Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
1
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.0%)
Communication
Services
(3.4%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
402
$
60,674
AT&T,
Inc.
...........................................................
3,454
60,790
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
141
40,979
Comcast
Corp.
,
Class
A
..................................................
1,597
69,230
Electronic
Arts,
Inc.
.....................................................
571
75,754
Endeavor
Group
Holdings,
Inc.
,
Class
A
.......................................
1,430
36,794
Fox
Corp.
,
Class
A
......................................................
2,152
67,293
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
750
49,200
Live
Nation
Entertainment,
Inc.
(a)
...........................................
595
62,933
Meta
Platforms,
Inc.
,
Class
A
..............................................
84
40,789
Netflix,
Inc.
(a)
.........................................................
69
41,906
News
Corp.
,
Class
A
.....................................................
2,488
65,136
Omnicom
Group,
Inc.
....................................................
747
72,280
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
1,698
55,406
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
360
31,471
The
Walt
Disney
Co.
....................................................
503
61,547
T-Mobile
US,
Inc.
......................................................
645
105,277
Verizon
Communications,
Inc.
..............................................
1,472
61,765
Warner
Music
Group
Corp.
,
Class
A
.........................................
1,646
54,351
1,113,575
Consumer
Discretionary
(9.6%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
273
45,034
Amazon.com,
Inc.
(a)
....................................................
289
52,130
Aptiv
PLC
(a)
..........................................................
578
46,038
AutoZone,
Inc.
(a)
.......................................................
23
72,488
Best
Buy
Co.,
Inc.
......................................................
714
58,569
Booking
Holdings,
Inc.
...................................................
16
58,046
Burlington
Stores,
Inc.
(a)
.................................................
172
39,937
CarMax
Auto
Owner
Trust
(a)
..............................................
490
42,684
Carvana
Co.
(a)
.........................................................
173
15,208
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
24
69,762
Coupang,
Inc.
(a)
.......................................................
2,203
39,191
D.R.
Horton,
Inc.
.......................................................
334
54,960
Darden
Restaurants,
Inc.
..................................................
512
85,581
Deckers
Outdoor
Corp.
(a)
.................................................
46
43,298
Dick's
Sporting
Goods,
Inc.
................................................
212
47,670
Domino's
Pizza,
Inc.
.....................................................
124
61,613
eBay,
Inc.
............................................................
1,138
60,064
Expedia
Group,
Inc.
(a)
...................................................
237
32,647
Five
Below,
Inc.
(a)
......................................................
255
46,252
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
343
44,460
Ford
Motor
Co.
........................................................
3,735
49,601
Garmin
Ltd.
...........................................................
501
74,584
General
Motors
Co.
.....................................................
1,221
55,372
Genuine
Parts
Co.
......................................................
421
65,225
Hilton
Worldwide
Holdings,
Inc.
............................................
386
82,338
Hyatt
Hotels
Corp.
,
Class
A
................................................
325
51,876
Las
Vegas
Sands
Corp.
...................................................
1,000
51,700
Lennar
Corp.
,
Class
A
....................................................
330
56,753
LKQ
Corp.
...........................................................
1,433
76,536
Lowe's
Cos.,
Inc.
.......................................................
293
74,636
Marriott
International,
Inc.
,
Class
A
..........................................
279
70,394
McDonald's
Corp.
......................................................
362
102,066
MGM
Resorts
International
(a)
..............................................
1,077
50,845
NIKE,
Inc.
,
Class
B
.....................................................
529
49,715
NVR,
Inc.
(a)
..........................................................
8
64,800
O'Reilly
Automotive,
Inc.
(a)
...............................................
70
79,022
Pool
Corp.
............................................................
130
52,455
PulteGroup,
Inc.
........................................................
453
54,641
Ralph
Lauren
Corp.
.....................................................
267
50,132
Ross
Stores,
Inc.
.......................................................
517
75,875
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
374
$
51,990
Service
Corp.
International
................................................
784
58,181
Starbucks
Corp.
........................................................
767
70,096
Tapestry,
Inc.
..........................................................
945
44,869
Tesla,
Inc.
(a)
..........................................................
158
27,775
The
Home
Depot,
Inc.
...................................................
221
84,776
The
TJX
Cos.,
Inc.
......................................................
1,000
101,420
Toll
Brothers,
Inc.
......................................................
397
51,360
TopBuild
Corp.
(a)
......................................................
102
44,954
Tractor
Supply
Co.
......................................................
262
68,571
Ulta
Beauty,
Inc.
(a)
.....................................................
110
57,517
Williams-Sonoma,
Inc.
...................................................
176
55,885
Wynn
Resorts
Ltd.
......................................................
499
51,013
Yum!
Brands,
Inc.
......................................................
707
98,025
3,170,630
Consumer
Staples
(9.0%):
Altria
Group,
Inc.
.......................................................
2,005
87,458
Archer-Daniels-Midland
Co.
...............................................
794
49,871
Brown-Forman
Corp.
,
Class
B
.............................................
979
50,536
Campbell
Soup
Co.
.....................................................
1,664
73,965
Casey's
General
Stores,
Inc.
...............................................
226
71,970
Celsius
Holdings,
Inc.
(a)
..................................................
322
26,700
Church
&
Dwight
Co.,
Inc.
................................................
837
87,307
Colgate-Palmolive
Co.
...................................................
1,193
107,430
Conagra
Brands,
Inc.
....................................................
2,626
77,835
Constellation
Brands,
Inc.
,
Class
A
..........................................
345
93,757
Costco
Wholesale
Corp.
..................................................
127
93,044
Coty,
Inc.
,
Class
A
(a)
....................................................
3,506
41,932
Dollar
General
Corp.
....................................................
307
47,910
Dollar
Tree,
Inc.
(a)
......................................................
365
48,600
elf
Beauty,
Inc.
(a)
.......................................................
142
27,836
General
Mills,
Inc.
......................................................
1,281
89,632
Hormel
Foods
Corp.
.....................................................
1,491
52,021
Kellanova
............................................................
1,425
81,638
Keurig
Dr
Pepper,
Inc.
...................................................
2,662
81,644
Kimberly-Clark
Corp.
....................................................
814
105,291
Lamb
Weston
Holdings,
Inc.
...............................................
567
60,402
McCormick
&
Co.,
Inc.
..................................................
930
71,433
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
1,238
83,255
Mondelez
International,
Inc.
,
Class
A
.........................................
1,193
83,510
Monster
Beverage
Corp.
(a)
................................................
1,146
67,935
PepsiCo,
Inc.
..........................................................
569
99,581
Performance
Food
Group
Co.
(a)
............................................
855
63,817
Philip
Morris
International,
Inc.
.............................................
1,074
98,400
Sysco
Corp.
...........................................................
1,061
86,132
Target
Corp.
..........................................................
319
56,530
The
Clorox
Co.
........................................................
407
62,316
The
Coca-Cola
Co.
......................................................
1,867
114,223
The
Estee
Lauder
Cos.,
Inc.
...............................................
233
35,917
The
Hershey
Co.
.......................................................
422
82,079
The
Kraft
Heinz
Co.
.....................................................
2,313
85,350
The
Kroger
Co.
........................................................
1,689
96,493
The
Procter
&
Gamble
Co.
................................................
653
105,949
U.S.
Foods
Holding
Corp.
(a)
...............................................
1,487
80,253
Walgreens
Boots
Alliance,
Inc.
.............................................
1,850
40,126
Walmart,
Inc.
..........................................................
1,571
94,527
2,964,605
Energy
(5.3%):
Baker
Hughes
Co.
......................................................
2,264
75,844
Cheniere
Energy,
Inc.
....................................................
456
73,544
Chesapeake
Energy
Corp.
(b)
...............................................
702
62,359
Chevron
Corp.
.........................................................
472
74,453
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
ConocoPhillips
........................................................
581
$
73,950
Coterra
Energy,
Inc.
.....................................................
2,448
68,250
Devon
Energy
Corp.
.....................................................
1,232
61,822
Diamondback
Energy,
Inc.
................................................
339
67,180
EOG
Resources,
Inc.
....................................................
521
66,605
EQT
Corp.
............................................................
1,275
47,264
Exxon
Mobil
Corp.
.....................................................
659
76,602
Halliburton
Co.
........................................................
1,538
60,628
HF
Sinclair
Corp.
.......................................................
936
56,506
Kinder
Morgan,
Inc.
.....................................................
5,197
95,313
Marathon
Oil
Corp.
.....................................................
2,141
60,676
Marathon
Petroleum
Corp.
................................................
353
71,129
Occidental
Petroleum
Corp.
...............................................
1,032
67,070
ONEOK,
Inc.
..........................................................
998
80,010
Ovintiv,
Inc.
..........................................................
973
50,499
Permian
Resources
Corp.
.................................................
2,930
51,744
Phillips
66
............................................................
460
75,136
Schlumberger
NV
......................................................
1,102
60,400
Targa
Resources
Corp.
...................................................
680
76,153
Texas
Pacific
Land
Corp.
.................................................
83
48,016
The
Williams
Cos.,
Inc.
..................................................
2,439
95,048
Valero
Energy
Corp.
.....................................................
396
67,593
1,763,794
Financials
(17.6%):
Aflac,
Inc.
............................................................
934
80,193
Ally
Financial,
Inc.
......................................................
1,110
45,055
American
Express
Co.
...................................................
328
74,682
American
Financial
Group,
Inc.
.............................................
574
78,340
American
International
Group,
Inc.
..........................................
1,203
94,039
Ameriprise
Financial,
Inc.
.................................................
206
90,319
Aon
PLC
,
Class
A
......................................................
238
79,425
Apollo
Global
Management,
Inc.
............................................
532
59,823
Arch
Capital
Group
Ltd.
(a)
................................................
749
69,238
Ares
Management
Corp.
,
Class
A
...........................................
445
59,176
Arthur
J.
Gallagher
&
Co.
.................................................
344
86,014
Bank
of
America
Corp.
...................................................
1,810
68,635
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
289
121,530
BlackRock,
Inc.
........................................................
94
78,368
Blackstone,
Inc.
........................................................
385
50,577
Block,
Inc.
(a)
..........................................................
365
30,872
Brown
&
Brown,
Inc.
....................................................
937
82,025
Capital
One
Financial
Corp.
...............................................
424
63,129
Cboe
Global
Markets,
Inc.
................................................
446
81,944
Chubb
Ltd.
...........................................................
342
88,622
Cincinnati
Financial
Corp.
................................................
667
82,821
Citigroup,
Inc.
.........................................................
1,258
79,556
Citizens
Financial
Group,
Inc.
..............................................
1,318
47,830
CME
Group,
Inc.
.......................................................
404
86,977
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
99
26,247
Corebridge
Financial,
Inc.
(b)
...............................................
2,469
70,934
Equitable
Holdings,
Inc.
..................................................
1,744
66,289
Erie
Indemnity
Co.
,
Class
A
...............................................
117
46,984
Everest
Group
Ltd.
......................................................
169
67,178
FactSet
Research
Systems,
Inc.
.............................................
179
81,336
Fidelity
National
Financial,
Inc.
............................................
1,352
71,791
Fifth
Third
Bancorp
.....................................................
1,382
51,424
First
Citizens
BancShares,
Inc.
,
Class
A
.......................................
34
55,590
Fiserv,
Inc.
(a)
..........................................................
637
101,805
Franklin
Resources,
Inc.
..................................................
1,933
54,337
Global
Payments,
Inc.
....................................................
439
58,677
Globe
Life,
Inc.
........................................................
818
95,191
Huntington
Bancshares,
Inc.
...............................................
4,053
56,539
Interactive
Brokers
Group,
Inc.
.............................................
573
64,010
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Intercontinental
Exchange,
Inc.
.............................................
659
$
90,566
Jack
Henry
&
Associates,
Inc.
..............................................
437
75,920
JPMorgan
Chase
&
Co.
..................................................
547
109,564
KeyCorp
.............................................................
2,563
40,521
Kinsale
Capital
Group,
Inc.
................................................
76
39,880
KKR
&
Co.,
Inc.
.......................................................
541
54,414
Loews
Corp.
..........................................................
1,497
117,200
LPL
Financial
Holdings,
Inc.
...............................................
218
57,596
M&T
Bank
Corp.
.......................................................
357
51,922
Markel
Group,
Inc.
(a)
....................................................
44
66,945
Marsh
&
McLennan
Cos.,
Inc.
.............................................
499
102,784
Mastercard,
Inc.
,
Class
A
.................................................
203
97,759
MetLife,
Inc.
..........................................................
1,061
78,631
Moody's
Corp.
.........................................................
192
75,462
Morgan
Stanley
........................................................
726
68,360
Morningstar,
Inc.
.......................................................
181
55,815
MSCI,
Inc.
...........................................................
107
59,968
Nasdaq,
Inc.
..........................................................
1,396
88,088
Northern
Trust
Corp.
....................................................
617
54,864
PayPal
Holdings,
Inc.
(a)
..................................................
651
43,611
Principal
Financial
Group,
Inc.
.............................................
918
79,233
Prudential
Financial,
Inc.
.................................................
707
83,002
Raymond
James
Financial,
Inc.
.............................................
567
72,814
Regions
Financial
Corp.
..................................................
2,471
51,990
Reinsurance
Group
of
America,
Inc.
.........................................
455
87,760
RenaissanceRe
Holdings
Ltd.
..............................................
240
56,407
Ryan
Specialty
Holdings,
Inc.
..............................................
1,352
75,036
S&P
Global,
Inc.
.......................................................
168
71,476
State
Street
Corp.
.......................................................
816
63,093
Synchrony
Financial
.....................................................
1,352
58,298
T.
Rowe
Price
Group,
Inc.
.................................................
507
61,813
The
Bank
of
New
York
Mellon
Corp.
.........................................
1,358
78,248
The
Charles
Schwab
Corp.
................................................
721
52,157
The
Goldman
Sachs
Group,
Inc.
............................................
180
75,184
The
Hartford
Financial
Services
Group,
Inc.
....................................
959
98,825
The
PNC
Financial
Services
Group,
Inc.
......................................
390
63,024
The
Progressive
Corp.
...................................................
281
58,116
The
Travelers
Cos.,
Inc.
..................................................
390
89,755
Tradeweb
Markets,
Inc.
,
Class
A
............................................
614
63,960
U.S.
Bancorp
..........................................................
1,103
49,304
Visa,
Inc.
,
Class
A
......................................................
384
107,167
W.R.
Berkley
Corp.
.....................................................
895
79,154
Wells
Fargo
&
Co.
......................................................
1,148
66,538
5,819,746
Health
Care
(12.0%):
Abbott
Laboratories
.....................................................
703
79,903
AbbVie,
Inc.
..........................................................
507
92,325
Agilent
Technologies,
Inc.
.................................................
419
60,969
Align
Technology,
Inc.
(a)
.................................................
100
32,792
Amgen,
Inc.
...........................................................
245
69,658
Avantor,
Inc.
(a)
........................................................
1,976
50,526
Becton
Dickinson
&
Co.
..................................................
315
77,947
Biogen,
Inc.
(a)
.........................................................
303
65,336
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
627
54,762
Bio-Techne
Corp.
.......................................................
643
45,261
Boston
Scientific
Corp.
(a)
.................................................
1,137
77,873
Bristol-Myers
Squibb
Co.
.................................................
1,486
80,586
Bruker
Corp.
..........................................................
538
50,540
Cardinal
Health,
Inc.
....................................................
658
73,630
Cencora,
Inc.
..........................................................
411
99,869
Centene
Corp.
(a)
.......................................................
779
61,136
Charles
River
Laboratories
International,
Inc.
(a)
.................................
182
49,313
CVS
Health
Corp.
......................................................
787
62,771
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Danaher
Corp.
.........................................................
261
$
65,177
DaVita,
Inc.
(a)
.........................................................
323
44,590
Dexcom,
Inc.
(a)
........................................................
330
45,771
Edwards
Lifesciences
Corp.
(a)
.............................................
604
57,718
Elevance
Health,
Inc.
....................................................
143
74,151
Eli
Lilly
&
Co.
.........................................................
65
50,567
GE
HealthCare
Technologies,
Inc.
...........................................
597
54,273
Gilead
Sciences,
Inc.
....................................................
908
66,511
HCA
Healthcare,
Inc.
....................................................
219
73,043
Hologic,
Inc.
(a)
........................................................
1,066
83,105
Humana,
Inc.
..........................................................
133
46,114
IDEXX
Laboratories,
Inc.
(a)
...............................................
87
46,974
Incyte
Corp.
(a)
.........................................................
1,022
58,223
Insulet
Corp.
(a)
........................................................
206
35,308
Intuitive
Surgical,
Inc.
(a)
.................................................
139
55,474
IQVIA
Holdings,
Inc.
(a)
..................................................
215
54,371
Johnson
&
Johnson
.....................................................
594
93,965
Laboratory
Corp.
of
America
Holdings
........................................
410
89,569
McKesson
Corp.
.......................................................
151
81,064
Medpace
Holdings,
Inc.
(a)
................................................
97
39,203
Medtronic
PLC
........................................................
972
84,710
Merck
&
Co.,
Inc.
......................................................
688
90,782
Mettler-Toledo
International,
Inc.
(a)
.........................................
45
59,908
Molina
Healthcare,
Inc.
(a)
................................................
155
63,679
Neurocrine
Biosciences,
Inc.
(a)
.............................................
471
64,960
Pfizer,
Inc.
............................................................
2,372
65,823
Quest
Diagnostics,
Inc.
...................................................
655
87,187
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
75
72,187
Repligen
Corp.
(a)
.......................................................
169
31,083
ResMed,
Inc.
..........................................................
239
47,329
Revvity,
Inc.
..........................................................
412
43,260
STERIS
PLC
..........................................................
326
73,291
Stryker
Corp.
..........................................................
198
70,858
The
Cigna
Group
.......................................................
143
51,936
The
Cooper
Cos.,
Inc.
(a)
..................................................
750
76,095
Thermo
Fisher
Scientific,
Inc.
..............................................
120
69,745
United
Therapeutics
Corp.
(a)
..............................................
279
64,092
UnitedHealth
Group,
Inc.
.................................................
145
71,732
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
213
49,350
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
144
60,194
Viatris,
Inc.
...........................................................
4,387
52,381
Waters
Corp.
(a)
........................................................
154
53,011
West
Pharmaceutical
Services,
Inc.
..........................................
135
53,421
Zimmer
Biomet
Holdings,
Inc.
.............................................
555
73,249
Zoetis,
Inc.
...........................................................
302
51,101
3,981,732
Industrials
(17.8%):
A.O.
Smith
Corp.
.......................................................
855
76,488
Advanced
Drainage
Systems,
Inc.
...........................................
275
47,366
AECOM
.............................................................
838
82,191
Allegion
PLC
.........................................................
481
64,795
AMETEK,
Inc.
........................................................
540
98,766
Automatic
Data
Processing,
Inc.
............................................
308
76,920
Axon
Enterprise,
Inc.
(a)
..................................................
139
43,490
Booz
Allen
Hamilton
Holding
Corp.
.........................................
399
59,228
Broadridge
Financial
Solutions,
Inc.
.........................................
427
87,475
Builders
FirstSource,
Inc.
(a)
...............................................
183
38,165
Carlisle
Cos.,
Inc.
.......................................................
155
60,737
Carrier
Global
Corp.
.....................................................
990
57,549
Caterpillar,
Inc.
........................................................
172
63,026
Cintas
Corp.
..........................................................
138
94,810
Comfort
Systems
USA,
Inc.
...............................................
139
44,162
Copart,
Inc.
(a)
.........................................................
1,353
78,366
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
CSX
Corp.
............................................................
2,279
$
84,482
Cummins,
Inc.
.........................................................
257
75,725
Dayforce,
Inc.
(a)
.......................................................
671
44,427
Deere
&
Co.
..........................................................
177
72,701
Delta
Air
Lines,
Inc.
.....................................................
1,180
56,487
Dover
Corp.
...........................................................
466
82,570
Eaton
Corp.
PLC
.......................................................
215
67,226
EMCOR
Group,
Inc.
....................................................
185
64,787
Emerson
Electric
Co.
....................................................
609
69,073
Equifax,
Inc.
..........................................................
193
51,631
Expeditors
International
of
Washington,
Inc.
....................................
625
75,981
Fastenal
Co.
...........................................................
1,042
80,380
FedEx
Corp.
..........................................................
239
69,248
Fortive
Corp.
..........................................................
839
72,171
General
Dynamics
Corp.
..................................................
311
87,854
General
Electric
Co.
.....................................................
444
77,935
Graco,
Inc.
...........................................................
777
72,618
HEICO
Corp.
..........................................................
391
74,681
Honeywell
International,
Inc.
..............................................
459
94,210
Howmet
Aerospace,
Inc.
..................................................
1,058
72,399
Hubbell,
Inc.
..........................................................
160
66,408
Huntington
Ingalls
Industries,
Inc.
...........................................
245
71,410
IDEX
Corp.
...........................................................
344
83,943
Illinois
Tool
Works,
Inc.
..................................................
352
94,452
Ingersoll
Rand,
Inc.
.....................................................
803
76,245
J.B.
Hunt
Transport
Services,
Inc.
...........................................
287
57,185
Jacobs
Solutions,
Inc.
....................................................
484
74,405
Johnson
Controls
International
PLC
..........................................
994
64,928
L3Harris
Technologies,
Inc.
...............................................
319
67,979
Leidos
Holdings,
Inc.
....................................................
599
78,523
Lennox
International,
Inc.
.................................................
121
59,140
Lincoln
Electric
Holdings,
Inc.
.............................................
255
65,137
Lockheed
Martin
Corp.
...................................................
193
87,790
Masco
Corp.
..........................................................
789
62,236
Nordson
Corp.
.........................................................
308
84,558
Norfolk
Southern
Corp.
..................................................
257
65,502
Northrop
Grumman
Corp.
.................................................
144
68,927
Old
Dominion
Freight
Line,
Inc.
............................................
