,550
35,043
Total
Common
Stocks
(Cost
$218,824)
231,619
Collateral
for
Securities
Loaned
(0.7%)^
United
States
(0.7%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(d)
........
406,875
407
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(d)
............
406,875
407
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(d)
...............
406,875
407
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(d)
.
406,875
407
Total
Collateral
for
Securities
Loaned
(Cost
$1,628)
1,628
Total
Investments
(Cost
$220,452)
—
99.9%
233,247
Other
assets
in
excess
of
liabilities
—
0.1%
141
NET
ASSETS
-
100.00%
$
233,388
^
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,
2026,
the
fair
value
of
these
securities
was
$1,608
(thousands)
and
amounted
to
0.7%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
Victory
Portfolios
ll
VictoryShares
International
Free
Cash
Flow
Growth
ETF
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
MSCI
EAFE
Index
Futures
......
10
6/18/26
$
1,452
$
1,451
$
(
1
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
1
)
Total
net
unrealized
appreciation
(depreciation)
$
(
1
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
67
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(24.0%)
ABS
Auto
(13.3%):
Alloya
Auto
Receivables
Trust
.............................................
Series
2025-1A
,
Class
A4
,
4
.71
%
,
1/25/30
,
Callable
7/25/28
@
100
(a)
.............
$
981
$
985
Series
2025-1A
,
Class
B
,
4
.99
%
,
3/25/30
,
Callable
7/25/28
@
100
(a)
..............
506
508
Series
2025-1A
,
Class
C
,
5
.19
%
,
7/25/30
,
Callable
7/25/28
@
100
(a)
..............
1,865
1,877
Series
2025-1A
,
Class
D
,
5
.68
%
,
3/25/33
,
Callable
7/25/28
@
100
(a)
..............
333
336
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
B
,
5
.76
%
,
1/15/29
,
Callable
5/15/27
@
100
(a)
...............
1,000
1,016
Series
2023-1
,
Class
D
,
6
.74
%
,
4/15/34
,
Callable
5/15/27
@
100
(a)
...............
422
433
Series
2023-A
,
Class
C
,
6
.08
%
,
1/17/34
,
Callable
9/15/27
@
100
(a)
...............
811
816
Series
2023-A
,
Class
D
,
7
.33
%
,
1/17/34
,
Callable
9/15/27
@
100
(a)
...............
667
690
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-B
,
Class
D
,
5
.41
%
,
9/15/32
,
Callable
6/15/28
@
100
(a)
...............
452
454
Series
2025-A
,
Class
C
,
4
.84
%
,
6/15/33
,
Callable
10/15/28
@
100
(a)
..............
1,108
1,109
Series
2025-B
,
Class
E
,
6
.16
%
,
9/15/33
,
Callable
10/15/28
@
100
(a)
..............
594
593
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2024-4
,
Class
C
,
4
.91
%
,
8/12/31
,
Callable
12/12/27
@
100
(a)
..............
1,000
1,002
Series
2025-4
,
Class
C
,
4
.83
%
,
1/13/31
,
Callable
11/12/28
@
100
(a)
..............
2,000
1,999
Series
2026-1
,
Class
C
,
4
.55
%
,
1/12/33
,
Callable
6/12/29
@
100
(a)
...............
1,000
993
American
Heritage
Auto
Receivables
Issuer
Trust
................................
Series
2025-1A
,
Class
B
,
4
.77
%
,
6/16/31
,
Callable
4/15/29
@
100
(a)
..............
300
299
Series
2025-1A
,
Class
C
,
5
.04
%
,
11/17/31
,
Callable
4/15/29
@
100
(a)
.............
3,000
3,005
Series
2025-1A
,
Class
D
,
5
.92
%
,
11/15/33
,
Callable
4/15/29
@
100
(a)
.............
675
684
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A
,
Class
A3
,
4
.90
%
,
9/17/29
,
Callable
11/15/28
@
100
(a)
............
980
986
Series
2024-1A
,
Class
B
,
5
.32
%
,
9/16/30
,
Callable
11/15/28
@
100
(a)
.............
333
337
Series
2024-1A
,
Class
C
,
5
.63
%
,
12/16/30
,
Callable
11/15/28
@
100
(a)
............
407
414
Series
2024-1A
,
Class
D
,
6
.34
%
,
1/18/33
,
Callable
11/15/28
@
100
(a)
.............
348
357
ARI
Fleet
Lease
Trust
....................................................
Series
2024-B
,
Class
A3
,
5
.26
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
.............
1,350
1,370
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
..............
275
280
Series
2024-B
,
Class
C
,
5
.55
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
..............
344
350
Series
2025-A
,
Class
C
,
4
.90
%
,
1/17/34
,
Callable
10/15/28
@
100
(a)
..............
1,083
1,082
Series
2025-B
,
Class
B
,
4
.97
%
,
3/15/34
,
Callable
10/15/28
@
100
(a)
..............
1,880
1,900
AutoNation
Finance
Trust
.................................................
Series
2025-1A
,
Class
C
,
5
.19
%
,
12/10/30
,
Callable
10/10/28
@
100
(a)
............
1,263
1,279
Series
2025-1A
,
Class
D
,
5
.63
%
,
9/10/32
,
Callable
10/10/28
@
100
(a)
.............
2,770
2,802
Series
2026-1A
,
Class
B
,
4
.42
%
,
6/11/31
,
Callable
8/11/29
@
100
(a)
..............
2,000
1,995
Series
2026-1A
,
Class
C
,
4
.56
%
,
10/14/31
,
Callable
8/11/29
@
100
(a)
.............
1,294
1,278
Series
2026-1A
,
Class
D
,
5
.07
%
,
1/11/34
,
Callable
8/11/29
@
100
(a)
..............
4,250
4,227
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2021-1A
,
Class
C
,
2
.13
%
,
8/20/27
,
Callable
8/20/26
@
100
(a)
..............
517
513
Series
2021-2A
,
Class
B
,
1
.90
%
,
2/20/28
,
Callable
2/20/27
@
100
(a)
..............
2,300
2,258
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
167
167
Series
2023-2A
,
Class
C
,
6
.18
%
,
10/20/27
(a)
...............................
1,000
1,004
Series
2023-5A
,
Class
B
,
6
.12
%
,
4/20/28
(a)
................................
1,000
1,012
Series
2023-5A
,
Class
C
,
6
.85
%
,
4/20/28
(a)
................................
1,000
1,014
Series
2023-7A
,
Class
B
,
6
.44
%
,
8/21/28
(a)
................................
2,425
2,474
Bridgecrest
Lending
Auto
Securitization
Trust
,
Series
2024-4
,
Class
B
,
4
.77
%
,
8/15/30
,
Callable
2/15/29
@
100
..............................................
857
860
CarMax
Auto
Owner
Trust
................................................
Series
2022-4
,
Class
D
,
8
.08
%
,
4/16/29
,
Callable
1/15/27
@
100
.................
1,340
1,373
Series
2023-2
,
Class
C
,
5
.57
%
,
11/15/28
,
Callable
5/15/27
@
100
................
1,000
1,012
Series
2023-4
,
Class
D
,
7
.16
%
,
4/15/30
,
Callable
11/15/27
@
100
................
1,000
1,030
Series
2024-1
,
Class
C
,
5
.47
%
,
8/15/29
,
Callable
1/15/28
@
100
.................
1,000
1,013
Series
2024-4
,
Class
D
,
5
.36
%
,
8/15/31
,
Callable
8/15/28
@
100
.................
740
743
Series
2025-4
,
Class
C
,
4
.81
%
,
9/15/31
,
Callable
7/15/29
@
100
.................
1,000
996
Series
2025-4
,
Class
D
,
5
.11
%
,
5/17/32
,
Callable
7/15/29
@
100
.................
1,000
994
CarMax
Select
Receivables
Trust
...........................................
Series
2024-A
,
Class
B
,
5
.35
%
,
1/15/30
,
Callable
6/15/28
@
100
.................
1,085
1,098
Series
2025-A
,
Class
D
,
5
.86
%
,
7/15/31
,
Callable
1/15/29
@
100
.................
1,815
1,846
Series
2025-B
,
Class
B
,
4
.35
%
,
7/15/30
,
Callable
7/15/29
@
100
.................
1,000
995
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-B
,
Class
D
,
5
.33
%
,
7/15/31
,
Callable
7/15/29
@
100
.................
$
1,000
$
1,001
Series
2026-A
,
Class
A2A
,
4
.03
%
,
12/17/29
................................
1,000
998
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
A
,
0
.70
%
,
1/10/28
,
Callable
8/10/26
@
100
................
34
34
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
8/10/26
@
100
................
89
88
Series
2021-N4
,
Class
C
,
1
.72
%
,
9/11/28
,
Callable
10/10/27
@
100
...............
77
75
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA
,
Class
D
,
6
.85
%
,
6/25/31
,
Callable
5/25/28
@
100
(a)
.............
1,878
1,964
Series
2024-2A
,
Class
D
,
6
.15
%
,
8/25/31
,
Callable
2/25/28
@
100
(a)
..............
805
834
Series
2024-5A
,
Class
D
,
4
.97
%
,
1/26/32
,
Callable
5/25/28
@
100
(a)
..............
356
359
Series
2025-1A
,
Class
D
,
5
.24
%
,
11/26/32
,
Callable
11/25/28
@
100
(a)
............
625
634
Series
2025-2A
,
Class
B
,
4
.32
%
,
3/25/31
,
Callable
5/25/29
@
100
(a)
..............
911
904
Series
2025-2A
,
Class
C
,
4
.53
%
,
4/25/31
,
Callable
5/25/29
@
100
(a)
..............
813
807
Series
2025-2A
,
Class
D
,
5
.03
%
,
2/25/33
,
Callable
5/25/29
@
100
(a)
..............
1,000
991
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
176
176
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
200
200
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
375
376
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
791
798
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
765
771
Series
2024-1A
,
Class
C
,
5
.60
%
,
5/15/36
,
Callable
8/15/27
@
100
(a)
..............
600
607
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
2,000
2,024
Series
2023-2
,
Class
A4
,
5
.74
%
,
10/15/30
,
Callable
5/15/27
@
100
(a)
.............
1,000
1,014
Series
2024-1
,
Class
A4
,
5
.03
%
,
10/15/30
,
Callable
10/15/27
@
100
(a)
............
1,000
1,009
Corporate
One
Auto
Receivables
Trust
........................................
Series
2026-1A
,
Class
B
,
4
.59
%
,
1/15/31
,
Callable
6/15/29
@
100
(a)
..............
741
734
Series
2026-1A
,
Class
C
,
4
.84
%
,
4/15/31
,
Callable
6/15/29
@
100
(a)
..............
695
692
Series
2026-1A
,
Class
D
,
5
.48
%
,
7/15/34
,
Callable
6/15/29
@
100
(a)
..............
488
488
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
705
707
Series
2023-1A
,
Class
C
,
7
.71
%
,
7/15/33
,
Callable
11/15/26
@
100
(a)
.............
25
25
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
11/15/26
@
100
(a)
.............
4,500
4,552
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
977
998
Series
2025-1A
,
Class
C
,
5
.71
%
,
7/16/35
,
Callable
11/15/28
@
100
(a)
.............
1,000
997
Series
2025-2A
,
Class
B
,
4
.87
%
,
1/15/36
,
Callable
9/15/29
@
100
(a)
..............
1,036
1,010
Series
2025-2A
,
Class
C
,
5
.38
%
,
3/17/36
,
Callable
9/15/29
@
100
(a)
..............
1,000
1,006
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
9/15/28
@
100
(a)
............
2,510
2,554
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
9/15/28
@
100
(a)
..............
400
410
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
9/15/28
@
100
(a)
..............
328
338
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-3
,
Class
A3
,
4
.29
%
,
7/20/29
,
Callable
4/20/26
@
100
(a)
..............
1,318
1,318
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
1,000
1,004
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
10/20/26
@
100
(a)
.............
167
167
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
8/20/27
@
100
(a)
..............
1,000
1,013
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
668
684
Series
2024-4
,
Class
A3
,
4
.56
%
,
11/20/28
,
Callable
8/20/28
@
100
(a)
.............
500
503
Series
2025-1
,
Class
A3
,
4
.82
%
,
2/20/29
,
Callable
11/20/28
@
100
(a)
.............
143
144
Series
2025-2
,
Class
A4
,
4
.58
%
,
12/22/31
,
Callable
1/20/29
@
100
(a)
.............
1,000
1,006
Exeter
Automobile
Receivables
Trust
,
Series
2025-1A
,
Class
C
,
5
.09
%
,
5/15/31
,
Callable
7/15/29
@
100
.....................................................
1,000
1,005
Exeter
Select
Automobile
Receivables
Trust
,
Series
2025-1
,
Class
B
,
4
.87
%
,
8/15/31
,
Callable
8/15/29
@
100
.....................................................
1,000
1,006
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
10/15/28
@
100
(a)
............
1,212
1,229
Series
2024-1A
,
Class
B
,
5
.71
%
,
7/15/30
,
Callable
10/15/28
@
100
(a)
.............
1,142
1,161
Series
2024-1A
,
Class
C
,
6
.00
%
,
10/15/30
,
Callable
10/15/28
@
100
(a)
............
334
341
Series
2024-1A
,
Class
D
,
6
.78
%
,
7/15/32
,
Callable
10/15/28
@
100
(a)
.............
568
585
Series
2025-1A
,
Class
A4
,
5
.18
%
,
5/15/31
,
Callable
4/15/29
@
100
(a)
.............
1,000
1,014
Series
2025-1A
,
Class
B
,
5
.36
%
,
9/15/31
,
Callable
4/15/29
@
100
(a)
..............
324
328
Series
2025-1A
,
Class
C
,
5
.61
%
,
12/15/31
,
Callable
4/15/29
@
100
(a)
.............
342
348
Series
2026-1A
,
Class
C
,
4
.69
%
,
10/15/32
,
Callable
7/15/28
@
100
(a)
.............
2,367
2,337
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2026-1A
,
Class
D
,
5
.18
%
,
2/15/35
,
Callable
7/15/28
@
100
(a)
..............
$
1,330
$
1,312
First
Investors
Auto
Owner
Trust
............................................
Series
2023-1A
,
Class
C
,
6
.81
%
,
12/17/29
,
Callable
1/15/28
@
100
(a)
.............
1,310
1,346
Series
2025-1A
,
Class
D
,
5
.22
%
,
12/15/33
,
Callable
12/15/29
@
100
(a)
............
2,222
2,227
Flagship
Credit
Auto
Trust
................................................
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
9/15/26
@
100
(a)
...............
908
899
Series
2021-4
,
Class
C
,
1
.96
%
,
12/15/27
,
Callable
4/15/27
@
100
(a)
..............
141
140
Ford
Credit
Auto
Lease
Trust
,
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
4/15/26
@
100
331
331
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822
834
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
1,000
1,012
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
2,290
2,324
Series
2023-2
,
Class
C
,
6
.16
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
995
1,022
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
9/15/27
@
100
(a)
............................................
714
716
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
5
.79
%
,
10/15/29
,
Callable
8/15/28
@
100
(a)
............
1,000
1,014
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
8/15/28
@
100
(a)
..............
415
423
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
8/15/28
@
100
(a)
..............
250
257
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
.............
2,000
1,999
Series
2021-4A
,
Class
E
,
4
.43
%
,
10/16/28
,
Callable
3/15/27
@
100
(a)
.............
760
754
Series
2023-1A
,
Class
D
,
7
.01
%
,
1/16/29
,
Callable
3/15/28
@
100
(a)
..............
750
762
Series
2024-2A
,
Class
B
,
5
.77
%
,
11/15/28
(a)
...............................
556
558
Series
2025-1A
,
Class
C
,
5
.07
%
,
11/15/30
,
Callable
5/15/29
@
100
(a)
.............
3,000
3,016
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
D
,
8
.22
%
,
2/18/31
,
Callable
10/15/28
@
100
(a)
.............
1,000
1,067
Series
2024-1A
,
Class
C
,
5
.69
%
,
3/15/30
,
Callable
9/15/28
@
100
(a)
..............
500
509
Series
2024-4A
,
Class
C
,
4
.75
%
,
11/15/30
,
Callable
3/15/29
@
100
(a)
.............
505
506
Series
2025-1A
,
Class
C
,
5
.26
%
,
3/15/31
,
Callable
4/15/29
@
100
(a)
..............
1,083
1,095
Series
2025-1A
,
Class
D
,
5
.74
%
,
4/15/32
,
Callable
4/15/29
@
100
(a)
..............
1,300
1,317
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
A3
,
5
.19
%
,
1/16/29
,
Callable
3/15/28
@
100
(a)
.............
838
842
Series
2024-1A
,
Class
A4
,
5
.17
%
,
1/15/30
,
Callable
3/15/28
@
100
(a)
.............
3,850
3,888
Series
2024-1A
,
Class
B
,
5
.42
%
,
1/15/30
,
Callable
3/15/28
@
100
(a)
..............
500
506
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
A3
,
5
.18
%
,
3/15/28
,
Callable
3/15/27
@
100
(a)
..............
6
6
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
3/15/27
@
100
(a)
..............
1,000
1,003
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
3/15/27
@
100
(a)
...............
500
504
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
...........
667
669
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2025-1
,
Class
B
,
4
.96
%
,
3/21/33
,
Callable
1/20/29
@
100
(a)
...............
651
653
Series
2025-2
,
Class
B1
,
4
.84
%
,
9/20/33
,
Callable
12/20/29
@
100
(a)
.............
1,205
1,206
Series
2026-1
,
Class
B1
,
4
.50
%
,
2/20/34
,
Callable
4/20/30
@
100
(a)
..............
2,250
2,236
Hyundai
Auto
Receivables
Trust
,
Series
2024-C
,
Class
B
,
4
.67
%
,
1/15/31
,
Callable
11/15/28
@
100
.............................................................
471
473
LAD
Auto
Receivables
Trust
...............................................
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
4/15/27
@
100
(a)
..............
453
457
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
8/15/27
@
100
(a)
..............
850
854
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
8/15/27
@
100
(a)
..............
350
355
Series
2023-4A
,
Class
C
,
6
.76
%
,
3/15/29
,
Callable
1/15/28
@
100
(a)
..............
500
511
Series
2024-3A
,
Class
D
,
5
.18
%
,
2/17/32
,
Callable
5/15/28
@
100
(a)
..............
381
381
Series
2025-1A
,
Class
B
,
5
.05
%
,
5/15/30
,
Callable
10/15/28
@
100
(a)
.............
1,000
1,009
Series
2025-1A
,
Class
C
,
5
.11
%
,
7/15/30
,
Callable
10/15/28
@
100
(a)
.............
2,000
2,017
Series
2025-1A
,
Class
D
,
5
.52
%
,
5/17/32
,
Callable
10/15/28
@
100
(a)
.............
2,000
2,020
Lobel
Automobile
Receivables
Trust
.........................................
Series
2025-1
,
Class
B
,
5
.20
%
,
4/17/28
,
Callable
9/15/27
@
100
(a)
...............
1,000
1,001
Series
2025-1
,
Class
C
,
5
.70
%
,
1/15/30
,
Callable
9/15/27
@
100
(a)
...............
3,650
3,667
Series
2025-1
,
Class
D
,
6
.19
%
,
2/15/30
,
Callable
9/15/27
@
100
(a)
...............
1,750
1,748
M&T
Bank
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
A3
,
4
.73
%
,
6/17/30
,
Callable
1/15/29
@
100
(a)
...................................................
2,143
2,160
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
6/20/26
@
100
(a)
..............
253
254
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
$
794
$
797
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
1,500
1,515
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
2,000
2,015
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
2,467
2,502
Series
2025-1A
,
Class
C
,
5
.21
%
,
1/20/39
,
Callable
6/20/29
@
100
(a)
..............
614
614
Series
2025-1A
,
Class
D
,
5
.76
%
,
1/20/39
,
Callable
6/20/29
@
100
(a)
..............
1,000
998
Series
2025-1A
,
Class
E
,
8
.48
%
,
1/20/39
,
Callable
6/20/29
@
100
(a)
..............
1,000
1,002
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1
,
Class
A
,
5
.59
%
,
4/25/29
(a)
.................................
1,000
1,001
Series
2024-1
,
Class
B
,
5
.79
%
,
4/25/29
(a)
.................................
390
390
Series
2024-1
,
Class
C
,
6
.13
%
,
4/25/29
(a)
.................................
633
634
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
.............................
Series
2025-1
,
Class
B
,
4
.42
%
,
9/25/30
(a)
.................................
1,773
1,772
Series
2025-1
,
Class
C
,
4
.72
%
,
9/25/30
(a)
.................................
902
904
Nissan
Auto
Lease
Trust
,
Series
2025-A
,
Class
C
,
5
.11
%
,
6/15/29
,
Callable
10/15/27
@
100
.
3,000
3,020
OCCU
Auto
Receivables
Trust
.............................................
Series
2022-1A
,
Class
C
,
6
.52
%
,
11/15/29
,
Callable
7/15/27
@
100
(a)
.............
500
512
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
12/15/27
@
100
(a)
............
925
939
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
12/15/27
@
100
(a)
.............
1,000
1,026
Series
2023-1A
,
Class
C
,
6
.82
%
,
9/17/29
,
Callable
12/15/27
@
100
(a)
.............
1,000
1,033
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
12/15/27
@
100
(a)
............
1,000
1,048
Series
2025-1A
,
Class
A4
,
4
.79
%
,
1/15/31
,
Callable
2/15/29
@
100
(a)
.............
3,500
3,518
Series
2025-1A
,
Class
B
,
4
.94
%
,
4/15/31
,
Callable
2/15/29
@
100
(a)
..............
1,214
1,216
Series
2025-1A
,
Class
C
,
5
.20
%
,
10/15/31
,
Callable
2/15/29
@
100
(a)
.............
1,860
1,872
Series
2025-1A
,
Class
D
,
5
.60
%
,
11/15/34
,
Callable
2/15/29
@
100
(a)
.............
2,000
2,007
Oscar
US
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
4/10/26
@
100
(a)
...........................................................
1,907
1,892
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
12/10/28
@
100
(a)
...........................................................
1,530
1,533
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
4/15/26
@
100
(a)
..............
904
904
Series
2025-A
,
Class
A4
,
4
.19
%
,
5/15/31
,
Callable
8/15/29
@
100
(a)
..............
2,250
2,235
Series
2025-A
,
Class
B
,
4
.37
%
,
7/15/31
,
Callable
8/15/29
@
100
(a)
...............
1,667
1,633
Series
2025-A
,
Class
C
,
4
.67
%
,
2/17/32
,
Callable
8/15/29
@
100
(a)
...............
2,034
2,009
Series
2025-A
,
Class
D
,
5
.07
%
,
10/17/33
,
Callable
8/15/29
@
100
(a)
..............
2,000
1,968
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
C
,
5
.65
%
,
2/15/28
,
Callable
10/15/27
@
100
(a)
.............
297
297
Series
2023-2A
,
Class
C
,
7
.12
%
,
8/15/29
,
Callable
5/15/28
@
100
(a)
..............
2,000
2,014
Series
2025-1A
,
Class
C
,
5
.52
%
,
2/15/30
,
Callable
3/15/29
@
100
(a)
..............
529
530
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
211
213
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
633
641
Series
2024-B
,
Class
C
,
5
.14
%
,
1/18/33
,
Callable
3/15/29
@
100
(a)
...............
785
789
Series
2024-B
,
Class
D
,
5
.48
%
,
1/18/33
,
Callable
3/15/29
@
100
(a)
...............
1,095
1,102
Series
2024-B
,
Class
E
,
6
.80
%
,
1/18/33
,
Callable
3/15/29
@
100
(a)
...............
544
547
Series
2025-A
,
Class
E
,
6
.27
%
,
1/16/34
,
Callable
12/15/29
@
100
(a)
..............
1,071
1,070
SBNA
Auto
Receivables
Trust
,
Series
2025-SF1
,
Class
D
,
5
.34
%
,
9/15/31
,
Callable
5/15/29
@
100
(a)
...........................................................
1,250
1,261
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
11/15/27
@
100
(a)
............
1,800
1,823
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
1,750
1,787
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
11/15/27
@
100
(a)
.............
1,500
1,542
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
11/15/27
@
100
(a)
............
1,000
1,038
Series
2025-1A
,
Class
B
,
4
.78
%
,
12/15/31
,
Callable
4/15/29
@
100
(a)
.............
3,072
3,061
Series
2025-1A
,
Class
C
,
5
.08
%
,
2/17/32
,
Callable
4/15/29
@
100
(a)
..............
560
562
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
5/25/28
@
100
(a)
...............
368
370
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
5/25/28
@
100
(a)
...............
357
360
Series
2025-A
,
Class
D
,
6
.75
%
,
7/25/31
,
Callable
5/25/28
@
100
(a)
...............
381
386
Series
2025-B
,
Class
B
,
4
.93
%
,
12/29/32
,
Callable
10/25/28
@
100
(a)
.............
1,017
1,025
Series
2025-B
,
Class
D
,
5
.46
%
,
12/29/32
,
Callable
10/25/28
@
100
(a)
.............
997
1,006
Series
2026-A
,
Class
B
,
4
.28
%
,
3/25/33
,
Callable
12/25/29
@
100
(a)
..............
1,837
1,833
Series
2026-A
,
Class
C
,
4
.43
%
,
3/25/33
,
Callable
12/25/29
@
100
(a)
..............
2,536
2,531
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2026-A
,
Class
D
,
4
.87
%
,
3/25/33
,
Callable
12/25/29
@
100
(a)
..............
$
2,073
$
2,073
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
11/20/27
@
100
(a)
.............
903
920
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
4/20/28
@
100
(a)
..............
840
854
Series
2024-1A
,
Class
C
,
5
.51
%
,
1/20/32
,
Callable
4/20/28
@
100
(a)
..............
500
508
Series
2024-2A
,
Class
B
,
5
.41
%
,
8/20/30
,
Callable
7/20/28
@
100
(a)
..............
929
946
Series
2024-3A
,
Class
B
,
4
.76
%
,
11/20/31
,
Callable
10/20/28
@
100
(a)
............
1,000
1,006
Tesla
Auto
Lease
Trust
...................................................
Series
2023-B
,
Class
B
,
6
.57
%
,
8/20/27
,
Callable
4/20/26
@
100
(a)
...............
64
64
Series
2024-A
,
Class
B
,
5
.55
%
,
5/22/28
,
Callable
7/20/26
@
100
(a)
...............
1,000
1,004
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1
,
Class
A4
,
5
.38
%
,
2/20/29
,
Callable
8/20/27
@
100
(a)
..............
1,350
1,369
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
8/20/27
@
100
(a)
...............
1,300
1,325
Tesla
Lease
Electric
Vehicle
Securitization
LLC
,
Series
2025-A
,
Class
C
,
5
.09
%
,
6/20/29
,
Callable
12/20/27
@
100
(a)
...........................................
2,083
2,092
Truist
Bank
Auto
Credit-Linked
Notes
,
Series
2025-1
,
Class
B
,
4
.73
%
,
9/26/33
,
Callable
8/25/28
@
100
(a)
...................................................
5,193
5,193
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
11/25/26
@
100
(a)
.......
1,242
1,251
United
Auto
Credit
Securitization
Trust
.......................................
Series
2025-1
,
Class
C
,
5
.15
%
,
6/10/30
,
Callable
12/10/27
@
100
(a)
..............
3,250
3,251
Series
2026-1
,
Class
B
,
4
.63
%
,
5/10/29
(a)
.................................
2,000
1,980
USB
Auto
Owner
Trust
,
Series
2025-1A
,
Class
D
,
5
.40
%
,
12/15/32
,
Callable
8/15/28
@
100
(a)
1,433
1,441
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A3
,
5
.56
%
,
3/15/28
,
Callable
10/15/27
@
100
(a)
............
155
155
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
10/15/27
@
100
(a)
...........
1,000
1,007
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
10/15/27
@
100
(a)
.............
534
542
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
10/15/27
@
100
(a)
.............
1,000
1,023
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A
,
Class
B
,
7
.11
%
,
2/15/30
,
Callable
10/15/28
@
100
(a)
..............
673
681
Series
2024-A
,
Class
B
,
5
.77
%
,
7/15/30
,
Callable
2/15/29
@
100
(a)
...............
250
251
Western
Funding
Auto
Loan
Trust
...........................................
Series
2025-1
,
Class
B
,
4
.98
%
,
9/17/35
(a)
.................................
1,696
1,669
Series
2025-1
,
Class
C
,
5
.34
%
,
11/15/35
(a)
................................
3,497
3,457
Westlake
Automobile
Receivables
Trust
.......................................
Series
2023-4A
,
Class
D
,
7
.19
%
,
7/16/29
,
Callable
8/15/27
@
100
(a)
..............
2,625
2,704
Series
2024-3A
,
Class
B
,
4
.72
%
,
11/15/29
,
Callable
4/15/28
@
100
(a)
.............
500
502
Series
2025-1A
,
Class
B
,
4
.98
%
,
9/16/30
,
Callable
7/15/28
@
100
(a)
..............
312
314
Series
2025-1A
,
Class
C
,
5
.14
%
,
10/15/30
,
Callable
7/15/28
@
100
(a)
.............
500
503
Series
2025-P1
,
Class
C
,
5
.15
%
,
11/15/30
,
Callable
6/15/28
@
100
(a)
.............
1,000
1,008
Series
2026-P1
,
Class
C
,
4
.38
%
,
8/15/31
,
Callable
9/15/28
@
100
(a)
..............
1,250
1,232
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
225
226
Series
2023-1A
,
Class
B
,
5
.80
%
,
4/18/38
(a)
................................
1,000
1,009
Series
2023-1A
,
Class
C
,
6
.18
%
,
4/18/38
(a)
................................
1,667
1,685
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
911
936
Series
2024-3A
,
Class
C
,
5
.21
%
,
9/19/39
(a)
................................
822
828
World
Omni
Select
Auto
Trust
,
Series
2023-A
,
Class
C
,
6
.00
%
,
1/16/29
,
Callable
3/15/27
@
100
.............................................................
1,250
1,261
269,653
ABS
Card
(0.6%):
American
Express
Credit
Account
Master
Trust
,
Series
2024-1
,
Class
A
,
5
.23
%
,
4/15/29
....
2,000
2,026
CARDS
II
Trust
,
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/15/29
(a)
.......................
630
631
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4
,
Class
B
,
5
.25
%
,
10/15/28
(a)
.............................
738
741
Series
2024-CRT4
,
Class
C
,
5
.64
%
,
10/15/28
(a)
.............................
452
453
Series
2025-1A
,
Class
C
,
4
.54
%
,
10/15/29
(a)
...............................
2,150
2,138
Series
2025-CRT5
,
Class
B
,
5
.24
%
,
5/15/29
(a)
..............................
1,014
1,023
Series
2025-CRT5
,
Class
C
,
5
.53
%
,
5/15/29
(a)
..............................
555
557
Golden
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
.................
500
493
Synchrony
Card
Issuance
Trust
,
Series
2025-A1
,
Class
A
,
4
.78
%
,
2/15/31
..............
640
647
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A
,
Class
B
,
5
.23
%
,
3/26/31
(a)
................................
1,000
1,009
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
375
379
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-1A
,
Class
C
,
4
.70
%
,
9/26/30
(a)
................................
$
1,697
$
1,687
11,784
ABS
Other
(10.1%):
AFG
ABS
I
LLC
.......................................................
Series
2023-1
,
Class
B
,
7
.51
%
,
9/16/30
,
Callable
1/15/27
@
100
(a)
...............
495
499
Series
2023-1
,
Class
C
,
9
.40
%
,
9/16/30
,
Callable
1/15/27
@
100
(a)
...............
1,000
1,030
Series
2023-1
,
Class
D
,
9
.00
%
,
9/16/30
,
Callable
1/15/27
@
100
(a)
...............
3,000
3,084
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
D
,
7
.25
%
,
5/21/29
,
Callable
7/20/26
@
100
(a)
............................................
3,389
3,411
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
750
759
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
655
668
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
6/20/27
@
100
(a)
..............
4,235
4,351
Amur
Equipment
Finance
Receivables
XIII
LLC
,
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
............................................
640
646
Amur
Equipment
Finance
Receivables
XV
LLC
,
Series
2025-1A
,
Class
C
,
5
.39
%
,
1/20/32
,
Callable
5/20/29
@
100
(a)
............................................
1,000
1,013
Ansley
Park
Capital
LLC
.................................................
Series
2025-A
,
Class
B
,
4
.60
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
..............
1,500
1,483
Series
2025-A
,
Class
C
,
4
.82
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
..............
1,000
993
Series
2025-A
,
Class
D
,
5
.33
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
..............
1,000
982
Series
2025-A
,
Class
E
,
7
.66
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
..............
1,375
1,376
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
A3
,
5
.70
%
,
2/15/30
,
Callable
1/15/28
@
100
(a)
.............
1,000
1,009
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
1/15/28
@
100
(a)
..............
413
420
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
1/15/28
@
100
(a)
.............
300
308
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
1/15/28
@
100
(a)
.............
471
487
Series
2024-1A
,
Class
A3
,
5
.49
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
.............
980
990
Series
2024-1A
,
Class
C
,
6
.01
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
..............
750
772
Series
2024-1A
,
Class
D
,
6
.79
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
..............
1,000
1,033
Barings
Equipment
Finance
LLC
,
Series
2025-A
,
Class
A2
,
4
.64
%
,
10/13/28
(a)
..........
686
688
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
2/15/27
@
100
(a)
...........................................................
123
124
Blue
Owl
Asset
Leasing
Trust
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.41
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
..............
365
367
Series
2024-1A
,
Class
C
,
6
.38
%
,
1/15/31
,
Callable
7/15/27
@
100
(a)
..............
552
559
Capital
Automotive
REIT
.................................................
Series
2024-2A
,
Class
A1
,
4
.90
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
282
280
Series
2024-3A
,
Class
A1
,
4
.40
%
,
10/15/54
,
Callable
10/15/27
@
100
(a)
...........
710
688
Capteris
Equipment
Finance
LLC
...........................................
Series
2024-1A
,
Class
A2
,
5
.58
%
,
7/20/32
,
Callable
3/20/29
@
100
(a)
.............
832
844
Series
2026-1A
,
Class
A2
,
4
.44
%
,
9/20/33
,
Callable
5/20/30
@
100
(a)
.............
1,000
999
Series
2026-1A
,
Class
B
,
4
.95
%
,
9/20/33
,
Callable
5/20/30
@
100
(a)
..............
1,000
995
CARS-DB5
LP
,
Series
2021-1A
,
Class
A1
,
1
.44
%
,
8/15/51
,
Callable
4/15/26
@
100
(a)
.....
668
659
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/26
@
100
(a)
.....
935
939
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
B
,
5
.99
%
,
9/16/30
,
Callable
10/14/26
@
100
(a)
..............
1,000
1,008
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
10/14/26
@
100
(a)
..............
1,778
1,793
Series
2023-2
,
Class
C
,
6
.45
%
,
4/14/32
,
Callable
6/14/27
@
100
(a)
...............
1,963
2,013
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
6/14/27
@
100
(a)
...............
433
447
Series
2025-1
,
Class
D
,
5
.28
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
1,652
1,664
Series
2025-2
,
Class
D
,
5
.08
%
,
8/15/34
,
Callable
6/14/29
@
100
(a)
...............
1,629
1,629
CF
Hippolyta
Issuer
LLC
,
Series
2020-1
,
Class
A1
,
1
.69
%
,
7/15/60
(a)
.................
314
263
Clarus
Capital
Funding
LLC
...............................................
Series
2024-1A
,
Class
B
,
4
.79
%
,
8/20/32
,
Callable
1/20/28
@
100
(a)
..............
585
585
Series
2024-1A
,
Class
C
,
5
.01
%
,
8/20/32
,
Callable
1/20/28
@
100
(a)
..............
292
292
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
2,500
2,495
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
7/15/27
@
100
(a)
.........................................................
107
108
Crossroads
Asset
Trust
...................................................
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
1/20/28
@
100
(a)
...............
839
850
Series
2024-A
,
Class
C
,
6
.52
%
,
8/20/30
,
Callable
1/20/28
@
100
(a)
...............
750
769
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
12/20/28
@
100
(a)
..............
$
303
$
304
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
.............
1,860
1,809
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
1,796
1,804
Dell
Equipment
Finance
Trust
..............................................
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
5/22/26
@
100
(a)
..............
353
354
Series
2024-1
,
Class
D
,
6
.12
%
,
9/23/30
,
Callable
11/22/26
@
100
(a)
..............
348
352
Series
2024-2
,
Class
C
,
4
.99
%
,
8/22/30
,
Callable
6/22/27
@
100
(a)
...............
500
503
Series
2024-2
,
Class
D
,
5
.29
%
,
2/24/31
,
Callable
6/22/27
@
100
(a)
...............
584
588
Series
2025-1
,
Class
D
,
5
.64
%
,
8/22/31
,
Callable
8/22/27
@
100
(a)
...............
419
425
Series
2025-2
,
Class
D
,
4
.83
%
,
3/22/32
,
Callable
4/22/28
@
100
(a)
...............
3,500
3,495
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
4/15/27
@
100
(a)
..............
112
112
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
4/15/27
@
100
(a)
...............
3,000
3,035
Series
2023-1
,
Class
D
,
8
.82
%
,
3/15/33
,
Callable
4/15/27
@
100
(a)
...............
2,300
2,380
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
1,000
1,009
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
1,585
1,663
Series
2025-1
,
Class
B
,
4
.98
%
,
8/15/35
,
Callable
2/15/29
@
100
(a)
...............
1,000
998
Series
2025-1
,
Class
C
,
5
.39
%
,
8/15/35
,
Callable
2/15/29
@
100
(a)
...............
1,000
1,006
Series
2025-1
,
Class
D
,
5
.65
%
,
2/15/36
,
Callable
2/15/29
@
100
(a)
...............
1,500
1,515
Series
2025-2
,
Class
B
,
4
.66
%
,
4/15/36
,
Callable
7/15/29
@
100
(a)
...............
585
578
Series
2025-2
,
Class
D
,
5
.45
%
,
10/15/36
,
Callable
7/15/29
@
100
(a)
..............
2,585
2,571
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
4/20/26
@
100
(a)
.
655
635
DLLAA
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.64
%
,
2/22/28
,
Callable
9/20/27
@
100
(a)
.............
609
614
Series
2025-1A
,
Class
A3
,
4
.95
%
,
9/20/29
,
Callable
5/20/29
@
100
(a)
.............
1,391
1,404
DLLAD
LLC
..........................................................
Series
2024-1A
,
Class
A3
,
5
.30
%
,
7/20/29
,
Callable
1/20/29
@
100
(a)
.............
1,000
1,014
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
1/20/29
@
100
(a)
.............
645
663
DLLMT
LLC
..........................................................
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
3/20/27
@
100
(a)
.............
571
576
Series
2026-1A
,
Class
A4
,
4
.36
%
,
9/20/33
,
Callable
10/20/29
@
100
(a)
............
1,875
1,874
FirstKey
Homes
Trust
....................................................
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
(b)
...........................
1,000
984
Series
2021-SFR3
,
Class
C
,
2
.54
%
,
12/17/38
(a)
(b)
...........................
1,000
982
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532
533
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
4/20/27
@
100
(a)
..............
327
328
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
4/20/27
@
100
(a)
..............
300
303
Series
2023-1A
,
Class
D
,
7
.00
%
,
8/22/33
,
Callable
4/20/27
@
100
(a)
..............
200
203
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2023-1
,
Class
B
,
5
.21
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
...............
500
506
Series
2024-1
,
Class
B
,
5
.18
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
..............
740
750
Series
2024-1
,
Class
C
,
5
.43
%
,
12/15/31
,
Callable
2/15/28
@
100
(a)
..............
325
330
Series
2025-1
,
Class
A3
,
4
.49
%
,
4/16/29
(a)
................................
1,500
1,506
Series
2025-1
,
Class
B
,
4
.77
%
,
1/15/32
,
Callable
5/15/29
@
100
(a)
...............
2,000
2,008
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
1/20/27
@
100
(a)
..............
500
503
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
2,169
2,190
Series
2024-2A
,
Class
D
,
5
.82
%
,
4/20/32
,
Callable
12/20/27
@
100
(a)
.............
714
724
Series
2025-1A
,
Class
C
,
4
.79
%
,
9/20/32
,
Callable
3/20/29
@
100
(a)
..............
1,653
1,660
Series
2025-1A
,
Class
D
,
4
.99
%
,
3/21/33
,
Callable
3/20/29
@
100
(a)
..............
2,000
1,995
Series
2025-2A
,
Class
D
,
4
.77
%
,
5/20/33
,
Callable
6/20/29
@
100
(a)
..............
1,495
1,481
John
Deere
Owner
Trust
,
Series
2024-B
,
Class
A4
,
5
.19
%
,
5/15/31
,
Callable
1/15/28
@
100
.
550
559
Kubota
Credit
Owner
Trust
................................................
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
4/15/28
@
100
(a)
.............
650
662
Series
2025-1A
,
Class
A2
,
4
.61
%
,
12/15/27
(a)
..............................
2,116
2,121
M&T
Equipment
LEAF1
Notes
.............................................
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
6/15/27
@
100
(a)
.............
1,038
1,050
Series
2025-1A
,
Class
A3
,
4
.78
%
,
9/17/29
,
Callable
4/16/29
@
100
(a)
.............
1,826
1,839
MMAF
Equipment
Finance
LLC
............................................
Series
2022-A
,
Class
A3
,
3
.20
%
,
1/13/28
(a)
................................
43
43
Series
2023-A
,
Class
A3
,
5
.54
%
,
12/13/29
(a)
...............................
459
465
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
10/13/30
@
100
(a)
.............
$
173
$
177
MMP
Capital
LLC
,
Series
2025-A
,
Class
A
,
5
.36
%
,
12/15/31
,
Callable
12/15/28
@
100
(a)
..
1,634
1,642
MVW
LLC
,
Series
2019-2A
,
Class
A
,
2
.22
%
,
10/20/38
,
Callable
4/20/26
@
100
(a)
........
481
480
New
Economy
Assets
-
Phase
1
Sponsor
LLC
...................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
4/20/26
@
100
(a)
.............
903
758
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
4/20/26
@
100
(a)
.............
293
184
NMEF
Funding
LLC
....................................................
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
5/15/27
@
100
(a)
...............
1,000
1,011
Series
2024-A
,
Class
A2
,
5
.15
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
.............
437
439
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
..............
678
682
Series
2024-A
,
Class
C
,
6
.33
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
..............
750
762
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
1,891
1,896
Series
2025-A
,
Class
C
,
5
.79
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
4,916
4,993
Series
2025-B
,
Class
C
,
5
.17
%
,
1/18/33
,
Callable
1/15/29
@
100
(a)
...............
2,474
2,475
Series
2026-A
,
Class
B
,
4
.48
%
,
2/15/34
,
Callable
1/15/30
@
100
(a)
...............
1,500
1,486
Oaktree
ABF
Equipment
ST
LLC
...........................................
Series
2026-1A
,
Class
A2
,
4
.50
%
,
10/17/33
,
Callable
10/15/28
@
100
(a)
...........
2,250
2,249
Series
2026-1A
,
Class
B
,
4
.91
%
,
10/17/33
,
Callable
10/15/28
@
100
(a)
............
870
868
Series
2026-1A
,
Class
C
,
5
.31
%
,
10/17/33
,
Callable
10/15/28
@
100
(a)
............
1,012
1,010
OneMain
Financial
Issuance
Trust
,
Series
2022-3A
,
Class
B
,
6
.45
%
,
5/15/34
,
Callable
4/14/26
@
100
(a)
.........................................................
4,500
4,531
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A
,
Class
A3
,
5
.64
%
,
11/20/30
,
Callable
3/20/28
@
100
(a)
............
1,500
1,520
Series
2024-1A
,
Class
B
,
5
.79
%
,
11/20/30
,
Callable
3/20/28
@
100
(a)
.............
1,500
1,526
Series
2024-2A
,
Class
A3
,
4
.65
%
,
10/20/31
,
Callable
6/20/27
@
100
(a)
............
571
573
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
.............
837
847
Series
2025-1A
,
Class
B
,
5
.20
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
..............
765
770
Series
2025-1A
,
Class
C
,
5
.49
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
..............
1,200
1,217
Series
2026-1A
,
Class
B
,
4
.75
%
,
7/20/33
,
Callable
8/20/29
@
100
(a)
..............
2,000
1,990
Series
2026-1A
,
Class
C
,
4
.89
%
,
7/20/33
,
Callable
8/20/29
@
100
(a)
..............
2,500
2,496
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.58
%
,
10/15/30
,
Callable
12/15/26
@
100
(a)
............
564
567
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
12/15/26
@
100
(a)
............
747
753
Series
2024-1A
,
Class
D
,
6
.77
%
,
10/15/30
,
Callable
12/15/26
@
100
(a)
............
417
423
Series
2024-1A
,
Class
E
,
8
.50
%
,
12/15/31
,
Callable
12/15/26
@
100
(a)
............
2,250
2,310
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
218
219
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
1,019
1,025
Series
2025-1A
,
Class
D
,
5
.43
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
1,120
1,121
Series
2025-1A
,
Class
E
,
7
.08
%
,
5/17/32
,
Callable
8/15/28
@
100
(a)
..............
941
957
Retained
Vantage
Data
Centers
Issuer
LLC
,
Series
2025-1A
,
Class
A2A
,
5
.09
%
,
8/15/50
,
Callable
8/15/28
@
100
(a)
............................................
2,000
1,950
SCF
Equipment
Leasing
LLC
..............................................
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
3/20/27
@
100
(a)
..............
857
866
Series
2023-1A
,
Class
C
,
6
.77
%
,
8/22/33
,
Callable
3/20/27
@
100
(a)
..............
1,672
1,712
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A
,
Class
A3
,
5
.11
%
,
11/21/33
,
Callable
9/20/31
@
100
(a)
............
400
406
Series
2025-1A
,
Class
B
,
5
.23
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
1,250
1,261
Series
2025-1A
,
Class
C
,
5
.37
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
1,500
1,520
Sotheby's
Artfi
Master
Trust
,
Series
2026-1A
,
Class
B
,
4
.90
%
,
6/20/33
,
Callable
12/20/27
@
100
(a)
...........................................................
1,705
1,701
Stack
Infrastructure
Issuer
LLC
,
Series
2026-1A
,
Class
A2
,
5
.00
%
,
3/27/56
,
Callable
3/25/29
@
100
(a)
.........................................................
1,930
1,866
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
,
Callable
3/25/28
@
100
(a)
...........................................................
2,000
1,930
Tricon
Residential
Trust
,
Series
2024-SFR4
,
Class
A
,
4
.30
%
,
11/17/41
,
Callable
11/17/29
@
100
(a)
(b)
.........................................................
343
337
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A
,
Class
A2
,
5
.88
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
............
2,917
2,972
Series
2025-1A
,
Class
B
,
6
.37
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
.............
539
550
Vantage
Data
Centers
LLC
,
Series
2025-1A
,
Class
A2
,
5
.13
%
,
8/15/55
,
Callable
8/15/28
@
100
(a)
...........................................................
2,500
2,464
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
4/15/26
@
100
(a)
............
1,000
976
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
4/15/26
@
100
(a)
..............
$
3,000
$
2,961
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
1,455
1,465
Series
2024-1A
,
Class
D
,
6
.64
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
2,004
2,035
Series
2026-1A
,
Class
C2
,
4
.69
%
,
3/15/56
,
Callable
3/15/29
@
100
(a)
.............
1,742
1,712
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
.............
184
186
Series
2023-1A
,
Class
B
,
6
.05
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
..............
500
508
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
..............
374
383
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
............
694
705
Series
2024-1A
,
Class
B
,
5
.72
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
350
355
Series
2024-1A
,
Class
C
,
6
.25
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
292
299
Series
2024-1A
,
Class
D
,
7
.23
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
258
268
Series
2025-1A
,
Class
A3
,
4
.96
%
,
5/12/33
,
Callable
9/12/29
@
100
(a)
.............
522
527
Series
2025-1A
,
Class
D
,
6
.49
%
,
5/12/33
,
Callable
9/12/29
@
100
(a)
..............
473
486
Verizon
Master
Trust
....................................................
Series
2024-2
,
Class
B
,
5
.08
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.............
1,000
1,013
Series
2024-3
,
Class
C
,
5
.73
%
,
4/22/30
,
Callable
4/20/27
@
100
.................
417
422
Series
2024-8
,
Class
C
,
4
.99
%
,
11/20/30
,
Callable
11/20/27
@
100
...............
1,409
1,417
Series
2025-1
,
Class
C
,
5
.09
%
,
1/21/31
,
Callable
1/20/28
@
100
.................
1,500
1,512
Series
2025-10
,
Class
C
,
4
.67
%
,
10/20/33
,
Callable
10/20/30
@
100
(a)
............
700
694
Series
2025-7
,
Class
C
,
4
.40
%
,
8/20/31
,
Callable
8/20/28
@
100
.................
2,000
1,986
VFI
ABS
LLC
,
Series
2025-1A
,
Class
A
,
4
.78
%
,
6/24/30
,
Callable
1/24/28
@
100
(a)
......
2,167
2,176
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A
,
Class
A3
,
4
.29
%
,
10/16/28
,
Callable
4/15/28
@
100
(a)
............
333
334
Series
2024-1A
,
Class
A4
,
4
.29
%
,
7/15/31
,
Callable
4/15/28
@
100
(a)
.............
1,000
1,000
Series
2025-1A
,
Class
A4
,
4
.53
%
,
10/15/31
,
Callable
1/15/29
@
100
(a)
............
2,783
2,791
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.06
%
,
9/20/32
,
Callable
10/20/27
@
100
(a)
.............
1,000
1,002
Series
2024-1A
,
Class
C
,
5
.28
%
,
9/20/32
,
Callable
10/20/27
@
100
(a)
.............
584
586
Series
2025-1A
,
Class
C
,
4
.76
%
,
9/20/33
,
Callable
10/20/28
@
100
(a)
.............
1,137
1,128
Series
2025-1A
,
Class
D
,
5
.45
%
,
9/20/33
,
Callable
10/20/28
@
100
(a)
.............
5,600
5,590
Zayo
Issuer
LLC
.......................................................
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.............
2,000
2,019
Series
2025-1A
,
Class
B
,
6
.09
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
..............
1,000
1,011
Series
2025-2A
,
Class
A2
,
5
.95
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
............
1,000
1,019
Series
2025-2A
,
Class
B
,
6
.59
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
.............
583
597
204,033
Total
Asset-Backed
Securities
(Cost
$483,635)
a
a
a
485,470
Collateralized
Mortgage
Obligations
(4.9%)
Agency
CMO
Other
(2.3%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
655
665
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
1,465
1,459
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
2,309
2,333
Series
5611
,
Class
LE
,
4
.50
%
,
8/25/49
....................................
3,198
3,154
Series
5639
,
Class
DA
,
4
.50
%
,
2/25/49
...................................
986
969
Federal
National
Mortgage
Association
.......................................
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
612
619
Series
2024-33
,
Class
PB
,
5
.00
%
,
3/25/48
.................................
1,050
1,057
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
.................................
1,441
1,446
Series
2025-55
,
Class
AC
,
4
.50
%
,
4/25/53
.................................
4,835
4,796
Series
2025-61
,
Class
DA
,
4
.50
%
,
9/25/51
.................................
1,834
1,823
Series
2026-10
,
Class
AD
,
4
.50
%
,
1/25/51
.................................
1,454
1,441
Government
National
Mortgage
Association
....................................
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
717
729
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
502
509
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
750
757
Series
2024-160
,
Class
H
,
4
.00
%
,
9/20/62
.................................
970
963
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
712
718
Series
2024-97
,
Class
MC
,
5
.00
%
,
1/20/64
.................................
934
939
Series
2025-131
,
Class
CE
,
4
.50
%
,
12/20/53
...............................
7,493
7,491
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-131
,
Class
QC
,
4
.00
%
,
7/20/51
................................
$
2,880
$
2,820
Series
2025-131
,
Class
QD
,
4
.50
%
,
7/20/51
................................
720
714
Series
2025-139
,
Class
DT
,
5
.00
%
,
3/20/65
................................
2,166
2,176
Series
2025-139
,
Class
EA
,
4
.00
%
,
3/20/65
................................
2,858
2,835
Series
2025-150
,
Class
QD
,
4
.50
%
,
7/20/51
................................
3,384
3,356
Series
2025-196
,
Class
GA
,
4
.75
%
,
5/20/65
................................
1,479
1,478
Series
2025-2
,
Class
EA
,
4
.50
%
,
9/20/40
..................................
1,064
1,065
46,312
Agency
Commercial
MBS
(0.0%):(c)
Federal
National
Mortgage
Association
,
Series
2022-M2
,
Class
A2
,
2
.40
%
,
11/25/31
.......
1,000
910
Commercial
MBS
(2.6%):
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(d)
..........
1,500
1,500
Series
2025-OANA
,
Class
B
,
5
.52
%
(
TSFR1M
+
184
bps
)
,
6/15/40
(a)
(b)
(d)
..........
1,000
1,000
AOA
Trust
............................................................
Series
2025-1301
,
Class
A
,
5
.06
%
,
8/11/42
(a)
(b)
(e)
..........................
944
944
Series
2025-1345
,
Class
A
,
5
.27
%
(
TSFR1M
+
160
bps
)
,
6/15/42
(a)
(b)
(d)
............
625
624
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM
,
Class
A
,
5
.32
%
(
TSFR1M
+
165
bps
)
,
8/15/42
(a)
(b)
(d)
..........
1,500
1,499
Series
2025-ATRM
,
Class
B
,
5
.77
%
(
TSFR1M
+
210
bps
)
,
8/15/42
(a)
(b)
(d)
..........
1,638
1,620
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
(e)
................
1,000
972
BLP
Commercial
Mortgage
Trust
,
Series
2025-IND
,
Class
A
,
4
.87
%
(
TSFR1M
+
120
bps
)
,
3/15/42
(a)
(b)
(d)
....................................................
953
946
BX
Commercial
Mortgage
Trust
............................................
Series
2025-COPT
,
Class
A
,
5
.42
%
(
TSFR1M
+
175
bps
)
,
8/15/42
(a)
(b)
(d)
...........
1,154
1,148
Series
2026-CSMO
,
Class
A
,
5
.07
%
(
TSFR1M
+
140
bps
)
,
2/15/43
(a)
(b)
(d)
..........
1,380
1,379
Series
2026-CSMO
,
Class
B
,
5
.37
%
(
TSFR1M
+
170
bps
)
,
2/15/43
(a)
(b)
(d)
..........
1,210
1,210
Series
2026-XL6
,
Class
A
,
4
.87
%
(
TSFR1M
+
120
bps
)
,
3/15/43
(a)
(b)
(d)
............
2,000
1,992
BX
Trust
.............................................................
Series
2022-CLS
,
Class
A
,
5
.76
%
,
10/13/27
(a)
(b)
............................
1,000
1,003
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(b)
............................
1,000
991
Series
2022-LBA6
,
Class
C
,
5
.27
%
(
TSFR1M
+
160
bps
)
,
1/15/39
(a)
(b)
(d)
...........
1,000
999
Series
2025-GW
,
Class
A
,
5
.27
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(d)
............
2,000
1,998
Series
2025-ROIC
,
Class
A
,
4
.82
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(d)
...........
1,520
1,512
Series
2025-VOLT
,
Class
A
,
5
.37
%
(
TSFR1M
+
170
bps
)
,
12/15/44
(a)
(b)
(d)
..........
1,500
1,494
Series
2025-VOLT
,
Class
B
,
5
.77
%
(
TSFR1M
+
210
bps
)
,
12/15/44
(a)
(b)
(d)
..........
1,474
1,466
CRSNT
Trust
,
Series
2026-MOON
,
Class
A
,
5
.07
%
(
TSFR1M
+
140
bps
)
,
2/15/31
(a)
(b)
(d)
...
2,000
1,989
DBWF
Mortgage
Trust
,
Series
2024-LCRS
,
Class
A
,
5
.41
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(d)
.............................................................
1,000
996
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(b)
..........
3,500
3,474
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(b)
(e)
..........................
663
679
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(b)
(e)
.......................................................
963
960
LEX
Trust
,
Series
2026-450
,
Class
A
,
5
.02
%
(
TSFR1M
+
135
bps
)
,
3/15/43
(a)
(b)
(d)
........
1,417
1,411
MAD
Commercial
Mortgage
Trust
,
Series
2025-11MD
,
Class
A
,
4
.44
%
,
10/15/42
(a)
(b)
(e)
..
1,363
1,356
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(b)
............................
1,000
964
Series
2020-1MW
,
Class
B
,
2
.33
%
,
9/10/39
(a)
(b)
(e)
..........................
2,500
2,411
MILE
Trust
,
Series
2025-STNE
,
Class
A
,
5
.17
%
(
TSFR1M
+
150
bps
)
,
7/15/42
(a)
(b)
(d)
.....
2,000
1,995
SCG
Commercial
Mortgage
Trust
,
Series
2025-FLWR
,
Class
B
,
5
.22
%
(
TSFR1M
+
155
bps
)
,
8/15/42
(a)
(b)
(d)
....................................................
2,250
2,245
SCOTT
Trust
,
Series
2023-SFS
,
Class
AS
,
6
.20
%
,
3/10/40
(a)
(b)
.....................
786
800
SHR
Trust
,
Series
2024-LXRY
,
Class
A
,
5
.62
%
(
TSFR1M
+
195
bps
)
,
10/15/41
(a)
(b)
(d)
.....
842
841
SLG
Office
Trust
,
Series
2026-OMA
,
Class
B
,
5
.16
%
,
4/15/41
(a)
(b)
(e)
................
2,375
2,379
SMRT
,
Series
2022-MINI
,
Class
B
,
5
.02
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(b)
(d)
..........
1,760
1,757
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.12
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(d)
....................................................
3,000
2,960
51,514
Total
Collateralized
Mortgage
Obligations
(Cost
$98,569)
a
a
a
98,736
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Corporate
Bonds
(44.3%)
Communication
Services
(1.1%):
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
6
.10
%
,
6/1/29
,
Callable
5/1/29
@
100
..........................................
$
1,000
$
1,036
Frontier
Communications
Holdings
LLC
,
6
.75
%
,
5/1/29
,
Callable
5/2/26
@
100
(a)
........
4,750
4,762
Omnicom
Group,
Inc.
,
4
.20
%
,
3/2/29
,
Callable
2/2/29
@
100
.......................
3,000
2,967
Paramount
Global
,
2
.90
%
,
1/15/27
,
Callable
10/15/26
@
100
.......................
4,330
4,256
Sirius
XM
Radio
LLC
,
3
.13
%
,
9/1/26
,
Callable
5/2/26
@
100
(a)
.....................
3,000
2,980
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
,
5
.15
%
,
3/20/28
,
Callable
3/20/27
@
100
(a)
......................................
1,200
1,205
T-Mobile
US,
Inc.
,
3
.50
%
,
4/15/31
,
Callable
4/15/26
@
101.75
......................
6,000
5,675
22,881
Consumer
Discretionary
(2.5%):
AutoNation,
Inc.
,
4
.45
%
,
1/15/29
,
Callable
12/15/28
@
100
........................
2,000
1,984
Daimler
Truck
Finance
North
America
LLC
5
.00
%
,
1/15/27
(a)
..................................................
2,000
2,009
4
.30
%
,
8/12/27
(a)
..................................................
1,000
998
5
.13
%
,
9/25/27
,
Callable
8/25/27
@
100
(a)
................................
1,000
1,009
eBay,
Inc.
,
4
.25
%
,
3/6/29
,
Callable
2/6/29
@
100
................................
3,000
2,986
General
Motors
Financial
Co.,
Inc.
5
.35
%
,
7/15/27
....................................................
1,000
1,009
5
.05
%
,
4/4/28
.....................................................
2,000
2,018
Genuine
Parts
Co.
,
4
.95
%
,
8/15/29
,
Callable
7/15/29
@
100
........................
1,000
996
Grand
Canyon
University
,
5
.13
%
,
10/1/28
,
Callable
8/1/28
@
100
(f)
..................
2,400
2,382
Hasbro,
Inc.
,
4
.65
%
,
3/12/31
,
Callable
2/12/31
@
100
.............................
1,015
1,003
Hyatt
Hotels
Corp.
,
5
.05
%
,
3/30/28
,
Callable
2/29/28
@
100
........................
1,000
1,010
Las
Vegas
Sands
Corp.
,
5
.90
%
,
6/1/27
,
Callable
5/1/27
@
100
.......................
4,096
4,150
LKQ
Corp.
,
5
.75
%
,
6/15/28
,
Callable
5/15/28
@
100
.............................
2,350
2,392
Mattel,
Inc.
5
.88
%
,
12/15/27
,
Callable
5/2/26
@
100
(a)
................................
5,800
5,802
5
.00
%
,
11/17/30
,
Callable
10/17/30
@
100
(f)
...............................
4,107
4,088
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
1,000
903
Stellantis
Finance
US,
Inc.
1
.71
%
,
1/29/27
,
Callable
12/29/26
@
100
(a)
...............................
1,532
1,494
5
.35
%
,
3/17/28
,
Callable
2/17/28
@
100
(a)
................................
1,000
1,006
Stellantis
Financial
Services
US
Corp.
,
4
.95
%
,
9/15/28
,
Callable
8/15/28
@
100
(a)
........
2,000
1,988
Tapestry,
Inc.
,
5
.10
%
,
3/11/30
,
Callable
2/11/30
@
100
............................
1,000
1,011
The
Home
Depot,
Inc.
,
5
.15
%
,
6/25/26
.......................................
1,125
1,128
Volkswagen
Group
of
America
Finance
LLC
4
.95
%
,
3/25/27
(a)
..................................................
2,000
2,008
4
.45
%
,
9/11/27
(a)
...................................................
4,000
3,990
6
.20
%
,
11/16/28
,
Callable
10/16/28
@
100
(a)
...............................
1,000
1,034
5
.25
%
,
3/22/29
,
Callable
2/22/29
@
100
(a)
................................
1,000
1,011
YMCA
of
Greater
New
York
,
5
.18
%
,
8/1/30
,
Callable
5/1/30
@
100
..................
625
630
50,039
Consumer
Staples
(1.0%):
Bimbo
Bakeries
USA,
Inc.
,
6
.05
%
,
1/15/29
,
Callable
12/15/28
@
100
(a)
...............
1,000
1,033
Coca-Cola
Consolidated,
Inc.
,
5
.25
%
,
6/1/29
,
Callable
5/1/29
@
100
(f)
................
1,000
1,022
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
4
.75
%
,
1/15/29
,
Callable
5/2/26
@
101.19
(a)
...............................
3,400
3,303
5
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
...............................
1,235
1,194
Diageo
Investment
Corp.
,
5
.13
%
,
8/15/30
,
Callable
7/15/30
@
100
...................
727
742
Keurig
Dr.
Pepper,
Inc.
5
.10
%
,
3/15/27
,
Callable
2/15/27
@
100
..................................
1,889
1,896
5
.05
%
,
3/15/29
,
Callable
2/15/29
@
100
..................................
1,000
1,011
Maple
Parent
Holdings
Corp.
,
4
.75
%
,
3/26/29
,
Callable
2/26/29
@
100
(a)
..............
1,500
1,499
Mars,
Inc.
,
4
.45
%
,
3/1/27
(a)
...............................................
2,000
2,006
Smithfield
Foods,
Inc.
,
4
.25
%
,
2/1/27
,
Callable
11/1/26
@
100
(a)
....................
3,033
3,025
Sysco
Corp.
5
.10
%
,
9/23/30
,
Callable
8/23/30
@
100
..................................
2,000
2,016
4
.40
%
,
7/25/31
,
Callable
6/25/31
@
100
..................................
1,191
1,155
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Campbell's
Company
,
5
.20
%
,
3/19/27
.....................................
$
1,000
$
1,005
20,907
Energy
(2.3%):
APA
Corp.
,
7
.75
%
,
12/15/29
...............................................
1,186
1,277
CITGO
Petroleum
Corp.
,
8
.38
%
,
1/15/29
,
Callable
5/2/26
@
104.19
(a)
................
1,000
1,032
Columbia
Pipelines
Holding
Co.
LLC
6
.06
%
,
8/15/26
,
Callable
7/15/26
@
100
(a)
................................
1,288
1,294
6
.04
%
,
8/15/28
,
Callable
7/15/28
@
100
(a)
................................
1,000
1,032
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(d)
(g)
.....................
4,805
4,796
4
.55
%
,
1/15/31
,
Callable
12/15/30
@
100
(f)
................................
2,000
1,982
Expand
Energy
Corp.
,
5
.38
%
,
2/1/29
,
Callable
4/17/26
@
100
.......................
1,977
1,977
Helmerich
&
Payne,
Inc.
,
2
.90
%
,
9/29/31
,
Callable
6/29/31
@
100
....................
1,250
1,116
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.00
%
,
4/15/30
,
Callable
5/2/26
@
102
(a)
.......
1,667
1,621
Marathon
Petroleum
Corp.
,
5
.15
%
,
3/1/30
,
Callable
2/1/30
@
100
....................
1,000
1,021
MPLX
LP
,
4
.13
%
,
3/1/27
,
Callable
12/1/26
@
100
...............................
4,375
4,363
ONEOK,
Inc.
4
.25
%
,
9/24/27
,
Callable
8/24/27
@
100
..................................
1,000
998
5
.63
%
,
1/15/28
,
Callable
7/15/27
@
100
(a)
................................
3,529
3,574
Permian
Resources
Operating
LLC
,
8
.00
%
,
4/15/27
,
Callable
4/12/26
@
102
(a)
..........
2,033
2,035
Repsol
E&P
Capital
Markets
US
LLC
,
4
.81
%
,
9/16/28
,
Callable
8/16/28
@
100
(a)
........
3,342
3,353
Sunoco
LP
5
.88
%
,
7/15/27
,
Callable
5/2/26
@
100
(a)
.................................
600
600
5
.63
%
,
3/15/31
,
Callable
9/15/27
@
102.81
(a)
..............................
500
498
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
5
.00
%
,
1/15/28
,
Callable
5/2/26
@
100
...................................
3,372
3,368
5
.50
%
,
3/1/30
,
Callable
4/12/26
@
101.83
.................................
1,035
1,045
Valero
Energy
Corp.
,
5
.15
%
,
2/15/30
,
Callable
1/15/30
@
100
.......................
2,000
2,042
Venture
Global
Calcasieu
Pass
LLC
,
3
.88
%
,
8/15/29
,
Callable
2/15/29
@
100
(a)
..........
1,500
1,426
Western
Midstream
Operating
LP
4
.65
%
,
7/1/26
.....................................................
2,500
2,500
4
.75
%
,
8/15/28
,
Callable
5/15/28
@
100
..................................
2,589
2,598
45,548
Financials
(19.4%):
Ally
Financial,
Inc.
4
.70
%
(
H15T5Y
+
387
bps
)
,
Callable
5/15/26
@
100
(d)
(g)
......................
5,625
5,570
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(d)
....................
2,056
2,141
American
Express
Co.
,
3
.55
%
(
H15T5Y
+
285
bps
)
,
Callable
9/15/26
@
100
(d)
(g)
.........
9,699
9,580
American
Honda
Finance
Corp.
4
.40
%
,
10/5/26
....................................................
1,000
999
4
.55
%
,
7/9/27
.....................................................
1,000
1,001
4
.25
%
,
9/1/28
.....................................................
4,000
3,967
American
National
Global
Funding
4
.63
%
,
12/15/28
(a)
..................................................
3,700
3,670
5
.55
%
,
1/28/30
(a)
..................................................
852
862
American
National
Group,
Inc.
,
5
.75
%
,
10/1/29
,
Callable
9/1/29
@
100
................
1,500
1,517
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(a)
..................
825
721
Antares
Holdings
LP
3
.95
%
,
7/15/26
,
Callable
6/15/26
@
100
(a)
................................
2,000
1,992
2
.75
%
,
1/15/27
,
Callable
12/15/26
@
100
(a)
...............................
2,000
1,958
6
.35
%
,
10/23/29
,
Callable
9/23/29
@
100
(a)
...............................
1,000
990
Aon
North
America,
Inc.
,
5
.15
%
,
3/1/29
,
Callable
2/1/29
@
100
.....................
1,000
1,021
Apollo
Debt
Solutions
BDC
,
5
.70
%
,
1/23/31
,
Callable
12/23/30
@
100
(a)
..............
1,815
1,774
Apollo
Global
Management,
Inc.
,
4
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
.............
2,500
2,480
Arch
Capital
Finance
LLC
,
4
.01
%
,
12/15/26
,
Callable
9/15/26
@
100
.................
1,000
997
Ares
Capital
Corp.
,
2
.15
%
,
7/15/26
,
Callable
6/15/26
@
100
........................
3,400
3,373
Ares
Strategic
Income
Fund
,
5
.70
%
,
3/15/28
,
Callable
2/15/28
@
100
.................
1,000
999
Assurant,
Inc.
,
7
.00
%
(
US0003M
+
414
bps
)
,
3/27/48
,
Callable
3/27/28
@
100
(d)
(f)
........
3,542
3,586
Athene
Global
Funding
,
4
.95
%
,
1/7/27
(a)
......................................
6,500
6,517
Atlas
Warehouse
Lending
Co.
LP
,
4
.63
%
,
11/15/28
,
Callable
10/15/28
@
100
(a)
..........
4,000
3,941
Aviation
Capital
Group
LLC
,
3
.50
%
,
11/1/27
,
Callable
7/1/27
@
100
(a)
................