236
51,757
Otis
Worldwide
Corp.
....................................................
1,028
102,050
Owens
Corning
........................................................
342
57,046
PACCAR,
Inc.
.........................................................
700
86,723
Parker-Hannifin
Corp.
...................................................
115
63,916
Paychex,
Inc.
..........................................................
655
80,434
Quanta
Services,
Inc.
....................................................
207
53,779
Republic
Services,
Inc.
...................................................
615
117,736
Rockwell
Automation,
Inc.
................................................
164
47,778
Rollins,
Inc.
...........................................................
1,396
64,593
RTX
Corp.
............................................................
682
66,515
Saia,
Inc.
(a)
...........................................................
69
40,365
Snap-on,
Inc.
..........................................................
258
76,425
Southwest
Airlines
Co.
...................................................
1,352
39,465
SS&C
Technologies
Holdings,
Inc.
..........................................
1,163
74,862
Textron,
Inc.
..........................................................
706
67,727
Trane
Technologies
PLC
..................................................
207
62,141
TransDigm
Group,
Inc.
...................................................
61
75,128
Uber
Technologies,
Inc.
(a)
................................................
532
40,959
U-Haul
Holding
Co.
.....................................................
793
52,877
Union
Pacific
Corp.
.....................................................
296
72,795
United
Airlines
Holdings,
Inc.
(a)
............................................
933
44,672
United
Parcel
Service,
Inc.
,
Class
B
..........................................
443
65,843
United
Rentals,
Inc.
.....................................................
61
43,988
Veralto
Corp.
..........................................................
510
45,217
Verisk
Analytics,
Inc.
....................................................
363
85,570
Vertiv
Holdings
Co.
,
Class
A
...............................................
421
34,383
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
W.W.
Grainger,
Inc.
.....................................................
74
$
75,280
Waste
Management,
Inc.
..................................................
447
95,278
Watsco,
Inc.
...........................................................
144
62,204
Westinghouse
Air
Brake
Technologies
Corp.
....................................
596
86,825
XPO,
Inc.
(a)
..........................................................
280
34,168
Xylem,
Inc.
...........................................................
587
75,864
5,893,251
Information
Technology
(12.6%):
Accenture
PLC
,
Class
A
..................................................
219
75,908
Adobe,
Inc.
(a)
.........................................................
96
48,442
Advanced
Micro
Devices,
Inc.
(a)
............................................
172
31,044
Akamai
Technologies,
Inc.
(a)
..............................................
665
72,325
Amphenol
Corp.
,
Class
A
.................................................
816
94,126
Analog
Devices,
Inc.
....................................................
329
65,073
Apple,
Inc.
...........................................................
452
77,509
Applied
Materials,
Inc.
...................................................
219
45,164
AppLovin
Corp.
,
Class
A
(a)
...............................................
409
28,311
Arista
Networks,
Inc.
(a)
..................................................
126
36,537
Autodesk,
Inc.
(a)
.......................................................
228
59,376
Bentley
Systems,
Inc.
,
Class
B
.............................................
1,025
53,526
Broadcom,
Inc.
........................................................
37
49,040
Cadence
Design
Systems,
Inc.
(a)
............................................
195
60,700
CDW
Corp.
...........................................................
337
86,198
Cisco
Systems,
Inc.
.....................................................
1,604
80,056
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
933
68,380
Corning,
Inc.
..........................................................
2,159
71,161
Corpay,
Inc.
(a)
.........................................................
220
67,879
Datadog,
Inc.
,
Class
A
(a)
.................................................
217
26,821
Dell
Technologies,
Inc.
,
Class
C
............................................
417
47,584
DocuSign,
Inc.
(a)
.......................................................
745
44,365
Dynatrace,
Inc.
(a)
......................................................
981
45,558
Elastic
NV
(a)
..........................................................
181
18,143
Enphase
Energy,
Inc.
(a)
..................................................
195
23,591
Entegris,
Inc.
..........................................................
325
45,675
EPAM
Systems,
Inc.
(a)
...................................................
150
41,424
F5,
Inc.
(a)
............................................................
433
82,092
Fair
Isaac
Corp.
(a)
......................................................
45
56,232
First
Solar,
Inc.
(a)
......................................................
225
37,980
Fortinet,
Inc.
(a)
........................................................
514
35,111
Gartner,
Inc.
(a)
........................................................
127
60,537
Gen
Digital,
Inc.
.......................................................
2,342
52,461
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
508
60,289
Hewlett
Packard
Enterprise
Co.
.............................................
3,482
61,736
HP,
Inc.
..............................................................
2,405
72,679
Intel
Corp.
............................................................
938
41,431
International
Business
Machines
Corp.
........................................
421
80,394
Intuit,
Inc.
............................................................
101
65,650
Jabil,
Inc.
............................................................
266
35,631
Keysight
Technologies,
Inc.
(a)
.............................................
355
55,515
KLA
Corp.
...........................................................
70
48,900
Lam
Research
Corp.
.....................................................
49
47,607
Lattice
Semiconductor
Corp.
(a)
.............................................
415
32,465
Manhattan
Associates,
Inc.
(a)
..............................................
226
56,552
Microchip
Technology,
Inc.
................................................
581
52,122
Microsoft
Corp.
........................................................
176
74,047
MicroStrategy,
Inc.
(a)
....................................................
21
35,796
Monolithic
Power
Systems,
Inc.
............................................
49
33,194
Motorola
Solutions,
Inc.
..................................................
264
93,715
NetApp,
Inc.
..........................................................
700
73,479
NVIDIA
Corp.
.........................................................
47
42,467
NXP
Semiconductors
NV
.................................................
203
50,297
ON
Semiconductor
Corp.
(a)
...............................................
420
30,891
Oracle
Corp.
..........................................................
427
53,635
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
859
$
19,766
Palo
Alto
Networks,
Inc.
(a)
................................................
94
26,708
PTC,
Inc.
(a)
...........................................................
428
80,866
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
621
32,286
QUALCOMM,
Inc.
.....................................................
333
56,377
Roper
Technologies,
Inc.
..................................................
190
106,560
Salesforce,
Inc.
........................................................
191
57,525
ServiceNow,
Inc.
(a)
.....................................................
76
57,942
Skyworks
Solutions,
Inc.
.................................................
535
57,951
Super
Micro
Computer,
Inc.
(a)
.............................................
19
19,191
Synopsys,
Inc.
(a)
.......................................................
98
56,007
TE
Connectivity
Ltd.
....................................................
512
74,363
Teledyne
Technologies,
Inc.
(a)
.............................................
174
74,702
Teradyne,
Inc.
.........................................................
455
51,338
Texas
Instruments,
Inc.
...................................................
387
67,419
Trimble,
Inc.
(a)
........................................................
798
51,359
Tyler
Technologies,
Inc.
(a)
................................................
146
62,051
VeriSign,
Inc.
(a)
........................................................
424
80,352
Workday,
Inc.
,
Class
A
(a)
.................................................
178
48,550
Zebra
Technologies
Corp.
(a)
...............................................
125
37,680
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
701
45,824
4,151,638
Materials
(4.8%):
Air
Products
and
Chemicals,
Inc.
............................................
213
51,603
Albemarle
Corp.
.......................................................
232
30,564
Avery
Dennison
Corp.
...................................................
381
85,058
Ball
Corp.
............................................................
784
52,810
Celanese
Corp.
.........................................................
373
64,104
CF
Industries
Holdings,
Inc.
...............................................
673
56,000
Corteva,
Inc.
..........................................................
852
49,135
Dow,
Inc.
............................................................
1,349
78,148
DuPont
de
Nemours,
Inc.
.................................................
820
62,869
Ecolab,
Inc.
...........................................................
344
79,430
Freeport-McMoRan,
Inc.
.................................................
1,205
56,659
International
Paper
Co.
...................................................
1,789
69,807
Linde
PLC
............................................................
196
91,007
LyondellBasell
Industries
NV
,
Class
A
........................................
791
80,903
Martin
Marietta
Materials,
Inc.
.............................................
117
71,831
Nucor
Corp.
...........................................................
298
58,974
Packaging
Corp.
of
America
...............................................
391
74,204
PPG
Industries,
Inc.
.....................................................
547
79,260
Reliance,
Inc.
..........................................................
184
61,489
RPM
International,
Inc.
..................................................
539
64,114
Steel
Dynamics,
Inc.
.....................................................
381
56,476
The
Sherwin-Williams
Co.
................................................
233
80,928
Vulcan
Materials
Co.
....................................................
265
72,324
Westlake
Corp.
........................................................
392
59,898
1,587,595
Real
Estate
(0.4%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
581
56,496
CoStar
Group,
Inc.
(a)
....................................................
653
63,080
119,576
Utilities
(6.5%):
Alliant
Energy
Corp.
....................................................
1,626
81,950
Ameren
Corp.
.........................................................
984
72,777
American
Electric
Power
Co.,
Inc.
...........................................
830
71,463
American
Water
Works
Co.,
Inc.
............................................
571
69,782
Atmos
Energy
Corp.
.....................................................
804
95,571
CenterPoint
Energy,
Inc.
..................................................
2,904
82,735
CMS
Energy
Corp.
......................................................
1,354
81,700
Consolidated
Edison,
Inc.
.................................................
965
87,632
Victory
Portfolios
II
Victory
US
500
Enhanced
Volatility
Wtd
Index
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Constellation
Energy
Corp.
................................................
258
$
47,691
Dominion
Energy,
Inc.
...................................................
1,245
61,242
DTE
Energy
Co.
.......................................................
709
79,507
Duke
Energy
Corp.
......................................................
947
91,584
Edison
International
.....................................................
1,037
73,347
Entergy
Corp.
.........................................................
763
80,634
Evergy,
Inc.
...........................................................
1,477
78,842
Exelon
Corp.
..........................................................
1,892
71,082
FirstEnergy
Corp.
.......................................................
2,098
81,025
NextEra
Energy,
Inc.
....................................................
917
58,605
NiSource,
Inc.
.........................................................
2,749
76,037
PG&E
Corp.
..........................................................
4,172
69,923
PPL
Corp.
............................................................
3,090
85,068
Public
Service
Enterprise
Group,
Inc.
.........................................
1,283
85,679
Sempra
..............................................................
1,152
82,748
The
AES
Corp.
........................................................
2,706
48,519
The
Southern
Co.
.......................................................
1,210
86,805
Vistra
Corp.
...........................................................
1,138
79,262
WEC
Energy
Group,
Inc.
.................................................
966
79,328
Xcel
Energy,
Inc.
.......................................................
1,354
72,778
2,133,316
Total
Common
Stocks
(Cost
$25,687,885)
32,699,458
Investment
Companies
(0.1%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5
.17
%
(c)
............
23,874
23,874
Total
Investment
Companies
(Cost
$23,874)
23,874
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(c)
........
28,192
28,192
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(c)
............
28,326
28,326
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(c)
...............
28,192
28,192
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(c)
.
28,058
28,058
Total
Collateral
for
Securities
Loaned
(Cost
$112,768)
112,768
Total
Investments
(Cost
$25,824,527)
—
99.4%
32,836,100
Other
assets
in
excess
of
liabilities
—
0.6%
188,363
NET
ASSETS
-
100.00%
$
33,024,463
^
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,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
1
6/21/24
$
261,929
$
265,425
$
3,496
Total
unrealized
appreciation
$
3,496
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
3,496
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
10
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(89.2%)
Australia
(1.9%):
Communication
Services
(0.4%):
Telstra
Group
Ltd.
......................................................
4,282,147
$
10,768,936
Consumer
Staples
(0.3%):
Coles
Group
Ltd.
.......................................................
727,721
8,031,623
Energy
(0.5%):
Santos
Ltd.
...........................................................
1,481,788
7,500,422
Woodside
Energy
Group
Ltd.
..............................................
395,785
7,887,118
15,387,540
Financials
(0.3%):
ANZ
Group
Holdings
Ltd.
................................................
552,211
10,581,298
Materials
(0.4%):
BHP
Group
Ltd.
........................................................
266,475
7,703,068
Fortescue
Ltd.
.........................................................
322,695
5,399,068
13,102,136
57,871,533
Austria
(0.2%):
Energy
(0.1%):
OMV
AG
............................................................
64,389
3,049,207
Utilities
(0.1%):
Verbund
AG
..........................................................
25,880
1,890,534
4,939,741
Brazil
(3.6%):
Communication
Services
(0.5%):
Telefonica
Brasil
SA
.....................................................
573,100
5,782,770
TIM
SA
..............................................................
2,396,700
8,507,241
14,290,011
Consumer
Discretionary
(0.4%):
Lojas
Renner
SA
.......................................................
1,625,500
5,504,016
Vibra
Energia
SA
.......................................................
1,174,400
5,857,129
11,361,145
Consumer
Staples
(0.6%):
Ambev
SA
............................................................
4,256,900
10,602,565
JBS
SA
..............................................................
1,786,500
7,659,431
18,261,996
Energy
(0.2%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
898,400
6,693,167
Financials
(1.0%):
Banco
Bradesco
SA
.....................................................
1,302,900
3,310,058
Banco
do
Brasil
SA
.....................................................
801,600
9,050,709
BB
Seguridade
Participacoes
SA
............................................
1,704,700
11,054,868
Caixa
Seguridade
Participacoes
S/A
..........................................
2,699,100
8,407,271
31,822,906
Health
Care
(0.1%):
Hypera
SA
............................................................
328,800
2,159,129
Materials
(0.4%):
Cia
Siderurgica
Nacional
SA
...............................................
771,500
2,415,409
Suzano
SA
............................................................
111,300
1,420,020
Vale
SA
..............................................................
696,100
8,443,927
12,279,356
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Real
Estate
(0.1%):
Multiplan
Empreendimentos
Imobiliarios
SA
...................................
437,000
$
2,230,010
Utilities
(0.3%):
Auren
Energia
SA
......................................................
1,088,200
2,582,324
Engie
Brasil
Energia
SA
..................................................
924,800
7,424,661
10,006,985
109,104,705
Canada
(2.6%):
Communication
Services
(0.3%):
BCE,
Inc.
............................................................
260,327
8,847,351
Energy
(1.4%):
Canadian
Natural
Resources
Ltd.
............................................
79,446
6,061,101
Enbridge,
Inc.
.........................................................
274,646
9,926,109
Pembina
Pipeline
Corp.
..................................................
321,492
11,348,592
Suncor
Energy,
Inc.
.....................................................
173,225
6,393,619
TC
Energy
Corp.
.......................................................
197,338
7,931,985
41,661,406
Financials
(0.3%):
The
Bank
of
Nova
Scotia
.................................................
177,136
9,164,146
Materials
(0.2%):
Nutrien
Ltd.
...........................................................
99,051
5,381,839
Utilities
(0.4%):
Emera,
Inc.
...........................................................
121,480
4,275,658
Fortis,
Inc.
............................................................
229,830
9,081,883
13,357,541
78,412,283
Chile
(0.5%):
Financials
(0.4%):
Banco
de
Chile
........................................................
66,588,341
7,409,997
Banco
Santander
Chile
...................................................
100,625,391
5,009,703
12,419,700
Utilities
(0.1%):
Enel
Chile
SA
.........................................................
61,016,565
3,669,544
16,089,244
China
(4.5%):
Consumer
Discretionary
(0.0%):(a)
Zhongsheng
Group
Holdings
Ltd.
...........................................
470,000
816,397
Consumer
Staples
(0.1%):
Tingyi
Cayman
Islands
Holding
Corp.
........................................
2,360,000
2,589,948
Energy
(1.0%):
China
Coal
Energy
Co.
Ltd.
,
Class
H
.........................................
4,358,000
4,245,071
China
Petroleum
&
Chemical
Corp.
,
Class
H
...................................
12,320,000
7,006,881
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
2,283,500
8,982,773
PetroChina
Co.
Ltd.
,
Class
H
..............................................
7,664,000
6,572,986
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
.....................................
2,162,000
4,546,445
31,354,156
Financials
(2.7%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
22,675,000
9,571,589
Bank
of
China
Ltd.
,
Class
H
...............................................
28,375,000
11,634,349
Bank
of
Communications
Co.
Ltd.
,
Class
H
....................................
13,165,000
8,657,672
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
.......................................
16,329,000
8,710,114
China
Construction
Bank
Corp.
,
Class
H
......................................
16,943,000
10,224,912
China
Galaxy
Securities
Co.
Ltd.
,
Class
H
.....................................
915,500
449,913
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
1,547,500
6,133,700
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
China
Merchants
Securities
Co.
Ltd.
,
Class
H
(b)
.................................
1,897,000
$
1,450,956
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
3,113,600
5,462,394
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
16,586,000
8,336,899
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
....................................
258,000
457,552
Ping
An
Insurance
Group
Co.
of
China
Ltd.
....................................
1,329,000
5,642,654
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(b)
...............................
11,779,000
6,165,879
The
People's
Insurance
Co.
Group
of
China
Ltd.
,
Class
H
..........................
410,000
131,077
83,029,660
Information
Technology
(0.1%):
China
Railway
Signal
&
Communication
Corp.
Ltd.
,
Class
H
(b)
.....................
4,198,000
1,600,248
Materials
(0.3%):
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
1,906,500
3,953,538
China
Hongqiao
Group
Ltd.
...............................................
1,941,500
2,188,008
China
National
Building
Material
Co.
Ltd.
,
Class
H
..............................
8,300,000
2,856,916
8,998,462
Real
Estate
(0.3%):
China
Vanke
Co.
Ltd.
,
Class
H
.............................................
7,094,000
4,922,100
Longfor
Group
Holdings
Ltd.
(b)
............................................
2,648,500
3,756,741
8,678,841
137,067,712
Colombia
(0.0%):(a)
Utilities
(0.0%):(a)
Interconexion
Electrica
SA
ESP
.............................................
26,926
137,975
Czech
Republic
(0.2%):
Financials
(0.1%):
Komercni
Banka
AS
.....................................................
44,425
1,592,258
Utilities
(0.1%):
CEZ
AS
.............................................................
93,670
3,345,865
4,938,123
Finland
(0.8%):
Energy
(0.0%):(a)
Neste
Oyj
............................................................
52,681
1,428,261
Financials
(0.3%):
Nordea
Bank
Abp
.......................................................
791,961
8,827,898
Industrials
(0.2%):
Kone
Oyj
,
Class
B
......................................................
120,233
5,600,541
Materials
(0.2%):
Stora
Enso
Oyj
,
Class
R
..................................................
90,854
1,263,247
UPM-Kymmene
Oyj
....................................................
162,411
5,410,251
6,673,498
Utilities
(0.1%):
Fortum
Oyj
...........................................................
118,203
1,459,155
23,989,353
France
(2.4%):
Communication
Services
(0.4%):
Orange
SA
............................................................
948,668
11,154,822
Consumer
Discretionary
(0.0%):(a)
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
14,028
537,527
Energy
(0.2%):
TotalEnergies
SE
.......................................................
111,370
7,660,025
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Financials
(0.9%):
Amundi
SA
(b)
.........................................................
72,171
$
4,956,519
BNP
Paribas
SA
........................................................
101,429
7,220,237
Credit
Agricole
SA
......................................................
589,736
8,796,435
Societe
Generale
SA
.....................................................
242,642
6,500,220
27,473,411
Health
Care
(0.2%):
Sanofi
SA
............................................................
54,083
5,260,716
Industrials
(0.2%):
Bouygues
SA
..........................................................
154,406
6,302,740
Utilities
(0.5%):
Engie
SA
.............................................................
561,684
9,411,047
Veolia
Environnement
SA
.................................................
148,954
4,845,085
14,256,132
72,645,373
Germany
(0.9%):
Consumer
Discretionary
(0.5%):
Bayerische
Motoren
Werke
AG
.............................................
57,708
6,657,370
Mercedes-Benz
Group
AG
................................................
91,542
7,289,125
13,946,495
Industrials
(0.2%):
Deutsche
Post
AG
......................................................
147,546
6,357,976
Materials
(0.2%):
BASF
SE
............................................................
109,371
6,249,029
Utilities
(0.0%):(a)
E.ON
SE
.............................................................
73,604
1,024,569
27,578,069
Hong
Kong
(1.4%):
Financials
(0.3%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
3,258,000
8,735,864
Hang
Seng
Bank
Ltd.
....................................................
81,100
889,017
9,624,881
Industrials
(0.2%):
CK
Hutchison
Holdings
Ltd.
...............................................
1,106,000
5,322,925
Real
Estate
(0.5%):
CK
Asset
Holdings
Ltd.
..................................................
834,500
3,438,792
Henderson
Land
Development
Co.
Ltd.
.......................................
1,625,000
4,640,562
Sun
Hung
Kai
Properties
Ltd.
..............................................
247,000
2,386,002
Swire
Pacific
Ltd.
,
Class
A
................................................
492,500
4,054,547
14,519,903
Utilities
(0.4%):
China
Gas
Holdings
Ltd.
..................................................
1,251,200
1,128,798
CLP
Holdings
Ltd.
......................................................
719,500
5,739,054
Guangdong
Investment
Ltd.
...............................................
2,098,000
898,785
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
7,488,000
5,675,799
Power
Assets
Holdings
Ltd.
...............................................
136,500
799,720
14,242,156
43,709,865
India
(1.3%):
Consumer
Discretionary
(0.5%):
Bajaj
Auto
Ltd.
........................................................
134,025
14,746,148
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Consumer
Staples
(0.2%):
ITC
Ltd.
.............................................................
1,237,330
$
6,372,096
Energy
(0.4%):
Bharat
Petroleum
Corp.
Ltd.
...............................................
1,032,652
7,481,305
Hindustan
Petroleum
Corp.
Ltd.
............................................
827,385
4,723,719
Oil
India
Ltd.
..........................................................
24,444
176,609
12,381,633
Materials
(0.0%):(a)
Vedanta
Ltd.
..........................................................
385,246
1,261,181
Utilities
(0.2%):
NTPC
Ltd.
............................................................
1,006,726
4,068,705
Power
Grid
Corp.
of
India
Ltd.
.............................................
334,865
1,111,623
5,180,328
39,941,386
Indonesia
(0.6%):
Communication
Services
(0.3%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
42,275,000
9,301,130
Energy
(0.1%):
PT
Adaro
Energy
Indonesia
Tbk
............................................
14,573,200
2,483,826
Industrials
(0.2%):
PT
Astra
International
Tbk
................................................
24,346,500
7,912,442
19,697,398
Ireland
(0.3%):
Health
Care
(0.3%):
Medtronic
PLC
........................................................
93,178
8,120,463
Israel
(0.1%):
Financials
(0.1%):
Bank
Hapoalim
BM
.....................................................
284,944
2,672,626
Italy
(1.9%):
Energy
(0.3%):
Eni
SpA
.............................................................
531,384
8,412,799
Financials
(0.8%):
Intesa
Sanpaolo
SpA
.....................................................
2,144,480
7,784,548
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
589,776
8,787,327
Poste
Italiane
SpA
(b)
....................................................
518,031
6,487,036
23,058,911
Utilities
(0.8%):
Enel
SpA
.............................................................
1,384,607
9,139,228
Snam
SpA
............................................................
1,799,709
8,496,528
Terna
-
Rete
Elettrica
Nazionale
............................................
1,007,678
8,328,032
25,963,788
57,435,498
Japan
(1.4%):
Communication
Services
(0.4%):
SoftBank
Corp.
........................................................
957,100
12,324,238
Consumer
Discretionary
(0.2%):
Isuzu
Motors
Ltd.
.......................................................
415,500
5,617,243
Consumer
Staples
(0.3%):
Japan
Tobacco,
Inc.
.....................................................
390,100
10,402,192
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Health
Care
(0.3%):
Takeda
Pharmaceutical
Co.
Ltd.
............................................
297,800
$
8,284,072
Materials
(0.2%):
Nippon
Steel
Corp.
......................................................
247,700
5,961,560
42,589,305
Malaysia
(0.7%):
Consumer
Discretionary
(0.1%):
Genting
Berhad
........................................................
1,523,300
1,521,750
Financials
(0.2%):
Malayan
Banking
Bhd
...................................................
3,456,800
7,054,771
Industrials
(0.0%):(a)
Sime
Darby
Bhd
.......................................................
1,483,500
816,102
Materials
(0.1%):
Petronas
Chemicals
Group
Bhd
.............................................
2,108,100
3,028,298
Utilities
(0.3%):
Tenaga
Nasional
Bhd
....................................................
4,467,100
10,624,842
23,045,763
Mexico
(1.1%):
Communication
Services
(0.0%):(a)
America
Movil
SAB
de
CV
,
Class
B
.........................................
750,853
701,105
Consumer
Staples
(0.5%):
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
3,133,907
7,295,822
Wal-Mart
de
Mexico
SAB
de
CV
...........................................
1,708,738
6,879,891
14,175,713
Financials
(0.3%):
Banco
del
Bajio
SA
(b)
...................................................
868,538
3,378,605
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
641,467
6,813,974
10,192,579
Industrials
(0.1%):
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
...............................
276,722
2,733,253
Materials
(0.2%):
Grupo
Mexico
SAB
de
CV
,
Class
B
..........................................
957,709
5,702,973
33,505,623
Netherlands
(1.8%):
Communication
Services
(0.4%):
Koninklijke
KPN
NV
....................................................
3,301,429
12,346,997
Consumer
Staples
(0.2%):
Koninklijke
Ahold
Delhaize
NV
............................................
190,288
5,692,979
Financials
(0.7%):
ABN
AMRO
Bank
NV
(b)
.................................................
352,412
6,029,736
ASR
Nederland
NV
.....................................................
79,378
3,889,764
ING
Groep
NV
........................................................
489,919
8,064,573
NN
Group
NV
.........................................................
98,752
4,558,269
22,542,342
Industrials
(0.2%):
Randstad
NV
..........................................................
79,294
4,186,596
Real
Estate
(0.3%):
NEPI
Rockcastle
NV
....................................................
1,428,106
9,854,302
54,623,216
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Norway
(0.7%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
442,846
$
4,929,738
Energy
(0.3%):
Aker
BP
ASA
.........................................................
189,979
4,766,846
Equinor
ASA
..........................................................
230,199
6,175,095
10,941,941
Financials
(0.0%):(a)
DNB
Bank
ASA
........................................................
70,940
1,410,672
Materials
(0.2%):
Norsk
Hydro
ASA
......................................................
530,931
2,906,075
Yara
International
ASA
...................................................
60,517
1,919,700
4,825,775
22,108,126
Philippines
(0.1%):
Communication
Services
(0.1%):
PLDT,
Inc.
............................................................
110,510
2,688,598
Poland
(0.5%):
Energy
(0.3%):
ORLEN
SA
...........................................................
437,888
7,136,388
Financials
(0.2%):
Powszechny
Zaklad
Ubezpieczen
SA
.........................................
568,952
6,953,038
14,089,426
Portugal
(0.2%):
Energy
(0.0%):(a)
Galp
Energia
SGPS
SA
...................................................
132,656
2,192,818
Utilities
(0.2%):
EDP
-
Energias
de
Portugal
SA
.............................................
1,420,649
5,542,091
7,734,909
Russian
Federation
(0.0%):(a)
Communication
Services
(0.0%):(a)
Mobile
TeleSystems
PJSC
(c)
(d)
(e)
..........................................
2,330,210
59,635
Rostelecom
PJSC
(c)
(d)
(e)
.................................................
6,752,730
52,213
111,848
Consumer
Staples
(0.0%):(a)
X5
Retail
Group
NV
,
GDR
(c)
(d)
(e)
..........................................
201,753
15,822
Energy
(0.0%):(a)
Tatneft
PJSC
(c)
(d)
(e)
....................................................
827,565
34,033
Financials
(0.0%):(a)
Moscow
Exchange
MICEX-RTS
PJSC
(c)
(d)
(e)
.................................
2,604,790
28,297
Materials
(0.0%):(a)
Evraz
PLC
(c)
(d)
(e)
.....................................................
753,373
230,729
Magnitogorsk
Iron
&
Steel
Works
PJSC
(c)
(d)
(e)
.................................
4,673,660
—
MMC
Norilsk
Nickel
PJSC
(c)
(d)
(e)
..........................................
14,877
32,629
Novolipetsk
Steel
PJSC
(c)
(d)
(e)
............................................
1,477,080
30,161
Polyus
PJSC
(c)
(d)
(e)
....................................................
34,403
41,677
Severstal
PAO
(c)
(d)
(e)
...................................................
223,944
—
335,196
Utilities
(0.0%):(a)
Inter
RAO
UES
PJSC
(c)
(d)
(e)
..............................................
128,274,200
39,813
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
RusHydro
PJSC
(c)
(d)
(e)
..................................................
694,437,000
$
52,938
92,751
617,947
Singapore
(1.4%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
4,810,400
9,042,634
Consumer
Staples
(0.2%):
Wilmar
International
Ltd.
.................................................
2,504,000
6,362,121
Financials
(0.6%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
1,256,800
12,561,038
United
Overseas
Bank
Ltd.
................................................
244,900
5,325,515
17,886,553
Industrials
(0.3%):
Keppel
Ltd.
...........................................................
680,600
3,699,371
Singapore
Airlines
Ltd.
...................................................
1,201,300
5,695,043
9,394,414
Real
Estate
(0.0%):(a)
CapitaLand
Investment
Ltd.
...............................................
438,800
870,959
43,556,681
South
Africa
(1.6%):
Communication
Services
(0.3%):
MTN
Group
Ltd.
.......................................................
566,222
2,802,357
Vodacom
Group
Ltd.
....................................................
1,036,815
5,399,638
8,201,995
Consumer
Discretionary
(0.2%):
Woolworths
Holdings
Ltd.
................................................
1,668,920
5,220,737
Energy
(0.1%):
Exxaro
Resources
Ltd.
...................................................
434,591
3,883,488
Financials
(0.6%):
Absa
Group
Ltd.
.......................................................
669,463
5,228,228
Nedbank
Group
Ltd.
.....................................................
552,836
6,671,673
Old
Mutual
Ltd.
........................................................
3,061,334
1,898,710
Standard
Bank
Group
Ltd.
................................................
637,995
6,243,572
20,042,183
Materials
(0.4%):
African
Rainbow
Minerals
Ltd.
.............................................
250,796
2,175,236
Gold
Fields
Ltd.
........................................................
195,995
3,145,140
Impala
Platinum
Holdings
Ltd.
.............................................
671,198
2,773,671
Sasol
Ltd.
............................................................
486,468
3,760,474
Sibanye
Stillwater
Ltd.
(f)
.................................................
1,293,232
1,480,520
13,335,041
50,683,444
South
Korea
(0.3%):
Consumer
Discretionary
(0.2%):
Hyundai
Motor
Co.
.....................................................
28,804
5,069,161
Financials
(0.1%):
Hana
Financial
Group,
Inc.
................................................
107,061
4,687,420
9,756,581
Spain
(0.8%):
Energy
(0.2%):
Repsol
SA
............................................................
438,573
7,319,316
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Industrials
(0.1%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
56,148
$
2,351,068
Utilities
(0.5%):
Endesa
SA
............................................................
360,598
6,685,094
Iberdrola
SA
..........................................................
726,515
9,022,338
15,707,432
25,377,816
Sweden
(0.3%):
Consumer
Discretionary
(0.1%):
H
&
M
Hennes
&
Mauritz
AB
,
Class
B
(f)
.....................................
244,838
3,993,205
Financials
(0.2%):
Svenska
Handelsbanken
AB
,
Class
A
.........................................
638,300
6,454,591
10,447,796
Switzerland
(0.8%):
Communication
Services
(0.4%):
Swisscom
AG
,
Registered
Shares
...........................................
19,364
11,853,812
Financials
(0.2%):
Julius
Baer
Group
Ltd.
...................................................
79,377
4,604,504
Health
Care
(0.2%):
Roche
Holding
AG
......................................................
29,919
7,640,161
24,098,477
Taiwan
(4.2%):
Industrials
(0.2%):
Walsin
Lihwa
Corp.
.....................................................
1,044,000
1,220,036
Wan
Hai
Lines
Ltd.
.....................................................
2,442,000
3,365,947
4,585,983
Information
Technology
(3.2%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
1,580,000
7,670,792
Chicony
Electronics
Co.
Ltd.
..............................................
1,264,000
8,743,174
Hon
Hai
Precision
Industry
Co.
Ltd.
.........................................
3,247,000
15,773,567
Lite-On
Technology
Corp.
................................................
368,000
1,220,107
Micro-Star
International
Co.
Ltd.
............................................
560,000
2,922,769
Nan
Ya
Printed
Circuit
Board
Corp.
..........................................
667,000
4,127,138
Novatek
Microelectronics
Corp.
............................................
386,000
7,107,397
Pegatron
Corp.
.........................................................
2,577,000
8,024,268
Powertech
Technology,
Inc.
................................................
1,611,000
10,113,512
Synnex
Technology
International
Corp.
.......................................
2,986,000
7,311,495
Unimicron
Technology
Corp.
..............................................
883,000
5,250,503
United
Microelectronics
Corp.
.............................................
5,147,000
8,360,384
WPG
Holdings
Ltd.
.....................................................
3,640,000
10,923,141
Zhen
Ding
Technology
Holding
Ltd.
.........................................
450,000
1,757,819
99,306,066
Materials
(0.8%):
Asia
Cement
Corp.
......................................................
7,400,000
9,468,398
Formosa
Plastics
Corp.
...................................................
5,527,000
11,759,464
Nan
Ya
Plastics
Corp.
....................................................
874,000
1,503,855
TA
Chen
Stainless
Pipe
...................................................
748,000
867,917
23,599,634
127,491,683
Thailand
(2.0%):
Communication
Services
(0.4%):
Advanced
Info
Service
PCL
...............................................
621,700
3,477,944
Intouch
Holdings
PCL
...................................................
3,891,200
7,340,687
10,818,631
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Consumer
Staples
(0.0%):(a)
Thai
Beverage
PCL
.....................................................
4,232,300
$
1,536,225
Energy
(1.0%):
PTT
Exploration
&
Production
PCL
..........................................
2,523,800
10,350,116
PTT
PCL
.............................................................
13,627,300
12,539,063
Thai
Oil
PCL
..........................................................
4,925,600
7,955,032
30,844,211
Financials
(0.3%):
SCB
X
PCL
...........................................................
1,238,300
3,871,422
Tisco
Financial
Group
PCL
................................................
1,437,100
3,910,620
7,782,042
Real
Estate
(0.3%):
Land
&
Houses
PCL
.....................................................
43,098,000
8,692,941
Utilities
(0.0%):(a)
Ratch
Group
PCL
.......................................................
451,300
343,612
60,017,662
Turkey
(0.3%):
Consumer
Discretionary
(0.1%):
Ford
Otomotiv
Sanayi
A/S
................................................
133,620
4,773,143
Energy
(0.2%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
977,491
5,352,948
10,126,091
United
Kingdom
(2.8%):
Communication
Services
(0.4%):
BT
Group
PLC
........................................................
3,785,264
5,237,594
Vodafone
Group
PLC
....................................................
6,346,238
5,627,494
WPP
PLC
............................................................
194,147
1,839,584
12,704,672
Consumer
Staples
(0.9%):
Imperial
Brands
PLC
....................................................
358,045
8,002,329
Tesco
PLC
............................................................
2,272,075
8,508,266
Unilever
PLC
.........................................................
216,648
10,873,917
27,384,512
Energy
(0.5%):
BP
PLC
..............................................................
1,151,304
7,221,156
Shell
PLC
............................................................
257,425
8,539,496
15,760,652
Financials
(0.4%):
Admiral
Group
PLC
.....................................................
118,580
4,248,774
HSBC
Holdings
PLC
....................................................
969,375
7,575,895
11,824,669
Materials
(0.3%):
Anglo
American
PLC
....................................................
144,668
3,564,303
Rio
Tinto
PLC
.........................................................
95,859
6,059,444
9,623,747
Utilities
(0.3%):
National
Grid
PLC
......................................................
668,705
9,008,306
86,306,558
United
States
(45.0%):
Communication
Services
(1.4%):
AT&T,
Inc.
...........................................................
331,100
5,827,360
Cable
One,
Inc.
........................................................
4,000
1,692,520
Cogent
Communications
Holdings,
Inc.
.......................................
118,309
7,729,127
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
74,194
$
2,829,017
Omnicom
Group,
Inc.
....................................................
71,670
6,934,789
Shutterstock,
Inc.
.......................................................
89,412
4,095,964
TEGNA,
Inc.
..........................................................
228,600
3,415,284
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
162,804
5,312,294
Verizon
Communications,
Inc.
..............................................
141,106
5,920,808
43,757,163
Consumer
Discretionary
(5.4%):
Best
Buy
Co.,
Inc.
......................................................
68,392
5,610,196
Bloomin'
Brands,
Inc.
....................................................
241,194
6,917,444
Carter's,
Inc.
..........................................................
100,747
8,531,256
Cracker
Barrel
Old
Country
Store,
Inc.
........................................
88,398
6,429,187
Darden
Restaurants,
Inc.
..................................................
49,135
8,212,915
Ford
Motor
Co.
........................................................
358,123
4,755,873
H&R
Block,
Inc.
.......................................................
182,000
8,938,020
Jack
in
the
Box,
Inc.
.....................................................
99,748
6,830,743
Kontoor
Brands,
Inc.
....................................................
100,649
6,064,102
La-Z-Boy,
Inc.
.........................................................
94,399
3,551,290
LCI
Industries
.........................................................
52,425
6,451,421
Levi
Strauss
&
Co.
,
Class
A
...............................................
407,598
8,147,884
Macy's,
Inc.
...........................................................
205,700
4,111,943
Marriott
Vacations
Worldwide
Corp.
.........................................
55,800
6,011,334
Nordstrom,
Inc.
........................................................
258,003
5,229,721
Oxford
Industries,
Inc.
...................................................
67,105
7,542,602
Papa
John's
International,
Inc.
..............................................
111,030
7,394,598
Patrick
Industries,
Inc.
...................................................
23,587
2,817,939
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
109,744
6,564,886
Strategic
Education,
Inc.
..................................................
77,891
8,110,011
The
Buckle,
Inc.
........................................................
189,075
7,614,050
The
Cheesecake
Factory,
Inc.
..............................................
202,410
7,317,122
The
Gap,
Inc.
..........................................................
177,100
4,879,105
The
Wendy's
Co.
.......................................................
498,376
9,389,404
Travel
+
Leisure
Co.
.....................................................
162,172
7,939,941
165,362,987
Consumer
Staples
(4.4%):
Altria
Group,
Inc.
.......................................................
192,137
8,381,016
Archer-Daniels-Midland
Co.
...............................................
76,100
4,779,841
Campbell
Soup
Co.
.....................................................
159,505
7,089,997
Conagra
Brands,
Inc.
....................................................
251,791
7,463,085
Fresh
Del
Monte
Produce,
Inc.
.............................................
268,973
6,969,090
General
Mills,
Inc.
......................................................
122,837
8,594,905
Hormel
Foods
Corp.
.....................................................
142,900
4,985,781
Kellanova
............................................................
136,552
7,823,064
Kimberly-Clark
Corp.
....................................................
77,994
10,088,524
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
152,062
2,103,018
PepsiCo,
Inc.
..........................................................
54,600
9,555,546
Philip
Morris
International,
Inc.
.............................................
102,913
9,428,889
The
Clorox
Co.
........................................................
38,949
5,963,481
The
Coca-Cola
Co.
......................................................
178,950
10,948,161
The
Kraft
Heinz
Co.
.....................................................
221,798
8,184,346
Universal
Corp.
........................................................
172,180
8,905,150
Vector
Group
Ltd.
......................................................
425,963
4,668,555
Walgreens
Boots
Alliance,
Inc.
.............................................
177,300
3,845,637
Weis
Markets,
Inc.
......................................................
64,700
4,166,680
133,944,766
Energy
(5.8%):
Archrock,
Inc.
.........................................................
483,658
9,513,553
Atlas
Energy
Solutions,
Inc.
(f)
.............................................
158,917
3,594,703
California
Resources
Corp.
................................................
129,400
7,129,940
Chevron
Corp.
.........................................................
45,205
7,130,637
ConocoPhillips
........................................................
55,679
7,086,823
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Coterra
Energy,
Inc.
.....................................................
234,740
$
6,544,551
Crescent
Energy
Co.
,
Class
A
..............................................
343,526
4,087,959
CVR
Energy,
Inc.
.......................................................
202,727
7,229,245
Delek
U.S.
Holdings,
Inc.
.................................................
235,200
7,230,048
Devon
Energy
Corp.
.....................................................
118,068
5,924,652
Diamondback
Energy,
Inc.
................................................
32,483
6,437,156
EOG
Resources,
Inc.
....................................................
49,975
6,388,804
Equitrans
Midstream
Corp.
................................................
683,800
8,540,662
Exxon
Mobil
Corp.
.....................................................
63,247
7,351,831
Helmerich
&
Payne,
Inc.
..................................................
156,700
6,590,802
HF
Sinclair
Corp.
.......................................................
89,661
5,412,835
Kinder
Morgan,
Inc.
.....................................................
498,180
9,136,621
Kinetik
Holdings,
Inc.
...................................................
194,892
7,770,344
Northern
Oil
&
Gas,
Inc.
..................................................
197,562
7,839,260
ONEOK,
Inc.
..........................................................
95,632
7,666,817
Patterson-UTI
Energy,
Inc.
................................................
473,200
5,650,008
Phillips
66
............................................................
44,122
7,206,888
Sitio
Royalties
Corp.
,
Class
A
..............................................
163,215
4,034,675
The
Williams
Cos.,
Inc.
..................................................
233,853
9,113,251
Valero
Energy
Corp.
.....................................................
37,974
6,481,782
World
Kinect
Corp.
.....................................................
283,146
7,489,212
178,583,059
Financials
(9.5%):
Ally
Financial,
Inc.
......................................................
106,363
4,317,274
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
176,868
8,095,248
Associated
Banc-Corp.
...................................................
338,910
7,289,954
Atlantic
Union
Bankshares
Corp.
............................................
139,921
4,940,611
Bank
of
Hawaii
Corp.
....................................................
91,171
5,688,159
Banner
Corp.
..........................................................
120,000
5,760,000
Citigroup,
Inc.
.........................................................
120,664
7,630,791
Citizens
Financial
Group,
Inc.
..............................................
126,377
4,586,221
CME
Group,
Inc.
.......................................................
38,782
8,349,377
Corebridge
Financial,
Inc.
(f)
...............................................
236,677
6,799,730
CVB
Financial
Corp.
....................................................
325,549
5,807,794
Fidelity
National
Financial,
Inc.
............................................
129,591
6,881,282
Fifth
Third
Bancorp
.....................................................
132,541
4,931,851
First
Financial
Bancorp
...................................................
261,889
5,871,551
First
Hawaiian,
Inc.
.....................................................
346,625
7,611,885
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
223,182
6,072,782
First
Merchants
Corp.
....................................................
148,100
5,168,690
Franklin
Resources,
Inc.
..................................................
185,271
5,207,968
Fulton
Financial
Corp.
...................................................
501,167
7,963,544
Hope
Bancorp,
Inc.
.....................................................
436,300
5,021,813
Huntington
Bancshares,
Inc.
...............................................
388,538
5,420,105
Independent
Bank
Corp.
..................................................
121,647
6,328,077
Jackson
Financial,
Inc.
,
Class
A
.............................................
117,762
7,788,779
KeyCorp
.............................................................
245,694
3,884,422
M&T
Bank
Corp.
.......................................................
34,210
4,975,502
MetLife,
Inc.
..........................................................
101,757
7,541,211
Moelis
&
Co.
,
Class
A
...................................................
25,661
1,456,775
Morgan
Stanley
........................................................