1,600
1,570
Banc
of
California,
Inc.
,
3
.25
%
(
TSFR3M
+
252
bps
)
,
5/1/31
,
Callable
5/1/26
@
100
(d)
......
1,000
995
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Bank
of
America
Corp.
,
6
.13
%
(
H15T5Y
+
323
bps
)
,
Callable
4/27/27
@
100
(d)
(g)
.........
$
5,666
$
5,675
Blackstone
Private
Credit
Fund
,
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.............
6,086
5,964
Blackstone
Secured
Lending
Fund
,
5
.25
%
,
9/4/29
,
Callable
8/4/29
@
100
..............
2,000
1,960
Block
Financial
LLC
,
3
.88
%
,
8/15/30
,
Callable
5/15/30
@
100
......................
2,625
2,474
Block,
Inc.
,
2
.75
%
,
6/1/26
,
Callable
5/2/26
@
100
...............................
8,328
8,289
Blue
Owl
Capital
Corp.
,
3
.40
%
,
7/15/26
,
Callable
6/15/26
@
100
....................
2,800
2,779
Blue
Owl
Credit
Income
Corp.
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
....................................
587
581
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
..................................
2,050
2,080
Blue
Owl
Technology
Finance
Corp.
,
6
.10
%
,
3/15/28
,
Callable
2/15/28
@
100
...........
1,000
989
BMW
US
Capital
LLC
,
4
.60
%
,
8/13/27
(a)
.....................................
1,000
1,003
Brown
&
Brown,
Inc.
4
.60
%
,
12/23/26
....................................................
500
501
4
.70
%
,
6/23/28
,
Callable
5/23/28
@
100
..................................
1,091
1,094
Capital
One
Financial
Corp.
3
.95
%
(
H15T5Y
+
316
bps
)
,
Callable
9/1/26
@
100
(d)
(f)
(g)
.....................
3,980
3,917
3
.75
%
,
7/28/26
,
Callable
6/28/26
@
100
..................................
3,000
2,992
5
.47
%
(
SOFR
+
208
bps
)
,
2/1/29
,
Callable
2/1/28
@
100
(d)
......................
1,000
1,015
6
.31
%
(
SOFR
+
264
bps
)
,
6/8/29
,
Callable
6/8/28
@
100
(d)
......................
500
517
Citigroup,
Inc.
,
6
.25
%
(
TSFR3M
+
478
bps
)
,
Callable
8/15/26
@
100
(d)
(g)
..............
10,280
10,284
Citizens
Bank
NA
,
4
.58
%
(
SOFR
+
200
bps
)
,
8/9/28
,
Callable
8/9/27
@
100
(d)
............
334
334
Citizens
Financial
Group,
Inc.
,
4
.00
%
(
H15T5Y
+
322
bps
)
,
Callable
10/6/26
@
100
(d)
(g)
....
2,250
2,215
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
1,230
1,319
CNO
Global
Funding
5
.88
%
,
6/4/27
(a)
...................................................
1,500
1,521
4
.88
%
,
12/10/27
(a)
..................................................
2,000
2,007
4
.38
%
,
9/8/28
(a)
...................................................
3,000
2,978
4
.95
%
,
9/9/29
(a)
...................................................
651
655
4
.70
%
,
12/11/30
(a)
..................................................
1,250
1,234
CubeSmart
LP
,
4
.38
%
,
2/15/29
,
Callable
11/15/28
@
100
..........................
2,000
1,987
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
2,489
2,496
Enact
Holdings,
Inc.
,
6
.25
%
,
5/28/29
,
Callable
4/28/29
@
100
.......................
3,500
3,603
Enstar
Finance
LLC
,
5
.50
%
(
H15T5Y
+
401
bps
)
,
1/15/42
,
Callable
1/15/27
@
100
(d)
.......
6,383
6,278
F&G
Global
Funding
,
5
.88
%
,
6/10/27
(a)
......................................
3,690
3,731
FactSet
Research
Systems,
Inc.
,
2
.90
%
,
3/1/27
,
Callable
2/1/27
@
100
.................
1,712
1,682
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
4,561
4,509
Fidelity
National
Information
Services,
Inc.
,
4
.55
%
,
3/10/29
,
Callable
2/10/29
@
100
......
2,250
2,239
Fifth
Third
Bancorp
,
4
.57
%
(
SOFR
+
95
bps
)
,
4/29/32
,
Callable
4/29/31
@
100
(d)
.........
2,000
1,963
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
1,350
1,372
First
Horizon
Corp.
,
5
.51
%
(
SOFR
+
177
bps
)
,
3/7/31
,
Callable
3/7/30
@
100
(d)
...........
1,500
1,519
First
Maryland
Capital
I
,
4
.93
%
(
TSFR3M
+
126
bps
)
,
1/15/27
,
Callable
5/2/26
@
100
(d)
....
8,275
8,180
Fiserv,
Inc.
4
.75
%
,
3/15/30
,
Callable
2/15/30
@
100
..................................
2,732
2,708
4
.55
%
,
2/15/31
,
Callable
1/15/31
@
100
..................................
1,500
1,468
Ford
Motor
Credit
Co.
LLC
5
.13
%
,
11/5/26
.....................................................
1,000
1,001
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
1,000
935
Fulton
Financial
Corp.
,
5
.98
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
6/15/26
@
100
(d)
....
5,810
5,743
GA
Global
Funding
Trust
,
4
.40
%
,
9/23/27
(a)
...................................
2,200
2,186
Gabx
Leasing
LLC
,
4
.63
%
,
4/15/31
,
Callable
3/15/31
@
100
(a)
......................
2,000
1,972
Global
Payments,
Inc.
4
.55
%
,
3/15/28
....................................................
2,000
1,991
4
.50
%
,
11/15/28
,
Callable
10/15/28
@
100
.................................
3,000
2,972
Goldman
Sachs
Private
Credit
Corp.
5
.05
%
,
2/23/28
(a)
..................................................
2,300
2,268
5
.38
%
,
1/31/29
,
Callable
12/31/28
@
100
(a)
...............................
1,625
1,597
HA
Sustainable
Infrastructure
Capital,
Inc.
,
6
.15
%
,
1/15/31
,
Callable
12/15/30
@
100
......
2,000
2,035
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
,
3
.38
%
,
6/15/26
,
Callable
5/2/26
@
100
(a)
....
1,662
1,654
Hercules
Capital,
Inc.
2
.63
%
,
9/16/26
,
Callable
8/16/26
@
100
..................................
4,563
4,499
3
.38
%
,
1/20/27
,
Callable
12/20/26
@
100
.................................
1,000
981
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Horace
Mann
Educators
Corp.
7
.25
%
,
9/15/28
,
Callable
8/15/28
@
100
..................................
$
1,400
$
1,477
4
.70
%
,
10/1/30
,
Callable
9/1/30
@
100
...................................
5,500
5,418
Horizon
Mutual
Holdings,
Inc.
,
6
.20
%
,
11/15/34
,
Callable
8/15/34
@
100
(a)
............
3,850
3,624
HSB
Group,
Inc.
,
4
.84
%
(
TSFR3M
+
117
bps
)
,
7/15/27
,
Callable
5/2/26
@
100
(d)
..........
750
732
Huntington
Bancshares,
Inc.
,
4
.45
%
(
H15T7Y
+
405
bps
)
,
Callable
10/15/27
@
100
(d)
(g)
....
4,358
4,270
Hyundai
Capital
America,
Inc.
4
.30
%
,
9/24/27
(a)
..................................................
1,800
1,793
4
.25
%
,
9/18/28
(a)
..................................................
2,000
1,982
5
.30
%
,
1/8/29
,
Callable
12/8/28
@
100
(a)
.................................
2,000
2,027
JPMorgan
Chase
&
Co.
,
4
.35
%
(
SOFR
+
84
bps
)
,
1/22/32
,
Callable
1/22/31
@
100
(d)
.......
3,000
2,957
Kemper
Corp.
2
.40
%
,
9/30/30
,
Callable
6/30/30
@
100
(f)
.................................
2,194
1,917
3
.80
%
,
2/23/32
,
Callable
11/23/31
@
100
..................................
2,400
2,173
KeyCorp
,
5
.00
%
(
TSFR3M
+
387
bps
)
,
Callable
9/15/26
@
100
(d)
(g)
..................
2,500
2,473
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
4
.25
%
,
2/1/27
,
Callable
5/2/26
@
100
(a)
..................................
2,500
2,471
7
.00
%
,
7/15/31
,
Callable
7/15/27
@
103.5
(a)
...............................
1,500
1,552
Liberty
Mutual
Group,
Inc.
,
4
.13
%
(
H15T5Y
+
332
bps
)
,
12/15/51
,
Callable
9/15/26
@
100
(a)
(d)
1,000
980
LPL
Holdings,
Inc.
,
5
.70
%
,
5/20/27
,
Callable
4/20/27
@
100
........................
1,800
1,817
LSEG
US
Fin
Corp.
,
4
.25
%
,
3/23/29
,
Callable
2/23/29
@
100
(a)
.....................
3,000
2,978
Main
Street
Capital
Corp.
,
3
.00
%
,
7/14/26
,
Callable
6/14/26
@
100
...................
500
497
Mercedes-Benz
Finance
North
America
LLC
4
.65
%
,
4/1/27
(a)
...................................................
750
753
4
.13
%
,
3/10/28
(a)
..................................................
1,000
995
MGIC
Investment
Corp.
,
5
.25
%
,
8/15/28
,
Callable
4/17/26
@
100
....................
4,962
4,955
MMI
Capital
Trust
I
,
7
.63
%
,
12/15/27
........................................
435
453
Morgan
Stanley
4
.13
%
(
SOFR
+
91
bps
)
,
10/18/29
,
Callable
10/18/28
@
100
(d)
...................
3,500
3,460
4
.24
%
(
SOFR
+
80
bps
)
,
1/9/30
,
Callable
1/9/29
@
100
(d)
.......................
2,000
1,979
Morgan
Stanley
Bank
NA
,
4
.97
%
(
SOFR
+
93
bps
)
,
7/14/28
,
Callable
7/14/27
@
100
(d)
.....
1,500
1,509
Morgan
Stanley
Private
Bank
NA
,
4
.21
%
(
SOFR
+
76
bps
)
,
2/8/30
,
Callable
2/8/29
@
100
(d)
.
2,000
1,979
MSD
Investment
Corp.
,
6
.13
%
,
2/5/31
,
Callable
1/5/31
@
100
(a)
....................
2,500
2,423
Nissan
Motor
Acceptance
Co.
LLC
1
.85
%
,
9/16/26
,
Callable
8/16/26
@
100
(a)
................................
1,513
1,487
5
.30
%
,
9/13/27
(a)
..................................................
1,000
994
NLG
Global
Funding
,
5
.40
%
,
1/23/30
(a)
......................................
2,000
2,048
NMI
Holdings,
Inc.
,
6
.00
%
,
8/15/29
,
Callable
7/15/29
@
100
.......................
2,750
2,810
Northern
Trust
Corp.
,
4
.60
%
(
TSFR3M
+
346
bps
)
,
Callable
10/1/26
@
100
(d)
(g)
..........
5,144
5,095
Old
Republic
International
Corp.
,
3
.88
%
,
8/26/26
,
Callable
7/26/26
@
100
..............
7,000
6,990
Pinnacle
Bank
,
5
.63
%
,
2/15/28
,
Callable
1/15/28
@
100
...........................
1,000
1,011
Pinnacle
Financial
Partners,
Inc.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(d)
...............
4,000
4,125
PRA
Group,
Inc.
,
8
.38
%
,
2/1/28
,
Callable
4/12/26
@
102.09
(a)
......................
944
952
Principal
Life
Global
Funding
II
4
.60
%
,
8/19/27
(a)
..................................................
1,500
1,504
4
.45
%
,
1/13/31
(a)
..................................................
6,390
6,303
Protective
Life
Corp.
,
4
.70
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
...................
4,000
3,962
Radian
Group,
Inc.
4
.88
%
,
3/15/27
,
Callable
9/15/26
@
100
..................................
2,250
2,250
6
.20
%
,
5/15/29
,
Callable
4/15/29
@
100
..................................
1,500
1,551
Reliance
Standard
Life
Global
Funding
II
,
1
.51
%
,
9/28/26
(a)
........................
1,560
1,538
RELX
Capital,
Inc.
,
4
.75
%
,
3/27/30
,
Callable
2/27/30
@
100
........................
2,000
2,015
RGA
Global
Funding
,
4
.35
%
,
8/25/28
(a)
......................................
3,670
3,652
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
,
2
.88
%
,
10/15/26
,
Callable
5/2/26
@
100
(a)
...........................................................
7,055
6,972
Sammons
Financial
Group
Global
Funding
,
5
.05
%
,
1/10/28
(a)
.......................
2,000
2,018
SCE
Recovery
Funding
LLC
,
0
.86
%
,
11/15/31
..................................
1,147
1,039
Sixth
Street
Specialty
Lending,
Inc.
2
.50
%
,
8/1/26
,
Callable
7/1/26
@
100
....................................
1,358
1,344
6
.95
%
,
8/14/28
,
Callable
7/14/28
@
100
..................................
1,000
1,023
Starwood
Property
Trust,
Inc.
,
3
.63
%
,
7/15/26
,
Callable
5/2/26
@
100
(a)
...............
500
497
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
1,000
885
Stonebriar
ABF
Issuer
LLC
,
8
.13
%
,
12/15/30
,
Callable
12/15/27
@
104.06
(a)
............
206
214
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Synchrony
Financial
3
.70
%
,
8/4/26
,
Callable
5/4/26
@
100
....................................
$
2,000
$
1,994
3
.95
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
1,000
988
Takeoff
Merger
Sub,
Inc.
4
.40
%
,
3/24/28
(a)
..................................................
2,000
1,989
4
.50
%
,
3/24/29
,
Callable
2/24/29
@
100
(a)
................................
1,000
993
Texas
Capital
Bancshares,
Inc.
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(d)
....................
10,148
10,096
5
.30
%
(
SOFR
+
194
bps
)
,
2/27/32
,
Callable
2/27/31
@
100
(d)
....................
3,000
2,959
The
Bank
of
New
York
Mellon
Corp.
7
.17
%
(
H15T5Y
+
335
bps
)
,
Callable
6/20/26
@
100
(d)
(g)
......................
5,500
5,515
4
.98
%
(
SOFR
+
109
bps
)
,
3/14/30
,
Callable
3/14/29
@
100
(d)
....................
1,000
1,017
The
Charles
Schwab
Corp.
,
4
.00
%
(
H15T5Y
+
317
bps
)
,
Callable
6/1/26
@
100
(d)
(g)
.......
8,715
8,657
The
Goldman
Sachs
Group,
Inc.
,
4
.94
%
(
SOFR
+
132
bps
)
,
4/23/28
,
Callable
4/23/27
@
100
(d)
1,000
1,005
The
PNC
Financial
Services
Group,
Inc.
3
.40
%
(
H15T5Y
+
260
bps
)
,
Callable
9/15/26
@
100
(d)
(g)
......................
4,750
4,676
6
.20
%
(
H15T5Y
+
324
bps
)
,
Callable
9/15/27
@
100
(d)
(g)
......................
1,000
1,003
The
Western
Union
Co.
,
4
.75
%
,
6/15/29
,
Callable
5/15/29
@
100
....................
4,000
3,965
Toyota
Motor
Credit
Corp.
4
.55
%
,
8/7/26
.....................................................
2,000
2,002
4
.80
%
,
5/15/30
....................................................
2,000
2,023
TPG
Operating
Group
II
LP
,
4
.88
%
,
5/15/31
,
Callable
4/15/31
@
100
.................
1,498
1,469
Truist
Bank
,
4
.14
%
(
SOFR
+
91
bps
)
,
10/23/29
,
Callable
10/23/28
@
100
,
MTN
(d)
.........
2,000
1,981
Truist
Financial
Corp.
,
4
.58
%
(
TSFR3M
+
93
bps
)
,
5/15/27
,
Callable
5/2/26
@
100
(d)
.......
4,500
4,456
U.S.
Bancorp
5
.30
%
(
TSFR3M
+
318
bps
)
,
Callable
4/15/27
@
100
(d)
(g)
......................
5,904
5,872
3
.10
%
,
4/27/26
,
Callable
4/12/26
@
100
,
MTN
.............................
708
707
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(d)
....................
1,500
1,542
Western
Alliance
Bancorp
,
3
.00
%
(
TSFR3M
+
225
bps
)
,
6/15/31
,
Callable
6/15/26
@
100
(d)
..
1,350
1,294
Western
Alliance
Bank
,
6
.54
%
(
H15T5Y
+
285
bps
)
,
11/15/35
,
Callable
11/15/30
@
100
(d)
...
2,000
1,959
Zions
Bancorp
NA
,
4
.48
%
(
SOFR
+
106
bps
)
,
2/9/29
,
Callable
2/9/28
@
100
(d)
...........
2,000
1,985
392,237
Health
Care
(2.8%):
Abbvie,
Inc.
,
3
.78
%
,
3/3/28
................................................
3,000
2,979
Amgen,
Inc.
,
4
.20
%
,
2/19/31
,
Callable
1/19/31
@
100
.............................
2,000
1,972
Baxter
International,
Inc.
,
4
.45
%
,
2/15/29
,
Callable
1/15/29
@
100
...................
1,250
1,233
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
1,500
1,482
Charles
River
Laboratories
International,
Inc.
,
4
.25
%
,
5/1/28
,
Callable
4/17/26
@
100.71
(a)
.
3,000
2,930
CommonSpirit
Health
,
4
.35
%
,
9/1/30
,
Callable
6/1/30
@
100
.......................
4,988
4,918
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
3,400
3,128
Elevance
Health,
Inc.
,
5
.15
%
,
6/15/29
,
Callable
5/15/29
@
100
......................
1,000
1,019
HCA,
Inc.
5
.00
%
,
3/1/28
,
Callable
2/1/28
@
100
....................................
1,000
1,010
4
.30
%
,
11/15/30
,
Callable
10/15/30
@
100
.................................
2,000
1,967
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
5
.20
%
,
6/15/29
,
Callable
5/15/29
@
100
(a)
................................
2,000
2,029
2
.20
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
..................................
3,000
2,715
Highmark,
Inc.
,
1
.45
%
,
5/10/26
,
Callable
5/2/26
@
100
(a)
.........................
7,915
7,883
Humana,
Inc.
,
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
............................
1,250
1,263
Lifespan
Corp.
,
4
.65
%
,
5/15/31
,
Callable
11/15/30
@
100
..........................
1,000
999
Medline
Borrower
LP
,
5
.25
%
,
10/1/29
,
Callable
5/2/26
@
101.31
(a)
..................
6,175
6,120
PRA
Health
Sciences,
Inc.
,
2
.88
%
,
7/15/26
,
Callable
5/2/26
@
100
(a)
.................
1,943
1,927
Premier
Health
Partners
,
2
.91
%
,
11/15/26
,
Callable
5/15/26
@
100
...................
1,230
1,209
Solventum
Corp.
5
.45
%
,
2/25/27
,
Callable
1/25/27
@
100
..................................
1,708
1,720
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
....................................
388
397
The
Cigna
Group
,
4
.50
%
,
9/15/30
,
Callable
8/15/30
@
100
.........................
4,000
3,987
Thermo
Fisher
Scientific,
Inc.
,
4
.22
%
,
2/12/31
,
Callable
1/12/31
@
100
................
1,500
1,484
Utah
Acquisition
Sub,
Inc.
,
3
.95
%
,
6/15/26
,
Callable
5/2/26
@
100
...................
3,000
2,992
57,363
Industrials
(4.4%):
AGCO
Corp.
,
5
.45
%
,
3/21/27
,
Callable
2/21/27
@
100
............................
2,078
2,093
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
....................................................
$
3,639
$
3,618
4
.00
%
,
9/22/27
....................................................
412
407
American
Builders
&
Contractors
Supply
Co.,
Inc.
,
4
.00
%
,
1/15/28
,
Callable
5/2/26
@
100
(a)
1,500
1,471
Ashtead
Capital,
Inc.
,
1
.50
%
,
8/12/26
,
Callable
7/12/26
@
100
(a)
....................
4,984
4,923
British
Airways
Pass
Through
Trust
,
3
.35
%
,
6/15/29
(a)
............................
435
421
CNH
Industrial
Capital
LLC
,
5
.10
%
,
4/20/29
,
Callable
3/20/29
@
100
.................
1,000
1,013
Delta
Air
Lines
Pass
Through
Trust
,
2
.00
%
,
6/10/28
..............................
671
649
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
10,459
10,441
FedEx
Freight
Holding
Co.,
Inc.
,
4
.30
%
,
3/15/29
,
Callable
2/15/29
@
100
(a)
............
3,000
2,964
Ferguson
Enterprises,
Inc.
,
4
.35
%
,
3/15/31
,
Callable
2/15/31
@
100
...................
3,500
3,443
GXO
Logistics,
Inc.
,
1
.65
%
,
7/15/26
,
Callable
6/15/26
@
100
.......................
1,459
1,447
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
2,500
2,547
Illinois
Central
Railroad
Co.
,
7
.70
%
,
9/15/96
,
Callable
9/15/26
@
102.92
...............
5,222
5,419
J.B.
Hunt
Transport
Services,
Inc.
,
4
.90
%
,
3/15/30
,
Callable
2/15/30
@
100
.............
2,000
2,025
JH
North
America
Holdings,
Inc.
,
5
.88
%
,
1/31/31
,
Callable
7/31/27
@
102.94
(a)
.........
2,708
2,699
MasTec,
Inc.
,
5
.90
%
,
6/15/29
,
Callable
5/15/29
@
100
............................
952
983
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
5
.75
%
,
5/24/26
,
Callable
5/2/26
@
100
(a)
.................................
1,000
1,001
4
.20
%
,
4/1/27
,
Callable
1/1/27
@
100
(a)
..................................
7,114
7,092
5
.35
%
,
3/30/29
,
Callable
2/28/29
@
100
(a)
................................
1,000
1,017
Quanta
Services,
Inc.
,
4
.75
%
,
8/9/27
,
Callable
7/9/27
@
100
........................
2,000
2,011
Republic
Services,
Inc.
,
5
.00
%
,
11/15/29
,
Callable
10/15/29
@
100
...................
1,000
1,021
Rockwell
Collins,
Inc.
,
3
.50
%
,
3/15/27
,
Callable
12/15/26
@
100
....................
7,000
6,928
Ryder
System,
Inc.
5
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
,
MTN
.............................
1,000
1,007
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
...............................
1,000
1,016
5
.38
%
,
3/15/29
,
Callable
2/15/29
@
100
,
MTN
.............................
1,000
1,023
Sodexo,
Inc.
,
5
.15
%
,
8/15/30
,
Callable
7/15/30
@
100
(a)
..........................
2,000
2,028
Southwest
Airlines
Co.
5
.13
%
,
6/15/27
,
Callable
4/15/27
@
100
..................................
1,003
1,006
4
.38
%
,
11/15/28
,
Callable
10/15/28
@
100
.................................
4,000
3,949
The
Boeing
Co.
,
3
.10
%
,
5/1/26
,
Callable
4/12/26
@
100
...........................
2,900
2,897
The
GEO
Group,
Inc.
,
8
.63
%
,
4/15/29
,
Callable
4/15/26
@
104.31
....................
1,000
1,039
TriNet
Group,
Inc.
,
3
.50
%
,
3/1/29
,
Callable
5/2/26
@
100
(a)
........................
2,098
1,894
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
.......................
1,000
1,047
United
Airlines
Pass
Through
Trust
,
5
.88
%
,
10/15/27
.............................
1,717
1,743
Westinghouse
Air
Brake
Technologies
Corp.
,
3
.45
%
,
11/15/26
,
Callable
8/15/26
@
100
.....
505
502
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
4/12/26
@
103.13
(a)
...........................
4,734
4,792
89,576
Information
Technology
(2.6%):
Atlassian
Corp.
,
5
.25
%
,
5/15/29
,
Callable
4/15/29
@
100
..........................
2,000
2,013
CDW
LLC/CDW
Finance
Corp.
,
2
.67
%
,
12/1/26
,
Callable
11/1/26
@
100
..............
4,479
4,427
Citadel
Finance
LLC
,
4
.75
%
,
2/14/29
,
Callable
1/14/29
@
100
(a)
....................
2,000
1,959
Corning,
Inc.
,
7
.25
%
,
8/15/36
,
Callable
8/15/26
@
100
............................
2,650
2,673
Dell
International
LLC/EMC
Corp.
4
.75
%
,
4/1/28
,
Callable
3/1/28
@
100
....................................
1,500
1,510
4
.15
%
,
2/15/29
,
Callable
1/15/29
@
100
..................................
4,000
3,964
Gartner,
Inc.
,
4
.95
%
,
3/20/31
,
Callable
2/20/31
@
100
............................
1,000
975
Hewlett
Packard
Enterprise
Co.
1
.75
%
,
4/1/26
(f)
....................................................
924
924
4
.45
%
,
9/25/26
....................................................
1,000
1,001
4
.50
%
,
3/23/28
....................................................
2,000
2,000
4
.15
%
,
9/15/28
,
Callable
8/15/28
@
100
..................................
3,500
3,472
Keysight
Technologies,
Inc.
,
5
.35
%
,
7/30/30
,
Callable
6/30/30
@
100
.................
2,000
2,055
Microchip
Technology,
Inc.
,
4
.90
%
,
3/15/28
....................................
2,000
2,012
Molex
Electronic
Technologies
LLC
,
4
.75
%
,
4/30/28
,
Callable
3/30/28
@
100
(a)
.........
2,000
2,008
Oracle
Corp.
2
.65
%
,
7/15/26
,
Callable
5/2/26
@
100
...................................
2,411
2,401
4
.45
%
,
9/26/30
,
Callable
8/26/30
@
100
..................................
4,000
3,855
Salesforce,
Inc.
4
.50
%
,
3/15/28
,
Callable
2/15/28
@
100
..................................
5,000
5,001
4
.65
%
,
3/15/29
,
Callable
2/15/29
@
100
..................................
2,000
2,004
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Skyworks
Solutions,
Inc.
,
1
.80
%
,
6/1/26
,
Callable
5/1/26
@
100
(f)
...................
$
3,066
$
3,052
Synopsys,
Inc.
4
.55
%
,
4/1/27
.....................................................
2,000
2,003
4
.65
%
,
4/1/28
,
Callable
3/1/28
@
100
....................................
1,000
1,004
TD
SYNNEX
Corp.
,
4
.30
%
,
1/17/29
,
Callable
12/17/28
@
100
......................
1,500
1,482
51,795
Materials
(1.6%):
Amcor
Flexibles
North
America,
Inc.
4
.80
%
,
3/17/28
....................................................
2,000
2,012
4
.25
%
,
3/8/29
,
Callable
2/8/29
@
100
....................................
2,000
1,982
AptarGroup,
Inc.
,
4
.75
%
,
3/30/31
,
Callable
2/28/31
@
100
.........................
3,000
2,978
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,700
1,699
Berry
Global,
Inc.
,
4
.88
%
,
7/15/26
,
Callable
4/15/26
@
100
(a)
......................
566
566
Chevron
Phillips
Chemical
Co.
LLC/Chevron
Phillips
Chemical
Co.
LP
,
4
.75
%
,
5/15/30
,
Callable
4/15/30
@
100
(a)
............................................
3,000
3,006
CRH
America
Finance,
Inc.
,
4
.40
%
,
2/9/31
,
Callable
1/9/31
@
100
...................
3,000
2,960
Georgia-Pacific
LLC
,
4
.40
%
,
6/30/28
,
Callable
5/30/28
@
100
(a)
....................
1,000
1,001
Glencore
Funding
LLC
,
5
.34
%
,
4/4/27
(a)
......................................
2,000
2,017
Huntsman
International
LLC
,
4
.50
%
,
5/1/29
,
Callable
2/1/29
@
100
..................
2,000
1,873
Louisiana-Pacific
Corp.
,
3
.63
%
,
3/15/29
,
Callable
5/2/26
@
100
(a)
...................
962
926
LYB
International
Finance
III
LLC
,
5
.13
%
,
1/15/31
,
Callable
12/15/30
@
100
...........
2,000
2,003
RPM
International,
Inc.
,
3
.75
%
,
3/15/27
,
Callable
12/15/26
@
100
....................
2,087
2,069
Sealed
Air
Corp.
,
1
.57
%
,
10/15/26
(a)
.........................................
4,286
4,279
Sonoco
Products
Co.
,
4
.45
%
,
9/1/26
.........................................
1,571
1,571
Syensqo
Finance
America
LLC
,
5
.65
%
,
6/4/29
,
Callable
5/4/29
@
100
(a)
...............
1,000
1,023
The
Sherwin-Williams
Co.
,
4
.55
%
,
3/1/28
,
Callable
2/1/28
@
100
....................
1,000
1,004
32,969
Real
Estate
(3.5%):
CBRE
Services,
Inc.
,
4
.80
%
,
6/15/30
,
Callable
5/15/30
@
100
.......................
2,000
2,004
Crown
Castle,
Inc.
,
3
.70
%
,
6/15/26
,
Callable
5/2/26
@
100
.........................
3,500
3,494
DOC
DR
LLC
,
3
.95
%
,
1/15/28
,
Callable
10/15/27
@
100
..........................
450
445
Essex
Portfolio
LP
3
.38
%
,
4/15/26
....................................................
1,540
1,539
1
.70
%
,
3/1/28
,
Callable
1/1/28
@
100
....................................
500
474
Extra
Space
Storage
LP
2
.20
%
,
10/15/30
,
Callable
7/15/30
@
100
.................................
3,387
3,032
2
.40
%
,
10/15/31
,
Callable
7/15/31
@
100
.................................
1,000
875
Federal
Realty
OP
LP
,
5
.38
%
,
5/1/28
,
Callable
4/1/28
@
100
........................
2,000
2,033
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP
,
3
.75
%
,
12/15/27
,
Callable
9/15/27
@
100
(a)
...................................................
1,000
969
Goodman
US
Finance
Three
LLC
,
3
.70
%
,
3/15/28
,
Callable
12/15/27
@
100
(a)
..........
750
738
Healthcare
Realty
Holdings
LP
3
.75
%
,
7/1/27
,
Callable
4/1/27
@
100
....................................
300
297
3
.63
%
,
1/15/28
,
Callable
10/15/27
@
100
.................................
3,000
2,938
Highwoods
Realty
LP
3
.88
%
,
3/1/27
,
Callable
12/1/26
@
100
...................................
1,250
1,243
4
.13
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
500
493
4
.20
%
,
4/15/29
,
Callable
1/15/29
@
100
..................................
1,000
973
Jones
Lang
LaSalle,
Inc.
,
6
.88
%
,
12/1/28
,
Callable
11/1/28
@
100
....................
3,000
3,168
Kimco
Realty
OP
LLC
2
.80
%
,
10/1/26
,
Callable
7/1/26
@
100
...................................
1,500
1,489
3
.80
%
,
4/1/27
,
Callable
1/1/27
@
100
....................................
1,000
996
Kite
Realty
Group
LP
,
4
.00
%
,
10/1/26
,
Callable
7/1/26
@
100
.......................
4,926
4,909
Lineage
OP
LP
,
5
.25
%
,
7/15/30
,
Callable
6/15/30
@
100
...........................
3,952
3,945
LXP
Industrial
Trust
,
6
.75
%
,
11/15/28
,
Callable
10/15/28
@
100
.....................
247
259
Mid-America
Apartments
LP
,
5
.30
%
,
2/15/32
,
Callable
12/15/31
@
100
................
1,000
1,029
NNN
REIT,
Inc.
2
.50
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
1,000
920
4
.60
%
,
2/15/31
,
Callable
1/15/31
@
100
..................................
2,000
1,987
Public
Storage
Operating
Co.
,
4
.38
%
,
7/1/30
,
Callable
6/1/30
@
100
..................
1,500
1,498
SBA
Communications
Corp.
,
3
.88
%
,
2/15/27
,
Callable
4/12/26
@
100
.................
2,600
2,574
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
SBA
Tower
Trust
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
$
846
$
860
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
...............................
2,000
2,009
Tanger
Properties
LP
,
3
.13
%
,
9/1/26
,
Callable
6/1/26
@
100
........................
2,022
2,011
The
NHP
Foundation
,
5
.85
%
,
12/1/28
,
Callable
6/1/28
@
100
.......................
1,000
1,032
UDR,
Inc.
,
3
.50
%
,
7/1/27
,
Callable
4/1/27
@
100
,
MTN
...........................
2,000
1,979
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
3
.75
%
,
2/15/27
,
Callable
5/2/26
@
100
(a)
........
5,548
5,507
Vornado
Realty
LP
,
2
.15
%
,
6/1/26
,
Callable
5/2/26
@
100
..........................
6,890
6,857
Welltower
OP
LLC
,
4
.50
%
,
7/1/30
,
Callable
6/1/30
@
100
.........................
3,000
2,999
WP
Carey,
Inc.
,
4
.65
%
,
7/15/30
,
Callable
6/15/30
@
100
...........................
2,500
2,484
70,059
Utilities
(3.1%):
AEP
Texas,
Inc.
,
5
.45
%
,
5/15/29
,
Callable
4/15/29
@
100
..........................
2,500
2,565
Alabama
Power
Co.
,
4
.30
%
,
3/15/31
,
Callable
1/15/31
@
100
.......................
3,000
2,972
Alliant
Energy
Finance
LLC
,
5
.40
%
,
6/6/27
,
Callable
5/6/27
@
100
(a)
.................
1,000
1,007
Black
Hills
Corp.
,
5
.95
%
,
3/15/28
,
Callable
2/15/28
@
100
.........................
1,000
1,025
CenterPoint
Energy
Restoration
Bond
Co.
III
LLC
,
3
.90
%
,
12/15/30
..................
5,000
4,958
CenterPoint
Energy,
Inc.
,
5
.40
%
,
6/1/29
,
Callable
5/1/29
@
100
......................
929
952
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(d)
.........
1,250
1,210
Constellation
Energy
Generation
LLC
,
4
.63
%
,
2/1/29
,
Callable
4/12/26
@
100
(a)
.........
2,500
2,470
Dominion
Energy,
Inc.
,
4
.35
%
(
H15T5Y
+
320
bps
)
,
Callable
1/15/27
@
100
(d)
(f)
(g)
.......
3,500
3,444
DTE
Energy
Co.
4
.95
%
,
7/1/27
,
Callable
6/1/27
@
100
....................................
1,402
1,412
4
.88
%
,
6/1/28
,
Callable
5/1/28
@
100
....................................
3,000
3,028
Entergy
Texas
Restoration
Funding
II
LLC
,
3
.05
%
,
12/15/27
........................
218
215
Essential
Utilities,
Inc.
,
4
.80
%
,
8/15/27
,
Callable
7/15/27
@
100
.....................
1,500
1,506
Exelon
Corp.
3
.40
%
,
4/15/26
....................................................
1,000
999
5
.13
%
,
3/15/31
,
Callable
2/15/31
@
100
..................................
2,184
2,224
Florida
Power
&
Light
Co.
,
5
.05
%
,
4/1/28
,
Callable
3/1/28
@
100
....................
1,000
1,017
ITC
Holdings
Corp.
,
3
.25
%
,
6/30/26
,
Callable
5/2/26
@
100
........................
1,105
1,102
KeySpan
Gas
East
Corp.
,
2
.74
%
,
8/15/26
,
Callable
5/15/26
@
100
(a)
..................
1,439
1,431
NextEra
Energy
Capital
Holdings,
Inc.
4
.85
%
,
2/4/28
.....................................................
2,000
2,019
3
.80
%
(
H15T5Y
+
255
bps
)
,
3/15/82
,
Callable
3/15/27
@
100
(d)
..................
1,700
1,641
NorthWestern
Corp.
,
5
.07
%
,
3/21/30
,
Callable
2/21/30
@
100
(a)
.....................
1,500
1,523
NSTAR
Electric
Co.
,
4
.85
%
,
3/1/30
,
Callable
2/1/30
@
100
........................
1,000
1,013
Oncor
Electric
Delivery
Co.
LLC
,
4
.50
%
,
3/20/27
...............................
1,500
1,499
ONE
Gas,
Inc.
,
5
.10
%
,
4/1/29
,
Callable
3/1/29
@
100
.............................
1,500
1,530
Pinnacle
West
Capital
Corp.
,
4
.90
%
,
5/15/28
,
Callable
4/15/28
@
100
.................
2,000
2,016
Public
Service
Co.
of
Colorado
,
4
.15
%
,
3/13/29
,
Callable
2/13/29
@
100
...............
2,000
1,994
Public
Service
Enterprise
Group,
Inc.
,
5
.20
%
,
4/1/29
,
Callable
3/1/29
@
100
............
1,000
1,019
The
Dayton
Power
&
Light
Co.
,
4
.55
%
,
8/15/30
,
Callable
7/15/30
@
100
...............
3,000
2,963
Vistra
Corp.
,
7
.00
%
(
H15T5Y
+
574
bps
)
,
Callable
12/15/26
@
100
(a)
(d)
(g)
..............
1,000
1,000
Vistra
Operations
Co.
LLC
7
.75
%
,
10/15/31
,
Callable
10/15/26
@
103.88
(a)
............................
2,950
3,091
6
.88
%
,
4/15/32
,
Callable
4/15/27
@
103.44
(a)
..............................
2,000
2,070
WEC
Energy
Group,
Inc.
,
4
.75
%
,
1/15/28
,
Callable
12/15/27
@
100
..................
3,000
3,022
Wisconsin
Electric
Power
Co.
,
5
.00
%
,
5/15/29
,
Callable
4/15/29
@
100
................
2,000
2,038
61,975
Total
Corporate
Bonds
(Cost
$894,992)
a
a
a
895,349
Yankee
Dollars
(10.4%)
Consumer
Discretionary
(0.6%):
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.
,
5
.75
%
,
1/15/33
,
Callable
12/15/28
@
102.88
(a)
......................................................
1,295
1,258
Carnival
Corp.
,
5
.13
%
,
5/1/29
,
Callable
2/1/29
@
100
(a)
...........................
1,500
1,488
Gildan
Activewear,
Inc.
,
4
.70
%
,
10/7/30
,
Callable
9/7/30
@
100
(a)
...................
3,500
3,464
Honda
Motor
Co.
Ltd.
,
4
.44
%
,
7/8/28
,
Callable
6/8/28
@
100
.......................
3,000
2,992
Pershing
Square
Holdings
Ltd.
,
5
.50
%
,
10/28/32
,
Callable
8/28/32
@
100
(a)
............
1,200
1,188
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
5
.63
%
,
2/15/29
,
Callable
5/2/26
@
100
(a)
...........
$
1,714
$
1,710
12,100
Consumer
Staples
(0.8%):
Bacardi-Martini
BV
,
5
.55
%
,
2/1/30
,
Callable
1/1/30
@
100
(a)
.......................
2,000
2,041
BAT
International
Finance
PLC
,
4
.45
%
,
3/16/28
,
Callable
2/16/28
@
100
...............
5,218
5,223
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
1,185
1,013
Japan
Tobacco,
Inc.
,
4
.85
%
,
5/15/28
,
Callable
4/15/28
@
100
(a)
.....................
2,000
2,019
JDE
Peet's
NV
1
.38
%
,
1/15/27
,
Callable
12/15/26
@
100
(a)
...............................
3,925
3,824
2
.25
%
,
9/24/31
,
Callable
6/24/31
@
100
(a)
................................
1,135
986
15,106
Energy
(0.9%):
Canadian
Natural
Resources
Ltd.
,
5
.00
%
,
12/15/29
,
Callable
11/15/29
@
100
............
3,250
3,301
Enbridge,
Inc.
5
.30
%
,
4/5/29
,
Callable
3/5/29
@
100
....................................
1,000
1,021
5
.75
%
(
H15T5Y
+
531
bps
)
,
7/15/80
,
Callable
4/15/30
@
100
(d)
..................
1,515
1,513
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
1
.75
%
,
9/30/27
(a)
.............................
160
155
Harbour
Energy
PLC
,
5
.50
%
,
10/15/26
,
Callable
5/2/26
@
100
(a)
....................
1,500
1,489
TransCanada
Trust
,
5
.88
%
(
US0003M
+
464
bps
)
,
8/15/76
,
Callable
8/15/26
@
100
(d)
......
1,623
1,622
Vallourec
SACA
,
7
.50
%
,
4/15/32
,
Callable
4/15/27
@
103.75
(a)
.....................
5,818
6,103
Var
Energi
ASA
5
.00
%
,
5/18/27
,
Callable
4/18/27
@
100
(a)
................................
1,000
1,005
5
.88
%
,
5/22/30
,
Callable
4/22/30
@
100
(a)
................................
1,000
1,031
17,240
Financials
(5.1%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
3
.65
%
,
7/21/27
,
Callable
4/21/27
@
100
...........................................................
2,907
2,877
ASB
Bank
Ltd.
,
5
.28
%
(
H15T5Y
+
225
bps
)
,
6/17/32
,
Callable
6/17/27
@
100
(a)
(d)
........
1,000
1,005
Asian
Development
Bank
,
4
.95
%
,
4/12/29
,
Callable
4/13/26
@
100
...................
1,750
1,751
Aspen
Insurance
Holdings
Ltd.
,
5
.75
%
,
7/1/30
,
Callable
6/1/30
@
100
.................
4,452
4,594
Avolon
Holdings
Funding
Ltd.
4
.25
%
,
4/15/26
(a)
..................................................
1,179
1,179
6
.38
%
,
5/4/28
,
Callable
4/4/28
@
100
(a)
..................................
1,000
1,030
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
2,037
2,082
Bank
of
Montreal
,
4
.37
%
(
SOFR
+
70
bps
)
,
12/21/26
,
(Put
Date
5/8/26)
,
MTN
(d)
(h)
........
2,600
2,602
Barclays
PLC
5
.20
%
,
5/12/26
....................................................
3,000
3,002
4
.84
%
(
SOFR
+
134
bps
)
,
9/10/28
,
Callable
9/10/27
@
100
(d)
....................
1,000
1,004
5
.09
%
(
SOFR
+
96
bps
)
,
2/25/29
,
Callable
2/25/28
@
100
(d)
.....................
1,000
1,008
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
,
5
.25
%
,
9/10/29
,
Callable
8/10/29
@
100
(a)
......................................
2,000
2,011
Beazley
Insurance
DAC
5
.88
%
,
11/4/26
.....................................................
2,200
2,208
5
.50
%
,
9/10/29
....................................................
3,802
3,810
Brookfield
Asset
Management
Ltd.
,
4
.65
%
,
11/15/30
,
Callable
10/15/30
@
100
..........
3,149
3,121
Brookfield
Finance,
Inc.
,
4
.35
%
,
4/15/30
,
Callable
1/15/30
@
100
....................
2,000
1,970
Canadian
Imperial
Bank
of
Commerce
4
.51
%
(
SOFR
+
93
bps
)
,
9/11/27
,
Callable
9/11/26
@
100
(d)
.....................
2,000
2,001
4
.24
%
(
SOFRINDX
+
60
bps
)
,
9/8/28
,
Callable
9/8/27
@
100
(d)
..................
3,000
2,993
4
.86
%
(
SOFR
+
103
bps
)
,
3/30/29
,
Callable
3/31/28
@
100
(d)
....................
1,500
1,512
7
.26
%
,
4/10/32
(a)
..................................................
467
488
CI
Financial
Corp.
,
7
.50
%
,
5/30/29
,
Callable
4/30/29
@
100
(a)
......................
697
730
Essent
Group
Ltd.
,
6
.25
%
,
7/1/29
,
Callable
6/1/29
@
100
..........................
3,909
4,041
Flutter
Treasury
DAC
6
.38
%
,
4/29/29
,
Callable
5/2/26
@
103.19
(a)
...............................
3,300
3,355
5
.88
%
,
6/4/31
,
Callable
4/15/27
@
102.94
(a)
...............................
2,633
2,604
HSBC
Holdings
PLC
,
4
.90
%
(
SOFR
+
103
bps
)
,
3/3/29
,
Callable
3/3/28
@
100
(d)
.........
3,000
3,016
Icon
Investments
Six
DAC
,
5
.81
%
,
5/8/27
,
Callable
4/8/27
@
100
....................
908
912
Lloyds
Banking
Group
PLC
,
4
.24
%
(
H15T1Y
+
60
bps
)
,
2/10/30
,
Callable
2/10/29
@
100
(d)
..
2,600
2,572
Nationwide
Building
Society
,
4
.00
%
,
9/14/26
(a)
.................................
5,000
4,982
NatWest
Markets
PLC
,
4
.65
%
,
3/27/29
(a)
.....................................
2,000
2,002
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Phoenix
Group
Holdings
PLC
,
4
.75
%
(
H15T5Y
+
428
bps
)
,
9/4/31
,
Callable
6/4/26
@
100
(d)
.
$
6,197
$
6,184
Santander
UK
Group
Holdings
PLC
,
4
.32
%
(
SOFRINDX
+
107
bps
)
,
9/22/29
,
Callable
9/22/28
@
100
(d)
.........................................................
4,283
4,243
SMBC
Aviation
Capital
Finance
DAC
,
1
.90
%
,
10/15/26
,
Callable
9/15/26
@
100
(a)
.......
2,000
1,972
Standard
Chartered
PLC
4
.30
%
,
2/19/27
(a)
..................................................
1,540
1,535
5
.69
%
(
H15T1Y
+
105
bps
)
,
5/14/28
,
Callable
5/14/27
@
100
(a)
(d)
................
4,865
4,922
The
Bank
of
Nova
Scotia
,
8
.63
%
(
H15T5Y
+
439
bps
)
,
10/27/82
,
Callable
10/27/27
@
100
(d)
.
3,950
4,101
The
Toronto-Dominion
Bank
,
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(d)
.
5,805
5,770
UBS
Group
AG
,
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..........................
8,000
7,969
103,158
Health
Care
(0.4%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
5,400
5,315
Royalty
Pharma
PLC
,
4
.45
%
,
3/25/31
,
Callable
2/25/31
@
100
......................
3,000
2,962
Smith
&
Nephew
PLC
,
5
.15
%
,
3/20/27
,
Callable
2/20/27
@
100
(f)
...................
500
503
8,780
Industrials
(0.8%):
Air
Canada
Pass
Through
Trust
3
.60
%
,
3/15/27
(a)
..................................................
447
441
4
.13
%
,
12/15/27
(a)
..................................................
975
958
Aircastle
Ltd.
,
5
.25
%
(
H15T5Y
+
441
bps
)
,
Callable
6/15/26
@
100
(a)
(d)
(g)
..............
2,734
2,721
Element
Fleet
Management
Corp.
5
.64
%
,
3/13/27
,
Callable
2/13/27
@
100
(a)
................................
5,678
5,727
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(a)
................................
1,000
1,042
LG
Energy
Solution
Ltd.
5
.38
%
,
7/2/27
(a)
...................................................
2,273
2,291
5
.25
%
,
4/2/28
(a)
...................................................
2,000
2,016
The
Weir
Group
PLC
,
2
.20
%
,
5/13/26
,
Callable
5/2/26
@
100
(a)
.....................
900
896
Triton
Container
International
Ltd.
,
2
.05
%
,
4/15/26
(a)
.............................
580
579
16,671
Information
Technology
(0.7%):
CGI,
Inc.
,
4
.95
%
,
3/14/30
,
Callable
2/14/30
@
100
...............................
2,000
2,008
Genpact
UK
Finco
PLC/Genpact
USA,
Inc.
,
4
.95
%
,
11/18/30
,
Callable
10/18/30
@
100
....
1,000
981
Kioxia
Holdings
Corp.
,
6
.25
%
,
7/24/30
,
Callable
7/24/27
@
103.13
(a)
.................
1,500
1,526
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
9,750
10,009
14,524
Materials
(0.3%):
Amcor
Group
Finance
PLC
,
5
.45
%
,
5/23/29
,
Callable
4/23/29
@
100
..................
1,000
1,025
Braskem
Netherlands
Finance
BV
,
4
.50
%
,
1/10/28
,
Callable
10/10/27
@
100
(a)
..........
1,500
723
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
2,000
2,020
Nutrien
Ltd.
,
4
.50
%
,
3/12/27
...............................................
2,000
2,003
Rio
Tinto
Finance
USA
PLC
,
4
.50
%
,
3/14/28
,
Callable
2/14/28
@
100
(f)
...............
1,000
1,005
6,776
Real
Estate
(0.4%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
3
.88
%
,
3/20/27
,
Callable
12/20/26
@
100
(a)
...........................................................
7,000
6,971
Utilities
(0.4%):
Algonquin
Power
&
Utilities
Corp.
,
5
.37
%
,
6/15/26
(i)
.............................
8,962
8,967
Total
Yankee
Dollars
(Cost
$210,735)
a
a
a
210,293
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
1,030
Arizona
(0.1%):
Arizona
IDA
Revenue
4
.51
%
,
10/1/26
....................................................
500
501
4
.51
%
,
10/1/27
....................................................
500
502
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.60
%
,
10/1/28
....................................................
$
500
$
503
4
.71
%
,
10/1/29
....................................................
500
504
2,010
California
(0.3%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
Series
B
,
5
.71
%
,
7/1/30
..............................................
1,000
1,013
Series
B
,
5
.76
%
,
7/1/31
..............................................
1,000
1,014
California
Municipal
Finance
Authority
Revenue
,
Series
B
,
4
.51
%
,
5/15/30
,
Continuously
Callable
@100
.....................................................
2,065
2,041
California
State
Public
Works
Board
Revenue
,
Series
B
,
4
.50
%
,
4/1/26
................
1,000
1,000
5,068
Colorado
(0.0%):(c)
Colorado
Health
Facilities
Authority
Revenue
,
Series
B
,
2
.80
%
,
12/1/26
................
195
192
Illinois
(0.1%):
City
of
Chicago,
GO
,
Series
A
,
5
.88
%
,
1/1/31
...................................
1,130
1,134
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.57
%
,
12/1/27
....................................................
250
252
4
.63
%
,
12/1/28
....................................................
500
506
1,892
Indiana
(0.0%):(c)
City
of
Carmel
Waterworks
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
B
,
4
.94
%
,
5/1/27
..............................................
200
202
Series
B
,
4
.97
%
,
5/1/28
..............................................
225
228
Series
B
,
5
.02
%
,
5/1/29
..............................................
275
280
710
Maryland
(0.0%):(c)
Maryland
Economic
Development
Corp.
Revenue
,
4
.79
%
,
11/30/29
...................
750
763
Massachusetts
(0.2%):
Massachusetts
Development
Finance
Agency
Revenue
Series
B
,
6
.75
%
,
10/1/30
.............................................
1,290
1,310
Series
G
,
6
.38
%
,
10/1/28
.............................................
665
668
Series
G
,
6
.63
%
,
10/1/30
.............................................
1,775
1,813
Massachusetts
Educational
Financing
Authority
Revenue
,
Series
A
,
5
.52
%
,
7/1/35
........
940
951
4,742
New
York
(0.0%):(c)
Albany
Capital
Resource
Corp.
Revenue
,
Series
B
,
4
.78
%
,
5/1/31
....................
750
765
Ohio
(0.1%):
Columbus
Metropolitan
Housing
Authority
Revenue
,
5
.38
%
,
9/1/28
,
Continuously
Callable
@100
...........................................................
845
855
South
Carolina
(0.0%):(c)
Greenville-Spartanburg
Airport
District
Revenue
Series
B
,
4
.75
%
,
7/1/26
..............................................
250
251
Series
B
,
4
.61
%
,
7/1/27
..............................................
350
352
Series
B
,
4
.59
%
,
7/1/28
..............................................
250
251
854
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
1,113
Total
Municipal
Bonds
(Cost
$19,822)
a
a
a
19,994
U.S.
Government
Agency
Mortgages
(0.4%)
CoBank
ACB
Series
I
,
6
.25
%
(
TSFR3M
+
466
bps
)
(d)
(g)
..................................
4,300
4,305
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
10/1/38
....................................................
522
535
Federal
National
Mortgage
Association
1
.50
%
,
3/1/37
.....................................................
1,799
1,626
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.50
%
,
11/1/40
.....................................................
$
2,374
$
2,358
3,984
Total
U.S.
Government
Agency
Mortgages
(Cost
$8,801)
a
a
a
8,824
U.S.
Treasury
Obligations
(10.8%)
U.S.
Treasury
Notes
4
.63
%
,
9/15/26
....................................................
4,000
4,016
4
.38
%
,
12/15/26
....................................................
15,000
15,063
0
.50
%
,
8/31/27
....................................................
31,000
29,589
4
.13
%
,
11/15/27
....................................................
39,000
39,168
4
.00
%
,
6/30/28
....................................................
13,000
13,055
3
.75
%
,
12/31/28
....................................................
31,000
30,939
1
.63
%
,
8/15/29
....................................................
24,000
22,333
4
.13
%
,
8/31/30
....................................................
35,000
35,271
4
.00
%
,
1/31/31
....................................................
28,000
28,057
Total
U.S.
Treasury
Obligations
(Cost
$216,654)
a
a
a
217,491
Commercial
Paper
(4.0%)
Consumer
Discretionary
(0.4%):
Genuine
Parts
Co.
4
.15
%
,
4/6/26
(a)
(j)
..................................................
2,400
2,398
4
.22
%
,
4/16/26
(a)
(j)
.................................................
950
948
4
.27
%
,
4/22/26
(a)
(j)
.................................................
5,000
4,987
8,333
Consumer
Staples
(0.8%):
Keurig
Dr.
Pepper,
Inc.
4
.29
%
,
4/24/26
(a)
(j)
.................................................
11,000
10,969
4
.32
%
,
4/28/26
(a)
(j)
.................................................
4,500
4,485
15,454
Energy
(0.8%):
Ovintiv,
Inc.
4
.20
%
,
4/1/26
(a)
(j)
..................................................
400
400
4
.20
%
,
4/2/26
(a)
(j)
..................................................
5,000
4,999
4
.23
%
,
4/10/26
(a)
(j)
.................................................
6,300
6,293
4
.26
%
,
4/13/26
(a)
(j)
.................................................
5,000
4,992
16,684
Financials
(0.5%):
Stellantis
Financial
Services
US
Corp.
4
.15
%
,
4/2/26
(a)
(j)
..................................................
3,400
3,399
4
.31
%
,
4/23/26
(a)
(j)
.................................................
4,300
4,288
4
.45
%
,
6/23/26
(a)
(j)
.................................................
3,000
2,969
10,656
Health
Care
(0.1%):
HCA,
Inc.
,
4
.14
%
,
4/1/26
(a)
(j)
.............................................
1,375
1,375
Industrials
(0.3%):
Sonoco
Products
Co.
,
4
.15
%
,
4/1/26
(a)
(j)
......................................
5,000
4,999
Real
Estate
(0.4%):
Boston
Properties
LP
4
.07
%
,
4/15/26
(a)
(j)
.................................................
3,000
2,995
4
.08
%
,
4/17/26
(a)
(j)
.................................................
4,800
4,791
7,786
Utilities
(0.7%):
Evergy
Missouri
West,
Inc.
3
.97
%
,
4/7/26
(a)
(j)
..................................................
8,000
7,994
3
.98
%
,
4/8/26
(a)
(j)
..................................................
4,500
4,496
The
AES
Corp.
4
.03
%
,
4/2/26
(a)
(j)
..................................................
1,200
1,200
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.18
%
,
4/17/26
(a)
(j)
.................................................
$
1,350
$
1,347
15,037
Total
Commercial
Paper
(Cost
$80,331)
a
a
a
80,324
Shares
Collateral
for
Securities
Loaned
(0.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(k)
........
1,128,076
1,128
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(k)
............
1,128,076
1,128
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(k)
...............
1,128,076
1,128
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(k)
.
1,128,076
1,128
Total
Collateral
for
Securities
Loaned
(Cost
$4,512)
a
a
a
4,512
Total
Investments
(Cost
$2,018,051)
—
100.0%
2,020,993
Other
assets
in
excess
of
liabilities
—  (0.0)%(c)
875
NET
ASSETS
-
100.00%
$
2,021,868
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
11.3%
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,
2026,
the
fair
value
of
these
securities
was
$972,923
(thousands)
and
amounted
to
48.1%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2026.
(e)
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,
2026.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
Put
Bond.
(i)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(j)
Rate
represents
the
effective
yield
at
March
31,
2026.
(k)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
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,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LLC
—
Limited
Liability
Company
LLLP
—
Limited
Liability
Limited
Partnership
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
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
March
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
US0003M
—
3
Month
US
Dollar
London
Interbank
Offered
Rate,
rate
disclosed
as
of
March
31,
2026,
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,
2026.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2026.
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
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,
2026
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
91
(Unaudited)
‘
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(13.0%)
ABS
Auto
(6.6%):
Alloya
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
A4
,
4
.71
%
,
1/25/30
,
Callable
7/25/28
@
100
(a)
...........................................................
$
1,634
$
1,640
Ally
Auto
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.16
%
,
10/15/29
,
Callable
9/15/27
@
100
1,263
1,277
American
Heritage
Auto
Receivables
Issuer
Trust
,
Series
2025-1A
,
Class
B
,
4
.77
%
,
6/16/31
,
Callable
4/15/29
@
100
(a)
............................................
900
896
American
Heritage
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.07
%
,
6/17/30
,
Callable
11/15/28
@
100
(a)
...........................................
2,123
2,134
ARI
Fleet
Lease
Trust
....................................................
Series
2024-A
,
Class
B
,
5
.16
%
,
11/15/32
,
Callable
10/15/27
@
100
(a)
.............
1,300
1,315
Series
2025-A
,
Class
A3
,
4
.46
%
,
1/17/34
,
Callable
10/15/28
@
100
(a)
.............
920
923
Series
2026-A
,
Class
B
,
4
.38
%
,
11/15/34
,
Callable
5/15/29
@
100
(a)
..............
1,500
1,485
AutoNation
Finance
Trust
.................................................
Series
2025-1A
,
Class
B
,
5
.03
%
,
8/12/30
,
Callable
10/10/28
@
100
(a)
.............
2,955
2,991
Series
2026-1A
,
Class
B
,
4
.42
%
,
6/11/31
,
Callable
8/11/29
@
100
(a)
..............
1,000
997
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2021-2A
,
Class
C
,
2
.35
%
,
2/20/28
,
Callable
2/20/27
@
100
(a)
..............
800
785
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
167
167
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
1,000
1,034
Series
2026-1A
,
Class
B
,
4
.57
%
,
8/20/30
(a)
................................
1,660
1,638
CarMax
Auto
Owner
Trust
................................................
Series
2022-3
,
Class
C
,
4
.98
%
,
2/15/28
,
Callable
10/15/26
@
100
................
1,090
1,093
Series
2023-1
,
Class
D
,
6
.27
%
,
11/15/29
,
Callable
3/15/27
@
100
................
1,000
1,013
Series
2024-2
,
Class
B
,
5
.69
%
,
11/15/29
,
Callable
3/15/28
@
100
................
1,450
1,481
Series
2024-4
,
Class
B
,
4
.82
%
,
5/15/30
,
Callable
8/15/28
@
100
.................
2,000
2,015
CarMax
Select
Receivables
Trust
,
Series
2024-A
,
Class
A3
,
5
.40
%
,
11/15/28
,
Callable
6/15/28
@
100
...........................................................
2,000
2,012
Carvana
Auto
Receivables
Trust
,
Series
2021-P2
,
Class
B
,
1
.27
%
,
3/10/27
,
Callable
1/10/27
@
100
.............................................................
94
94
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA
,
Class
C
,
6
.24
%
,
9/25/29
,
Callable
5/25/28
@
100
(a)
.............
875
904
Series
2024-1A
,
Class
A4
,
5
.05
%
,
10/25/29
,
Callable
2/25/28
@
100
(a)
............
1,400
1,421
Series
2024-1A
,
Class
B
,
5
.16
%
,
11/26/29
,
Callable
2/25/28
@
100
(a)
.............
643
653
Series
2024-2A
,
Class
B
,
5
.55
%
,
1/25/30
,
Callable
2/25/28
@
100
(a)
..............
2,700
2,764
Series
2024-3A
,
Class
A4
,
5
.08
%
,
12/25/29
,
Callable
3/25/28
@
100
(a)
............
2,950
2,991
Series
2024-4A
,
Class
B
,
5
.23
%
,
4/25/30
,
Callable
4/25/28
@
100
(a)
..............
1,450
1,475
Series
2025-2A
,
Class
B
,
4
.32
%
,
3/25/31
,
Callable
5/25/29
@
100
(a)
..............
2,232
2,215
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
1,897
1,900
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
...........
386
389
Series
2024-1A
,
Class
A1
,
5
.52
%
,
5/15/36
,
Callable
8/15/27
@
100
(a)
.............
683
690
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A3
,
5
.84
%
,
1/18/28
,
Callable
4/15/27
@
100
(a)
..............
230
231
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
1,000
1,012
Corporate
One
Auto
Receivables
Trust
........................................
Series
2026-1A
,
Class
A4
,
4
.27
%
,
12/16/30
,
Callable
6/15/29
@
100
(a)
............
2,395
2,375
Series
2026-1A
,
Class
B
,
4
.59
%
,
1/15/31
,
Callable
6/15/29
@
100
(a)
..............
556
551
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-2A
,
Class
B
,
6
.61
%
,
7/15/33
,
Callable
11/15/26
@
100
(a)
.............
931
934
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
947
957
Series
2024-3A
,
Class
A
,
4
.68
%
,
9/15/34
,
Callable
5/15/28
@
100
(a)
..............
2,000
2,004
Series
2025-2A
,
Class
B
,
4
.87
%
,
1/15/36
,
Callable
9/15/29
@
100
(a)
..............
829
809
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
9/15/28
@
100
(a)
...........................................................
2,700
2,747
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
2,000
2,009
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
10/20/26
@
100
(a)
.............
167
167
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
7/20/27
@
100
(a)
..............
1,450
1,489
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
8/20/27
@
100
(a)
..............
2,000
2,027
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
994
1,017
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
10/15/28
@
100
(a)
............
1,258
1,275
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-1A
,
Class
B
,
5
.36
%
,
9/15/31
,
Callable
4/15/29
@
100
(a)
..............
$
647
$
655
Series
2026-1A
,
Class
A4
,
4
.32
%
,
3/15/32
,
Callable
7/15/28
@
100
(a)
.............
3,000
2,965
Series
2026-1A
,
Class
B
,
4
.59
%
,
7/15/32
,
Callable
7/15/28
@
100
(a)
..............
3,350
3,301
First
Investors
Auto
Owner
Trust
,
Series
2025-1A
,
Class
B
,
4
.39
%
,
1/15/31
,
Callable
12/15/29
@
100
(a)
.........................................................
2,000
1,991
Flagship
Credit
Auto
Trust
,
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
9/15/26
@
100
(a)
519
514
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822
834
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
1,000
1,032
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
9/15/27
@
100
(a)
............................................
1,429
1,434
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
8/15/28
@
100
(a)
..............
415
423
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
8/15/28
@
100
(a)
..............
250
257
GLS
Auto
Receivables
Issuer
Trust
,
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
...................................................
1,000
999
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
B
,
6
.67
%
,
12/17/29
,
Callable
10/15/28
@
100
(a)
............
2,755
2,818
Series
2024-1A
,
Class
B
,
5
.32
%
,
3/15/30
,
Callable
9/15/28
@
100
(a)
..............
875
884
Series
2024-4A
,
Class
B
,
4
.50
%
,
11/15/30
,
Callable
3/15/29
@
100
(a)
.............
2,000
2,001
Series
2025-1A
,
Class
A2
,
4
.71
%
,
4/15/30
,
Callable
4/15/29
@
100
(a)
.............
870
873
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2025-1
,
Class
B
,
5
.00
%
,
8/16/30
,
Callable
3/16/28
@
100
........................................
1,450
1,465
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
A4
,
5
.17
%
,
1/15/30
,
Callable
3/15/28
@
100
(a)
.............
4,000
4,039
Series
2024-1A
,
Class
B
,
5
.42
%
,
1/15/30
,
Callable
3/15/28
@
100
(a)
..............
1,200
1,214
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
3/15/27
@
100
(a)
...........................................................
1,250
1,254
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
C
,
7
.26
%
,
2/25/28
(a)
...........
1,000
1,014
Hertz
Vehicle
Financing
III
LP
,
Series
2021-2A
,
Class
A
,
1
.68
%
,
12/27/27
(a)
............
1,000
986
Honda
Auto
Receivables
Owner
Trust
,
Series
2024-4
,
Class
A4
,
4
.35
%
,
12/16/30
,
Callable
11/15/27
@
100
....................................................
1,500
1,504
Hyundai
Auto
Receivables
Trust
,
Series
2024-C
,
Class
B
,
4
.67
%
,
1/15/31
,
Callable
11/15/28
@
100
.............................................................
941
945
LAD
Auto
Receivables
Trust
...............................................
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
8/15/27
@
100
(a)
..............
1,000
1,004
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
10/15/27
@
100
(a)
.............
1,000
1,005
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
1/15/28
@
100
(a)
.............
1,500
1,517
Series
2024-2A
,
Class
D
,
6
.37
%
,
10/15/31
,
Callable
12/15/27
@
100
(a)
............
500
513
Series
2024-3A
,
Class
B
,
4
.74
%
,
1/15/30
,
Callable
5/15/28
@
100
(a)
..............
2,080
2,088
Series
2025-2A
,
Class
A4
,
4
.36
%
,
7/15/30
,
Callable
2/15/29
@
100
(a)
.............
1,000
1,000
Series
2026-1A
,
Class
A4
,
4
.05
%
,
12/15/31
,
Callable
3/15/30
@
100
(a)
............
1,500
1,483
Series
2026-1A
,
Class
B
,
4
.22
%
,
2/15/33
,
Callable
3/15/30
@
100
(a)
..............
1,500
1,467
M&T
Bank
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
A4
,
4
.89
%
,
7/15/32
,
Callable
1/15/29
@
100
(a)
...................................................
2,624
2,661
Mercedes-Benz
Auto
Receivables
Trust
,
Series
2025-1
,
Class
A4
,
4
.92
%
,
4/15/31
,
Callable
12/15/28
@
100
....................................................
1,890
1,916
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
6/20/26
@
100
(a)
..............
506
507
Series
2023-1A
,
Class
B
,
7
.25
%
,
5/20/36
,
Callable
6/20/26
@
100
(a)
..............
2,000
2,006
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
2,117
2,126
Series
2025-1A
,
Class
B
,
4
.91
%
,
1/20/39
,
Callable
6/20/29
@
100
(a)
..............
1,148
1,142
Nissan
Auto
Lease
Trust
,
Series
2025-A
,
Class
C
,
5
.11
%
,
6/15/29
,
Callable
10/15/27
@
100
.
2,000
2,013
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
12/15/27
@
100
(a)
.............
500
513
Series
2025-1A
,
Class
A4
,
4
.79
%
,
1/15/31
,
Callable
2/15/29
@
100
(a)
.............
1,960
1,970
Series
2025-1A
,
Class
B
,
4
.94
%
,
4/15/31
,
Callable
2/15/29
@
100
(a)
..............
1,214
1,216
Oscar
US
Funding
XIII
LLC
,
Series
2021-2A
,
Class
A4
,
1
.27
%
,
9/11/28
,
Callable
4/10/26
@
100
(a)
...........................................................
148
147
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
12/10/28
@
100
(a)
...........................................................
1,500
1,503
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
4/15/26
@
100
(a)
..............
739
739
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-A
,
Class
A4
,
4
.75
%
,
3/15/30
,
Callable
11/15/28
@
100
(a)
.............
$
1,450
$
1,457
Series
2025-A
,
Class
A4
,
4
.19
%
,
5/15/31
,
Callable
8/15/29
@
100
(a)
..............
1,500
1,490
Series
2025-A
,
Class
B
,
4
.37
%
,
7/15/31
,
Callable
8/15/29
@
100
(a)
...............
666
653
Prestige
Auto
Receivables
Trust
............................................
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
(a)
...............................
86
86
Series
2024-2A
,
Class
A2
,
4
.72
%
,
2/15/28
(a)
...............................
162
162
Series
2025-1A
,
Class
B
,
5
.34
%
,
11/15/28
(a)
...............................
3,000
3,006
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A
,
Class
A4
,
5
.21
%
,
4/16/29
,
Callable
7/15/28
@
100
(a)
..............
1,500
1,509
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
7/15/28
@
100
(a)
...............
1,500
1,515
Series
2025-SF1
,
Class
C
,
5
.14
%
,
4/15/31
,
Callable
5/15/29
@
100
(a)
.............
1,531
1,535
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
11/15/27
@
100
(a)
............
900
912
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
2,000
2,042
Series
2024-1A
,
Class
B
,
5
.33
%
,
7/15/30
,
Callable
4/15/28
@
100
(a)
..............
1,950
1,969
Series
2025-1A
,
Class
B
,
4
.78
%
,
12/15/31
,
Callable
4/15/29
@
100
(a)
.............
1,000
996
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
5/25/28
@
100
(a)
...............
1,433
1,443
Series
2025-B
,
Class
B
,
4
.93
%
,
12/29/32
,
Callable
10/25/28
@
100
(a)
.............
1,357
1,366
Series
2026-A
,
Class
B
,
4
.28
%
,
3/25/33
,
Callable
12/25/29
@
100
(a)
..............
1,378
1,375
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
B
,
5
.71
%
,
1/22/30
,
Callable
11/20/27
@
100
(a)
.............
1,500
1,524
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
4/20/28
@
100
(a)
..............
840
854
Series
2024-3A
,
Class
B
,
4
.76
%
,
11/20/31
,
Callable
10/20/28
@
100
(a)
............
2,000
2,012
Tesla
Auto
Lease
Trust
,
Series
2024-A
,
Class
A4
,
5
.31
%
,
12/20/27
,
Callable
7/20/26
@
100
(a)
2,000
2,007
Tesla
Lease
Electric
Vehicle
Securitization
LLC
,
Series
2025-A
,
Class
A4
,
4
.37
%
,
5/21/29
,
Callable
12/20/27
@
100
(a)
...........................................
1,500
1,501
Toyota
Auto
Loan
Extended
Note
Trust
,
Series
2022-1A
,
Class
A
,
3
.82
%
,
4/25/35
,
Callable
4/25/27
@
100
(a)
...................................................
2,000
1,994
Toyota
Auto
Receivables
Owner
Trust
........................................
Series
2023-A
,
Class
A3
,
4
.63
%
,
9/15/27
,
Callable
4/15/27
@
100
................
873
875
Series
2024-D
,
Class
A4
,
4
.43
%
,
4/15/30
,
Callable
7/15/28
@
100
................
2,000
2,011
Truist
Bank
Auto
Credit-Linked
Notes
,
Series
2025-1
,
Class
B
,
4
.73
%
,
9/26/33
,
Callable
8/25/28
@
100
(a)
...................................................
742
742
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
11/25/26
@
100
(a)
.......
419
422
United
Auto
Credit
Securitization
Trust
,
Series
2026-1
,
Class
B
,
4
.63
%
,
5/10/29
(a)
........
1,500
1,485
USB
Auto
Owner
Trust
...................................................
Series
2025-1A
,
Class
A4
,
4
.62
%
,
12/16/30
,
Callable
8/15/28
@
100
(a)
............
1,470
1,480
Series
2025-1A
,
Class
B
,
4
.81
%
,
1/15/31
,
Callable
8/15/28
@
100
(a)
..............
1,000
1,007
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
10/15/27
@
100
(a)
...........
1,000
1,007
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
10/15/27
@
100
(a)
.............
2,033
2,064
Western
Funding
Auto
Loan
Trust
,
Series
2025-1
,
Class
A
,
4
.75
%
,
7/16/35
(a)
............
2,155
2,154
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
338
339
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
2,000
2,043
Series
2024-1A
,
Class
B
,
5
.50
%
,
2/18/39
(a)
................................
1,357
1,380
Series
2024-2A
,
Class
B
,
4
.84
%
,
6/21/39
(a)
................................
1,625
1,639
Series
2024-3A
,
Class
B
,
5
.07
%
,
9/19/39
(a)
................................
1,514
1,537
World
Omni
Select
Auto
Trust
,
Series
2023-A
,
Class
C
,
6
.00
%
,
1/16/29
,
Callable
3/15/27
@
100
.............................................................
1,000
1,009
174,536
ABS
Card
(1.2%):
American
Express
Credit
Account
Master
Trust
.................................
Series
2023-4
,
Class
A
,
5
.15
%
,
9/16/30
...................................
2,900
2,970
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
...................................
3,000
3,093
BA
Credit
Card
Trust
....................................................
Series
2023-A2
,
Class
A2
,
4
.98
%
,
11/15/28
................................
1,800
1,812
Series
2024-A1
,
Class
A
,
4
.93
%
,
5/15/29
..................................
3,500
3,538
Capital
One
Multi-Asset
Execution
Trust
,
Series
2021-A2
,
Class
A2
,
1
.39
%
,
7/15/30
.......
4,700
4,421
CARDS
II
Trust
,
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/15/29
(a)
.......................
920
922
Chase
Issuance
Trust
,
Series
2024-A2
,
Class
A
,
4
.63
%
,
1/15/31
......................
4,840
4,907
Citibank
Credit
Card
Issuance
Trust
,
Series
2018-A7
,
Class
A7
,
3
.96
%
,
10/13/30
.........
1,900
1,892
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4
,
Class
C
,
5
.64
%
,
10/15/28
(a)
.............................
$
903
$
905
Series
2025-CRT5
,
Class
C
,
5
.53
%
,
5/15/29
(a)
..............................
833
835
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
.................
625
613
Master
Credit
Card
Trust
II
,
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
..............
1,145
1,235
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
A
,
1
.53
%
,
10/26/29
(a)
...............................
2,000
1,971
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
2,000
1,968
Series
2025-1A
,
Class
B
,
4
.41
%
,
9/26/30
(a)
................................
1,500
1,493
32,575
ABS
Other
(5.0%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
4/15/26
@
100
(a)
.........................................................
1,500
1,485
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
7/20/26
@
100
(a)
............................................
50
50
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
............................................
2,710
2,741
Amur
Equipment
Finance
Receivables
XIII
LLC
,
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
............................................
1,081
1,092
Ansley
Park
Capital
LLC
.................................................
Series
2025-A
,
Class
A2
,
4
.43
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
.............
2,762
2,766
Series
2025-A
,
Class
B
,
4
.60
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
..............
1,000
989
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
1/15/28
@
100
(a)
..............
826
840
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
1/15/28
@
100
(a)
.............
833
861
Barings
Equipment
Finance
LLC
............................................
Series
2025-A
,
Class
A4
,
5
.02
%
,
6/13/50
,
Callable
6/13/29
@
100
(a)
..............
3,000
3,067
Series
2025-B
,
Class
A4
,
4
.29
%
,
9/13/50
,
Callable
12/13/30
@
100
(a)
.............
2,000
1,981
Blue
Owl
Asset
Leasing
Trust
LLC
,
Series
2024-1A
,
Class
B
,
5
.41
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
.........................................................
1,216
1,223
Capteris
Equipment
Finance
LLC
,
Series
2026-1A
,
Class
A2
,
4
.44
%
,
9/20/33
,
Callable
5/20/30
@
100
(a)
.........................................................
3,000
2,997
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
10/14/26
@
100
(a)
.............
70
70
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
6/14/27
@
100
(a)
...............
1,450
1,482
Series
2025-1
,
Class
B
,
4
.69
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
965
969
CF
Hippolyta
Issuer
LLC
.................................................
Series
2020-1
,
Class
A1
,
1
.69
%
,
7/15/60
(a)
................................
472
395
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
(a)
...............................
1,387
1,115
CNH
Equipment
Trust
,
Series
2024-C
,
Class
A4
,
4
.12
%
,
3/15/32
,
Callable
5/15/29
@
100
...
1,500
1,495
Crossroads
Asset
Trust
...................................................
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
1/20/28
@
100
(a)
...............
1,637
1,659
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
12/20/28
@
100
(a)
..............
228
229
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
.............
1,349
1,312
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
1,796
1,804
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A4
,
5
.93
%
,
12/16/30
,
Callable
10/15/26
@
100
.............................................................
1,680
1,694
Dell
Equipment
Finance
Trust
..............................................
Series
2023-3
,
Class
A3
,
5
.93
%
,
4/23/29
,
Callable
5/22/26
@
100
(a)
..............
367
368
Series
2024-1
,
Class
B
,
5
.53
%
,
3/22/30
,
Callable
11/22/26
@
100
(a)
..............
2,000
2,019
Series
2025-1
,
Class
B
,
4
.96
%
,
2/24/31
,
Callable
8/22/27
@
100
(a)
...............
1,550
1,565
Series
2025-2
,
Class
B
,
4
.34
%
,
3/24/31
,
Callable
4/22/28
@
100
(a)
...............
1,000
997
Dext
ABS
LLC
........................................................
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
1,500
1,513
Series
2025-1
,
Class
D
,
5
.65
%
,
2/15/36
,
Callable
2/15/29
@
100
(a)
...............
2,000
2,019
Series
2025-2
,
Class
A3
,
4
.23
%
,
4/15/36
,
Callable
7/15/29
@
100
(a)
..............
2,000
1,995
Diamond
Infrastructure
Funding
LLC
,
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
4/20/26
@
100
(a)
...................................................
1,000
978
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
A
,
2
.31
%
,
11/20/51
,
Callable
4/20/26
@
100
(a)
.
1,125
1,090
DLLAA
LLC
,
Series
2025-1A
,
Class
A4
,
5
.08
%
,
4/20/33
,
Callable
5/20/29
@
100
(a)
......
1,583
1,616
DLLAD
LLC
,
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
1/20/29
@
100
(a)
......
919
945
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
DLLMT
LLC
..........................................................
Series
2024-1A
,
Class
A4
,
4
.98
%
,
4/20/32
,
Callable
5/20/28
@
100
(a)
.............
$
1,020
$
1,032
Series
2026-1A
,
Class
A4
,
4
.36
%
,
9/20/33
,
Callable
10/20/29
@
100
(a)
............
1,250
1,250
FirstKey
Homes
Trust
,
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
(b)
...............
1,154
1,137
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532
533
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2024-4
,
Class
A
,
4
.40
%
,
9/15/31
(a)
....
1,500
1,501
Granite
Park
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
4/20/27
@
100
(a)
...................................................
1,634
1,638
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2024-1
,
Class
B
,
5
.18
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
..............
1,480
1,501
Series
2025-1
,
Class
A4
,
4
.58
%
,
1/15/32
,
Callable
5/15/29
@
100
(a)
..............
2,180
2,193
Series
2025-2
,
Class
B
,
4
.50
%
,
9/15/32
,
Callable
1/15/30
@
100
(a)
...............
1,000
993
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
1/20/27
@
100
(a)
..............
290
291
Series
2024-1A
,
Class
B
,
5
.18
%
,
5/20/31
,
Callable
8/20/27
@
100
(a)
..............
1,500
1,502
Series
2025-1A
,
Class
B
,
4
.51
%
,
9/20/32
,
Callable
3/20/29
@
100
(a)
..............
2,000
2,000
John
Deere
Owner
Trust
,
Series
2024-C
,
Class
A4
,
4
.15
%
,
8/15/31
,
Callable
6/15/28
@
100
.
1,376
1,373
Kubota
Credit
Owner
Trust
................................................
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
4/15/28
@
100
(a)
.............
1,268
1,291
Series
2025-1A
,
Class
A4
,
4
.87
%
,
7/15/30
,
Callable
2/15/29
@
100
(a)
.............
1,958
1,986
M&T
Equipment
LEAF1
Notes
.............................................
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
6/15/27
@
100
(a)
.............
2,076
2,100
Series
2024-1A
,
Class
A4
,
4
.94
%
,
8/18/31
,
Callable
7/16/28
@
100
(a)
.............
2,360
2,383
MMAF
Equipment
Finance
LLC
............................................
Series
2022-A
,
Class
A4
,
3
.32
%
,
6/13/44
(a)
................................
1,500
1,500
Series
2023-A
,
Class
A3
,
5
.54
%
,
12/13/29
(a)
...............................
1,837
1,859
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
750
764
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
10/13/30
@
100
(a)
.............
865
885
MVW
LLC
,
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
4/20/27
@
100
(a)
.......
156
148
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
4/20/26
@
100
(a)
............................................
1,807
1,517
NMEF
Funding
LLC
....................................................
Series
2024-A
,
Class
C
,
6
.33
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
..............
1,519
1,544
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
1,418
1,422
Series
2025-B
,
Class
B
,
4
.73
%
,
1/18/33
,
Callable
1/15/29
@
100
(a)
...............
2,994
2,976
Series
2026-A
,
Class
A3
,
4
.20
%
,
2/15/34
,
Callable
1/15/30
@
100
(a)
..............
2,000
1,987
NP
SPE
IX
LP
,
Series
2019-1A
,
Class
A2
,
3
.24
%
,
9/20/49
(a)
........................
491
439
NP
SPE
X
LP
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
.......................
428
350
Oaktree
ABF
Equipment
ST
LLC
...........................................
Series
2026-1A
,
Class
A2
,
4
.50
%
,
10/17/33
,
Callable
10/15/28
@
100
(a)
...........
1,500
1,499
Series
2026-1A
,
Class
B
,
4
.91
%
,
10/17/33
,
Callable
10/15/28
@
100
(a)
............
773
771
OneMain
Financial
Issuance
Trust
,
Series
2022-3A
,
Class
B
,
6
.45
%
,
5/15/34
,
Callable
4/14/26
@
100
(a)
.........................................................
2,960
2,981
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A
,
Class
A3
,
5
.64
%
,
11/20/30
,
Callable
3/20/28
@
100
(a)
............
1,450
1,469
Series
2024-2A
,
Class
A3
,
4
.65
%
,
10/20/31
,
Callable
6/20/27
@
100
(a)
............
1,143
1,148
Series
2025-1A
,
Class
A2
,
4
.94
%
,
10/20/28
,
Callable
8/20/28
@
100
(a)
............
1,528
1,535
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
.............
773
782
Series
2026-1A
,
Class
A3
,
4
.39
%
,
7/20/33
,
Callable
8/20/29
@
100
(a)
.............
857
856
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.58
%
,
10/15/30
,
Callable
12/15/26
@
100
(a)
............
2,622
2,634
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
873
877
Progress
Residential
Trust
,
Series
2021-SFR6
,
Class
A
,
1
.52
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(b)
.........................................................
1,089
1,080
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
4,000
3,887
QTS
Issuer
ABS
II
LLC
,
Series
2026-4A
,
Class
A2
,
5
.70
%
,
3/5/56
,
Callable
3/5/29
@
100
(a)
2,000
1,990
Retained
Vantage
Data
Centers
Issuer
LLC
,
Series
2025-1A
,
Class
A2A
,
5
.09
%
,
8/15/50
,
Callable
8/15/28
@
100
(a)
............................................
2,000
1,950
SCF
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
3/20/27
@
100
(a)
...........................................................
1,243
1,256
Stack
Infrastructure
Issuer
LLC
,
Series
2026-1A
,
Class
A2
,
5
.00
%
,
3/27/56
,
Callable
3/25/29
@
100
(a)
.........................................................
1,625
1,572
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
,
Callable
3/25/28
@
100
(a)
...........................................................
$
2,000
$
1,930
Vantage
Data
Centers
LLC
,
Series
2025-1A
,
Class
A2
,
5
.13
%
,
8/15/55
,
Callable
8/15/28
@
100
(a)
...........................................................
2,000
1,971
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
4/15/26
@
100
(a)
............
1,000
976
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
4/15/26
@
100
(a)
..............
500
494
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
1,330
1,340
Series
2026-1A
,
Class
C2
,
4
.69
%
,
3/15/56
,
Callable
3/15/29
@
100
(a)
.............
1,161
1,141
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
.............
459
465
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
............
521
529
Verizon
Master
Trust
,
Series
2025-10
,
Class
A
,
4
.28
%
,
10/20/33
,
Callable
10/20/30
@
100
(a)
2,000
1,987
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A
,
Class
A4
,
4
.29
%
,
7/15/31
,
Callable
4/15/28
@
100
(a)
.............
2,470
2,469
Series
2025-1A
,
Class
A4
,
4
.53
%
,
10/15/31
,
Callable
1/15/29
@
100
(a)
............
1,000
1,003
Series
2026-1A
,
Class
A4
,
4
.04
%
,
1/17/33
,
Callable
11/15/29
@
100
(a)
............
1,960
1,941
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
995
890
Zayo
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
....
2,500
2,524
133,463
Agency
ABS
Other
(0.2%):
Navient
Student
Loan
Trust
................................................
Series
2015-2
,
Class
B
,
5
.28
%
(
SOFR30A
+
161
bps
)
,
8/25/50
,
Callable
11/25/33
@
100
(c)
3,000
2,940
Series
2018-2A
,
Class
B
,
4
.93
%
(
SOFR30A
+
126
bps
)
,
3/25/67
,
Callable
12/25/37
@
100
(a)
(c)
.........................................................
1,000
940
Nelnet
Student
Loan
Trust
,
Series
2019-5
,
Class
A
,
2
.53
%
,
10/25/67
,
Callable
4/25/33
@
100
(a)
...........................................................
1,237
1,122
SLM
Student
Loan
Trust
..................................................
Series
2006-10
,
Class
B
,
4
.37
%
(
SOFR90A
+
48
bps
)
,
3/25/44
,
Callable
7/25/30
@
100
(c)
99
94
Series
2007-1
,
Class
B
,
4
.37
%
(
SOFR90A
+
48
bps
)
,
1/27/42
,
Callable
10/25/29
@
100
(c)
164
152
5,248
Total
Asset-Backed
Securities
(Cost
$345,153)
a
a
a
345,822
Collateralized
Mortgage
Obligations
(6.9%)
Agency
CMO
(0.1%):
Government
National
Mortgage
Association
,
Series
2025-131
,
Class
ZM
,
4
.50
%
,
8/20/65
...
3,080
2,887
Agency
CMO
Floating
(0.2%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5522
,
Class
BF
,
4
.71
%
(
SOFR30A
+
105
bps
)
,
3/25/55
(c)
........................................................
2,812
2,826
Federal
National
Mortgage
Association
,
Series
2024-96
,
Class
FC
,
4
.86
%
(
SOFR30A
+
120
bps
)
,
12/25/54
(c)
.......................................................
2,204
2,215
5,041
Agency
CMO
Other
(1.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
1,339
1,361
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
2,197
2,188
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
2,309
2,333
Series
5575
,
Class
A
,
5
.00
%
,
11/25/51
....................................
3,034
3,038
Federal
National
Mortgage
Association
.......................................
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
1,073
1,085
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
.................................
1,153
1,157
Series
2026-10
,
Class
AD
,
4
.50
%
,
1/25/51
.................................
2,908
2,882
Government
National
Mortgage
Association
....................................
Series
2020-162
,
Class
AB
,
1
.00
%
,
10/20/50
...............................
2,316
1,787
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
1,634
1,435
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
1,075
1,094
Series
2024-20
,
Class
PA
,
4
.50
%
,
2/20/54
.................................
2,482
2,479
Series
2024-95
,
Class
AB
,
2
.50
%
,
6/20/45
.................................
1,541
1,428
Series
2025-114
,
Class
JA
,
4
.50
%
,
8/20/51
.................................
1,323
1,315
Series
2025-131
,
Class
QC
,
4
.00
%
,
7/20/51
................................
1,440
1,410
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-196
,
Class
GA
,
4
.75
%
,
5/20/65
................................
$
2,959
$
2,956
Series
BM-3758
,
Class
A
,
2
.50
%
,
11/20/51
................................
4,000
3,425
31,373
Agency
Commercial
MBS
(1.5%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K087
,
Class
A2
,
3
.77
%
,
12/25/28
..................................
484
480
Series
K091
,
Class
A2
,
3
.51
%
,
3/25/29
...................................
1,250
1,229
Series
K095
,
Class
A2
,
2
.79
%
,
6/25/29
...................................
1,000
962
Series
K096
,
Class
A2
,
2
.52
%
,
7/25/29
...................................
1,000
953
Series
K097
,
Class
A2
,
2
.51
%
,
7/25/29
...................................
2,000
1,902
Series
K100
,
Class
A2
,
2
.67
%
,
9/25/29
...................................
545
520
Series
K135
,
Class
A2
,
2
.15
%
,
10/25/31
(d)
................................
1,000
897
Series
K136
,
Class
A2
,
2
.13
%
,
11/25/31
...................................
4,000
3,574
Series
K141
,
Class
A2
,
2
.25
%
,
2/25/32
...................................
4,000
3,581
Series
K142
,
Class
A2
,
2
.40
%
,
3/25/32
...................................
3,000
2,702
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
...................................
3,000
2,703
Series
K146
,
Class
A2
,
2
.92
%
,
6/25/32
...................................
4,885
4,508
Series
K147
,
Class
A2
,
3
.00
%
,
6/25/32
(d)
.................................
3,000
2,779
Series
K-1510
,
Class
A3
,
3
.79
%
,
1/25/34
..................................
1,000
956
Series
K-1512
,
Class
A3
,
3
.06
%
,
4/25/34
..................................
1,000
901
Series
K159
,
Class
A2
,
3
.95
%
,
11/25/30
(d)
................................
500
494
Series
KG02
,
Class
A2
,
2
.41
%
,
8/25/29
...................................
909
864
Series
KIR3
,
Class
A2
,
3
.28
%
,
8/25/27
...................................
1,500
1,484
Federal
National
Mortgage
Association
.......................................
Series
2018-M4
,
Class
A2
,
3
.07
%
,
3/25/28
(d)
...............................
302
297
Series
2019-M1
,
Class
A2
,
3
.56
%
,
9/25/28
(d)
...............................
528
522
Series
2019-M12
,
Class
A2
,
2
.89
%
,
6/25/29
(d)
..............................
954
921
Series
2022-M12
,
Class
A
,
3
.02
%
,
12/25/28
(d)
..............................
2,237
2,178
Series
2022-M13
,
Class
A2
,
2
.59
%
,
6/25/32
................................
3,894
3,534
Series
2022-M2
,
Class
A2
,
2
.40
%
,
11/25/31
................................
3,000
2,729
41,670
Commercial
MBS
(3.9%):
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(c)
..........
1,955
1,955
Series
2025-OANA
,
Class
B
,
5
.52
%
(
TSFR1M
+
184
bps
)
,
6/15/40
(a)
(b)
(c)
..........
2,000
2,000
AOA
Trust
,
Series
2025-1301
,
Class
A
,
5
.06
%
,
8/11/42
(a)
(b)
(d)
......................
1,259
1,258
Arbor
Multifamily
Mortgage
Securities
Trust
...................................
Series
2020-MF1
,
Class
AS
,
3
.06
%
,
5/15/53
,
Callable
5/15/30
@
100
(a)
(d)
.........
1,300
1,216
Series
2022-MF4
,
Class
A5
,
3
.28
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(d)
.........
2,000
1,861
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM
,
Class
A
,
5
.32
%
(
TSFR1M
+
165
bps
)
,
8/15/42
(a)
(b)
(c)
..........
1,000
1,000
Series
2025-ATRM
,
Class
B
,
5
.77
%
(
TSFR1M
+
210
bps
)
,
8/15/42
(a)
(b)
(c)
..........
1,277
1,263
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
2,640
2,605
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...........................
1,000
972
Benchmark
Mortgage
Trust
................................................
Series
2020-B17
,
Class
A5
,
2
.29
%
,
3/15/53
,
Callable
3/15/30
@
100
..............
1,224
1,105
Series
2020-B17
,
Class
ASB
,
2
.18
%
,
3/15/53
,
Callable
3/15/30
@
100
.............
801
767
Series
2020-B22
,
Class
A5
,
1
.97
%
,
1/15/54
,
Callable
1/15/31
@
100
..............
2,400
2,117
Series
2026-B42
,
Class
ASB
,
4
.94
%
,
3/15/59
,
Callable
3/15/36
@
100
.............
1,750
1,757
BX
Commercial
Mortgage
Trust
............................................
Series
2025-COPT
,
Class
A
,
5
.42
%
(
TSFR1M
+
175
bps
)
,
8/15/42
(a)
(b)
(c)
...........
2,308
2,296
Series
2025-JDI
,
Class
A
,
5
.07
%
(
TSFR1M
+
140
bps
)
,
11/15/42
(a)
(b)
(c)
............
1,778
1,777
Series
2026-CSMO
,
Class
A
,
5
.07
%
(
TSFR1M
+
140
bps
)
,
2/15/43
(a)
(b)
(c)
..........
1,380
1,379
Series
2026-CSMO
,
Class
B
,
5
.37
%
(
TSFR1M
+
170
bps
)
,
2/15/43
(a)
(b)
(c)
..........
1,210
1,209
Series
2026-XL6
,
Class
A
,
4
.87
%
(
TSFR1M
+
120
bps
)
,
3/15/43
(a)
(b)
(c)
............
3,000
2,988
Series
ALOHA
,
Class
A
,
5
.05
%
(
TSFR1M
+
135
bps
)
,
4/15/43
(a)
(b)
(c)
.............
1,500
1,500
BX
Trust
.............................................................
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
(b)
..........
923
871
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(b)
............................
2,000
1,983
Series
2025-ARIA
,
Class
A
,
5
.03
%
,
12/13/42
(a)
(b)
(d)
.........................
2,250
2,262
Series
2025-GW
,
Class
A
,
5
.27
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(c)
............
2,000
1,998
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-ROIC
,
Class
A
,
4
.82
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(c)
...........
$
2,280
$
2,268
Series
2025-VOLT
,
Class
A
,
5
.37
%
(
TSFR1M
+
170
bps
)
,
12/15/44
(a)
(b)
(c)
..........
2,500
2,490
BXP
Trust
............................................................
Series
2021-601L
,
Class
A
,
2
.62
%
,
1/15/44
(a)
(b)
............................
3,100
2,702
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
550
474
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
1,500
1,261
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
500
410
Citigroup
Commercial
Mortgage
Trust
........................................
Series
2017-P8
,
Class
AS
,
3
.79
%
,
9/15/50
,
Callable
9/15/27
@
100
(d)
.............
500
472
Series
2020-GC46
,
Class
AAB
,
2
.61
%
,
2/15/53
,
Callable
2/15/30
@
100
...........
577
557
COMM
Mortgage
Trust
..................................................
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
(b)
..........
1,500
1,278
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(b)
............................
1,960
2,044
CRSNT
Trust
,
Series
2026-MOON
,
Class
A
,
5
.07
%
(
TSFR1M
+
140
bps
)
,
2/15/31
(a)
(b)
(c)
...
2,000
1,989
CSMC
Trust
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
(b)
.....................
2,252
2,113
DBJPM
Mortgage
Trust
,
Series
2016-C1
,
Class
A4
,
3
.28
%
,
5/10/49
,
Callable
4/10/26
@
100
.
75
75
DBWF
Mortgage
Trust
,
Series
2024-LCRS
,
Class
A
,
5
.41
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(c)
.............................................................
1,000
996
GGP
,
Series
2026-TY
,
Class
A
,
4
.67
%
,
3/5/43
(a)
(b)
(d)
............................
1,500
1,483
GS
Mortgage
Securities
Corp.
Trust
,
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(b)
....
849
745
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR
,
Class
A
,
5
.46
%
,
2/5/45
(a)
(b)
(d)
.........
2,753
2,809
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(b)
..........
3,000
2,978
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
(d)
.........................
535
501
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(b)
(d)
..........................
994
1,018
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPFX
,
Class
A
,
3
.38
%
,
3/15/32
(a)
(b)
......
2,000
1,821
INT
Commercial
Mortgage
Trust
,
Series
2025-PLAZA
,
Class
A
,
4
.55
%
,
11/5/37
(a)
(b)
(d)
...
2,000
1,995
IRV
Trust
,
Series
2025-200P
,
Class
A
,
5
.29
%
,
3/14/47
,
Callable
2/14/35
@
100
(a)
(b)
(d)
....
2,912
2,936
LBA
Trust
,
Series
2024-7IND
,
Class
A
,
5
.12
%
(
TSFR1M
+
144
bps
)
,
10/15/41
(a)
(b)
(c)
......
1,420
1,419
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(b)
(d)
.......................................................
2,407
2,400
LEX
Trust
,
Series
2026-450
,
Class
A
,
5
.02
%
(
TSFR1M
+
135
bps
)
,
3/15/43
(a)
(b)
(c)
........
3,133
3,120
MAD
Commercial
Mortgage
Trust
,
Series
2025-11MD
,
Class
A
,
4
.44
%
,
10/15/42
(a)
(b)
(d)
..
1,818
1,809
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(b)
........
2,176
2,097
MILE
Trust
,
Series
2025-STNE
,
Class
A
,
5
.17
%
(
TSFR1M
+
150
bps
)
,
7/15/42
(a)
(b)
(c)
.....
2,000
1,995
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
B
,
2
.81
%
,
11/9/43
(a)
(b)
........
1,000
848
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
(b)
................
4,430
4,093
SCG
Commercial
Mortgage
Trust
,
Series
2025-FLWR
,
Class
A
,
4
.92
%
(
TSFR1M
+
125
bps
)
,
8/15/42
(a)
(b)
(c)
....................................................
2,000
1,994
SCOTT
Trust
,
Series
2023-SFS
,
Class
A
,
5
.91
%
,
3/10/40
(a)
(b)
......................
1,000
1,017
SLG
Office
Trust
.......................................................
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
(b)
............................
800
712
Series
2026-OMA
,
Class
A
,
4
.97
%
,
4/15/41
(a)
(b)
(d)
..........................
3,500
3,510
SREIT
Trust
,
Series
2021-MFP2
,
Class
B
,
4
.96
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(b)
(c)
....
1,500
1,498
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.12
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(c)
....................................................
2,000
1,973
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2018-AUS
,
Class
A
,
4
.06
%
,
8/17/36
(a)
(b)
(d)
..........................
250
245
Series
2025-HI
,
Class
A
,
5
.37
%
(
TSFR1M
+
169
bps
)
,
10/15/42
(a)
(b)
(c)
.............
1,500
1,492
103,776
Total
Collateralized
Mortgage
Obligations
(Cost
$185,634)
a
a
a
184,747
Corporate
Bonds
(21.5%)
Communication
Services
(0.6%):
Alphabet,
Inc.
,
4
.70
%
,
11/15/35
,
Callable
8/15/35
@
100
..........................
1,428
1,411
AT&T,
Inc.
5
.13
%
,
4/30/36
,
Callable
1/30/36
@
100
..................................
2,000
1,973
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
....................................
2,150
1,548
Comcast
Corp.
,
3
.55
%
,
5/1/28
,
Callable
2/1/28
@
100
............................
1,115
1,099
Meta
Platforms,
Inc.
,
5
.50
%
,
11/15/45
,
Callable
5/15/45
@
100
......................
2,000
1,894
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Paramount
Global
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
$
716
$
684
4
.38
%
,
3/15/43
....................................................
1,500
904
T-Mobile
US,
Inc.
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
(e)
................................
3,500
3,074
5
.70
%
,
1/15/56
,
Callable
7/15/55
@
100
..................................
1,000
951
Verizon
Communications,
Inc.
3
.40
%
,
3/22/41
,
Callable
9/22/40
@
100
..................................
1,770
1,361
3
.55
%
,
3/22/51
,
Callable
9/22/50
@
100
..................................
795
555
15,454
Consumer
Discretionary
(1.2%):
Amazon.com,
Inc.
4
.88
%
,
3/13/36
,
Callable
12/13/35
@
100
.................................
1,910
1,892
5
.65
%
,
3/13/46
,
Callable
9/13/45
@
100
..................................
1,000
997
AutoNation,
Inc.
,
2
.40
%
,
8/1/31
,
Callable
5/1/31
@
100
...........................
2,720
2,376
Daimler
Truck
Finance
North
America
LLC
,
5
.38
%
,
1/13/32
,
Callable
11/13/31
@
100
(a)
...
1,500
1,521
Genuine
Parts
Co.
4
.95
%
,
8/15/29
,
Callable
7/15/29
@
100
..................................
500
498
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
1,472
1,275
Hasbro,
Inc.
,
4
.65
%
,
3/12/31
,
Callable
2/12/31
@
100
.............................
1,236
1,222
Lowe's
Cos.,
Inc.
,
2
.80
%
,
9/15/41
,
Callable
3/15/41
@
100
.........................
2,025
1,425
Marriott
International,
Inc.
5
.50
%
,
4/15/37
,
Callable
1/15/37
@
100
..................................
2,000
1,993
5
.10
%
,
5/1/38
,
Callable
2/1/38
@
100
....................................
1,500
1,426
Mattel,
Inc.
3
.75
%
,
4/1/29
,
Callable
4/12/26
@
100
(a)
.................................
2,720
2,632
5
.00
%
,
11/17/30
,
Callable
10/17/30
@
100
.................................
976
971
O'Reilly
Automotive,
Inc.
4
.20
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
1,000
988
5
.00
%
,
8/19/34
,
Callable
5/19/34
@
100
..................................
25
25
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
2,388
1,886
Sodexo,
Inc.
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
................................
3,000
2,709
5
.80
%
,
8/15/35
,
Callable
5/15/35
@
100
(a)
................................
1,750
1,788
Stellantis
Finance
US,
Inc.
2
.69
%
,
9/15/31
,
Callable
6/15/31
@
100
(a)
................................
1,410
1,192
6
.45
%
,
3/18/35
,
Callable
12/18/34
@
100
(a)
...............................
1,035
1,020
Tapestry,
Inc.
,
5
.50
%
,
3/11/35
,
Callable
12/11/34
@
100
...........................
1,595
1,600
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
2,720
1,523
Tractor
Supply
Co.
,
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
774
785
Volkswagen
Group
of
America
Finance
LLC
,
4
.85
%
,
9/11/30
,
Callable
8/11/30
@
100
(a)
...
1,174
1,165
32,909
Consumer
Staples
(1.2%):
BAT
Capital
Corp.
2
.73
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
1,017
929
7
.75
%
,
10/19/32
,
Callable
7/19/32
@
100
.................................
945
1,084
4
.39
%
,
8/15/37
,
Callable
2/15/37
@
100
..................................
975
886
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
1,270
1,262
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
2,500
2,277
Cargill,
Inc.
2
.13
%
,
11/10/31
,
Callable
8/10/31
@
100
(a)
................................
795
700
5
.13
%
,
10/11/32
,
Callable
7/11/32
@
100
(a)
................................
1,745
1,789
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
865
767
Coca-Cola
Consolidated,
Inc.
,
5
.45
%
,
6/1/34
,
Callable
3/1/34
@
100
..................
1,670
1,713
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
720
635
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
,
5
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
...........................................
988
955
Dollar
General
Corp.
,
5
.45
%
,
7/5/33
,
Callable
4/5/33
@
100
........................
970
981
Keurig
Dr.
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
750
734
2
.25
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,075
949
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
1,200
933
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Maple
Parent
Holdings
Corp.
,
5
.70
%
,
3/26/36
,
Callable
12/26/35
@
100
(a)
.............
$
4,000
$
3,970
Mars,
Inc.
3
.88
%
,
4/1/39
,
Callable
10/1/38
@
100
(a)
.................................
1,150
997
5
.65
%
,
5/1/45
,
Callable
11/1/44
@
100
(a)
.................................
1,000
987
Sysco
Corp.
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
.................................
1,500
1,310
5
.40
%
,
3/23/35
,
Callable
12/23/34
@
100
.................................
2,090
2,076
4
.95
%
,
3/25/36
,
Callable
12/25/35
@
100
.................................
1,048
1,000
The
Campbell's
Company
5
.20
%
,
3/21/29
,
Callable
2/21/29
@
100
..................................
720
727
4
.75
%
,
3/23/35
,
Callable
12/23/34
@
100
.................................
730
672
The
J.M.
Smucker
Co.
,
6
.20
%
,
11/15/33
,
Callable
8/15/33
@
100
....................
910
964
The
Kroger
Co.
,
5
.00
%
,
9/15/34
,
Callable
6/15/34
@
100
..........................
2,700
2,667
31,964
Energy
(1.7%):
APA
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
..............................
1,500
1,068
Boardwalk
Pipelines
LP
4
.45
%
,
7/15/27
,
Callable
4/15/27
@
100
..................................
220
220
4
.80
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
220
221
3
.60
%
,
9/1/32
,
Callable
6/1/32
@
100
....................................
760
700
5
.38
%
,
2/15/36
,
Callable
11/15/35
@
100
..................................
1,945
1,914
Buckeye
Partners
LP
,
4
.13
%
,
12/1/27
,
Callable
9/1/27
@
100
.......................
635
622
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
1,191
1,035
Colonial
Enterprises,
Inc.
,
3
.25
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
.................
875
820
Columbia
Pipelines
Operating
Co.
LLC
,
5
.44
%
,
2/15/35
,
Callable
11/15/34
@
100
(a)
......
1,155
1,170
Coterra
Energy,
Inc.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
1,000
1,004
Diamondback
Energy,
Inc.
,
5
.75
%
,
4/18/54
,
Callable
10/18/53
@
100
.................
900
852
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
....................
500
513
Eastern
Energy
Gas
Holdings
LLC
5
.65
%
,
10/15/54
,
Callable
4/15/54
@
100
.................................
1,000
941
6
.20
%
,
1/15/55
,
Callable
7/15/54
@
100
..................................
1,000
1,015
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(f)
......................
1,000
998
5
.35
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
2,037
2,024
5
.35
%
,
5/15/45
,
Callable
11/15/44
@
100
..................................
1,143
1,021
Enterprise
Products
Operating
LLC
,
4
.95
%
,
2/15/35
,
Callable
11/15/34
@
100
...........
770
769
EOG
Resources,
Inc.
,
5
.35
%
,
1/15/36
,
Callable
10/15/35
@
100
.....................
1,923
1,951
Florida
Gas
Transmission
Co.
LLC
,
5
.75
%
,
7/15/35
,
Callable
4/15/35
@
100
(a)
..........
1,626
1,664
Helmerich
&
Payne,
Inc.
2
.90
%
,
9/29/31
,
Callable
6/29/31
@
100
..................................
1,000
893
5
.50
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
2,000
1,972
HF
Sinclair
Corp.
,
6
.25
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
2,350
2,425
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.25
%
,
11/1/28
,
Callable
5/2/26
@
101.04
(a)
....
1,000
1,001
MPLX
LP
,
5
.40
%
,
4/1/35
,
Callable
1/1/35
@
100
................................
720
718
Murphy
Oil
USA,
Inc.
4
.75
%
,
9/15/29
,
Callable
4/17/26
@
101.58
................................
1,000
984
3
.75
%
,
2/15/31
,
Callable
4/17/26
@
101.88
(a)
..............................
1,280
1,188
Occidental
Petroleum
Corp.
6
.45
%
,
9/15/36
....................................................
1,645
1,756
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
..................................
995
734
ONEOK,
Inc.
5
.05
%
,
11/1/34
,
Callable
8/1/34
@
100
...................................
1,955
1,905
6
.25
%
,
10/15/55
,
Callable
4/15/55
@
100
.................................
1,000
980
Phillips
66
Co.
4
.95
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
730
720
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
...................................
1,110
960
Plains
All
American
Pipeline
LP
,
5
.95
%
,
6/15/35
,
Callable
3/15/35
@
100
..............
580
598
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
1,611
1,559
4
.70
%
,
6/15/44
,
Callable
12/15/43
@
100
.................................
300
255
Repsol
E&P
Capital
Markets
US
LLC
,
5
.98
%
,
9/16/35
,
Callable
6/16/35
@
100
(a)
........
1,600
1,625
Rockies
Express
Pipeline
LLC
,
4
.95
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
.............
1,200
1,173
Targa
Resources
Corp.
,
5
.55
%
,
8/15/35
,
Callable
5/15/35
@
100
.....................
1,600
1,614
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Western
Midstream
Operating
LP
,
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
..............
$
760
$
739
44,321
Financials
(6.3%):
200
Park
Funding
Trust
,
5
.74
%
,
2/15/55
,
Callable
8/15/54
@
100
(a)
..................
1,195
1,148
American
Express
Co.
3
.55
%
(
H15T5Y
+
285
bps
)
,
Callable
9/15/26
@
100
(c)
(f)
.......................
1,000
988
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
....................
1,200
1,195
4
.80
%
(
SOFR
+
124
bps
)
,
10/24/36
,
Callable
10/24/35
@
100
(c)
..................
3,000
2,900
American
Honda
Finance
Corp.
,
5
.10
%
,
1/8/36
..................................
1,935
1,867
American
International
Group,
Inc.
,
5
.45
%
,
5/7/35
,
Callable
2/7/35
@
100
..............
2,415
2,464
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(a)
............................
1,448
1,465
American
National
Group,
Inc.
,
6
.00
%
,
7/15/35
,
Callable
4/15/35
@
100
...............
2,883
2,807
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(a)
..................
585
511
Aon
North
America,
Inc.
,
5
.45
%
,
3/1/34
,
Callable
12/1/33
@
100
....................
745
761
Apollo
Global
Management,
Inc.
,
5
.15
%
,
8/12/35
,
Callable
5/12/35
@
100
..............
2,000
1,939
Ares
Capital
Corp.
,
5
.25
%
,
4/12/31
,
Callable
3/12/31
@
100
........................
2,000
1,933
Assurant,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
...........................
1,220
1,065
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(f)
.......................
1,000
984
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(c)
..................
4,100
3,650
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(c)
..................
1,413
1,221
Blackstone
Private
Credit
Fund
,
5
.35
%
,
3/12/31
,
Callable
2/12/31
@
100
...............
2,000
1,901
Block
Financial
LLC
,
3
.88
%
,
8/15/30
,
Callable
5/15/30
@
100
......................
2,000
1,885
Blue
Owl
Credit
Income
Corp.
,
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
...............
355
351
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
.....................
1,000
863
Brown
&
Brown,
Inc.
4
.20
%
,
3/17/32
,
Callable
12/17/31
@
100
.................................
520
491
5
.25
%
,
6/23/32
,
Callable
4/23/32
@
100
..................................
1,940
1,938
Capital
One
Financial
Corp.
3
.75
%
,
7/28/26
,
Callable
6/28/26
@
100
..................................
92
92
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
......................
500
511
Citizens
Financial
Group,
Inc.
2
.50
%
,
2/6/30
,
Callable
11/6/29
@
100
...................................
720
663
5
.25
%
(
SOFR
+
126
bps
)
,
3/5/31
,
Callable
3/5/30
@
100
(c)
......................
2,500
2,529
5
.30
%
(
H15T5Y
+
145
bps
)
,
1/29/36
,
Callable
1/29/31
@
100
(c)
..................
454
450
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
1,230
1,319
CNO
Global
Funding
4
.95
%
,
9/9/29
(a)
...................................................
1,628
1,638
4
.70
%
,
12/11/30
(a)
..................................................
1,965
1,940
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.38
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(c)
..................................................
500
422
Corebridge
Global
Funding
,
4
.55
%
,
1/9/31
(a)
...................................
1,950
1,925
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
2,960
2,926
Fidelity
National
Information
Services,
Inc.
,
4
.80
%
,
3/10/31
,
Callable
2/10/31
@
100
......
1,290
1,279
Fifth
Third
Bancorp
3
.95
%
,
3/14/28
,
Callable
2/14/28
@
100
..................................
460
457
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(c)
....................
2,000
1,926
5
.14
%
(
SOFR
+
124
bps
)
,
1/29/37
,
Callable
1/29/36
@
100
(c)
....................
1,910
1,862
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
1,245
1,072
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
2,450
2,489
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,600
1,617
5
.63
%
,
8/21/33
,
Callable
5/21/33
@
100
..................................
1,456
1,470
4
.40
%
,
7/1/49
,
Callable
1/1/49
@
100
....................................
1,000
755
Ford
Motor
Credit
Co.
LLC
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
750
701
5
.11
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
25
25
6
.13
%
,
3/8/34
,
Callable
12/8/33
@
100
...................................
1,260
1,247
5
.87
%
,
10/31/35
,
Callable
7/31/35
@
100
.................................
1,000
961
GA
Global
Funding
Trust
,
2
.90
%
,
1/6/32
(a)
....................................
2,000
1,729
Gabx
Leasing
LLC
,
5
.30
%
,
4/15/36
,
Callable
1/15/36
@
100
(a)
......................
2,465
2,419
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
$
1,500
$
1,315
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
1,000
991
5
.40
%
,
3/15/33
,
Callable
1/15/33
@
100
..................................
2,000
1,954
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
..................................
1,500
1,442
Globe
Life,
Inc.
,
5
.85
%
,
9/15/34
,
Callable
6/15/34
@
100
..........................
637
657
Guardian
Life
Global
Funding
,
1
.40
%
,
7/6/27
(a)
(e)
...............................
560
541
Horizon
Mutual
Holdings,
Inc.
,
6
.20
%
,
11/15/34
,
Callable
8/15/34
@
100
(a)
............
4,015
3,779
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
460
460
6
.21
%
(
SOFR
+
202
bps
)
,
8/21/29
,
Callable
8/21/28
@
100
(c)
....................
970
1,006
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
1,000
858
Hyundai
Capital
America,
Inc.
,
5
.00
%
,
4/7/31
,
Callable
3/7/31
@
100
(a)
...............
2,450
2,451
ILFC
E-Capital
Trust
I
,
6
.38
%
,
12/21/65
,
Callable
5/2/26
@
100
(a)
...................
500
424
JPMorgan
Chase
&
Co.
2
.52
%
(
SOFR
+
204
bps
)
,
4/22/31
,
Callable
4/22/30
@
100
(c)
....................
3,060
2,827
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
2,085
1,837
5
.29
%
(
SOFR
+
146
bps
)
,
7/22/35
,
Callable
7/22/34
@
100
(c)
....................
2,141
2,164
2
.05
%
,
9/15/35
,
Callable
6/15/26
@
100
,
MTN
.............................
1,000
725
5
.19
%
(
SOFR
+
130
bps
)
,
2/5/37
,
Callable
2/5/36
@
100
(c)
......................
1,000
982
Keybank
National
Association
,
3
.90
%
,
4/13/29
..................................
1,505
1,469
KeyCorp
2
.25
%
,
4/6/27
,
MTN
................................................
320
313
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(c)
............
500
489
6
.40
%
(
SOFRINDX
+
242
bps
)
,
3/6/35
,
Callable
3/6/34
@
100
(c)
.................
1,200
1,273
Lincoln
National
Corp.
,
5
.35
%
,
11/15/35
,
Callable
8/15/35
@
100
(e)
..................
2,500
2,435
Loews
Corp.
3
.20
%
,
5/15/30
,
Callable
2/15/30
@
100
..................................
770
732
4
.94
%
,
4/1/36
,
Callable
1/1/36
@
100
....................................
1,500
1,466
LPL
Holdings,
Inc.
,
5
.75
%
,
6/15/35
,
Callable
3/15/35
@
100
........................
1,585
1,578
LSEG
US
Fin
Corp.
,
5
.25
%
,
3/23/36
,
Callable
12/23/35
@
100
(a)
....................
3,000
2,971
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
1,850
1,825
Marsh
&
McLennan
Cos.,
Inc.
,
4
.95
%
,
3/15/36
,
Callable
12/15/35
@
100
...............
1,953
1,934
MassMutual
Global
Funding
II
1
.20
%
,
7/16/26
(a)
..................................................
760
754
4
.35
%
,
9/17/31
(a)
..................................................
2,030
1,988
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
(e)
..........................
2,501
2,202
Morgan
Stanley
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(c)
.............
2,000
1,766
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(c)
....................
1,310
1,313
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
2,075
1,785
5
.07
%
(
SOFR
+
118
bps
)
,
1/30/37
,
Callable
1/30/36
@
100
(c)
....................
1,000
979
New
York
Life
Global
Funding
4
.70
%
,
1/29/29
(a)
..................................................
960
969
1
.85
%
,
8/1/31
(a)
...................................................
1,310
1,138
5
.00
%
,
1/9/34
(a)
...................................................
710
714
NLG
Global
Funding
,
5
.40
%
,
1/23/30
(a)
......................................
2,120
2,170
Northwestern
Mutual
Global
Funding
4
.71
%
,
1/10/29
(a)
..................................................
510
514
4
.96
%
,
1/13/30
(a)
..................................................
1,680
1,700
Pacific
Life
Global
Funding
II
,
1
.38
%
,
4/14/26
(a)
(e)
..............................
1,960
1,958
Pinnacle
Financial
Partners,
Inc.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(c)
...............
795
820
Pricoa
Global
Funding
I
,
4
.65
%
,
8/27/31
(a)
....................................
1,860
1,850
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
1,470
1,315
Principal
Life
Global
Funding
II
,
1
.25
%
,
8/16/26
(a)
..............................
1,960
1,938
Protective
Life
Corp.
,
5
.35
%
,
12/15/35
,
Callable
9/15/35
@
100
(a)
...................
2,000
1,963
Protective
Life
Global
Funding
1
.90
%
,
7/6/28
(a)
...................................................
1,555
1,469
5
.43
%
,
1/14/32
(a)
..................................................
1,380
1,417
Prudential
Financial,
Inc.
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
...................................
895
667
6
.00
%
(
H15T5Y
+
323
bps
)
,
9/1/52
,
Callable
6/1/32
@
100
(c)
....................
1,000
1,002
Regions
Financial
Corp.
,
5
.50
%
(
SOFR
+
206
bps
)
,
9/6/35
,
Callable
9/6/34
@
100
(c)
.......
2,010
2,013
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
RGA
Global
Funding
,
5
.50
%
,
1/11/31
(a)
......................................
$
1,860
$
1,913
Santander
Holdings
USA,
Inc.
4
.40
%
,
7/13/27
,
Callable
4/14/27
@
100
..................................
480
479
5
.35
%
(
SOFR
+
194
bps
)
,
9/6/30
,
Callable
9/6/29
@
100
(c)
......................
1,855
1,875
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
749
663
Swepco
Storm
Recovery
Funding
LLC
,
4
.88
%
,
9/1/39
............................
2,809
2,806
The
Bank
of
New
York
Mellon
Corp.
3
.75
%
(
H15T5Y
+
263
bps
)
,
Callable
12/20/26
@
100
(c)
(f)
......................
1,000
980
5
.06
%
(
SOFR
+
123
bps
)
,
7/22/32
,
Callable
7/22/31
@
100
(c)
....................
900
917
5
.19
%
(
SOFR
+
142
bps
)
,
3/14/35
,
Callable
3/14/34
@
100
(c)
....................
960
973
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(c)
....................
500
510
The
Charles
Schwab
Corp.
,
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....
685
720
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
560
579
The
PNC
Financial
Services
Group,
Inc.
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.................................
1,535
1,432
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(c)
.................
376
365
5
.94
%
(
SOFR
+
195
bps
)
,
8/18/34
,
Callable
8/18/33
@
100
(c)
....................
1,100
1,152
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(c)
....................
832
856
Toyota
Motor
Credit
Corp.
,
5
.35
%
,
1/9/35
.....................................
2,000
2,045
TPG
Operating
Group
II
LP
,
4
.88
%
,
5/15/31
,
Callable
4/15/31
@
100
.................
1,872
1,836
Truist
Bank
,
4
.63
%
(
H15T5Y
+
115
bps
)
,
9/17/29
(c)
...............................
1,150
1,142
Truist
Financial
Corp.
,
5
.87
%
(
SOFR
+
236
bps
)
,
6/8/34
,
Callable
6/8/33
@
100
,
MTN
(c)
....
1,050
1,093
U.S.
Bancorp
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
910
936
2
.49
%
(
H15T5Y
+
95
bps
)
,
11/3/36
,
Callable
11/3/31
@
100
(c)
...................
1,850
1,597
168,922
Health
Care
(1.6%):
180
Medical,
Inc.
,
5
.30
%
,
10/8/35
,
Callable
7/8/35
@
100
(a)
........................
659
644
AbbVie,
Inc.
,
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
...........................
420
341
Adventist
Health
System
,
4
.74
%
,
12/1/30
,
Callable
9/1/30
@
100
....................
1,000
992
Amgen,
Inc.
5
.25
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,050
1,077
4
.85
%
,
2/19/36
,
Callable
11/19/35
@
100
..................................
3,271
3,212
5
.65
%
,
2/19/56
,
Callable
8/19/55
@
100
..................................
500
484
Baxter
International,
Inc.
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
1,470
1,238
5
.65
%
,
12/15/35
,
Callable
9/15/35
@
100
.................................
1,096
1,071
Boston
Medical
Center
Corp.
,
3
.91
%
,
7/1/28
...................................
500
492
Bristol-Myers
Squibb
Co.
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
600
644
5
.50
%
,
2/22/44
,
Callable
8/22/43
@
100
..................................
1,970
1,936
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
1,450
1,216
DENTSPLY
SIRONA,
Inc.
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
4,500
4,141
8
.38
%
(
H15T5Y
+
438
bps
)
,
9/12/55
,
Callable
6/12/30
@
100
(c)
..................
1,000
974
Duke
University
Health
System,
Inc.
,
2
.60
%
,
6/1/30
..............................
2,000
1,834
Eastern
Maine
Healthcare
Systems
,
3
.71
%
,
7/1/26
...............................
100
100
Elevance
Health,
Inc.
2
.88
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
283
268
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
720
649
HCA,
Inc.
5
.60
%
,
4/1/34
,
Callable
1/1/34
@
100
....................................
1,150
1,174
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
1,245
1,044
5
.25
%
,
6/15/49
,
Callable
12/15/48
@
100
.................................
1,150
1,014
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
(a)
...........................................................
1,020
1,020
Humana,
Inc.
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
..................................
852
861
5
.55
%
,
5/1/35
,
Callable
2/1/35
@
100
....................................
1,316
1,301
Laboratory
Corp.
of
America
Holdings
,
4
.55
%
,
4/1/32
,
Callable
2/1/32
@
100
...........
2,865
2,827
Orlando
Health
Obligated
Group
3
.78
%
,
10/1/28
,
Callable
7/1/28
@
100
...................................
500
489
2
.89
%
,
10/1/35
....................................................
1,000
875
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Revvity,
Inc.
,
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
$
1,220
$
1,098
Solventum
Corp.
,
5
.90
%
,
4/30/54
,
Callable
10/30/53
@
100
........................
668
653
Southern
Illinois
Healthcare
Enterprises,
Inc.
,
3
.97
%
,
5/15/50
,
Callable
11/15/49
@
100
....
1,000
729
The
Cigna
Group
,
5
.25
%
,
1/15/36
,
Callable
10/15/35
@
100
........................
2,900
2,904
Universal
Health
Services,
Inc.
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
1,420
1,236
5
.05
%
,
10/15/34
,
Callable
7/15/34
@
100
.................................
930
889
VSP
Optical
Group,
Inc.
,
5
.45
%
,
12/1/35
,
Callable
9/1/35
@
100
(a)
...................
1,207
1,183
Zimmer
Biomet
Holdings,
Inc.
,
5
.20
%
,
9/15/34
,
Callable
6/15/34
@
100
...............
1,860
1,858
Zoetis,
Inc.
,
5
.00
%
,
8/17/35
,
Callable
5/17/35
@
100
.............................
1,851
1,836
44,304
Industrials
(2.0%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
956
847
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
960
850
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
....................................................
242
240
3
.58
%
,
1/15/28
....................................................
2,193
2,152
3
.85
%
,
2/15/28
....................................................
213
207
3
.60
%
,
10/15/29
(e)
..................................................
297
283
5
.65
%
,
11/11/34
....................................................
286
285
4
.90
%
,
5/11/38
.....................................................
2,360
2,274
Ashtead
Capital,
Inc.
4
.25
%
,
11/1/29
,
Callable
4/12/26
@
101.42
(a)
..............................
1,548
1,517
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
................................
717
629
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
1,550
1,600
British
Airways
Pass
Through
Trust
3
.35
%
,
6/15/29
(a)
..................................................
372
360
3
.80
%
,
9/20/31
(a)
..................................................
498
484
Cummins,
Inc.
,
4
.90
%
,
2/20/29
,
Callable
1/20/29
@
100
...........................
1,500
1,525
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
1,146
1,144
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
............................
760
579
Fluor
Corp.
,
4
.25
%
,
9/15/28
,
Callable
6/15/28
@
100
.............................
700
689
GXO
Logistics,
Inc.
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
..................................
2,000
1,781
6
.50
%
,
5/6/34
,
Callable
2/6/34
@
100
....................................
1,367
1,434
Honeywell
Aerospace,
Inc.
,
4
.60
%
,
3/16/33
,
Callable
1/16/33
@
100
(a)
................
2,450
2,421
Hubbell,
Inc.
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,220
1,105
4
.80
%
,
11/15/35
,
Callable
8/15/35
@
100
..................................
643
626
Huntington
Ingalls
Industries,
Inc.
,
2
.04
%
,
8/16/28
,
Callable
6/16/28
@
100
.............
1,220
1,156
JetBlue
Pass
Through
Trust
,
2
.95
%
,
5/15/28
....................................
176
162
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
778
781
Otis
Worldwide
Corp.
5
.13
%
,
9/4/35
,
Callable
6/4/35
@
100
....................................
2,279
2,272
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
..................................
455
346
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
1
.70
%
,
6/15/26
,
Callable
5/15/26
@
100
(a)
................................
770
765
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
................................
470
495
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
1,000
1,056
Ryder
System,
Inc.
,
5
.38
%
,
3/15/29
,
Callable
2/15/29
@
100
,
MTN
...................
1,100
1,126
Southwest
Airlines
Co.
,
5
.25
%
,
11/15/35
,
Callable
8/15/35
@
100
....................
2,000
1,877
Spirit
Airlines
Pass
Through
Trust
,
3
.38
%
,
2/15/30
...............................
786
730
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
2,875
2,733
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
1,700
1,641
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
3,150
2,974
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
.......................
2,000
2,094
United
Airlines
Pass
Through
Trust
3
.70
%
,
3/1/30
.....................................................
325
311
5
.45
%
,
2/15/37
....................................................
2,302
2,344
United
Airlines,
Inc.
,
4
.63
%
,
4/15/29
,
Callable
10/15/28
@
100
(a)
....................
1,265
1,240
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Verisk
Analytics,
Inc.
5
.25
%
,
6/5/34
,
Callable
3/5/34
@
100
....................................
$
1,450
$
1,443
5
.13
%
,
3/15/36
,
Callable
12/15/35
@
100
.................................
950
929
Waste
Management,
Inc.
,
5
.35
%
,
10/15/54
,
Callable
4/15/54
@
100
...................
1,616
1,538
Weir
Group,
Inc.
,
5
.35
%
,
5/6/30
,
Callable
4/6/30
@
100
(a)
.........................
1,335
1,352
52,397
Information
Technology
(1.4%):
Amphenol
Corp.
,
2
.20
%
,
9/15/31
,
Callable
6/15/31
@
100
.........................
1,220
1,082
Broadcom,
Inc.
3
.42
%
,
4/15/33
,
Callable
1/15/33
@
100
..................................
2,000
1,829
3
.47
%
,
4/15/34
,
Callable
1/15/34
@
100
..................................
500
451
Dell
International
LLC/EMC
Corp.
4
.85
%
,
2/1/35
,
Callable
11/1/34
@
100
(e)
.................................
345
334
5
.10
%
,
2/15/36
,
Callable
11/15/35
@
100
(e)
................................
1,304
1,275
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
.................................
1,250
932
Hewlett
Packard
Enterprise
Co.
5
.25
%
,
4/1/33
,
Callable
2/1/33
@
100
....................................
1,935
1,923
5
.00
%
,
10/15/34
,
Callable
7/15/34
@
100
.................................
960
929
HP,
Inc.
,
2
.65
%
,
6/17/31
,
Callable
3/17/31
@
100
................................
1,510
1,343
International
Business
Machines
Corp.
,
4
.95
%
,
2/3/36
,
Callable
11/3/35
@
100
..........
2,500
2,436
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
1,474
1,358
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
960
950
Leidos,
Inc.
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
2,400
2,489
5
.50
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
890
904
5
.00
%
,
3/15/36
,
Callable
12/15/35
@
100
.................................
2,500
2,417
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
1,050
1,010
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
615
368
Motorola
Solutions,
Inc.
2
.75
%
,
5/24/31
,
Callable
2/24/31
@
100
..................................
720
654
5
.60
%
,
6/1/32
,
Callable
3/1/32
@
100
....................................
520
539
Oracle
Corp.
2
.95
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
1,000
912
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
2,100
1,739
5
.38
%
,
7/15/40
....................................................
2,202
1,930
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
1,000
603
Salesforce,
Inc.
5
.20
%
,
3/15/33
,
Callable
1/15/33
@
100
..................................
1,200
1,198
5
.55
%
,
3/15/36
,
Callable
12/15/35
@
100
.................................
6,500
6,480
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
1,500
1,462
37,547
Materials
(1.5%):
Amcor
Flexibles
North
America,
Inc.
5
.50
%
,
3/17/35
,
Callable
12/17/34
@
100
.................................
1,000
1,012
5
.13
%
,
3/12/36
,
Callable
12/12/35
@
100
.................................
2,381
2,314
AptarGroup,
Inc.
4
.75
%
,
3/30/31
,
Callable
2/28/31
@
100
..................................
2,000
1,985
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
672
624
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
1,445
1,256
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,500
1,500
CF
Industries,
Inc.
,
5
.30
%
,
11/26/35
,
Callable
8/26/35
@
100
.......................
2,000
1,993
Eagle
Materials,
Inc.
,
5
.00
%
,
3/15/36
,
Callable
12/15/35
@
100
......................
2,000
1,913
Ecolab,
Inc.
,
5
.00
%
,
9/1/35
,
Callable
6/1/35
@
100
...............................
1,677
1,679
Freeport-McMoRan,
Inc.
,
4
.38
%
,
8/1/28
,
Callable
5/2/26
@
100.73
...................
1,000
994
Glencore
Funding
LLC
1
.63
%
,
4/27/26
(a)
..................................................
700
699
2
.50
%
,
9/1/30
,
Callable
6/1/30
@
100
(a)
..................................
500
454
2
.85
%
,
4/27/31
,
Callable
1/27/31
@
100
(a)
................................
1,050
956
5
.51
%
,
4/1/36
,
Callable
1/1/36
@
100
(a)
..................................
1,950
1,952
LYB
International
Finance
III
LLC
,
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
.............
3,760
2,724
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Martin
Marietta
Materials,
Inc.
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
..................................
$
500
$
445
5
.50
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
800
754
NewMarket
Corp.
,
2
.70
%
,
3/18/31
,
Callable
12/18/30
@
100
........................
1,000
901
Olin
Corp.
,
6
.63
%
,
4/1/33
,
Callable
4/1/28
@
103.31
(a)
...........................
2,100
2,053
Packaging
Corp.
of
America
5
.20
%
,
8/15/35
,
Callable
5/15/35
@
100
..................................
1,009
1,001
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
...................................
2,268
1,426
Sonoco
Products
Co.
,
5
.00
%
,
9/1/34
,
Callable
6/1/34
@
100
(e)
......................
2,000
1,958
Syensqo
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(a)
...............
1,000
1,018
The
Dow
Chemical
Co.
5
.65
%
,
3/15/36
,
Callable
12/15/35
@
100
(e)
...............................
2,915
2,886
5
.25
%
,
11/15/41
,
Callable
5/15/41
@
100
..................................
1,493
1,314
Westlake
Corp.
,
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
(e)
........................
2,435
2,425
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
1,150
1,010
39,246
Real
Estate
(1.1%):
Alexandria
Real
Estate
Equities,
Inc.
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
..................................
3,200
2,679
5
.50
%
,
10/1/35
,
Callable
7/1/35
@
100
...................................
2,062
2,054
AvalonBay
Communities,
Inc.
3
.20
%
,
1/15/28
,
Callable
10/15/27
@
100
,
MTN
.............................
1,050
1,030
2
.45
%
,
1/15/31
,
Callable
10/17/30
@
100
,
MTN
.............................
1,770
1,609
5
.35
%
,
6/1/34
,
Callable
3/1/34
@
100
....................................
845
866
Boston
Properties
LP
,
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
........................
1,320
1,134
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
1,220
1,091
4
.90
%
,
1/15/33
,
Callable
11/15/32
@
100
..................................
2,000
1,975
5
.50
%
,
6/15/35
,
Callable
3/15/35
@
100
..................................
1,604
1,618
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
1,000
905
DOC
DR
LLC
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
............................
1,245
1,104
GLP
Capital
LP/GLP
Financing
II,
Inc.
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
933
833
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
1,020
1,002
Host
Hotels
&
Resorts
LP
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
370
351
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
837
787
Kilroy
Realty
LP
,
6
.25
%
,
1/15/36
,
Callable
10/15/35
@
100
........................
1,010
998
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
,
4
.95
%
,
1/15/35
,
Callable
10/15/34
@
100
...........................................................
1,505
1,456
SBA
Tower
Trust
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
1,158
1,178
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
...............................
2,920
2,933
Simon
Property
Group
LP
4
.75
%
,
9/26/34
,
Callable
6/26/34
@
100
..................................
70
69
5
.85
%
,
3/8/53
,
Callable
9/8/52
@
100
....................................
270
269
The
Northwestern
Mutual
Life
Insurance
Co.
,
6
.17
%
,
5/29/55
,
Callable
11/29/54
@
100
(a)
..
1,321
1,357
VICI
Properties
LP
,
5
.63
%
,
4/1/35
,
Callable
1/1/35
@
100
..........................
1,500
1,492
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
5/2/26
@
101.38
(a)
.....
1,000
958
29,748
Utilities
(2.9%):
AEP
Texas,
Inc.
5
.70
%
,
5/15/34
,
Callable
2/15/34
@
100
..................................
1,545
1,594
3
.45
%
,
1/15/50
,
Callable
7/15/49
@
100
..................................
670
448
5
.85
%
,
10/15/55
,
Callable
4/15/55
@
100
.................................
1,000
965
Ameren
Corp.
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
770
731
5
.00
%
,
5/15/36
,
Callable
2/15/36
@
100
..................................
2,500
2,433
Arizona
Public
Service
Co.
,
5
.10
%
,
3/15/36
,
Callable
12/15/35
@
100
.................
2,420
2,378
Black
Hills
Corp.
,
6
.00
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
1,870
1,940
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Centerpoint
Energy
Restoration
Bond
Co.
III
LLC
4
.48
%
,
6/15/35
....................................................
$
3,875
$
3,813
4
.86
%
,
12/15/39
....................................................
3,000
2,924
Cleco
Power
LLC
,
5
.30
%
,
1/15/36
,
Callable
10/15/35
@
100
(a)
......................
2,500
2,481
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(c)
.........
1,100
1,064
Constellation
Energy
Generation
LLC
,
4
.40
%
,
1/15/31
,
Callable
12/15/30
@
100
.........
1,430
1,413
DTE
Electric
Co.
2
.25
%
,
3/1/30
,
Callable
12/1/29
@
100
...................................
374
346
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
....................................
310
225
DTE
Energy
Co.
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
....................................
482
505
5
.05
%
,
10/1/35
,
Callable
7/1/35
@
100
...................................
1,000
986
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
1,200
1,092
Duke
Energy
Carolinas
SC
Storm
Funding
LLC
,
4
.90
%
,
3/1/46
......................
812
804
Duke
Energy
Corp.
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
..................................
920
942
4
.95
%
,
9/15/35
,
Callable
6/15/35
@
100
..................................
915
893
Duke
Energy
Indiana
LLC
,
4
.95
%
,
3/15/36
,
Callable
12/15/35
@
100
.................
486
479
Duquesne
Light
Holdings,
Inc.
2
.53
%
,
10/1/30
,
Callable
7/1/30
@
100
(a)
.................................
1,570
1,429
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
.................................
720
635
Entergy
Corp.
,
1
.90
%
,
6/15/28
,
Callable
4/15/28
@
100
...........................
1,720
1,632
Entergy
Louisiana
LLC
4
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
960
912
5
.15
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
1,888
1,905
5
.70
%
,
3/15/54
,
Callable
9/15/53
@
100
..................................
500
486
5
.80
%
,
3/15/55
,
Callable
9/15/54
@
100
..................................
1,600
1,571
Evergy
Kansas
Central,
Inc.
,
5
.25
%
,
3/15/35
,
Callable
12/15/34
@
100
................
2,360
2,379
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/38
.......................
2,336
2,388
Evergy
Missouri
West,
Inc.
,
5
.65
%
,
6/1/34
,
Callable
3/1/34
@
100
(a)
..................
2,235
2,284
Indiana
Michigan
Power
Co.
,
5
.60
%
,
3/15/56
,
Callable
9/15/55
@
100
.................
1,915
1,847
IPALCO
Enterprises,
Inc.
,
4
.25
%
,
5/1/30
,
Callable
2/1/30
@
100
.....................
785
757
MidAmerican
Energy
Co.
,
2
.70
%
,
8/1/52
,
Callable
2/1/52
@
100
.....................
25
15
Midwest
Connector
Capital
Co.
LLC
,
4
.63
%
,
4/1/29
,
Callable
1/1/29
@
100
(a)
...........
1,000
995
NextEra
Energy
Capital
Holdings,
Inc.
,
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.........
1,780
1,570
Niagara
Mohawk
Power
Corp.
,
5
.29
%
,
1/17/34
,
Callable
10/17/33
@
100
(a)
.............
1,020
1,022
Northern
States
Power
Co.
4
.85
%
,
5/15/36
,
Callable
11/15/35
@
100
..................................
967
955
5
.65
%
,
6/15/54
,
Callable
12/15/53
@
100
.................................
1,415
1,394
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
950
756
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
1,449
1,185
Oncor
Electric
Delivery
Co.
LLC
5
.35
%
,
4/1/35
,
Callable
1/1/35
@
100
....................................
1,460
1,492
2
.70
%
,
11/15/51
,
Callable
5/15/51
@
100
..................................
1,575
919
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
1,175
1,205
Pinnacle
West
Capital
Corp.
,
5
.15
%
,
5/15/30
,
Callable
4/15/30
@
100
.................
890
905
Potomac
Electric
Power
Co.
,
5
.50
%
,
3/15/54
,
Callable
9/15/53
@
100
.................
1,615
1,536
Public
Service
Co.
of
Colorado
1
.88
%
,
6/15/31
,
Callable
12/15/30
@
100
.................................
2,100
1,833
5
.05
%
,
6/15/36
,
Callable
12/15/35
@
100
.................................
960
947
Public
Service
Co.
of
Oklahoma
,
5
.45
%
,
1/15/36
,
Callable
10/15/35
@
100
.............
1,435
1,445
Public
Service
Electric
and
Gas
Co.
,
1
.90
%
,
8/15/31
,
Callable
5/15/31
@
100
,
MTN
.......
2,075
1,819
Rayburn
Country
Securitization
LLC
,
2
.31
%
,
12/1/30
(a)
...........................
309
294
Southern
Co.
Gas
Capital
Corp.
,
1
.75
%
,
1/15/31
,
Callable
10/15/30
@
100
..............