69,594
6,552,971
Northern
Trust
Corp.
....................................................
59,188
5,262,997
Northwest
Bancshares,
Inc.
................................................
662,193
7,714,549
Pacific
Premier
Bancorp,
Inc.
..............................................
219,762
5,274,288
Park
National
Corp.
.....................................................
29,200
3,966,820
Principal
Financial
Group,
Inc.
.............................................
88,042
7,598,905
Provident
Financial
Services,
Inc.
...........................................
251,949
3,670,897
Prudential
Financial,
Inc.
.................................................
67,769
7,956,081
Regions
Financial
Corp.
..................................................
236,922
4,984,839
Sandy
Spring
Bancorp,
Inc.
................................................
42,580
987,004
Simmons
First
National
Corp.
,
Class
A
.......................................
258,600
5,032,356
State
Street
Corp.
.......................................................
78,165
6,043,718
T.
Rowe
Price
Group,
Inc.
.................................................
48,645
5,930,798
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
The
Bank
of
New
York
Mellon
Corp.
.........................................
130,232
$
7,503,968
The
PNC
Financial
Services
Group,
Inc.
......................................
37,323
6,031,397
The
Western
Union
Co.
...................................................
600,220
8,391,076
Towne
Bank
..........................................................
115,000
3,226,900
TPG,
Inc.
............................................................
63,676
2,846,317
Trustmark
Corp.
........................................................
176,500
4,961,415
U.S.
Bancorp
..........................................................
105,743
4,726,712
United
Bankshares,
Inc.
..................................................
104,500
3,740,055
UWM
Holdings
Corp.
(f)
..................................................
384,662
2,792,646
Virtu
Financial,
Inc.
,
Class
A
...............................................
403,844
8,286,879
WesBanco,
Inc.
........................................................
177,010
5,276,668
290,151,652
Health
Care
(2.4%):
AbbVie,
Inc.
..........................................................
48,666
8,862,079
Amgen,
Inc.
...........................................................
23,500
6,681,520
Bristol-Myers
Squibb
Co.
.................................................
142,472
7,726,256
CVS
Health
Corp.
......................................................
75,451
6,017,972
Gilead
Sciences,
Inc.
....................................................
87,063
6,377,365
Johnson
&
Johnson
.....................................................
57,000
9,016,830
Patterson
Cos.,
Inc.
.....................................................
269,356
7,447,693
Pfizer,
Inc.
............................................................
227,336
6,308,574
Premier,
Inc.
,
Class
A
....................................................
429,890
9,500,569
Viatris,
Inc.
...........................................................
420,546
5,021,319
72,960,177
Industrials
(3.1%):
FTAI
Aviation
Ltd.
......................................................
15,348
1,032,920
H&E
Equipment
Services,
Inc.
.............................................
66,082
4,241,143
HNI
Corp.
............................................................
172,604
7,789,619
Insperity,
Inc.
..........................................................
60,850
6,669,769
Kennametal,
Inc.
.......................................................
313,149
7,809,936
Kforce,
Inc.
...........................................................
98,525
6,947,983
Lockheed
Martin
Corp.
...................................................
18,500
8,415,095
ManpowerGroup,
Inc.
...................................................
125,632
9,754,068
MDU
Resources
Group,
Inc.
...............................................
81,500
2,053,800
MillerKnoll,
Inc.
.......................................................
173,392
4,293,186
MSC
Industrial
Direct
Co.,
Inc.
.............................................
116,801
11,334,369
Paychex,
Inc.
..........................................................
62,800
7,711,840
The
Greenbrier
Cos.,
Inc.
.................................................
79,900
4,162,790
Trinity
Industries,
Inc.
...................................................
226,221
6,300,255
TTEC
Holdings,
Inc.
....................................................
93,412
968,682
United
Parcel
Service,
Inc.
,
Class
B
..........................................
42,542
6,323,017
95,808,472
Information
Technology
(1.7%):
Avnet,
Inc.
............................................................
202,500
10,039,950
Cisco
Systems,
Inc.
.....................................................
153,800
7,676,158
Corning,
Inc.
..........................................................
206,946
6,820,940
Hewlett
Packard
Enterprise
Co.
.............................................
333,800
5,918,274
HP,
Inc.
..............................................................
230,553
6,967,312
International
Business
Machines
Corp.
........................................
40,311
7,697,788
Texas
Instruments,
Inc.
...................................................
37,181
6,477,302
51,597,724
Materials
(1.9%):
Air
Products
and
Chemicals,
Inc.
............................................
20,400
4,942,308
Avient
Corp.
..........................................................
178,528
7,748,115
Cabot
Corp.
...........................................................
36,600
3,374,520
Dow,
Inc.
............................................................
129,239
7,486,816
Greif,
Inc.
,
Class
A
......................................................
96,940
6,693,707
International
Paper
Co.
...................................................
171,454
6,690,135
Kaiser
Aluminum
Corp.
..................................................
22,300
1,992,728
LyondellBasell
Industries
NV
,
Class
A
........................................
75,836
7,756,506
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Sensient
Technologies
Corp.
...............................................
110,073
$
7,615,951
Sylvamo
Corp.
.........................................................
51,100
3,154,914
57,455,700
Real
Estate
(0.0%):(a)
Kennedy-Wilson
Holdings,
Inc.
.............................................
151,137
1,296,756
Utilities
(9.4%):
ALLETE,
Inc.
.........................................................
179,895
10,728,938
Alliant
Energy
Corp.
....................................................
155,812
7,852,925
Ameren
Corp.
.........................................................
94,300
6,974,428
American
Electric
Power
Co.,
Inc.
...........................................
79,552
6,849,427
Avista
Corp.
..........................................................
304,048
10,647,761
Brookfield
Renewable
Corp.
,
Class
A
.........................................
149,777
3,675,862
California
Water
Service
Group
.............................................
189,800
8,821,904
Clearway
Energy,
Inc.
,
Class
C
.............................................
241,774
5,572,891
CMS
Energy
Corp.
......................................................
129,744
7,828,753
Consolidated
Edison,
Inc.
.................................................
92,516
8,401,378
Dominion
Energy,
Inc.
...................................................
119,355
5,871,073
DTE
Energy
Co.
.......................................................
68,023
7,628,099
Duke
Energy
Corp.
......................................................
90,689
8,770,533
Edison
International
.....................................................
99,348
7,026,884
Entergy
Corp.
.........................................................
73,161
7,731,655
Evergy,
Inc.
...........................................................
141,638
7,560,636
Exelon
Corp.
..........................................................
181,335
6,812,756
FirstEnergy
Corp.
.......................................................
201,102
7,766,559
MGE
Energy,
Inc.
......................................................
133,655
10,521,322
National
Fuel
Gas
Co.
...................................................
79,200
4,254,624
NextEra
Energy,
Inc.
....................................................
87,900
5,617,689
NiSource,
Inc.
.........................................................
263,507
7,288,604
Northwest
Natural
Holding
Co.
.............................................
247,679
9,218,612
Northwestern
Energy
Group,
Inc.
...........................................
217,649
11,084,864
ONE
Gas,
Inc.
.........................................................
150,145
9,688,857
Otter
Tail
Corp.
........................................................
53,671
4,637,174
Portland
General
Electric
Co.
..............................................
272,215
11,433,030
PPL
Corp.
............................................................
296,171
8,153,588
Public
Service
Enterprise
Group,
Inc.
.........................................
123,008
8,214,474
Sempra
..............................................................
110,363
7,927,374
SJW
Group
...........................................................
139,453
7,891,645
Southwest
Gas
Holdings,
Inc.
..............................................
72,621
5,528,637
Spire,
Inc.
............................................................
196,774
12,076,020
The
AES
Corp.
........................................................
259,400
4,651,042
The
Southern
Co.
.......................................................
116,049
8,325,355
WEC
Energy
Group,
Inc.
.................................................
92,591
7,603,573
Xcel
Energy,
Inc.
.......................................................
129,756
6,974,385
287,613,331
1,378,531,787
Total
Common
Stocks
(Cost
$2,569,433,498)
2,731,748,836
Collateral
for
Securities
Loaned
(0.4%)^
United
States
(0.4%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(g)
........
3,801,035
3,801,035
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(g)
............
3,801,035
3,801,035
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(g)
...............
3,801,035
3,801,035
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(g)
.
3,801,035
3,801,035
Total
Collateral
for
Securities
Loaned
(Cost
$15,204,140)
15,204,140
Total
Investments
(Cost
$2,584,637,638)
—
89.6%
2,746,952,976
Other
assets
in
excess
of
liabilities
—
10.4%
318,041,413
NET
ASSETS
-
100.00%
$
3,064,994,389
^
Purchased
with
cash
collateral
from
securities
on
loan.
Victory
Portfolios
II
Victory
Market
Neutral
Income
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
4,339,844
Inter
RAO
UES
PJSC
.........................................
3/19/2021
7,868,060
Magnitogorsk
Iron
&
Steel
Works
PJSC
............................
9/17/2021
4,370,482
MMC
Norilsk
Nickel
PJSC
.....................................
9/19/2014
4,446,120
Mobile
TeleSystems
PJSC
.....................................
5/15/2020
9,690,609
Moscow
Exchange
MICEX-RTS
PJSC
............................
9/17/2021
5,924,069
Novolipetsk
Steel
PJSC
.......................................
9/17/2021
4,421,417
Polyus
PJSC
...............................................
9/17/2021
6,022,105
Rostelecom
PJSC
............................................
9/18/2020
8,205,300
RusHydro
PJSC
.............................................
9/18/2020
7,349,118
Severstal
PAO
..............................................
3/17/2017
4,076,024
Tatneft
PJSC
...............................................
9/15/2017
5,787,174
X5
Retail
Group
NV
,
GDR
.....................................
9/18/2020
5,468,213
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2024,
the
fair
value
of
these
securities
was
$33,825,720
and
amounted
to
1.1%
of
net
assets.
(c)
Non-income
producing
security.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2024.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2024.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
5,787
6/21/24
$
2,117,408,319
$
2,138,296,500
$
20,888,181
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
5,209
6/21/24
$
607,317,766
$
613,906,695
$
(
6,588,929
)
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
11,302
6/21/24
592,031,248
592,789,900
(
758,652
)
E-Mini
Russell
2000
Index
Futures
......
5,706
6/21/24
601,642,832
612,225,270
(
10,582,438
)
E-Mini
S&P
500
Futures
..............
11,417
6/21/24
2,964,103,344
3,030,357,226
(
66,253,882
)
$
(
84,183,901
)
Total
unrealized
appreciation
$
20,888,181
Total
unrealized
depreciation
(
84,183,901
)
Total
net
unrealized
appreciation
(depreciation)
$
(
63,295,720
)
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
25
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(3.4%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
6,532
$
985,875
AT&T,
Inc.
...........................................................
56,126
987,818
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
2,285
664,089
Comcast
Corp.
,
Class
A
..................................................
25,961
1,125,409
Electronic
Arts,
Inc.
.....................................................
9,285
1,231,841
Endeavor
Group
Holdings,
Inc.
,
Class
A
.......................................
23,248
598,171
Fox
Corp.
,
Class
A
......................................................
34,970
1,093,512
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
12,181
799,074
Live
Nation
Entertainment,
Inc.
(a)
...........................................
9,668
1,022,584
Meta
Platforms,
Inc.
,
Class
A
..............................................
1,374
667,187
Netflix,
Inc.
(a)
.........................................................
1,120
680,210
News
Corp.
,
Class
A
.....................................................
40,440
1,058,719
Omnicom
Group,
Inc.
....................................................
12,143
1,174,957
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
27,593
900,359
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
5,848
511,232
The
Walt
Disney
Co.
....................................................
8,175
1,000,293
T-Mobile
US,
Inc.
......................................................
10,487
1,711,688
Verizon
Communications,
Inc.
..............................................
23,927
1,003,977
Warner
Music
Group
Corp.
,
Class
A
.........................................
26,752
883,351
18,100,346
Consumer
Discretionary
(9.7%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
4,443
732,917
Amazon.com,
Inc.
(a)
....................................................
4,696
847,064
Aptiv
PLC
(a)
..........................................................
9,385
747,515
AutoZone,
Inc.
(a)
.......................................................
372
1,172,414
Best
Buy
Co.,
Inc.
......................................................
11,596
951,220
Booking
Holdings,
Inc.
...................................................
257
932,365
Burlington
Stores,
Inc.
(a)
.................................................
2,792
648,274
CarMax
Auto
Owner
Trust
(a)
..............................................
7,955
692,960
Carvana
Co.
(a)
.........................................................
2,806
246,675
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
397
1,153,988
Coupang,
Inc.
(a)
.......................................................
35,808
637,024
D.R.
Horton,
Inc.
.......................................................
5,421
892,026
Darden
Restaurants,
Inc.
..................................................
8,321
1,390,855
Deckers
Outdoor
Corp.
(a)
.................................................
743
699,356
Dick's
Sporting
Goods,
Inc.
................................................
3,451
775,992
Domino's
Pizza,
Inc.
.....................................................
2,023
1,005,188
eBay,
Inc.
............................................................
18,494
976,113
Expedia
Group,
Inc.
(a)
...................................................
3,854
530,889
Five
Below,
Inc.
(a)
......................................................
4,151
752,908
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
5,576
722,761
Ford
Motor
Co.
........................................................
60,708
806,202
Garmin
Ltd.
...........................................................
8,140
1,211,802
General
Motors
Co.
.....................................................
19,846
900,016
Genuine
Parts
Co.
......................................................
6,850
1,061,271
Hilton
Worldwide
Holdings,
Inc.
............................................
6,270
1,337,454
Hyatt
Hotels
Corp.
,
Class
A
................................................
5,278
842,474
Las
Vegas
Sands
Corp.
...................................................
16,245
839,867
Lennar
Corp.
,
Class
A
....................................................
5,359
921,641
LKQ
Corp.
...........................................................
23,294
1,244,133
Lowe's
Cos.,
Inc.
.......................................................
4,758
1,212,005
Marriott
International,
Inc.
,
Class
A
..........................................
4,541
1,145,740
McDonald's
Corp.
......................................................
5,879
1,657,584
MGM
Resorts
International
(a)
..............................................
17,502
826,269
NIKE,
Inc.
,
Class
B
.....................................................
8,595
807,758
NVR,
Inc.
(a)
..........................................................
130
1,052,995
O'Reilly
Automotive,
Inc.
(a)
...............................................
1,132
1,277,892
Pool
Corp.
............................................................
2,121
855,824
PulteGroup,
Inc.
........................................................
7,356
887,281
Ralph
Lauren
Corp.
.....................................................
4,343
815,442
Ross
Stores,
Inc.
.......................................................
8,405
1,233,518
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
6,086
$
846,015
Service
Corp.
International
................................................
12,749
946,103
Starbucks
Corp.
........................................................
12,461
1,138,811
Tapestry,
Inc.
..........................................................
15,350
728,818
Tesla,
Inc.
(a)
..........................................................
2,561
450,198
The
Home
Depot,
Inc.
...................................................
3,595
1,379,042
The
TJX
Cos.,
Inc.
......................................................
16,251
1,648,176
Toll
Brothers,
Inc.
......................................................
6,456
835,213
TopBuild
Corp.
(a)
......................................................
1,650
727,205
Tractor
Supply
Co.
......................................................
4,258
1,114,404
Ulta
Beauty,
Inc.
(a)
.....................................................
1,781
931,249
Williams-Sonoma,
Inc.
...................................................
2,865
909,723
Wynn
Resorts
Ltd.
......................................................
8,117
829,801
Yum!
Brands,
Inc.
......................................................
11,482
1,591,979
51,522,409
Consumer
Staples
(9.0%):
Altria
Group,
Inc.
.......................................................
32,577
1,421,009
Archer-Daniels-Midland
Co.
...............................................
12,908
810,751
Brown-Forman
Corp.
,
Class
B
.............................................
15,912
821,377
Campbell
Soup
Co.
.....................................................
27,050
1,202,373
Casey's
General
Stores,
Inc.
...............................................
3,673
1,169,667
Celsius
Holdings,
Inc.
(a)
..................................................
5,228
433,506
Church
&
Dwight
Co.,
Inc.
................................................
13,604
1,419,033
Colgate-Palmolive
Co.
...................................................
19,391
1,746,160
Conagra
Brands,
Inc.
....................................................
42,685
1,265,183
Constellation
Brands,
Inc.
,
Class
A
..........................................
5,607
1,523,758
Costco
Wholesale
Corp.
..................................................
2,057
1,507,020
Coty,
Inc.
,
Class
A
(a)
....................................................
56,982
681,505
Dollar
General
Corp.
....................................................
4,996
779,676
Dollar
Tree,
Inc.
(a)
......................................................
5,932
789,846
elf
Beauty,
Inc.
(a)
.......................................................
2,306
452,045
General
Mills,
Inc.
......................................................
20,822
1,456,915
Hormel
Foods
Corp.
.....................................................
24,226
845,245
Kellanova
............................................................
23,156
1,326,607
Keurig
Dr
Pepper,
Inc.
...................................................
43,256
1,326,662
Kimberly-Clark
Corp.
....................................................
13,227
1,710,912
Lamb
Weston
Holdings,
Inc.
...............................................
9,209
981,035
McCormick
&
Co.,
Inc.
..................................................
15,117
1,161,137
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
20,127
1,353,541
Mondelez
International,
Inc.
,
Class
A
.........................................
19,387
1,357,090
Monster
Beverage
Corp.
(a)
................................................
18,623
1,103,971
PepsiCo,
Inc.
..........................................................
9,250
1,618,842
Performance
Food
Group
Co.
(a)
............................................
13,898
1,037,347
Philip
Morris
International,
Inc.
.............................................
17,455
1,599,227
Sysco
Corp.
...........................................................
17,239
1,399,462
Target
Corp.
..........................................................
5,189
919,543
The
Clorox
Co.
........................................................
6,613
1,012,516
The
Coca-Cola
Co.
......................................................
30,336
1,855,956
The
Estee
Lauder
Cos.,
Inc.
...............................................
3,786
583,612
The
Hershey
Co.
.......................................................
6,864
1,335,048
The
Kraft
Heinz
Co.
.....................................................
37,595
1,387,256
The
Kroger
Co.
........................................................
27,455
1,568,504
The
Procter
&
Gamble
Co.
................................................
10,606
1,720,824
U.S.
Foods
Holding
Corp.
(a)
...............................................
24,161
1,303,969
Walgreens
Boots
Alliance,
Inc.
.............................................
30,064
652,088
Walmart,
Inc.
..........................................................
25,529
1,536,080
48,176,298
Energy
(5.4%):
Baker
Hughes
Co.
......................................................
36,801
1,232,834
Cheniere
Energy,
Inc.
....................................................
7,406
1,194,440
Chesapeake
Energy
Corp.
(b)
...............................................
11,409
1,013,461
Chevron
Corp.
.........................................................
7,669
1,209,708
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
ConocoPhillips
........................................................
9,448
$
1,202,541
Coterra
Energy,
Inc.
.....................................................
39,790
1,109,345
Devon
Energy
Corp.
.....................................................
20,022
1,004,704
Diamondback
Energy,
Inc.
................................................
5,502
1,090,331
EOG
Resources,
Inc.
....................................................
8,473
1,083,188
EQT
Corp.
............................................................
20,727
768,350
Exxon
Mobil
Corp.
.....................................................
10,715
1,245,512
Halliburton
Co.
........................................................
24,994
985,264
HF
Sinclair
Corp.
.......................................................
15,207
918,047
Kinder
Morgan,
Inc.
.....................................................
84,458
1,548,960
Marathon
Oil
Corp.
.....................................................
34,791
985,977
Marathon
Petroleum
Corp.
................................................
5,733
1,155,200
Occidental
Petroleum
Corp.
...............................................
16,772
1,090,012
ONEOK,
Inc.
..........................................................
16,214
1,299,876
Ovintiv,
Inc.
..........................................................
15,819
821,006
Permian
Resources
Corp.
.................................................
47,618
840,934
Phillips
66
............................................................
7,474
1,220,803
Schlumberger
NV
......................................................
17,908
981,537
Targa
Resources
Corp.
...................................................
11,056
1,238,161
Texas
Pacific
Land
Corp.
.................................................
1,356
784,460
The
Williams
Cos.,
Inc.
..................................................
39,643
1,544,888
Valero
Energy
Corp.
.....................................................
6,436
1,098,561
28,668,100
Financials
(17.7%):
Aflac,
Inc.
............................................................
15,175
1,302,926
Ally
Financial,
Inc.
......................................................
18,038
732,162
American
Express
Co.
...................................................
5,333
1,214,271
American
Financial
Group,
Inc.
.............................................
9,334
1,273,904
American
International
Group,
Inc.
..........................................
19,559
1,528,927
Ameriprise
Financial,
Inc.
.................................................
3,352
1,469,651
Aon
PLC
,
Class
A
......................................................
3,875
1,293,165
Apollo
Global
Management,
Inc.
............................................
8,638
971,343
Arch
Capital
Group
Ltd.
(a)
................................................
12,175
1,125,457
Ares
Management
Corp.
,
Class
A
...........................................
7,237
962,376
Arthur
J.
Gallagher
&
Co.
.................................................
5,596
1,399,224
Bank
of
America
Corp.
...................................................
29,423
1,115,720
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
4,696
1,974,762
BlackRock,
Inc.
........................................................
1,526
1,272,226
Blackstone,
Inc.
........................................................
6,255
821,719
Block,
Inc.
(a)
..........................................................
5,938
502,236
Brown
&
Brown,
Inc.
....................................................
15,229
1,333,147
Capital
One
Financial
Corp.
...............................................
6,897
1,026,894
Cboe
Global
Markets,
Inc.
................................................
7,242
1,330,573
Chubb
Ltd.
...........................................................
5,553
1,438,949
Cincinnati
Financial
Corp.
................................................
10,844
1,346,499
Citigroup,
Inc.
.........................................................
20,452
1,293,385
Citizens
Financial
Group,
Inc.
..............................................
21,424
777,477
CME
Group,
Inc.
.......................................................
6,572
1,414,886
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
1,604
425,252
Corebridge
Financial,
Inc.
(b)
...............................................
40,133
1,153,021
Equitable
Holdings,
Inc.
..................................................
28,351
1,077,622
Erie
Indemnity
Co.
,
Class
A
...............................................
1,896
761,377
Everest
Group
Ltd.
......................................................
2,742
1,089,945
FactSet
Research
Systems,
Inc.
.............................................
2,902
1,318,640
Fidelity
National
Financial,
Inc.
............................................
21,973
1,166,766
Fifth
Third
Bancorp
.....................................................
22,465
835,923
First
Citizens
BancShares,
Inc.
,
Class
A
.......................................
548
895,980
Fiserv,
Inc.
(a)
..........................................................
10,349
1,653,977
Franklin
Resources,
Inc.
..................................................
31,410
882,935
Global
Payments,
Inc.
....................................................
7,133
953,397
Globe
Life,
Inc.
........................................................
13,290
1,546,557
Huntington
Bancshares,
Inc.
...............................................
65,868
918,859
Interactive
Brokers
Group,
Inc.
.............................................
9,312
1,040,244
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Intercontinental
Exchange,
Inc.
.............................................
10,712
$
1,472,150
Jack
Henry
&
Associates,
Inc.
..............................................
7,108
1,234,873
JPMorgan
Chase
&
Co.
..................................................
8,890
1,780,667
KeyCorp
.............................................................
41,654
658,550
Kinsale
Capital
Group,
Inc.
................................................
1,231
645,955
KKR
&
Co.,
Inc.
.......................................................
8,787
883,796
Loews
Corp.
..........................................................
24,324
1,904,326
LPL
Financial
Holdings,
Inc.
...............................................
3,546
936,853
M&T
Bank
Corp.
.......................................................
5,809
844,861
Markel
Group,
Inc.
(a)
....................................................
715
1,087,858
Marsh
&
McLennan
Cos.,
Inc.
.............................................
8,107
1,669,880
Mastercard,
Inc.
,
Class
A
.................................................
3,299
1,588,699
MetLife,
Inc.
..........................................................
17,244
1,277,953
Moody's
Corp.
.........................................................
3,122
1,227,040
Morgan
Stanley
........................................................
11,805
1,111,559
Morningstar,
Inc.
.......................................................
2,940
906,608
MSCI,
Inc.
...........................................................
1,733
971,260
Nasdaq,
Inc.
..........................................................
22,689
1,431,676
Northern
Trust
Corp.
....................................................
10,029
891,779
PayPal
Holdings,
Inc.
(a)
..................................................
10,577
708,553
Principal
Financial
Group,
Inc.
.............................................
14,924
1,288,090
Prudential
Financial,
Inc.
.................................................
11,486
1,348,456
Raymond
James
Financial,
Inc.
.............................................
9,217
1,183,647
Regions
Financial
Corp.
..................................................
40,156
844,882
Reinsurance
Group
of
America,
Inc.
.........................................
7,394
1,426,155
RenaissanceRe
Holdings
Ltd.
..............................................
3,893
914,972
Ryan
Specialty
Holdings,
Inc.
..............................................
21,968
1,219,224
S&P
Global,
Inc.
.......................................................
2,737
1,164,457
State
Street
Corp.
.......................................................
13,254
1,024,799
Synchrony
Financial
.....................................................
21,978
947,691
T.
Rowe
Price
Group,
Inc.
.................................................
8,247
1,005,474
The
Bank
of
New
York
Mellon
Corp.
.........................................
22,073
1,271,846
The
Charles
Schwab
Corp.
................................................
11,717
847,608
The
Goldman
Sachs
Group,
Inc.
............................................
2,927
1,222,579
The
Hartford
Financial
Services
Group,
Inc.
....................................
15,584
1,605,931
The
PNC
Financial
Services
Group,
Inc.
......................................
6,337
1,024,059
The
Progressive
Corp.
...................................................
4,566
944,340
The
Travelers
Cos.,
Inc.
..................................................
6,340
1,459,088
Tradeweb
Markets,
Inc.
,
Class
A
............................................
9,984
1,040,033
U.S.
Bancorp
..........................................................
17,927
801,337
Visa,
Inc.
,
Class
A
......................................................
6,239
1,741,180
W.R.
Berkley
Corp.
.....................................................
14,541
1,286,006
Wells
Fargo
&
Co.
......................................................
18,663
1,081,708
94,570,832
Health
Care
(12.1%):
Abbott
Laboratories
.....................................................
11,425
1,298,565
AbbVie,
Inc.
..........................................................
8,245
1,501,414
Agilent
Technologies,
Inc.
.................................................
6,813
991,360
Align
Technology,
Inc.
(a)
.................................................
1,627
533,526
Amgen,
Inc.
...........................................................
3,988
1,133,868
Avantor,
Inc.
(a)
........................................................
32,108
821,002
Becton
Dickinson
&
Co.
..................................................
5,121
1,267,191
Biogen,
Inc.
(a)
.........................................................
4,925
1,061,978
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
10,184
889,471
Bio-Techne
Corp.
.......................................................
10,449
735,505
Boston
Scientific
Corp.
(a)
.................................................
18,479
1,265,627
Bristol-Myers
Squibb
Co.
.................................................
24,156
1,309,980
Bruker
Corp.
..........................................................
8,737
820,754
Cardinal
Health,
Inc.
....................................................
10,687
1,195,875
Cencora,
Inc.
..........................................................
6,686
1,624,631
Centene
Corp.
(a)
.......................................................
12,654
993,086
Charles
River
Laboratories
International,
Inc.
(a)
.................................
2,953
800,115
CVS
Health
Corp.
......................................................
12,796
1,020,609
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Danaher
Corp.
.........................................................
4,237
$
1,058,064
DaVita,
Inc.
(a)
.........................................................
5,257
725,729
Dexcom,
Inc.
(a)
........................................................
5,368
744,542
Edwards
Lifesciences
Corp.
(a)
.............................................
9,824
938,781
Elevance
Health,
Inc.
....................................................
2,317
1,201,457
Eli
Lilly
&
Co.
.........................................................
1,053
819,192
GE
HealthCare
Technologies,
Inc.
...........................................
9,696
881,463
Gilead
Sciences,
Inc.
....................................................
14,752
1,080,584
HCA
Healthcare,
Inc.
....................................................
3,566
1,189,368
Hologic,
Inc.
(a)
........................................................
17,323
1,350,501
Humana,
Inc.
..........................................................
2,163
749,955
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,418
765,621
Incyte
Corp.
(a)
.........................................................
16,607
946,101
Insulet
Corp.
(a)
........................................................
3,346
573,504
Intuitive
Surgical,
Inc.
(a)
.................................................
2,257
900,746
IQVIA
Holdings,
Inc.
(a)
..................................................
3,500
885,115
Johnson
&
Johnson
.....................................................
9,656
1,527,483
Laboratory
Corp.
of
America
Holdings
........................................
6,666
1,456,254
McKesson
Corp.
.......................................................
2,462
1,321,725
Medpace
Holdings,
Inc.
(a)
................................................
1,571
634,920
Medtronic
PLC
........................................................
15,792
1,376,273
Merck
&
Co.,
Inc.
......................................................
11,181
1,475,333
Mettler-Toledo
International,
Inc.
(a)
.........................................
734
977,167
Molina
Healthcare,
Inc.
(a)
................................................
2,519
1,034,881
Neurocrine
Biosciences,
Inc.
(a)
.............................................
7,652
1,055,364
Pfizer,
Inc.
............................................................
38,543
1,069,568
Quest
Diagnostics,
Inc.
...................................................
10,643
1,416,690
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,214
1,168,463
Repligen
Corp.
(a)
.......................................................
2,739
503,757
ResMed,
Inc.
..........................................................
3,877
767,762
Revvity,
Inc.
..........................................................
6,691
702,555
STERIS
PLC
..........................................................
5,305
1,192,670
Stryker
Corp.
..........................................................
3,224
1,153,773
The
Cigna
Group
.......................................................
2,326
844,780
The
Cooper
Cos.,
Inc.
(a)
..................................................
12,192
1,237,000
Thermo
Fisher
Scientific,
Inc.
..............................................
1,948
1,132,197
United
Therapeutics
Corp.
(a)
..............................................
4,534
1,041,550
UnitedHealth
Group,
Inc.
.................................................
2,364
1,169,471
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
3,470
803,964
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
2,338
977,307
Viatris,
Inc.
...........................................................
71,291
851,215
Waters
Corp.
(a)
........................................................
2,509
863,673
West
Pharmaceutical
Services,
Inc.
..........................................
2,193
867,792
Zimmer
Biomet
Holdings,
Inc.
.............................................
9,018
1,190,196
Zoetis,
Inc.
...........................................................
4,905
829,975
64,719,038
Industrials
(17.9%):
A.O.
Smith
Corp.
.......................................................
13,893
1,242,868
Advanced
Drainage
Systems,
Inc.
...........................................
4,475
770,774
AECOM
.............................................................
13,625
1,336,340
Allegion
PLC
.........................................................
7,821
1,053,567
AMETEK,
Inc.
........................................................
8,776
1,605,130
Automatic
Data
Processing,
Inc.
............................................
5,011
1,251,447
Axon
Enterprise,
Inc.
(a)
..................................................
2,265
708,673
Booz
Allen
Hamilton
Holding
Corp.
.........................................
6,484
962,485
Broadridge
Financial
Solutions,
Inc.
.........................................
6,947
1,423,162
Builders
FirstSource,
Inc.
(a)
...............................................
2,966
618,559
Carlisle
Cos.,
Inc.
.......................................................
2,518
986,678
Carrier
Global
Corp.
.....................................................
16,090
935,312
Caterpillar,
Inc.
........................................................
2,800
1,026,004
Cintas
Corp.
..........................................................
2,246
1,543,069
Comfort
Systems
USA,
Inc.
...............................................
2,260
718,025
Copart,
Inc.
(a)
.........................................................
21,987
1,273,487
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
CSX
Corp.
............................................................
37,042
$
1,373,147
Cummins,
Inc.
.........................................................
4,183
1,232,521
Dayforce,
Inc.
(a)
.......................................................
10,909
722,285
Deere
&
Co.
..........................................................
2,879
1,182,520
Delta
Air
Lines,
Inc.
.....................................................
19,177
918,003
Dover
Corp.
...........................................................
7,577
1,342,569
Eaton
Corp.
PLC
.......................................................
3,489
1,090,941
EMCOR
Group,
Inc.
....................................................
2,998
1,049,900
Emerson
Electric
Co.
....................................................
9,899
1,122,745
Equifax,
Inc.
..........................................................
3,135
838,675
Expeditors
International
of
Washington,
Inc.
....................................
10,163
1,235,516
Fastenal
Co.
...........................................................
16,942
1,306,906
FedEx
Corp.
..........................................................
3,886
1,125,930
Fortive
Corp.
..........................................................
13,637
1,173,055
General
Dynamics
Corp.
..................................................
5,059
1,429,117
General
Electric
Co.
.....................................................
7,224
1,268,029
Graco,
Inc.
...........................................................
12,633
1,180,680
HEICO
Corp.
..........................................................
6,352
1,213,232
Honeywell
International,
Inc.
..............................................
7,457
1,530,549
Howmet
Aerospace,
Inc.
..................................................
17,203
1,177,201
Hubbell,
Inc.
..........................................................
2,602
1,079,960
Huntington
Ingalls
Industries,
Inc.
...........................................
3,976
1,158,885
IDEX
Corp.
...........................................................
5,583
1,362,364
Illinois
Tool
Works,
Inc.
..................................................
5,728
1,536,994
Ingersoll
Rand,
Inc.
.....................................................
13,047
1,238,813
J.B.
Hunt
Transport
Services,
Inc.
...........................................
4,668
930,099
Jacobs
Solutions,
Inc.
....................................................
7,869
1,209,701
Johnson
Controls
International
PLC
..........................................
16,150
1,054,918
L3Harris
Technologies,
Inc.
...............................................
5,185
1,104,924
Leidos
Holdings,
Inc.
....................................................
9,733
1,275,899
Lennox
International,
Inc.
.................................................
1,971
963,346
Lincoln
Electric
Holdings,
Inc.
.............................................
4,150
1,060,076
Lockheed
Martin
Corp.
...................................................
3,136
1,426,472
Masco
Corp.
..........................................................
12,817
1,011,005
Nordson
Corp.
.........................................................
4,998
1,372,151
Norfolk
Southern
Corp.
..................................................
4,180
1,065,357
Northrop
Grumman
Corp.
.................................................
2,343
1,121,500
Old
Dominion
Freight
Line,
Inc.
............................................
3,826
839,080
Otis
Worldwide
Corp.
....................................................
16,709
1,658,702
Owens
Corning
........................................................
5,560
927,408
PACCAR,
Inc.
.........................................................
11,376
1,409,373
Parker-Hannifin
Corp.
...................................................
1,867
1,037,660
Paychex,
Inc.
..........................................................
10,646
1,307,329
Quanta
Services,
Inc.
....................................................
3,369
875,266
Republic
Services,
Inc.
...................................................
9,999
1,914,209
Rockwell
Automation,
Inc.
................................................
2,660
774,938
Rollins,
Inc.
...........................................................
22,685
1,049,635
RTX
Corp.
............................................................
11,076
1,080,242
Saia,
Inc.
(a)
...........................................................
1,115
652,275
Snap-on,
Inc.
..........................................................
4,186
1,239,977
Southwest
Airlines
Co.
...................................................
21,976
641,479
SS&C
Technologies
Holdings,
Inc.
..........................................
18,900
1,216,593
Textron,
Inc.
..........................................................
11,468
1,100,125
Trane
Technologies
PLC
..................................................
3,369
1,011,374
TransDigm
Group,
Inc.
...................................................
987
1,215,589
Uber
Technologies,
Inc.
(a)
................................................
8,652
666,117
U-Haul
Holding
Co.
.....................................................
12,887
859,305
Union
Pacific
Corp.
.....................................................
4,803
1,181,202
United
Airlines
Holdings,
Inc.
(a)
............................................
15,167
726,196
United
Parcel
Service,
Inc.
,
Class
B
..........................................
7,205
1,070,879
United
Rentals,
Inc.
.....................................................
985
710,293
Veralto
Corp.
..........................................................
8,291
735,080
Verisk
Analytics,
Inc.
....................................................
5,900
1,390,807
Vertiv
Holdings
Co.
,
Class
A
...............................................
6,849
559,358
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
W.W.
Grainger,
Inc.
.....................................................
1,200
$
1,220,760
Waste
Management,
Inc.
..................................................
7,263
1,548,108
Watsco,
Inc.
...........................................................
2,348
1,014,266
Westinghouse
Air
Brake
Technologies
Corp.
....................................
9,683
1,410,619
XPO,
Inc.
(a)
..........................................................
4,546
554,748
Xylem,
Inc.
...........................................................
9,545
1,233,596
95,774,153
Information
Technology
(12.6%):
Accenture
PLC
,
Class
A
..................................................
3,564
1,235,318
Adobe,
Inc.
(a)
.........................................................
1,554
784,148
Advanced
Micro
Devices,
Inc.
(a)
............................................
2,794
504,289
Akamai
Technologies,
Inc.
(a)
..............................................
10,807
1,175,369
Amphenol
Corp.
,
Class
A
.................................................
13,265
1,530,118
Analog
Devices,
Inc.
....................................................
5,350
1,058,176
Apple,
Inc.
...........................................................
7,354
1,261,064
Applied
Materials,
Inc.
...................................................
3,558
733,766
AppLovin
Corp.
,
Class
A
(a)
...............................................
6,647
460,105
Arista
Networks,
Inc.
(a)
..................................................
2,049
594,169
Autodesk,
Inc.
(a)
.......................................................
3,698
963,033
Bentley
Systems,
Inc.
,
Class
B
.............................................
16,651
869,515
Broadcom,
Inc.
........................................................
597
791,270
Cadence
Design
Systems,
Inc.
(a)
............................................
3,170
986,758
CDW
Corp.
...........................................................
5,481
1,401,930
Cisco
Systems,
Inc.
.....................................................
26,066
1,300,954
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
15,168
1,111,663
Corning,
Inc.
..........................................................
35,088
1,156,500
Corpay,
Inc.
(a)
.........................................................
3,573
1,102,413
Datadog,
Inc.
,
Class
A
(a)
.................................................
3,523
435,443
Dell
Technologies,
Inc.
,
Class
C
............................................
6,773
772,867
DocuSign,
Inc.
(a)
.......................................................
12,116
721,508
Dynatrace,
Inc.
(a)
......................................................
15,946
740,532
Elastic
NV
(a)
..........................................................
2,942
294,906
Enphase
Energy,
Inc.
(a)
..................................................
3,171
383,628
Entegris,
Inc.
..........................................................
5,288
743,176
EPAM
Systems,
Inc.
(a)
...................................................
2,439
673,554
F5,
Inc.
(a)
............................................................
7,042
1,335,093
Fair
Isaac
Corp.
(a)
......................................................
737
920,963
First
Solar,
Inc.
(a)
......................................................
3,659
617,639
Fortinet,
Inc.
(a)
........................................................
8,356
570,798
Gartner,
Inc.
(a)
........................................................
2,069
986,230
Gen
Digital,
Inc.
.......................................................
38,066
852,678
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
8,258
980,059
Hewlett
Packard
Enterprise
Co.
.............................................
56,593
1,003,394
HP,
Inc.
..............................................................
39,092
1,181,360
Intel
Corp.
............................................................
15,242
673,239
International
Business
Machines
Corp.
........................................
6,839
1,305,975
Intuit,
Inc.
............................................................
1,645
1,069,250
Jabil,
Inc.
............................................................
4,330
580,003
Keysight
Technologies,
Inc.
(a)
.............................................
5,773
902,782
KLA
Corp.
...........................................................
1,131
790,083
Lam
Research
Corp.
.....................................................
791
768,512
Lattice
Semiconductor
Corp.
(a)
.............................................
6,746
527,740
Manhattan
Associates,
Inc.
(a)
..............................................
3,672
918,845
Microchip
Technology,
Inc.
................................................
9,445
847,311
Microsoft
Corp.
........................................................
2,867
1,206,204
MicroStrategy,
Inc.
(a)
....................................................
338
576,141
Monolithic
Power
Systems,
Inc.
............................................
795
538,549
Motorola
Solutions,
Inc.
..................................................
4,297
1,525,349
NetApp,
Inc.
..........................................................
11,383
1,194,874
NVIDIA
Corp.
.........................................................
757
683,995
NXP
Semiconductors
NV
.................................................
3,292
815,659
ON
Semiconductor
Corp.
(a)
...............................................
6,818
501,464
Oracle
Corp.
..........................................................
6,935
871,105
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
13,958
$
321,174
Palo
Alto
Networks,
Inc.
(a)
................................................
1,529
434,435
PTC,
Inc.
(a)
...........................................................
6,953
1,313,700
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
10,086
524,371
QUALCOMM,
Inc.
.....................................................
5,408
915,574
Roper
Technologies,
Inc.
..................................................
3,083
1,729,070
Salesforce,
Inc.
........................................................
3,101
933,959
ServiceNow,
Inc.
(a)
.....................................................
1,240
945,376
Skyworks
Solutions,
Inc.
.................................................
8,694
941,734
Super
Micro
Computer,
Inc.
(a)
.............................................
302
305,029
Synopsys,
Inc.
(a)
.......................................................
1,585
905,828
TE
Connectivity
Ltd.
....................................................
8,320
1,208,397
Teledyne
Technologies,
Inc.
(a)
.............................................
2,828
1,214,117
Teradyne,
Inc.
.........................................................
7,397
834,604
Texas
Instruments,
Inc.
...................................................
6,298
1,097,175
Trimble,
Inc.
(a)
........................................................
12,967
834,556
Tyler
Technologies,
Inc.
(a)
................................................
2,377
1,010,249
VeriSign,
Inc.
(a)
........................................................
6,894
1,306,482
Workday,
Inc.
,
Class
A
(a)
.................................................
2,901
791,248
Zebra
Technologies
Corp.
(a)
...............................................
2,030
611,923
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
11,397
745,022
67,455,489
Materials
(4.8%):
Air
Products
and
Chemicals,
Inc.
............................................
3,459
838,012
Albemarle
Corp.
.......................................................
3,776
497,450
Avery
Dennison
Corp.
...................................................
6,196
1,383,257
Ball
Corp.
............................................................
12,745
858,503
Celanese
Corp.
.........................................................
6,056
1,040,784
CF
Industries
Holdings,
Inc.
...............................................
10,940
910,318
Corteva,
Inc.
..........................................................
13,848
798,614
Dow,
Inc.
............................................................
21,917
1,269,652
DuPont
de
Nemours,
Inc.
.................................................
13,324
1,021,551
Ecolab,
Inc.
...........................................................
5,596
1,292,116
Freeport-McMoRan,
Inc.
.................................................
19,580
920,652
International
Paper
Co.
...................................................
29,070
1,134,311
Linde
PLC
............................................................
3,188
1,480,252
LyondellBasell
Industries
NV
,
Class
A
........................................
12,862
1,315,525
Martin
Marietta
Materials,
Inc.
.............................................
1,902
1,167,714
Nucor
Corp.
...........................................................
4,848
959,419
Packaging
Corp.
of
America
...............................................
6,352
1,205,483
PPG
Industries,
Inc.
.....................................................
8,886
1,287,582
Reliance,
Inc.
..........................................................
2,996
1,001,203
RPM
International,
Inc.
..................................................
8,758
1,041,764
Steel
Dynamics,
Inc.
.....................................................
6,198
918,730
The
Sherwin-Williams
Co.
................................................
3,789
1,316,033
Vulcan
Materials
Co.
....................................................
4,300
1,173,556
Westlake
Corp.
........................................................