145
127
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
470
301
The
AES
Corp.
,
5
.80
%
,
3/15/32
,
Callable
1/15/32
@
100
..........................
2,000
2,012
The
Southern
Co.
,
5
.70
%
,
3/15/34
,
Callable
9/15/33
@
100
.........................
2,880
2,987
Union
Electric
Co.
,
5
.20
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
1,500
1,525
Vistra
Operations
Co.
LLC
,
6
.88
%
,
4/15/32
,
Callable
4/15/27
@
103.44
(a)
..............
2,000
2,070
Wisconsin
Electric
Power
Co.
,
4
.60
%
,
10/1/34
,
Callable
7/1/34
@
100
.................
385
379
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
460
282
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
$
500
$
440
77,091
Total
Corporate
Bonds
(Cost
$589,898)
a
a
a
573,903
Yankee
Dollars
(4.4%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
...............
2,050
1,914
Consumer
Discretionary
(0.2%):
Brightstar
Lottery
PLC
,
5
.25
%
,
1/15/29
,
Callable
5/2/26
@
100
(a)
....................
1,000
992
Gildan
Activewear,
Inc.
,
5
.40
%
,
10/7/35
,
Callable
7/7/35
@
100
(a)
...................
2,484
2,428
Nemak
SAB
de
CV
,
3
.63
%
,
6/28/31
,
Callable
3/28/31
@
100
(a)
.....................
1,000
849
Pershing
Square
Holdings
Ltd.
,
5
.50
%
,
10/28/32
,
Callable
8/28/32
@
100
(a)
............
1,200
1,187
5,456
Consumer
Staples
(0.4%):
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
675
669
Bacardi-Martini
BV
,
6
.00
%
,
2/1/35
,
Callable
11/1/34
@
100
(a)
(e)
....................
2,020
2,046
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
3,000
2,565
Imperial
Brands
Finance
PLC
,
3
.88
%
,
7/26/29
,
Callable
4/26/29
@
100
(a)
..............
670
654
JBS
NV/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
Holdings
,
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
.............................................
2,518
2,765
JDE
Peet's
NV
,
2
.25
%
,
9/24/31
,
Callable
6/24/31
@
100
(a)
.........................
3,000
2,607
11,306
Energy
(0.4%):
BP
Capital
Markets
PLC
,
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(f)
........
750
740
Canadian
Natural
Resources
Ltd.
5
.40
%
,
12/15/34
,
Callable
9/15/34
@
100
.................................
1,930
1,952
4
.95
%
,
6/1/47
,
Callable
12/1/46
@
100
...................................
25
22
Enbridge,
Inc.
5
.63
%
,
4/5/34
,
Callable
1/5/34
@
100
....................................
1,635
1,687
5
.20
%
,
11/20/35
,
Callable
8/20/35
@
100
..................................
1,000
995
Harbour
Energy
PLC
,
6
.33
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
......................
2,800
2,863
Shell
International
Finance
BV
,
2
.88
%
,
11/26/41
,
Callable
5/26/41
@
100
..............
2,010
1,460
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(a)
.......................
1,150
1,308
11,027
Financials
(1.7%):
ABN
AMRO
Bank
NV
,
4
.80
%
,
4/18/26
(a)
.....................................
260
260
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
4
.95
%
,
9/10/34
,
Callable
6/10/34
@
100
...........................................................
1,455
1,417
Ascot
Group
Ltd.
4
.25
%
,
12/15/30
,
Callable
5/2/26
@
100
(a)
................................
1,930
1,801
6
.35
%
(
H15T5Y
+
238
bps
)
,
6/15/35
,
Callable
3/15/30
@
100
(a)
(c)
................
875
896
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
806
824
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
750
809
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(c)
........
1,575
1,399
Barclays
PLC
2
.89
%
(
H15T1Y
+
130
bps
)
,
11/24/32
,
Callable
11/24/31
@
100
(c)
................
715
638
7
.44
%
(
H15T1Y
+
350
bps
)
,
11/2/33
,
Callable
11/2/32
@
100
(c)
..................
1,000
1,117
5
.34
%
(
SOFR
+
191
bps
)
,
9/10/35
,
Callable
9/10/34
@
100
(c)
....................
1,050
1,039
BPCE
SA
,
6
.51
%
(
SOFR
+
279
bps
)
,
1/18/35
,
Callable
1/18/34
@
100
(a)
(c)
..............
1,185
1,226
Brookfield
Asset
Management
Ltd.
,
5
.30
%
,
1/15/36
,
Callable
10/15/35
@
100
...........
4,000
3,900
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
760
690
Canadian
Imperial
Bank
of
Commerce
,
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...........
830
887
Credit
Agricole
SA
,
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(a)
(c)
.......
400
415
Deutsche
Bank
AG
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(c)
.....................
2,000
1,820
5
.40
%
(
SOFR
+
205
bps
)
,
9/11/35
,
Callable
9/11/34
@
100
(c)
....................
1,060
1,052
Federation
des
Caisses
Desjardins
du
Quebec
,
4
.55
%
,
8/23/27
(a)
.....................
1,920
1,927
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
HSBC
Holdings
PLC
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
....................
$
1,010
$
956
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(c)
....................
1,050
1,200
ING
Groep
NV
,
5
.42
%
(
SOFRINDX
+
161
bps
)
,
3/23/37
,
Callable
3/23/36
@
100
(c)
........
3,000
2,990
Mitsubishi
UFJ
Financial
Group,
Inc.
5
.02
%
(
H15T1Y
+
195
bps
)
,
7/20/28
,
Callable
7/20/27
@
100
(c)
..................
1,460
1,470
5
.62
%
(
H15T1Y
+
127
bps
)
,
4/24/36
,
Callable
4/24/35
@
100
(c)
..................
895
916
Mizuho
Financial
Group,
Inc.
,
2
.17
%
(
H15T1Y
+
87
bps
)
,
5/22/32
,
Callable
5/22/31
@
100
(c)
.
320
280
Nationwide
Building
Society
4
.30
%
(
US0003M
+
145
bps
)
,
3/8/29
,
Callable
3/8/28
@
100
(a)
(c)
.................
905
899
3
.96
%
(
US0003M
+
186
bps
)
,
7/18/30
,
Callable
7/18/29
@
100
(a)
(c)
...............
385
376
NatWest
Group
PLC
,
4
.45
%
(
US0003M
+
187
bps
)
,
5/8/30
,
Callable
5/8/29
@
100
(c)
.......
981
975
RenaissanceRe
Holdings
Ltd.
,
5
.80
%
,
4/1/35
,
Callable
1/1/35
@
100
..................
1,774
1,810
Santander
UK
Group
Holdings
PLC
,
2
.90
%
(
SOFR
+
148
bps
)
,
3/15/32
,
Callable
3/15/31
@
100
(c)
...........................................................
2,365
2,145
Societe
Generale
SA
,
5
.40
%
(
SOFR
+
160
bps
)
,
4/10/37
,
Callable
4/10/36
@
100
(a)
(c)
......
3,000
2,903
Sumitomo
Mitsui
Trust
Bank
Ltd.
5
.05
%
,
3/13/35
(a)
..................................................
1,370
1,361
4
.80
%
,
3/5/36
(a)
...................................................
1,500
1,444
The
Toronto-Dominion
Bank
,
5
.15
%
(
H15T5Y
+
150
bps
)
,
9/10/34
,
Callable
9/10/29
@
100
(c)
1,200
1,203
UBS
Group
AG
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..................................
470
468
5
.01
%
(
SOFR
+
134
bps
)
,
3/23/37
,
Callable
3/23/36
@
100
(a)
(c)
..................
814
786
Westpac
Banking
Corp.
,
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
.
1,000
997
45,296
Health
Care
(0.4%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
758
746
Royalty
Pharma
PLC
5
.40
%
,
9/2/34
,
Callable
6/2/34
@
100
....................................
1,650
1,664
3
.30
%
,
9/2/40
,
Callable
3/2/40
@
100
....................................
2,700
2,046
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
....................................
870
587
Smith
&
Nephew
PLC
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
.................................
1,000
890
5
.40
%
,
3/20/34
,
Callable
12/20/33
@
100
.................................
2,000
2,029
STERIS
Irish
FinCo
Unlimited
Co.
,
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
...........
1,970
1,788
Takeda
Pharmaceutical
Co.
Ltd.
,
5
.65
%
,
7/5/54
,
Callable
1/5/54
@
100
................
1,850
1,774
11,524
Industrials
(0.5%):
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
820
850
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(a)
..................................
1,000
943
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
................................
480
471
LG
Energy
Solution
Ltd.
5
.25
%
,
4/2/31
(a)
...................................................
3,000
2,990
5
.50
%
,
7/2/34
(a)
(e)
.................................................
2,060
2,040
nVent
Finance
SARL
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
......................
1,500
1,541
Pentair
Finance
SARL
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.....................
1,100
1,151
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
,
5
.90
%
,
11/24/31
,
Callable
8/24/31
@
100
(a)
(e)
.........................................................
1,000
1,023
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
1,400
1,437
12,446
Information
Technology
(0.2%):
Kioxia
Holdings
Corp.
,
6
.63
%
,
7/24/33
,
Callable
7/24/28
@
103.31
(a)
.................
2,000
2,050
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
....
1,500
1,324
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
3,036
3,117
6,491
Materials
(0.3%):
CCL
Industries,
Inc.
,
3
.05
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
.......................
2,700
2,521
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
3,050
3,080
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Smurfit
Westrock
Financing
DAC
5
.42
%
,
1/15/35
,
Callable
10/15/34
@
100
.................................
$
1,000
$
1,007
5
.19
%
,
1/15/36
,
Callable
10/15/35
@
100
(e)
...............................
1,000
983
7,591
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
3,193
2,823
Utilities
(0.1%):
ENEL
Finance
International
NV
,
2
.13
%
,
7/12/28
,
Callable
5/12/28
@
100
(a)
............
1,585
1,502
Total
Yankee
Dollars
(Cost
$118,164)
a
a
a
117,376
Municipal
Bonds
(1.4%)
Arizona
(0.2%):
Arizona
Board
of
Regents
Revenue
,
Series
A
,
1
.82
%
,
6/1/30
........................
1,000
910
Arizona
IDA
Revenue
5
.26
%
,
10/1/33
....................................................
2,000
2,052
5
.36
%
,
10/1/34
....................................................
2,000
2,059
5,021
California
(0.1%):
California
Statewide
Communities
Development
Authority
Revenue
,
1
.73
%
,
4/1/27
.......
1,000
977
City
of
El
Cajon
Revenue
Series
A
,
1
.70
%
,
4/1/27
..............................................
620
607
Series
A
,
1
.90
%
,
4/1/28
..............................................
500
480
2,064
Connecticut
(0.0%):(g)
State
of
Connecticut,
GO
,
Series
A
,
3
.43
%
,
4/15/28
..............................
500
495
District
of
Columbia
(0.1%):
District
of
Columbia
Revenue
,
Series
B
,
5
.75
%
,
4/1/35
,
Continuously
Callable
@100
......
3,500
3,693
Florida
(0.1%):
Florida
Development
Finance
Corp.
Revenue
,
Series
B
,
3
.22
%
,
2/1/32
,
Continuously
Callable
@100
...........................................................
1,020
935
Hillsborough
County
IDA
Revenue
,
3
.58
%
,
8/1/35
,
Continuously
Callable
@100
.........
1,500
1,328
2,263
Illinois
(0.1%):
City
of
Chicago,
GO
,
Series
A
,
5
.88
%
,
1/1/31
...................................
1,315
1,320
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.02
%
,
12/1/32
....................................................
1,000
1,020
5
.12
%
,
12/1/33
....................................................
1,000
1,022
3,362
Louisiana
(0.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.28
%
,
2/1/36
..............................................
2,000
1,965
Series
A
,
4
.48
%
,
8/1/39
(e)
............................................
2,760
2,660
4,625
New
Jersey
(0.1%):
New
Jersey
Economic
Development
Authority
Revenue
,
Series
NNN
,
3
.47
%
,
6/15/27
......
1,000
994
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
Series
A
,
3
.36
%
,
7/1/40
...
1,000
862
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.38
%
,
11/1/27
...............
900
876
2,732
Pennsylavania
(0.1%):
Public
Parking
Authority
of
Pittsburgh
Revenue
,
2
.33
%
,
12/1/29
.....................
895
838
State
Public
School
Building
Authority
Revenue
,
3
.15
%
,
4/1/30
......................
1,290
1,243
2,081
Texas
(0.4%):
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
Revenue
,
Series
B
,
5
.40
%
,
9/1/44
,
Continuously
Callable
@100
...........................................
2,115
2,095
City
of
San
Antonio,
GO
,
1
.76
%
,
2/1/31
,
Continuously
Callable
@100
.................
630
567
County
of
Bexar
Revenue
,
2
.28
%
,
8/15/32
,
Continuously
Callable
@100
...............
1,070
946
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
3
.34
%
,
11/15/37
......
2,000
1,748
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
San
Antonio
Education
Facilities
Corp.
Revenue
,
2
.50
%
,
4/1/29
......................
$
1,270
$
1,119
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
1
.63
%
,
9/1/26
.....................................................
525
520
1
.82
%
,
9/1/27
.....................................................
700
679
Texas
Water
Development
Board
Revenue
,
Series
B
,
4
.92
%
,
10/15/44
,
Continuously
Callable
@100
...........................................................
2,250
2,187
Uptown
Development
Authority
Tax
Allocation
Series
B
,
2
.58
%
,
9/1/31
..............................................
270
244
Series
B
,
2
.78
%
,
9/1/33
,
Continuously
Callable
@100
.........................
500
436
10,541
Virginia
(0.0%):(g)
Virginia
Housing
Development
Authority
Revenue
Series
J
,
1
.97
%
,
11/1/28
..............................................
225
213
Series
J
,
2
.27
%
,
11/1/31
,
Continuously
Callable
@100
........................
225
201
Series
J
,
2
.42
%
,
11/1/32
,
Continuously
Callable
@100
........................
275
241
Series
J
,
2
.47
%
,
11/1/33
,
Continuously
Callable
@100
........................
270
232
Series
J
,
2
.52
%
,
11/1/34
,
Continuously
Callable
@100
........................
250
211
Series
J
,
2
.57
%
,
11/1/35
,
Continuously
Callable
@100
........................
300
248
1,346
Total
Municipal
Bonds
(Cost
$39,551)
a
a
a
38,223
U.S.
Government
Agency
Mortgages
(13.1%)
Federal
Farm
Credit
Banks
Funding
Corporation
3
.98
%
,
2/5/29
.....................................................
2,500
2,480
4
.58
%
,
4/2/29
.....................................................
1,340
1,337
2
.55
%
,
12/21/34
....................................................
3,000
2,533
2
.20
%
,
9/2/36
.....................................................
3,414
2,664
5
.60
%
,
8/5/39
.....................................................
1,900
1,890
10,904
Federal
Home
Loan
Mortgage
Corporation
4
.05
%
,
10/1/29
....................................................
4,626
4,589
3
.00
%
,
3/1/31
-
5/1/52
...............................................
7,989
7,166
3
.50
%
,
5/1/33
-
7/1/52
...............................................
7,491
6,894
1
.50
%
,
4/1/37
.....................................................
2,567
2,309
5
.00
%
,
3/1/38
-
3/1/56
...............................................
33,742
33,532
5
.50
%
,
8/1/38
-
11/1/54
..............................................
18,503
18,713
4
.00
%
,
1/1/40
-
9/1/53
...............................................
15,342
14,585
5
.10
%
,
7/1/40
.....................................................
996
1,017
4
.50
%
,
11/1/42
-
7/1/55
..............................................
13,323
12,994
6
.00
%
,
8/1/53
-
3/1/55
...............................................
8,957
9,172
110,971
Federal
National
Mortgage
Association
2
.50
%
,
11/1/34
-
3/1/52
..............................................
2,981
2,535
4
.46
%
,
4/1/35
.....................................................
3,875
3,841
1
.50
%
,
3/1/37
.....................................................
2,698
2,439
5
.00
%
,
12/1/37
-
11/1/55
..............................................
33,102
32,916
4
.50
%
,
1/1/38
-
11/1/55
..............................................
30,280
29,433
4
.00
%
,
4/1/38
-
7/1/53
...............................................
16,404
15,652
3
.50
%
,
12/1/42
-
12/1/53
.............................................
19,160
17,751
5
.50
%
,
12/1/44
-
12/1/55
.............................................
27,475
27,778
3
.00
%
,
2/1/50
-
2/1/52
...............................................
1,818
1,620
2
.00
%
,
11/1/51
-
12/1/51
..............................................
2,691
2,198
6
.00
%
,
9/1/53
-
3/1/54
...............................................
2,144
2,199
138,362
Government
National
Mortgage
Association
5
.00
%
,
8/20/38
-
11/20/54
.............................................
13,448
13,392
2
.50
%
,
1/20/51
-
9/20/53
.............................................
12,989
11,136
3
.00
%
,
10/20/51
-
12/20/53
............................................
16,779
14,921
3
.50
%
,
2/20/52
-
6/20/52
.............................................
7,239
6,658
4
.50
%
,
8/20/52
-
11/20/53
.............................................
18,282
17,758
4
.00
%
,
11/20/52
....................................................
3,492
3,305
5
.50
%
,
4/20/53
-
2/20/54
.............................................
18,647
18,937
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
6
.00
%
,
9/20/53
....................................................
$
1,882
$
1,939
7
.50
%
,
10/20/54
....................................................
1,709
1,746
89,792
Total
U.S.
Government
Agency
Mortgages
(Cost
$350,283)
a
a
a
350,029
U.S.
Treasury
Obligations
(39.3%)
U.S.
Treasury
Bonds
5
.25
%
,
2/15/29
....................................................
7,000
7,265
3
.50
%
,
2/15/39
....................................................
20,250
18,257
1
.13
%
,
5/15/40
....................................................
6,878
4,332
3
.88
%
,
8/15/40
....................................................
25,250
23,131
1
.38
%
,
11/15/40
....................................................
5,250
3,380
2
.25
%
,
5/15/41
....................................................
13,250
9,656
1
.75
%
,
8/15/41
....................................................
21,000
14,040
2
.00
%
,
11/15/41
....................................................
12,190
8,430
2
.38
%
,
2/15/42
....................................................
10,250
7,470
3
.38
%
,
8/15/42
....................................................
15,300
12,780
3
.13
%
,
2/15/43
....................................................
14,250
11,404
2
.88
%
,
5/15/43
....................................................
2,000
1,536
3
.88
%
,
5/15/43
....................................................
17,000
15,072
4
.38
%
,
8/15/43
....................................................
10,975
10,359
4
.75
%
,
11/15/43
....................................................
7,000
6,915
3
.38
%
,
5/15/44
....................................................
7,000
5,720
4
.13
%
,
8/15/44
....................................................
5,500
4,989
4
.63
%
,
11/15/44
....................................................
24,350
23,559
4
.75
%
,
2/15/45
....................................................
10,000
9,827
5
.00
%
,
5/15/45
....................................................
13,018
13,189
4
.88
%
,
8/15/45
....................................................
15,713
15,664
2
.50
%
,
2/15/46
....................................................
10,500
7,242
2
.75
%
,
8/15/47
....................................................
950
672
2
.75
%
,
11/15/47
....................................................
3,900
2,751
3
.00
%
,
2/15/48
....................................................
3,500
2,581
3
.38
%
,
11/15/48
....................................................
7,012
5,495
3
.00
%
,
2/15/49
....................................................
7,000
5,112
1
.38
%
,
8/15/50
....................................................
7,000
3,421
1
.63
%
,
11/15/50
....................................................
3,000
1,565
2
.00
%
,
8/15/51
....................................................
24,203
13,777
4
.00
%
,
11/15/52
....................................................
2,000
1,718
3
.63
%
,
2/15/53
....................................................
5,000
4,012
4
.13
%
,
8/15/53
....................................................
10,000
8,772
4
.25
%
,
2/15/54
....................................................
15,000
13,437
4
.50
%
,
11/15/54
....................................................
5,000
4,671
4
.75
%
,
5/15/55
....................................................
13,350
12,997
4
.75
%
,
8/15/55
....................................................
10,557
10,285
U.S.
Treasury
Inflation
Indexed
Notes
,
0
.88
%
,
1/15/29
............................
644
639
U.S.
Treasury
Notes
0
.75
%
,
5/31/26
....................................................
5,500
5,472
1
.50
%
,
8/15/26
....................................................
2,000
1,983
2
.38
%
,
5/15/27
....................................................
4,625
4,552
0
.50
%
,
6/30/27
....................................................
4,500
4,320
1
.25
%
,
4/30/28
....................................................
300
285
2
.88
%
,
8/15/28
....................................................
280
274
3
.38
%
,
9/15/28
....................................................
14,274
14,127
3
.75
%
,
12/31/28
....................................................
10,000
9,980
4
.00
%
,
1/31/29
....................................................
3,000
3,014
2
.75
%
,
5/31/29
....................................................
7,000
6,774
1
.63
%
,
8/15/29
....................................................
6,175
5,746
3
.63
%
,
8/31/29
....................................................
14,350
14,241
4
.00
%
,
5/31/30
....................................................
39,940
40,080
4
.13
%
,
8/31/30
....................................................
3,050
3,074
3
.63
%
,
9/30/30
....................................................
34,474
34,048
4
.63
%
,
9/30/30
....................................................
5,000
5,143
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
1
.13
%
,
2/15/31
....................................................
$
8,295
$
7,272
4
.63
%
,
4/30/31
....................................................
12,250
12,614
1
.63
%
,
5/15/31
....................................................
16,750
14,939
3
.63
%
,
9/30/31
....................................................
5,000
4,905
4
.13
%
,
10/31/31
....................................................
7,000
7,037
1
.38
%
,
11/15/31
....................................................
18,878
16,371
1
.88
%
,
2/15/32
....................................................
20,525
18,201
2
.88
%
,
5/15/32
....................................................
12,185
11,397
4
.13
%
,
5/31/32
....................................................
57,417
57,574
2
.75
%
,
8/15/32
....................................................
29,532
27,315
3
.88
%
,
9/30/32
....................................................
30,187
29,796
4
.13
%
,
11/15/32
....................................................
52,300
52,325
3
.38
%
,
5/15/33
....................................................
48,400
46,101
3
.88
%
,
8/15/33
....................................................
36,676
36,006
4
.50
%
,
11/15/33
....................................................
49,300
50,325
4
.00
%
,
2/15/34
....................................................
11,030
10,882
3
.88
%
,
8/15/34
....................................................
56,150
54,720
4
.25
%
,
11/15/34
....................................................
28,950
28,941
4
.63
%
,
2/15/35
....................................................
15,000
15,389
4
.25
%
,
5/15/35
....................................................
49,191
49,060
4
.25
%
,
8/15/35
....................................................
17,777
17,713
Total
U.S.
Treasury
Obligations
(Cost
$1,080,701)
a
a
a
1,048,118
Shares
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(h)
........
2,653,344
2,653
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(h)
............
2,653,344
2,653
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(h)
...............
2,653,344
2,654
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(h)
.
2,653,344
2,653
Total
Collateral
for
Securities
Loaned
(Cost
$10,613)
a
a
a
10,613
Total
Investments
(Cost
$2,719,997)
—
100.0%
2,668,831
Other
assets
in
excess
of
liabilities
—  (0.0)%(g)
1,020
NET
ASSETS
-
100.00%
$
2,669,851
^
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,
2026,
the
fair
value
of
these
securities
was
$573,831
(thousands)
and
amounted
to
21.5%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2026.
(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,
2026.
(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)
Amount
represents
less
than
0.05%
of
net
assets.
(h)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
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,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
IDA
—
Industrial
Development
Authority
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,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2026.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
US0003M
—
3
Month
US
Dollar
London
Interbank
Offered
Rate,
rate
disclosed
as
of
March
31,
2026,
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,
2026.
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,
2026
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
115
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(14.1%)
ABS
Auto
(6.0%):
Alloya
Auto
Receivables
Trust
.............................................
Series
2025-1A
,
Class
B
,
4
.99
%
,
3/25/30
,
Callable
7/25/28
@
100
(a)
..............
$
189
$
190
Series
2025-1A
,
Class
C
,
5
.19
%
,
7/25/30
,
Callable
7/25/28
@
100
(a)
..............
213
214
Series
2025-1A
,
Class
D
,
5
.68
%
,
3/25/33
,
Callable
7/25/28
@
100
(a)
..............
147
149
Ally
Auto
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.16
%
,
10/15/29
,
Callable
9/15/27
@
100
474
479
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-B
,
Class
D
,
5
.41
%
,
9/15/32
,
Callable
6/15/28
@
100
(a)
...............
197
198
Series
2025-A
,
Class
C
,
4
.84
%
,
6/15/33
,
Callable
10/15/28
@
100
(a)
..............
1,292
1,294
Series
2025-A
,
Class
D
,
4
.99
%
,
6/15/33
,
Callable
10/15/28
@
100
(a)
..............
1,433
1,434
Series
2025-B
,
Class
C
,
4
.70
%
,
9/15/33
,
Callable
10/15/28
@
100
(a)
..............
917
916
American
Heritage
Auto
Receivables
Issuer
Trust
,
Series
2025-1A
,
Class
B
,
4
.77
%
,
6/16/31
,
Callable
4/15/29
@
100
(a)
............................................
300
299
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A
,
Class
B
,
5
.32
%
,
9/16/30
,
Callable
11/15/28
@
100
(a)
.............
107
108
Series
2024-1A
,
Class
C
,
5
.63
%
,
12/16/30
,
Callable
11/15/28
@
100
(a)
............
131
133
Series
2024-1A
,
Class
D
,
6
.34
%
,
1/18/33
,
Callable
11/15/28
@
100
(a)
.............
112
114
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-3
,
Class
C
,
1
.41
%
,
8/18/27
,
Callable
7/18/26
@
100
.....................................................
162
161
ARI
Fleet
Lease
Trust
....................................................
Series
2024-A
,
Class
C
,
5
.38
%
,
11/15/32
,
Callable
10/15/27
@
100
(a)
.............
50
51
Series
2024-B
,
Class
A3
,
5
.26
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
.............
293
297
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
..............
53
54
Series
2024-B
,
Class
C
,
5
.55
%
,
4/15/33
,
Callable
11/15/27
@
100
(a)
..............
90
91
Series
2025-A
,
Class
C
,
4
.90
%
,
1/17/34
,
Callable
10/15/28
@
100
(a)
..............
135
135
Series
2026-A
,
Class
C
,
4
.61
%
,
11/15/34
,
Callable
5/15/29
@
100
(a)
..............
1,650
1,625
AutoNation
Finance
Trust
.................................................
Series
2025-1A
,
Class
C
,
5
.19
%
,
12/10/30
,
Callable
10/10/28
@
100
(a)
............
1,939
1,964
Series
2025-1A
,
Class
D
,
5
.63
%
,
9/10/32
,
Callable
10/10/28
@
100
(a)
.............
3,174
3,210
Series
2026-1A
,
Class
C
,
4
.56
%
,
10/14/31
,
Callable
8/11/29
@
100
(a)
.............
716
707
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
83
83
Series
2022-5A
,
Class
C
,
6
.24
%
,
4/20/27
(a)
................................
57
57
Series
2023-2A
,
Class
B
,
6
.03
%
,
10/20/27
(a)
...............................
972
977
Series
2023-4A
,
Class
C
,
7
.24
%
,
6/20/29
(a)
................................
280
289
Series
2023-5A
,
Class
C
,
6
.85
%
,
4/20/28
(a)
................................
638
647
Series
2023-6A
,
Class
B
,
6
.40
%
,
12/20/29
(a)
...............................
189
196
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
251
260
Series
2023-8A
,
Class
C
,
7
.34
%
,
2/20/30
(a)
................................
1,900
1,981
Series
2024-1A
,
Class
B
,
5
.85
%
,
6/20/30
,
Callable
6/20/29
@
100
(a)
..............
200
205
Series
2024-1A
,
Class
C
,
6
.48
%
,
6/20/30
,
Callable
6/20/29
@
100
(a)
..............
320
330
Series
2026-2A
,
Class
C
,
5
.44
%
,
8/20/32
,
Callable
8/20/31
@
100
(a)
..............
299
292
BofA
Auto
Trust
,
Series
2024-1A
,
Class
A3
,
5
.35
%
,
11/15/28
,
Callable
5/15/27
@
100
(a)
...
105
106
CarMax
Auto
Owner
Trust
................................................
Series
2022-3
,
Class
D
,
6
.20
%
,
1/16/29
,
Callable
10/15/26
@
100
................
200
201
Series
2023-3
,
Class
D
,
6
.44
%
,
12/16/30
,
Callable
9/15/27
@
100
................
220
224
Series
2023-4
,
Class
D
,
7
.16
%
,
4/15/30
,
Callable
11/15/27
@
100
................
190
196
Series
2024-3
,
Class
D
,
5
.67
%
,
1/15/31
,
Callable
6/15/28
@
100
.................
134
135
CarMax
Select
Receivables
Trust
...........................................
Series
2024-A
,
Class
C
,
5
.62
%
,
1/15/30
,
Callable
6/15/28
@
100
.................
255
259
Series
2024-A
,
Class
D
,
6
.27
%
,
12/16/30
,
Callable
6/15/28
@
100
................
700
718
Series
2025-A
,
Class
D
,
5
.86
%
,
7/15/31
,
Callable
1/15/29
@
100
.................
1,815
1,846
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N4
,
Class
D
,
2
.30
%
,
9/11/28
,
Callable
10/10/27
@
100
...............
111
109
Series
2021-P4
,
Class
B
,
1
.98
%
,
2/10/28
,
Callable
7/10/27
@
100
................
500
492
Chase
Auto
Owner
Trust
..................................................
Series
2022-AA
,
Class
D
,
5
.40
%
,
6/25/30
,
Callable
12/25/26
@
100
(a)
............
200
202
Series
2024-1A
,
Class
D
,
5
.87
%
,
6/25/31
,
Callable
2/25/28
@
100
(a)
..............
211
217
Series
2024-2A
,
Class
D
,
6
.15
%
,
8/25/31
,
Callable
2/25/28
@
100
(a)
..............
242
251
Series
2024-3A
,
Class
B
,
5
.28
%
,
1/25/30
,
Callable
3/25/28
@
100
(a)
..............
198
202
Series
2024-3A
,
Class
C
,
5
.41
%
,
2/28/30
,
Callable
3/25/28
@
100
(a)
..............
295
301
Series
2024-4A
,
Class
C
,
5
.46
%
,
7/25/30
,
Callable
4/25/28
@
100
(a)
..............
200
204
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-4A
,
Class
D
,
5
.79
%
,
11/25/31
,
Callable
4/25/28
@
100
(a)
.............
$
187
$
192
Series
2024-5A
,
Class
C
,
4
.62
%
,
8/26/30
,
Callable
5/25/28
@
100
(a)
..............
274
275
Series
2024-5A
,
Class
D
,
4
.97
%
,
1/26/32
,
Callable
5/25/28
@
100
(a)
..............
122
123
Series
2025-1A
,
Class
D
,
5
.24
%
,
11/26/32
,
Callable
11/25/28
@
100
(a)
............
2,455
2,490
Series
2025-2A
,
Class
C
,
4
.53
%
,
4/25/31
,
Callable
5/25/29
@
100
(a)
..............
474
470
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
57
57
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
64
64
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
196
197
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
...........
33
34
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
119
120
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
185
187
Series
2024-1A
,
Class
B
,
5
.44
%
,
5/15/36
,
Callable
8/15/27
@
100
(a)
..............
223
226
Series
2024-1A
,
Class
C
,
5
.60
%
,
5/15/36
,
Callable
8/15/27
@
100
(a)
..............
192
194
Corporate
One
Auto
Receivables
Trust
........................................
Series
2026-1A
,
Class
C
,
4
.84
%
,
4/15/31
,
Callable
6/15/29
@
100
(a)
..............
301
300
Series
2026-1A
,
Class
D
,
5
.48
%
,
7/15/34
,
Callable
6/15/29
@
100
(a)
..............
212
212
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
558
560
Series
2023-1A
,
Class
C
,
7
.71
%
,
7/15/33
,
Callable
11/15/26
@
100
(a)
.............
2,493
2,531
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
11/15/26
@
100
(a)
.............
1,267
1,282
Series
2023-3A
,
Class
A
,
6
.39
%
,
8/15/33
,
Callable
3/15/27
@
100
(a)
..............
37
37
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
118
119
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
196
200
Series
2023-5A
,
Class
A
,
6
.13
%
,
12/15/33
,
Callable
6/15/27
@
100
(a)
.............
207
208
Series
2023-5A
,
Class
C
,
7
.30
%
,
4/17/34
,
Callable
6/15/27
@
100
(a)
..............
3,411
3,486
Series
2024-1A
,
Class
C
,
6
.71
%
,
7/17/34
,
Callable
5/15/27
@
100
(a)
..............
237
241
Series
2025-1A
,
Class
C
,
5
.71
%
,
7/16/35
,
Callable
11/15/28
@
100
(a)
.............
4,400
4,389
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
9/15/28
@
100
(a)
............
74
76
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
9/15/28
@
100
(a)
..............
845
867
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
9/15/28
@
100
(a)
..............
49
50
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
250
251
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
10/20/26
@
100
(a)
.............
32
32
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
7/20/27
@
100
(a)
..............
151
155
Series
2024-1
,
Class
A2
,
5
.23
%
,
3/20/30
,
Callable
8/20/27
@
100
(a)
..............
126
127
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
92
94
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
B
,
5
.71
%
,
7/15/30
,
Callable
10/15/28
@
100
(a)
.............
1,000
1,017
Series
2024-1A
,
Class
C
,
6
.00
%
,
10/15/30
,
Callable
10/15/28
@
100
(a)
............
46
47
Series
2025-1A
,
Class
B
,
5
.36
%
,
9/15/31
,
Callable
4/15/29
@
100
(a)
..............
486
492
Series
2025-1A
,
Class
C
,
5
.61
%
,
12/15/31
,
Callable
4/15/29
@
100
(a)
.............
763
776
Series
2026-1A
,
Class
C
,
4
.69
%
,
10/15/32
,
Callable
7/15/28
@
100
(a)
.............
509
502
First
Investors
Auto
Owner
Trust
,
Series
2022-2A
,
Class
D
,
8
.71
%
,
10/16/28
,
Callable
10/15/26
@
100
(a)
..................................................
323
330
Flagship
Credit
Auto
Trust
,
Series
2021-4
,
Class
C
,
1
.96
%
,
12/15/27
,
Callable
4/15/27
@
100
(a)
...........................................................
70
70
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
4/15/26
@
100
.................
83
83
Series
2023-B
,
Class
D
,
6
.97
%
,
6/15/28
,
Callable
4/15/26
@
100
.................
130
130
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-1
,
Class
C
,
1
.91
%
,
10/17/33
,
Callable
4/15/26
@
100
(a)
..............
316
316
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
689
678
Series
2021-2
,
Class
D
,
2
.60
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
750
738
Series
2022-1
,
Class
C
,
4
.67
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
950
948
Series
2022-1
,
Class
D
,
5
.16
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
102
102
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
206
209
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
1,240
1,255
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
750
761
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
195
201
Series
2023-2
,
Class
C
,
6
.16
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
440
452
Series
2023-2
,
Class
D
,
6
.60
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
219
224
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
8/15/28
@
100
(a)
...........................................................
$
19
$
20
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-2A
,
Class
E
,
2
.87
%
,
5/15/28
,
Callable
4/15/26
@
100
(a)
..............
2,029
2,009
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
.............
1,110
1,109
Series
2021-4A
,
Class
E
,
4
.43
%
,
10/16/28
,
Callable
3/15/27
@
100
(a)
.............
1,760
1,747
Series
2022-1A
,
Class
E
,
5
.64
%
,
5/15/29
,
Callable
5/15/27
@
100
(a)
..............
1,430
1,431
Series
2023-1A
,
Class
D
,
7
.01
%
,
1/16/29
,
Callable
3/15/28
@
100
(a)
..............
1,943
1,973
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
C
,
7
.31
%
,
1/15/30
,
Callable
10/15/28
@
100
(a)
.............
310
323
Series
2023-2A
,
Class
D
,
8
.22
%
,
2/18/31
,
Callable
10/15/28
@
100
(a)
.............
120
128
Series
2024-1A
,
Class
C
,
5
.69
%
,
3/15/30
,
Callable
9/15/28
@
100
(a)
..............
95
97
Series
2024-4A
,
Class
C
,
4
.75
%
,
11/15/30
,
Callable
3/15/29
@
100
(a)
.............
191
191
Series
2025-1A
,
Class
C
,
5
.26
%
,
3/15/31
,
Callable
4/15/29
@
100
(a)
..............
250
253
GM
Financial
Revolving
Receivables
Trust
,
Series
2021-1
,
Class
B
,
1
.49
%
,
6/12/34
,
Callable
9/11/26
@
100
(a)
...................................................
250
247
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2023-1
,
Class
B
,
5
.73
%
,
6/15/28
(a)
.................................
200
201
Series
2024-2A
,
Class
B
,
5
.35
%
,
3/15/31
(a)
................................
1,009
1,031
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
B
,
5
.42
%
,
1/15/30
,
Callable
3/15/28
@
100
(a)
..............
400
405
Series
2024-1A
,
Class
C
,
5
.77
%
,
2/15/30
,
Callable
3/15/28
@
100
(a)
..............
73
74
Series
2024-1A
,
Class
D
,
6
.50
%
,
6/15/32
,
Callable
3/15/28
@
100
(a)
..............
70
72
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
A3
,
5
.18
%
,
3/15/28
,
Callable
3/15/27
@
100
(a)
..............
6
6
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
3/15/27
@
100
(a)
...............
224
226
Series
2023-1
,
Class
C
,
5
.88
%
,
11/15/29
,
Callable
3/15/27
@
100
(a)
..............
168
170
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
................................
174
175
Series
2023-2A
,
Class
B
,
6
.49
%
,
9/25/29
(a)
................................
212
217
Series
2023-2A
,
Class
C
,
7
.13
%
,
9/25/29
(a)
................................
75
77
Series
2023-3A
,
Class
A
,
5
.94
%
,
2/25/28
(a)
................................
125
126
Series
2023-3A
,
Class
B
,
6
.53
%
,
2/25/28
(a)
................................
38
38
Series
2023-4A
,
Class
C
,
7
.51
%
,
3/25/30
(a)
................................
220
230
Hertz
Vehicle
Financing
LLC
,
Series
2022-2A
,
Class
B
,
2
.65
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
...........................................................
1,000
973
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1
,
Class
B1
,
6
.15
%
,
5/20/32
,
Callable
11/20/27
@
100
(a)
.............
79
80
Series
2024-2
,
Class
B1
,
5
.44
%
,
10/20/32
,
Callable
6/20/28
@
100
(a)
.............
326
328
Series
2025-2
,
Class
B2
,
4
.87
%
(
SOFR30A
+
120
bps
)
,
9/20/33
,
Callable
12/20/29
@
100
(a)
(b)
.........................................................
985
984
Hyundai
Auto
Receivables
Trust
,
Series
2024-C
,
Class
B
,
4
.67
%
,
1/15/31
,
Callable
11/15/28
@
100
.............................................................
109
109
LAD
Auto
Receivables
Trust
...............................................
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
4/15/27
@
100
(a)
.............
219
220
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
4/15/27
@
100
(a)
..............
226
228
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
8/15/27
@
100
(a)
..............
200
201
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
8/15/27
@
100
(a)
..............
52
53
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
10/15/27
@
100
(a)
.............
214
215
Series
2023-3A
,
Class
D
,
6
.92
%
,
12/16/30
,
Callable
10/15/27
@
100
(a)
............
198
203
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
1/15/28
@
100
(a)
.............
182
184
Series
2023-4A
,
Class
C
,
6
.76
%
,
3/15/29
,
Callable
1/15/28
@
100
(a)
..............
292
299
Series
2023-4A
,
Class
D
,
7
.37
%
,
4/15/31
,
Callable
1/15/28
@
100
(a)
..............
304
314
Series
2024-1A
,
Class
C
,
5
.64
%
,
6/15/29
,
Callable
1/15/28
@
100
(a)
..............
207
211
Series
2024-2A
,
Class
B
,
5
.50
%
,
7/16/29
,
Callable
12/15/27
@
100
(a)
.............
199
201
Series
2024-2A
,
Class
C
,
5
.66
%
,
10/15/29
,
Callable
12/15/27
@
100
(a)
............
199
202
Series
2024-2A
,
Class
D
,
6
.37
%
,
10/15/31
,
Callable
12/15/27
@
100
(a)
............
777
797
Series
2024-3A
,
Class
D
,
5
.18
%
,
2/17/32
,
Callable
5/15/28
@
100
(a)
..............
224
224
Series
2025-2A
,
Class
C
,
4
.70
%
,
8/16/32
,
Callable
2/15/29
@
100
(a)
..............
980
973
Series
2025-2A
,
Class
D
,
5
.01
%
,
12/15/32
,
Callable
2/15/29
@
100
(a)
.............
1,000
989
Series
2026-1A
,
Class
C
,
4
.42
%
,
8/15/33
,
Callable
3/15/30
@
100
(a)
..............
820
798
Merchants
Fleet
Funding
LLC
..............................................
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
189
189
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
$
485
$
490
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
659
664
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
2/20/27
@
100
(a)
..............
476
483
Series
2025-1A
,
Class
B
,
4
.91
%
,
1/20/39
,
Callable
6/20/29
@
100
(a)
..............
294
292
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1
,
Class
B
,
5
.79
%
,
4/25/29
(a)
.................................
50
50
Series
2024-1
,
Class
C
,
6
.13
%
,
4/25/29
(a)
.................................
82
82
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2025-1
,
Class
C
,
4
.72
%
,
9/25/30
(a)
........................................................
295
296
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
12/15/27
@
100
(a)
............
93
94
Series
2023-1A
,
Class
C
,
6
.82
%
,
9/17/29
,
Callable
12/15/27
@
100
(a)
.............
4,000
4,132
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
12/15/27
@
100
(a)
............
329
345
Series
2025-1A
,
Class
B
,
4
.94
%
,
4/15/31
,
Callable
2/15/29
@
100
(a)
..............
582
583
Series
2025-1A
,
Class
C
,
5
.20
%
,
10/15/31
,
Callable
2/15/29
@
100
(a)
.............
594
598
Oscar
US
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
4/10/26
@
100
(a)
...........................................................
370
367
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
12/10/28
@
100
(a)
...........................................................
241
242
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
D
,
5
.85
%
,
6/17/30
,
Callable
4/15/26
@
100
(a)
...............
106
106
Series
2025-A
,
Class
C
,
4
.67
%
,
2/17/32
,
Callable
8/15/29
@
100
(a)
...............
1,333
1,317
Prestige
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
5
.65
%
,
2/15/28
,
Callable
10/15/27
@
100
(a)
.........................................................
79
79
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B
,
Class
B
,
5
.64
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
86
86
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
36
37
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
106
107
Series
2024-B
,
Class
B
,
4
.97
%
,
1/18/33
,
Callable
3/15/29
@
100
(a)
...............
427
429
Series
2024-B
,
Class
C
,
5
.14
%
,
1/18/33
,
Callable
3/15/29
@
100
(a)
...............
486
489
Series
2024-B
,
Class
D
,
5
.48
%
,
1/18/33
,
Callable
3/15/29
@
100
(a)
...............
604
608
Series
2024-B
,
Class
E
,
6
.80
%
,
1/18/33
,
Callable
3/15/29
@
100
(a)
...............
242
243
Series
2025-A
,
Class
D
,
5
.15
%
,
1/16/34
,
Callable
12/15/29
@
100
(a)
..............
760
762
Series
2025-A
,
Class
E
,
6
.27
%
,
1/16/34
,
Callable
12/15/29
@
100
(a)
..............
536
535
SBNA
Auto
Lease
Trust
,
Series
2024-B
,
Class
A4
,
5
.55
%
,
12/20/28
,
Callable
4/20/27
@
100
(a)
133
134
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
7/15/28
@
100
(a)
...............
203
205
Series
2025-SF1
,
Class
D
,
5
.34
%
,
9/15/31
,
Callable
5/15/29
@
100
(a)
.............
277
280
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
1,738
1,775
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
11/15/27
@
100
(a)
.............
430
442
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
11/15/27
@
100
(a)
............
226
235
Series
2024-1A
,
Class
C
,
5
.62
%
,
12/16/30
,
Callable
4/15/28
@
100
(a)
.............
200
203
Series
2025-1A
,
Class
C
,
5
.08
%
,
2/17/32
,
Callable
4/15/29
@
100
(a)
..............
536
538
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
5/25/28
@
100
(a)
...............
289
291
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
5/25/28
@
100
(a)
...............
233
235
Series
2025-B
,
Class
D
,
5
.46
%
,
12/29/32
,
Callable
10/25/28
@
100
(a)
.............
233
235
Series
2026-A
,
Class
D
,
4
.87
%
,
3/25/33
,
Callable
12/25/29
@
100
(a)
..............
536
535
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
11/20/27
@
100
(a)
.............
167
170
Series
2024-1A
,
Class
C
,
5
.51
%
,
1/20/32
,
Callable
4/20/28
@
100
(a)
..............
126
128
Series
2026-1A
,
Class
C
,
4
.46
%
,
11/21/33
,
Callable
6/20/30
@
100
(a)
.............
699
685
Tesla
Electric
Vehicle
Trust
,
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
8/20/27
@
100
(a)
...........................................................
200
204
Tesla
Lease
Electric
Vehicle
Securitization
LLC
,
Series
2025-A
,
Class
C
,
5
.09
%
,
6/20/29
,
Callable
12/20/27
@
100
(a)
...........................................
744
747
Truist
Bank
Auto
Credit-Linked
Notes
,
Series
2025-1
,
Class
B
,
4
.73
%
,
9/26/33
,
Callable
8/25/28
@
100
(a)
...................................................
645
645
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
11/25/26
@
100
(a)
.......
61
61
United
Auto
Credit
Securitization
Trust
,
Series
2025-1
,
Class
C
,
5
.15
%
,
6/10/30
,
Callable
12/10/27
@
100
(a)
..................................................
250
250
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
USB
Auto
Owner
Trust
...................................................
Series
2025-1A
,
Class
C
,
4
.96
%
,
3/17/31
,
Callable
8/15/28
@
100
(a)
..............
$
1,499
$
1,505
Series
2025-1A
,
Class
D
,
5
.40
%
,
12/15/32
,
Callable
8/15/28
@
100
(a)
.............
1,807
1,817
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
10/15/27
@
100
(a)
.............
636
646
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
10/15/27
@
100
(a)
.............
220
225
Western
Funding
Auto
Loan
Trust
,
Series
2025-1
,
Class
C
,
5
.34
%
,
11/15/35
(a)
...........
1,009
997
Westlake
Automobile
Receivables
Trust
.......................................
Series
2025-P1
,
Class
B
,
4
.86
%
,
5/15/30
,
Callable
6/15/28
@
100
(a)
..............
1,000
1,008
Series
2025-P1
,
Class
D
,
5
.59
%
,
7/15/32
,
Callable
6/15/28
@
100
(a)
..............
2,500
2,523
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
42
42
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
181
185
Series
2023-2A
,
Class
C
,
6
.94
%
,
8/18/38
(a)
................................
195
199
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
220
226
Series
2024-1A
,
Class
C
,
5
.69
%
,
2/18/39
(a)
................................
341
346
Series
2024-2A
,
Class
A1
,
4
.87
%
,
6/21/39
(a)
...............................
1,014
1,020
Series
2024-2A
,
Class
B
,
4
.84
%
,
6/21/39
(a)
................................
250
252
Series
2024-2A
,
Class
C
,
4
.89
%
,
6/21/39
(a)
................................
335
338
Series
2024-3A
,
Class
B
,
5
.07
%
,
9/19/39
(a)
................................
318
323
Series
2024-3A
,
Class
C
,
5
.21
%
,
9/19/39
(a)
................................
346
348
Series
2025-2A
,
Class
C
,
4
.86
%
,
5/18/40
(a)
................................
470
468
109,513
ABS
Card
(0.7%):
American
Express
Credit
Account
Master
Trust
,
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
....
3,238
3,339
BA
Credit
Card
Trust
,
Series
2024-A1
,
Class
A
,
4
.93
%
,
5/15/29
......................
232
234
CARDS
II
Trust
........................................................
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/15/29
(a)
................................
168
168
Series
2025-1A
,
Class
C
,
5
.42
%
,
3/15/31
(a)
................................
1,350
1,350
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4
,
Class
B
,
5
.25
%
,
10/15/28
(a)
.............................
467
469
Series
2024-CRT4
,
Class
C
,
5
.64
%
,
10/15/28
(a)
.............................
267
268
Series
2025-1A
,
Class
C
,
4
.54
%
,
10/15/29
(a)
...............................
1,332
1,324
Series
2025-CRT5
,
Class
B
,
5
.24
%
,
5/15/29
(a)
..............................
996
1,005
Series
2025-CRT5
,
Class
C
,
5
.53
%
,
5/15/29
(a)
..............................
600
602
Golden
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
.................
200
197
Master
Credit
Card
Trust
.................................................
Series
2022-2A
,
Class
B
,
2
.38
%
,
7/21/28
(a)
................................
500
492
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
................................
312
306
Master
Credit
Card
Trust
II
................................................
Series
2023-4A
,
Class
B
,
6
.56
%
,
10/21/32
.................................
104
108
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
265
286
Synchrony
Card
Issuance
Trust
,
Series
2025-A1
,
Class
A
,
4
.78
%
,
2/15/31
..............
240
242
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
833
820
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
72
73
Series
2023-2A
,
Class
B
,
5
.35
%
,
3/26/33
(a)
................................
100
101
Series
2025-1A
,
Class
C
,
4
.70
%
,
9/26/30
(a)
................................
582
578
11,962
ABS
Other
(7.4%):
AFG
ABS
I
LLC
.......................................................
Series
2023-1
,
Class
C
,
9
.40
%
,
9/16/30
,
Callable
1/15/27
@
100
(a)
...............
1,000
1,030
Series
2023-1
,
Class
D
,
9
.00
%
,
9/16/30
,
Callable
1/15/27
@
100
(a)
...............
3,267
3,358
Amur
Equipment
Finance
Receivables
XI
LLC
..................................
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
7/20/26
@
100
(a)
.............
25
25
Series
2022-2A
,
Class
D
,
7
.25
%
,
5/21/29
,
Callable
7/20/26
@
100
(a)
..............
1,890
1,902
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
751
766
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
6/20/27
@
100
(a)
..............
7,487
7,692
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
119
120
Series
2024-1A
,
Class
C
,
5
.55
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
1,412
1,430
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Amur
Equipment
Finance
Receivables
XIV
LLC
................................
Series
2024-2A
,
Class
B
,
5
.20
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
..............
$
1,000
$
1,008
Series
2024-2A
,
Class
C
,
5
.38
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
..............
2,560
2,589
Amur
Equipment
Finance
Receivables
XV
LLC
,
Series
2025-1A
,
Class
C
,
5
.39
%
,
1/20/32
,
Callable
5/20/29
@
100
(a)
............................................
2,014
2,041
Ansley
Park
Capital
LLC
.................................................
Series
2025-A
,
Class
B
,
4
.60
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
..............
614
607
Series
2025-A
,
Class
C
,
4
.82
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
..............
410
407
Series
2025-A
,
Class
D
,
5
.33
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
..............
410
402
Series
2025-A
,
Class
E
,
7
.66
%
,
4/20/35
,
Callable
11/20/30
@
100
(a)
..............
1,500
1,501
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
1/15/28
@
100
(a)
..............
124
126
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
1/15/28
@
100
(a)
.............
88
90
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
1/15/28
@
100
(a)
.............
141
146
Series
2024-1A
,
Class
B
,
5
.69
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
..............
124
127
Barings
Equipment
Finance
LLC
............................................
Series
2025-A
,
Class
A4
,
5
.02
%
,
6/13/50
,
Callable
6/13/29
@
100
(a)
..............
1,031
1,054
Series
2025-B
,
Class
A4
,
4
.29
%
,
9/13/50
,
Callable
12/13/30
@
100
(a)
.............
588
583
Blue
Owl
Asset
Leasing
Trust
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.41
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
..............
254
255
Series
2024-1A
,
Class
C
,
6
.38
%
,
1/15/31
,
Callable
7/15/27
@
100
(a)
..............
780
789
Capital
Automotive
REIT
,
Series
2024-3A
,
Class
A1
,
4
.40
%
,
10/15/54
,
Callable
10/15/27
@
100
(a)
...........................................................
268
259
Capteris
Equipment
Finance
LLC
...........................................
Series
2026-1A
,
Class
C
,
5
.18
%
,
9/20/33
,
Callable
5/20/30
@
100
(a)
..............
716
712
Series
2026-1A
,
Class
D
,
5
.57
%
,
9/20/33
,
Callable
5/20/30
@
100
(a)
..............
716
713
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/26
@
100
(a)
.....
197
198
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
10/14/26
@
100
(a)
..............
173
175
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
6/14/27
@
100
(a)
...............
1,000
1,022
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
6/14/27
@
100
(a)
...............
93
96
Series
2025-1
,
Class
C
,
4
.89
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
500
503
Series
2025-1
,
Class
D
,
5
.28
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
133
134
Series
2025-2
,
Class
D
,
5
.08
%
,
8/15/34
,
Callable
6/14/29
@
100
(a)
...............
559
559
CF
Hippolyta
Issuer
LLC
,
Series
2020-1
,
Class
A1
,
1
.69
%
,
7/15/60
(a)
.................
322
270
Clarus
Capital
Funding
LLC
,
Series
2024-1A
,
Class
C
,
5
.01
%
,
8/20/32
,
Callable
1/20/28
@
100
(a)
...........................................................
70
70
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
604
603
Consolidated
Communications
LLC/Fidium
Fiber
Finance
Holdco
LLC
,
Series
2025-1A
,
Class
A2
,
6
.00
%
,
5/20/55
,
Callable
5/20/28
@
100
(a)
.............................
365
371
Crossroads
Asset
Trust
,
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
12/20/28
@
100
(a)
1,517
1,521
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
.............
205
199
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
441
443
DB
Master
Finance
LLC
,
Series
2021-1A
,
Class
A2II
,
2
.49
%
,
11/20/51
,
Callable
5/20/26
@
100
(a)
...........................................................
1,293
1,212
Dell
Equipment
Finance
Trust
..............................................
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
5/22/26
@
100
(a)
..............
373
374
Series
2024-1
,
Class
C
,
5
.73
%
,
3/22/30
,
Callable
11/22/26
@
100
(a)
..............
92
93
Series
2024-1
,
Class
D
,
6
.12
%
,
9/23/30
,
Callable
11/22/26
@
100
(a)
..............
92
93
Series
2025-1
,
Class
D
,
5
.64
%
,
8/22/31
,
Callable
8/22/27
@
100
(a)
...............
109
111
Series
2025-2
,
Class
D
,
4
.83
%
,
3/22/32
,
Callable
4/22/28
@
100
(a)
...............
992
990
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
4/15/27
@
100
(a)
...............
100
101
Series
2023-1
,
Class
D
,
8
.82
%
,
3/15/33
,
Callable
4/15/27
@
100
(a)
...............
2,175
2,250
Series
2023-2
,
Class
C
,
6
.93
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
224
230
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
1,001
1,051
Series
2025-1
,
Class
B
,
4
.98
%
,
8/15/35
,
Callable
2/15/29
@
100
(a)
...............
542
541
Series
2025-1
,
Class
D
,
5
.65
%
,
2/15/36
,
Callable
2/15/29
@
100
(a)
...............
100
101
Series
2025-2
,
Class
C
,
4
.89
%
,
4/15/36
,
Callable
7/15/29
@
100
(a)
...............
854
845
Series
2025-2
,
Class
D
,
5
.45
%
,
10/15/36
,
Callable
7/15/29
@
100
(a)
..............
480
477
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
4/20/26
@
100
(a)
.
654
634
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
DLLAA
LLC
,
Series
2025-1A
,
Class
A4
,
5
.08
%
,
4/20/33
,
Callable
5/20/29
@
100
(a)
......
$
1,069
$
1,091
DLLAD
LLC
..........................................................
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
1/20/29
@
100
(a)
.............
129
133
Series
2025-1A
,
Class
A4
,
4
.59
%
,
10/20/32
,
Callable
5/20/30
@
100
(a)
............
500
503
DLLMT
LLC
..........................................................
Series
2024-1A
,
Class
A3
,
4
.84
%
,
8/21/28
,
Callable
5/20/28
@
100
(a)
.............
201
202
Series
2026-1A
,
Class
A4
,
4
.36
%
,
9/20/33
,
Callable
10/20/29
@
100
(a)
............
915
915
Elara
HGV
Timeshare
Issuer
LLC
,
Series
2019-A
,
Class
A
,
2
.61
%
,
1/25/34
,
Callable
4/25/26
@
100
(a)
.........................................................
68
68
FirstKey
Homes
Trust
....................................................
Series
2021-SFR3
,
Class
A
,
2
.14
%
,
12/17/38
(a)
(c)
...........................
700
688
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
(c)
...........................
500
492
Series
2021-SFR3
,
Class
D
,
2
.79
%
,
12/17/38
(a)
(c)
...........................
750
737
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
106
106
Ford
Credit
Floorplan
Master
Owner
Trust
A
...................................
Series
2023-1
,
Class
B
,
5
.31
%
,
5/15/28
(a)
.................................
70
70
Series
2024-2
,
Class
B
,
5
.56
%
,
4/15/31
(a)
.................................
225
231
Series
2024-4
,
Class
B
,
4
.61
%
,
9/15/31
(a)
.................................
1,829
1,843
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
4/20/27
@
100
(a)
..............
97
97
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
4/20/27
@
100
(a)
..............
89
90
Series
2023-1A
,
Class
E
,
7
.00
%
,
6/20/35
,
Callable
4/20/27
@
100
(a)
..............
74
74
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2024-1
,
Class
C
,
5
.43
%
,
12/15/31
,
Callable
2/15/28
@
100
(a)
..............
65
66
Series
2025-1
,
Class
C
,
5
.01
%
,
1/18/33
,
Callable
5/15/29
@
100
(a)
...............
698
703
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
1/20/27
@
100
(a)
..............
250
252
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
411
415
Series
2024-2A
,
Class
B
,
5
.35
%
,
10/20/31
,
Callable
12/20/27
@
100
(a)
............
265
267
Series
2024-2A
,
Class
D
,
5
.82
%
,
4/20/32
,
Callable
12/20/27
@
100
(a)
.............
142
144
Series
2025-1A
,
Class
C
,
4
.79
%
,
9/20/32
,
Callable
3/20/29
@
100
(a)
..............
365
367
Series
2025-1A
,
Class
D
,
4
.99
%
,
3/21/33
,
Callable
3/20/29
@
100
(a)
..............
970
967
Series
2025-2A
,
Class
D
,
4
.77
%
,
5/20/33
,
Callable
6/20/29
@
100
(a)
..............
990
981
Kubota
Credit
Owner
Trust
................................................
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
4/15/28
@
100
(a)
.............
129
131
Series
2025-1A
,
Class
A4
,
4
.87
%
,
7/15/30
,
Callable
2/15/29
@
100
(a)
.............
399
405
Lightpath
Fiber
Issuer
LLC
................................................
Series
2026-1A
,
Class
A2
,
5
.60
%
,
3/25/56
,
Callable
9/25/29
@
100
(a)
.............
1,094
1,094
Series
2026-1A
,
Class
B
,
5
.89
%
,
3/25/56
,
Callable
9/25/29
@
100
(a)
..............
1,151
1,141
Lyra
Music
Assets
Delaware
LP
,
Series
2025-1A
,
Class
A2
,
5
.60
%
,
9/20/65
,
Callable
12/20/27
@
100
(a)
.........................................................
926
933
M&T
Equipment
LEAF1
Notes
.............................................
Series
2023-1A
,
Class
A3
,
5
.74
%
,
7/15/30
,
Callable
6/15/27
@
100
(a)
.............
39
39
Series
2024-1A
,
Class
A2
,
4
.99
%
,
8/18/31
,
Callable
7/16/28
@
100
(a)
.............
67
67
Series
2024-1A
,
Class
A4
,
4
.94
%
,
8/18/31
,
Callable
7/16/28
@
100
(a)
.............
270
273
Series
2025-1A
,
Class
A4
,
4
.91
%
,
3/16/32
,
Callable
4/16/29
@
100
(a)
.............
2,172
2,196
MMAF
Equipment
Finance
LLC
............................................
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
152
155
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
10/13/30
@
100
(a)
.............
486
497
MMP
Capital
LLC
,
Series
2025-A
,
Class
A
,
5
.36
%
,
12/15/31
,
Callable
12/15/28
@
100
(a)
..
345
347
MVW
LLC
,
Series
2019-2A
,
Class
A
,
2
.22
%
,
10/20/38
,
Callable
4/20/26
@
100
(a)
........
481
480
New
Economy
Assets
-
Phase
1
Sponsor
LLC
...................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
4/20/26
@
100
(a)
.............
677
568
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
4/20/26
@
100
(a)
.............
366
230
NMEF
Funding
LLC
....................................................
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
5/15/27
@
100
(a)
...............
207
209
Series
2023-A
,
Class
C
,
8
.04
%
,
6/17/30
,
Callable
5/15/27
@
100
(a)
...............
3,241
3,337
Series
2024-A
,
Class
A2
,
5
.15
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
.............
148
149
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
..............
222
223
Series
2024-A
,
Class
C
,
6
.33
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
..............
1,900
1,931
Series
2025-A
,
Class
A2
,
4
.72
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
.............
64
64
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
615
617
Series
2025-A
,
Class
C
,
5
.79
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
928
942
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-B
,
Class
C
,
5
.17
%
,
1/18/33
,
Callable
1/15/29
@
100
(a)
...............
$
6,572
$
6,575
Series
2026-A
,
Class
B
,
4
.48
%
,
2/15/34
,
Callable
1/15/30
@
100
(a)
...............
693
687
Oaktree
ABF
Equipment
ST
LLC
,
Series
2026-1A
,
Class
C
,
5
.31
%
,
10/17/33
,
Callable
10/15/28
@
100
(a)
..................................................
828
826
OneMain
Financial
Issuance
Trust
,
Series
2022-3A
,
Class
B
,
6
.45
%
,
5/15/34
,
Callable
4/14/26
@
100
(a)
.........................................................
1,065
1,072
PEAC
Solutions
Receivables
LLC
...........................................
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
.............
412
417
Series
2025-1A
,
Class
B
,
5
.20
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
..............
376
379
Series
2025-1A
,
Class
C
,
5
.49
%
,
7/20/32
,
Callable
8/20/28
@
100
(a)
..............
295
299
Series
2026-1A
,
Class
C
,
4
.89
%
,
7/20/33
,
Callable
8/20/29
@
100
(a)
..............
1,549
1,546
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
A2
,
5
.59
%
,
11/15/29
,
Callable
12/15/26
@
100
(a)
...........
31
31
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
12/15/26
@
100
(a)
............
76
77
Series
2024-1A
,
Class
D
,
6
.77
%
,
10/15/30
,
Callable
12/15/26
@
100
(a)
............
531
539
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
105
105
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
..............
250
251
Retained
Vantage
Data
Centers
Issuer
LLC
.....................................
Series
2024-1A
,
Class
A2
,
4
.99
%
,
9/15/49
,
Callable
9/15/27
@
100
(a)
.............
396
388
Series
2024-1A
,
Class
B
,
5
.78
%
,
9/15/49
,
Callable
9/15/27
@
100
(a)
..............
107
105
Series
2025-1A
,
Class
A2A
,
5
.09
%
,
8/15/50
,
Callable
8/15/28
@
100
(a)
............
1,000
975
SCF
Equipment
Leasing
LLC
..............................................
Series
2023-1A
,
Class
A3
,
6
.17
%
,
5/20/32
,
Callable
3/20/27
@
100
(a)
.............
38
38
Series
2024-1A
,
Class
A3
,
5
.52
%
,
1/20/32
,
Callable
2/20/30
@
100
(a)
.............
3,000
3,051
Series
2024-1A
,
Class
D
,
6
.58
%
,
6/21/33
,
Callable
2/20/30
@
100
(a)
..............
500
515
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A
,
Class
B
,
5
.23
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
1,765
1,781
Series
2025-1A
,
Class
C
,
5
.37
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
3,099
3,140
Series
2025-1A
,
Class
D
,
5
.88
%
,
11/20/35
,
Callable
9/20/31
@
100
(a)
.............
4,190
4,191
Sotheby's
Artfi
Master
Trust
...............................................
Series
2026-1A
,
Class
B
,
4
.90
%
,
6/20/33
,
Callable
12/20/27
@
100
(a)
.............
946
944
Series
2026-1A
,
Class
D
,
5
.54
%
,
6/20/33
,
Callable
12/20/27
@
100
(a)
.............
500
499
Stack
Infrastructure
Issuer
LLC
,
Series
2026-1A
,
Class
A2
,
5
.00
%
,
3/27/56
,
Callable
3/25/29
@
100
(a)
.........................................................
568
549
Subway
Funding
LLC
,
Series
2024-1A
,
Class
A2II
,
6
.27
%
,
7/30/54
,
Callable
7/30/28
@
100
(a)
4,237
4,284
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
,
Callable
3/25/28
@
100
(a)
...........................................................
501
484
Tricon
Residential
Trust
..................................................
Series
2022-SFR2
,
Class
B
,
5
.24
%
,
7/17/40
,
Callable
7/17/28
@
100
(a)
(c)
..........
200
199
Series
2024-SFR4
,
Class
A
,
4
.30
%
,
11/17/41
,
Callable
11/17/29
@
100
(a)
(c)
........
217
213
Trinity
Rail
Leasing
LLC
,
Series
2022-1A
,
Class
A
,
4
.55
%
,
5/19/52
,
Callable
4/21/26
@
100
(a)
...........................................................
440
431
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A
,
Class
A2
,
5
.88
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
............
426
435
Series
2025-1A
,
Class
B
,
6
.37
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
.............
177
181
Vantage
Data
Centers
LLC
................................................
Series
2020-2A
,
Class
A2
,
1
.99
%
,
9/15/45
,
Callable
4/15/26
@
100
(a)
.............
453
433
Series
2025-1A
,
Class
A2
,
5
.13
%
,
8/15/55
,
Callable
8/15/28
@
100
(a)
.............
2,401
2,367
VB-S1
Issuer
LLC
......................................................
Series
2026-1A
,
Class
D
,
5
.19
%
,
3/15/56
,
Callable
3/15/29
@
100
(a)
..............
578
568
Series
2026-1A
,
Class
F
,
6
.84
%
,
3/15/56
,
Callable
3/15/29
@
100
(a)
..............
2,750
2,762
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2II
,
3
.71
%
,
2/15/57
,
Callable
2/15/30
@
100
(a)
............
1,000
916
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
4/15/26
@
100
(a)
..............
1,550
1,530
Series
2022-1A
,
Class
F
,
5
.27
%
,
2/15/52
,
Callable
4/15/26
@
100
(a)
..............
1,500
1,470
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
1,514
1,524
Series
2024-1A
,
Class
D
,
6
.64
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
529
537
Series
2024-1A
,
Class
F
,
8
.87
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
7
7
Series
2026-1A
,
Class
C2
,
4
.69
%
,
3/15/56
,
Callable
3/15/29
@
100
(a)
.............
671
659
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
.............
18
18
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
..............
47
48
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
............
113
114
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1A
,
Class
B
,
5
.72
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
$
57
$
58
Series
2024-1A
,
Class
C
,
6
.25
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
47
48
Series
2024-1A
,
Class
D
,
7
.23
%
,
12/12/31
,
Callable
9/12/28
@
100
(a)
.............
59
61
Series
2025-1A
,
Class
A3
,
4
.96
%
,
5/12/33
,
Callable
9/12/29
@
100
(a)
.............
461
465
Series
2025-1A
,
Class
C
,
5
.57
%
,
5/12/33
,
Callable
9/12/29
@
100
(a)
..............
2,207
2,229
Series
2025-1A
,
Class
D
,
6
.49
%
,
5/12/33
,
Callable
9/12/29
@
100
(a)
..............
915
940
Verizon
Master
Trust
....................................................
Series
2024-2
,
Class
B
,
5
.08
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.............
265
268
Series
2024-3
,
Class
C
,
5
.73
%
,
4/22/30
,
Callable
4/20/27
@
100
.................
1,105
1,119
Series
2024-4
,
Class
C
,
5
.60
%
,
6/20/29
,
Callable
6/20/26
@
100
.................
80
80
Series
2024-7
,
Class
C
,
4
.84
%
,
8/20/32
,
Callable
8/20/29
@
100
(a)
...............
479
480
Series
2024-8
,
Class
C
,
4
.99
%
,
11/20/30
,
Callable
11/20/27
@
100
...............
302
304
Series
2025-10
,
Class
C
,
4
.67
%
,
10/20/33
,
Callable
10/20/30
@
100
(a)
............
502
498
Series
2025-2
,
Class
C
,
5
.34
%
,
1/20/33
,
Callable
1/20/30
@
100
(a)
...............
1,906
1,944
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A
,
Class
A4
,
4
.29
%
,
7/15/31
,
Callable
4/15/28
@
100
(a)
.............
1,000
1,000
Series
2026-1A
,
Class
A4
,
4
.04
%
,
1/17/33
,
Callable
11/15/29
@
100
(a)
............
472
468
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
D
,
6
.31
%
,
9/20/32
,
Callable
10/20/27
@
100
(a)
.............
108
110
Series
2025-1A
,
Class
C
,
4
.76
%
,
9/20/33
,
Callable
10/20/28
@
100
(a)
.............
302
300
Series
2025-1A
,
Class
D
,
5
.45
%
,
9/20/33
,
Callable
10/20/28
@
100
(a)
.............
991
989
Zayo
Issuer
LLC
.......................................................
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.............
383
386
Series
2025-1A
,
Class
B
,
6
.09
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
..............
340
343
Series
2025-2A
,
Class
A2
,
5
.95
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
............
309
315
Series
2025-2A
,
Class
B
,
6
.59
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
.............
180
184
133,278
Total
Asset-Backed
Securities
(Cost
$255,008)
a
a
a
254,753
Collateralized
Loan
Obligations
(1.4%)
Cash
Flow
CLO
(1.4%):
720
East
CLO
I
Ltd.
.....................................................
Series
2022-1A
,
Class
A2R
,
5
.27
%
(
TSFR3M
+
160
bps
)
,
1/20/38
,
Callable
1/20/27
@
100
(a)
(b)
.........................................................
442
442
Series
2022-1A
,
Class
BR
,
5
.37
%
(
TSFR3M
+
170
bps
)
,
1/20/38
,
Callable
1/20/27
@
100
(a)
(b)
.........................................................
442
442
720
East
CLO
II
Ltd.
,
Series
2023-2A
,
Class
A2R
,
5
.12
%
(
TSFR3M
+
145
bps
)
,
10/15/38
,
Callable
10/15/27
@
100
(a)
(b)
.........................................
1,319
1,312
720
East
CLO
IV
Ltd.
,
Series
2024-1A
,
Class
A2
,
5
.47
%
(
TSFR3M
+
180
bps
)
,
4/15/37
,
Callable
4/15/26
@
100
(a)
(b)
.................................................
185
185
720
East
CLO
VII
Ltd.
,
Series
2025-7A
,
Class
A2
,
5
.07
%
(
TSFR3M
+
140
bps
)
,
4/20/37
,
Callable
4/20/26
@
100
(a)
(b)
..........................................
300
300
AIMCO
CLO
Ltd.
,
Series
2022-17A
,
Class
XR
,
4
.82
%
(
TSFR3M
+
115
bps
)
,
7/20/37
,
Callable
7/22/26
@
100
(a)
(b)
.................................................
193
193
Ballyrock
CLO
Ltd.
,
Series
2025-30A
,
Class
A1B
,
5
.17
%
(
TSFR3M
+
150
bps
)
,
10/25/38
,
Callable
10/25/27
@
100
(a)
(b)
.........................................
1,000
996
Barings
CLO
Ltd.
......................................................
Series
2025-5A
,
Class
A1
,
5
.11
%
(
TSFR3M
+
127
bps
)
,
10/15/38
,
Callable
10/15/27
@
100
(a)
(b)
.........................................................
940
940
Series
2025-5A
,
Class
A2
,
5
.34
%
(
TSFR3M
+
150
bps
)
,
10/15/38
,
Callable
10/15/27
@
100
(a)
(b)
.........................................................
1,264
1,259
Columbia
Cent
CLO
Ltd.
,
Series
2022-32A
,
Class
BF
,
5
.20
%
,
7/24/34
,
Callable
4/24/26
@
100
(a)
...........................................................
250
249
Dryden
CLO
Ltd.
.......................................................
Series
2021-93A
,
Class
A2R
,
5
.27
%
(
TSFR3M
+
160
bps
)
,
1/15/38
,
Callable
1/15/27
@
100
(a)
(b)
.........................................................
171
171
Series
2021-93A
,
Class
XR
,
4
.82
%
(
TSFR3M
+
115
bps
)
,
1/15/38
,
Callable
1/15/27
@
100
(a)
(b)
.........................................................
286
285
Series
2022-113A
,
Class
BR3
,
5
.12
%
(
TSFR3M
+
145
bps
)
,
10/15/37
,
Callable
10/15/26
@
100
(a)
(b)
.........................................................
1,723
1,720
Series
2022-97A
,
Class
A2R
,
5
.14
%
(
TSFR3M
+
147
bps
)
,
10/20/38
,
Callable
10/20/27
@
100
(a)
(b)
.........................................................
1,604
1,597
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-121A
,
Class
B
,
5
.37
%
(
TSFR3M
+
170
bps
)
,
1/15/37
,
Callable
1/15/27
@
100
(a)
(b)
.........................................................
$
428
$
429
NGC
Ltd.
,
Series
2024-1A
,
Class
X
,
4
.82
%
(
TSFR3M
+
115
bps
)
,
7/20/37
,
Callable
7/20/26
@
100
(a)
(b)
.........................................................
192
192
OCP
CLO
Ltd.
.........................................................
Series
2020-8RA
,
Class
B2R2
,
5
.10
%
,
10/17/38
,
Callable
10/17/27
@
100
(a)
........
1,470
1,443
Series
2021-23A
,
Class
B2R2
,
5
.19
%
,
1/17/39
,
Callable
1/17/28
@
100
(a)
..........
2,780
2,769
Series
2024-31A
,
Class
B2R
,
5
.03
%
,
4/20/39
,
Callable
4/20/28
@
100
(a)
...........
1,872
1,854
Series
2025-48A
,
Class
B2
,
5
.06
%
,
12/15/38
,
Callable
1/15/28
@
100
(a)
...........
2,078
2,058
Trimaran
Cavu
Ltd.
,
Series
2021-3A
,
Class
C1
,
6
.40
%
(
TSFR3M
+
273
bps
)
,
1/18/35
,
Callable
4/18/26
@
100
(a)
(b)
.................................................
750
748
Venture
CLO
Ltd.
......................................................
Series
2022-45A
,
Class
A2FR
,
4
.94
%
,
7/20/35
,
Callable
1/20/27
@
100
(a)
..........
1,365
1,351
Series
2022-45A
,
Class
A2NR
,
5
.22
%
(
TSFR3M
+
155
bps
)
,
7/20/35
,
Callable
1/20/27
@
100
(a)
(b)
.........................................................
3,302
3,294
Series
2023-47A
,
Class
AJR
,
5
.42
%
(
TSFR3M
+
175
bps
)
,
4/20/36
,
Callable
7/20/26
@
100
(a)
(b)
.........................................................
1,000
1,002
Series
2023-48A
,
Class
BR
,
5
.42
%
(
TSFR3M
+
175
bps
)
,
10/20/36
,
Callable
1/20/27
@
100
(a)
(b)
.........................................................
630
628
Series
2024-49A
,
Class
X
,
5
.02
%
(
TSFR3M
+
135
bps
)
,
4/20/37
,
Callable
4/20/26
@
100
(a)
(b)
.........................................................
100
100
Series
2024-50A
,
Class
X
,
4
.92
%
(
TSFR3M
+
125
bps
)
,
10/20/37
,
Callable
10/20/26
@
100
(a)
(b)
.........................................................
200
200
26,159
Total
Collateralized
Loan
Obligations
(Cost
$26,282)
a
a
a
26,159
Collateralized
Mortgage
Obligations
(9.3%)
Agency
CMO
(0.1%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
4772
,
Class
ZG
,
4
.50
%
,
12/15/47
.......
2,222
2,180
Agency
CMO
Floating
(0.1%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5522
,
Class
BF
,
4
.71
%
(
SOFR30A
+
105
bps
)
,
3/25/55
(b)
..................
1,486
1,494
Series
5525
,
Class
FA
,
4
.86
%
(
SOFR30A
+
120
bps
)
,
4/25/55
(b)
..................
248
249
Series
5527
,
Class
FC
,
4
.86
%
(
SOFR30A
+
120
bps
)
,
9/25/54
(b)
..................
334
335
2,078
Agency
CMO
Other
(1.4%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
180
183
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
396
394
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
1,023
1,034
Series
5547
,
Class
V
,
5
.00
%
,
4/25/39
.....................................
1,463
1,478
Federal
National
Mortgage
Association
.......................................
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
97
98
Series
2024-33
,
Class
PB
,
5
.00
%
,
3/25/48
.................................
524
528
Series
2025-33
,
Class
P
,
5
.00
%
,
5/25/54
...................................
3,817
3,839
Series
2025-55
,
Class
AC
,
4
.50
%
,
4/25/53
.................................
4,835
4,796
Government
National
Mortgage
Association
....................................
Series
2020-162
,
Class
AB
,
1
.00
%
,
10/20/50
...............................
1,914
1,477
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
152
133
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
216
220
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
136
137
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
1,107
1,116
Series
2024-95
,
Class
AB
,
2
.50
%
,
6/20/45
.................................
997
924
Series
2025-114
,
Class
JA
,
4
.50
%
,
8/20/51
.................................
2,205
2,191
Series
2025-131
,
Class
QD
,
4
.50
%
,
7/20/51
................................
4,801
4,763
Series
2025-139
,
Class
DT
,
5
.00
%
,
3/20/65
................................
260
261
Series
2025-98
,
Class
ET
,
4
.50
%
,
6/20/65
.................................
781
782
24,354
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Agency
Commercial
MBS
(1.0%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K143
,
Class
A2
,
2
.35
%
,
3/25/32
...................................
$
354
$
318
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
...................................
33
29
Series
K145
,
Class
A2
,
2
.58
%
,
5/25/32
...................................
2,547
2,307
Series
K146
,
Class
A2
,
2
.92
%
,
6/25/32
...................................
2,154
1,988
Series
K147
,
Class
A2
,
3
.00
%
,
6/25/32
(d)
.................................
815
755
Series
K149
,
Class
A2
,
3
.53
%
,
8/25/32
...................................
1,178
1,123
Series
K159
,
Class
A2
,
4
.50
%
,
7/25/33
(d)
.................................
1,566
1,569
Series
K172
,
Class
A2
,
4
.58
%
,
8/25/35
(d)
.................................
7,500
7,492
Series
K536
,
Class
AS
,
4
.17
%
(
SOFR30A
+
50
bps
)
,
11/25/29
(b)
..................
998
999
Federal
National
Mortgage
Association
,
Series
2022-M2
,
Class
A2
,
2
.40
%
,
11/25/31
.......
1,627
1,480
18,060
Commercial
MBS
(6.7%):
1301
Trust
............................................................
Series
2025-1301
,
Class
B
,
5
.30
%
,
8/11/42
(a)
(c)
(d)
..........................
479
479
Series
2025-1301
,
Class
C
,
5
.64
%
,
8/11/42
(a)
(c)
(d)
..........................
1,194
1,194
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(c)
..........
2,328
2,329
Series
2025-OANA
,
Class
C
,
5
.77
%
(
TSFR1M
+
209
bps
)
,
6/15/40
(a)
(b)
(c)
..........
469
468
Series
2025-OANA
,
Class
D
,
6
.76
%
(
TSFR1M
+
309
bps
)
,
6/15/40
(a)
(b)
(c)
..........
909
910
AOA
Trust
............................................................
Series
2025-1301
,
Class
A
,
5
.06
%
,
8/11/42
(a)
(c)
(d)
..........................
5,254
5,250
Series
2025-1345
,
Class
A
,
5
.27
%
(
TSFR1M
+
160
bps
)
,
6/15/42
(a)
(b)
(c)
............
3,900
3,896
Arbor
Multifamily
Mortgage
Securities
Trust
...................................
Series
2020-MF1
,
Class
AS
,
3
.06
%
,
5/15/53
,
Callable
5/15/30
@
100
(a)
(d)
.........
1,743
1,631
Series
2021-MF2
,
Class
B
,
2
.56
%
,
6/15/54
,
Callable
7/15/31
@
100
(a)
(d)
..........
1,050
912
Series
2022-MF4
,
Class
A5
,
3
.28
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(d)
.........
500
465
ARES
Commercial
Mortgage
Trust
,
Series
2026-GCP
,
Class
B
,
5
.17
%
(
TSFR1M
+
150
bps
)
,
2/15/43
(a)
(b)
(c)
....................................................
1,506
1,502
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM
,
Class
B
,
5
.77
%
(
TSFR1M
+
210
bps
)
,
8/15/42
(a)
(b)
(c)
..........
408
403
Series
2025-ATRM
,
Class
D
,
6
.97
%
(
TSFR1M
+
330
bps
)
,
8/15/42
(a)
(b)
(c)
..........
1,299
1,277
Series
2025-ATRM
,
Class
F
,
9
.17
%
(
TSFR1M
+
550
bps
)
,
8/15/42
(a)
(b)
(c)
...........
750
733
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(c)
(d)
...........................
790
779
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(c)
(d)
...........................
100
97
BAMLL
Commercial
Mortgage
Securities
Trust
,
Series
2025-HYT
,
Class
B
,
5
.57
%
(
TSFR1M
+
190
bps
)
,
12/15/42
(a)
(b)
(c)
....................................
195
195
Benchmark
Mortgage
Trust
................................................
Series
2020-B19
,
Class
AS
,
2
.15
%
,
9/15/53
,
Callable
10/15/30
@
100
.............
1,000
841
Series
2022-B36
,
Class
XA
,
0
.64
%
,
7/15/55
,
Callable
6/15/32
@
100
(c)
(d)
.........
9,993
378
BFLD
Commercial
Mortgage
Trust
,
Series
2025-5MW
,
Class
A
,
4
.67
%
,
10/10/42
(a)
(c)
(d)
...
2,925
2,901
BLP
Commercial
Mortgage
Trust
,
Series
2025-IND
,
Class
A
,
4
.87
%
(
TSFR1M
+
120
bps
)
,
3/15/42
(a)
(b)
(c)
....................................................
286
284
BSTN
Commercial
Mortgage
Trust
,
Series
2025-1C
,
Class
A
,
5
.01
%
,
6/15/44
(a)
(c)
(d)
.....
4,569
4,647
BX
Commercial
Mortgage
Trust
............................................
Series
2020-VIV4
,
Class
A
,
2
.84
%
,
3/9/44
,
Callable
3/9/30
@
100
(a)
(c)
............
3,500
3,238
Series
2025-COPT
,
Class
B
,
5
.87
%
(
TSFR1M
+
220
bps
)
,
8/15/42
(a)
(b)
(c)
...........
94
94
Series
2026-ALOHA
,
Class
C
,
5
.40
%
(
TSFR1M
+
170
bps
)
,
4/15/43
(a)
(b)
(c)
.........
585
585
Series
2026-CSMO
,
Class
A
,
5
.07
%
(
TSFR1M
+
140
bps
)
,
2/15/43
(a)
(b)
(c)
..........
2,130
2,128
Series
2026-VLT9
,
Class
A
,
5
.37
%
(
TSFR1M
+
170
bps
)
,
3/15/45
(a)
(b)
(c)
...........
702
697
BX
Trust
.............................................................
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
(c)
..........
1,620
1,529
Series
2022-CLS
,
Class
A
,
5
.76
%
,
10/13/27
(a)
(c)
............................
1,721
1,727
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(c)
............................
250
248
Series
2025-ARIA
,
Class
A
,
5
.03
%
,
12/13/42
(a)
(c)
(d)
.........................
907
912
Series
2025-GW
,
Class
A
,
5
.27
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(c)
............
533
533
Series
2025-GW
,
Class
B
,
5
.52
%
(
TSFR1M
+
185
bps
)
,
7/15/42
(a)
(b)
(c)
............
666
665
Series
2025-GW
,
Class
C
,
5
.77
%
(
TSFR1M
+
210
bps
)
,
7/15/42
(a)
(b)
(c)
............
400
399
Series
2025-GW
,
Class
D
,
6
.42
%
(
TSFR1M
+
275
bps
)
,
7/15/42
(a)
(b)
(c)
............
1,339
1,337
Series
2025-ROIC
,
Class
A
,
4
.82
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(c)
...........
874
869
Series
2025-ROIC
,
Class
B
,
5
.07
%
(
TSFR1M
+
139
bps
)
,
3/15/30
(a)
(b)
(c)
...........
165
163
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-VOLT
,
Class
A
,
5
.37
%
(
TSFR1M
+
170
bps
)
,
12/15/44
(a)
(b)
(c)
..........
$
614
$
611
Series
2025-VOLT
,
Class
B
,
5
.77
%
(
TSFR1M
+
210
bps
)
,
12/15/44
(a)
(b)
(c)
..........
1,508
1,500
Series
2025-VOLT
,
Class
C
,
6
.02
%
(
TSFR1M
+
235
bps
)
,
12/15/44
(a)
(b)
(c)
..........
976
969
BXP
Trust
............................................................
Series
2021-601L
,
Class
A
,
2
.62
%
,
1/15/44
(a)
(c)
............................
2,742
2,390
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(c)
(d)
..........................
500
431
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(c)
(d)
..........................
250
210
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(c)
(d)
..........................
1,250
1,024
CAMB
Commercial
Mortgage
Trust
.........................................
Series
2021-CX2
,
Class
A
,
2
.70
%
,
11/10/46
,
Callable
11/10/31
@
100
(a)
(c)
.........
250
218
Series
2021-CX2
,
Class
B
,
2
.77
%
,
11/10/46
,
Callable
11/10/31
@
100
(a)
(c)
(d)
.......
150
125
COMM
Mortgage
Trust
..................................................
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
(c)
..........
185
158
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(c)
.............................
662
690
Series
2024-277P
,
Class
B
,
7
.00
%
,
8/10/44
(a)
(c)
(d)
..........................
1,533
1,623
CRSNT
Trust
,
Series
2026-MOON
,
Class
A
,
5
.07
%
(
TSFR1M
+
140
bps
)
,
2/15/31
(a)
(b)
(c)
...
1,491
1,484
CSMC
Trust
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
(c)
.....................
352
330
DBWF
Mortgage
Trust
...................................................
Series
2024-LCRS
,
Class
A
,
5
.41
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(c)
...........
232
231
Series
2024-LCRS
,
Class
B
,
5
.91
%
(
TSFR1M
+
224
bps
)
,
4/15/37
(a)
(b)
(c)
...........
250
249
GFH
Mortgage
Trust
....................................................
Series
2025-IND
,
Class
B
,
5
.55
%
,
6/15/33
(a)
(c)
.............................
1,266
1,260
Series
2025-IND
,
Class
C
,
6
.19
%
,
6/15/33
(a)
(c)
.............................
950
954
GGP
,
Series
2026-TY
,
Class
B
,
4
.89
%
,
3/5/43
(a)
(c)
(d)
............................
1,628
1,599
Hilton
USA
Trust
.......................................................
Series
2016-HHV
,
Class
A
,
3
.72
%
,
11/5/38
(a)
(c)
............................
1,752
1,742
Series
2016-HHV
,
Class
B
,
4
.19
%
,
11/5/38
(a)
(c)
(d)
..........................
850
848
Series
2016-HHV
,
Class
C
,
4
.19
%
,
11/5/38
(a)
(c)
(d)
..........................
1,136
1,132
Series
2016-HHV
,
Class
D
,
4
.19
%
,
11/5/38
(a)
(c)
(d)
..........................
169
168
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR
,
Class
A
,
5
.46
%
,
2/5/45
(a)
(c)
(d)
.........
939
959
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(c)
..........
1,939
1,925
Series
2019-30HY
,
Class
A
,
3
.23
%
,
7/10/39
(a)
(c)
............................
579
550
Series
2019-30HY
,
Class
D
,
3
.44
%
,
7/10/39
(a)
(c)
(d)
..........................
115
106
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(c)
(d)
.........................
2,455
2,297
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(c)
(d)
..........................
766
784
Series
2025-SPRL
,
Class
B
,
5
.76
%
,
1/13/40
(a)
(c)
(d)
..........................
274
280
HYT
Commercial
Mortgage
Trust
,
Series
2024-RGCY
,
Class
A
,
5
.51
%
(
TSFR1M
+
184
bps
)
,
9/15/41
(a)
(b)
(c)
....................................................
1,413
1,411
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPFX
,
Class
C
,
3
.82
%
,
3/15/32
(a)
(c)
(d)
....
750
672
INT
Commercial
Mortgage
Trust
............................................
Series
2025-PLAZA
,
Class
A
,
4
.55
%
,
11/5/37
(a)
(c)
(d)
........................
1,661
1,657
Series
2025-PLAZA
,
Class
B
,
4
.82
%
,
11/5/37
(a)
(c)
(d)
........................
500
498
IRV
Trust
,
Series
2025-200P
,
Class
A
,
5
.29
%
,
3/14/47
,
Callable
2/14/35
@
100
(a)
(c)
(d)
....
2,185
2,203
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2019-OSB
,
Class
A
,
3
.40
%
,
6/5/39
,
Callable
6/5/29
@
100
(a)
(c)
......................................
325
305
JW
Commercial
Mortgage
Trust
,
Series
2024-MRCO
,
Class
A
,
5
.29
%
(
TSFR1M
+
162
bps
)
,
6/15/39
(a)
(b)
(c)
....................................................
2,662
2,659
LBA
Trust
,
Series
2024-7IND
,
Class
B
,
5
.41
%
(
TSFR1M
+
174
bps
)
,
10/15/41
(a)
(b)
(c)
......
491
490
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(c)
(d)
.......................................................
331
330
LEX
Trust
,
Series
2026-450
,
Class
A
,
5
.02
%
(
TSFR1M
+
135
bps
)
,
3/15/43
(a)
(b)
(c)
........
654
652
MAD
Commercial
Mortgage
Trust
,
Series
2025-11MD
,
Class
A
,
4
.44
%
,
10/15/42
(a)
(c)
(d)
..
3,900
3,881
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(c)
............................
4,139
3,988
Series
2020-1MW
,
Class
B
,
2
.33
%
,
9/10/39
(a)
(c)
(d)
..........................
2,762
2,664
Series
2020-1MW
,
Class
D
,
2
.33
%
,
9/10/39
(a)
(c)
(d)
..........................
166
158
MHP
,
Series
2022-MHIL
,
Class
D
,
5
.29
%
(
TSFR1M
+
161
bps
)
,
1/15/39
(a)
(b)
(c)
..........
400
400
MILE
Trust
,
Series
2025-STNE
,
Class
C
,
5
.77
%
(
TSFR1M
+
210
bps
)
,
7/15/42
(a)
(b)
(c)
.....
363
358
Morgan
Stanley
Capital
I
Trust
.............................................
Series
2021-PLZA
,
Class
B
,
2
.81
%
,
11/9/43
(a)
(c)
............................
500
424
Series
2021-PLZA
,
Class
C
,
2
.81
%
,
11/9/43
(a)
(c)
............................
750
620
NY
Commercial
Mortgage
Trust
,
Series
2025-299P
,
Class
A
,
5
.66
%
,
2/10/47
(a)
(c)
(d)
......
1,632
1,692
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
NYC
Commercial
Mortgage
Trust
...........................................
Series
2025-300P
,
Class
A
,
4
.88
%
,
7/13/42
(a)
(c)
(d)
..........................
$
490
$
487
Series
2025-300P
,
Class
B
,
5
.18
%
,
7/13/42
(a)
(c)
(d)
..........................
639
635
Series
2026-1PARK
,
Class
B
,
5
.18
%
(
TSFR1M
+
150
bps
)
,
2/15/43
(a)
(b)
(c)
..........
500
496
Series
2026-1PARK
,
Class
C
,
5
.53
%
(
TSFR1M
+
185
bps
)
,
2/15/43
(a)
(b)
(c)
..........
1,000
993
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
(c)
................
8,198
7,575
SCG
Commercial
Mortgage
Trust
...........................................
Series
2025-FLWR
,
Class
B
,
5
.22
%
(
TSFR1M
+
155
bps
)
,
8/15/42
(a)
(b)
(c)
..........
1,000
998
Series
2025-FLWR
,
Class
C
,
5
.42
%
(
TSFR1M
+
175
bps
)
,
8/15/42
(a)
(b)
(c)
..........
667
666
SHR
Trust
............................................................
Series
2024-LXRY
,
Class
B
,
6
.12
%
(
TSFR1M
+
245
bps
)
,
10/15/41
(a)
(b)
(c)
..........
377
375
Series
2024-LXRY
,
Class
C
,
6
.62
%
(
TSFR1M
+
295
bps
)
,
10/15/41
(a)
(b)
(c)
..........
303
302
SLG
Office
Trust
.......................................................
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
(c)
............................
1,585
1,410
Series
2021-OVA
,
Class
B
,
2
.71
%
,
7/15/41
(a)
(c)
............................
1,500
1,324
Series
2021-OVA
,
Class
C
,
2
.85
%
,
7/15/41
(a)
(c)
............................
2,477
2,191
Series
2026-OMA
,
Class
B
,
5
.16
%
,
4/15/41
(a)
(c)
(d)
..........................
2,655
2,659
SREIT
Trust
..........................................................
Series
2021-MFP2
,
Class
B
,
4
.96
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(b)
(c)
..........
500
500
Series
2021-MFP2
,
Class
D
,
5
.36
%
(
TSFR1M
+
168
bps
)
,
11/15/36
(a)
(b)
(c)
..........
760
760
SUMIT
Mortgage
Trust
,
Series
2022-BVUE
,
Class
D
,
2
.89
%
,
2/12/41
,
Callable
2/12/29
@
100
(a)
(c)
(d)
.......................................................
1
1
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.12
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(c)
....................................................
1,715
1,692
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2025-HI
,
Class
A
,
5
.37
%
(
TSFR1M
+
169
bps
)
,
10/15/42
(a)
(b)
(c)
...................................................
405
403
122,071
Total
Collateralized
Mortgage
Obligations
(Cost
$169,375)
a
a
a
168,743
Senior
Secured
Loans
(1.9%)
Communication
Services
(0.2%):
Altice
France
SA,
USD
Term
Loan
B-14,
First
Lien
,
10
.55
%
(
SOFR03M
+
688
bps
)
,
5/30/31
(b)
$
493
494
Oak-Eagle
Acquireco,
Inc.,
Term
Loan
B-1,
First
Lien
,
3/23/33
(e)
....................
750
745
The
E.W.
Scripps
Company,
Tranche
B-2
Term
Loan,
First
Lien
,
9
.43
%
(
SOFR01M
+
575
bps
)
,
6/30/28
(b)
........................................................
1,471
1,477
2,716
Consumer
Discretionary
(0.7%):
AMC
Entertainment
Holdings,
Inc.,
Initial
Exchange
Term
Loan,
First
Lien
,
10
.68
%
(
SOFR01M
+
700
bps
)
,
1/4/29
(b)
.........................................
4,105
4,041
BJ's
Wholesale
Club,
Inc.,
Tranch
B
Term,
First
Lien
,
5
.41
%
(
SOFR03M
+
175
bps
)
,
2/5/29
(b)
165
166
Burlington
Coat
Factory
Warehouse
Corp.,
Term
Loan
B7,
First
Lien
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
9/19/31
(b)
........................................
123
123
Charter
Communications
Operating
LLC,
Term
Loan
B-5,
First
Lien
,
5
.91
%
(
SOFR03M
+
225
bps
)
,
12/15/31
(b)
.......................................
567
566
DK
Crown
Holdings,
Inc.,
Term
B
Loans,
First
Lien
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
3/4/32
(b)
.
693
692
Flutter
Financing
BV,
2024
Refinancing
Term
B
Loan,
First
Lien
,
5
.42
%
(
SOFR03M
+
175
bps
)
,
11/29/30
(b)
.......................................................
690
682
Flutter
Financing
BV,
Third
Incremental
Term
B
Loans,
First
Lien
,
5
.67
%
(
SOFR03M
+
200
bps
)
,
6/4/32
(b)
.........................................
1,489
1,470
Four
Seasons
Hotels
Ltd.,
2025
Refinancing
Term
Loan,
First
Lien
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
9/22/32
(b)
........................................
594
598
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien
,
6
.92
%
(
SOFR01M
+
325
bps
)
,
1/23/32
(b)
534
532
Light
and
Wonder
International,
Inc.,
Term
Loan
B-3,
First
Lien
,
5
.67
%
(
SOFR01M
+
200
bps
)
,
4/16/29
(b)
........................................................
241
241
Petco
Health
and
Wellness
Co.,
Inc.,
2026
Term
Loan,
First
Lien
,
7
.92
%
(
SOFR03M
+
425
bps
)
,
2/3/31
(b)
.........................................................
1,555
1,517
PetSmart,
Inc.,
Initial
Term
Loan,
First
Lien
,
7
.67
%
(
SOFR01M
+
400
bps
)
,
8/18/32
(b)
......
1,500
1,488
12,116
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Consumer
Staples
(0.0%):(f)
Reynolds
Consumer
Products
LLC,
Initial
Term
Loan,
First
Lien
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
3/4/32
(b)
.........................................................
$
234
$
234
Energy
(0.1%):
Hilcorp
Energy
I
LP,
Initial
Loan,
First
Lien
,
5
.43
%
(
SOFR01M
+
175
bps
)
,
2/11/30
(b)
......
470
470
Murphy
USA,
Inc.,
Tranche
B
Term
Loan,
First
Lien
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
4/7/32
(b)
.
200
201
671
Financials
(0.5%):
Acrisure
LLC,
Term
B6,
First
Lien
,
6
.67
%
(
SOFR01M
+
300
bps
)
,
11/6/30
(b)
.............
499
482
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
6
.42
%
(
SOFR03M
+
275
bps
)
,
2/18/31
(b)
........................................
55
54
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
6
.37
%
(
SOFR06M
+
275
bps
)
,
2/18/31
(b)
........................................
1,130
1,102
AS
Mileage
Plan
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
5
.42
%
(
SOFR03M
+
175
bps
)
,
10/15/31
(b)
.......................................................
122
121
Asplundh
Tree
Expert
LLC,
Term
Loan
B,
First
Lien
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
5/23/31
(b)
146
146
Chicago
US
MidCo
III
LP,
Closing
Date
Term
Loans,
First
Lien
,
6
.17
%
(
SOFR01M
+
250
bps
)
,
10/29/32
(b)
.......................................................
1,211
1,197
Chicago
US
MidCo
III
LP,
Delayed
Draw
Term
Loan
Commitment,
First
Lien
,
10/29/32
(e)
(g)
129
128
CNT
Holdings
I
Corp.,
2025
Replacement
Term
Loans,
First
Lien
,
6
.17
%
(
SOFR03M
+
250
bps
)
,
11/8/32
(b)
........................................
463
462
Colossus
Acquireco
LLC,
Initial
Term
Loan,
First
Lien
,
5
.41
%
(
SOFRDAILY
+
175
bps
)
,
7/30/32
(b)
........................................................
1,493
1,486
CPI
Holdco
B
LLC,
2025
Fourth
Amendment
Incremental
Term
Loans,
First
Lien
,
5
.67
%
(
SOFR01M
+
200
bps
)
,
5/19/31
(b)
........................................
1,241
1,232
OEG
Borrower
LLC,
Amendment
No.1
Term
Loan,
First
Lien
,
7
.19
%
(
SOFR03M
+
350
bps
)
,
6/30/31
(b)
........................................................
49
49
OneDigital
Borrower
LLC,
2025
Refinancing
Term
Loans,
First
Lien
,
6
.67
%
(
SOFR01M
+
300
bps
)
,
7/2/31
(b)
.........................................
123
119
Trucordia
Insurance
Holdings
LLC,
Initial
Term
Loans,
First
Lien
,
6
.92
%
(
SOFR01M
+
325
bps
)
,
6/17/32
(b)
........................................
500
460
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
First
Lien
,
6
.42
%
(
SOFR03M
+
275
bps
)
,
5/6/31
(b)
.........................................................
276
272
Voyager
Parent
LLC,
2026
Refinancing
Term
B
Loans,
First
Lien
,
7
.91
%
(
SOFR03M
+
425
bps
)
,
7/1/32
(b)
.........................................................
1,771
1,757
9,067
Health
Care
(0.0%):(f)
Delta
2
(Lux)
S.a.r.l.,
Term
Loan
B,
First
Lien
,
5
.42
%
(
SOFR03M
+
175
bps
)
,
9/19/31
(b)
.....
250
249
Industrials
(0.3%):
Advanced
Drainage
Systems,
Inc.,
Initial
Term
Loan,
First
Lien
,
5
.30
%
(
SOFR01M
+
163
bps
)
,
2/12/33
(b)
........................................................
1,000
1,003
Air
Canada,
Term
Loans,
First
Lien
,
5
.42
%
(
SOFR03M
+
175
bps
)
,
3/21/31
(b)
............
1,496
1,482
Arcosa,
Inc.,
2025
Refinancing
Term
Loan,
First
Lien
,
5
.67
%
(
SOFR01M
+
200
bps
)
,
10/1/31
(b)
115
114
Indicor
LLC,
Tranche
E
Dollar
Term
Loans,
First
Lien
,
6
.17
%
(
SOFR01M
+
250
bps
)
,
11/23/29
(b)
.......................................................
433
433
Janus
International
Group
LLC,
8th
Amendment
Term
Loan,
First
Lien
,
5
.66
%
(
SOFR03M
+
200
bps
)
,
8/5/30
(b)
.........................................
44
44
Knife
River
Corp.,
Initial
Tranche
B
Term
Loans,
First
Lien
,
5
.67
%
(
SOFR03M
+
200
bps
)
,
3/8/32
(b)
.........................................................
198
199
SGH2
LLC,
Initial
Term
Loan,
First
Lien
,
8
.17
%
(
SOFR03M
+
450
bps
)
,
8/18/32
(b)
........
237
232
TKC
Holdings,
Inc.,
2026
Term
Loan,
First
Lien
,
8
.18
%
(
SOFR01M
+
450
bps
)
,
8/12/30
(b)
...
1,000
993
United
Airlines,
Inc.,
Term
Loan
B,
First
Lien
,
5
.43
%
(
SOFR01M
+
175
bps
)
,
2/24/31
(b)
.....
997
993
5,493
Information
Technology
(0.1%):
Open
Text
Corp.,
Term
Loan
B,
First
Lien
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
1/31/30
(b)
.......
256
250
UKG,
Inc.,
Initial
Term
Loans,
First
Lien
,
6
.17
%
(
SOFR03M
+
250
bps
)
,
2/10/31
(b)
........
33
32
X.AI
LLC,
Term
Loan,
First
Lien
,
6/28/30
(e)
...................................
1,538
1,790
2,072
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Materials
(0.0%):(f)
Solstice
Advanced
Materials,
Inc.,
Term
Loan
B,
First
Lien
,
5
.42
%
(
SOFR03M
+
175
bps
)
,
10/29/32
(b)
.......................................................
$
500
$
502
Utilities
(0.0%):(f)
NRG
Energy,
Inc.,
2024
New
Term
Loans,
First
Lien
,
5
.42
%
(
SOFR03M
+
175
bps
)
,
4/16/31
(b)
315
315
Total
Senior
Secured
Loans
(Cost
$33,503)
a
a
a
33,435
Corporate
Bonds
(21.0%)
Communication
Services
(2.2%):
Alphabet,
Inc.
,
5
.45
%
,
11/15/55
,
Callable
5/15/55
@
100
..........................
875
846
AMC
Networks,
Inc.
,
10
.50
%
,
7/15/32
,
Callable
7/15/28
@
105.25
(a)
.................
933
921
AT&T,
Inc.
,
5
.13
%
,
4/30/36
,
Callable
1/30/36
@
100
.............................
1,489
1,469
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
5
.85
%
,
12/1/35
,
Callable
9/1/35
@
100
...................................
590
580
4
.80
%
,
3/1/50
,
Callable
9/1/49
@
100
....................................
60
45
Clear
Channel
Outdoor
Holdings,
Inc.
7
.88
%
,
4/1/30
,
Callable
10/1/26
@
103.94
(a)
...............................
450
472
7
.50
%
,
3/15/33
,
Callable
9/15/28
@
103.75
(a)
..............................
250
265
DISH
Network
Corp.
,
11
.75
%
,
11/15/27
,
Callable
4/12/26
@
102.94
(a)
................
1,994
2,054
EchoStar
Corp.
10
.75
%
,
11/30/29
,
Callable
11/30/26
@
105.38
..............................
2,121
2,291
6
.75
%
,
11/30/30
,
Callable
11/30/26
@
102
(h)
...............................
3,181
3,215
Frontier
Communications
Holdings
LLC
,
6
.75
%
,
5/1/29
,
Callable
5/2/26
@
100
(a)
........
6,001
6,017
Getty
Images,
Inc.
,
10
.50
%
,
11/15/30
,
Callable
11/15/27
@
105.25
(a)
.................
500
451
Lamar
Media
Corp.
3
.63
%
,
1/15/31
,
Callable
4/17/26
@
101.81
................................
200
185
5
.38
%
,
11/1/33
,
Callable
11/1/28
@
102.69
(a)
..............................
149
147
Meta
Platforms,
Inc.
,
5
.63
%
,
11/15/55
,
Callable
5/15/55
@
100
......................
1,701
1,593
Netflix,
Inc.
,
5
.40
%
,
8/15/54
,
Callable
2/15/54
@
100
.............................
416
402
Nexstar
Media,
Inc.
,
6
.50
%
,
9/15/33
,
Callable
3/15/29
@
103.25
(a)
...................
1,186
1,195
Oak-Eagle
Acquireco,
Inc.
,
7
.25
%
,
7/1/33
,
Callable
7/1/29
@
103.63
(a)
................
498
516
Omnicom
Group,
Inc.
,
5
.30
%
,
6/2/36
,
Callable
3/2/36
@
100
.......................
1,394
1,345
Paramount
Global
,
4
.38
%
,
3/15/43
..........................................
2,724
1,642
ROBLOX
Corp.
,
3
.88
%
,
5/1/30
,
Callable
5/2/26
@
100.97
(a)
.......................
2,265
2,127
T-Mobile
US,
Inc.
5
.00
%
,
2/15/36
,
Callable
11/15/35
@
100
..................................
1,587
1,560
5
.70
%
,
1/15/56
,
Callable
7/15/55
@
100
..................................
589
560
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC
,
6
.50
%
,
2/15/29
,
Callable
4/27/26
@
100
(a)
.........................................................
6,600
6,415
Verizon
Communications,
Inc.
,
5
.88
%
,
11/30/55
,
Callable
5/30/55
@
100
...............
1,012
984
Versant
Media
Group,
Inc.
,
7
.25
%
,
1/30/31
,
Callable
1/30/28
@
103.63
(a)
..............
500
511
WMG
Acquisition
Corp.
,
3
.88
%
,
7/15/30
,
Callable
5/2/26
@
101.94
(a)
................
1,942
1,823
39,631
Consumer
Discretionary
(0.9%):
Advance
Auto
Parts,
Inc.
,
7
.38
%
,
8/1/33
,
Callable
8/1/28
@
103.69
(a)
(i)
...............
500
505
Asbury
Automotive
Group,
Inc.
,
5
.00
%
,
2/15/32
,
Callable
11/15/26
@
102.5
(a)
..........
500
474
AutoNation,
Inc.
,
5
.89
%
,
3/15/35
,
Callable
12/15/34
@
100
........................
100
102
Boyd
Gaming
Corp.
,
4
.75
%
,
6/15/31
,
Callable
6/15/26
@
102.38
(a)
...................
500
477
Boyne
USA,
Inc.
,
4
.75
%
,
5/15/29
,
Callable
5/2/26
@
101.19
(a)
......................
594
577
Caesars
Entertainment,
Inc.
6
.50
%
,
2/15/32
,
Callable
2/15/27
@
103.25
(a)
..............................
100
99
6
.00
%
,
10/15/32
,
Callable
10/15/27
@
103
(a)
(i)
.............................
391
360
D.R.
Horton,
Inc.
,
5
.50
%
,
10/15/35
,
Callable
7/15/35
@
100
........................
227
230
Daimler
Truck
Finance
North
America
LLC
,
5
.38
%
,
6/25/34
,
Callable
3/25/34
@
100
(a)
....
714
715
Genuine
Parts
Co.
,
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
.........................
575
498
Group
1
Automotive,
Inc.
,
6
.38
%
,
1/15/30
,
Callable
7/15/26
@
103.19
(a)
...............
189
191
Hilton
Domestic
Operating
Co.,
Inc.
,
4
.00
%
,
5/1/31
,
Callable
5/2/26
@
102
(a)
...........
500
469
Hyatt
Hotels
Corp.
,
5
.40
%
,
12/15/35
,
Callable
9/15/35
@
100
.......................
509
499
LKQ
Corp.
,
6
.25
%
,
6/15/33
,
Callable
3/15/33
@
100
.............................
73
75
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Lowe's
Cos.,
Inc.
4
.85
%
,
10/15/35
,
Callable
7/15/35
@
100
.................................
$
354
$
345
2
.80
%
,
9/15/41
,
Callable
3/15/41
@
100
..................................
2,793
1,966
Marriott
International,
Inc.
5
.50
%
,
4/15/37
,
Callable
1/15/37
@
100
..................................
10
10
5
.10
%
,
5/1/38
,
Callable
2/1/38
@
100
....................................
815
774
Meritage
Homes
Corp.
,
5
.65
%
,
3/15/35
,
Callable
12/15/34
@
100
....................
592
591
MGM
Resorts
International
,
6
.13
%
,
9/15/29
,
Callable
9/15/26
@
103.06
...............
500
505
O'Reilly
Automotive,
Inc.
,
5
.00
%
,
8/19/34
,
Callable
5/19/34
@
100
...................
953
944
PetSmart
LLC/PetSmart
Finance
Corp.
,
7
.50
%
,
9/15/32
,
Callable
9/15/28
@
103.75
(a)
.....
288
290
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.
,
6
.63
%
,
3/1/30
,
Callable
5/2/26
@
101.66
(a)
......................................................
594
513
Sodexo,
Inc.
,
5
.80
%
,
8/15/35
,
Callable
5/15/35
@
100
(a)
..........................
1,609
1,644
TKC
Holdings,
Inc.
,
8
.50
%
,
8/15/30
,
Callable
8/15/27
@
104.25
(a)
...................
1,884
1,897
Toll
Brothers
Finance
Corp.
,
5
.60
%
,
6/15/35
,
Callable
3/15/35
@
100
(i)
................
383
391
Vail
Resorts,
Inc.
,
6
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.25
(a)
.....................
717
725
15,866
Consumer
Staples
(1.0%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
604
523
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
150
88
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
1,188
1,181
Coca-Cola
Consolidated,
Inc.
,
5
.45
%
,
6/1/34
,
Callable
3/1/34
@
100
..................
783
803
Constellation
Brands,
Inc.
,
4
.95
%
,
11/1/35
,
Callable
8/1/35
@
100
....................
638
616
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
6
.63
%
,
7/15/30
,
Callable
7/16/26
@
103.31
(a)
..............................
1,571
1,558
5
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
...............................
872
843
Diageo
Investment
Corp.
,
5
.63
%
,
4/15/35
,
Callable
1/15/35
@
100
...................
625
647
Kellanova
,
4
.50
%
,
4/1/46
.................................................
311
264
Keurig
Dr.
Pepper,
Inc.
,
5
.15
%
,
5/15/35
,
Callable
2/15/35
@
100
.....................
1,177
1,147
Kraft
Heinz
Foods
Co.
,
6
.88
%
,
1/26/39
.......................................
2,176
2,356
Maple
Parent
Holdings
Corp.
,
5
.70
%
,
3/26/36
,
Callable
12/26/35
@
100
(a)
.............
1,647
1,635
Mars,
Inc.
,
5
.20
%
,
3/1/35
,
Callable
12/1/34
@
100
(a)
.............................
1,296
1,308
PepsiCo,
Inc.
,
2
.63
%
,
10/21/41
,
Callable
4/21/41
@
100
...........................
699
500
Performance
Food
Group,
Inc.
,
4
.25
%
,
8/1/29
,
Callable
5/2/26
@
101.06
(a)
.............
125
120
Sysco
Corp.
,
4
.95
%
,
3/25/36
,
Callable
12/25/35
@
100
............................
1,989
1,897
The
Hershey
Co.
,
5
.10
%
,
2/24/35
,
Callable
11/24/34
@
100
........................
531
542
The
J.M.
Smucker
Co.
,
6
.50
%
,
11/15/53
,
Callable
5/15/53
@
100
(i)
...................
488
507
The
Kroger
Co.
,
5
.50
%
,
9/15/54
,
Callable
3/15/54
@
100
..........................
572
531
17,066
Energy
(0.5%):
Boardwalk
Pipelines
LP
,
5
.38
%
,
2/15/36
,
Callable
11/15/35
@
100
...................
360
354
Cheniere
Energy
Partners
LP
,
5
.55
%
,
10/30/35
,
Callable
4/30/35
@
100
(a)
..............
107
109
CITGO
Petroleum
Corp.
,
8
.38
%
,
1/15/29
,
Callable
5/2/26
@
104.19
(a)
................
1,042
1,076
Coterra
Energy,
Inc.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
10
10
Diamondback
Energy,
Inc.
5
.40
%
,
4/18/34
,
Callable
1/18/34
@
100
..................................
91
92
5
.75
%
,
4/18/54
,
Callable
10/18/53
@
100
.................................
423
400
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
....................
500
513
Energy
Transfer
LP
,
5
.35
%
,
1/15/36
,
Callable
10/15/35
@
100
.......................
972
966
Enterprise
Products
Operating
LLC
,
5
.20
%
,
1/15/36
,
Callable
10/15/35
@
100
...........
724
728
Florida
Gas
Transmission
Co.
LLC
,
5
.75
%
,
7/15/35
,
Callable
4/15/35
@
100
(a)
..........
305
312
Gulfstream
Natural
Gas
System
LLC
,
5
.60
%
,
7/23/35
,
Callable
4/23/35
@
100
(a)
.........
275
279
Harvest
Midstream
I
LP
,
7
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.75
(a)
................
240
245
Murphy
Oil
USA,
Inc.
,
3
.75
%
,
2/15/31
,
Callable
4/17/26
@
101.88
(a)
.................
500
464
ONEOK,
Inc.
5
.40
%
,
10/15/35
,
Callable
7/15/35
@
100
.................................
424
421
5
.15
%
,
10/15/43
,
Callable
4/15/43
@
100
.................................
203
180
Permian
Resources
Operating
LLC
,
6
.25
%
,
2/1/33
,
Callable
8/1/27
@
103.13
(a)
..........
2,216
2,257
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
5
.70
%
,
9/15/34
,
Callable
6/15/34
@
100
694
709
Viper
Energy
Partners
LLC
,
5
.70
%
,
8/1/35
,
Callable
5/1/35
@
100
....................
553
558
9,673
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Financials
(7.8%):
Acrisure
LLC/Acrisure
Finance,
Inc.
8
.25
%
,
2/1/29
,
Callable
5/2/26
@
104.13
(a)
................................
$
2,617
$
2,589
6
.00
%
,
8/1/29
,
Callable
5/2/26
@
101.5
(a)
.................................
4,851
4,556
7
.50
%
,
11/6/30
,
Callable
5/15/26
@
103.75
(a)
..............................
411
411
6
.75
%
,
7/1/32
,
Callable
7/1/28
@
103.38
(a)
................................
2,241
2,154
Affiliated
Managers
Group,
Inc.
,
5
.50
%
,
2/15/36
,
Callable
11/15/35
@
100
..............
3,685
3,629
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co-Issuer
,
6
.50
%
,
10/1/31
,
Callable
10/1/27
@
103.25
(a)
................................................
2,549
2,516
Ally
Financial,
Inc.
,
4
.70
%
(
H15T5Y
+
387
bps
)
,
Callable
5/15/26
@
100
(b)
(j)
............
1,708
1,691
American
Express
Co.
,
4
.80
%
(
SOFR
+
124
bps
)
,
10/24/36
,
Callable
10/24/35
@
100
(b)
.....
1,000
967
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(a)
............................
168
170
Amynta
Agency
Borrower,
Inc.
and
Amynta
Warranty
Borrower,
Inc.
,
7
.50
%
,
7/15/33
,
Callable
7/15/28
@
103.75
(a)
................................................
2,451
2,322
Aon
Corp.
,
6
.25
%
,
9/30/40
................................................
1,168
1,246
Aon
North
America,
Inc.
,
5
.75
%
,
3/1/54
,
Callable
9/1/53
@
100
.....................
555
534
Apollo
Debt
Solutions
BDC
,
5
.70
%
,
1/23/31
,
Callable
12/23/30
@
100
(a)
..............
372
364
Apollo
Global
Management,
Inc.
5
.15
%
,
8/12/35
,
Callable
5/12/35
@
100
..................................
607
588
5
.70
%
,
3/30/36
,
Callable
12/30/35
@
100
.................................
712
712
Arthur
J.
Gallagher
&
Co.
5
.45
%
,
7/15/34
,
Callable
4/15/34
@
100
..................................
605
614
5
.15
%
,
2/15/35
,
Callable
11/15/34
@
100
..................................
702
697
5
.55
%
,
2/15/55
,
Callable
8/15/54
@
100
..................................
1,710
1,595
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance
,
7
.13
%
,
5/15/31
,
Callable
5/15/27
@
103.56
(a)
....................................
2,420
2,431
Bank
of
America
Corp.
,
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(b)
....
693
599
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer,
Inc.
,
9
.50
%
,
7/1/32
,
Callable
7/1/28
@
104.75
(a)
(i)
................................................
1,795
1,617
Blackstone
Reg
Finance
Co.
LLC
,
4
.95
%
,
2/15/36
,
Callable
11/15/35
@
100
............
567
548
Block
Financial
LLC
3
.88
%
,
8/15/30
,
Callable
5/15/30
@
100
(i)
.................................
1,856
1,749
5
.38
%
,
9/15/32
,
Callable
7/15/32
@
100
..................................
2,786
2,699
Block,
Inc.
6
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.25
................................
462
465
6
.00
%
,
8/15/33
,
Callable
8/15/28
@
103
(a)
................................
2,028
1,995
Blue
Owl
Finance
LLC
,
6
.25
%
,
4/18/34
,
Callable
1/18/34
@
100
.....................
709
684
BMW
US
Capital
LLC
,
5
.20
%
,
8/11/35
,
Callable
5/11/35
@
100
(a)
...................
776
765
Broadstreet
Partners
Group
LLC
,
5
.88
%
,
4/15/29
,
Callable
5/2/26
@
100
(a)
.............
1,081
1,053
Brown
&
Brown,
Inc.
5
.65
%
,
6/11/34
,
Callable
3/11/34
@
100
..................................
350
353
5
.55
%
,
6/23/35
,
Callable
3/23/35
@
100
..................................
2,955
2,951
6
.25
%
,
6/23/55
,
Callable
12/12/54
@
100
.................................
335
334
Burford
Capital
Global
Finance
LLC
,
7
.50
%
,
7/15/33
,
Callable
7/15/28
@
103.75
(a)
.......
1,505
1,253
Citadel
Securities
Global
Holdings
LLC
,
5
.75
%
,
3/27/36
,
Callable
12/27/35
@
100
(a)
......
800
787
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
430
461
Enstar
Finance
LLC
,
5
.50
%
(
H15T5Y
+
401
bps
)
,
1/15/42
,
Callable
1/15/27
@
100
(b)
.......
1,644
1,617
ERAC
USA
Finance
LLC
,
4
.90
%
,
5/1/33
,
Callable
2/1/33
@
100
(a)
...................
788
789
EZCORP,
Inc.
,
7
.38
%
,
4/1/32
,
Callable
4/1/28
@
103.69
(a)
.........................
500
521
Fifth
Third
Bancorp
,
5
.14
%
(
SOFR
+
124
bps
)
,
1/29/37
,
Callable
1/29/36
@
100
(b)
.........
1,129
1,101
Fiserv,
Inc.
5
.25
%
,
8/11/35
,
Callable
5/11/35
@
100
(i)
.................................
1,201
1,168
4
.40
%
,
7/1/49
,
Callable
1/1/49
@
100
....................................
429
324
Focus
Financial
Partners
LLC
,
6
.75
%
,
9/15/31
,
Callable
9/15/27
@
103.38
(a)
............
2,911
2,896
Ford
Motor
Credit
Co.
LLC
6
.50
%
,
2/7/35
,
Callable
11/7/34
@
100
...................................
422
426
5
.87
%
,
10/31/35
,
Callable
7/31/35
@
100
.................................
498
479
Global
Payments,
Inc.
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
..................................
1,017
978
5
.95
%
,
8/15/52
,
Callable
2/15/52
@
100
(i)
.................................
41
38
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Hightower
Holding
LLC
6
.75
%
,
4/15/29
,
Callable
5/2/26
@
100
(a)
.................................
$
407
$
399
9
.13
%
,
1/31/30
,
Callable
7/31/26
@
104.56
(a)
..............................
179
182
HUB
International
Ltd.
,
7
.38
%
,
1/31/32
,
Callable
1/31/27
@
103.69
(a)
................
3,259
3,324
Huntington
Bancshares,
Inc.
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(b)
..................
252
216
5
.61
%
(
H15T5Y
+
135
bps
)
,
1/28/41
,
Callable
10/28/35
@
100
(b)
.................
676
660
Jane
Street
Group/JSG
Finance,
Inc.
,
6
.75
%
,
5/1/33
,
Callable
5/1/28
@
103.38
(a)
.........
2,709
2,750
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.
,
6
.63
%
,
10/15/31
,
Callable
10/15/27
@
103.31
(a)
526
501
Jefferies
Financial
Group,
Inc.
,
5
.50
%
,
2/15/36
,
Callable
11/15/35
@
100
...............
324
311
JPMorgan
Chase
&
Co.
5
.58
%
(
SOFR
+
164
bps
)
,
7/23/36
,
Callable
7/23/35
@
100
(b)
....................
2,067
2,095
4
.90
%
(
SOFR
+
107
bps
)
,
1/22/37
,
Callable
1/22/36
@
100
(b)
....................
978
957
5
.19
%
(
SOFR
+
130
bps
)
,
2/5/37
,
Callable
2/5/36
@
100
(b)
......................
1,488
1,461
KeyCorp
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(b)
............
145
142
6
.40
%
(
SOFRINDX
+
242
bps
)
,
3/6/35
,
Callable
3/6/34
@
100
(b)
.................
298
316
KKR
&
Co.,
Inc.
,
5
.10
%
,
8/7/35
,
Callable
5/7/35
@
100
(i)
.........................
768
742
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
,
7
.00
%
,
7/15/31
,
Callable
7/15/27
@
103.5
(a)
...........................................
1,788
1,850
Loews
Corp.
,
4
.94
%
,
4/1/36
,
Callable
1/1/36
@
100
..............................
806
788
LPL
Holdings,
Inc.
5
.65
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
407
404
5
.75
%
,
6/15/35
,
Callable
3/15/35
@
100
..................................
751
748
LSEG
US
Fin
Corp.
,
5
.25
%
,
3/23/36
,
Callable
12/23/35
@
100
(a)
....................
775
768
M&T
Bank
Corp.
,
5
.40
%
(
H15T5Y
+
143
bps
)
,
7/30/35
,
Callable
7/30/30
@
100
(b)
........
508
506
Marsh
&
McLennan
Cos.,
Inc.
4
.95
%
,
3/15/36
,
Callable
12/15/35
@
100
.................................
1,798
1,781
5
.40
%
,
3/15/55
,
Callable
9/15/54
@
100
..................................
556
521
MassMutual
Global
Funding
II
,
5
.05
%
,
8/26/35
(a)
...............................
2,798
2,748
MetLife,
Inc.
,
9
.25
%
,
4/8/38
,
Callable
4/8/33
@
100
(a)
............................
55
64
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
............................
1,150
1,012
Mobius
Merger
Sub,
Inc.
,
9
.00
%
,
6/1/30
,
Callable
6/1/26
@
104.5
(a)
..................
1,834
1,275
Morgan
Stanley
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(b)
....................
10
10
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(b)
....................
654
563
4
.89
%
(
SOFR
+
131
bps
)
,
10/22/36
,
Callable
10/22/35
@
100
(b)
..................
1,114
1,077
5
.07
%
(
SOFR
+
118
bps
)
,
1/30/37
,
Callable
1/30/36
@
100
(b)
....................
648
635
Morgan
Stanley
Private
Bank
NA
,
4
.73
%
(
SOFR
+
108
bps
)
,
7/18/31
,
Callable
7/18/30
@
100
(b)
651
649
MSCI,
Inc.
,
5
.15
%
,
3/15/36
,
Callable
12/15/35
@
100
.............................
1,387
1,345
MSD
Investment
Corp.
,
6
.13
%
,
2/5/31
,
Callable
1/5/31
@
100
(a)
....................
3,117
3,021
New
York
Life
Global
Funding
1
.85
%
,
8/1/31
(a)
...................................................
1,325
1,151
5
.35
%
,
1/23/35
(a)
..................................................
2,213
2,258
Northern
Trust
Corp.
,
5
.12
%
(
H15T5Y
+
105
bps
)
,
11/19/40
,
Callable
11/19/35
@
100
(b)
....
2,091
2,037
Osaic
Holdings,
Inc.
6
.75
%
,
8/1/32
,
Callable
8/1/28
@
103.38
(a)
................................
1,774
1,772
8
.00
%
,
8/1/33
,
Callable
8/1/28
@
104
(a)
..................................
1,907
1,883
Panther
Escrow
Issuer
LLC
,
7
.13
%
,
6/1/31
,
Callable
6/1/27
@
103.56
(a)
...............
5,039
5,047
Pinnacle
Financial
Partners,
Inc.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(b)
...............
958
988
Raymond
James
Financial,
Inc.
,
4
.90
%
,
9/11/35
,
Callable
6/11/35
@
100
...............
585
570
Rocket
Cos.,
Inc.
,
6
.38
%
,
8/1/33
,
Callable
8/1/28
@
103.19
(a)
.......................
93
94
Ryan
Specialty
LLC
,
5
.88
%
,
8/1/32
,
Callable
8/1/27
@
102.94
(a)
....................
8,184
8,099
Santander
Holdings
USA,
Inc.
,
6
.34
%
(
SOFR
+
214
bps
)
,
5/31/35
,
Callable
5/31/34
@
100
(b)
(i)
455
476
State
Street
Corp.
,
6
.12
%
(
SOFR
+
196
bps
)
,
11/21/34
,
Callable
11/21/33
@
100
(b)
.........
579
612
Stonebriar
ABF
Issuer
LLC
,
8
.13
%
,
12/15/30
,
Callable
12/15/27
@
104.06
(a)
............
230
239
Swepco
Storm
Recovery
Funding
LLC
,
4
.88
%
,
9/1/39
............................
478
477
Takeda
US
Financing,
Inc.
,
5
.20
%
,
7/7/35
,
Callable
4/7/35
@
100
....................
820
819
Takeoff
Merger
Sub,
Inc.
,
5
.50
%
,
3/24/36
,
Callable
12/24/35
@
100
(a)
.................
1,179
1,161
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(b)
.
500
497
The
Bank
of
New
York
Mellon
Corp.
5
.19
%
(
SOFR
+
142
bps
)
,
3/14/35
,
Callable
3/14/34
@
100
(b)
....................
1,895
1,921
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(b)
....................
960
979
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Carlyle
Group,
Inc.
,
5
.05
%
,
9/19/35
,
Callable
6/19/35
@
100
....................
$
909
$
879
The
Charles
Schwab
Corp.
4
.00
%
(
H15T5Y
+
317
bps
)
,
Callable
6/1/26
@
100
(b)
(j)
........................
583
579
4
.91
%
(
SOFR
+
123
bps
)
,
11/14/36
,
Callable
11/14/35
@
100
(b)
..................
886
861
The
Goldman
Sachs
Group,
Inc.
5
.85
%
(
SOFR
+
155
bps
)
,
4/25/35
,
Callable
4/25/34
@
100
(b)
....................
664
689
5
.07
%
(
SOFR
+
119
bps
)
,
1/21/37
,
Callable
1/21/36
@
100
(b)
....................
440
431
The
PNC
Financial
Services
Group,
Inc.
5
.37
%
(
SOFR
+
142
bps
)
,
7/21/36
,
Callable
7/21/35
@
100
(b)
....................
894
901
5
.42
%
(
H15T5Y
+
117
bps
)
,
1/25/41
,
Callable
1/25/36
@
100
(b)
..................
3,154
3,095
Toyota
Motor
Credit
Corp.
,
4
.80
%
,
1/11/36
....................................
2,022
1,973
TPG
Operating
Group
II
LP
4
.88
%
,
5/15/31
,
Callable
4/15/31
@
100
..................................
523
513
5
.38
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
1,127
1,088
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(b)
(j)
.......................
8
8
4
.96
%
(
SOFR
+
140
bps
)
,
10/23/36
,
Callable
10/23/35
@
100
,
MTN
(b)
.............
696
674
U.S.
Bancorp
4
.97
%
(
SOFR
+
211
bps
)
,
7/22/33
,
Callable
7/22/32
@
100
(b)
....................
257
254
5
.03
%
(
SOFR
+
110
bps
)
,
1/26/37
,
Callable
1/26/36
@
100
(b)
....................
1,106
1,092
Voyager
Parent
LLC
,
9
.25
%
,
7/1/32
,
Callable
7/1/28
@
104.63
(a)
....................
1,639
1,707
Wells
Fargo
&
Co.
,
4
.96
%
(
SOFR
+
110
bps
)
,
1/23/37
,
Callable
1/23/36
@
100
(b)
..........
1,099
1,071
Willis
North
America,
Inc.
,
5
.15
%
,
3/15/36
,
Callable
12/15/35
@
100
.................
2,880
2,809
141,961
Health
Care
(1.9%):
180
Medical,
Inc.
,
5
.30
%
,
10/8/35
,
Callable
7/8/35
@
100
(a)
........................
450
440
Acadia
Healthcare
Co.,
Inc.
,
7
.38
%
,
3/15/33
,
Callable
3/15/28
@
103.69
(a)
(i)
............
35
36
Alcon
Finance
Corp.
,
5
.75
%
,
12/6/52
,
Callable
6/6/52
@
100
(a)
.....................
501
490
Amgen,
Inc.
,
4
.85
%
,
2/19/36
,
Callable
11/19/35
@
100
............................
1,043
1,024
AthenaHealth
Group,
Inc.
,
6
.50
%
,
2/15/30
,
Callable
5/2/26
@
101.63
(a)
...............
5,280
4,932
Baxter
International,
Inc.
,
5
.65
%
,
12/15/35
,
Callable
9/15/35
@
100
...................
629
614
Centene
Corp.
4
.63
%
,
12/15/29
,
Callable
5/2/26
@
101.54
................................
3,328
3,159
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
...................................
316
265
CVS
Health
Corp.
,
6
.75
%
(
H15T5Y
+
252
bps
)
,
12/10/54
,
Callable
9/10/34
@
100
(b)
.......
65
66
DENTSPLY
SIRONA,
Inc.
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
63
58
8
.38
%
(
H15T5Y
+
438
bps
)
,
9/12/55
,
Callable
6/12/30
@
100
(b)
..................
2,233
2,176
GE
HealthCare
Technologies,
Inc.
,
4
.95
%
,
12/15/35
,
Callable
9/15/35
@
100
............
289
284
HCA,
Inc.
5
.13
%
,
6/15/39
,
Callable
12/15/38
@
100
.................................
2,529
2,383
5
.70
%
,
11/15/55
,
Callable
5/15/55
@
100
..................................
225
209
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.88
%
,
6/15/54
,
Callable
12/15/53
@
100
(a)
...........................................................
455
427
Medline
Borrower
LP
,
5
.25
%
,
10/1/29
,
Callable
5/2/26
@
101.31
(a)
..................
10,429
10,336
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV
,
7
.88
%
,
5/15/34
,
Callable
5/15/29
@
103.94
(a)
(i)
.......................................................
1,099
904
Orlando
Health
Obligated
Group
,
5
.48
%
,
10/1/35
,
Callable
4/1/35
@
100
...............
1,685
1,729
The
Cigna
Group
,
5
.25
%
,
1/15/36
,
Callable
10/15/35
@
100
........................
495
496
Thermo
Fisher
Scientific,
Inc.
,
4
.89
%
,
10/7/37
,
Callable
7/7/37
@
100
.................
649
640
Universal
Health
Services,
Inc.
,
5
.05
%
,
10/15/34
,
Callable
7/15/34
@
100
..............
482
461
VSP
Optical
Group,
Inc.
,
5
.45
%
,
12/1/35
,
Callable
9/1/35
@
100
(a)
...................
2,089
2,047
Zimmer
Biomet
Holdings,
Inc.
,
5
.20
%
,
9/15/34
,
Callable
6/15/34
@
100
...............
760
759
Zoetis,
Inc.
,
5
.00
%
,
8/17/35
,
Callable
5/17/35
@
100
.............................
835
828
34,763
Industrials
(2.2%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
10
9
Air
Lease
Corp.
,
4
.65
%
(
H15T5Y
+
408
bps
)
,
Callable
6/15/26
@
100
(b)
(j)
..............
34
34
American
Airlines
Pass
Through
Trust
,
5
.65
%
,
11/11/34
...........................
429
428
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
,
5
.75
%
,
4/20/29
(a)
................
1,509
1,497
American
Builders
&
Contractors
Supply
Co.,
Inc.
,
4
.00
%
,
1/15/28
,
Callable
5/2/26
@
100
(a)
1,166
1,144
Arcosa,
Inc.
,
6
.88
%
,
8/15/32
,
Callable
8/15/27
@
103.44
(a)
.........................
500
513
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Axon
Enterprise,
Inc.
,
6
.25
%
,
3/15/33
,
Callable
3/15/28
@
103.13
(a)
..................
$
500
$
510
BlueLinx
Holdings,
Inc.
,
6
.00
%
,
11/15/29
,
Callable
5/2/26
@
101.5
(a)
.................
867
841
Carlisle
Cos.,
Inc.
,
5
.55
%
,
9/15/40
,
Callable
6/15/40
@
100
.........................
1,020
1,009
Carpenter
Technology
Corp.
,
5
.63
%
,
3/1/34
,
Callable
3/1/29
@
102.81
(a)
...............
2,233
2,213
Delta
Air
Lines
Pass
Through
Trust
,
2
.50
%
,
6/10/28
..............................
80
77
Delta
Air
Lines,
Inc.
3
.75
%
,
10/28/29
,
Callable
7/28/29
@
100
.................................
201
193
5
.25
%
,
7/10/30
,
Callable
6/10/30
@
100
..................................
339
342
EMRLD
Borrower
LP/Emerald
Co-Issuer,
Inc.
,
6
.75
%
,
7/15/31
,
Callable
7/15/27
@
103.38
(a)
488
502
FedEx
Freight
Holding
Co.,
Inc.
,
5
.25
%
,
3/15/36
,
Callable
12/15/35
@
100
(a)
...........
430
416
GATX
Corp.
,
5
.50
%
,
6/15/35
,
Callable
3/15/35
@
100
............................
700
706
Genesee
&
Wyoming,
Inc.
,
6
.25
%
,
4/15/32
,
Callable
4/15/27
@
103.13
(a)
..............
200
202
GXO
Logistics,
Inc.
,
6
.50
%
,
5/6/34
,
Callable
2/6/34
@
100
.........................
177
186
HEICO
Corp.
,
5
.35
%
,
8/1/33
,
Callable
5/1/33
@
100
.............................
297
302
Herc
Holdings,
Inc.
,
7
.25
%
,
6/15/33
,
Callable
6/15/28
@
103.63
(a)
...................
95
97
Hubbell,
Inc.
,
4
.80
%
,
11/15/35
,
Callable
8/15/35
@
100
...........................
301
293
JetBlue
Airways
Corp./JetBlue
Loyalty
LP
,
9
.88
%
,
9/20/31
,
Callable
8/27/27
@
104.94
(a)
...
456
431
JetBlue
Pass
Through
Trust
,
2
.75
%
,
5/15/32
....................................
151
133
JH
North
America
Holdings,
Inc.
,
6
.13
%
,
7/31/32
,
Callable
7/31/28
@
103.06
(a)
.........
2,887
2,883
Lockheed
Martin
Corp.
,
5
.00
%
,
8/15/35
,
Callable
5/15/35
@
100
.....................
947
955
MasTec,
Inc.
,
5
.90
%
,
6/15/29
,
Callable
5/15/29
@
100
............................
132
136
Masterbrand,
Inc.
,
7
.00
%
,
7/15/32
,
Callable
7/15/27
@
103.5
(a)
(i)
....................
500
489
Otis
Worldwide
Corp.
5
.13
%
,
9/4/35
,
Callable
6/4/35
@
100
....................................
680
678
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
..................................
703
534
Paychex,
Inc.
,
5
.60
%
,
4/15/35
,
Callable
1/15/35
@
100
(i)
..........................
2,697
2,709
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
507
534
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
49
52
Resideo
Funding,
Inc.
,
6
.50
%
,
7/15/32
,
Callable
7/15/27
@
103.25
(a)
.................
433
427
Roller
Bearing
Co.
of
America,
Inc.
,
4
.38
%
,
10/15/29
,
Callable
5/2/26
@
101.09
(a)
.......
424
412
RXO,
Inc.
,
6
.38
%
,
5/15/31
,
Callable
5/15/28
@
103.19
(a)
..........................
761
732
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.
,
6
.75
%
,
8/15/32
,
Callable
8/15/27
@
103.38
(a)
.........................................................
477
469
Southwest
Airlines
Co.
,
5
.25
%
,
11/15/35
,
Callable
8/15/35
@
100
....................
2,306
2,164
Stonepeak
Nile
Parent
LLC
,
7
.25
%
,
3/15/32
,
Callable
3/15/28
@
103.63
(a)
.............
652
677
Textron,
Inc.
,
4
.95
%
,
3/15/36
,
Callable
12/15/35
@
100
...........................
701
682
The
Boeing
Co.
6
.88
%
,
3/15/39
....................................................
3,582
3,939
6
.86
%
,
5/1/54
,
Callable
11/1/53
@
100
...................................