6,377
974,406
25,806,887
Real
Estate
(0.4%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
9,439
917,848
CoStar
Group,
Inc.
(a)
....................................................
10,613
1,025,216
1,943,064
Utilities
(6.5%):
Alliant
Energy
Corp.
....................................................
26,418
1,331,467
Ameren
Corp.
.........................................................
15,985
1,182,251
American
Electric
Power
Co.,
Inc.
...........................................
13,495
1,161,919
American
Water
Works
Co.,
Inc.
............................................
9,284
1,134,598
Atmos
Energy
Corp.
.....................................................
13,062
1,552,680
CenterPoint
Energy,
Inc.
..................................................
47,195
1,344,586
CMS
Energy
Corp.
......................................................
22,000
1,327,480
Consolidated
Edison,
Inc.
.................................................
15,687
1,424,536
Victory
Portfolios
II
VictoryShares
US
500
Volatility
Wtd
ETF
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Constellation
Energy
Corp.
................................................
4,193
$
775,076
Dominion
Energy,
Inc.
...................................................
20,232
995,212
DTE
Energy
Co.
.......................................................
11,525
1,292,413
Duke
Energy
Corp.
......................................................
15,384
1,487,787
Edison
International
.....................................................
16,846
1,191,518
Entergy
Corp.
.........................................................
12,407
1,311,172
Evergy,
Inc.
...........................................................
24,009
1,281,600
Exelon
Corp.
..........................................................
30,748
1,155,202
FirstEnergy
Corp.
.......................................................
34,093
1,316,672
NextEra
Energy,
Inc.
....................................................
14,901
952,323
NiSource,
Inc.
.........................................................
44,674
1,235,683
PG&E
Corp.
..........................................................
67,810
1,136,496
PPL
Corp.
............................................................
50,217
1,382,474
Public
Service
Enterprise
Group,
Inc.
.........................................
20,854
1,392,630
Sempra
..............................................................
18,716
1,344,370
The
AES
Corp.
........................................................
43,969
788,364
The
Southern
Co.
.......................................................
19,670
1,411,126
Vistra
Corp.
...........................................................
18,502
1,288,664
WEC
Energy
Group,
Inc.
.................................................
15,696
1,288,956
Xcel
Energy,
Inc.
.......................................................
22,002
1,182,607
34,669,862
Total
Common
Stocks
(Cost
$405,418,065)
531,406,478
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(c)
........
490,837
490,837
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(c)
............
490,837
490,837
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(c)
...............
490,837
490,837
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(c)
.
490,837
490,837
Total
Collateral
for
Securities
Loaned
(Cost
$1,963,348)
1,963,348
Total
Investments
(Cost
$407,381,413)
—
99.9%
533,369,826
Other
assets
in
excess
of
liabilities
—
0.1%
532,480
NET
ASSETS
-
100.00%
$
533,902,306
^
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,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
8
6/21/24
$
2,087,872
$
2,123,400
$
35,528
Total
unrealized
appreciation
$
35,528
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
35,528
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
34
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(2.6%):
Cable
One,
Inc.
........................................................
102
$
43,159
Cargurus,
Inc.(a)
.......................................................
2,069
47,752
Cinemark
Holdings,
Inc.(a)
................................................
2,766
49,705
Cogent
Communications
Holdings,
Inc.
.......................................
696
45,470
Frontier
Communications
Parent,
Inc.(a)
......................................
1,078
26,411
Integral
Ad
Science
Holding
Corp.(a)
.........................................
2,463
24,556
Madison
Square
Garden
Entertainment
Corp.(a)
.................................
1,200
47,052
Madison
Square
Garden
Sports
Corp.(a)
.......................................
325
59,969
Shutterstock,
Inc.
.......................................................
723
33,121
Sphere
Entertainment
Co.(a)
...............................................
703
34,503
TEGNA,
Inc.
..........................................................
5,057
75,552
TripAdvisor,
Inc.(a)
.....................................................
1,448
40,240
United
States
Cellular
Corp.(a)
.............................................
402
14,673
Warner
Music
Group
Corp.,
Class
A
.........................................
1,864
61,549
Yelp,
Inc.(a)
...........................................................
1,349
53,151
Ziff
Davis,
Inc.(a)
.......................................................
886
55,853
712,716
Consumer
Discretionary
(15.4%):
Abercrombie
&
Fitch
Co.(a)
...............................................
301
37,724
Academy
Sports
&
Outdoors,
Inc.
...........................................
603
40,727
Acushnet
Holdings
Corp.
.................................................
887
58,498
Adient
PLC(a)
.........................................................
1,488
48,985
Adtalem
Global
Education,
Inc.(a)
...........................................
859
44,153
Advance
Auto
Parts,
Inc.
.................................................
618
52,586
American
Eagle
Outfitters,
Inc.
.............................................
1,907
49,181
Arhaus,
Inc.
...........................................................
2,703
41,599
Asbury
Automotive
Group,
Inc.(a)
...........................................
231
54,465
Atmus
Filtration
Technologies,
Inc.(a)
........................................
2,295
74,014
Bloomin'
Brands,
Inc.
....................................................
1,995
57,217
Boot
Barn
Holdings,
Inc.(a)
...............................................
441
41,961
Bowlero
Corp.,
Class
A(b)
................................................
2,522
34,551
Brinker
International,
Inc.(a)
...............................................
1,040
51,667
Camping
World
Holdings,
Inc.,
Class
A
.......................................
1,422
39,603
Carter's,
Inc.
..........................................................
807
68,337
Carvana
Co.(a)
.........................................................
195
17,142
Cavco
Industries,
Inc.(a)
..................................................
123
49,084
Century
Communities,
Inc.
................................................
535
51,627
Chewy,
Inc.,
Class
A(a)
..................................................
1,948
30,993
Columbia
Sportswear
Co.
.................................................
907
73,630
Cracker
Barrel
Old
Country
Store,
Inc.(b)
.....................................
697
50,693
Dana,
Inc.
............................................................
3,832
48,666
Dave
&
Buster's
Entertainment,
Inc.(a)
.......................................
638
39,939
Dillard's,
Inc.,
Class
A
...................................................
108
50,937
Dorman
Products,
Inc.(a)
.................................................
474
45,689
Dream
Finders
Homes,
Inc.,
Class
A(a)
.......................................
683
29,868
Dutch
Bros,
Inc.,
Class
A(a)
...............................................
1,315
43,395
First
Watch
Restaurant
Group,
Inc.(a)
........................................
2,217
54,583
Foot
Locker,
Inc.
.......................................................
829
23,626
Fox
Factory
Holding
Corp.(a)
..............................................
606
31,554
Frontdoor,
Inc.(a)
.......................................................
1,848
60,208
Gentherm,
Inc.(a)
.......................................................
624
35,930
Graham
Holdings
Co.,
Class
B
.............................................
115
88,283
Grand
Canyon
Education,
Inc.(a)
............................................
498
67,833
Green
Brick
Partners,
Inc.(a)
...............................................
759
45,715
Group
1
Automotive,
Inc.
.................................................
195
56,985
H&R
Block,
Inc.
.......................................................
1,430
70,227
Helen
of
Troy
Ltd.(a)
....................................................
345
39,758
Installed
Building
Products,
Inc.
............................................
189
48,900
Jack
in
the
Box,
Inc.
.....................................................
777
53,209
KB
Home
............................................................
745
52,806
Kontoor
Brands,
Inc.
....................................................
758
45,669
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Laureate
Education,
Inc.
..................................................
4,774
$
69,557
La-Z-Boy,
Inc.
.........................................................
1,432
53,872
LCI
Industries
.........................................................
367
45,163
Leslie's,
Inc.(a)
........................................................
2,724
17,706
Levi
Strauss
&
Co.,
Class
A
...............................................
2,986
59,690
LGI
Homes,
Inc.(a)
.....................................................
341
39,682
Life
Time
Group
Holdings,
Inc.(a)
...........................................
2,494
38,707
M/I
Homes,
Inc.(a)
......................................................
364
49,610
Macy's,
Inc.
...........................................................
2,019
40,360
Marriott
Vacations
Worldwide
Corp.
.........................................
445
47,940
Mister
Car
Wash,
Inc.(a)(b)
................................................
3,938
30,519
Modine
Manufacturing
Co.(a)
..............................................
412
39,218
Nordstrom,
Inc.
........................................................
1,863
37,763
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
.......................................
704
56,017
Oxford
Industries,
Inc.
...................................................
556
62,494
Papa
John's
International,
Inc.
..............................................
795
52,947
Patrick
Industries,
Inc.
...................................................
483
57,704
Phinia,
Inc.
...........................................................
897
34,472
Red
Rock
Resorts,
Inc.,
Class
A
.............................................
919
54,975
Revolve
Group,
Inc.(a)(b)
.................................................
1,479
31,310
Shake
Shack,
Inc.,
Class
A(a)
..............................................
336
34,954
Signet
Jewelers
Ltd.
.....................................................
413
41,329
Skyline
Champion
Corp.(a)
................................................
488
41,485
Sonic
Automotive,
Inc.,
Class
A
............................................
786
44,755
Steven
Madden
Ltd.
.....................................................
1,499
63,378
Strategic
Education,
Inc.
..................................................
523
54,455
Stride,
Inc.(a)
..........................................................
933
58,826
The
Buckle,
Inc.
........................................................
1,305
52,552
The
Cheesecake
Factory,
Inc.
..............................................
1,615
58,382
The
Gap,
Inc.
..........................................................
1,661
45,761
The
ODP
Corp.(a)
......................................................
964
51,140
The
Wendy's
Co.
.......................................................
4,624
87,116
Topgolf
Callaway
Brands
Corp.(a)
...........................................
2,515
40,668
Travel
+
Leisure
Co.
.....................................................
1,127
55,178
Tri
Pointe
Homes,
Inc.(a)
.................................................
1,351
52,230
Under
Armour,
Inc.,
Class
A(a)
.............................................
4,663
34,413
United
Parks
&
Resorts,
Inc.(a)
.............................................
962
54,074
Urban
Outfitters,
Inc.(a)
..................................................
1,082
46,980
Victoria's
Secret
&
Co.(a)
.................................................
1,027
19,903
Visteon
Corp.(a)
........................................................
478
56,218
Wingstop,
Inc.
.........................................................
151
55,326
Winnebago
Industries,
Inc.
................................................
798
59,052
Worthington
Enterprises,
Inc.
..............................................
785
48,851
XPEL,
Inc.(a)
.........................................................
712
38,462
YETI
Holdings,
Inc.(a)
...................................................
870
33,538
4,250,949
Consumer
Staples
(4.9%):
BellRing
Brands,
Inc.(a)
..................................................
1,159
68,416
Cal-Maine
Foods,
Inc.
...................................................
1,011
59,497
Central
Garden
&
Pet
Co.,
Class
A(a)
........................................
1,452
53,608
Edgewell
Personal
Care
Co.
...............................................
1,884
72,798
Energizer
Holdings,
Inc.
..................................................
1,926
56,701
Grocery
Outlet
Holding
Corp.(a)
............................................
2,537
73,015
Ingles
Markets,
Inc.,
Class
A
...............................................
1,174
90,022
Inter
Parfums,
Inc.
......................................................
348
48,898
J
&
J
Snack
Foods
Corp.
..................................................
511
73,870
MGP
Ingredients,
Inc.
....................................................
541
46,596
National
Beverage
Corp.(a)
................................................
1,162
55,149
Seaboard
Corp.
........................................................
27
87,046
Spectrum
Brands
Holdings,
Inc.
............................................
849
75,570
Sprouts
Farmers
Market,
Inc.(a)
............................................
996
64,222
The
Andersons,
Inc.
.....................................................
987
56,624
The
Boston
Beer
Co.,
Inc.,
Class
A(a)
........................................
144
43,837
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
The
Chefs'
Warehouse,
Inc.(a)
..............................................
1,023
$
38,526
The
Simply
Good
Foods
Co.(a)
.............................................
1,671
56,864
The
Vita
Coco
Co.,
Inc.(a)
................................................
1,281
31,295
Tootsie
Roll
Industries,
Inc.
................................................
69
2,219
TreeHouse
Foods,
Inc.(a)
.................................................
1,382
53,829
Vector
Group
Ltd.
......................................................
4,514
49,473
WD-40
Co.
...........................................................
181
45,849
Weis
Markets,
Inc.
......................................................
936
60,278
1,364,202
Energy
(6.1%):
Archrock,
Inc.
.........................................................
3,043
59,856
Atlas
Energy
Solutions,
Inc.
...............................................
2,366
53,519
Cactus,
Inc.,
Class
A
.....................................................
1,137
56,952
California
Resources
Corp.
................................................
1,085
59,783
CNX
Resources
Corp.(a)
.................................................
3,173
75,264
Comstock
Resources,
Inc.(b)
...............................................
4,560
42,317
CONSOL
Energy,
Inc.
...................................................
465
38,948
Crescent
Energy
Co.,
Class
A
..............................................
3,667
43,637
CVR
Energy,
Inc.
.......................................................
1,545
55,095
Delek
U.S.
Holdings,
Inc.
.................................................
1,923
59,113
Dorian
LPG
Ltd.
.......................................................
1,045
40,191
Equitrans
Midstream
Corp.
................................................
5,054
63,124
Gulfport
Energy
Corp.(a)
.................................................
377
60,365
Helmerich
&
Payne,
Inc.
..................................................
1,222
51,397
HighPeak
Energy,
Inc.(b)
.................................................
1,652
26,052
International
Seaways,
Inc.
................................................
988
52,562
Kinetik
Holdings,
Inc.
...................................................
1,902
75,833
Kosmos
Energy
Ltd.(a)
...................................................
6,697
39,914
Liberty
Energy,
Inc.
.....................................................
2,151
44,569
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
2,667
69,209
Northern
Oil
&
Gas,
Inc.
..................................................
1,598
63,409
Oceaneering
International,
Inc.(a)
...........................................
2,037
47,666
Par
Pacific
Holdings,
Inc.(a)
...............................................
1,442
53,440
Patterson-UTI
Energy,
Inc.
................................................
3,400
40,596
Peabody
Energy
Corp.
...................................................
2,123
51,504
Permian
Resources
Corp.
.................................................
3,320
58,631
RPC,
Inc.
............................................................
6,106
47,260
SM
Energy
Co.
........................................................
1,099
54,785
Talos
Energy,
Inc.(a)
.....................................................
3,451
48,072
Tidewater,
Inc.(a)
.......................................................
564
51,888
Vital
Energy,
Inc.(a)
.....................................................
814
42,768
World
Kinect
Corp.
.....................................................
2,188
57,873
1,685,592
Financials
(23.5%):
Affiliated
Managers
Group,
Inc.
............................................
413
69,165
Ameris
Bancorp
........................................................
1,148
55,540
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
1,357
62,110
Associated
Banc-Corp.
...................................................
2,604
56,012
Assured
Guaranty
Ltd.
...................................................
818
71,371
Atlantic
Union
Bankshares
Corp.
............................................
1,568
55,366
Axis
Capital
Holdings
Ltd.
................................................
1,217
79,129
Axos
Financial,
Inc.(a)
...................................................
713
38,531
BancFirst
Corp.
........................................................
679
59,772
Bank
of
Hawaii
Corp.
....................................................
710
44,297
Bank
OZK
............................................................
1,076
48,915
BankUnited,
Inc.
.......................................................
1,504
42,112
Banner
Corp.
..........................................................
1,249
59,952
BGC
Group,
Inc.,
Class
A
.................................................
6,658
51,733
Bread
Financial
Holdings,
Inc.
.............................................
1,116
41,560
Cadence
Bank
.........................................................
1,625
47,125
Cathay
General
Bancorp
..................................................
1,448
54,778
City
Holding
Co.
.......................................................
753
78,478
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
CNO
Financial
Group,
Inc.
................................................
2,867
$
78,785
Cohen
&
Steers,
Inc.
....................................................
720
55,361
Columbia
Banking
System,
Inc.
............................................
2,060
39,861
Community
Bank
System,
Inc.
.............................................
1,152
55,331
Customers
Bancorp,
Inc.(a)
................................................
673
35,709
CVB
Financial
Corp.
....................................................
2,501
44,618
Donnelley
Financial
Solutions,
Inc.(a)
........................................
1,029
63,808
Eastern
Bankshares,
Inc.
..................................................
3,854
53,108
Enova
International,
Inc.(a)
................................................
703
44,169
Enstar
Group
Ltd.(a)
....................................................
254
78,933
Enterprise
Financial
Services
Corp.
..........................................
1,451
58,853
Euronet
Worldwide,
Inc.(a)
................................................
435
47,820
EVERTEC,
Inc.
........................................................
1,836
73,256
FB
Financial
Corp.
......................................................
1,324
49,862
Federal
Agricultural
Mortgage
Corp.,
Class
C
...................................
389
76,586
Federated
Hermes,
Inc.
...................................................
2,100
75,852
First
Bancorp
..........................................................
1,375
49,665
First
Bancorp
..........................................................
3,651
64,039
First
Financial
Bancorp
...................................................
2,561
57,418
First
Financial
Bankshares,
Inc.
.............................................
1,680
55,121
First
Hawaiian,
Inc.
.....................................................
2,699
59,270
First
Interstate
BancSystem,
Inc.,
Class
A
......................................
1,718
46,747
First
Merchants
Corp.
....................................................
1,736
60,586
FirstCash
Holdings,
Inc.
..................................................
665
84,814
FNB
Corp.
............................................................
4,989
70,345
Fulton
Financial
Corp.
...................................................
3,809
60,525
Genworth
Financial,
Inc.(a)
................................................
9,058
58,243
Glacier
Bancorp,
Inc.
....................................................
1,096
44,147
Goosehead
Insurance,
Inc.,
Class
A(a)
........................................
528
35,175
Hamilton
Lane,
Inc.,
Class
A
...............................................
596
67,205
Hancock
Whitney
Corp.
..................................................
1,208
55,616
Heartland
Financial
USA,
Inc.
..............................................
1,436
50,475
Hilltop
Holdings,
Inc.
....................................................
1,971
61,732
Home
BancShares,
Inc.
...................................................
2,794
68,649
Horace
Mann
Educators
Corp.
..............................................
2,149
79,492
Houlihan
Lokey,
Inc.
....................................................
601
77,042
Independent
Bank
Corp.
..................................................
947
49,263
Independent
Bank
Group,
Inc.
..............................................
1,041
47,522
International
Bancshares
Corp.
.............................................
1,286
72,196
Jackson
Financial,
Inc.,
Class
A
.............................................
916
60,584
Lakeland
Financial
Corp.
.................................................
781
51,796
Live
Oak
Bancshares,
Inc.
................................................
930
38,604
Merchants
Bancorp
.....................................................
1,236
53,370
Mercury
General
Corp.
...................................................
885
45,666
MGIC
Investment
Corp.
..................................................
4,578
102,364
Mr.
Cooper
Group,
Inc.(a)
.................................................
967
75,378
Navient
Corp.
.........................................................
3,974
69,148
NBT
Bancorp,
Inc.
......................................................
1,676
61,476
Nelnet,
Inc.,
Class
A
.....................................................
1,057
100,045
NMI
Holdings,
Inc.,
Class
A(a)
.............................................
2,587
83,664
Northwest
Bancshares,
Inc.
................................................
5,539
64,529
OFG
Bancorp
.........................................................
1,684
61,988
Old
National
Bancorp
....................................................
3,591
62,519
Pacific
Premier
Bancorp,
Inc.
..............................................
1,976
47,424
Palomar
Holdings,
Inc.(a)
.................................................
570
47,783
Park
National
Corp.
.....................................................
450
61,132
Payoneer
Global,
Inc.(a)
..................................................
7,861
38,204
PennyMac
Financial
Services,
Inc.
..........................................
609
55,474
Piper
Sandler
Cos.
......................................................
330
65,502
PJT
Partners,
Inc.,
Class
A
................................................
612
57,687
Radian
Group,
Inc.
......................................................
2,805
93,883
Renasant
Corp.
........................................................
1,626
50,926
Ryan
Specialty
Holdings,
Inc.
..............................................
1,531
84,971
Seacoast
Banking
Corp.
of
Florida
...........................................
2,021
51,313
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
ServisFirst
Bancshares,
Inc.
...............................................
580
$
38,489
Shift4
Payments,
Inc.,
Class
A(a)
............................................
470
31,053
Simmons
First
National
Corp.,
Class
A
.......................................
2,715
52,834
SiriusPoint
Ltd.(a)
......................................................
4,710
59,864
SLM
Corp.
...........................................................
3,023
65,871
StepStone
Group,
Inc.,
Class
A
.............................................
1,725
61,652
Stewart
Information
Services
Corp.
..........................................
925
60,180
StoneX
Group,
Inc.(a)
...................................................
881
61,899
Synovus
Financial
Corp.
..................................................
1,227
49,154
Texas
Capital
Bancshares,
Inc.(a)
...........................................
917
56,441
The
Bancorp,
Inc.(a)
.....................................................
1,131
37,843
The
Hanover
Insurance
Group,
Inc.
..........................................
690
93,957
The
Western
Union
Co.
...................................................
5,219
72,962
Towne
Bank
..........................................................
2,198
61,676
Triumph
Financial,
Inc.(a)
.................................................
706
56,000
Trustmark
Corp.
........................................................
2,068
58,131
UMB
Financial
Corp.
....................................................
641
55,761
United
Bankshares,
Inc.
..................................................
1,620
57,980
United
Community
Banks,
Inc.
.............................................
2,003
52,719
Victory
Capital
Holdings,
Inc.,
Class
A(c)
.....................................
1,752
74,337
Virtu
Financial,
Inc.,
Class
A
...............................................
3,379
69,337
Virtus
Investment
Partners,
Inc.
.............................................
262
64,971
WaFd,
Inc.
............................................................
1,843
53,502
Walker
&
Dunlop,
Inc.
...................................................
489
49,418
WesBanco,
Inc.
........................................................
1,826
54,433
White
Mountains
Insurance
Group
Ltd.