170
187
The
GEO
Group,
Inc.
8
.63
%
,
4/15/29
,
Callable
4/15/26
@
104.31
................................
948
985
10
.25
%
,
4/15/31
,
Callable
4/15/27
@
105.13
...............................
611
652
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
1,126
1,063
TriNet
Group,
Inc.
,
7
.13
%
,
8/15/31
,
Callable
8/15/26
@
103.56
(a)
....................
2,158
2,094
United
Airlines
Pass
Through
Trust
4
.00
%
,
4/11/26
.....................................................
428
428
5
.88
%
,
2/15/37
....................................................
125
126
Verisk
Analytics,
Inc.
,
5
.13
%
,
3/15/36
,
Callable
12/15/35
@
100
.....................
1,048
1,024
Weir
Group,
Inc.
,
5
.35
%
,
5/6/30
,
Callable
4/6/30
@
100
(a)
.........................
1,311
1,328
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
4/12/26
@
103.13
(a)
...........................
840
850
39,287
Information
Technology
(1.5%):
Broadcom,
Inc.
,
4
.95
%
,
1/15/36
,
Callable
10/15/35
@
100
.........................
297
293
Cadence
Design
Systems,
Inc.
,
4
.70
%
,
9/10/34
,
Callable
6/10/34
@
100
................
981
963
Citadel
Finance
LLC
,
5
.15
%
,
2/14/31
,
Callable
1/14/31
@
100
(a)
....................
693
677
Cloud
Software
Group,
Inc.
,
6
.50
%
,
3/31/29
,
Callable
4/12/26
@
103.25
(a)
.............
1,868
1,818
Dell
International
LLC/EMC
Corp.
,
5
.10
%
,
2/15/36
,
Callable
11/15/35
@
100
...........
469
458
Ellucian
Holdings,
Inc.
,
6
.50
%
,
12/1/29
,
Callable
12/1/26
@
103.25
(a)
.................
1,077
1,051
Foundry
JV
Holdco
LLC
6
.40
%
,
1/25/38
,
Callable
10/25/37
@
100
(a)
...............................
846
885
6
.30
%
,
1/25/39
,
Callable
10/25/38
@
100
(a)
...............................
194
202
International
Business
Machines
Corp.
,
4
.95
%
,
2/3/36
,
Callable
11/3/35
@
100
..........
1,348
1,313
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
283
280
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Micron
Technology,
Inc.
,
6
.05
%
,
11/1/35
,
Callable
8/1/35
@
100
.....................
$
178
$
192
NCR
Voyix
Corp.
,
5
.13
%
,
4/15/29
,
Callable
4/12/26
@
101.28
(a)
....................
500
479
Oracle
Corp.
4
.65
%
,
5/6/30
,
Callable
3/6/30
@
100
....................................
1,029
1,006
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
2,318
1,920
5
.95
%
,
9/26/55
,
Callable
3/26/55
@
100
..................................
956
804
Qnity
Electronics,
Inc.
5
.75
%
,
8/15/32
,
Callable
8/15/28
@
102.88
(a)
..............................
654
655
6
.25
%
,
8/15/33
,
Callable
8/15/28
@
103.13
(a)
..............................
500
507
Rocket
Software,
Inc.
,
9
.00
%
,
11/28/28
,
Callable
4/12/26
@
103
(a)
...................
2,077
2,074
Roper
Technologies,
Inc.
,
5
.10
%
,
9/15/35
,
Callable
6/15/35
@
100
...................
1,079
1,048
Salesforce,
Inc.
2
.70
%
,
7/15/41
,
Callable
1/15/41
@
100
..................................
2,930
1,998
6
.40
%
,
3/15/46
,
Callable
9/15/45
@
100
..................................
3,694
3,719
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
338
339
TD
SYNNEX
Corp.
,
5
.30
%
,
10/10/35
,
Callable
7/10/35
@
100
......................
568
550
Trimble,
Inc.
,
6
.10
%
,
3/15/33
,
Callable
12/15/32
@
100
...........................
455
476
UKG,
Inc.
,
6
.88
%
,
2/1/31
,
Callable
2/1/27
@
103.44
(a)
............................
3,423
3,356
VMware
LLC
,
2
.20
%
,
8/15/31
,
Callable
5/15/31
@
100
...........................
550
483
27,546
Materials
(1.3%):
Amcor
Flexibles
North
America,
Inc.
5
.50
%
,
3/17/35
,
Callable
12/17/34
@
100
.................................
471
477
5
.13
%
,
3/12/36
,
Callable
12/12/35
@
100
.................................
1,126
1,094
AmeriTex
HoldCo
Intermediate
LLC
,
7
.63
%
,
8/15/33
,
Callable
8/15/28
@
103.81
(a)
......
500
516
Amrize
Finance
US
LLC
,
5
.40
%
,
4/7/35
,
Callable
1/7/35
@
100
.....................
506
515
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
539
500
CRH
America
Finance,
Inc.
5
.50
%
,
1/9/35
,
Callable
10/9/34
@
100
...................................
821
838
5
.00
%
,
2/9/36
,
Callable
11/9/35
@
100
...................................
1,168
1,146
5
.88
%
,
1/9/55
,
Callable
7/9/54
@
100
....................................
405
403
Eagle
Materials,
Inc.
,
5
.00
%
,
3/15/36
,
Callable
12/15/35
@
100
......................
2,742
2,623
Ecolab,
Inc.
,
5
.00
%
,
9/1/35
,
Callable
6/1/35
@
100
...............................
667
668
Huntsman
International
LLC
,
2
.95
%
,
6/15/31
,
Callable
3/15/31
@
100
.................
341
281
LYB
International
Finance
III
LLC
,
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
.............
6,504
4,712
Martin
Marietta
Materials,
Inc.
5
.15
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
363
363
5
.50
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
783
738
Packaging
Corp.
of
America
,
5
.20
%
,
8/15/35
,
Callable
5/15/35
@
100
.................
384
381
Reliance,
Inc.
,
6
.85
%
,
11/15/36
.............................................
215
237
Sonoco
Products
Co.
,
5
.00
%
,
9/1/34
,
Callable
6/1/34
@
100
(i)
......................
1,095
1,072
Syensqo
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(a)
...............
945
962
The
Dow
Chemical
Co.
,
5
.65
%
,
3/15/36
,
Callable
12/15/35
@
100
(i)
..................
3,286
3,253
The
Sherwin-Williams
Co.
,
5
.15
%
,
8/15/35
,
Callable
5/15/35
@
100
..................
723
725
Vulcan
Materials
Co.
5
.35
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
910
925
5
.70
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
490
475
Westlake
Corp.
,
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
(i)
........................
1,148
1,143
Windsor
Holdings
III
LLC
,
8
.50
%
,
6/15/30
,
Callable
6/15/26
@
104.25
(a)
..............
250
259
24,306
Real
Estate
(0.8%):
Alexandria
Real
Estate
Equities,
Inc.
,
5
.50
%
,
10/1/35
,
Callable
7/1/35
@
100
............
1,082
1,078
American
Assets
Trust
LP
,
6
.15
%
,
10/1/34
,
Callable
7/1/34
@
100
....................
131
130
American
Tower
Trust
#1
,
5
.49
%
,
3/15/28
,
Callable
3/15/27
@
100
(a)
.................
260
263
Boston
Properties
LP
,
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
.......................
615
497
CBRE
Services,
Inc.
,
5
.50
%
,
6/15/35
,
Callable
3/15/35
@
100
.......................
241
243
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
701
634
Essex
Portfolio
LP
,
5
.50
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
1,065
1,077
Extra
Space
Storage
LP
,
5
.35
%
,
1/15/35
,
Callable
10/15/34
@
100
....................
922
924
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.63
%
,
3/1/36
,
Callable
12/1/35
@
100
..........
1,160
1,128
Healthpeak
OP
LLC
,
5
.38
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
347
348
Kilroy
Realty
LP
,
6
.25
%
,
1/15/36
,
Callable
10/15/35
@
100
........................
387
383
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Public
Storage
Operating
Co.
,
5
.00
%
,
7/1/35
,
Callable
4/1/35
@
100
(i)
................
$
1,115
$
1,117
Regency
Centers
LP
,
5
.10
%
,
1/15/35
,
Callable
10/15/34
@
100
......................
1,564
1,558
SBA
Tower
Trust
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
211
215
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
...............................
688
691
2
.59
%
,
10/15/31
(a)
..................................................
500
447
South
Bow
USA
Infrastructure
Holdings
LLC
,
5
.58
%
,
10/1/34
,
Callable
7/1/34
@
100
.....
81
80
The
Howard
Hughes
Corp.
5
.88
%
,
3/1/32
,
Callable
9/1/28
@
102.94
(a)
................................
787
757
6
.13
%
,
3/1/34
,
Callable
3/1/29
@
103.06
(a)
................................
1,182
1,136
The
NHP
Foundation
,
6
.00
%
,
12/1/33
,
Callable
6/1/33
@
100
.......................
179
190
The
Northwestern
Mutual
Life
Insurance
Co.
,
6
.17
%
,
5/29/55
,
Callable
11/29/54
@
100
(a)
..
931
956
VICI
Properties
LP
,
5
.63
%
,
4/1/35
,
Callable
1/1/35
@
100
..........................
1,128
1,122
14,974
Utilities
(0.9%):
Black
Hills
Corp.
,
6
.00
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
311
323
CenterPoint
Energy
Houston
Electric
LLC
,
5
.05
%
,
3/1/35
,
Callable
12/1/34
@
100
........
1,300
1,297
Centerpoint
Energy
Restoration
Bond
Co.
III
LLC
,
4
.86
%
,
12/15/39
..................
1,165
1,136
Cleco
Power
LLC
,
5
.30
%
,
1/15/36
,
Callable
10/15/35
@
100
(a)
......................
698
693
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(b)
.........
27
26
Constellation
Energy
Generation
LLC
,
5
.00
%
,
2/1/31
,
Callable
2/1/27
@
101.67
(a)
........
749
751
Dominion
Energy,
Inc.
,
7
.00
%
(
H15T5Y
+
251
bps
)
,
6/1/54
,
Callable
3/3/34
@
100
(b)
.......
708
749
DTE
Energy
Co.
,
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
...........................
878
920
Duke
Energy
Carolinas
SC
Storm
Funding
LLC
,
4
.90
%
,
3/1/46
......................
388
384
Duke
Energy
Corp.
,
3
.30
%
,
6/15/41
,
Callable
12/15/40
@
100
.......................
1,282
962
Duke
Energy
Progress
SC
Storm
Funding
LLC
,
5
.40
%
,
3/1/44
.......................
168
171
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
383
338
Entergy
Louisiana
LLC
,
5
.15
%
,
9/15/34
,
Callable
6/15/34
@
100
....................
475
479
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/38
.......................
198
202
Interstate
Power
and
Light
Co.
,
5
.60
%
,
6/29/35
,
Callable
3/29/35
@
100
...............
356
365
Oncor
Electric
Delivery
Co.
LLC
,
5
.35
%
,
4/1/35
,
Callable
1/1/35
@
100
...............
1,372
1,402
PPL
Capital
Funding,
Inc.
,
5
.25
%
,
9/1/34
,
Callable
6/1/34
@
100
.....................
124
125
Public
Service
Co.
of
Oklahoma
,
5
.45
%
,
1/15/36
,
Callable
10/15/35
@
100
.............
1,266
1,275
Vistra
Operations
Co.
LLC
7
.75
%
,
10/15/31
,
Callable
10/15/26
@
103.88
(a)
............................
1,246
1,305
6
.88
%
,
4/15/32
,
Callable
4/15/27
@
103.44
(a)
..............................
2,869
2,969
15,872
Total
Corporate
Bonds
(Cost
$386,016)
a
a
a
380,945
Yankee
Dollars
(5.4%)
Communication
Services
(0.1%):
Altice
France
SA
,
9
.50
%
,
11/1/29
,
Callable
10/1/26
@
101
(a)
.......................
99
100
Orange
SA
,
5
.00
%
,
1/13/36
,
Callable
10/13/35
@
100
(a)
...........................
753
740
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
...............
873
815
TELUS
Corp.
,
6
.38
%
(
H15T5Y
+
269
bps
)
,
6/9/56
,
Callable
3/9/31
@
100
(b)
.............
762
753
2,408
Consumer
Discretionary
(1.2%):
Carnival
Corp.
7
.00
%
,
8/15/29
,
Callable
8/15/26
@
103.5
(a)
...............................
712
739
6
.13
%
,
2/15/33
,
Callable
2/15/28
@
103.06
(a)
(i)
............................
4,268
4,308
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
25
22
Gildan
Activewear,
Inc.
,
5
.40
%
,
10/7/35
,
Callable
7/7/35
@
100
(a)
...................
779
761
NCL
Corp.
Ltd.
6
.75
%
,
2/1/32
,
Callable
2/1/28
@
103.38
(a)
................................
4,422
4,388
6
.25
%
,
9/15/33
,
Callable
9/15/28
@
103.13
(a)
..............................
1,065
1,034
Pershing
Square
Holdings
Ltd.
,
5
.50
%
,
10/28/32
,
Callable
8/28/32
@
100
(a)
............
3,000
2,969
Royal
Caribbean
Cruises
Ltd.
6
.25
%
,
3/15/32
,
Callable
3/15/27
@
103.13
(a)
..............................
1,645
1,682
6
.00
%
,
2/1/33
,
Callable
8/1/27
@
103
(a)
..................................
881
891
5
.25
%
,
2/27/38
,
Callable
8/27/37
@
100
..................................
2,099
1,996
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
5
.63
%
,
2/15/29
,
Callable
5/2/26
@
100
(a)
...........
$
2,536
$
2,531
21,321
Consumer
Staples
(0.3%):
Alimentation
Couche-Tard,
Inc.
,
5
.08
%
,
9/29/35
,
Callable
6/29/35
@
100
(a)
.............
932
921
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
54
54
Bacardi-Martini
BV
,
6
.00
%
,
2/1/35
,
Callable
11/1/34
@
100
(a)
......................
559
566
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
2,374
2,030
Imperial
Brands
Finance
PLC
,
5
.63
%
,
7/1/35
,
Callable
4/1/35
@
100
(a)
................
1,246
1,253
JBS
NV/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
Holdings
5
.63
%
,
3/10/37
,
Callable
12/10/36
@
100
(a)
...............................
713
715
6
.25
%
,
3/1/56
,
Callable
9/1/55
@
100
....................................
541
530
6,069
Energy
(0.5%):
Aker
BP
ASA
,
5
.13
%
,
10/1/34
,
Callable
7/1/34
@
100
(a)
..........................
523
511
Breakwater
Energy
Holdings
SARL
,
9
.25
%
,
11/15/30
,
Callable
11/15/27
@
104.63
(a)
......
1,479
1,563
Enbridge,
Inc.
,
5
.63
%
,
4/5/34
,
Callable
1/5/34
@
100
.............................
100
103
Harbour
Energy
PLC
,
6
.33
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
......................
1,104
1,129
Saudi
Arabian
Oil
Co.
,
5
.00
%
,
2/2/36
,
Callable
11/2/35
@
100
(a)
....................
2,375
2,279
Vallourec
SACA
,
7
.50
%
,
4/15/32
,
Callable
4/15/27
@
103.75
(a)
.....................
2,213
2,321
Var
Energi
ASA
,
6
.50
%
,
5/22/35
,
Callable
2/22/35
@
100
(a)
........................
442
466
8,372
Financials
(2.4%):
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(a)
(b)
.............
300
311
Ardonagh
Finco
Ltd.
,
7
.75
%
,
2/15/31
,
Callable
2/15/27
@
103.88
(a)
..................
2,186
2,208
Ardonagh
Group
Finance
Ltd.
,
8
.88
%
,
2/15/32
,
Callable
2/15/27
@
104.44
(a)
...........
4,323
4,197
Ascot
Group
Ltd.
,
6
.35
%
(
H15T5Y
+
238
bps
)
,
6/15/35
,
Callable
3/15/30
@
100
(a)
(b)
.......
428
438
Aspen
Insurance
Holdings
Ltd.
,
5
.75
%
,
7/1/30
,
Callable
6/1/30
@
100
.................
244
252
Azorra
Finance
Ltd.
,
6
.25
%
,
2/15/34
,
Callable
2/15/29
@
103.13
(a)
...................
1,443
1,343
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
167
171
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
400
431
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(b)
........
1,247
1,107
Barclays
PLC
,
3
.56
%
(
H15T5Y
+
290
bps
)
,
9/23/35
,
Callable
9/23/30
@
100
(b)
...........
750
699
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)
(b)
................
294
304
8
.45
%
(
H15T5Y
+
466
bps
)
,
6/29/38
,
Callable
6/29/33
@
100
(a)
(b)
................
116
124
8
.13
%
(
H15T5Y
+
421
bps
)
,
1/8/39
,
Callable
1/8/34
@
100
(a)
(b)
..................
288
303
BNP
Paribas
SA
,
5
.74
%
(
SOFR
+
188
bps
)
,
2/20/35
,
Callable
2/20/34
@
100
(a)
(b)
(i)
.......
520
533
BPCE
SA
,
6
.29
%
(
SOFR
+
204
bps
)
,
1/14/36
,
Callable
1/14/35
@
100
(a)
(b)
..............
205
214
Brookfield
Asset
Management
Ltd.
5
.30
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
1,376
1,341
6
.08
%
,
9/15/55
,
Callable
3/15/55
@
100
..................................
645
638
CI
Financial
Corp.
7
.50
%
,
5/30/29
,
Callable
4/30/29
@
100
(a)
................................
274
287
3
.20
%
,
12/17/30
,
Callable
9/17/30
@
100
.................................
1,718
1,534
Credit
Agricole
SA
,
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(a)
(b)
.......
300
311
Deutsche
Bank
AG
,
5
.40
%
(
SOFR
+
205
bps
)
,
9/11/35
,
Callable
9/11/34
@
100
(b)
.........
35
35
Fidelis
Insurance
Holdings
Ltd.
,
7
.75
%
(
H15T5Y
+
428
bps
)
,
6/15/55
,
Callable
12/15/34
@
100
(b)
...........................................................
664
699
Flutter
Treasury
DAC
6
.38
%
,
4/29/29
,
Callable
5/2/26
@
103.19
(a)
...............................
1,238
1,259
5
.88
%
,
6/4/31
,
Callable
4/15/27
@
102.94
(a)
...............................
4,145
4,100
GGAM
Finance
Ltd.
6
.88
%
,
4/15/29
,
Callable
5/2/26
@
103.44
(a)
...............................
500
512
5
.88
%
,
3/15/30
,
Callable
9/15/26
@
102.94
(a)
..............................
200
200
Howden
UK
Refinance
PLC/Howden
UK
Refinance
2
PLC/Howden
US
Refinance
LLC
7
.25
%
,
2/15/31
,
Callable
2/15/27
@
103.63
(a)
..............................
620
626
8
.13
%
,
2/15/32
,
Callable
2/15/27
@
104.06
(a)
..............................
4,462
4,185
ING
Groep
NV
,
6
.11
%
(
SOFR
+
209
bps
)
,
9/11/34
,
Callable
9/11/33
@
100
(b)
............
882
930
Jones
Deslauriers
Insurance
Management,
Inc.
8
.50
%
,
3/15/30
,
Callable
5/2/26
@
104.25
(a)
...............................
1,566
1,596
6
.88
%
,
10/1/33
,
Callable
10/1/28
@
103.44
(a)
(i)
............................
2,232
2,040
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.62
%
(
H15T1Y
+
127
bps
)
,
4/24/36
,
Callable
4/24/35
@
100
(b)
...........................................................
$
1,115
$
1,142
Mizuho
Financial
Group,
Inc.
,
5
.58
%
(
H15T1Y
+
130
bps
)
,
5/26/35
,
Callable
5/26/34
@
100
(b)
227
233
Nationwide
Building
Society
,
5
.54
%
(
SOFR
+
165
bps
)
,
7/14/36
,
Callable
7/14/35
@
100
(a)
(b)
860
862
Royal
Bank
of
Canada
,
5
.15
%
,
2/1/34
(i)
......................................
447
457
Societe
Generale
SA
5
.44
%
(
SOFR
+
173
bps
)
,
10/3/36
,
Callable
10/3/35
@
100
(a)
(b)
..................
687
672
5
.40
%
(
SOFR
+
160
bps
)
,
4/10/37
,
Callable
4/10/36
@
100
(a)
(b)
..................
1,069
1,034
4
.03
%
(
H15T1Y
+
190
bps
)
,
1/21/43
,
Callable
1/21/42
@
100
(a)
(b)
................
250
187
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5
.05
%
,
3/13/35
(a)
.............................
817
812
Sumitomo
Mitsui
Trust
Group,
Inc.
,
5
.42
%
(
SOFR
+
165
bps
)
,
9/11/36
,
Callable
9/11/35
@
100
(a)
(b)
.........................................................
1,421
1,396
The
Toronto-Dominion
Bank
,
5
.15
%
(
H15T5Y
+
150
bps
)
,
9/10/34
,
Callable
9/10/29
@
100
(b)
1,259
1,262
UBS
Group
AG
5
.01
%
(
SOFR
+
134
bps
)
,
3/23/37
,
Callable
3/23/36
@
100
(a)
(b)
..................
846
817
5
.20
%
(
SOFR
+
134
bps
)
,
8/10/37
,
Callable
8/10/36
@
100
(a)
(b)
..................
725
707
Westpac
Banking
Corp.
,
3
.02
%
(
H15T5Y
+
153
bps
)
,
11/18/36
,
Callable
11/18/31
@
100
(b)
..
400
357
Zegona
Finance
PLC
,
8
.63
%
,
7/15/29
,
Callable
7/15/26
@
104.31
(a)
..................
368
386
43,252
Health
Care
(0.1%):
1261229
BC
Ltd.
,
10
.00
%
,
4/15/32
,
Callable
4/15/28
@
105
(a)
......................
400
407
Bausch
+
Lomb
Corp.
,
8
.38
%
,
10/1/28
,
Callable
4/12/26
@
104.19
(a)
.................
500
517
Perrigo
Finance
Unlimited
Co.
,
6
.13
%
,
9/30/32
,
Callable
9/30/27
@
103.06
.............
588
537
1,461
Industrials
(0.3%):
Aircastle
Ltd.
,
5
.25
%
(
H15T5Y
+
441
bps
)
,
Callable
6/15/26
@
100
(a)
(b)
(j)
..............
391
389
AS
Mileage
Plan
IP
Ltd.
,
5
.31
%
,
10/20/31
,
Callable
8/20/31
@
100
(a)
(i)
...............
500
490
Avianca
Midco
2
PLC
9
.63
%
,
2/14/30
,
Callable
2/14/27
@
104.81
(a)
..............................
477
444
9
.50
%
,
1/28/31
,
Callable
1/28/28
@
104.75
(a)
..............................
1,581
1,455
Bombardier,
Inc.
,
7
.25
%
,
7/1/31
,
Callable
7/1/27
@
103.63
(a)
.......................
200
210
Grupo
Aeromexico
SAB
de
CV
,
8
.63
%
,
11/15/31
,
Callable
11/15/27
@
104.31
(a)
.........
1
1
Latam
Airlines
Group
SA
,
7
.63
%
,
1/7/31
,
Callable
7/7/27
@
103.81
(a)
.................
555
560
LG
Energy
Solution
Ltd.
,
5
.88
%
,
4/2/36
(a)
.....................................
797
790
nVent
Finance
SARL
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
......................
808
830
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
,
9
.50
%
,
6/1/28
,
Callable
5/2/26
@
104.75
(a)
(i)
.....................................................
1,013
990
6,159
Information
Technology
(0.5%):
Kioxia
Holdings
Corp.
,
6
.63
%
,
7/24/33
,
Callable
7/24/28
@
103.31
(a)
.................
289
296
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
7,432
7,630
Seagate
Data
Storage
Technology
Pte
Ltd.
,
8
.50
%
,
7/15/31
,
Callable
7/15/26
@
104.25
(a)
...
250
262
8,188
Materials
(0.0%):(f)
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
588
594
Real
Estate
(0.0%):(f)
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
555
491
Total
Yankee
Dollars
(Cost
$98,969)
a
a
a
98,315
Municipal
Bonds
(3.7%)
Arizona
(0.0%):(f)
Arizona
Board
of
Regents
Revenue
,
Series
B
,
4
.81
%
,
7/1/35
........................
545
554
California
(0.0%):(f)
California
Infrastructure
&
Economic
Development
Bank
Revenue
,
Series
B
,
6
.03
%
,
7/1/38
.
110
111
Colorado
(0.2%):
Colorado
Housing
and
Finance
Authority
Revenue
Series
C1
,
5
.66
%
,
11/1/39
,
Continuously
Callable
@100
.......................
600
614
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
D-1
,
5
.84
%
,
5/1/44
,
Continuously
Callable
@100
.......................
$
370
$
373
Series
E1
,
5
.28
%
,
11/1/39
,
Continuously
Callable
@102
.......................
125
123
Series
G-1
,
5
.86
%
,
11/1/43
,
Continuously
Callable
@100
......................
505
511
Series
O-1
,
5
.52
%
,
11/1/42
,
Continuously
Callable
@100
......................
2,000
1,985
3,606
Connecticut
(0.1%):
Connecticut
Housing
Finance
Authority
Revenue
Series
A-2
,
5
.49
%
,
5/15/41
,
Continuously
Callable
@100
......................
1,000
1,000
Series
C-2
,
5
.81
%
,
11/15/39
,
Continuously
Callable
@100
.....................
320
330
1,330
Delaware
(0.1%):
Delaware
State
Housing
Authority
Revenue
,
Series
D
,
5
.65
%
,
7/1/40
,
Continuously
Callable
@100
...........................................................
2,000
2,033
Florida
(0.3%):
County
of
Miami-Dade
Aviation
Revenue
,
Series
C
,
5
.55
%
,
10/1/43
,
Continuously
Callable
@100
...........................................................
750
761
Florida
Housing
Finance
Corp.
Revenue
Series
4
,
5
.67
%
,
7/1/39
,
Continuously
Callable
@100
.........................
290
295
Series
4
,
5
.88
%
,
7/1/44
,
Continuously
Callable
@100
.........................
190
195
Series
6
,
5
.07
%
,
7/1/39
,
Continuously
Callable
@100
.........................
45
44
State
Board
of
Administration
Finance
Corp.
Revenue
,
Series
A
,
5
.53
%
,
7/1/34
,
Continuously
Callable
@100
.....................................................
3,430
3,588
4,883
Georgia
(0.1%):
City
of
Atlanta
GA
Airport
Customer
Facility
Charge
Revenue
,
Series
A
,
5
.43
%
,
7/1/40
,
Continuously
Callable
@100
...........................................
1,650
1,671
Hawaii
(0.0%):(f)
State
of
Hawaii,
GO
Series
GN
,
4
.64
%
,
10/1/34
............................................
340
342
Series
GN
,
5
.11
%
,
10/1/43
,
Continuously
Callable
@100
......................
310
306
648
Idaho
(0.2%):
Idaho
Housing
&
Finance
Association
Revenue
Series
A
,
5
.67
%
,
1/1/45
,
Continuously
Callable
@100
.........................
455
460
Series
C
,
5
.43
%
,
7/1/39
,
Continuously
Callable
@100
.........................
355
356
Series
D
,
5
.76
%
,
7/1/40
,
Continuously
Callable
@100
........................
740
765
Series
E
,
5
.44
%
,
7/1/40
,
Continuously
Callable
@100
.........................
1,390
1,409
2,990
Illinois
(0.1%):
City
of
Chicago,
GO
Series
A
,
6
.33
%
,
1/1/33
..............................................
440
440
Series
D
,
5
.90
%
,
1/1/32
..............................................
305
301
Series
G
,
6
.25
%
,
1/1/35
..............................................
250
247
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.28
%
,
12/1/36
,
Continuously
Callable
@100
...........................................
65
66
Illinois
Housing
Development
Authority
Revenue
Series
B
,
5
.63
%
,
10/1/41
,
Continuously
Callable
@100
........................
345
347
Series
F
,
5
.44
%
,
10/1/39
,
Continuously
Callable
@100
........................
250
251
Sales
Tax
Securitization
Corp.
Revenue
,
Series
B
,
5
.23
%
,
1/1/39
,
Continuously
Callable
@100
175
175
1,827
Indiana
(0.1%):
Indiana
Housing
&
Community
Development
Authority
Revenue
Series
A-2
,
5
.83
%
,
7/1/45
,
Continuously
Callable
@100
.......................
355
356
Series
C-2
,
5
.56
%
,
7/1/40
,
Continuously
Callable
@100
.......................
960
968
1,324
Iowa
(0.1%):
Iowa
Finance
Authority
Revenue
Series
D
,
5
.64
%
,
7/1/37
,
Continuously
Callable
@100
........................
500
517
Series
H
,
5
.38
%
,
7/1/39
,
Continuously
Callable
@100
........................
1,000
1,006
1,523
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Louisiana
(0.0%):(f)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.48
%
,
8/1/39
..............................................
$
906
$
873
Series
A1-A3
,
5
.08
%
,
6/1/31
...........................................
55
56
929
Maryland
(0.1%):
Maryland
Department
of
Housing
&
Community
Development
Revenue
,
Series
D
,
5
.96
%
,
9/1/40
,
Continuously
Callable
@100
.....................................
1,000
1,029
Maryland
Economic
Development
Corp.
Revenue
,
5
.07
%
,
11/30/34
...................
65
66
1,095
Massachusetts
(0.1%):
Massachusetts
Development
Finance
Agency
Revenue
,
Series
B
,
7
.38
%
,
10/1/35
.........
335
342
Massachusetts
Educational
Financing
Authority
Revenue
,
Series
A
,
6
.17
%
,
7/1/50
,
Continuously
Callable
@100
...........................................
1,865
1,875
Massachusetts
Housing
Finance
Agency
Revenue
,
Series
238
,
4
.94
%
,
12/1/39
,
Continuously
Callable
@100
.....................................................
150
141
2,358
Michigan
(0.0%):(f)
Michigan
State
Housing
Development
Authority
Revenue
,
Series
E
,
5
.10
%
,
12/1/39
,
Continuously
Callable
@100
...........................................
380
369
Minnesota
(0.2%):
Minnesota
Housing
Finance
Agency
Revenue
Series
B
,
5
.50
%
,
7/1/41
,
Continuously
Callable
@100
.........................
900
902
Series
D
,
5
.58
%
,
8/1/39
,
Continuously
Callable
@100
........................
90
92
Series
J
,
5
.62
%
,
7/1/39
,
Continuously
Callable
@100
.........................
170
178
Series
M
,
5
.73
%
,
7/1/39
,
Continuously
Callable
@100
........................
350
360
Series
M
,
5
.92
%
,
7/1/44
,
Continuously
Callable
@100
........................
330
337
Series
P
,
5
.39
%
,
7/1/39
,
Continuously
Callable
@100
.........................
470
465
Series
V
,
5
.88
%
,
7/1/44
,
Continuously
Callable
@100
.........................
425
423
2,757
Montana
(0.0%):(f)
Montana
Facility
Finance
Authority
Revenue
,
2
.44
%
,
8/15/31
.......................
250
223
Nebraska
(0.1%):
Nebraska
Investment
Finance
Authority
Revenue
Series
B
,
5
.49
%
,
9/1/41
,
Continuously
Callable
@100
.........................
750
751
Series
H
,
5
.77
%
,
3/1/43
,
Continuously
Callable
@100
........................
190
193
944
Nevada
(0.1%):
Nevada
Housing
Division
Revenue
Series
B
,
5
.68
%
,
10/1/45
,
Continuously
Callable
@100
........................
700
677
Series
D
,
5
.79
%
,
10/1/35
,
Continuously
Callable
@100
........................
255
269
Series
F
,
5
.13
%
,
10/1/39
,
Continuously
Callable
@100
........................
170
166
1,112
New
Hampshire
(0.0%):(f)
New
Hampshire
Business
Finance
Authority
Revenue
,
Series
B
,
5
.35
%
,
11/1/39
,
Continuously
Callable
@100
.....................................................
310
314
New
Jersey
(0.1%):
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue
Series
L
,
5
.64
%
,
10/1/34
,
Continuously
Callable
@100
........................
30
31
Series
L
,
5
.71
%
,
10/1/35
,
Continuously
Callable
@100
........................
40
42
Series
N
,
5
.85
%
,
10/1/40
,
Continuously
Callable
@100
........................
1,465
1,503
1,576
New
York
(0.3%):
City
of
New
York,
GO
,
Series
E-1
,
5
.16
%
,
10/1/40
,
Continuously
Callable
@100
.........
3,000
2,986
New
York
City
Housing
Development
Corp.
Revenue
3
.76
%
,
1/1/29
.....................................................
250
247
Series
C
,
5
.71
%
,
11/1/39
,
Continuously
Callable
@100
........................
265
273
Series
C
,
5
.90
%
,
11/1/44
,
Continuously
Callable
@100
........................
225
230
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
,
Series
G-3
,
5
.11
%
,
5/1/36
,
Continuously
Callable
@100
................................
225
229
New
York
State
Dormitory
Authority
Revenue
,
Series
B
,
5
.23
%
,
7/1/35
(i)
..............
1,460
1,501
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
Series
268
,
5
.57
%
,
10/1/40
,
Continuously
Callable
@100
....................................
$
260
$
259
5,725
North
Carolina
(0.2%):
City
of
Charlotte
Certificate
of
Participation
,
5
.46
%
,
6/1/40
,
Continuously
Callable
@100
...
790
804
North
Carolina
Housing
Finance
Agency
Revenue
Series
54-B
,
5
.60
%
,
7/1/39
,
Continuously
Callable
@100
......................
130
130
Series
54-B
,
5
.81
%
,
7/1/44
,
Continuously
Callable
@100
......................
325
322
Series
57-B
,
5
.80
%
,
7/1/50
,
Continuously
Callable
@100
......................
200
192
Series
58-B
,
5
.98
%
,
7/1/40
,
Continuously
Callable
@100
......................
2,785
2,854
4,302
North
Dakota
(0.1%):
North
Dakota
Housing
Finance
Agency
Revenue
,
Series
B
,
6
.01
%
,
7/1/40
,
Continuously
Callable
@100
.....................................................
1,000
1,040
Ohio
(0.0%):(f)
University
of
Cincinnati
Revenue
,
Series
B
,
5
.53
%
,
6/1/40
,
Continuously
Callable
@100
...
65
66
Oregon
(0.1%):
State
of
Oregon
Housing
&
Community
Services
Department
Revenue
,
Series
A
,
5
.54
%
,
7/1/41
,
Continuously
Callable
@100
.....................................
1,100
1,111
State
of
Oregon,
GO
,
Series
B
,
5
.36
%
,
5/1/39
,
Continuously
Callable
@100
.............
190
195
1,306
Pennsylvania
(0.2%):
Allegheny
County
Airport
Authority
Revenue
Series
B
,
5
.50
%
,
1/1/36
,
Continuously
Callable
@100
.........................
305
314
Series
B
,
5
.62
%
,
1/1/37
,
Continuously
Callable
@100
.........................
255
263
Pennsylvania
Housing
Finance
Agency
Revenue
Series
145B
,
5
.71
%
,
10/1/39
,
Continuously
Callable
@100
.....................
195
199
Series
146B
,
5
.56
%
,
10/1/39
,
Continuously
Callable
@100
.....................
65
66
Series
147B
,
5
.89
%
,
10/1/44
,
Continuously
Callable
@100
.....................
155
156
Series
149B
,
5
.97
%
,
10/1/40
,
Continuously
Callable
@100
.....................
2,230
2,306
3,304
Rhode
Island
(0.0%):(f)
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
Series
83-T
,
5
.71
%
,
10/1/39
,
Continuously
Callable
@100
.....................
200
202
Series
83-T
,
5
.89
%
,
10/1/44
,
Continuously
Callable
@100
.....................
330
330
Series
84-T
,
4
.93
%
,
10/1/39
,
Continuously
Callable
@100
.....................
275
259
791
South
Carolina
(0.1%):
Charleston
County
Airport
District
Revenue
Series
C
,
4
.58
%
,
7/1/33
..............................................
750
751
Series
C
,
4
.63
%
,
7/1/34
..............................................
730
729
County
of
Charleston
Revenue
,
1
.92
%
,
12/1/29
.................................
250
231
Greenville-Spartanburg
Airport
District
Revenue
Series
B
,
5
.06
%
,
7/1/34
..............................................
15
15
Series
B
,
5
.11
%
,
7/1/35
,
Continuously
Callable
@100
.........................
20
20
1,746
South
Dakota
(0.0%):(f)
South
Dakota
Housing
Development
Authority
Revenue
,
Series
D
,
5
.88
%
,
11/1/40
,
Continuously
Callable
@100
...........................................
768
790
Tennessee
(0.1%):
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
,
Series
D
,
5
.27
%
,
7/1/35
.....................................................
75
79
Tennessee
Housing
Development
Agency
Revenue
Series
1B
,
5
.64
%
,
7/1/40
,
Continuously
Callable
@100
........................
740
754
Series
2B
,
5
.65
%
,
7/1/39
,
Continuously
Callable
@100
........................
190
194
1,027
Texas
(0.1%):
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
,
Series
B
,
5
.12
%
,
9/1/41
,
Continuously
Callable
@100
...........................................
250
245
County
of
Harris
Hotel
Occupancy
Tax
Revenue
,
5
.26
%
,
8/15/44
,
Continuously
Callable
@100
160
157
State
of
Texas,
GO
5
.31
%
,
10/1/40
,
Continuously
Callable
@100
...............................
1,500
1,542
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.36
%
,
10/1/41
,
Continuously
Callable
@100
...............................
$
395
$
404
Texas
Department
of
Housing
&
Community
Affairs
Revenue
Series
D
,
5
.55
%
,
1/1/39
,
Continuously
Callable
@100
........................
65
67
Series
D
,
5
.73
%
,
1/1/44
,
Continuously
Callable
@100
........................
65
65
Texas
Water
Development
Board
Revenue
,
Series
B
,
4
.31
%
,
10/15/34
.................
150
148
University
of
Houston
Revenue
,
Series
B
,
4
.86
%
,
2/15/37
,
Continuously
Callable
@100
....
25
25
2,653
Utah
(0.1%):
Utah
Housing
Corp.
Revenue
Series
F
,
5
.61
%
,
7/1/36
,
Continuously
Callable
@100
.........................
85
84
Series
F
,
5
.69
%
,
7/1/39
,
Continuously
Callable
@100
.........................
265
262
Series
F
,
5
.94
%
,
7/1/40
,
Continuously
Callable
@100
.........................
1,210
1,250
1,596
Virginia
(0.3%):
Virginia
Housing
Development
Authority
Revenue
Series
A
,
5
.54
%
,
7/1/41
,
Continuously
Callable
@100
.........................
1,500
1,511
Series
B
,
5
.66
%
,
10/1/39
,
Continuously
Callable
@100
........................
320
326
Series
B
,
5
.87
%
,
7/1/40
,
Continuously
Callable
@100
.........................
1,230
1,263
Series
C
,
5
.31
%
,
10/1/39
,
Continuously
Callable
@100
........................
300
298
Series
E
,
5
.51
%
,
7/1/39
,
Continuously
Callable
@100
.........................
480
485
Series
F
,
5
.34
%
,
7/1/40
,
Continuously
Callable
@100
.........................
1,545
1,537
5,420
Washington
(0.0%):(f)
Port
of
Seattle
Revenue
,
Series
C
,
4
.45
%
,
9/1/32
.................................
750
743
West
Virginia
(0.0%):(f)
West
Virginia
Housing
Development
Fund
Revenue
Series
C
,
5
.83
%
,
11/1/39
,
Continuously
Callable
@100
........................
115
118
Series
C
,
6
.02
%
,
11/1/44
,
Continuously
Callable
@100
........................
130
133
251
Wisconsin
(0.1%):
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue
Series
B
,
5
.87
%
,
9/1/40
,
Continuously
Callable
@100
.........................
665
684
Series
B
,
5
.44
%
,
9/1/41
,
Continuously
Callable
@100
.........................
525
522
1,206
Total
Municipal
Bonds
(Cost
$65,421)
a
a
a
66,143
U.S.
Government
Agency
Mortgages
(26.8%)
Federal
Farm
Credit
Banks
Funding
Corporation
2
.55
%
,
12/21/34
....................................................
309
261
2
.20
%
,
9/2/36
.....................................................
795
620
5
.60
%
,
8/5/39
.....................................................
333
331
1,212
Federal
Home
Loan
Mortgage
Corporation
1
.50
%
,
4/1/37
.....................................................
417
375
5
.50
%
,
8/1/38
-
2/1/55
...............................................
16,268
16,415
5
.00
%
,
2/1/40
-
12/1/55
..............................................
25,490
25,286
3
.00
%
,
4/1/40
-
5/1/52
...............................................
1,508
1,335
5
.10
%
,
7/1/40
.....................................................
428
437
2
.50
%
,
5/1/42
.....................................................
1,195
1,072
4
.50
%
,
11/1/42
-
12/1/55
..............................................
110,943
107,832
4
.00
%
,
1/1/43
-
12/1/54
..............................................
26,448
25,057
3
.50
%
,
2/1/52
-
12/1/52
..............................................
13,650
12,532
6
.00
%
,
8/1/53
-
3/1/55
...............................................
3,368
3,445
193,786
Federal
National
Mortgage
Association
2
.13
%
,
1/1/34
.....................................................
501
430
4
.46
%
,
4/1/35
.....................................................
1,232
1,221
1
.50
%
,
3/1/37
.....................................................
709
641
5
.00
%
,
12/1/37
-
2/1/56
..............................................
108,255
107,183
4
.00
%
,
4/1/38
-
2/1/55
...............................................
28,131
26,666
4
.50
%
,
11/1/40
-
1/1/56
..............................................
42,100
40,985
3
.50
%
,
12/1/42
-
12/1/53
.............................................
12,447
11,441
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.50
%
,
12/1/44
-
12/1/55
.............................................
$
49,363
$
49,864
2
.50
%
,
10/1/50
-
7/1/52
..............................................
853
721
6
.00
%
,
7/1/52
-
11/1/54
..............................................
2,707
2,773
241,925
Government
National
Mortgage
Association
5
.00
%
,
8/20/38
-
11/20/54
.............................................
6,129
6,101
3
.00
%
,
6/20/50
-
12/20/53
.............................................
23,808
21,263
2
.50
%
,
1/20/51
-
9/20/53
.............................................
10,007
8,596
3
.50
%
,
2/20/52
-
2/20/54
.............................................
2,772
2,564
4
.00
%
,
6/20/52
-
5/20/53
.............................................
2,799
2,645
4
.50
%
,
8/20/52
-
11/20/53
.............................................
4,068
3,950
5
.50
%
,
4/20/53
-
2/20/54
.............................................
2,897
2,943
6
.00
%
,
9/20/53
-
10/20/53
.............................................
659
676
5
.50
%
,
1/20/54
....................................................
219
222
7
.50
%
,
10/20/54
....................................................
246
251
49,211
Total
U.S.
Government
Agency
Mortgages
(Cost
$487,300)
a
a
a
486,134
U.S.
Treasury
Obligations
(16.1%)
U.S.
Treasury
Bonds
4
.50
%
,
2/15/36
....................................................
17,944
18,283
5
.00
%
,
5/15/37
....................................................
34,173
36,149
4
.38
%
,
11/15/39
....................................................
33,362
32,507
1
.38
%
,
11/15/40
....................................................
2,500
1,610
4
.75
%
,
2/15/41
....................................................
10,000
10,050
1
.75
%
,
8/15/41
....................................................
10,650
7,121
3
.38
%
,
8/15/42
....................................................
2,275
1,900
3
.88
%
,
5/15/43
....................................................
796
706
4
.38
%
,
8/15/43
....................................................
6,174
5,828
4
.63
%
,
11/15/44
....................................................
2,450
2,370
4
.75
%
,
2/15/45
....................................................
8,712
8,561
5
.00
%
,
5/15/45
....................................................
3,000
3,039
4
.88
%
,
8/15/45
....................................................
11,482
11,446
4
.63
%
,
11/15/45
....................................................
17,000
16,397
4
.63
%
,
2/15/46
....................................................
6,857
6,608
1
.25
%
,
5/15/50
....................................................
465
221
2
.00
%
,
8/15/51
....................................................
4,250
2,419
3
.63
%
,
2/15/53
....................................................
763
612
3
.63
%
,
5/15/53
....................................................
921
738
4
.13
%
,
8/15/53
....................................................
5,868
5,147
4
.75
%
,
11/15/53
....................................................
3,040
2,956
4
.25
%
,
8/15/54
....................................................
5,078
4,548
4
.63
%
,
2/15/55
....................................................
3,142
2,996
4
.75
%
,
5/15/55
....................................................
3,000
2,921
4
.75
%
,
8/15/55
....................................................
9,366
9,125
4
.63
%
,
11/15/55
....................................................
15,601
14,901
U.S.
Treasury
Notes
3
.75
%
,
5/15/28
....................................................
250
250
3
.38
%
,
9/15/28
....................................................
3,385
3,350
4
.00
%
,
5/31/30
....................................................
250
251
3
.63
%
,
9/30/30
....................................................
7,514
7,421
4
.63
%
,
5/31/31
....................................................
100
103
4
.13
%
,
5/31/32
....................................................
250
251
3
.88
%
,
8/31/32
....................................................
200
198
3
.88
%
,
9/30/32
....................................................
14,807
14,615
4
.13
%
,
11/15/32
....................................................
13,827
13,834
4
.50
%
,
11/15/33
....................................................
7,767
7,928
4
.63
%
,
2/15/35
....................................................
4,411
4,525
4
.25
%
,
5/15/35
....................................................
13,000
12,965
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.25
%
,
8/15/35
....................................................
$
17,517
$
17,454
Total
U.S.
Treasury
Obligations
(Cost
$296,695)
a
a
a
292,304
Commercial
Paper
(0.4%)
Energy
(0.4%):
Ovintiv,
Inc.
,
4
.20
%
,
4/1/26
(a)
(k)
...........................................
6,300
6,299
Total
Commercial
Paper
(Cost
$6,300)
a
a
a
6,299
Shares
Collateral
for
Securities
Loaned
(1.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(l)
........
5,032,389
5,033
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(l)
............
5,032,389
5,033
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(l)
................
5,032,389
5,032
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(l)
.
5,032,389
5,032
Total
Collateral
for
Securities
Loaned
(Cost
$20,130)
a
a
a
20,130
Total
Investments
(Cost
$1,844,999)
—
101.2%
1,833,360
Liabilities
in
excess
of
other
assets
—  (1.2)%
(21,386)
NET
ASSETS
-
100.00%
$
1,811,974
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
7.6%
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,
2026,
the
fair
value
of
these
securities
was
$657,914
(thousands)
and
amounted
to
36.3%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2026.
(c)
Security
is
interest
only.
(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,
2026.
(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,
2026,
the
Fund
held
unfunded
or
partially
unfunded
loan
commitments
of
$178
(thousands),
which
included
$(2)
(thousands)
unrealized
loss.
(h)
Up
to
6.75%
of
the
coupon
may
be
PIK.
(i)
All
or
a
portion
of
this
security
is
on
loan.
(j)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(k)
Rate
represents
the
effective
yield
at
March
31,
2026.
(l)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
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,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
Victory
Portfolios
II
VictoryShares
Core
Plus
Bond
ETF
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
LLLP
—
Limited
Liability
Limited
Partnership
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,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
March
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
March
31,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
March
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2026.
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.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Treasury
Note
Futures
......
360
6/18/26
$
40,701
$
39,977
$
(
724
)
30-Year
U.S.
Treasury
Bond
Futures
.....
220
6/18/26
25,865
25,053
(
812
)
5-Year
U.S.
Treasury
Note
Futures
.......
140
6/30/26
15,334
15,145
(
189
)
$
(
1,725
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
1,725
)
Total
net
unrealized
appreciation
(depreciation)
$
(
1,725
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
146
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Corporate
Bonds
(76.5%)
Communication
Services
(4.7%):
AT&T,
Inc.
,
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
(a)
.............................
$
2,000
$
1,440
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
.........................................
750
673
Comcast
Corp.
5
.30
%
,
6/1/34
,
Callable
3/1/34
@
100
....................................
300
304
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
(b)
.................................
1,000
566
Meta
Platforms,
Inc.
,
5
.50
%
,
11/15/45
,
Callable
5/15/45
@
100
......................
150
142
Omnicom
Group,
Inc.
,
4
.20
%
,
3/2/29
,
Callable
2/2/29
@
100
.......................
300
297
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
445
431
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
550
525
4
.38
%
,
3/15/43
....................................................
190
115
T-Mobile
US,
Inc.
2
.55
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
550
500
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
(a)
................................
500
439
5
.70
%
,
1/15/56
,
Callable
7/15/55
@
100
..................................
440
418
Verizon
Communications,
Inc.
1
.75
%
,
1/20/31
,
Callable
10/20/30
@
100
.................................
750
658
2
.88
%
,
11/20/50
,
Callable
5/20/50
@
100
..................................
1,000
607
7,115
Consumer
Discretionary
(4.5%):
Amazon.com,
Inc.
,
5
.65
%
,
3/13/46
,
Callable
9/13/45
@
100
........................
250
249
AutoNation,
Inc.
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
500
465
5
.89
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
210
214
Choice
Hotels
International,
Inc.
,
5
.85
%
,
8/1/34
,
Callable
5/1/34
@
100
(a)
..............
300
302
Daimler
Truck
Finance
North
America
LLC
2
.38
%
,
12/14/28
(b)
.................................................
350
330
5
.38
%
,
6/25/34
,
Callable
3/25/34
@
100
(b)
................................
200
200
General
Motors
Financial
Co.,
Inc.
5
.35
%
,
7/15/27
....................................................
200
202
5
.95
%
,
4/4/34
,
Callable
1/4/34
@
100
....................................
300
308
Genuine
Parts
Co.
6
.50
%
,
11/1/28
,
Callable
10/1/28
@
100
..................................
175
181
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
167
145
Hasbro,
Inc.
,
4
.65
%
,
3/12/31
,
Callable
2/12/31
@
100
.............................
152
150
Lithia
Motors,
Inc.
,
3
.88
%
,
6/1/29
,
Callable
5/2/26
@
100.97
(b)
.....................
250
238
Lowe's
Cos.,
Inc.
,
2
.80
%
,
9/15/41
,
Callable
3/15/41
@
100
.........................
1,000
704
Marriott
International,
Inc.
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................................
250
230
5
.25
%
,
10/15/35
,
Callable
7/15/35
@
100
.................................
150
149
Mattel,
Inc.
3
.75
%
,
4/1/29
,
Callable
4/12/26
@
100
(b)
.................................
320
310
5
.00
%
,
11/17/30
,
Callable
10/17/30
@
100
(a)
...............................
54
54
O'Reilly
Automotive,
Inc.
,
5
.00
%
,
8/19/34
,
Callable
5/19/34
@
100
...................
350
347
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(b)
..........................
750
677
Stellantis
Finance
US,
Inc.
,
6
.45
%
,
3/18/35
,
Callable
12/18/34
@
100
(a)
(b)
.............
200
197
Tapestry,
Inc.
,
5
.50
%
,
3/11/35
,
Callable
12/11/34
@
100
...........................
260
261
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
600
336
Volkswagen
Group
of
America
Finance
LLC
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(b)
..................................
250
248
5
.80
%
,
3/27/35
,
Callable
12/27/34
@
100
(b)
...............................
275
275
6,772
Consumer
Staples
(4.8%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
,
4
.88
%
,
2/15/30
,
Callable
5/2/26
@
102.44
(b)
...........................................
250
245
BAT
Capital
Corp.
2
.73
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
300
274
6
.42
%
,
8/2/33
,
Callable
5/2/33
@
100
....................................
200
217
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(b)
.................
400
397
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
$
500
$
455
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
250
222
Coca-Cola
Consolidated,
Inc.
,
5
.45
%
,
6/1/34
,
Callable
3/1/34
@
100
..................
300
308
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
6
.63
%
,
7/15/30
,
Callable
7/16/26
@
103.31
(b)
..............................
190
188
5
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
(b)
...............................
47
45
Dollar
General
Corp.
,
5
.20
%
,
7/5/28
,
Callable
6/5/28
@
100
........................
250
253
General
Mills,
Inc.
,
2
.25
%
,
10/14/31
,
Callable
7/14/31
@
100
.......................
250
219
Keurig
Dr.
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
250
245
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
325
253
Maple
Parent
Holdings
Corp.
4
.75
%
,
3/26/29
,
Callable
2/26/29
@
100
(b)
................................
150
150
5
.70
%
,
3/26/36
,
Callable
12/26/35
@
100
(b)
...............................
340
337
6
.63
%
,
3/26/56
,
Callable
9/26/55
@
100
(b)
................................
200
197
Mars,
Inc.
,
5
.70
%
,
5/1/55
,
Callable
11/1/54
@
100
(b)
.............................
275
268
McCormick
&
Co.,
Inc.
,
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
...................
500
435
Philip
Morris
International,
Inc.
,
5
.63
%
,
9/7/33
,
Callable
6/7/33
@
100
................
500
522
Sysco
Corp.
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
.................................
500
437
5
.40
%
,
3/23/35
,
Callable
12/23/34
@
100
.................................
100
99
4
.95
%
,
3/25/36
,
Callable
12/25/35
@
100
.................................
211
201
The
Campbell's
Company
,
5
.40
%
,
3/21/34
,
Callable
12/21/33
@
100
..................
500
485
The
J.M.
Smucker
Co.
6
.50
%
,
11/15/43
,
Callable
5/15/43
@
100
..................................
225
235
6
.50
%
,
11/15/53
,
Callable
5/15/53
@
100
(a)
................................
225
234
The
Kroger
Co.
,
5
.50
%
,
9/15/54
,
Callable
3/15/54
@
100
..........................
350
325
7,246
Energy
(5.2%):
APA
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
..............................
250
178
Boardwalk
Pipelines
LP
,
5
.38
%
,
2/15/36
,
Callable
11/15/35
@
100
...................
235
231
Cheniere
Energy,
Inc.
4
.63
%
,
10/15/28
,
Callable
4/12/26
@
100
.................................
120
120
5
.20
%
,
7/30/36
,
Callable
1/30/36
@
100
(b)
................................
245
242
Columbia
Pipelines
Operating
Co.
LLC
,
6
.54
%
,
11/15/53
,
Callable
5/15/53
@
100
(b)
......
200
210
ConocoPhillips
Co.
,
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
.......................
250
240
Coterra
Energy,
Inc.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
450
452
DCP
Midstream
Operating
LP
,
5
.60
%
,
4/1/44
,
Callable
10/1/43
@
100
.................
250
238
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(b)
....................
300
308
Eastern
Energy
Gas
Holdings
LLC
5
.80
%
,
1/15/35
,
Callable
10/15/34
@
100
.................................
225
233
5
.65
%
,
10/15/54
,
Callable
4/15/54
@
100
.................................
275
259
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(d)
......................
250
250
5
.35
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
164
163
5
.35
%
,
5/15/45
,
Callable
11/15/44
@
100
..................................
200
179
Enterprise
Products
Operating
LLC
,
5
.55
%
,
2/16/55
,
Callable
8/15/54
@
100
............
350
337
Gulfstream
Natural
Gas
System
LLC
,
5
.60
%
,
7/23/35
,
Callable
4/23/35
@
100
(b)
.........
260
264
Helmerich
&
Payne,
Inc.
,
5
.50
%
,
12/1/34
,
Callable
9/1/34
@
100
....................
260
256
HF
Sinclair
Corp.
,
6
.25
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
250
258
MPLX
LP
,
4
.70
%
,
4/15/48
,
Callable
10/15/47
@
100
.............................
500
407
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
400
295
ONEOK,
Inc.
5
.05
%
,
11/1/34
,
Callable
8/1/34
@
100
...................................
260
253
6
.25
%
,
10/15/55
,
Callable
4/15/55
@
100
.................................
250
245
Patterson-UTI
Energy,
Inc.
,
7
.15
%
,
10/1/33
,
Callable
7/1/33
@
100
...................
250
269
Phillips
66
Co.
,
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
(b)
..........................
250
216
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3
.80
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
300
289
5
.70
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
150
153
5
.60
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
200
201
Repsol
E&P
Capital
Markets
US
LLC
,
5
.98
%
,
9/16/35
,
Callable
6/16/35
@
100
(b)
........
200
203
Shell
Finance
US,
Inc.
,
2
.75
%
,
4/6/30
,
Callable
1/6/30
@
100
.......................
250
235
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Targa
Resources
Corp.
,
5
.55
%
,
8/15/35
,
Callable
5/15/35
@
100
.....................
$
125
$
126
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
,
5
.50
%
,
3/1/30
,
Callable
4/12/26
@
101.83
..................................................
250
252
Western
Midstream
Operating
LP
,
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
...............
350
295
7,857
Financials
(23.5%):
200
Park
Funding
Trust
,
5
.74
%
,
2/15/55
,
Callable
8/15/54
@
100
(b)
..................
220
211
Ally
Financial,
Inc.
4
.70
%
(
H15T5Y
+
387
bps
)
,
Callable
5/15/26
@
100
(a)
(c)
(d)
....................
190
188
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
.................................
278
288
6
.18
%
(
SOFR
+
229
bps
)
,
7/26/35
,
Callable
7/26/34
@
100
(c)
....................
200
200
American
Express
Co.
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
....................
500
498
4
.80
%
(
SOFR
+
124
bps
)
,
10/24/36
,
Callable
10/24/35
@
100
(c)
..................
420
406
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(b)
............................
162
164
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(b)
..................
500
437
Antares
Holdings
LP
,
6
.35
%
,
10/23/29
,
Callable
9/23/29
@
100
(b)
....................
250
247
Aon
North
America,
Inc.
,
5
.45
%
,
3/1/34
,
Callable
12/1/33
@
100
....................
300
307
Ares
Capital
Corp.
,
5
.25
%
,
4/12/31
,
Callable
3/12/31
@
100
........................
200
193
Arthur
J.
Gallagher
&
Co.
,
5
.15
%
,
2/15/35
,
Callable
11/15/34
@
100
..................
250
248
Assurant,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
...........................
250
218
Aviation
Capital
Group
LLC
,
6
.75
%
,
10/25/28
,
Callable
9/25/28
@
100
(b)
..............
250
262
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(d)
......................
500
492
3
.42
%
(
TSFR3M
+
130
bps
)
,
12/20/28
,
Callable
12/20/27
@
100
(c)
................
1,250
1,228
2
.69
%
(
SOFR
+
132
bps
)
,
4/22/32
,
Callable
4/22/31
@
100
(c)
....................
1,750
1,587
Blackstone
Private
Credit
Fund
,
5
.35
%
,
3/12/31
,
Callable
2/12/31
@
100
...............
200
190
Block
Financial
LLC
,
3
.88
%
,
8/15/30
,
Callable
5/15/30
@
100
(a)
....................
200
188
Blue
Owl
Credit
Income
Corp.
,
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
.................
175
173
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
.....................
250
216
BMW
US
Capital
LLC
,
3
.70
%
,
4/1/32
,
Callable
1/1/32
@
100
(b)
....................
250
233
Brown
&
Brown,
Inc.
5
.65
%
,
6/11/34
,
Callable
3/11/34
@
100
..................................
300
303
5
.55
%
,
6/23/35
,
Callable
3/23/35
@
100
..................................
84
84
Capital
One
Financial
Corp.
,
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
.....
500
511
Citizens
Financial
Group,
Inc.
5
.25
%
(
SOFR
+
126
bps
)
,
3/5/31
,
Callable
3/5/30
@
100
(c)
......................
225
228
5
.30
%
(
H15T5Y
+
145
bps
)
,
1/29/36
,
Callable
1/29/31
@
100
(c)
..................
91
90
CNO
Global
Funding
,
4
.70
%
,
12/11/30
(b)
.....................................
300
296
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
500
501
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(b)
......................................
250
233
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(b)
................
750
742
Fidelity
National
Information
Services,
Inc.
,
4
.80
%
,
3/10/31
,
Callable
2/10/31
@
100
......
128
127
Fifth
Third
Bancorp
,
5
.14
%
(
SOFR
+
124
bps
)
,
1/29/37
,
Callable
1/29/36
@
100
(c)
.........
500
487
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
750
646
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
250
254
First
Horizon
Corp.
,
5
.51
%
(
SOFR
+
177
bps
)
,
3/7/31
,
Callable
3/7/30
@
100
(c)
...........
50
51
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
250
253
5
.25
%
,
8/11/35
,
Callable
5/11/35
@
100
(a)
................................
250
243
Ford
Motor
Credit
Co.
LLC
6
.80
%
,
5/12/28
,
Callable
4/12/28
@
100
..................................
250
258
5
.11
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
300
297
5
.87
%
,
10/31/35
,
Callable
7/31/35
@
100
.................................
285
274
Gabx
Leasing
LLC
,
5
.30
%
,
4/15/36
,
Callable
1/15/36
@
100
(b)
......................
250
245
Global
Atlantic
Fin
Co.
,
3
.13
%
,
6/15/31
,
Callable
3/15/31
@
100
(b)
...................
250
219
Global
Payments,
Inc.
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
250
248
5
.40
%
,
3/15/33
,
Callable
1/15/33
@
100
..................................
200
195
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
..................................
150
144
Globe
Life,
Inc.
,
5
.85
%
,
9/15/34
,
Callable
6/15/34
@
100
(a)
........................
115
119
Horizon
Mutual
Holdings,
Inc.
,
6
.20
%
,
11/15/34
,
Callable
8/15/34
@
100
(b)
............
150
141
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
$
250
$
250
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
500
429
Hyundai
Capital
America,
Inc.
,
5
.30
%
,
1/8/29
,
Callable
12/8/28
@
100
(b)
..............
300
304
JPMorgan
Chase
&
Co.
2
.95
%
(
SOFR
+
117
bps
)
,
2/24/28
,
Callable
2/24/27
@
100
(c)
....................
250
247
2
.96
%
(
TSFR3M
+
252
bps
)
,
5/13/31
,
Callable
5/13/30
@
100
(c)
..................
250
233
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(a)
(c)
....................
530
467
5
.29
%
(
SOFR
+
146
bps
)
,
7/22/35
,
Callable
7/22/34
@
100
(c)
....................
720
728
5
.58
%
(
SOFR
+
164
bps
)
,
7/23/36
,
Callable
7/23/35
@
100
(c)
....................
285
289
4
.81
%
(
SOFR
+
119
bps
)
,
10/22/36
,
Callable
10/22/35
@
100
(c)
..................
200
194
3
.16
%
(
TSFR3M
+
146
bps
)
,
4/22/42
,
Callable
4/22/41
@
100
(c)
..................
500
375
3
.33
%
(
SOFR
+
158
bps
)
,
4/22/52
,
Callable
4/22/51
@
100
(c)
....................
1,000
679
Keybank
National
Association
,
3
.90
%
,
4/13/29
..................................
500
488
KeyCorp
,
5
.31
%
(
SOFR
+
137
bps
)
,
1/28/37
,
Callable
1/28/36
@
100
(c)
.................
250
245
Loews
Corp.
,
4
.94
%
,
4/1/36
,
Callable
1/1/36
@
100
..............................
300
293
LPL
Holdings,
Inc.
,
5
.75
%
,
6/15/35
,
Callable
3/15/35
@
100
........................
215
214
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
250
247
Marsh
&
McLennan
Cos.,
Inc.
4
.95
%
,
3/15/36
,
Callable
12/15/35
@
100
.................................
137
136
5
.40
%
,
3/15/55
,
Callable
9/15/54
@
100
..................................
325
305
MetLife,
Inc.
,
4
.13
%
,
8/13/42
..............................................
500
411
Morgan
Stanley
1
.59
%
(
SOFR
+
88
bps
)
,
5/4/27
,
Callable
5/4/26
@
100
(c)
.......................
1,950
1,945
1
.93
%
(
SOFR
+
102
bps
)
,
4/28/32
,
Callable
4/28/31
@
100
,
MTN
(c)
...............
250
217
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(c)
....................
250
251
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
550
473
2
.80
%
(
SOFR
+
143
bps
)
,
1/25/52
,
Callable
1/25/51
@
100
(c)
....................
1,000
609
MSCI,
Inc.
,
5
.25
%
,
9/1/35
,
Callable
6/1/35
@
100
...............................
240
235
MSD
Investment
Corp.
,
6
.13
%
,
2/5/31
,
Callable
1/5/31
@
100
(b)
....................
100
97
New
York
Life
Global
Funding
,
1
.85
%
,
8/1/31
(b)
................................
500
434
Nissan
Motor
Acceptance
Co.
LLC
,
6
.95
%
,
9/15/26
(b)
............................
250
252
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
500
534
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
250
224
Protective
Life
Global
Funding
,
5
.47
%
,
12/8/28
(b)
...............................
300
307
Prudential
Financial,
Inc.
,
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
....................
500
372
Regions
Bank
,
6
.45
%
,
6/26/37
.............................................
500
526
RGA
Global
Funding
,
5
.50
%
,
1/11/31
(b)
......................................
350
360
Santander
Holdings
USA,
Inc.
,
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
.
250
259
State
Street
Corp.
,
6
.12
%
(
SOFR
+
196
bps
)
,
11/21/34
,
Callable
11/21/33
@
100
(c)
.........
250
264
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
250
221
Synchrony
Financial
,
5
.94
%
(
SOFRINDX
+
213
bps
)
,
8/2/30
,
Callable
8/2/29
@
100
(c)
......
200
203
The
Allstate
Corp.
,
6
.85
%
(
TSFR3M
+
320
bps
)
,
8/15/53
,
Callable
5/2/26
@
100
(c)
.........
500
499
The
Bank
of
New
York
Mellon
Corp.
,
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(c)
...........................................................
227
231
The
Charles
Schwab
Corp.
,
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....
150
158
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
250
259
The
PNC
Financial
Services
Group,
Inc.
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.................................
1,000
933
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(c)
....................
250
257
TPG
Operating
Group
II
LP
,
4
.88
%
,
5/15/31
,
Callable
4/15/31
@
100
.................
225
221
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(a)
(c)
(d)
....................
500
500
1
.89
%
(
SOFR
+
86
bps
)
,
6/7/29
,
Callable
6/7/28
@
100
,
MTN
(c)
..................
1,000
946
U.S.
Bancorp
,
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
.............
250
257
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
250
171
Webster
Financial
Corp.
,
4
.10
%
,
3/25/29
,
Callable
12/25/28
@
100
...................
500
490
Wells
Fargo
&
Co.
,
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(c)
.
250
236
Willis
North
America,
Inc.
,
5
.15
%
,
3/15/36
,
Callable
12/15/35
@
100
.................
143
140
Zions
Bancorp
NA
,
4
.48
%
(
SOFR
+
106
bps
)
,
2/9/29
,
Callable
2/9/28
@
100
(c)
...........
350
347
35,325
Health
Care
(6.3%):
180
Medical,
Inc.
,
5
.30
%
,
10/8/35
,
Callable
7/8/35
@
100
(b)
........................
99
97
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
AbbVie,
Inc.
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
..................................
$
500
$
405
5
.55
%
,
3/15/56
,
Callable
9/15/55
@
100
..................................
300
293
Agilent
Technologies,
Inc.
,
4
.75
%
,
9/9/34
,
Callable
6/9/34
@
100
(a)
..................
275
271
Amgen,
Inc.
1
.65
%
,
8/15/28
,
Callable
6/15/28
@
100
..................................
500
471
4
.85
%
,
2/19/36
,
Callable
11/19/35
@
100
..................................
300
295
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
250
194
Baxter
International,
Inc.
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
(b)
.................................
250
209
5
.65
%
,
12/15/35
,
Callable
9/15/35
@
100
.................................
186
182
3
.50
%
,
8/15/46
,
Callable
2/15/46
@
100
..................................
535
351
Biogen,
Inc.
,
5
.75
%
,
5/15/35
,
Callable
2/15/35
@
100
.............................
210
217
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
250
247
Bristol-Myers
Squibb
Co.
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
148
159
4
.55
%
,
2/20/48
,
Callable
8/20/47
@
100
..................................
300
254
2
.55
%
,
11/13/50
,
Callable
5/13/50
@
100
..................................
500
292
DENTSPLY
SIRONA,
Inc.
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
..................................
1,000
920
8
.38
%
(
H15T5Y
+
438
bps
)
,
9/12/55
,
Callable
6/12/30
@
100
(c)
..................
120
117
Elevance
Health,
Inc.
5
.15
%
,
6/15/29
,
Callable
5/15/29
@
100
..................................
300
306
4
.55
%
,
5/15/52
,
Callable
11/15/51
@
100
..................................
250
201
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(b)
...
250
221
HCA,
Inc.
5
.60
%
,
4/1/34
,
Callable
1/1/34
@
100
....................................
100
102
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
94
79
5
.25
%
,
6/15/49
,
Callable
12/15/48
@
100
.................................
500
441
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.88
%
,
6/15/54
,
Callable
12/15/53
@
100
(b)
...........................................................
300
282
Humana,
Inc.
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
..................................
170
172
5
.55
%
,
5/1/35
,
Callable
2/1/35
@
100
....................................
250
247
Regeneron
Pharmaceuticals,
Inc.
,
2
.80
%
,
9/15/50
,
Callable
3/15/50
@
100
..............
400
242
Revvity,
Inc.
,
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
500
450
Solventum
Corp.
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
....................................
30
31
5
.45
%
,
3/13/31
,
Callable
1/13/31
@
100
..................................
75
77
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
.................................
75
77
5
.90
%
,
4/30/54
,
Callable
10/30/53
@
100
.................................