.......................................
42
75,361
WSFS
Financial
Corp.
...................................................
1,144
51,640
6,486,040
Health
Care
(6.2%):
Addus
HomeCare
Corp.(a)
................................................
682
70,478
Alkermes
PLC(a)
.......................................................
1,441
39,008
AMN
Healthcare
Services,
Inc.(a)
...........................................
679
42,444
Amneal
Pharmaceuticals,
Inc.(a)
............................................
4,718
28,591
Amphastar
Pharmaceuticals,
Inc.(a)
..........................................
750
32,933
ANI
Pharmaceuticals,
Inc.(a)
..............................................
693
47,907
Astrana
Health,
Inc.(a)
...................................................
812
34,096
Catalyst
Pharmaceuticals,
Inc.(a)
............................................
2,320
36,981
CONMED
Corp.
.......................................................
613
49,089
Corcept
Therapeutics,
Inc.(a)
..............................................
1,184
29,825
CorVel
Corp.(a)
........................................................
250
65,740
Doximity,
Inc.,
Class
A(a)
.................................................
1,250
33,637
Dynavax
Technologies
Corp.(a)
.............................................
4,559
56,577
Fortrea
Holdings,
Inc.(a)
..................................................
1,033
41,465
Globus
Medical,
Inc.(a)
..................................................
1,167
62,598
Haemonetics
Corp.(a)
....................................................
852
72,718
Harmony
Biosciences
Holdings,
Inc.(a)
.......................................
892
29,953
Integer
Holdings
Corp.(a)
.................................................
507
59,157
Integra
LifeSciences
Holdings
Corp.(a)
.......................................
1,442
51,119
Kiniksa
Pharmaceuticals
Ltd.,
Class
A(a)
......................................
1,437
28,352
Krystal
Biotech,
Inc.(a)
...................................................
159
28,291
LeMaitre
Vascular,
Inc.
...................................................
626
41,541
Ligand
Pharmaceuticals,
Inc.(a)
.............................................
559
40,863
Merit
Medical
Systems,
Inc.(a)
.............................................
693
52,495
National
HealthCare
Corp.
................................................
655
61,904
Neogen
Corp.(a)
.......................................................
2,465
38,898
Pacira
BioSciences,
Inc.(a)
................................................
1,601
46,781
Patterson
Cos.,
Inc.
.....................................................
1,710
47,281
Premier,
Inc.,
Class
A
....................................................
3,213
71,007
Privia
Health
Group,
Inc.(a)
...............................................
1,560
30,560
Progyny,
Inc.(a)
........................................................
1,220
46,543
RadNet,
Inc.(a)
........................................................
1,201
58,441
Schrodinger,
Inc.(a)
.....................................................
944
25,488
Select
Medical
Holdings
Corp.
.............................................
1,957
59,004
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
STAAR
Surgical
Co.(a)
..................................................
987
$
37,782
TG
Therapeutics,
Inc.(a)
..................................................
986
14,997
U.S.
Physical
Therapy,
Inc.
................................................
571
64,449
UFP
Technologies,
Inc.(a)
.................................................
193
48,675
1,727,668
Industrials
(21.6%):
AAR
Corp.(a)
.........................................................
921
55,140
ABM
Industries,
Inc.
....................................................
1,171
52,250
Air
Lease
Corp.
........................................................
1,718
88,374
Alamo
Group,
Inc.
......................................................
296
67,586
Albany
International
Corp.
................................................
718
67,140
American
Woodmark
Corp.(a)
..............................................
473
48,085
ArcBest
Corp.
.........................................................
274
39,045
Arcosa,
Inc.
...........................................................
796
68,345
Armstrong
World
Industries,
Inc.
............................................
531
65,961
Array
Technologies,
Inc.(a)
................................................
1,930
28,776
ASGN,
Inc.(a)
.........................................................
674
70,608
AZZ,
Inc.
............................................................
1,015
78,470
Barnes
Group,
Inc.
......................................................
1,028
38,190
Boise
Cascade
Co.
......................................................
389
59,661
Brady
Corp.,
Class
A
....................................................
1,316
78,012
Casella
Waste
Systems,
Inc.(a)
.............................................
798
78,898
CBIZ,
Inc.(a)
..........................................................
1,004
78,814
Cimpress
PLC(a)
.......................................................
373
33,014
Concentrix
Corp.
.......................................................
583
38,606
Construction
Partners,
Inc.,
Class
A(a)
........................................
980
55,027
CoreCivic,
Inc.(a)
......................................................
3,741
58,397
CSG
Systems
International,
Inc.
............................................
898
46,283
CSW
Industrials,
Inc.
....................................................
304
71,318
DNOW,
Inc.(a)
........................................................
2,998
45,570
Dycom
Industries,
Inc.(a)
.................................................
379
54,398
Encore
Wire
Corp.
......................................................
221
58,074
Enerpac
Tool
Group
Corp.
................................................
1,667
59,445
EnerSys
..............................................................
610
57,621
Enpro,
Inc.
...........................................................
344
58,057
Esab
Corp.
............................................................
630
69,659
ESCO
Technologies,
Inc.
.................................................
711
76,113
ExlService
Holdings,
Inc.(a)
...............................................
1,990
63,282
Exponent,
Inc.
.........................................................
627
51,847
Federal
Signal
Corp.
.....................................................
866
73,497
First
Advantage
Corp.
....................................................
3,893
63,144
Flowserve
Corp.
........................................................
1,777
81,173
Fluor
Corp.(a)
.........................................................
1,198
50,651
Franklin
Electric
Co.,
Inc.
.................................................
785
83,846
FTAI
Aviation
Ltd.
......................................................
1,034
69,588
GATX
Corp.
..........................................................
630
84,439
Gibraltar
Industries,
Inc.(a)
................................................
671
54,036
GMS,
Inc.(a)
..........................................................
693
67,457
Granite
Construction,
Inc.
.................................................
994
56,787
Griffon
Corp.
..........................................................
747
54,785
H&E
Equipment
Services,
Inc.
.............................................
840
53,911
Hayward
Holdings,
Inc.(a)
................................................
2,804
42,929
Helios
Technologies,
Inc.
.................................................
969
43,305
Herc
Holdings,
Inc.
.....................................................
256
43,085
Hillenbrand,
Inc.
.......................................................
1,288
64,774
HNI
Corp.
............................................................
1,413
63,769
Hub
Group,
Inc.,
Class
A
.................................................
1,536
66,386
Huron
Consulting
Group,
Inc.(a)
............................................
482
46,571
ICF
International,
Inc.
...................................................
475
71,549
IES
Holdings,
Inc.(a)
....................................................
423
51,454
Insperity,
Inc.
..........................................................
452
49,544
Janus
International
Group,
Inc.(a)
...........................................
3,383
51,185
JELD-WEN
Holding,
Inc.(a)
...............................................
2,049
43,500
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
John
Bean
Technologies
Corp.
..............................................
544
$
57,060
Kadant,
Inc.
...........................................................
189
62,011
Kennametal,
Inc.
.......................................................
2,398
59,806
Kirby
Corp.(a)
.........................................................
982
93,604
Korn
Ferry
...........................................................
1,160
76,282
Legalzoom.com,
Inc.(a)
..................................................
2,968
39,593
ManpowerGroup,
Inc.
...................................................
1,003
77,873
Marten
Transport
Ltd.
....................................................
3,527
65,179
Masterbrand,
Inc.(a)
.....................................................
2,879
53,952
Matson,
Inc.
..........................................................
537
60,359
Maximus,
Inc.
.........................................................
849
71,231
MDU
Resources
Group,
Inc.
...............................................
4,000
100,800
MillerKnoll,
Inc.
.......................................................
1,173
29,043
Moog,
Inc.,
Class
A
.....................................................
392
62,583
MSC
Industrial
Direct
Co.,
Inc.
.............................................
919
89,180
Mueller
Industries,
Inc.
...................................................
1,204
64,932
Mueller
Water
Products,
Inc.,
Class
A
........................................
3,820
61,464
MYR
Group,
Inc.(a)
.....................................................
343
60,625
NEXTracker,
Inc.,
Class
A(a)
..............................................
527
29,654
NV5
Global,
Inc.(a)
.....................................................
549
53,808
Powell
Industries,
Inc.
...................................................
114
16,222
Primoris
Services
Corp.
..................................................
1,450
61,727
Resideo
Technologies,
Inc.(a)
..............................................
1,764
39,549
Rush
Enterprises,
Inc.,
Class
A
.............................................
1,248
66,793
RXO,
Inc.(a)
..........................................................
2,077
45,424
Ryder
System,
Inc.
......................................................
609
73,196
Schneider
National,
Inc.,
Class
B
............................................
2,708
61,309
Shoals
Technologies
Group,
Inc.,
Class
A(a)
....................................
2,285
25,546
SkyWest,
Inc.(a)
........................................................
719
49,669
SPX
Technologies,
Inc.(a)
.................................................
557
68,583
Standex
International
Corp.
................................................
351
63,959
Steelcase,
Inc.,
Class
A
...................................................
3,099
40,535
Sterling
Infrastructure,
Inc.(a)
..............................................
308
33,975
Tennant
Co.
...........................................................
643
78,195
Terex
Corp.
...........................................................
752
48,429
The
AZEK
Co.,
Inc.(a)
...................................................
973
48,864
The
Brink's
Co.
........................................................
756
69,839
The
Greenbrier
Cos.,
Inc.
.................................................
636
33,136
Trinity
Industries,
Inc.
...................................................
1,965
54,725
UniFirst
Corp.
.........................................................
415
71,973
Upwork,
Inc.(a)
........................................................
1,793
21,982
Verra
Mobility
Corp.(a)
..................................................
3,477
86,821
Vicor
Corp.(a)
.........................................................
507
19,388
Watts
Water
Technologies,
Inc.,
Class
A
.......................................
341
72,480
Werner
Enterprises,
Inc.
..................................................
1,848
72,294
5,985,083
Information
Technology
(8.3%):
ACI
Worldwide,
Inc.(a)
..................................................
1,529
50,778
ACM
Research,
Inc.,
Class
A(a)
............................................
638
18,591
Advanced
Energy
Industries,
Inc.
...........................................
492
50,174
Agilysys,
Inc.(a)
.......................................................
496
41,793
Alarm.com
Holdings,
Inc.(a)
...............................................
563
40,801
Appfolio,
Inc.,
Class
A(a)
.................................................
151
37,258
Avnet,
Inc.
............................................................
1,592
78,931
Badger
Meter,
Inc.
......................................................
406
65,695
Belden,
Inc.
...........................................................
449
41,582
Blackbaud,
Inc.(a)
......................................................
860
63,760
BlackLine,
Inc.(a)
......................................................
788
50,889
Box,
Inc.,
Class
A(a)
....................................................
2,394
67,798
Calix,
Inc.(a)
..........................................................
981
32,530
Cirrus
Logic,
Inc.(a)
.....................................................
574
53,129
Clear
Secure,
Inc.,
Class
A
................................................
2,203
46,858
Cohu,
Inc.(a)
..........................................................
1,673
55,761
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Crane
NXT
Co.
........................................................
1,019
$
63,076
DigitalOcean
Holdings,
Inc.(a)
.............................................
731
27,910
Diodes,
Inc.(a)
.........................................................
728
51,324
ePlus,
Inc.(a)
..........................................................
560
43,982
Extreme
Networks,
Inc.(a)
................................................
2,832
32,681
FormFactor,
Inc.(a)
.....................................................
929
42,390
Harmonic,
Inc.(a)
.......................................................
2,602
34,971
Insight
Enterprises,
Inc.(a)
................................................
416
77,176
InterDigital,
Inc.
.......................................................
621
66,112
Itron,
Inc.(a)
..........................................................
448
41,449
Knowles
Corp.(a)
.......................................................
3,042
48,976
MACOM
Technology
Solutions
Holdings,
Inc.(a)
................................
559
53,463
MicroStrategy,
Inc.(a)
....................................................
24
40,909
N-able,
Inc.(a)
.........................................................
4,576
59,808
Napco
Security
Technologies,
Inc.
...........................................
531
21,325
OSI
Systems,
Inc.(a)
.....................................................
436
62,270
PC
Connection,
Inc.
.....................................................
1,026
67,644
Pegasystems,
Inc.
.......................................................
459
29,670
Perficient,
Inc.(a)
.......................................................
558
31,410
Photronics,
Inc.(a)
......................................................
1,193
33,786
Plexus
Corp.(a)
........................................................
707
67,038
Progress
Software
Corp.
..................................................
1,295
69,037
Qualys,
Inc.(a)
.........................................................
325
54,233
Rogers
Corp.(a)
........................................................
557
66,110
Sanmina
Corp.(a)
.......................................................
580
36,064
Sprinklr,
Inc.,
Class
A(a)
..................................................
2,555
31,350
Verint
Systems,
Inc.(a)
...................................................
1,186
39,316
Viavi
Solutions,
Inc.(a)
...................................................
5,197
47,241
Vishay
Intertechnology,
Inc.
...............................................
3,141
71,238
Vontier
Corp.
..........................................................
1,656
75,116
2,283,403
Materials
(5.1%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
92
30,468
Arch
Resources,
Inc.
....................................................
294
47,272
Ashland,
Inc.
..........................................................
647
62,998
Avient
Corp.
..........................................................
1,421
61,671
Balchem
Corp.
.........................................................
456
70,657
Cabot
Corp.
...........................................................
697
64,263
Carpenter
Technology
Corp.
...............................................
746
53,279
Element
Solutions,
Inc.
...................................................
2,974
74,291
Greif,
Inc.,
Class
A
......................................................
1,191
82,239
H.B.
Fuller
Co.
........................................................
877
69,932
Hawkins,
Inc.
.........................................................
675
51,840
Innospec,
Inc.
.........................................................
612
78,911
Knife
River
Corp.(a)
....................................................
659
53,432
Materion
Corp.
........................................................
366
48,221
Minerals
Technologies,
Inc.
................................................
886
66,698
MP
Materials
Corp.(a)(b)
.................................................
2,281
32,618
NewMarket
Corp.
......................................................
123
78,058
Quaker
Chemical
Corp.
..................................................
276
56,649
Sensient
Technologies
Corp.
...............................................
912
63,101
Silgan
Holdings,
Inc.
....................................................
1,442
70,024
Stepan
Co.
............................................................
672
60,507
Summit
Materials,
Inc.,
Class
A(a)
..........................................
1,194
53,217
Sylvamo
Corp.
.........................................................
622
38,402
Warrior
Met
Coal,
Inc.
...................................................
783
47,528
1,416,276
Real
Estate
(0.5%):
Forestar
Group,
Inc.(a)
...................................................
1,314
52,810
Newmark
Group,
Inc.,
Class
A
.............................................
3,288
36,464
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
The
St.
Joe
Co.
........................................................
903
$
52,347
141,621
Utilities
(5.3%):
ALLETE,
Inc.
.........................................................
1,356
80,872
American
States
Water
Co.
................................................
1,171
84,593
Avista
Corp.
..........................................................
2,132
74,663
Black
Hills
Corp.
.......................................................
1,355
73,983
California
Water
Service
Group
.............................................
1,546
71,858
Chesapeake
Utilities
Corp.
................................................
659
70,711
Clearway
Energy,
Inc.,
Class
C
.............................................
2,183
50,318
MGE
Energy,
Inc.
......................................................
1,343
105,721
National
Fuel
Gas
Co.
...................................................
1,608
86,382
New
Jersey
Resources
Corp.
...............................................
2,007
86,120
Northwest
Natural
Holding
Co.
.............................................
1,810
67,368
Northwestern
Energy
Group,
Inc.
...........................................
1,704
86,785
ONE
Gas,
Inc.
.........................................................
1,246
80,404
Ormat
Technologies,
Inc.
.................................................
915
60,564
Otter
Tail
Corp.
........................................................
599
51,753
Portland
General
Electric
Co.
..............................................
1,909
80,178
SJW
Group
...........................................................
1,373
77,698
Southwest
Gas
Holdings,
Inc.
..............................................
1,017
77,424
Spire,
Inc.
............................................................
1,405
86,225
1,453,620
Total
Common
Stocks
(Cost
$24,089,601)
27,507,170
Collateral
for
Securities
Loaned
(0.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(d)
........
56,837
56,837
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.24%(d)
............
56,837
56,837
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(d)
...............
56,837
56,837
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.22%(d)
.
56,837
56,837
Total
Collateral
for
Securities
Loaned
(Cost
$227,348)
227,348
Total
Investments
(Cost
$24,316,949)
—
100.3%
27,734,518
Liabilities
in
excess
of
other
assets
—
(0.3)%
(85,978)
NET
ASSETS
-
100.00%
$
27,648,540
^
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)
Affiliated
security.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
1
6/21/24
$
105,447
$
107,295
$
1,848
Total
unrealized
appreciation
$
1,848
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
1,848
Victory
Portfolios
II
VictoryShares
US
Small
Cap
Volatility
Wtd
ETF
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Affiliated
Holdings
Fair
Value
6/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gains
(Losses)
Capital
Gain
Distribution
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
3/31/2024
Dividend
Income
Victory
Capital
Holdings,
Inc.,
Class
A
.......
$
51,978
$
39,719
$
(37,290)
$
18,009
$
—
$
1,921
$
74,337
$
1,843
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
44
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.7%)
Australia
(6.1%):
Communication
Services
(0.5%):
REA
Group
Ltd.
........................................................
1,319
$
159,380
Telstra
Group
Ltd.
......................................................
119,253
299,896
459,276
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
6,698
187,641
Wesfarmers
Ltd.
........................................................
5,892
262,563
450,204
Consumer
Staples
(0.5%):
Coles
Group
Ltd.
.......................................................
22,369
246,874
Woolworths
Group
Ltd.
..................................................
11,866
256,427
503,301
Energy
(0.4%):
Santos
Ltd.
...........................................................
37,777
190,741
Woodside
Energy
Group
Ltd.
..............................................
9,891
196,541
387,282
Financials
(2.1%):
ANZ
Group
Holdings
Ltd.
................................................
15,231
291,736
Commonwealth
Bank
of
Australia
...........................................
3,682
288,674
Insurance
Australia
Group
Ltd.
.............................................
49,982
208,405
Macquarie
Group
Ltd.
...................................................
1,683
218,966
National
Australia
Bank
Ltd.
...............................................
12,480
281,648
QBE
Insurance
Group
Ltd.
................................................
17,766
209,847
Suncorp
Group
Ltd.
.....................................................
22,351
238,520
Westpac
Banking
Corp.
..................................................
15,040
255,742
1,993,538
Health
Care
(0.4%):
Cochlear
Ltd.
..........................................................
829
182,292
CSL
Ltd.
.............................................................
1,087
203,899
386,191
Industrials
(0.7%):
Brambles
Ltd.
.........................................................
23,093
242,978
Computershare
Ltd.
.....................................................
13,287
226,021
Reece
Ltd.
............................................................
8,105
148,379
617,378
Information
Technology
(0.1%):
WiseTech
Global
Ltd.
....................................................
1,670
102,218
Materials
(0.7%):
BHP
Group
Ltd.
........................................................
7,228
208,469
Fortescue
Ltd.
.........................................................
8,583
143,710
Northern
Star
Resources
Ltd.
..............................................
13,887
130,915
Rio
Tinto
Ltd.
.........................................................
2,583
204,901
687,995
Utilities
(0.2%):
Origin
Energy
Ltd.
......................................................
35,844
214,842
5,802,225
Austria
(0.6%):
Energy
(0.2%):
OMV
AG
............................................................
3,902
184,611
Financials
(0.3%):
Erste
Group
Bank
AG
....................................................
5,823
259,417
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Utilities
(0.1%):
Verbund
AG
..........................................................
2,170
$
158,588
602,616
Belgium
(1.2%):
Consumer
Discretionary
(0.2%):
D'ieteren
Group
........................................................
962
213,354
Consumer
Staples
(0.3%):
Anheuser-Busch
InBev
SA
................................................
3,813
232,225
Financials
(0.5%):
Groupe
Bruxelles
Lambert
NV
.............................................
4,092
309,248
KBC
Group
NV
........................................................
2,591
194,023
503,271
Health
Care
(0.2%):
UCB
SA
.............................................................
1,430
176,467
1,125,317
Canada
(11.9%):
Communication
Services
(0.7%):
BCE,
Inc.
............................................................
6,772
230,150
Rogers
Communications,
Inc.,
Class
B
........................................
4,627
189,603
TELUS
Corp.
.........................................................
14,177
226,828
646,581
Consumer
Discretionary
(0.6%):
Dollarama,
Inc.
........................................................
3,021
230,166
Magna
International,
Inc.
.................................................
2,637
143,669
Restaurant
Brands
International,
Inc.
.........................................
2,835
225,163
598,998
Consumer
Staples
(1.0%):
Alimentation
Couche-Tard,
Inc.
.............................................
3,361
191,848
George
Weston
Ltd.
.....................................................
1,597
215,791
Loblaw
Cos.
Ltd.
.......................................................
2,212
245,142
Metro,
Inc.
...........................................................
4,469
239,948
892,729
Energy
(2.0%):
ARC
Resources
Ltd.
.....................................................
8,870
158,159
Cameco
Corp.
.........................................................
2,945
127,507
Canadian
Natural
Resources
Ltd.
............................................
2,194
167,385
Cenovus
Energy,
Inc.
....................................................
8,736
174,668
Enbridge,
Inc.
.........................................................
7,333
265,025
Imperial
Oil
Ltd.
.......................................................
2,596
179,079
Pembina
Pipeline
Corp.
..................................................
8,581
302,907
Suncor
Energy,
Inc.
.....................................................
4,729
174,544
TC
Energy
Corp.
.......................................................
5,198
208,933
Tourmaline
Oil
Corp.
....................................................
3,670
171,605
1,929,812
Financials
(3.5%):
Bank
of
Montreal
.......................................................
2,708
264,422
Brookfield
Asset
Management
Ltd.,
Class
A
....................................