74
72
The
Cigna
Group
3
.40
%
,
3/1/27
,
Callable
12/1/26
@
100
...................................
500
496
5
.25
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
225
225
Universal
Health
Services,
Inc.
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
(b)
...............................
191
166
5
.05
%
,
10/15/34
,
Callable
7/15/34
@
100
.................................
150
143
VSP
Optical
Group,
Inc.
,
5
.45
%
,
12/1/35
,
Callable
9/1/35
@
100
(b)
...................
81
79
Zoetis,
Inc.
,
5
.00
%
,
8/17/35
,
Callable
5/17/35
@
100
.............................
400
397
9,480
Industrials
(6.3%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
750
665
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
250
221
American
Airlines
Pass
Through
Trust
,
3
.58
%
,
1/15/28
............................
200
196
Ashtead
Capital,
Inc.
,
5
.50
%
,
8/11/32
,
Callable
5/11/32
@
100
(b)
....................
500
507
Burlington
Northern
Santa
Fe
LLC
,
3
.90
%
,
8/1/46
,
Callable
2/1/46
@
100
..............
500
390
Carlisle
Cos.,
Inc.
,
5
.55
%
,
9/15/40
,
Callable
6/15/40
@
100
.........................
55
54
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
400
315
Delta
Air
Lines,
Inc.
,
5
.25
%
,
7/10/30
,
Callable
6/10/30
@
100
.......................
150
151
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(b)
.........................
229
229
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
............................
250
191
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
FedEx
Freight
Holding
Co.,
Inc.
4
.30
%
,
3/15/29
,
Callable
2/15/29
@
100
(b)
................................
$
200
$
198
5
.25
%
,
3/15/36
,
Callable
12/15/35
@
100
(b)
...............................
200
193
Fortune
Brands
Innovations,
Inc.
,
4
.00
%
,
3/25/32
,
Callable
12/25/31
@
100
.............
250
236
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
750
668
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
250
255
MasTec,
Inc.
,
5
.90
%
,
6/15/29
,
Callable
5/15/29
@
100
............................
214
221
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
500
380
Owens
Corning
,
5
.95
%
,
6/15/54
,
Callable
12/15/53
@
100
(a)
.......................
300
297
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
5
.35
%
,
3/30/29
,
Callable
2/28/29
@
100
(b)
................................
100
102
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(b)
................................
250
263
Quanta
Services,
Inc.
,
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
.......................
300
279
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
182
192
RTX
Corp.
,
4
.20
%
,
12/15/44
,
Callable
6/15/44
@
100
.............................
250
201
Ryder
System,
Inc.
,
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
.....................
500
493
Southwest
Airlines
Co.
,
5
.25
%
,
11/15/35
,
Callable
8/15/35
@
100
....................
300
282
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
500
475
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
300
290
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
500
472
United
Airlines
Pass
Through
Trust
,
5
.45
%
,
2/15/37
..............................
258
263
Verisk
Analytics,
Inc.
5
.25
%
,
6/5/34
,
Callable
3/5/34
@
100
....................................
300
299
5
.13
%
,
3/15/36
,
Callable
12/15/35
@
100
.................................
250
244
Weir
Group,
Inc.
,
5
.35
%
,
5/6/30
,
Callable
4/6/30
@
100
(b)
.........................
157
159
9,381
Information
Technology
(5.2%):
Autodesk,
Inc.
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..........................
450
395
Broadcom,
Inc.
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
..................................
1,000
874
4
.95
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
231
228
Dell
International
LLC/EMC
Corp.
4
.85
%
,
2/1/35
,
Callable
11/1/34
@
100
(a)
.................................
150
145
5
.10
%
,
2/15/36
,
Callable
11/15/35
@
100
..................................
283
277
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
(b)
...............................
500
373
Hewlett
Packard
Enterprise
Co.
5
.25
%
,
4/1/33
,
Callable
2/1/33
@
100
....................................
250
249
5
.00
%
,
10/15/34
,
Callable
7/15/34
@
100
.................................
215
208
International
Business
Machines
Corp.
,
4
.95
%
,
2/3/36
,
Callable
11/3/35
@
100
..........
500
487
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
500
461
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
200
198
Leidos,
Inc.
4
.10
%
,
3/15/29
,
Callable
2/15/29
@
100
..................................
300
297
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
250
259
5
.50
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
150
152
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
150
144
Micron
Technology,
Inc.
5
.88
%
,
2/9/33
,
Callable
11/9/32
@
100
...................................
250
267
6
.05
%
,
11/1/35
,
Callable
8/1/35
@
100
...................................
150
162
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
250
150
Motorola
Solutions,
Inc.
,
5
.55
%
,
8/15/35
,
Callable
5/15/35
@
100
....................
240
245
Oracle
Corp.
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
320
265
5
.88
%
,
9/26/45
,
Callable
3/26/45
@
100
..................................
300
259
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
650
392
Salesforce,
Inc.
5
.55
%
,
3/15/36
,
Callable
12/15/35
@
100
.................................
150
150
6
.40
%
,
3/15/46
,
Callable
9/15/45
@
100
..................................
200
201
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
245
245
TD
SYNNEX
Corp.
,
5
.30
%
,
10/10/35
,
Callable
7/10/35
@
100
......................
240
232
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
$
500
$
487
7,802
Materials
(4.2%):
Amcor
Flexibles
North
America,
Inc.
2
.69
%
,
5/25/31
,
Callable
2/25/31
@
100
..................................
227
205
5
.13
%
,
3/12/36
,
Callable
12/12/35
@
100
.................................
95
92
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
588
546
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
500
434
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(b)
...................
500
500
CF
Industries,
Inc.
,
5
.30
%
,
11/26/35
,
Callable
8/26/35
@
100
.......................
235
234
Chevron
Phillips
Chemical
Co.
LLC/Chevron
Phillips
Chemical
Co.
LP
,
4
.75
%
,
5/15/30
,
Callable
4/15/30
@
100
(b)
............................................
215
215
CRH
America
Finance,
Inc.
,
5
.50
%
,
1/9/35
,
Callable
10/9/34
@
100
..................
250
255
Ecolab,
Inc.
,
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
............................
250
150
Glencore
Funding
LLC
1
.63
%
,
4/27/26
(b)
..................................................
300
299
5
.51
%
,
4/1/36
,
Callable
1/1/36
@
100
(b)
..................................
350
350
LYB
International
Finance
III
LLC
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
...................................
185
134
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
500
353
Martin
Marietta
Materials,
Inc.
,
5
.50
%
,
12/1/54
,
Callable
6/1/54
@
100
................
150
141
Olin
Corp.
,
6
.63
%
,
4/1/33
,
Callable
4/1/28
@
103.31
(b)
...........................
245
240
Packaging
Corp.
of
America
5
.20
%
,
8/15/35
,
Callable
5/15/35
@
100
..................................
83
82
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
...................................
750
472
Reliance,
Inc.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
............................
250
225
Syensqo
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(b)
...............
300
305
The
Dow
Chemical
Co.
5
.65
%
,
3/15/36
,
Callable
12/15/35
@
100
(a)
...............................
240
238
5
.25
%
,
11/15/41
,
Callable
5/15/41
@
100
..................................
245
216
Vulcan
Materials
Co.
,
5
.70
%
,
12/1/54
,
Callable
6/1/54
@
100
.......................
200
194
Westlake
Corp.
,
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
(a)
........................
275
274
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
200
176
6,330
Real
Estate
(3.7%):
Alexandria
Real
Estate
Equities,
Inc.
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
..................................
500
419
5
.50
%
,
10/1/35
,
Callable
7/1/35
@
100
...................................
270
269
3
.55
%
,
3/15/52
,
Callable
9/15/51
@
100
..................................
500
340
Boston
Properties
LP
,
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
........................
500
430
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
250
224
5
.50
%
,
6/15/35
,
Callable
3/15/35
@
100
..................................
150
151
Crown
Castle,
Inc.
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
250
221
2
.90
%
,
4/1/41
,
Callable
10/1/40
@
100
...................................
250
177
DOC
DR
LLC
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
............................
250
222
Essex
Portfolio
LP
,
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
500
440
GLP
Capital
LP/GLP
Financing
II,
Inc.
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
117
104
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
150
147
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
400
354
Host
Hotels
&
Resorts
LP
,
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
...................
500
470
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
400
318
Kimco
Realty
OP
LLC
,
4
.85
%
,
3/1/35
,
Callable
12/1/34
@
100
......................
350
343
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
,
4
.95
%
,
1/15/35
,
Callable
10/15/34
@
100
...........................................................
215
208
Simon
Property
Group
LP
,
2
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
..................
250
218
South
Bow
USA
Infrastructure
Holdings
LLC
,
5
.58
%
,
10/1/34
,
Callable
7/1/34
@
100
.....
230
229
The
Northwestern
Mutual
Life
Insurance
Co.
,
6
.17
%
,
5/29/55
,
Callable
11/29/54
@
100
(b)
..
188
193
VICI
Properties
LP
,
5
.63
%
,
4/1/35
,
Callable
1/1/35
@
100
..........................
100
99
5,576
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Utilities
(8.1%):
AEP
Texas,
Inc.
5
.70
%
,
5/15/34
,
Callable
2/15/34
@
100
..................................
$
275
$
284
5
.85
%
,
10/15/55
,
Callable
4/15/55
@
100
.................................
375
362
Alabama
Power
Co.
,
3
.13
%
,
7/15/51
,
Callable
1/15/51
@
100
.......................
500
324
Alliant
Energy
Finance
LLC
,
5
.40
%
,
6/6/27
,
Callable
5/6/27
@
100
(b)
.................
250
252
Ameren
Corp.
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
250
237
5
.00
%
,
5/15/36
,
Callable
2/15/36
@
100
..................................
100
97
Ameren
Illinois
Co.
,
5
.55
%
,
7/1/54
,
Callable
1/1/54
@
100
.........................
300
288
Arizona
Public
Service
Co.
,
5
.70
%
,
8/15/34
,
Callable
5/15/34
@
100
..................
250
259
Cleco
Power
LLC
,
5
.30
%
,
1/15/36
,
Callable
10/15/35
@
100
(b)
.....................
235
233
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(c)
.........
300
290
DTE
Electric
Co.
,
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
...........................
500
363
DTE
Energy
Co.
4
.95
%
,
7/1/27
,
Callable
6/1/27
@
100
....................................
100
101
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
....................................
47
49
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
250
227
Duke
Energy
Corp.
,
5
.80
%
,
6/15/54
,
Callable
12/15/53
@
100
.......................
250
240
Duke
Energy
Florida
LLC
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..................
700
625
Duquesne
Light
Holdings,
Inc.
2
.53
%
,
10/1/30
,
Callable
7/1/30
@
100
(b)
.................................
150
137
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(b)
.................................
250
221
Entergy
Corp.
,
2
.40
%
,
6/15/31
,
Callable
3/5/31
@
100
............................
500
445
Entergy
Louisiana
LLC
5
.70
%
,
3/15/54
,
Callable
9/15/53
@
100
..................................
250
243
5
.80
%
,
3/15/55
,
Callable
9/15/54
@
100
..................................
200
196
Evergy
Missouri
West,
Inc.
,
5
.65
%
,
6/1/34
,
Callable
3/1/34
@
100
(b)
..................
300
307
Florida
Power
&
Light
Co.
3
.15
%
,
10/1/49
,
Callable
4/1/49
@
100
...................................
250
168
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................................
500
312
Georgia
Power
Co.
,
5
.25
%
,
3/15/34
,
Callable
9/15/33
@
100
........................
500
511
Indiana
Michigan
Power
Co.
,
5
.60
%
,
3/15/56
,
Callable
9/15/55
@
100
.................
300
289
ITC
Holdings
Corp.
,
3
.35
%
,
11/15/27
,
Callable
8/15/27
@
100
......................
500
491
MidAmerican
Energy
Co.
,
2
.70
%
,
8/1/52
,
Callable
2/1/52
@
100
.....................
500
301
NextEra
Energy
Capital
Holdings,
Inc.
,
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.........
500
441
Niagara
Mohawk
Power
Corp.
,
5
.29
%
,
1/17/34
,
Callable
10/17/33
@
100
(b)
............
250
251
Northern
States
Power
Co.
,
5
.65
%
,
6/15/54
,
Callable
12/15/53
@
100
.................
200
197
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
100
80
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
312
255
5
.80
%
,
6/1/54
,
Callable
12/1/53
@
100
...................................
150
145
Oncor
Electric
Delivery
Co.
LLC
3
.75
%
,
4/1/45
,
Callable
10/1/44
@
100
...................................
500
384
5
.80
%
,
4/1/55
,
Callable
10/1/54
@
100
...................................
220
218
PECO
Energy
Co.
,
3
.00
%
,
9/15/49
,
Callable
3/15/49
@
100
........................
500
323
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
250
256
Potomac
Electric
Power
Co.
,
5
.50
%
,
3/15/54
,
Callable
9/15/53
@
100
.................
300
285
PPL
Capital
Funding,
Inc.
,
5
.25
%
,
9/1/34
,
Callable
6/1/34
@
100
.....................
88
89
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
250
160
Union
Electric
Co.
,
2
.15
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
500
436
Vistra
Operations
Co.
LLC
,
6
.88
%
,
4/15/32
,
Callable
4/15/27
@
103.44
(b)
..............
250
259
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
250
153
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
500
440
12,224
Total
Corporate
Bonds
(Cost
$123,647)
a
a
a
115,108
Yankee
Dollars
(16.7%)
Communication
Services
(0.3%):
Rogers
Communications,
Inc.
,
4
.50
%
,
3/15/42
,
Callable
9/15/41
@
100
(b)
..............
500
422
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Consumer
Discretionary
(0.3%):
Carnival
Corp.
,
5
.13
%
,
5/1/29
,
Callable
2/1/29
@
100
(b)
...........................
$
192
$
190
Gildan
Activewear,
Inc.
,
5
.40
%
,
10/7/35
,
Callable
7/7/35
@
100
(b)
...................
312
305
495
Consumer
Staples
(1.1%):
Alimentation
Couche-Tard,
Inc.
,
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(b)
............
250
236
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(b)
............
300
297
Bacardi-Martini
BV
,
6
.00
%
,
2/1/35
,
Callable
11/1/34
@
100
(b)
......................
150
152
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(b)
......................
450
385
JBS
NV/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
Holdings
5
.75
%
,
4/1/33
,
Callable
1/1/33
@
100
....................................
182
188
5
.95
%
,
4/20/35
,
Callable
1/20/35
@
100
..................................
200
207
6
.25
%
,
3/1/56
,
Callable
9/1/55
@
100
....................................
150
147
1,612
Energy
(1.6%):
BP
Capital
Markets
PLC
,
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(d)
........
250
247
Canadian
Natural
Resources
Ltd.
,
5
.40
%
,
12/15/34
,
Callable
9/15/34
@
100
.............
450
455
Enbridge,
Inc.
,
5
.63
%
,
4/5/34
,
Callable
1/5/34
@
100
.............................
300
310
Harbour
Energy
PLC
,
6
.33
%
,
4/1/35
,
Callable
1/1/35
@
100
(b)
......................
200
204
Shell
International
Finance
BV
,
2
.88
%
,
11/26/41
,
Callable
5/26/41
@
100
..............
500
363
Vallourec
SACA
,
7
.50
%
,
4/15/32
,
Callable
4/15/27
@
103.75
(b)
.....................
300
315
Var
Energi
ASA
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(b)
...............................
250
284
6
.50
%
,
5/22/35
,
Callable
2/22/35
@
100
(b)
................................
200
211
2,389
Financials
(9.6%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
4
.95
%
,
9/10/34
,
Callable
6/10/34
@
100
...........................................................
300
292
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(b)
(c)
.............
200
207
Avolon
Holdings
Funding
Ltd.
,
4
.20
%
,
4/15/29
,
Callable
3/15/29
@
100
(b)
.............
300
295
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
200
216
Bank
of
New
Zealand
,
2
.87
%
,
1/27/32
(a)
(b)
....................................
250
227
Barclays
PLC
5
.83
%
(
SOFR
+
221
bps
)
,
5/9/27
,
Callable
5/9/26
@
100
(c)
......................
250
250
5
.34
%
(
SOFR
+
191
bps
)
,
9/10/35
,
Callable
9/10/34
@
100
(c)
....................
200
198
4
.95
%
,
1/10/47
....................................................
1,000
883
BNP
Paribas
SA
,
4
.63
%
,
3/13/27
(b)
..........................................
500
500
BPCE
SA
,
6
.51
%
(
SOFR
+
279
bps
)
,
1/18/35
,
Callable
1/18/34
@
100
(b)
(c)
..............
300
310
Brookfield
Asset
Management
Ltd.
,
6
.08
%
,
9/15/55
,
Callable
3/15/55
@
100
............
114
113
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
500
454
Canadian
Imperial
Bank
of
Commerce
7
.26
%
,
4/10/32
(b)
..................................................
156
163
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...................................
250
267
Commonwealth
Bank
of
Australia
,
2
.69
%
,
3/11/31
(b)
.............................
500
452
Credit
Agricole
SA
,
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(b)
(c)
.......
250
259
Deutsche
Bank
AG
4
.88
%
(
USISOA05
+
255
bps
)
,
12/1/32
,
Callable
12/1/27
@
100
(c)
................
500
498
5
.40
%
(
SOFR
+
205
bps
)
,
9/11/35
,
Callable
9/11/34
@
100
(c)
....................
400
397
HSBC
Holdings
PLC
,
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
........
1,000
946
ING
Groep
NV
,
5
.42
%
(
SOFRINDX
+
161
bps
)
,
3/23/37
,
Callable
3/23/36
@
100
(c)
........
335
334
JAB
Holdings
BV
,
4
.50
%
,
4/8/52
,
Callable
10/8/51
@
100
(b)
.......................
250
190
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(c)
...................
1,000
996
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
303
345
Macquarie
Airfinance
Holdings
Ltd.
5
.15
%
,
3/17/30
,
Callable
2/17/30
@
100
(b)
................................
112
112
6
.50
%
,
3/26/31
,
Callable
1/26/31
@
100
(b)
................................
42
44
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(b)
(c)
......
500
450
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.62
%
(
H15T1Y
+
127
bps
)
,
4/24/36
,
Callable
4/24/35
@
100
(c)
...........................................................
200
205
Mizuho
Financial
Group,
Inc.
,
5
.58
%
(
H15T1Y
+
130
bps
)
,
5/26/35
,
Callable
5/26/34
@
100
(c)
293
301
NatWest
Group
PLC
,
1
.64
%
(
H15T1Y
+
90
bps
)
,
6/14/27
,
Callable
6/14/26
@
100
(c)
.......
1,000
994
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Societe
Generale
SA
,
5
.40
%
(
SOFR
+
160
bps
)
,
4/10/37
,
Callable
4/10/36
@
100
(b)
(c)
......
$
350
$
339
Standard
Chartered
PLC
,
7
.77
%
(
H15T1Y
+
345
bps
)
,
11/16/28
,
Callable
11/16/27
@
100
(b)
(c)
500
524
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.47
%
,
1/14/29
...........................
250
237
Sumitomo
Mitsui
Trust
Group,
Inc.
,
5
.42
%
(
SOFR
+
165
bps
)
,
9/11/36
,
Callable
9/11/35
@
100
(b)
(c)
.........................................................
207
203
The
Bank
of
Nova
Scotia
,
5
.13
%
(
SOFR
+
107
bps
)
,
2/14/31
,
Callable
2/14/30
@
100
(c)
.....
275
280
The
Toronto-Dominion
Bank
,
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(c)
.
500
497
UBS
Group
AG
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(b)
..................................
217
216
3
.09
%
(
SOFR
+
173
bps
)
,
5/14/32
,
Callable
5/14/31
@
100
(b)
(c)
..................
500
458
5
.01
%
(
SOFR
+
134
bps
)
,
3/23/37
,
Callable
3/23/36
@
100
(b)
(c)
..................
244
236
Westpac
Banking
Corp.
,
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
.
500
499
14,387
Health
Care
(1.0%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(b)
........................
152
150
Royalty
Pharma
PLC
,
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
........................
750
506
Smith
&
Nephew
PLC
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
.................................
475
423
5
.40
%
,
3/20/34
,
Callable
12/20/33
@
100
.................................
100
101
Takeda
Pharmaceutical
Co.
Ltd.
,
5
.65
%
,
7/5/54
,
Callable
1/5/54
@
100
................
400
383
1,563
Industrials
(1.0%):
Aircastle
Ltd.
,
5
.95
%
,
2/15/29
,
Callable
1/15/29
@
100
(b)
..........................
300
308
Element
Fleet
Management
Corp.
,
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(b)
...........
250
260
Ferguson
Finance
PLC
,
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(b)
.....................
250
236
LG
Energy
Solution
Ltd.
5
.38
%
,
7/2/29
(a)
(b)
.................................................
200
203
5
.25
%
,
4/2/31
(b)
...................................................
250
249
Pentair
Finance
SARL
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.....................
250
262
1,518
Information
Technology
(0.9%):
Kioxia
Holdings
Corp.
,
6
.63
%
,
7/24/33
,
Callable
7/24/28
@
103.31
(b)
.................
200
205
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
3
.25
%
,
5/11/41
,
Callable
11/11/40
@
100
....
600
442
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(b)
.......................
538
552
SK
Hynix,
Inc.
,
5
.50
%
,
1/16/29
(b)
...........................................
200
205
1,404
Materials
(0.6%):
Alcoa
Nederland
Holding
BV
,
7
.13
%
,
3/15/31
,
Callable
3/15/27
@
103.56
(b)
............
37
39
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
(a)
......................
250
276
CCL
Industries,
Inc.
,
3
.25
%
,
10/1/26
,
Callable
7/1/26
@
100
(b)
......................
250
248
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(b)
................
200
202
Smurfit
Westrock
Financing
DAC
,
5
.42
%
,
1/15/35
,
Callable
10/15/34
@
100
............
200
201
966
Real
Estate
(0.3%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(b)
...........................................................
504
446
Total
Yankee
Dollars
(Cost
$25,942)
a
a
a
25,202
U.S.
Treasury
Obligations
(5.6%)
U.S.
Treasury
Bonds
3
.88
%
,
5/15/43
....................................................
1,000
887
4
.50
%
,
2/15/44
....................................................
800
765
3
.38
%
,
5/15/44
....................................................
1,100
899
3
.00
%
,
5/15/45
....................................................
750
571
4
.88
%
,
8/15/45
....................................................
920
917
3
.38
%
,
11/15/48
....................................................
500
392
4
.00
%
,
11/15/52
....................................................
200
172
4
.13
%
,
8/15/53
....................................................
1,350
1,184
4
.25
%
,
8/15/54
....................................................
750
672
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.75
%
,
8/15/55
....................................................
$
1,000
$
974
U.S.
Treasury
Notes
3
.38
%
,
9/15/28
....................................................
655
648
3
.75
%
,
12/31/28
....................................................
300
299
Total
U.S.
Treasury
Obligations
(Cost
$8,660)
a
a
a
8,380
Commercial
Paper
(0.2%)
Consumer
Staples
(0.2%):
Dairy
Farmers
of
America,
Inc.
,
3
.95
%
,
4/1/26
(b)
(e)
..............................
300
300
Total
Commercial
Paper
(Cost
$300)
a
a
a
300
Shares
Collateral
for
Securities
Loaned
(2.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(f)
........
1,074,984
1,075
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(f)
............
1,074,984
1,075
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(f)
................
1,074,984
1,075
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(f)
.
1,074,984
1,075
Total
Collateral
for
Securities
Loaned
(Cost
$4,300)
a
a
a
4,300
Total
Investments
(Cost
$162,849)
—
101.9%
153,290
Liabilities
in
excess
of
other
assets
—  (1.9)%
(2,802)
NET
ASSETS
-
100.00%
$
150,488
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
16.7%
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,
2026,
the
fair
value
of
these
securities
was
$30,124
(thousands)
and
amounted
to
20.0%
of
net
assets.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2026.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
Rate
represents
the
effective
yield
at
March
31,
2026.
(f)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
bps
—
Basis
points
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2026.
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,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2026.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2026.
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
ll
VictoryShares
Pioneer
Asset-Based
Income
ETF
157
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(45.0%)
ABS
Auto
(20.9%):
Ally
Bank
Auto
Credit-Linked
Notes
,
Series
2025-A
,
Class
F
,
6
.94
%
,
6/15/33
,
Callable
10/15/28
@
100
(a)
..................................................
$
554
$
553
Arivo
Acceptance
Auto
Loan
Receivables
Trust
,
Series
2025-1A
,
Class
E
,
7
.30
%
,
10/15/32
,
Callable
11/15/29
@
100
(a)
...........................................
600
593
CPS
Auto
Receivables
Trust
,
Series
2024-B
,
Class
E
,
8
.36
%
,
11/17/31
,
Callable
7/15/28
@
100
(a)
...........................................................
700
727
Exeter
Automobile
Receivables
Trust
.........................................
Series
2022-1A
,
Class
E
,
5
.02
%
,
10/15/29
,
Callable
7/15/27
@
100
(a)
.............
1,070
1,058
Series
2024-3A
,
Class
E
,
7
.84
%
,
10/15/31
,
Callable
3/15/29
@
100
(a)
.............
1,156
1,188
Series
2024-4A
,
Class
E
,
7
.65
%
,
2/17/32
,
Callable
5/15/29
@
100
(a)
..............
1,480
1,515
Series
2024-5A
,
Class
E
,
7
.22
%
,
5/17/32
,
Callable
3/15/29
@
100
(a)
..............
1,410
1,427
Series
2025-1A
,
Class
E
,
7
.48
%
,
9/15/32
,
Callable
7/15/29
@
100
(a)
..............
940
948
Exeter
Select
Automobile
Receivables
Trust
,
Series
2025-2
,
Class
E
,
6
.87
%
,
2/15/33
,
Callable
8/15/29
@
100
(a)
...................................................
500
495
GLS
Auto
Receivables
Issuer
Trust
,
Series
2021-4A
,
Class
E
,
4
.43
%
,
10/16/28
,
Callable
3/15/27
@
100
(a)
...................................................
890
883
Huntington
Bank
Auto
Credit-Linked
Notes
,
Series
2025-2
,
Class
D
,
6
.92
%
(
SOFR30A
+
325
bps
)
,
9/20/33
,
Callable
12/20/29
@
100
(a)
(b)
...................
409
400
Merchants
Fleet
Funding
LLC
,
Series
2025-1A
,
Class
E
,
8
.48
%
,
1/20/39
,
Callable
6/20/29
@
100
(a)
...........................................................
1,000
1,002
Tricolor
Auto
Securitization
Trust
,
Series
2025-1A
,
Class
E
,
10
.37
%
,
4/15/32
,
Callable
5/15/28
@
100
(a)
(c)
.......................................................
400
11
Veros
Auto
Receivables
Trust
,
Series
2025-1
,
Class
D
,
8
.79
%
,
5/17/32
,
Callable
2/15/28
@
100
(a)
...........................................................
1,000
1,030
11,830
ABS
Home
(1.1%):
JP
Morgan
Mortgage
Trust
,
Series
2026-CES1
,
Class
B1
,
6
.48
%
,
6/25/56
,
Callable
1/25/29
@
100
(a)
(d)
.........................................................
220
219
Vista
Point
Securitization
Trust
,
Series
2025-CES3
,
Class
A1
,
5
.30
%
,
11/25/55
,
Callable
10/25/28
@
100
(a)
(d)
................................................
361
359
578
ABS
Other
(23.0%):
Ascent
Career
Funding
Trust
,
Series
2024-1A
,
Class
B
,
9
.73
%
,
10/25/32
,
Callable
10/25/27
@
100
(a)
...........................................................
370
377
BHG
Securitization
Trust
.................................................
Series
2022-C
,
Class
E
,
9
.73
%
,
10/17/35
,
Callable
10/17/28
@
100
(a)
.............
800
846
Series
2025-2CON
,
Class
E
,
7
.76
%
,
9/17/36
,
Callable
3/17/32
@
100
(a)
...........
520
515
Blue
Owl
Asset
Leasing
Trust
LLC
,
Series
2024-1A
,
Class
D
,
8
.00
%
,
12/15/31
,
Callable
7/15/27
@
100
(a)
...................................................
250
254
Elara
HGV
Timeshare
Issuer
LLC
,
Series
2025-A
,
Class
D
,
6
.91
%
,
1/25/40
,
Callable
12/25/31
@
100
(a)
.........................................................
196
192
FIGRE
Trust
,
Series
2025-HE6
,
Class
A
,
5
.04
%
,
9/25/55
,
Callable
3/25/31
@
100
(a)
(d)
....
221
219
GreenSky
Home
Improvement
Issuer
Trust
,
Series
2025-2A
,
Class
E
,
7
.79
%
,
6/25/60
(a)
....
1,000
1,016
GS
Mortgage-Backed
Securities
Trust
........................................
Series
2025-HE1
,
Class
M3
,
6
.11
%
(
SOFR30A
+
245
bps
)
,
10/25/55
,
Callable
7/25/28
@
100
(a)
(b)
.........................................................
500
503
Series
2025-HE2
,
Class
M3
,
6
.01
%
(
SOFR30A
+
235
bps
)
,
12/25/65
,
Callable
10/25/28
@
100
(a)
(b)
.........................................................
520
526
Home
Partners
of
America
Trust
,
Series
2019-1
,
Class
F
,
4
.10
%
,
9/17/39
,
Callable
4/17/26
@
100
(a)
(e)
.........................................................
191
186
Lending
Funding
Trust
,
Series
2020-2A
,
Class
D
,
6
.77
%
,
4/21/31
,
Callable
4/20/26
@
100
(a)
1,000
998
MMP
Capital
LLC
,
Series
2025-A
,
Class
C
,
8
.41
%
,
12/15/31
,
Callable
12/15/28
@
100
(a)
..
500
512
NMEF
Funding
LLC
,
Series
2025-B
,
Class
E
,
7
.66
%
,
1/18/33
,
Callable
1/15/29
@
100
(a)
...
500
507
Octane
Receivables
Trust
,
Series
2023-2A
,
Class
E
,
10
.50
%
,
6/20/31
,
Callable
10/20/27
@
100
(a)
...........................................................
1,000
1,072
Purchasing
Power
Funding
LLC
,
Series
2026-A
,
Class
E
,
7
.54
%
,
8/15/30
,
Callable
2/15/28
@
100
(a)
...........................................................
250
251
RCKT
Trust
,
Series
2025-1A
,
Class
E
,
7
.12
%
,
7/25/34
,
Callable
4/25/28
@
100
(a)
........
1,000
997
Reach
ABS
Trust
.......................................................
Series
2025-1A
,
Class
C
,
5
.99
%
,
8/16/32
,
Callable
6/15/29
@
100
(a)
..............
500
499
Victory
Portfolios
ll
VictoryShares
Pioneer
Asset-Based
Income
ETF
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-2A
,
Class
D
,
7
.31
%
,
8/18/32
,
Callable
12/15/29
@
100
(a)
.............
$
820
$
818
Series
2026-1A
,
Class
E
,
6
.45
%
,
2/15/33
,
Callable
6/15/30
@
100
(a)
..............
300
294
Saluda
Grade
Alternative
Mortgage
Trust
......................................
Series
2025-LOC4
,
Class
A1A
,
5
.41
%
(
SOFR30A
+
175
bps
)
,
6/25/55
,
Callable
6/25/28
@
100
(a)
(b)
.........................................................
673
675
Series
2025-LOC4
,
Class
M3
,
6
.61
%
(
SOFR30A
+
295
bps
)
,
6/25/55
,
Callable
6/25/28
@
100
(a)
(b)
.........................................................
470
479
Series
2026-HB1
,
Class
B1
,
7
.13
%
(
TSFR1M
+
345
bps
)
,
4/25/56
,
Callable
1/25/29
@
100
(a)
(b)
.........................................................
210
210
Series
2026-HB1
,
Class
M3
,
6
.13
%
(
TSFR1M
+
245
bps
)
,
4/25/56
,
Callable
1/25/29
@
100
(a)
(b)
.........................................................
100
100
VFI
ABS
LLC
,
Series
2025-1A
,
Class
D
,
7
.69
%
,
4/26/32
,
Callable
1/24/28
@
100
(a)
......
745
750
Westgate
Resorts
LLC
,
Series
2023-1A
,
Class
D
,
10
.14
%
,
12/20/37
,
Callable
4/20/27
@
100
(a)
214
217
13,013
Total
Asset-Backed
Securities
(Cost
$25,866)
a
a
a
25,421
Collateralized
Loan
Obligations
(11.9%)
Cash
Flow
CLO
(11.9%):
ABPCI
Direct
Lending
Fund
CLO
LLC
,
Series
2025-21A
,
Class
A1
,
5
.20
%
(
TSFR3M
+
153
bps
)
,
7/20/37
,
Callable
10/20/27
@
100
(a)
(b)
....................
1,000
997
ACRES
LLC
,
Series
2025-FL3
,
Class
A
,
5
.30
%
(
TSFR1M
+
162
bps
)
,
8/18/40
,
Callable
8/18/27
@
100
(a)
(b)
(e)
.....................................................
860
862
BSPDF
Issuer
LLC
,
Series
2026-FL3
,
Class
E
,
7
.15
%
(
TSFR1M
+
350
bps
)
,
9/18/43
,
Callable
9/18/28
@
100
(a)
(b)
(e)
...............................................
190
190
BXDL
Static
CLO
LLC
,
Series
2025-1A
,
Class
A1
,
4
.97
%
(
TSFR3M
+
130
bps
)
,
7/20/35
,
Callable
7/20/26
@
100
(a)
(b)
..........................................
868
867
Dwight
Issuer
LLC
,
Series
2025-FL1
,
Class
A
,
5
.34
%
(
TSFR1M
+
166
bps
)
,
6/18/42
,
Callable
7/18/27
@
100
(a)
(b)
.................................................
1,000
1,003
Fortress
Credit
Opportunities
XXXVII
CLO
Ltd.
,
Series
2025-37A
,
Class
B
,
6
.27
%
(
TSFR3M
+
260
bps
)
,
7/20/33
,
Callable
10/20/26
@
100
(a)
(b)
....................
500
500
FS
Rialto
Issuer
LLC
,
Series
2021-FL3
,
Class
D
,
6
.29
%
(
TSFR1M
+
261
bps
)
,
11/16/36
,
Callable
4/16/26
@
100
(a)
(b)
..........................................
980
981
MCF
CLO
VII
LLC
,
Series
2017-3A
,
Class
ER2
,
10
.67
%
(
TSFR3M
+
700
bps
)
,
7/20/37
,
Callable
7/20/27
@
100
(a)
(b)
..........................................
500
491
MF1
Ltd.
,
Series
2021-FL7
,
Class
C
,
5
.84
%
(
TSFR1M
+
216
bps
)
,
10/16/36
,
Callable
4/16/26
@
100
(a)
(b)
.........................................................
840
838
6,729
Total
Collateralized
Loan
Obligations
(Cost
$6,733)
a
a
a
6,729
Collateralized
Mortgage
Obligations
(39.2%)
Commercial
MBS
(5.3%):
BWAY
Mortgage
Trust
,
Series
2013-1515
,
Class
B
,
3
.47
%
,
3/10/33
,
Callable
4/10/26
@
100
(a)
290
270
BX
Commercial
Mortgage
Trust
,
Series
2025-BCAT
,
Class
E
,
7
.17
%
(
TSFR1M
+
350
bps
)
,
8/15/42
(a)
(b)
(e)
....................................................
479
481
BX
Trust
,
Series
2025-LUNR
,
Class
E
,
7
.62
%
(
TSFR1M
+
395
bps
)
,
6/15/40
(a)
(b)
(e)
.......
467
467
MCR
Mortgage
Trust
,
Series
2024-TWA
,
Class
D
,
7
.40
%
,
6/12/39
(a)
(e)
................
390
392
MHP
Commercial
Mortgage
Trust
,
Series
2025-MHIL2
,
Class
D
,
6
.32
%
(
TSFR1M
+
265
bps
)
,
9/15/40
(a)
(b)
(e)
....................................................
360
359
PRM
Trust
,
Series
2025-PRM6
,
Class
D
,
5
.68
%
,
7/5/33
(a)
(d)
(e)
.....................
320
318
SLG
Office
Trust
,
Series
2026-OMA
,
Class
F
,
7
.92
%
,
4/15/41
(a)
(d)
(e)
.................
200
201
SMRT
,
Series
2022-MINI
,
Class
E
,
6
.37
%
(
TSFR1M
+
270
bps
)
,
1/15/39
(a)
(b)
(e)
..........
250
249
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2026-1250B
,
Class
C
,
5
.59
%
,
3/10/41
(a)
(d)
(e)
.........................
100
99
Series
2026-1250B
,
Class
D
,
6
.59
%
,
3/10/41
(a)
(d)
(e)
.........................
100
99
2,935
Private
CMO
Floating
(9.7%):
Bellemeade
Re
Ltd.
,
Series
2025-1
,
Class
M1C
,
6
.91
%
(
SOFR30A
+
325
bps
)
,
10/25/35
,
Callable
8/25/28
@
100
(a)
(b)
..........................................
260
261
Victory
Portfolios
ll
VictoryShares
Pioneer
Asset-Based
Income
ETF
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Connecticut
Avenue
Securities
Trust
.........................................
Series
2021-R01
,
Class
1B2
,
9
.66
%
(
SOFR30A
+
600
bps
)
,
10/25/41
,
Callable
10/25/26
@
100
(a)
(b)
.........................................................
$
1,000
$
1,019
Series
2022-R05
,
Class
2B2
,
10
.66
%
(
SOFR30A
+
700
bps
)
,
4/25/42
,
Callable
4/25/27
@
100
(a)
(b)
.........................................................
510
538
Series
2023-R05
,
Class
1B1
,
8
.41
%
(
SOFR30A
+
475
bps
)
,
6/25/43
,
Callable
6/25/28
@
100
(a)
(b)
.........................................................
1,000
1,057
Series
2024-R02
,
Class
1M1
,
4
.76
%
(
SOFR30A
+
110
bps
)
,
2/25/44
,
Callable
2/25/29
@
100
(a)
(b)
.........................................................
241
241
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
2019-FTR1
,
Class
B2
,
12
.13
%
(
SOFR30A
+
846
bps
)
,
1/25/48
,
Callable
5/25/29
@
100
(a)
(b)
.........................................................
470
565
Series
2025-DNA4
,
Class
A1
,
4
.56
%
(
SOFR30A
+
90
bps
)
,
10/25/45
,
Callable
10/25/30
@
100
(a)
(b)
.........................................................
796
794
Series
2025-DNA4
,
Class
M1
,
4
.76
%
(
SOFR30A
+
110
bps
)
,
10/25/45
,
Callable
10/25/30
@
100
(a)
(b)
.......................................................
445
444
Series
2025-HQA1
,
Class
M1
,
4
.81
%
(
SOFR30A
+
115
bps
)
,
2/25/45
,
Callable
2/25/30
@
100
(a)
(b)
.........................................................
238
237
Home
Re
Ltd.
.........................................................
Series
2026-1
,
Class
M1C
,
6
.26
%
(
SOFR30A
+
260
bps
)
,
1/25/36
,
Callable
8/25/29
@
100
(a)
(b)
.........................................................
150
150
Series
2026-1
,
Class
M2
,
6
.86
%
(
SOFR30A
+
320
bps
)
,
1/25/36
,
Callable
8/25/29
@
100
(a)
(b)
.........................................................
150
152
5,458
Private
CMO
Other
(24.2%):
A&D
Mortgage
Trust
....................................................
Series
2023-NQM3
,
Class
B1
,
8
.03
%
,
7/25/68
,
Callable
7/25/26
@
100
(a)
(d)
........
850
852
Series
2023-NQM4
,
Class
B1
,
8
.05
%
,
9/25/68
,
Callable
10/25/26
@
100
(a)
(d)
.......
900
907
Series
2025-NQM2
,
Class
M1B
,
7
.29
%
,
6/25/70
,
Callable
5/25/28
@
100
(a)
(d)
......
470
482
Series
2025-NQM4
,
Class
B1
,
7
.15
%
,
10/25/70
,
Callable
10/25/28
@
100
(a)
........
512
512
CFMT
LLC
,
Series
2024-HB14
,
Class
M3
,
3
.00
%
,
6/25/34
,
Callable
6/25/27
@
100
(a)
(d)
...
238
229
COLT
Mortgage
Loan
Trust
...............................................
Series
2024-3
,
Class
B1
,
7
.85
%
,
6/25/69
,
Callable
5/25/27
@
100
(a)
(d)
............
721
737
Series
2024-INV2
,
Class
B1
,
8
.07
%
,
5/25/69
,
Callable
4/25/27
@
100
(a)
(d)
.........
500
510
JP
Morgan
Mortgage
Trust
,
Series
2026-ACES1
,
Class
B1
,
6
.50
%
,
4/25/66
,
Callable
2/25/31
@
100
(a)
(d)
.......................................................
450
448
LHOME
Mortgage
Trust
..................................................
Series
2024-RTL2
,
Class
A1
,
7
.13
%
,
3/25/29
,
Callable
10/25/26
@
100
(a)
(d)
(e)
......
1,000
1,001
Series
2024-RTL3
,
Class
A1
,
6
.90
%
,
5/25/29
,
Callable
12/25/26
@
100
(a)
(d)
(e)
......
270
271
MFA
Trust
,
Series
2024-NQM2
,
Class
B1B
,
7
.29
%
,
8/25/69
,
Callable
9/25/27
@
100
(a)
(d)
..
410
413
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
Series
2023-NQM1
,
Class
B1
,
7
.33
%
,
9/25/68
,
Callable
10/25/26
@
100
(a)
(d)
...................................
520
523
PRKCM
Trust
,
Series
2023-AFC1
,
Class
M1
,
7
.26
%
,
2/25/58
,
Callable
4/25/26
@
100
(a)
(d)
.
750
749
PRPM
Trust
...........................................................
Series
2025-NQM2
,
Class
B1
,
7
.85
%
,
4/25/70
,
Callable
5/25/28
@
100
(a)
(d)
........
275
284
Series
2025-NQM3
,
Class
B2
,
6
.89
%
,
5/25/70
,
Callable
7/25/28
@
100
(a)
(d)
........
791
777
Verus
Securitization
Trust
.................................................
Series
2023-3
,
Class
B2
,
7
.67
%
,
3/25/68
,
Callable
4/25/26
@
100
(a)
(d)
............
850
850
Series
2023-4
,
Class
B1
,
8
.02
%
,
5/25/68
,
Callable
5/25/26
@
100
(a)
(d)
............
1,240
1,237
Series
2023-7
,
Class
B1
,
7
.90
%
,
10/25/68
,
Callable
10/25/26
@
100
(a)
(d)
..........
300
302
Series
2023-8
,
Class
B1
,
8
.08
%
,
12/25/68
,
Callable
12/25/26
@
100
(a)
(d)
..........
1,000
1,012
Series
2023-INV2
,
Class
B1
,
8
.00
%
,
8/25/68
,
Callable
7/25/26
@
100
(a)
(d)
.........
550
552
Series
2023-INV3
,
Class
B2
,
8
.16
%
,
11/25/68
,
Callable
11/25/26
@
100
(a)
(d)
.......
640
647
Series
2024-2
,
Class
B1
,
7
.86
%
,
2/25/69
,
Callable
2/25/27
@
100
(a)
(d)
............
450
457
13,752
Total
Collateralized
Mortgage
Obligations
(Cost
$22,114)
a
a
a
22,145
Total
Investments
(Cost
$54,713)
—
96.1%
54,295
Other
assets
in
excess
of
liabilities
—  3.9%
2,180
NET
ASSETS
-
100.00%
$
56,475
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
5.9%
of
net
assets.
Victory
Portfolios
ll
VictoryShares
Pioneer
Asset-Based
Income
ETF
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2026,
the
fair
value
of
these
securities
was
$54,295
(thousands)
and
amounted
to
96.1%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2026.
(c)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(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,
2026.
(e)
Security
is
interest
only.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
LLC
—
Limited
Liability
Company
MBS
—
Mortgage-Backed
Securities
SOFR
—
Secured
Overnight
Financing
Rate
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
March
31,
2026.
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
161
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(3.4%):
Alphabet,
Inc.,
Class
A
...................................................
6,203
$
1,784
Fox
Corp.,
Class
A
......................................................
32,212
1,881
News
Corp.,
Class
A
.....................................................
84,971
2,118
Verizon
Communications,
Inc.
..............................................
43,827
2,200
7,983
Consumer
Discretionary
(5.0%):
Aptiv
PLC(a)
..........................................................
21,412
1,487
Expedia
Group,
Inc.
.....................................................
5,228
1,207
Ford
Motor
Co.
........................................................
124,036
1,431
General
Motors
Co.
.....................................................
18,893
1,408
Lennar
Corp.,
Class
A
....................................................
12,165
1,056
Ross
Stores,
Inc.
.......................................................
12,224
2,648
Tapestry,
Inc.
..........................................................
8,311
1,173
Ulta
Beauty,
Inc.(a)
.....................................................
2,532
1,324
11,734
Consumer
Staples
(4.8%):
Archer-Daniels-Midland
Co.
...............................................
28,604
2,079
Bunge
Global
SA
.......................................................
13,436
1,709
Dollar
General
Corp.
....................................................
10,183
1,209
Monster
Beverage
Corp.(a)
................................................
27,776
2,013
The
Kraft
Heinz
Co.
.....................................................
85,141
1,915
Tyson
Foods,
Inc.,
Class
A
................................................
36,758
2,355
11,280
Energy
(3.7%):
Devon
Energy
Corp.
.....................................................
37,200
1,872
Exxon
Mobil
Corp.
.....................................................
15,426
2,617
Marathon
Petroleum
Corp.
................................................
9,330
2,278
Valero
Energy
Corp.
.....................................................
7,906
1,954
8,721
Financials
(24.7%):
American
International
Group,
Inc.
..........................................
27,013
2,033
Annaly
Capital
Management,
Inc.
...........................................
122,121
2,583
Arch
Capital
Group
Ltd.(a)
................................................
25,422
2,440
Bank
of
America
Corp.
...................................................
48,366
2,358
Berkshire
Hathaway,
Inc.,
Class
B(a)
.........................................
7,526
3,606
Capital
One
Financial
Corp.
...............................................
8,312
1,516
Chubb
Ltd.
...........................................................
8,700
2,836
Cincinnati
Financial
Corp.
................................................
16,257
2,558
Citigroup,
Inc.
.........................................................
16,990
1,927
Citizens
Financial
Group,
Inc.
..............................................
32,352
1,940
First
Citizens
Bancshares,
Inc.,
Class
A
.......................................
963
1,815
Fiserv,
Inc.(a)
..........................................................
13,573
757
Global
Payments,
Inc.
....................................................
17,323
1,166
Loews
Corp.
..........................................................
33,252
3,549
M&T
Bank
Corp.
.......................................................
10,951
2,264
Markel
Group,
Inc.(a)
....................................................
1,445
2,766
Morgan
Stanley
........................................................
12,544
2,064
Northern
Trust
Corp.
....................................................
13,897
1,940
PayPal
Holdings,
Inc.
....................................................
27,146
1,228
Regions
Financial
Corp.
..................................................
74,186
1,938
State
Street
Corp.
.......................................................
16,139
2,043
Synchrony
Financial
.....................................................
25,199
1,714
The
Bank
of
New
York
Mellon
Corp.
.........................................
21,401
2,539
The
Goldman
Sachs
Group,
Inc.
............................................
2,265
1,916
Truist
Financial
Corp.
....................................................
46,798
2,151
U.S.
Bancorp
..........................................................
42,386
2,204
Wells
Fargo
&
Co.
......................................................
24,384
1,941
57,792
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Health
Care
(10.4%):
Biogen,
Inc.(a)
.........................................................
8,171
$
1,498
Cardinal
Health,
Inc.
....................................................
7,250
1,532
Centene
Corp.(a)
.......................................................
17,382
569
CVS
Health
Corp.
......................................................
21,612
1,552
Elevance
Health,
Inc.
....................................................
4,038
1,182
Gilead
Sciences,
Inc.
....................................................
12,626
1,760
HCA
Healthcare,
Inc.
....................................................
3,824
1,810
Humana,
Inc.
..........................................................
5,450
945
Johnson
&
Johnson
.....................................................
12,723
3,110
Medtronic
PLC
........................................................
28,878
2,502
Pfizer,
Inc.
............................................................
73,853
2,074
Quest
Diagnostics,
Inc.
...................................................
10,491
2,056
Tenet
Healthcare
Corp.(a)
.................................................
5,549
1,047
The
Cigna
Group
.......................................................
5,149
1,373
United
Therapeutics
Corp.(a)
..............................................
2,055
1,219
24,229
Industrials
(13.2%):
API
Group
Corp.(a)
.....................................................
47,780
1,936
Bloom
Energy
Corp.,
Class
A(a)
............................................
4,210
571
Caterpillar,
Inc.
........................................................
2,246
1,591
Comfort
Systems
USA,
Inc.
...............................................
684
943
Cummins,
Inc.
.........................................................
3,019
1,624
Curtiss-Wright
Corp.
....................................................
2,427
1,653
Delta
Air
Lines,
Inc.
.....................................................
19,299
1,283
FedEx
Corp.
..........................................................
5,230
1,863
General
Dynamics
Corp.
..................................................
7,390
2,536
Huntington
Ingalls
Industries,
Inc.
...........................................
3,517
1,336
Johnson
Controls
International
PLC
..........................................
14,550
1,905
L3Harris
Technologies,
Inc.
...............................................
6,050
2,088
Leidos
Holdings,
Inc.
....................................................
10,137
1,577
RTX
Corp.
............................................................
11,446
2,208
Snap-on,
Inc.
..........................................................
6,703
2,435
Southwest
Airlines
Co.
...................................................
24,479
920
SS&C
Technologies
Holdings,
Inc.
..........................................
28,920
1,954
United
Airlines
Holdings,
Inc.(a)
............................................
10,400
958
United
Parcel
Service,
Inc.,
Class
B
..........................................
16,255
1,599
30,980
Information
Technology
(8.2%):
Amphenol
Corp.,
Class
A
.................................................
9,485
1,198
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
26,580
1,631
Corning,
Inc.
..........................................................
8,074
1,098
Dell
Technologies,
Inc.,
Class
C
............................................
6,912
1,134
Hewlett
Packard
Enterprise
Co.
.............................................
64,411
1,534
HP,
Inc.
..............................................................
83,365
1,601
Intel
Corp.(a)
..........................................................
17,551
774
Jabil,
Inc.
............................................................
5,062
1,345
Lam
Research
Corp.
.....................................................
4,777
1,021
Micron
Technology,
Inc.
..................................................
2,178
736
ON
Semiconductor
Corp.(a)
...............................................
16,475
1,020
QUALCOMM,
Inc.
.....................................................
11,237
1,447
Seagate
Technology
Holdings
PLC
..........................................
2,052
804
TE
Connectivity
PLC
....................................................
7,625
1,594
Western
Digital
Corp.
....................................................
2,968
803
Zoom
Communications,
Inc.,
Class
A(a)
......................................
18,447
1,483
19,223
Materials
(4.5%):
Dow,
Inc.
............................................................
34,232
1,426
DuPont
de
Nemours,
Inc.
.................................................
36,333
1,664
Hecla
Mining
Co.
.......................................................
28,568
532
LyondellBasell
Industries
NV,
Class
A
........................................
20,837
1,679
Newmont
Corp.
........................................................
9,005
975
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Nucor
Corp.
...........................................................
9,923
$
1,678
Smurfit
WestRock
PLC
...................................................
28,167
1,122
Steel
Dynamics,
Inc.
.....................................................
8,446
1,520
10,596
Real
Estate
(7.8%):
Jones
Lang
LaSalle,
Inc.(a)
................................................
4,811
1,464
Prologis,
Inc.
..........................................................
16,890
2,232
Realty
Income
Corp.
....................................................
49,995
3,059
Ventas,
Inc.
...........................................................
35,581
2,910
VICI
Properties,
Inc.,
Class
A
..............................................
112,283
3,067
Welltower,
Inc.
.........................................................
13,071
2,584
WP
Carey,
Inc.
.........................................................
41,872
2,846
18,162
Utilities
(13.9%):
Ameren
Corp.
.........................................................
31,950
3,512
Atmos
Energy
Corp.
.....................................................
18,718
3,458
CenterPoint
Energy,
Inc.
..................................................
78,642
3,394
Consolidated
Edison,
Inc.
.................................................
28,213
3,193
Edison
International
.....................................................
27,309
1,998
Entergy
Corp.
.........................................................
27,909
3,136
Evergy
,
Inc.
...........................................................
42,707
3,498
Eversource
Energy
......................................................
27,509
1,906
Exelon
Corp.
..........................................................
59,560
2,920
FirstEnergy
Corp.
.......................................................
75,107
3,805
PG&E
Corp.
..........................................................
101,068
1,776
32,596
Total
Common
Stocks
(Cost
$206,575)
a
a
a
233,296
Total
Investments
(Cost
$206,575)
—
99.6%
233,296
Other
assets
in
excess
of
liabilities
—  0.4%
830
NET
ASSETS
-
100.00%
$
234,126
At
March
31,
2026,
the
Fund's
investments
in
foreign
securities
were
5.1%
of
net
assets.
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
1
6/18/26
$
334
$
328
$
(6)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(6)
Total
net
unrealized
appreciation
(depreciation)
$
(6)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
164
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.6%)
Banks
(10.5%):
Ameris
Bancorp
........................................................
87,103
$
6,793
Associated
Banc-Corp.
...................................................
239,412
6,191
Axos
Financial,
Inc.
(a)
...................................................
62,416
5,311
Banc
of
California,
Inc.
..................................................
305,289
5,367
Bank
OZK
............................................................
145,438
6,674
BankUnited,
Inc.
.......................................................
121,931
5,506
BOK
Financial
Corp.
....................................................
56,143
7,190
Cathay
General
Bancorp
..................................................
128,808
6,422
Customers
Bancorp,
Inc.
(a)
................................................
73,240
5,084
First
Financial
Bancorp
...................................................
227,692
6,348
First
Horizon
Corp.
.....................................................
273,393
6,223
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
165,021
5,512
Flagstar
Bank
NA
.......................................................
402,283
5,298
FNB
Corp.
............................................................
392,963
6,570
Hancock
Whitney
Corp.
..................................................
97,245
6,184
Hilltop
Holdings,
Inc.
....................................................
197,312
7,068
Independent
Bank
Corp.
..................................................
77,647
5,840
Popular,
Inc.
..........................................................
50,321
6,752
Provident
Financial
Services,
Inc.
...........................................
287,033
6,074
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
60,881
5,776
United
Bankshares,
Inc.
..................................................
169,870
7,036
Valley
National
Bancorp
..................................................
469,251
5,762
WaFd,
Inc.
............................................................
230,767
7,246
WSFS
Financial
Corp.
...................................................
105,332
6,895
149,122
Capital
Markets
(1.8%):
Affiliated
Managers
Group,
Inc.
............................................
19,072
5,277
Federated
Hermes,
Inc.
,
Class
B
............................................
152,719
8,661
Franklin
Resources,
Inc.
..................................................
267,914
6,328
Invesco
Ltd.
...........................................................
190,983
4,639
24,905
Communication
Services
(2.9%):
Array
Digital
Infrastructure,
Inc.
............................................
71,639
3,305
IAC,
Inc.
(a)
...........................................................
140,326
5,617
Madison
Square
Garden
Entertainment
Corp.
,
Class
A
(a)
..........................
85,301
5,025
Nexstar
Media
Group,
Inc.
,
Class
A
..........................................
23,070
4,172
Sphere
Entertainment
Co.
(a)
...............................................
29,299
3,440
Telephone
and
Data
Systems,
Inc.
...........................................
138,992
5,851
Yelp,
Inc.
,
Class
A
(a)
....................................................
210,180
5,200
Ziff
Davis,
Inc.
(a)
.......................................................
126,614
5,313
ZoomInfo
Technologies,
Inc.
,
Class
A
(a)
......................................
591,122
3,535
41,458
Consumer
Discretionary
(11.9%):
Academy
Sports
&
Outdoors,
Inc.
...........................................
67,070
3,786
Adient
PLC
(a)
.........................................................
150,980
3,051
ADT,
Inc.
............................................................
967,378
6,356
American
Eagle
Outfitters,
Inc.
.............................................
97,033
1,620
Biglari
Holdings,
Inc.
,
Class
A
(a)
...........................................
1,977
3,445
BorgWarner,
Inc.
.......................................................
80,914
4,390
Boyd
Gaming
Corp.
.....................................................
83,417
6,855
Carter's,
Inc.
..........................................................
93,954
3,360
Century
Communities,
Inc.
................................................
61,702
3,540
Dana,
Inc.
............................................................
142,074
4,781
Dillard's,
Inc.
,
Class
A
(b)
.................................................
6,959
3,981
Five
Below,
Inc.
(a)
......................................................
23,056
5,268
Garrett
Motion,
Inc.
.....................................................
211,485
3,843
GigaCloud
Technology,
Inc.
,
Class
A
(a)
.......................................
49,894
2,264
G-III
Apparel
Group
Ltd.
.................................................
182,090
5,044
Gold.com,
Inc.
.........................................................
59,095
2,369
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Graham
Holdings
Co.
,
Class
B
.............................................
5,932
$
6,272
Harley-Davidson,
Inc.
...................................................
250,692
5,069
KB
Home
............................................................
76,742
3,971
Kohl's
Corp.
(b)
........................................................
135,143
1,743
Laureate
Education,
Inc.
,
Class
A
(a)
.........................................
183,878
6,406
LCI
Industries
.........................................................
40,109
4,933
Lear
Corp.
............................................................
42,915
5,196
Levi
Strauss
&
Co.
,
Class
A
...............................................
224,694
4,155
Macy's,
Inc.
...........................................................
185,452
3,355
Mohawk
Industries,
Inc.
(a)
................................................
40,193
3,957
National
Vision
Holdings,
Inc.
(a)
............................................
165,029
4,274
Patrick
Industries,
Inc.
...................................................
47,306
5,254
Perdoceo
Education
Corp.
.................................................
172,953
6,436
Phinia,
Inc.
...........................................................
89,678
6,138
Polaris,
Inc.
...........................................................
54,072
2,947
PVH
Corp.
...........................................................
65,817
4,591
Ralph
Lauren
Corp.
,
Class
A
...............................................
17,125
5,891
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
224,738
3,113
Signet
Jewelers
Ltd.
.....................................................
42,515
3,598
Taylor
Morrison
Home
Corp.
,
Class
A
(a)
......................................
82,840
4,825
The
Gap,
Inc.
..........................................................
161,775
3,915
Thor
Industries,
Inc.
.....................................................
49,426
3,949
Victoria's
Secret
&
Co.
(a)
.................................................
47,902
2,221
Winnebago
Industries,
Inc.
................................................
77,934
2,415
168,577
Consumer
Finance
(1.8%):
Ally
Financial,
Inc.
......................................................
156,370
6,134
Bread
Financial
Holdings,
Inc.
.............................................
60,255
4,512
Enova
International,
Inc.
(a)
................................................
32,031
4,351
EZCORP,
Inc.
,
Class
A
(a)
.................................................
201,130
5,105
FirstCash
Holdings,
Inc.
..................................................
33,037
6,211
26,313
Consumer
Staples
(4.4%):
Albertsons
Cos.,
Inc.
,
Class
A
..............................................
330,312
5,628
Cal-Maine
Foods,
Inc.
...................................................
58,259
4,611
Herbalife
Ltd.
(a)
.......................................................
144,485
2,127
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
137,353
5,914
Post
Holdings,
Inc.
(a)
....................................................
62,732
6,202
PriceSmart,
Inc.
........................................................
41,911
6,308
Seaboard
Corp.
........................................................
1,045
5,908
Spectrum
Brands
Holdings,
Inc.
............................................
61,696
4,547
The
Andersons,
Inc.
.....................................................
86,139
6,183
Turning
Point
Brands,
Inc.
................................................
35,521
3,083
United
Natural
Foods,
Inc.
(a)
..............................................
94,733
4,269
Universal
Corp.
........................................................
135,581
7,145
61,925
Energy
(4.7%):
APA
Corp.
............................................................
129,466
5,494
CNX
Resources
Corp.
(a)
.................................................
134,511
5,185
Dorian
LPG
Ltd.
.......................................................
132,517
4,532
Excelerate
Energy,
Inc.
,
Class
A
............................................
127,921
4,275
Helmerich
&
Payne,
Inc.
..................................................
113,712
4,097
HF
Sinclair
Corp.
.......................................................
105,443
6,579
International
Seaways,
Inc.
................................................
65,878
4,801
Murphy
Oil
Corp.
......................................................
111,469
4,598
Ovintiv,
Inc.
..........................................................
97,753
5,803
Par
Pacific
Holdings,
Inc.
(a)
...............................................
77,620
4,862
PBF
Energy,
Inc.
,
Class
A
.................................................
80,611
3,839
Peabody
Energy
Corp.
...................................................
96,206
3,170
Talos
Energy,
Inc.
(a)
.....................................................
301,307
4,749
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Venture
Global,
Inc.
,
Class
A
...............................................
258,495
$
4,074
66,058
Financial
Services
(2.8%):
Enact
Holdings,
Inc.
.....................................................
179,229
7,315
Essent
Group
Ltd.
......................................................
128,291
7,497
Jackson
Financial,
Inc.
,
Class
A
.............................................
51,243
5,418
MGIC
Investment
Corp.
..................................................
279,095
7,326
Radian
Group,
Inc.
......................................................
209,108
6,917
The
Western
Union
Co.
(b)
................................................
582,251
5,083
39,556
Health
Care
(11.3%):
Alkermes
PLC
(a)
.......................................................
160,439
5,673
Alumis,
Inc.
(a)
.........................................................
74,513
1,642
Amneal
Pharmaceuticals,
Inc.
(a)
............................................
437,125
5,433
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
168,863
3,308
ANI
Pharmaceuticals,
Inc.
(a)
..............................................
64,807
4,984
Arrowhead
Pharmaceuticals,
Inc.
(a)
..........................................
40,298
2,527
Axogen,
Inc.
(a)
........................................................
100,054
3,315
Azenta,
Inc.
(a)
.........................................................
113,038
2,388
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
15,777
4,398
BrightSpring
Health
Services,
Inc.
(a)
.........................................
110,362
4,703
Brookdale
Senior
Living,
Inc.
(a)
............................................
296,074
4,050
Celcuity,
Inc.
(a)
(b)
......................................................
19,803
2,260
Cogent
Biosciences,
Inc.
(a)
................................................
56,943
2,192
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
109,909
3,635
Corvus
Pharmaceuticals,
Inc.
(a)
(b)
..........................................
121,155
1,772
Elanco
Animal
Health,
Inc.
(a)
..............................................
177,336
4,244
Envista
Holdings
Corp.
(a)
.................................................
154,124
3,910
Erasca,
Inc.
(a)
.........................................................
161,955
2,620
Fortrea
Holdings,
Inc.
(a)
..................................................
206,370
1,944
GRAIL,
Inc.
(a)
........................................................
41,561
2,148
Guardant
Health,
Inc.
(a)
..................................................
32,578
3,009
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
139,225
3,900
Innoviva,
Inc.
(a)
.......................................................
249,066
5,803
Ionis
Pharmaceuticals,
Inc.
(a)
..............................................
41,805
3,139
Jazz
Pharmaceuticals
PLC
(a)
..............................................
23,430
4,429
Krystal
Biotech,
Inc.
(a)
...................................................
16,125
4,165
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
26,370
5,265
Liquidia
Corp.
(a)
.......................................................
90,186
3,404
MBX
Biosciences,
Inc.
(a)
.................................................
67,965
2,029
Mirum
Pharmaceuticals,
Inc.
(a)
.............................................
44,884
4,146
Monte
Rosa
Therapeutics,
Inc.
(a)
...........................................
124,636
2,050
Olema
Pharmaceuticals,
Inc.
(a)
.............................................
91,417
1,363
Omnicell,
Inc.
(a)
.......................................................
97,223
3,245
Organon
&
Co.
........................................................
442,366
2,650
PACS
Group,
Inc.
(a)
.....................................................
60,595
1,946
Pediatrix
Medical
Group,
Inc.
(a)
............................................
191,097
4,088
Praxis
Precision
Medicines,
Inc.
(a)
..........................................
6,570
2,117
Protagonist
Therapeutics,
Inc.
(a)
............................................
36,621
3,860
Roivant
Sciences
Ltd.
(a)
..................................................
150,910
4,180
Select
Medical
Holdings
Corp.
.............................................
331,717
5,404
Solventum
Corp.
(a)
.....................................................
87,689
5,726
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
85,542
4,422
Terns
Pharmaceuticals,
Inc.
(a)
..............................................
52,524
2,769
Universal
Health
Services,
Inc.
,
Class
B
.......................................
27,266
4,880
Viatris,
Inc.
...........................................................
381,077
5,148
160,283
Industrials
(11.6%):
ArcBest
Corp.
.........................................................
35,767
3,518
Argan,
Inc.
...........................................................
5,976
3,255
Astronics
Corp.
(a)
......................................................
41,109
2,743
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Atkore,
Inc.
...........................................................
58,337
$
3,437
AZZ,
Inc.
............................................................
47,715
5,970
Boise
Cascade
Co.
......................................................
55,612
4,218
CACI
International,
Inc.
,
Class
A
(a)
.........................................
8,996
4,893
Concentrix
Corp.
(b)
.....................................................
94,168
2,576
CoreCivic,
Inc.
(a)
......................................................
283,454
5,360
Donaldson
Co.,
Inc.
.....................................................
72,323
6,138
EnerSys
..............................................................
31,113
5,405
ESCO
Technologies,
Inc.
.................................................
23,266
6,546
Fluence
Energy,
Inc.
,
Class
A
(a)
............................................
142,361
1,959
Herc
Holdings,
Inc.
.....................................................
20,990
2,089
Hub
Group,
Inc.
,
Class
A
.................................................
100,596
3,625
Kennametal,
Inc.
.......................................................
108,693
3,927
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..............................
75,899
4,370
ManpowerGroup,
Inc.
...................................................
127,696
3,762
Masterbrand,
Inc.
(a)
.....................................................
367,338
3,053
Matson,
Inc.
..........................................................
29,107
4,772
Maximus,
Inc.
.........................................................
70,475
4,517
Moog,
Inc.
,
Class
A
.....................................................
18,930
5,540
Mueller
Industries,
Inc.
...................................................
54,615
6,051
OPENLANE,
Inc.
(a)
....................................................
188,048
5,482
Oshkosh
Corp.
.........................................................
30,119
4,434
Planet
Labs
PBC
(a)
.....................................................
91,645
2,561
Preformed
Line
Products
Co.
..............................................
15,604
4,225
Primoris
Services
Corp.
..................................................
25,678
3,673
Rush
Enterprises,
Inc.
,
Class
A
.............................................
82,412
5,448
Ryder
System,
Inc.
......................................................
25,188
5,156
Schneider
National,
Inc.
,
Class
B
............................................
163,493
4,310
Sterling
Infrastructure,
Inc.
(a)
..............................................
7,127
2,903
T1
Energy,
Inc.
(a)
......................................................
359,138
1,577
The
Greenbrier
Cos.,
Inc.
.................................................
82,159
4,326
Tutor
Perini
Corp.
......................................................
53,565
4,135
Vicor
Corp.
(a)
.........................................................
12,424
2,000
Werner
Enterprises,
Inc.
..................................................
128,685
3,785
WESCO
International,
Inc.
................................................
17,046
4,664
Willdan
Group,
Inc.
(a)
...................................................
29,741
2,277
Worthington
Enterprises,
Inc.
..............................................
113,059
5,895
164,575
Information
Technology
(9.4%):
ACM
Research,
Inc.
,
Class
A
(a)
............................................
43,024
1,693
Advanced
Energy
Industries,
Inc.
...........................................
11,563
3,732
Amkor
Technology,
Inc.
..................................................
59,451
2,677
Applied
Digital
Corp.
(a)
..................................................
81,125
1,926
Arrow
Electronics,
Inc.
(a)
.................................................
35,854
5,142
ASGN,
Inc.
(a)
.........................................................
91,631
3,547
Avnet,
Inc.
............................................................
89,239
5,499
Axcelis
Technologies,
Inc.
(a)
..............................................
42,211
3,929
Bel
Fuse,
Inc.
,
Class
B
...................................................
16,887
3,343
Benchmark
Electronics,
Inc.
...............................................
93,049
5,216
Cipher
Digital,
Inc.
(a)
....................................................
141,813
1,825
Cirrus
Logic,
Inc.
(a)
.....................................................
37,003
5,351
Cohu,
Inc.
(a)
..........................................................
123,817
3,791
Diebold
Nixdorf,
Inc.
(a)
..................................................
65,936
4,974
Diodes,
Inc.
(a)
.........................................................
47,860
3,267
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
114,461
6,875
Dropbox,
Inc.
,
Class
A
(a)
.................................................
259,749
5,902
DXC
Technology
Co.
(a)
..................................................
313,342
3,939
ePlus,
Inc.
............................................................
63,112
4,749
FormFactor,
Inc.
(a)
.....................................................
26,710
2,591
Navitas
Semiconductor
Corp.
,
Class
A
(a)
......................................
245,810
2,156
NetScout
Systems,
Inc.
(a)
.................................................
205,543
6,534
nLight,
Inc.
(a)
.........................................................
45,625
2,602
Ondas,
Inc.
(a)
(b)
.......................................................
219,473
1,984
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
168
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Onto
Innovation,
Inc.
(a)
..................................................
15,809
$
3,242
Photronics,
Inc.
(a)
......................................................
62,197
2,513
Plexus
Corp.
(a)
........................................................
23,397
4,739
Rogers
Corp.
(a)
........................................................
44,954
4,825
Sanmina
Corp.
(a)
.......................................................
16,560
2,147
Skyworks
Solutions,
Inc.
.................................................
84,896
4,546
TD
SYNNEX
Corp.
.....................................................
41,476
6,997
Terawulf,
Inc.
(a)
(b)
.....................................................
136,392
1,968
TTM
Technologies,
Inc.
(a)
................................................
25,858
2,519
Viasat,
Inc.
(a)
.........................................................
48,325
2,213
Vishay
Intertechnology,
Inc.
...............................................
199,732
3,595
132,548
Insurance
(4.8%):
Assured
Guaranty
Ltd.
...................................................
106,485
8,676
Axis
Capital
Holdings
Ltd.
................................................
75,195
7,626
Genworth
Financial,
Inc.
,
Class
A
(a)
.........................................
686,556
5,575
Lincoln
National
Corp.
...................................................
146,637
5,206
Mercury
General
Corp.
...................................................
72,824
6,419
Old
Republic
International
Corp.
............................................
172,198
6,871
RenaissanceRe
Holdings
Ltd.
..............................................
24,553
7,298
SiriusPoint
Ltd.
(a)
......................................................
281,344
6,060
Unum
Group
..........................................................
94,527
6,903
White
Mountains
Insurance
Group
Ltd.
.......................................
3,191
7,010
67,644
Materials
(2.9%):
Alpha
Metallurgical
Resources,
Inc.
(a)
........................................
17,635
3,620
Celanese
Corp.
,
Class
A
..................................................
65,312
4,295
Coeur
Mining,
Inc.
(a)
....................................................
94,545
1,775
Commercial
Metals
Co.
..................................................
73,687
4,527
Graphic
Packaging
Holding
Co.
............................................
362,035
3,599
Greif,
Inc.
,
Class
A
......................................................
100,609
6,748
Hycroft
Mining
Holding
Corp.
,
Class
A
(a)
(b)
...................................
43,921
1,546
O-I
Glass,
Inc.
(a)
.......................................................
307,357
3,230
Olin
Corp.
............................................................
122,004
3,627
Perimeter
Solutions,
Inc.
(a)
................................................
162,452
3,967
The
Mosaic
Co.
........................................................
163,006
4,157
41,091
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(3.5%):
AGNC
Investment
Corp.
.................................................
891,394
8,941
Arbor
Realty
Trust,
Inc.
(b)
................................................
621,421
4,791
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
......................................
450,311
8,624
Dynex
Capital,
Inc.
.....................................................
783,497
9,997
Ellington
Financial,
Inc.
..................................................
819,603
9,712
Rithm
Capital
Corp.
.....................................................
836,762
7,933
49,998
Real
Estate
(8.1%):
American
Healthcare
REIT,
Inc.
............................................
162,003
7,640
Apple
Hospitality
REIT,
Inc.
...............................................
640,709
7,375
Broadstone
Net
Lease,
Inc.
,
Class
A
..........................................
494,416
9,033
DiamondRock
Hospitality
Co.
..............................................
664,685
6,228
Easterly
Government
Properties,
Inc.
,
Class
A
..................................
350,715
7,516
EPR
Properties
........................................................
135,030
6,746
Global
Net
Lease,
Inc.
...................................................
777,455
7,277
Highwoods
Properties,
Inc.
................................................
303,123
6,490
Innovative
Industrial
Properties,
Inc.
,
Class
A
...................................
80,816
4,054
Kilroy
Realty
Corp.
(b)
...................................................
225,092
6,350
LXP
Industrial
Trust
.....................................................
152,724
7,065
Millrose
Properties,
Inc.
..................................................
223,825
6,267
NETSTREIT
Corp.
(b)
...................................................
436,792
8,225
Opendoor
Technologies,
Inc.
(a)
.............................................
408,171
1,910
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Park
Hotels
&
Resorts,
Inc.
(b)
..............................................
477,180
$
5,025
Pebblebrook
Hotel
Trust
(b)
................................................
389,666
4,921
RLJ
Lodging
Trust
......................................................
768,376
5,701
Xenia
Hotels
&
Resorts,
Inc.
...............................................
422,877
6,271
114,094
Utilities
(7.2%):
Avista
Corp.
..........................................................
249,148
10,001
Black
Hills
Corp.
.......................................................
129,669
9,000
Clearway
Energy,
Inc.
,
Class
C
.............................................
165,269
6,493
Hawaiian
Electric
Industries,
Inc.
(a)
.........................................
336,029
4,987
MDU
Resources
Group,
Inc.
(b)
.............................................
389,881
8,078
Northwest
Natural
Holding
Co.
.............................................
179,244
9,539
ONE
Gas,
Inc.
.........................................................
123,865
10,669
Ormat
Technologies,
Inc.
.................................................
59,673
6,679
Otter
Tail
Corp.
........................................................
97,709
8,576
Portland
General
Electric
Co.
..............................................
183,771
9,698
Spire,
Inc.
............................................................
110,980
10,048
UGI
Corp.
............................................................
230,683
8,401
102,169
Total
Common
Stocks
(Cost
$1,315,671)
a
a
a
1,410,316
Collateral
for
Securities
Loaned
(2.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(c)
........
8,371,495
8,373
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(c)
............
8,371,495
8,371
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(c)
...............
8,371,495
8,371
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
.
8,371,495
8,371
Total
Collateral
for
Securities
Loaned
(Cost
$33,486)
a
a
a
33,486
Total
Investments
(Cost
$1,349,157)
—
102.0%
1,443,802
Liabilities
in
excess
of
other
assets
—  (2.0)%
(28,470)
NET
ASSETS
-
100.00%
$
1,415,332
^
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,
2026.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
Russell
2000
Index
Futures
......
18
6/18/26
$
2,247
$
2,261
$
14
Total
unrealized
appreciation
$
14
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
14
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
170
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.7%)
Australia
(0.6%):
Materials
(0.6%):
MMG
Ltd.
(a)
..........................................................
520,000
$
479
Rio
Tinto
Ltd.
.........................................................
13,284
1,479
1,958
Austria
(3.0%):
Energy
(0.9%):
OMV
AG
............................................................
37,471
2,737
Financials
(0.9%):
Raiffeisen
Bank
International
AG
(a)
.........................................
25,809
1,084
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
..........................
21,278
1,510
2,594
Materials
(0.4%):
Voestalpine
AG
........................................................
27,933
1,221
Utilities
(0.8%):
Verbund
AG
..........................................................
31,728
2,407
8,959
Canada
(5.8%):
Communication
Services
(0.7%):
Rogers
Communications,
Inc.
,
Class
B
........................................
57,334
2,205
Consumer
Discretionary
(0.4%):
Magna
International,
Inc.
.................................................
21,251
1,187
Consumer
Staples
(0.7%):
Saputo,
Inc.
...........................................................
67,348
2,105
Financials
(4.0%):
Canadian
Imperial
Bank
of
Commerce
........................................
30,502
2,891
Power
Corp.
of
Canada
(b)
.................................................
55,876
2,690
The
Bank
of
Nova
Scotia
.................................................
45,005
3,122
The
Toronto-Dominion
Bank
...............................................
34,369
3,210
11,913
17,410
Denmark
(1.6%):
Financials
(0.7%):
Jyske
Bank
A/S
,
Registered
Shares
..........................................
16,289
2,216
Health
Care
(0.4%):
Genmab
A/S
(a)
........................................................
4,743
1,257
Industrials
(0.5%):
AP
Moller
-
Maersk
A/S
,
Class
B
(b)
.........................................
583
1,448
4,921
France
(5.3%):
Communication
Services
(0.7%):
Orange
SA
............................................................
107,624
2,198
Consumer
Staples
(0.7%):
Carrefour
SA
..........................................................
113,828
2,092
Financials
(1.6%):
BNP
Paribas
SA
........................................................
16,454
1,540
Credit
Agricole
SA
......................................................
105,336
1,940
Societe
Generale
SA
.....................................................
17,641
1,259
4,739
Industrials
(1.9%):
Bouygues
SA
..........................................................
34,796
1,987
Eiffage
SA
............................................................
12,092
1,833
Rexel
SA
.............................................................
47,331
1,820
5,640
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
171
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Information
Technology
(0.4%):
Capgemini
SE
.........................................................
11,249
$
1,307
15,976
Germany
(7.3%):
Consumer
Discretionary
(2.3%):
Bayerische
Motoren
Werke
AG
.............................................
16,256
1,465
Continental
AG
........................................................
21,368
1,472
Mercedes-Benz
Group
AG
................................................
27,541
1,668
Schaeffler
AG
.........................................................
99,138
808
Volkswagen
AG
,
Preference
Shares
..........................................
14,716
1,469
6,882
Financials
(0.4%):
Deutsche
Bank
AG
,
Registered
Shares
........................................
43,504
1,263
Health
Care
(2.1%):
Bayer
AG
,
Registered
Shares
..............................................
23,883
1,087
Fresenius
Medical
Care
AG
...............................................
38,298
1,707
Fresenius
SE
&
Co.
KGaA
................................................
38,900
1,993
Merck
KGaA
..........................................................
11,831
1,471
6,258
Industrials
(0.8%):
Deutsche
Lufthansa
AG
,
Registered
Shares
....................................
142,486
1,185
HOCHTIEF
AG
........................................................
2,576
1,140
2,325
Materials
(1.0%):
Aurubis
AG
...........................................................
7,081
1,227
Heidelberg
Materials
AG
.................................................
6,131
1,264
thyssenkrupp
AG
.......................................................
71,802
615
3,106
Utilities
(0.7%):
RWE
AG
.............................................................
31,747
2,116
21,950
Greece
(2.0%):
Financials
(1.3%):
Alpha
Bank
SA
........................................................
331,806
1,216
National
Bank
of
Greece
SA
...............................................
91,045
1,393
Piraeus
Bank
SA
(a)
.....................................................
162,080
1,308
3,917
Utilities
(0.7%):
Public
Power
Corp.
SA
...................................................
99,438
2,064
5,981
Hong
Kong
(7.9%):
Consumer
Staples
(0.6%):
WH
Group
Ltd.
(c)
......................................................
1,292,333
1,691
Financials
(0.8%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
307,284
1,677
China
Taiping
Insurance
Holdings
Co.
Ltd.
....................................
325,818
851
2,528
Health
Care
(0.3%):
Sino
Biopharmaceutical
Ltd.
...............................................
1,093,614
822
Industrials
(3.0%):
China
Merchants
Port
Holdings
Co.
Ltd.
......................................
867,590
1,620
CK
Hutchison
Holdings
Ltd.
...............................................
218,287
1,659
MTR
Corp.
Ltd.
........................................................
534,500
2,180
Orient
Overseas
International
Ltd.
...........................................
81,022
1,437
Swire
Pacific
Ltd.
,
Class
A
................................................
187,352
2,040
8,936
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Real
Estate
(3.2%):
China
Overseas
Land
&
Investment
Ltd.
......................................
837,626
$
1,234
China
Resources
Land
Ltd.
................................................
343,250
1,254
CK
Asset
Holdings
Ltd.
..................................................
307,823
1,746
Henderson
Land
Development
Co.
Ltd.
.......................................
339,243
1,251
Hongkong
Land
Holdings
Ltd.
.............................................
172,500
1,340
Sino
Land
Co.
Ltd.
......................................................
1,171,883
1,717
Sun
Hung
Kai
Properties
Ltd.
..............................................
78,543
1,294
9,836
23,813
Ireland
(1.7%):
Financials
(1.2%):
AIB
Group
PLC
........................................................
183,503
1,912
Bank
of
Ireland
Group
PLC
...............................................
90,117
1,607
3,519
Industrials
(0.5%):
Ryanair
Holdings
PLC
...................................................
57,657
1,591
5,110
Israel
(1.7%):
Financials
(1.1%):
Bank
Hapoalim
BM
.....................................................
68,894
1,608
Bank
Leumi
Le-Israel
BM
................................................
73,377
1,630
3,238
Health
Care
(0.4%):
Teva
Pharmaceutical
Industries
Ltd.
(a)
........................................
39,365
1,157
Information
Technology
(0.2%):
Next
Vision
Stabilized
Systems
Ltd.
.........................................
7,837
761
5,156
Italy
(4.9%):
Energy
(1.2%):
Eni
SpA
.............................................................
123,482
3,546
Financials
(2.9%):
Banco
BPM
SpA
.......................................................
119,675
1,640
BPER
Banca
SpA
.......................................................
118,284
1,522
Intesa
Sanpaolo
SpA
.....................................................
304,355
1,816
Poste
Italiane
SpA
(c)
....................................................
106,294
2,474
UniCredit
SpA
.........................................................
20,221
1,422
8,874
Utilities
(0.8%):
Italgas
SpA
(b)
.........................................................
205,138
2,378
14,798
Japan
(25.5%):
Communication
Services
(0.5%):
LY
Corp.
.............................................................
615,600
1,485
Consumer
Discretionary
(3.6%):
Aisin
Corp.
...........................................................
90,300
1,234
Bridgestone
Corp.
......................................................
90,200
1,857
Honda
Motor
Co.
Ltd.
(b)
.................................................
152,200
1,206
Isuzu
Motors
Ltd.
.......................................................
93,100
1,303
Nissan
Motor
Co.
Ltd.
(a)
.................................................
422,600
887
Panasonic
Holdings
Corp.
.................................................
75,900
1,236
Subaru
Corp.
..........................................................
65,600
1,026
Sumitomo
Electric
Industries
Ltd.
...........................................
13,500
713
Suzuki
Motor
Corp.
(b)
...................................................
107,100
1,266
10,728
Consumer
Staples
(1.4%):
Japan
Tobacco,
Inc.
.....................................................
58,900
2,234
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Kirin
Holdings
Co.
Ltd.
..................................................
125,000
$
1,989
4,223
Energy
(1.8%):
ENEOS
Holdings,
Inc.
...................................................
190,000
1,689
Idemitsu
Kosan
Co.
Ltd.
..................................................
228,300
2,218
Inpex
Corp.
...........................................................
56,700
1,671
5,578
Financials
(1.9%):
Japan
Post
Bank
Co.
Ltd.
.................................................
88,900
1,411
Japan
Post
Holdings
Co.
Ltd.
..............................................
149,400
1,684
Japan
Post
Insurance
Co.
Ltd.
..............................................
159,900
1,587
SBI
Holdings,
Inc.
......................................................
51,300
921
5,603
Health
Care
(1.9%):
Astellas
Pharma,
Inc.
....................................................
109,100
1,732
Shionogi
&
Co.
Ltd.
.....................................................
79,800
1,744
Takeda
Pharmaceutical
Co.
Ltd.
............................................
64,000
2,284
5,760
Industrials
(8.1%):
Central
Japan
Railway
Co.
................................................
63,600
1,637
East
Japan
Railway
Co.
..................................................
85,500
1,953
Fujikura
Ltd.
..........................................................
27,600
712
Kajima
Corp.
..........................................................
32,300
1,202
Kawasaki
Kisen
Kaisha
Ltd.
...............................................
141,800
2,358
Marubeni
Corp.
........................................................
41,600
1,473
Mitsubishi
Corp.
.......................................................
52,300
1,752
Mitsui
&
Co.
Ltd.
.......................................................
47,400
1,780
Mitsui
OSK
Lines
Ltd.
(b)
.................................................
61,300
2,509
Nippon
Yusen
KK
(b)
....................................................
66,000
2,399
Obayashi
Corp.
........................................................
58,900
1,394
Shimizu
Corp.
.........................................................
67,700
1,183
Sumitomo
Corp.
........................................................
43,000
1,566
Taisei
Corp.
...........................................................
11,100
1,123
Toyota
Tsusho
Corp.
.....................................................
34,700
1,301
24,342
Information
Technology
(1.2%):
FUJIFILM
Holdings
Corp.
................................................
93,000
1,739
Kioxia
Holdings
Corp.
(a)
.................................................
4,200
505
Kyocera
Corp.
.........................................................
95,100
1,425
3,669
Materials
(1.5%):
JFE
Holdings,
Inc.
......................................................
138,000
1,579
Mitsubishi
Chemical
Group
Corp.
...........................................
253,400
1,435
Nippon
Steel
Corp.
(b)
...................................................
424,400
1,540
4,554
Real
Estate
(1.4%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
71,700
2,222
Hulic
Co.
Ltd.
.........................................................
178,500
2,058
4,280
Utilities
(2.2%):
Chubu
Electric
Power
Co.,
Inc.
.............................................
105,200
1,712
Osaka
Gas
Co.
Ltd.
.....................................................
46,400
1,866
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
92,800
1,511
Tokyo
Gas
Co.
Ltd.
.....................................................
36,200
1,692
6,781
77,003
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Luxembourg
(0.9%):
Health
Care
(0.5%):
Eurofins
Scientific
SE
....................................................
23,291
$
1,687
Materials
(0.4%):
ArcelorMittal
SA
.......................................................
22,784
1,154
2,841
Mexico
(0.2%):
Materials
(0.2%):
Fresnillo
PLC
.........................................................
16,035
701
Netherlands
(2.7%):
Consumer
Discretionary
(0.6%):
Prosus
NV
(a)
..........................................................
38,588
1,738
Financials
(2.1%):
ABN
AMRO
Bank
NV
,
Class
CV
...........................................
56,896
1,783
ING
Groep
NV
........................................................
75,412
1,927
NN
Group
NV
.........................................................
35,514
2,752
6,462
8,200
Portugal
(0.6%):
Financials
(0.6%):
Banco
Comercial
Portugues
SA
,
Class
R
......................................
1,811,677
1,742
Singapore
(3.4%):
Consumer
Staples
(0.9%):
Wilmar
International
Ltd.
.................................................
898,200
2,690
Financials
(1.1%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
189,000
3,230
Industrials
(1.4%):
Keppel
Ltd.
...........................................................
205,600
1,883
Singapore
Airlines
Ltd.
...................................................
496,200
2,548
4,431
10,351
South
Korea
(7.4%):
Communication
Services
(1.0%):
KT
Corp.
.............................................................
34,580
1,364
NAVER
Corp.
.........................................................
4,871
641
SK
Telecom
Co.
Ltd.
....................................................
21,581
1,077
3,082
Consumer
Discretionary
(0.8%):
Hyundai
Mobis
Co.
Ltd.
..................................................
2,630
649
Hyundai
Motor
Co.
.....................................................
1,609
468
Kia
Corp.
............................................................
6,979
662
LG
Electronics,
Inc.
.....................................................
8,781
606
2,385
Energy
(0.2%):
HD
Hyundai
Co.
Ltd.
....................................................
3,686
575
Financials
(2.0%):
Hana
Financial
Group,
Inc.
................................................
14,337
998
Industrial
Bank
of
Korea
..................................................
85,137
1,187
Korea
Investment
Holdings
Co.
Ltd.
.........................................
4,140
548
Mirae
Asset
Securities
Co.
Ltd.
.............................................
10,636
428
Samsung
Life
Insurance
Co.
Ltd.
............................................
6,257
860
Shinhan
Financial
Group
Co.
Ltd.
...........................................
19,101
1,094
Woori
Financial
Group,
Inc.
...............................................
51,491
1,078
6,193
Industrials
(2.0%):
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
..........................
2,861
643
HMM
Co.
Ltd.
.........................................................
88,668
1,133
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Hyosung
Heavy
Industries
Corp.
............................................
357
$
573
Hyundai
Glovis
Co.
Ltd.
..................................................
4,482
607
Hyundai
Rotem
Co.
Ltd.
..................................................
4,738
524
LG
Corp.
.............................................................
16,122
872
Samsung
C&T
Corp.
....................................................
3,866
640
SK
Square
Co.
Ltd.
(a)
...................................................
1,320
402
SK,
Inc.
..............................................................
2,894
569
5,963
Information
Technology
(0.8%):
Samsung
Electro-Mechanics
Co.
Ltd.
.........................................
2,662
708
Samsung
Electronics
Co.
Ltd.
..............................................
6,444
704
Samsung
SDS
Co.
Ltd.
...................................................
6,458
633
SK
hynix,
Inc.
.........................................................
958
505
2,550
Materials
(0.4%):
LG
Chem
Ltd.
.........................................................
2,739
535
POSCO
Holdings,
Inc.
...................................................
3,566
774
1,309
Utilities
(0.2%):
Korea
Electric
Power
Corp.
................................................
17,339
472
22,529
Spain
(4.1%):
Energy
(0.8%):
Repsol
SA
............................................................
88,188
2,512
Financials
(2.2%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
71,824
1,515
Banco
Santander
SA
.....................................................
140,678
1,543
CaixaBank
SA
.........................................................
160,232
1,882
Unicaja
Banco
SA
(c)
....................................................
595,461
1,736
6,676
Industrials
(0.6%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
13,870
1,680
Utilities
(0.5%):
Acciona
SA
...........................................................
5,434
1,399
12,267
Sweden
(2.8%):
Consumer
Discretionary
(0.2%):
Volvo
Car
AB
,
Class
B
(a)
(b)
...............................................
250,610
554
Financials
(2.6%):
Industrivarden
AB
,
Class
C
(b)
..............................................
50,137
2,453
Investor
AB
,
Class
B
....................................................
72,545
2,717
Swedbank
AB
,
Class
A
(b)
.................................................
78,015
2,630
7,800
8,354
Switzerland
(1.2%):
Consumer
Discretionary
(0.4%):
The
Swatch
Group
AG
,
Class
BR
(b)
.........................................
5,325
1,156
Information
Technology
(0.4%):
STMicroelectronics
NV
(b)
................................................
32,920
1,088
Materials
(0.4%):
Holcim
AG
(a)
.........................................................
16,498
1,340
3,584
United
Kingdom
(8.1%):
Communication
Services
(1.3%):
BT
Group
PLC
........................................................
652,212
1,817
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
176
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Vodafone
Group
PLC
....................................................
1,376,256
$
2,063
3,880
Consumer
Staples
(2.2%):
British
American
Tobacco
PLC
.............................................
37,312
2,159
Imperial
Brands
PLC
....................................................
59,646
2,413
J
Sainsbury
PLC
.......................................................
502,025
2,252
6,824
Financials
(2.7%):
Barclays
PLC
.........................................................
301,210
1,553
HSBC
Holdings
PLC
....................................................
115,304
1,864
Lloyds
Banking
Group
PLC
...............................................
1,393,850
1,703
NatWest
Group
PLC
.....................................................
201,231
1,473
Standard
Chartered
PLC
..................................................
78,622
1,618
8,211
Health
Care
(0.6%):
GSK
PLC
............................................................
63,453
1,733
Industrials
(0.4%):
International
Consolidated
Airlines
Group
SA
...................................
262,180
1,214
Materials
(0.9%):
Anglogold
Ashanti
PLC
..................................................
7,187
700
Rio
Tinto
PLC
.........................................................
20,745
1,906
2,606
24,468
Total
Common
Stocks
(Cost
$251,682)
298,072
Rights
(0.0%)(d)
Italy
(0.0%):(d)
Communication
Services
(0.0%):(d)
Telecom
Italia
SpA
RTS
,
expiring
4/1/26
(a)
....................................
2,517,734
—
(e)
Total
Rights
(Cost
$–)
—
(e)
Collateral
for
Securities
Loaned
(5.0%)^
United
States
(5.0%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(f)
........
3,752,451
3,753
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(f)
............
3,752,451
3,752
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(f)
................
3,752,451
3,753
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(f)
.
3,752,451
3,752
Total
Collateral
for
Securities
Loaned
(Cost
$15,010)
15,010
Total
Investments
(Cost
$266,692)
—
103.7%
313,082
Liabilities
in
excess
of
other
assets
—
(3.7)%
(
11,106
)
NET
ASSETS
-
100.00%
$
301,976
^
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,
2026,
the
fair
value
of
these
securities
was
$5,901
(thousands)
and
amounted
to
2.0%
of
net
assets.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
MSCI
EAFE
Index
Futures
......
8
6/18/26
$
1,163
$
1,160
$
(
3
)
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
177
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
3
)
Total
net
unrealized
appreciation
(depreciation)
$
(
3
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
178
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.1%)
Brazil
(10.2%):
Communication
Services
(0.9%):
Telefonica
Brasil
SA
.....................................................
147,800
$
1,176
TIM
SA
..............................................................
200,800
1,065
2,241
Consumer
Discretionary
(0.8%):
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
.........................
138,700
732
Vibra
Energia
SA
.......................................................
182,489
1,114
1,846
Consumer
Staples
(0.7%):
Ambev
SA
............................................................
420,700
1,239
MBRF
Global
Foods
Co.
SA
...............................................
126,989
530
1,769
Energy
(0.7%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
170,000
1,597
Financials
(1.4%):
Banco
Bradesco
SA
,
Preference
Shares
.......................................
287,700
1,065
Itau
Unibanco
Holding
SA
,
Preference
Shares
..................................
136,088
1,142
Itausa
SA
,
Preference
Shares
...............................................
430,700
1,163
3,370
Health
Care
(0.8%):
Hypera
SA
............................................................
205,500
924
Rede
D'Or
Sao
Luiz
SA
(a)
................................................
117,640
885
1,809
Industrials
(1.1%):
Embraer
SA
...........................................................
44,746
665
Localiza
Rent
a
Car
SA
...................................................
86,300
783
Motiva
Infraestrutura
de
Mobilidade
SA
.......................................
350,914
1,071
2,519
Materials
(0.9%):
Gerdau
SA
,
Preference
Shares
..............................................
294,584
1,081
Vale
SA
..............................................................
67,700
1,078
2,159
Real
Estate
(0.5%):
Allos
SA
.............................................................
196,334
1,150
Utilities
(2.4%):
Axia
Energia
..........................................................
85,721
969
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
................................
99,800
1,112
Cia
De
Sanena
Do
Parana
.................................................
123,900
1,065
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
...............................
529,490
1,289
Cia
Paranaense
de
Energia
-
Copel
...........................................
400,800
1,194
5,629
24,089
Chile
(3.4%):
Consumer
Discretionary
(0.4%):
Falabella
SA
..........................................................
144,928
888
Consumer
Staples
(0.4%):
Cencosud
SA
..........................................................
352,455
963
Financials
(1.5%):
Banco
de
Chile
........................................................
6,381,922
1,159
Banco
de
Credito
e
Inversiones
SA
..........................................
15,991
1,036
Banco
Santander
Chile
...................................................
16,235,862
1,345
3,540
Industrials
(0.6%):
Latam
Airlines
Group
SA
.................................................
34,424,193
848
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
179
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Sociedad
Quimica
y
Minera
de
Chile
SA
,
Class
B
(b)
..............................
8,010
$
649
1,497
Utilities
(0.5%):
Enel
Chile
SA
.........................................................
15,197,755
1,173
8,061
China
(45.8%):
Communication
Services
(2.5%):
Baidu,
Inc.
,
Class
A
(b)
...................................................
59,400
801
China
Tower
Corp.
Ltd.
,
Class
H
(a)
..........................................
1,551,083
2,113
Kuaishou
Technology
,
Class
B
(a)
...........................................
116,053
668
Tencent
Holdings
Ltd.
...................................................
27,780
1,715
XD,
Inc.
.............................................................
88,139
679
5,976
Consumer
Discretionary
(4.1%):
BYD
Co.
Ltd.
.........................................................
112,744
1,521
Chery
Automobile
Co.
Ltd.
,
Class
H
(b)
.......................................
491,235
1,679
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
H
(a)
................................
180,670
1,351
Great
Wall
Motor
Co.
Ltd.
................................................
801,485
1,261
Haier
Smart
Home
Co.
Ltd.
,
Class
A
.........................................
508,001
1,343
Midea
Group
Co.
Ltd.
,
Class
H
.............................................
165,635
1,770
Zhongsheng
Group
Holdings
Ltd.
...........................................
800,938
840
9,765
Consumer
Staples
(3.2%):
Hengan
International
Group
Co.
Ltd.
.........................................
701,500
2,460
JD
Health
International,
Inc.
(a)
(b)
...........................................
145,158
871
Nongfu
Spring
Co.
Ltd.
,
Class
H
(a)
..........................................
255,200
1,527
Ping
An
Healthcare
and
Technology
Co.
Ltd.
(a)
(b)
...............................
476,002
700
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
302,000
1,867
7,425
Energy
(3.3%):
China
Coal
Energy
Co.
Ltd.
,
Class
H
.........................................
781,366
1,315
China
Petroleum
&
Chemical
Corp.
,
Class
H
...................................
2,700,425
1,546
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
264,075
1,553
PetroChina
Co.
Ltd.
,
Class
H
..............................................
1,458,603
2,000
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
.....................................
695,101
1,292
7,706
Financials
(14.8%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
2,993,613
2,127
Bank
of
China
Ltd.
,
Class
H
...............................................
4,595,389
2,913
Bank
of
Communications
Co.
Ltd.
,
Class
H
....................................
2,882,557
2,588
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
.......................................
2,262,531
2,280
China
Construction
Bank
Corp.
,
Class
H
......................................
2,164,944
2,316
China
Everbright
Bank
Co.
Ltd.
,
Class
H
......................................
4,365,303
1,692
China
Galaxy
Securities
Co.
Ltd.
,
Class
H
.....................................
869,365
876
China
International
Capital
Corp.
Ltd.
,
Class
H
(a)
................................
433,552
949
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......................................
286,601
899
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
323,745
2,035
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
...................................
3,297,945
1,544
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
272,116
1,106
CITIC
Securities
Co.
Ltd.
,
Class
H
..........................................
339,480
1,030
GF
Securities
Co.
Ltd.
,
Class
H
.............................................
512,191
941
Guotai
Haitong
Securities
Co.
Ltd.
,
Class
H
(a)
..................................
607,126
1,036
Huatai
Securities
Co.
Ltd.
,
Class
H
(a)
........................................
531,539
1,004
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
2,879,852
2,519
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
....................................
158,137
933
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
791,170
1,439
Ping
An
Insurance
Group
Co.
of
China
Ltd.
....................................
181,112
1,373
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(a)
...............................
3,473,571
2,175
The
People's
Insurance
Co.
Group
of
China
Ltd.
,
Class
H
..........................
1,545,814
1,065
34,840
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
180
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Health
Care
(4.5%):
3SBio,
Inc.
(a)
(b)
.......................................................
259,051
$
748
China
Resources
Pharmaceutical
Group
Ltd.
(a)
.................................
4,546,635
3,352
CSPC
Pharmaceutical
Group
Ltd.
...........................................
699,708
812
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.
,
Class
H
........................
2,005,676
959
Shanghai
Conant
Optical
Co.
Ltd.
,
Class
H
....................................
107,900
642
Sinopharm
Group
Co.
Ltd.
,
Class
H
..........................................
848,848
2,187
WuXi
AppTec
Co.
Ltd.
,
Class
H
(a)
..........................................
63,744
955
Wuxi
Biologics
Cayman,
Inc.
(a)
(b)
..........................................
194,236
818
10,473
Industrials
(4.6%):
Air
China
Ltd.
,
Class
H
(b)
................................................
1,442,000
841
China
Eastern
Airlines
Corp.
Ltd.
,
Class
H
(b)
...................................
1,418,000
631
China
Southern
Airlines
Co.
Ltd.
,
Class
H
(b)
...................................
1,566,000
779
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
H
(c)
..........................
18,154
1,420
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.................................
919,111
1,747
Fosun
International
Ltd.
..................................................
2,784,000
1,470
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
...........................
626,449
883
Sinotruk
Hong
Kong
Ltd.
.................................................
218,213
1,079
Weichai
Power
Co.
Ltd.
,
Class
H
............................................
249,521
869
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
,
Class
H
................................
239,700
1,114
10,833
Information
Technology
(1.8%):
AAC
Technologies
Holdings,
Inc.
...........................................
237,592
1,003
Hua
Hong
Semiconductor
Ltd.
,
Class
H
(a)
(b)
...................................
54,865
544
Lenovo
Group
Ltd.
......................................................
1,164,472
1,359
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.
,
Class
H
(a)
......................
30,296
707
ZTE
Corp.
,
Class
H
.....................................................
216,618
602
4,215
Materials
(3.3%):
Aluminum
Corp.
of
China
Ltd.
,
Class
H
.......................................
515,169
739
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
422,782
1,143
China
Hongqiao
Group
Ltd.
...............................................
217,764
965
China
National
Building
Material
Co.
Ltd.
,
Class
H
..............................
1,078,000
654
China
Nonferrous
Mining
Corp.
Ltd.
.........................................
359,000
526
CMOC
Group
Ltd.
,
Class
H
...............................................
271,020
557
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
H
(a)
...................................
71,800
666
Jiangxi
Copper
Co.
Ltd.
,
Class
H
............................................
140,225
610
Shandong
Gold
Mining
Co.
Ltd.
,
Class
H
(a)
....................................
151,208
624
West
China
Cement
Ltd.
..................................................
2,220,000
617
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
169,553
743
7,844
Real
Estate
(1.5%):
Country
Garden
Services
Holdings
Co.
Ltd.
....................................
2,054,438
1,548
Greentown
China
Holdings
Ltd.
............................................
919,522
1,024
Longfor
Group
Holdings
Ltd.
(a)
(c)
..........................................
1,007,422
970
3,542
Utilities
(2.2%):
CGN
Power
Co.
Ltd.
,
Class
H
(a)
............................................
4,717,000
2,118
China
Longyuan
Power
Group
Corp.
Ltd.
,
Class
H
...............................
1,735,101
1,578
Huaneng
Power
International,
Inc.
,
Class
H
....................................
2,099,134
1,579
5,275
107,894
Colombia
(0.5%):
Financials
(0.5%):
Grupo
Cibest
SA
.......................................................
60,247
1,108
Czech
Republic
(1.0%):
Financials
(1.0%):
Komercni
Banka
A/S
....................................................
46,911
2,385
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
181
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Greece
(0.0%):
Consumer
Discretionary
(0.0%):
FF
Group
(b)
(d)
........................................................
14,913
$
—
Hungary
(2.3%):
Energy
(0.8%):
MOL
Hungarian
Oil
&
Gas
PLC
............................................
155,140
1,847
Financials
(0.7%):
OTP
Bank
Nyrt
........................................................
16,301
1,738
Health
Care
(0.8%):
Richter
Gedeon
Nyrt
....................................................
52,348
1,866
5,451
India
(5.8%):
Consumer
Discretionary
(2.1%):
Eicher
Motors
Ltd.
......................................................
26,241
1,822
Maruti
Suzuki
India
Ltd.
..................................................
13,713
1,780
Tata
Motors
Passenger
Vehicles
Ltd.
.........................................
450,457
1,407
5,009
Financials
(1.6%):
Indian
Bank
...........................................................
146,347
1,305
L&T
Finance
Ltd.
......................................................
485,645
1,230
Shriram
Finance
Ltd.
....................................................
135,874
1,249
3,784
Health
Care
(0.6%):
Laurus
Labs
Ltd.
(a)
.....................................................
137,128
1,435
Industrials
(1.5%):
Ashok
Leyland
Ltd.
.....................................................
733,753
1,193
Bharat
Electronics
Ltd.
...................................................
366,182
1,547
Force
Motors
Ltd.
......................................................
3,291
673
3,413
13,641
Indonesia
(1.9%):
Energy
(1.1%):
PT
Alamtri
Resources
Indonesia
Tbk
.........................................
8,048,021
1,222
PT
United
Tractors
Tbk
..................................................
701,512
1,282
2,504
Industrials
(0.5%):
PT
Astra
International
Tbk
................................................
3,247,983
1,195
Materials
(0.3%):
PT
Aneka
Tambang
Tbk
..................................................
3,342,761
689
4,388
Malaysia
(4.0%):
Consumer
Discretionary
(0.5%):
Genting
Bhd
..........................................................
2,268,000
1,250
Consumer
Staples
(1.3%):
SD
Guthrie
Bhd
........................................................
1,948,000
2,914
Financials
(1.2%):
RHB
Bank
Bhd
........................................................
1,368,200
2,855
Health
Care
(1.0%):
IHH
Healthcare
Bhd
.....................................................
1,089,600
2,419
9,438
Mexico
(2.2%):
Consumer
Staples
(1.4%):
Coca-Cola
Femsa
SAB
de
CV
..............................................
99,601
971
Fomento
Economico
Mexicano
SAB
de
CV
....................................
112,163
1,238
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
182
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
446,802
$
1,058
3,267
Materials
(0.4%):
Cemex
SAB
de
CV
,
Preference
Shares
........................................
755,631
867
Real
Estate
(0.4%):
Fibra
Uno
Administracion
SA
de
CV
.........................................
673,657
1,097
5,231
Netherlands
(1.0%):
Real
Estate
(1.0%):
NEPI
Rockcastle
NV
(b)
..................................................
303,240
2,434
Peru
(0.5%):
Financials
(0.5%):
Credicorp
Ltd.
.........................................................
3,567
1,210
Poland
(1.3%):
Energy
(0.7%):
ORLEN
SA
...........................................................
42,518
1,539
Information
Technology
(0.3%):
Asseco
Poland
SA
......................................................
17,399
795
Utilities
(0.3%):
Tauron
Polska
Energia
SA
(b)
..............................................
271,514
751
3,085
Russian
Federation
(0.0%):
Energy
(0.0%):
Gazprom
PJSC
(b)
(d)
(e)
..................................................
324,752
—
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(b)
(d)
(e)
...........................................
177,888
—
T-Tekhnologii
MKPAO
,
GDR
(b)
(d)
(e)
........................................
15,868
—
—
Materials
(0.0%):
PhosAgro
PJSC
,
GDR
(b)
(d)
(e)
.............................................
35,202
—
PhosAgro
Public
Joint
,
Class
BL
,
GDR
(b)
(d)
(e)
.................................
227
—
Severstal
PAO
(b)
(d)
(e)
...................................................
37,552
—
United
Co.
RUSAL
International
PJSC
(b)
(d)
(e)
.................................
555,630
—
—
Utilities
(0.0%):
Inter
RAO
UES
PJSC
(b)
(d)
(e)
.............................................
23,475,472
—
—
South
Africa
(2.7%):
Consumer
Discretionary
(0.6%):
Naspers
Ltd.
,
Class
N
....................................................
27,758
1,414
Consumer
Staples
(0.6%):
Tiger
Brands
Ltd.
.......................................................
76,964
1,361
Financials
(0.7%):
Absa
Group
Ltd.
.......................................................
121,924
1,739
Real
Estate
(0.8%):
Growthpoint
Properties
Ltd.
...............................................
1,903,181
1,819
6,333
Taiwan
(11.1%):
Consumer
Discretionary
(0.7%):
Pou
Chen
Corp.
........................................................
1,783,000
1,578
Health
Care
(0.5%):
Caliway
Biopharmaceuticals
Co.
Ltd.
(b)
......................................
130,000
351
Lotus
Pharmaceutical
Co.
Ltd.
.............................................
116,000
751
1,102
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
183
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
Value
(000)
Industrials
(1.3%):
Evergreen
Marine
Corp.
Taiwan
Ltd.
.........................................
270,400
$
1,688
L&K
Engineering
Co.
Ltd.
................................................
48,183
790
Teco
Electric
and
Machinery
Co.
Ltd.
........................................
300,000
563
3,041
Information
Technology
(8.6%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
86,000
884
Catcher
Technology
Co.
Ltd.
...............................................
308,000
1,811
Chroma
ATE,
Inc.
......................................................
20,000
917
Compal
Electronics,
Inc.
..................................................
1,304,000
1,099
Delta
Electronics,
Inc.
...................................................
22,000
950
EZconn
Corp.
.........................................................
9,321
554
Foxconn
Technology
Co.
Ltd.
..............................................
807,000
1,275
King
Yuan
Electronics
Co.
Ltd.
.............................................
84,000
686
Macronix
International
Co.
Ltd.
(b)
..........................................
183,000
661
Nan
Ya
Printed
Circuit
Board
Corp.
..........................................
40,000
653
Nanya
Technology
Corp.
(b)
...............................................
71,000
441
Pegatron
Corp.
.........................................................
888,000
2,117
Powertech
Technology,
Inc.
................................................
115,000
673
Synnex
Technology
International
Corp.
.......................................
638,000
1,513
Transcend
Information,
Inc.
...............................................
113,166
747
Tripod
Technology
Corp.
.................................................
94,000
995
United
Microelectronics
Corp.
.............................................
586,000
1,036
Winbond
Electronics
Corp.
................................................
159,000
449
WT
Microelectronics
Co.
Ltd.
..............................................
198,000
1,344
Yageo
Corp.
...........................................................
102,000
777
Zhen
Ding
Technology
Holding
Ltd.
.........................................
130,000
840
20,422
26,143
Thailand
(1.7%):
Consumer
Staples
(0.7%):
Charoen
Pokphand
Foods
PCL
.............................................
2,428,000
1,539
Financials
(1.0%):
Kasikornbank
PCL
......................................................
406,500
2,354
3,893
Turkey
(3.7%):
Consumer
Staples
(1.4%):
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
A/S
....................................
2,559,958
967
Coca-Cola
Icecek
A/S
....................................................
759,469
1,205
Migros
Ticaret
A/S
......................................................
89,168
1,209
3,381
Energy
(0.6%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
237,412
1,380
Financials
(0.3%):
Tera
Yatirim
Menkul
Degerler
A/S
(b)
.........................................
87,597
700
Industrials
(1.4%):
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A/S
......................................
126,792
914
Enka
Insaat
ve
Sanayi
A/S
................................................
514,612
1,083
Turk
Hava
Yollari
AO
....................................................
193,177
1,280
3,277
8,738
Total
Common
Stocks
(Cost
$216,697)
233,522
Collateral
for
Securities
Loaned
(1.1%)^
United
States
(1.1%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(f)
........
663,093
663
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(f)
............
663,093
663
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(f)
................
663,093
663
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
184
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
12/8/2017
$
723
Inter
RAO
UES
PJSC
.........................................
5/2/2018
1,576
PhosAgro
PJSC
,
GDR
........................................
12/21/2021
749
PhosAgro
Public
Joint
,
Class
BL
,
GDR
............................
12/21/2021
5
Sberbank
of
Russia
PJSC
......................................
10/24/2017
634
Severstal
PAO
..............................................
5/27/2021
881
T-Tekhnologii
MKPAO
,
GDR
...................................
2/26/2021
856
United
Co.
RUSAL
International
PJSC
............................
11/30/2021
517
Security
Description
Shares
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(f)
.
663,093
$
663
Total
Collateral
for
Securities
Loaned
(Cost
$2,652)
2,652
Total
Investments
(Cost
$219,349)
—
100.2%
236,174
Liabilities
in
excess
of
other
assets
—
(0.2)%
(
432
)
NET
ASSETS
-
100.00%
$
235,742
^
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,
2026,
the
fair
value
of
these
securities
was
$26,216
(thousands)
and
amounted
to
11.1%
of
net
assets.
(b)
Non-income
producing
security.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2026.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2026
(amounts
in
thousands):
(f)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
27
6/18/26
$
2,011
$
1,963
$
(
48
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
48
)
Total
net
unrealized
appreciation
(depreciation)
$
(
48
)
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
185
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.8%)
Communication
Services
(16.1%):
Alphabet,
Inc.
,
Class
A
...................................................
125,214
$
36,006
Alphabet,
Inc.
,
Class
C
...................................................
108,972
31,260
AT&T,
Inc.
...........................................................
151,288
4,386
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
...................................
1,800
389
Comcast
Corp.
,
Class
A
..................................................
76,611
2,199
Electronic
Arts,
Inc.
.....................................................
4,835
986
Fox
Corp.
,
Class
A
......................................................
4,748
277
Fox
Corp.
,
Class
B
......................................................
3,043
162
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(a)
............................
4,905
417
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
............................
420
33
Live
Nation
Entertainment,
Inc.
(a)
(b)
.........................................
3,425
522
Meta
Platforms,
Inc.
,
Class
A
..............................................
47,125
26,962
Netflix,
Inc.
(a)
.........................................................
90,560
8,707
News
Corp.
,
Class
A
.....................................................
8,385
209
News
Corp.
,
Class
B
(b)
..................................................
2,155
61
Omnicom
Group,
Inc.
....................................................
6,646
500
Pinterest,
Inc.
,
Class
A
(a)
.................................................
13,029
239
Reddit,
Inc.
,
Class
A
(a)
...................................................
2,960
398
ROBLOX
Corp.
,
Class
A
(a)
...............................................
13,062
739
Spotify
Technology
SA
(a)
.................................................
3,308
1,604
Take-Two
Interactive
Software,
Inc.
(a)
........................................
3,760
743
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
10,002
227
The
Walt
Disney
Co.
....................................................
38,029
3,665
T-Mobile
US,
Inc.
......................................................
10,430
2,191
Verizon
Communications,
Inc.
..............................................
89,780
4,507
Warner
Bros
Discovery,
Inc.
(a)
.............................................
51,739
1,421
128,810
Communications
Equipment
(0.9%):
Arista
Networks,
Inc.
(a)
..................................................
11,210
1,376
Ciena
Corp.
(a)
.........................................................
1,574
611
Cisco
Systems,
Inc.
.....................................................
43,570
3,381
F5,
Inc.
(a)
............................................................
525
152
Lumentum
Holdings,
Inc.
(a)
...............................................
762
536
Motorola
Solutions,
Inc.
..................................................
1,833
795
6,851
Consumer
Discretionary
(5.0%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
3,173
401
Amazon.com,
Inc.
(a)
....................................................
71,060
14,800
AutoZone,
Inc.
(a)
.......................................................
121
409
Best
Buy
Co.,
Inc.
......................................................
1,479
95
Booking
Holdings,
Inc.
...................................................
231
972
Burlington
Stores,
Inc.
(a)
.................................................
379
123
Carnival
Corp.
.........................................................
7,871
204
Carvana
Co.
,
Class
A
(a)
..................................................
1,070
336
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
9,994
320
D.R.
Horton,
Inc.
.......................................................
1,911
262
Darden
Restaurants,
Inc.
..................................................
710
139
Domino's
Pizza,
Inc.
.....................................................
207
74
DoorDash,
Inc.
,
Class
A
(a)
................................................
2,392
359
DraftKings,
Inc.
(a)
......................................................
3,508
76
eBay,
Inc.
............................................................
3,400
309
Expedia
Group,
Inc.
.....................................................
713
165
Ford
Motor
Co.
........................................................
28,857
333
Garmin
Ltd.
...........................................................
1,305
303
General
Motors
Co.
.....................................................
7,019
523
Genuine
Parts
Co.
......................................................
1,155
122
Hilton
Worldwide
Holdings,
Inc.
............................................
1,757
534
Las
Vegas
Sands
Corp.
...................................................
2,227
120
Lennar
Corp.
,
Class
A
....................................................
1,682
146
Lennar
Corp.
,
Class
B
...................................................
60
5
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
186
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Lowe's
Cos.,
Inc.
.......................................................
3,994
$
944
Lululemon
Athletica,
Inc.
(a)
...............................................
622
95
Marriott
International,
Inc.
,
Class
A
..........................................
1,687
552
McDonald's
Corp.
......................................................
5,295
1,646
NIKE,
Inc.
,
Class
B
.....................................................
8,593
454
NVR,
Inc.
(a)
..........................................................
16
105
O'Reilly
Automotive,
Inc.
(a)
...............................................
6,052
559
PulteGroup,
Inc.
........................................................
1,496
176
Rivian
Automotive,
Inc.
,
Class
A
(a)
..........................................
5,508
83
Ross
Stores,
Inc.
.......................................................
2,255
488
Royal
Caribbean
Cruises
Ltd.
..............................................
1,868
514
Somnigroup
International,
Inc.
.............................................
1,465
108
Starbucks
Corp.
........................................................
8,401
753
Tapestry,
Inc.
..........................................................
1,648
232
Tesla,
Inc.
(a)
..........................................................
20,563
7,644
The
Home
Depot,
Inc.
...................................................
7,267
2,390
The
TJX
Cos.,
Inc.
......................................................
8,095
1,293
Tractor
Supply
Co.
......................................................
3,814
173
Ulta
Beauty,
Inc.
(a)
.....................................................
272
142
Viking
Holdings
Ltd.
(a)
..................................................
1,683
124
Williams-Sonoma,
Inc.
...................................................
700
128
Yum!
Brands,
Inc.
......................................................
2,007
312
40,045
Consumer
Staples
(11.3%):
Altria
Group,
Inc.
.......................................................
49,937
3,295
Archer-Daniels-Midland
Co.
...............................................
14,524
1,056
Brown-Forman
Corp.
,
Class
A
(b)
...........................................
1,381
37
Brown-Forman
Corp.
,
Class
B
(b)
...........................................
8,726
231
Bunge
Global
SA
.......................................................
4,788
609
Casey's
General
Stores,
Inc.
...............................................
1,115
812
Church
&
Dwight
Co.,
Inc.
................................................
7,308
682
Colgate-Palmolive
Co.
...................................................
24,433
2,082
Constellation
Brands,
Inc.
,
Class
A
..........................................
4,774
716
Costco
Wholesale
Corp.
..................................................
13,462
13,414
Dollar
General
Corp.
....................................................
6,716
797
Dollar
Tree,
Inc.
(a)
......................................................
5,931
650
General
Mills,
Inc.
......................................................
16,153
601
Kenvue,
Inc.
..........................................................
57,782
996
Keurig
Dr.
Pepper,
Inc.
...................................................
39,001
1,027
Kimberly-Clark
Corp.
....................................................
10,015
966
McCormick
&
Co.,
Inc.
..................................................
7,812
394
Mondelez
International,
Inc.
,
Class
A
.........................................
38,927
2,244
Monster
Beverage
Corp.
(a)
................................................
21,071
1,527
PepsiCo,
Inc.
..........................................................
41,169
6,393
Philip
Morris
International,
Inc.
.............................................
47,244
7,811
Sysco
Corp.
...........................................................
14,433
1,030
Target
Corp.
..........................................................
13,741
1,665
The
Coca-Cola
Co.
......................................................
129,894
9,878
The
Estee
Lauder
Cos.,
Inc.
,
Class
A
.........................................
7,008
503
The
Hershey
Co.
.......................................................
4,296
893
The
Kraft
Heinz
Co.
.....................................................
35,874
807
The
Kroger
Co.
........................................................
19,070
1,380
The
Procter
&
Gamble
Co.
................................................
70,625
10,201
Tyson
Foods,
Inc.
,
Class
A
................................................
8,573
549
U.S.
Foods
Holding
Corp.
(a)
...............................................
6,783
626
Walmart,
Inc.
..........................................................
132,828
16,508
90,380
Electronic
Equipment,
Instruments
&
Components
(0.7%):
Amphenol
Corp.
,
Class
A
.................................................
13,623
1,721
CDW
Corp.
...........................................................
1,512
183
Coherent
Corp.
(a)
......................................................
1,724
411
Corning,
Inc.
..........................................................
8,699
1,183
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
187
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Jabil,
Inc.
............................................................
1,264
$
336
Keysight
Technologies,
Inc.
(a)
.............................................
1,878
530
TE
Connectivity
PLC
....................................................
3,319
694
Teledyne
Technologies,
Inc.
(a)
.............................................
429
259
5,317
Financials
(19.9%):
Affirm
Holdings,
Inc.
,
Class
A
(a)
............................................
5,711
262
Aflac,
Inc.
............................................................
10,561
1,159
American
Express
Co.
...................................................
15,263
4,617
American
International
Group,
Inc.
..........................................
12,318
927
Ameriprise
Financial,
Inc.
.................................................
2,022
899
Aon
PLC
,
Class
A
......................................................
4,727
1,526
Apollo
Global
Management,
Inc.
............................................
8,879
989
Arch
Capital
Group
Ltd.
(a)
................................................
7,819
751
Ares
Management
Corp.
,
Class
A
...........................................
4,636
506
Arthur
J.
Gallagher
&
Co.
.................................................
5,564
1,205
Bank
of
America
Corp.
...................................................
159,607
7,781
Berkshire
Hathaway,
Inc.
,
Class
A
(a)
.........................................
6
4,309
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
32,444
15,547
BlackRock,
Inc.
........................................................
3,224
3,101
Blackstone,
Inc.
........................................................
15,900
1,828
Block,
Inc.
,
Class
A
(a)
...................................................
11,353
683
Brown
&
Brown,
Inc.
....................................................
5,925
386
Capital
One
Financial
Corp.
...............................................
13,727
2,504
Cboe
Global
Markets,
Inc.
................................................
2,225
625
Chubb
Ltd.
...........................................................
8,466
2,759
Cincinnati
Financial
Corp.
................................................
3,428
539
Citigroup,
Inc.
.........................................................
39,037
4,427
Citizens
Financial
Group,
Inc.
..............................................
9,419
565
CME
Group,
Inc.
,
Class
A
.................................................
7,798
2,303
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
4,933
861
Corebridge
Financial,
Inc.
.................................................
8,698
208
Corpay,
Inc.
(a)
.........................................................
1,546
450
Erie
Indemnity
Co.
,
Class
A
(b)
.............................................
460
116
Fidelity
National
Information
Services,
Inc.
....................................
11,256
528
Fifth
Third
Bancorp
.....................................................
19,986
929
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
162
305
Fiserv,
Inc.
(a)
..........................................................
11,807
659
Global
Payments,
Inc.
....................................................
5,286
356
Huntington
Bancshares,
Inc.
...............................................
44,956
704
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
9,284
623
Intercontinental
Exchange,
Inc.
.............................................
12,667
1,992
JPMorgan
Chase
&
Co.
..................................................
59,789
17,588
KeyCorp
.............................................................
24,312
487
KKR
&
Co.,
Inc.
.......................................................
14,840
1,373
Loews
Corp.
..........................................................
3,760
401
LPL
Financial
Holdings,
Inc.
...............................................
1,751
527
M&T
Bank
Corp.
.......................................................
3,461
715
Markel
Group,
Inc.
(a)
....................................................
274
524
Marsh
&
McLennan
Cos.,
Inc.
.............................................
10,828
1,878
Mastercard,
Inc.
,
Class
A
.................................................
18,002
8,995
MetLife,
Inc.
..........................................................
12,279
868
Moody's
Corp.
.........................................................
3,855
1,682
Morgan
Stanley
........................................................
26,818
4,413
MSCI,
Inc.
,
Class
A
.....................................................
1,576
849
Nasdaq,
Inc.
..........................................................
10,047
853
Northern
Trust
Corp.
....................................................
4,073
568
PayPal
Holdings,
Inc.
....................................................
20,803
941
Principal
Financial
Group,
Inc.
.............................................
4,988
449
Prudential
Financial,
Inc.
.................................................
7,561
739
Raymond
James
Financial,
Inc.
.............................................
3,888
563
Regions
Financial
Corp.
..................................................
19,343
505
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
188
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
16,646
$
1,154
Rocket
Cos.,
Inc.
,
Class
A
(a)
...............................................
18,430
263
S&P
Global,
Inc.
.......................................................
6,633
2,821
SoFi
Technologies,
Inc.
(a)
.................................................
27,352
434
State
Street
Corp.
.......................................................
6,087
770
Synchrony
Financial
.....................................................
7,697
524
T.
Rowe
Price
Group,
Inc.
.................................................
4,860
438
The
Allstate
Corp.
......................................................
5,723
1,187
The
Bank
of
New
York
Mellon
Corp.
.........................................
15,248
1,809
The
Carlyle
Group,
Inc.
..................................................
5,609
271
The
Charles
Schwab
Corp.
................................................
36,348
3,416
The
Goldman
Sachs
Group,
Inc.
............................................
6,567
5,556
The
Hartford
Insurance
Group,
Inc.
..........................................
6,045
817
The
PNC
Financial
Services
Group,
Inc.
......................................
8,691
1,809
The
Progressive
Corp.
...................................................
12,794
2,536
The
Travelers
Cos.,
Inc.
..................................................
4,787
1,396
Toast,
Inc.
,
Class
A
(a)
....................................................
10,070
267
Truist
Financial
Corp.
....................................................
28,485
1,309
U.S.
Bancorp
..........................................................
34,355
1,787
Visa,
Inc.
,
Class
A
......................................................
37,343
11,287
W.R.
Berkley
Corp.
.....................................................
4,903
325
Wells
Fargo
&
Co.
......................................................
68,533
5,456
Willis
Towers
Watson
PLC
................................................
2,084
606
159,085
Health
Care
(16.7%):
Abbott
Laboratories
.....................................................
34,928
3,586
AbbVie,
Inc.
..........................................................
87,299
18,987
Agilent
Technologies,
Inc.
.................................................
5,211
594
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
6,447
2,133
Amgen,
Inc.
...........................................................
26,592
9,356
Becton
Dickinson
&
Co.
..................................................
5,320
837
Biogen,
Inc.
(a)
.........................................................
7,087
1,299
Boston
Scientific
Corp.
(a)
.................................................
26,892
1,688
Bristol-Myers
Squibb
Co.
.................................................
36,438
2,210
Cardinal
Health,
Inc.
....................................................
4,260
900
Cencora,
Inc.
..........................................................
3,461
1,087
Centene
Corp.
(a)
.......................................................
8,784
288
CVS
Health
Corp.
......................................................
23,356
1,677
Danaher
Corp.
.........................................................
11,767
2,231
Dexcom,
Inc.
(a)
........................................................
7,243
455
Edwards
Lifesciences
Corp.
(a)
.............................................
10,618
850
Elevance
Health,
Inc.
....................................................
4,002
1,172
Eli
Lilly
&
Co.
.........................................................
15,492
14,249
GE
HealthCare
Technologies,
Inc.
...........................................
8,471
603
Gilead
Sciences,
Inc.
....................................................
61,277
8,540
HCA
Healthcare,
Inc.
....................................................
2,760
1,306
Hologic,
Inc.
(a)
........................................................
3,997
302
Humana,
Inc.
..........................................................
2,173
377
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,435
806
Illumina,
Inc.
(a)
........................................................
2,891
356
Incyte
Corp.
(a)
.........................................................
9,333
878
Insmed,
Inc.
(a)
.........................................................
10,326
1,689
Insulet
Corp.
(a)
........................................................
1,385
291
Intuitive
Surgical,
Inc.
(a)
.................................................
6,479
2,987
IQVIA
Holdings,
Inc.
(a)
..................................................
3,191
544
Johnson
&
Johnson
.....................................................
43,919
10,736
Labcorp
Holdings,
Inc.
...................................................
1,568
418
McKesson
Corp.
.......................................................
2,208
1,911
Medtronic
PLC
........................................................
22,794
1,975
Merck
&
Co.,
Inc.
......................................................
44,852
5,395
Mettler-Toledo
International,
Inc.
(a)
.........................................
369
465
Natera,
Inc.
(a)
.........................................................
6,519
1,304
Pfizer,
Inc.
............................................................
103,711
2,912
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
189
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Quest
Diagnostics,
Inc.
...................................................
2,023
$
397
Regeneron
Pharmaceuticals,
Inc.
............................................
4,991
3,856
ResMed,
Inc.
..........................................................
2,638
592
STERIS
PLC
..........................................................
1,812
401
Stryker
Corp.
..........................................................
6,556
2,154
Tenet
Healthcare
Corp.
(a)
.................................................
1,551
293
The
Cigna
Group
.......................................................
4,759
1,269
The
Cooper
Cos.,
Inc.
(a)
..................................................
3,646
261
Thermo
Fisher
Scientific,
Inc.
..............................................
6,809
3,347
United
Therapeutics
Corp.
(a)
..............................................
2,095
1,242
UnitedHealth
Group,
Inc.
.................................................
16,329
4,419
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
2,898
509
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
12,519
5,590
Waters
Corp.
(a)
........................................................
1,901
566
West
Pharmaceutical
Services,
Inc.
..........................................
1,389
348
Zimmer
Biomet
Holdings,
Inc.
.............................................
3,664
331
Zoetis,
Inc.
,
Class
A
.....................................................
7,661
906
133,875
IT
Services
(0.8%):
Accenture
PLC
,
Class
A
..................................................
6,810
1,350
Cloudflare,
Inc.
,
Class
A
(a)
................................................
3,390
700
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
5,418
332
CoreWeave,
Inc.
,
Class
A
(a)
...............................................
3,540
274
Gartner,
Inc.
(a)
........................................................
679
108
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
1,584
131
International
Business
Machines
Corp.
........................................
10,377
2,515
MongoDB,
Inc.
,
Class
A
(a)
................................................
719
176
Okta,
Inc.
,
Class
A
(a)
....................................................
1,865
147
Snowflake,
Inc.
,
Class
A
(a)
................................................
3,616
545
Twilio,
Inc.
,
Class
A
(a)
...................................................
1,653
208
VeriSign,
Inc.
..........................................................
1,001
249
6,735
Semiconductors
&
Semiconductor
Equipment
(10.9%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
17,880
3,637
Analog
Devices,
Inc.
....................................................
5,486
1,745
Applied
Materials,
Inc.
...................................................
8,736
2,986
Astera
Labs,
Inc.
(a)
.....................................................
1,519
167
Broadcom,
Inc.
........................................................
51,243
15,860
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
1,758
165
First
Solar,
Inc.
(a)
......................................................
1,242
245
Intel
Corp.
(a)
..........................................................
46,749
2,063
KLA
Corp.
...........................................................
1,445
2,128
Lam
Research
Corp.
.....................................................
13,750
2,938
Marvell
Technology,
Inc.
.................................................
9,146
906
Microchip
Technology,
Inc.
................................................
5,758
372
Micron
Technology,
Inc.
..................................................
12,407
4,192
Monolithic
Power
Systems,
Inc.
............................................
518
566
NVIDIA
Corp.
.........................................................
258,269
45,042
ON
Semiconductor
Corp.
(a)
...............................................
4,656
288
QUALCOMM,
Inc.
.....................................................
11,911
1,534
Teradyne,
Inc.
.........................................................
1,759
522
Texas
Instruments,
Inc.
...................................................
10,000
1,941
87,297
Software
(6.4%):
Adobe,
Inc.
(a)
.........................................................
4,510
1,096
AppLovin
Corp.
,
Class
A
(a)
...............................................
2,353
936
Atlassian
Corp.
,
Class
A
(a)
................................................
1,780
121
Autodesk,
Inc.
(a)
.......................................................
2,278
545
Cadence
Design
Systems,
Inc.
(a)
............................................
3,076
855
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
2,701
1,054
Datadog,
Inc.
,
Class
A
(a)
.................................................
3,471
410
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
190
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
Docusign,
Inc.
,
Class
A
(a)
.................................................
2,144
$
102
Dynatrace,
Inc.
(a)
......................................................
3,367
125
Fair
Isaac
Corp.
(a)
......................................................
213
227
Fortinet,
Inc.
(a)
........................................................
7,062
577
Gen
Digital,
Inc.
.......................................................
6,100
115
Guidewire
Software,
Inc.
(a)
...............................................
1,069
160
HubSpot,
Inc.
(a)
.......................................................
460
112
Intuit,
Inc.
............................................................
3,060
1,323
Microsoft
Corp.
........................................................
80,801
29,910
Oracle
Corp.
..........................................................
18,503
2,722
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
23,965
3,506
Palo
Alto
Networks,
Inc.
(a)
................................................
8,930
1,432
PTC,
Inc.
(a)
...........................................................
1,409
201
Roper
Technologies,
Inc.
..................................................
1,130
400
Salesforce,
Inc.
........................................................
9,914
1,851
ServiceNow,
Inc.
(a)
.....................................................
11,267
1,178
Strategy,
Inc.
,
Class
A
(a)
..................................................
3,225
402
Synopsys,
Inc.
(a)
.......................................................
1,962
778
Trimble,
Inc.
(a)
........................................................
2,495
163
Tyler
Technologies,
Inc.
(a)
................................................
401
137
Unity
Software,
Inc.
(a)
...................................................
3,743
82
Workday,
Inc.
,
Class
A
(a)
.................................................
2,305
299
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
3,059
246
Zscaler,
Inc.
(a)
.........................................................
1,209
170
51,235
Technology
Hardware,
Storage
&
Peripherals
(5.7%):
Apple,
Inc.
...........................................................
162,021
41,119
Dell
Technologies,
Inc.
,
Class
C
............................................
3,481
571
Everpure,
Inc.
,
Class
A
(a)
.................................................
3,420
202
Hewlett
Packard
Enterprise
Co.
.............................................
14,498
345
HP,
Inc.
..............................................................
10,377
200
IonQ,
Inc.
(a)
(b)
........................................................
3,791
109
NetApp,
Inc.
..........................................................
2,154
221
Sandisk
Corp.
(a)
.......................................................
1,569
997
Seagate
Technology
Holdings
PLC
..........................................
2,397
939
Super
Micro
Computer,
Inc.
(a)
.............................................
5,673
129
Western
Digital
Corp.
....................................................
3,618
979
45,811
Utilities
(5.4%):
Alliant
Energy
Corp.
....................................................
7,788
559
Ameren
Corp.
.........................................................
8,393
923
American
Electric
Power
Co.,
Inc.
...........................................
16,344
2,142
American
Water
Works
Co.,
Inc.
............................................
6,021
819
Atmos
Energy
Corp.
.....................................................
4,987
921
CenterPoint
Energy,
Inc.
..................................................
19,892
859
CMS
Energy
Corp.
......................................................
9,106
707
Consolidated
Edison,
Inc.
.................................................
10,958
1,240
Constellation
Energy
Corp.
................................................
10,199
2,848
Dominion
Energy,
Inc.
...................................................
26,319
1,627
DTE
Energy
Co.
.......................................................
6,228
911
Duke
Energy
Corp.
......................................................
23,362
3,059
Edison
International
.....................................................
12,010
879
Entergy
Corp.
.........................................................
13,721
1,542
Evergy,
Inc.
...........................................................
7,008
574
Eversource
Energy
......................................................
11,307
783
Exelon
Corp.
..........................................................
30,820
1,511
FirstEnergy
Corp.
.......................................................
17,801
902
NextEra
Energy,
Inc.
....................................................
62,719
5,825
NiSource,
Inc.
.........................................................
14,390
671
NRG
Energy,
Inc.
.......................................................
5,814
850
PG&E
Corp.
..........................................................
67,385
1,184
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
191
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2026
Security
Description
Shares
a
Value
(000)
PPL
Corp.
............................................................
22,707
$
867
Public
Service
Enterprise
Group,
Inc.
.........................................
14,983
1,213
Sempra
..............................................................
19,772
1,921
Talen
Energy
Corp.
(a)
...................................................
1,437
459
The
Southern
Co.
.......................................................
33,836
3,266
Vistra
Corp.
...........................................................
10,238
1,539
WEC
Energy
Group,
Inc.
.................................................
9,780
1,132
Xcel
Energy,
Inc.
.......................................................
18,066
1,435
43,168
Total
Common
Stocks
(Cost
$683,484)
a
a
a
798,609
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
ABIOMED,
Inc.,
CVR
,
expiring
1/4/27
(a)
(d)
...................................
532
1
Total
Rights
(Cost
$—)
a
a
a
1
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(e)
........
138,185
139
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(e)
............
138,185
138
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(e)
...............
138,185
138
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(e)
.
138,185
138
Total
Collateral
for
Securities
Loaned
(Cost
$553)
a
a
a
553
Total
Investments
(Cost
$684,037)
—
99.9%
799,163
Other
assets
in
excess
of
liabilities
—  0.1%
496
NET
ASSETS
-
100.00%
$
799,659
^
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,
2026.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2026.
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2026
Victory
Portfolios
II
VictoryShares
WestEnd
Global
Equity
ETF
192
(Unaudited)
Security
Description
Shares
a
Value
(000)
Exchange-Traded
Funds
(98.8%)
iShares
Biotechnology
ETF
................................................
9,087
$
1,534
iShares
Core
MSCI
Europe
ETF
............................................
83,310
5,854
iShares
Core
S&P
Small-Cap
ETF
...........................................
20,259
2,518
iShares
Expanded
Tech
Sector
ETF
..........................................
12,077
1,431
iShares
MSCI
Emerging
Markets
Asia
ETF
....................................
12,244
1,172
State
Street
Communication
Services
Select
Sector
SPDR
ETF
(a)
....................
40,643
4,506
State
Street
Consumer
Discretionary
Select
Sector
SPDR
ETF
.......................
13,312
1,451
State
Street
Consumer
Staples
Select
Sector
SPDR
ETF
...........................
38,749
3,177
State
Street
Financial
Select
Sector
SPDR
ETF
..................................
116,564
5,755
State
Street
Health
Care
Select
Sector
SPDR
ETF
................................
24,627
3,610
State
Street
Technology
Select
Sector
SPDR
ETF
................................
48,548
6,452
State
Street
Utilities
Select
Sector
SPDR
ETF
...................................
33,395
1,533
Vanguard
FTSE
All-World
ex-US
ETF
........................................
80,780
6,067
Vanguard
FTSE
Pacific
ETF
...............................................
11,900
1,163
Total
Exchange-Traded
Funds
(Cost
$46,693)
a
a
a
46,223
Collateral
for
Securities
Loaned
(6.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.55
%
(b)
........
804,460
804
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.56
%
(b)
............
804,460
804
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.58
%
(b)
...............
804,460
805
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.57
%
(b)
.
804,460
805
Total
Collateral
for
Securities
Loaned
(Cost
$3,218)
a
a
a
3,218
Total
Investments
(Cost
$49,911)
—
105.7%
49,441
Liabilities
in
excess
of
other
assets
—  (5.7)%
(2,652)
NET
ASSETS
-
100.00%
$
46,789
At
March
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
75.4%
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,
2026.
ETF
—
Exchange-Traded
Fund