4,102
172,330
Brookfield
Corp.
.......................................................
3,539
148,103
Canadian
Imperial
Bank
of
Commerce
........................................
4,858
246,308
Fairfax
Financial
Holdings
Ltd.
.............................................
143
154,160
Great-West
Lifeco,
Inc.
...................................................
9,264
296,306
Intact
Financial
Corp.
....................................................
1,367
222,087
Manulife
Financial
Corp.
.................................................
8,945
223,427
National
Bank
of
Canada
.................................................
2,939
247,506
Power
Corp.
of
Canada
...................................................
8,983
251,901
Royal
Bank
of
Canada
...................................................
2,979
300,495
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Sun
Life
Financial,
Inc.
..................................................
5,602
$
305,703
The
Bank
of
Nova
Scotia(a)
...............................................
4,604
238,188
The
Toronto-Dominion
Bank
...............................................
4,164
251,334
3,322,270
Industrials
(1.5%):
Canadian
National
Railway
Co.
.............................................
2,054
270,505
Canadian
Pacific
Kansas
City
Ltd.
...........................................
2,925
257,924
TFI
International,
Inc.
....................................................
959
152,942
Thomson
Reuters
Corp.
..................................................
1,420
221,010
Waste
Connections,
Inc.
..................................................
1,378
236,928
WSP
Global,
Inc.
.......................................................
1,485
247,529
1,386,838
Information
Technology
(0.7%):
CGI,
Inc.(b)
...........................................................
2,079
229,390
Constellation
Software,
Inc.
...............................................
73
199,424
Open
Text
Corp.
........................................................
4,312
167,335
Shopify,
Inc.,
Class
A(b)
..................................................
1,059
81,708
677,857
Materials
(1.2%):
Agnico
Eagle
Mines
Ltd.
.................................................
3,187
190,058
Barrick
Gold
Corp.
......................................................
10,352
172,202
Franco-Nevada
Corp.
....................................................
1,594
189,952
Ivanhoe
Mines
Ltd.(b)
...................................................
11,716
139,789
Nutrien
Ltd.
...........................................................
2,717
147,626
Teck
Resources
Ltd.,
Class
B
..............................................
3,344
153,077
Wheaton
Precious
Metals
Corp.
.............................................
3,592
169,204
1,161,908
Utilities
(0.7%):
Emera,
Inc.
...........................................................
5,921
208,398
Fortis,
Inc.
............................................................
6,465
255,468
Hydro
One
Ltd.(c)
......................................................
7,885
229,960
693,826
11,310,819
Chile
(0.1%):
Materials
(0.1%):
Antofagasta
PLC
.......................................................
5,415
139,328
Denmark
(1.7%):
Consumer
Discretionary
(0.2%):
Pandora
A/S
..........................................................
900
145,105
Financials
(0.4%):
Danske
Bank
A/S
.......................................................
6,476
193,551
Tryg
A/S
.............................................................
10,602
218,095
411,646
Health
Care
(0.6%):
Coloplast
A/S,
Class
B
...................................................
1,158
156,196
Demant
A/S(b)
.........................................................
2,864
142,110
Genmab
A/S(b)
........................................................
451
135,967
Novo
Nordisk
A/S,
Class
B
................................................
1,100
140,241
574,514
Industrials
(0.3%):
AP
Moller
-
Maersk
A/S,
Class
B
...........................................
68
88,475
DSV
A/S
.............................................................
1,009
163,773
252,248
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Materials
(0.2%):
Novonesis
A/S
.........................................................
3,083
$
180,718
1,564,231
Finland
(1.2%):
Energy
(0.1%):
Neste
Oyj
............................................................
4,169
112,877
Financials
(0.5%):
Nordea
Bank
Abp
.......................................................
21,679
241,470
Sampo
Oyj,
A
Shares
....................................................
5,804
247,395
488,865
Industrials
(0.2%):
Kone
Oyj,
Class
B
......................................................
3,923
182,558
Information
Technology
(0.2%):
Nokia
Oyj
............................................................
39,309
139,547
Materials
(0.2%):
UPM-Kymmene
Oyj
....................................................
4,983
165,932
1,089,779
France
(9.0%):
Communication
Services
(0.6%):
Orange
SA
............................................................
27,556
323,642
Publicis
Groupe
SA
.....................................................
2,070
225,636
549,278
Consumer
Discretionary
(1.4%):
Accor
SA
............................................................
5,053
236,015
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
6,371
244,108
Hermes
International
SCA
................................................
66
168,446
Kering
SA
............................................................
331
130,805
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
154
138,494
Renault
SA
...........................................................
3,276
165,366
Sodexo
SA
...........................................................
3,160
270,923
1,354,157
Consumer
Staples
(0.9%):
Carrefour
SA
..........................................................
11,697
200,304
Danone
SA
...........................................................
4,907
317,009
L'Oreal
SA
...........................................................
430
203,464
Pernod
Ricard
SA
.......................................................
1,076
174,045
894,822
Energy
(0.3%):
TotalEnergies
SE
.......................................................
3,366
230,454
Financials
(1.4%):
Amundi
SA(c)
.........................................................
3,040
208,725
AXA
SA
.............................................................
7,469
280,498
BNP
Paribas
SA
........................................................
3,099
220,163
Credit
Agricole
SA
......................................................
17,298
257,798
Edenred
SE
...........................................................
3,083
164,486
Societe
Generale
SA
.....................................................
7,255
194,163
1,325,833
Health
Care
(0.7%):
BioMerieux
...........................................................
1,806
199,197
EssilorLuxottica
SA
.....................................................
1,094
247,467
Sanofi
SA
............................................................
1,533
150,416
Sartorius
Stedim
Biotech(b)
...............................................
317
90,377
687,457
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Industrials
(2.6%):
Aeroports
de
Paris
SA
...................................................
1,350
$
185,089
Airbus
SE
............................................................
1,355
249,531
Bouygues
SA
..........................................................
5,390
219,951
Bureau
Veritas
SA
......................................................
7,047
214,974
Cie
de
Saint-Gobain
SA
..................................................
2,379
184,589
Eiffage
SA
............................................................
2,018
228,893
Legrand
SA
...........................................................
2,369
250,996
Safran
SA
............................................................
1,123
254,451
Schneider
Electric
SE
....................................................
852
192,680
Thales
SA
............................................................
1,347
229,648
Vinci
SA
.............................................................
2,126
272,355
2,483,157
Information
Technology
(0.3%):
Capgemini
SE
.........................................................
713
164,052
Dassault
Systemes
SE
....................................................
3,511
155,432
319,484
Materials
(0.2%):
Air
Liquide
SA
........................................................
1,066
221,746
Utilities
(0.6%):
Engie
SA
.............................................................
16,552
276,926
Veolia
Environnement
SA
.................................................
7,390
240,185
517,111
8,583,499
Germany
(5.9%):
Communication
Services
(0.3%):
Deutsche
Telekom
AG
...................................................
13,859
336,369
Consumer
Discretionary
(0.6%):
Bayerische
Motoren
Werke
AG
.............................................
1,666
192,220
Continental
AG
........................................................
2,058
148,516
Mercedes-Benz
Group
AG
................................................
2,538
202,073
542,809
Consumer
Staples
(0.3%):
Beiersdorf
AG
.........................................................
1,888
274,838
Financials
(1.4%):
Allianz
SE,
Registered
Shares
..............................................
993
297,566
Commerzbank
AG
......................................................
11,781
161,775
Deutsche
Bank
AG,
Registered
Shares
........................................
12,566
197,658
Deutsche
Boerse
AG
....................................................
1,287
263,289
Hannover
Rueck
SE
.....................................................
888
243,016
Talanx
AG
............................................................
2,658
210,452
1,373,756
Health
Care
(0.6%):
Carl
Zeiss
Meditec
AG
...................................................
1,046
130,660
Fresenius
Medical
Care
AG
...............................................
3,137
120,636
Fresenius
SE
&
Co.
KGaA
................................................
5,782
155,926
Merck
KGaA
..........................................................
843
148,769
555,991
Industrials
(1.3%):
Brenntag
SE
..........................................................
2,720
229,092
Daimler
Truck
Holding
AG
................................................
5,114
259,054
Deutsche
Post
AG
......................................................
4,384
188,759
Knorr-Bremse
AG
......................................................
2,253
170,365
Rheinmetall
AG
........................................................
333
187,148
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Siemens
AG,
Registered
Shares
.............................................
905
$
172,753
1,207,171
Information
Technology
(0.5%):
Infineon
Technologies
AG
.................................................
3,357
114,122
Nemetschek
SE
........................................................
1,424
140,888
SAP
SE
..............................................................
1,053
204,980
459,990
Materials
(0.7%):
BASF
SE
............................................................
3,444
196,637
Heidelberg
Materials
AG
.................................................
1,852
203,671
Symrise
AG
...........................................................
1,941
232,303
632,611
Utilities
(0.2%):
RWE
AG
.............................................................
5,980
202,937
5,586,472
Hong
Kong
(2.4%):
Consumer
Discretionary
(0.1%):
Galaxy
Entertainment
Group
Ltd.
...........................................
25,000
125,532
Financials
(0.6%):
AIA
Group
Ltd.
........................................................
17,611
118,244
Hang
Seng
Bank
Ltd.
....................................................
13,814
151,171
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
4,384
127,598
Prudential
PLC
........................................................
14,986
140,507
537,520
Industrials
(0.5%):
CK
Hutchison
Holdings
Ltd.
...............................................
39,262
189,621
MTR
Corp.
Ltd.
........................................................
54,065
178,220
Techtronic
Industries
Co.
Ltd.
..............................................
9,183
124,486
492,327
Real
Estate
(0.6%):
CK
Asset
Holdings
Ltd.
..................................................
43,309
178,179
Henderson
Land
Development
Co.
Ltd.
.......................................
49,891
142,150
Sun
Hung
Kai
Properties
Ltd.
..............................................
15,904
153,316
Swire
Pacific
Ltd.,
Class
A
................................................
15,015
123,547
597,192
Utilities
(0.6%):
CLP
Holdings
Ltd.
......................................................
23,000
183,225
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
239,205
181,237
Power
Assets
Holdings
Ltd.
...............................................
34,686
202,974
567,436
2,320,007
Ireland
(0.9%):
Consumer
Staples
(0.2%):
Kerry
Group
PLC,
Class
A
................................................
2,321
198,891
Financials
(0.2%):
AIB
Group
PLC
........................................................
34,266
173,873
Industrials
(0.3%):
Experian
PLC
.........................................................
4,020
175,215
Kingspan
Group
PLC
....................................................
1,326
120,808
296,023
Materials
(0.2%):
Smurfit
Kappa
Group
PLC
................................................
3,348
152,939
821,726
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Israel
(0.7%):
Financials
(0.4%):
Bank
Hapoalim
BM
.....................................................
15,058
$
141,329
Bank
Leumi
Le-Israel
BM
................................................
16,602
138,150
Mizrahi
Tefahot
Bank
Ltd.
................................................
3,429
128,715
408,194
Industrials
(0.2%):
Elbit
Systems
Ltd.
......................................................
778
162,665
Information
Technology
(0.1%):
Nice
Ltd.(b)
...........................................................
486
126,629
697,488
Italy
(3.5%):
Communication
Services
(0.3%):
Infrastrutture
Wireless
Italiane
SpA(c)
........................................
22,332
253,663
Consumer
Discretionary
(0.1%):
Moncler
SpA
..........................................................
1,948
145,369
Consumer
Staples
(0.2%):
Davide
Campari-Milano
NV,
Class
M
........................................
16,684
167,625
Energy
(0.2%):
Eni
SpA
.............................................................
15,411
243,506
Financials
(1.3%):
Assicurazioni
Generali
SpA
...............................................
12,820
324,427
Intesa
Sanpaolo
SpA
.....................................................
63,592
230,691
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
15,079
224,630
Poste
Italiane
SpA(c)
....................................................
22,110
276,781
UniCredit
SpA
.........................................................
4,731
179,510
1,236,039
Health
Care
(0.2%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
3,578
197,766
Industrials
(0.4%):
Leonardo
SpA
.........................................................
7,443
186,910
Prysmian
SpA
.........................................................
3,141
163,955
350,865
Utilities
(0.8%):
Enel
SpA
.............................................................
38,550
254,452
Snam
SpA
............................................................
52,674
248,642
Terna
-
Rete
Elettrica
Nazionale
............................................
32,796
270,989
774,083
3,368,916
Japan
(19.5%):
Communication
Services
(1.3%):
Capcom
Co.
Ltd.
.......................................................
5,800
108,290
KDDI
Corp.
...........................................................
7,700
227,297
LY
Corp.
.............................................................
46,300
117,004
Nexon
Co.
Ltd.
........................................................
5,300
87,890
Nintendo
Co.
Ltd.
......................................................
3,100
169,152
Nippon
Telegraph
&
Telephone
Corp.
........................................
199,200
236,892
SoftBank
Corp.
........................................................
24,800
318,029
1,264,554
Consumer
Discretionary
(3.1%):
Aisin
Corp.
...........................................................
3,300
134,237
Bandai
Namco
Holdings,
Inc.
..............................................
6,500
120,157
Bridgestone
Corp.
......................................................
5,100
225,450
Denso
Corp.
..........................................................
7,900
150,578
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Fast
Retailing
Co.
Ltd.
...................................................
500
$
154,301
Honda
Motor
Co.
Ltd.
...................................................
12,200
150,203
Isuzu
Motors
Ltd.
.......................................................
10,700
144,142
Nissan
Motor
Co.
Ltd.(a)
.................................................
28,700
113,238
Nitori
Holdings
Co.
Ltd.(a)
................................................
900
135,690
Oriental
Land
Co.
Ltd.
...................................................
5,000
159,785
Pan
Pacific
International
Holdings
Corp.
......................................
6,000
158,761
Panasonic
Holdings
Corp.
.................................................
14,200
134,954
Sekisui
House
Ltd.
......................................................
10,400
235,951
Shimano,
Inc.
.........................................................
1,100
164,280
Sony
Group
Corp.
......................................................
1,900
162,308
Subaru
Corp.
..........................................................
6,100
138,072
Sumitomo
Electric
Industries
Ltd.
...........................................
10,100
155,811
Suzuki
Motor
Corp.
.....................................................
14,000
159,183
Toyota
Motor
Corp.
.....................................................
5,800
145,843
2,942,944
Consumer
Staples
(2.0%):
Aeon
Co.
Ltd.
.........................................................
9,700
229,683
Ajinomoto
Co.,
Inc.
.....................................................
3,900
145,116
Asahi
Group
Holdings
Ltd.
................................................
5,500
201,454
Japan
Tobacco,
Inc.
.....................................................
9,800
260,798
Kao
Corp.
............................................................
5,700
212,997
Kikkoman
Corp.
.......................................................
12,000
153,488
Kirin
Holdings
Co.
Ltd.
..................................................
18,800
261,084
Seven
&
i
Holdings
Co.
Ltd.
...............................................
11,500
167,151
Shiseido
Co.
Ltd.
.......................................................
4,600
125,515
Unicharm
Corp.
........................................................
5,600
178,293
1,935,579
Energy
(0.3%):
ENEOS
Holdings,
Inc.
...................................................
35,800
171,881
Inpex
Corp.
...........................................................
8,500
129,134
301,015
Financials
(2.4%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
6,400
162,791
Daiwa
Securities
Group,
Inc.
...............................................
20,200
152,941
Japan
Exchange
Group,
Inc.
...............................................
6,500
175,426
Japan
Post
Holdings
Co.
Ltd.
..............................................
21,000
211,235
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
14,600
148,064
Mizuho
Financial
Group,
Inc.
..............................................
8,370
165,232
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
8,100
142,590
Nomura
Holdings,
Inc.
...................................................
27,100
172,634
ORIX
Corp.
...........................................................
8,600
187,386
Resona
Holdings,
Inc.
....................................................
23,900
147,164
Sompo
Holdings,
Inc.
....................................................
8,100
169,107
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
2,800
163,383
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
8,300
178,656
Tokio
Marine
Holdings,
Inc.
...............................................
4,800
149,842
2,326,451
Health
Care
(1.8%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
3,800
144,760
Daiichi
Sankyo
Co.
Ltd.
..................................................
2,900
91,928
Eisai
Co.
Ltd.
..........................................................
3,600
148,200
Hoya
Corp.
...........................................................
1,100
136,882
Kyowa
Kirin
Co.
Ltd.
....................................................
6,800
121,974
Olympus
Corp.
........................................................
9,800
140,726
Otsuka
Holdings
Co.
Ltd.
.................................................
4,200
174,010
Shionogi
&
Co.
Ltd.
.....................................................
4,600
235,015
Sysmex
Corp.
.........................................................
7,200
127,841
Takeda
Pharmaceutical
Co.
Ltd.
............................................
7,700
213,815
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Terumo
Corp.
.........................................................
7,600
$
138,558
1,673,709
Industrials
(4.1%):
ANA
Holdings,
Inc.(a)
...................................................
11,400
238,002
Central
Japan
Railway
Co.
................................................
9,300
230,534
Daikin
Industries
Ltd.
....................................................
1,000
136,165
East
Japan
Railway
Co.
..................................................
11,400
218,382
FANUC
Corp.
.........................................................
5,700
158,919
Hitachi
Ltd.
...........................................................
1,800
163,577
ITOCHU
Corp.
........................................................
3,800
162,283
Kawasaki
Kisen
Kaisha
Ltd.(a)
.............................................
5,400
72,513
Komatsu
Ltd.
..........................................................
5,300
156,276
Kubota
Corp.
..........................................................
11,400
178,238
Marubeni
Corp.
........................................................
9,400
162,121
Mitsubishi
Corp.
.......................................................
6,600
151,875
Mitsubishi
Electric
Corp.
.................................................
8,300
138,269
Mitsubishi
Heavy
Industries
Ltd.
............................................
15,000
135,274
Mitsui
&
Co.
Ltd.
.......................................................
3,400
158,207
Mitsui
OSK
Lines
Ltd.
...................................................
3,700
112,741
NIDEC
Corp.
..........................................................
3,700
152,146
Nippon
Yusen
KK
......................................................
3,800
104,189
Recruit
Holdings
Co.
Ltd.
.................................................
2,900
127,009
Secom
Co.
Ltd.
........................................................
2,800
202,748
SMC
Corp.
...........................................................
200
112,236
Sumitomo
Corp.(a)
......................................................
7,800
187,064
Toyota
Industries
Corp.
...................................................
1,200
124,590
Toyota
Tsusho
Corp.
.....................................................
2,000
136,496
Yaskawa
Electric
Corp.
...................................................
3,100
131,160
3,851,014
Information
Technology
(2.5%):
Advantest
Corp.
........................................................
1,800
79,618
Canon,
Inc.
...........................................................
6,700
199,238
Disco
Corp.
...........................................................
300
109,388
FUJIFILM
Holdings
Corp.
................................................
8,400
188,023
Fujitsu
Ltd.
...........................................................
10,000
159,719
Keyence
Corp.
.........................................................
300
138,921
Kyocera
Corp.
.........................................................
12,900
171,605
Lasertec
Corp.
.........................................................
400
113,451
Murata
Manufacturing
Co.
Ltd.
.............................................
7,500
140,452
NEC
Corp.
...........................................................
2,100
152,824
Nomura
Research
Institute
Ltd.
.............................................
5,378
151,256
NTT
Data
Group
Corp.
...................................................
9,000
142,379
Obic
Co.
Ltd.
..........................................................
1,300
195,953
Renesas
Electronics
Corp.
.................................................
5,900
104,622
SCREEN
Holdings
Co.
Ltd.
...............................................
800
103,013
TDK
Corp.
...........................................................
2,600
126,977
Tokyo
Electron
Ltd.
.....................................................
400
103,753
2,381,192
Materials
(1.0%):
JFE
Holdings,
Inc.
......................................................
9,800
161,769
Nippon
Paint
Holdings
Co.
Ltd.
.............................................
18,900
135,419
Nippon
Sanso
Holdings
Corp.
..............................................
4,800
149,905
Nippon
Steel
Corp.
......................................................
6,500
155,844
Nitto
Denko
Corp.
......................................................
1,900
172,915
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
3,500
152,755
928,607
Real
Estate
(0.8%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
6,800
201,583
Mitsubishi
Estate
Co.
Ltd.
.................................................
10,400
188,610
Mitsui
Fudosan
Co.
Ltd.
..................................................
17,100
183,416
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
5,000
$
185,518
759,127
Utilities
(0.2%):
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
11,300
160,437
18,524,629
Luxembourg
(0.5%):
Energy
(0.2%):
Tenaris
SA
............................................................
8,903
175,892
Health
Care
(0.1%):
Eurofins
Scientific
SE
....................................................
2,686
171,178
Materials
(0.2%):
ArcelorMittal
SA
.......................................................
6,271
172,191
519,261
Macau
(0.1%):
Consumer
Discretionary
(0.1%):
Sands
China
Ltd.(b)
.....................................................
43,200
121,706
Netherlands
(3.9%):
Communication
Services
(0.6%):
Koninklijke
KPN
NV
....................................................
110,563
413,371
Universal
Music
Group
NV
................................................
5,767
173,438
586,809
Consumer
Discretionary
(0.2%):
Prosus
NV
............................................................
4,125
129,373
Consumer
Staples
(0.7%):
Heineken
Holding
NV
...................................................
3,009
242,787
Heineken
NV
..........................................................
2,377
229,075
Koninklijke
Ahold
Delhaize
NV
............................................
7,538
225,398
697,260
Financials
(1.3%):
ABN
AMRO
Bank
NV(c)
.................................................
9,732
166,392
Adyen
NV(b)(c)
........................................................
34
57,508
Aegon
Ltd.
...........................................................
40,031
243,976
ASR
Nederland
NV
.....................................................
3,166
155,015
Euronext
NV(c)
........................................................
2,469
234,904
ING
Groep
NV
........................................................
15,517
255,191
NN
Group
NV
.........................................................
2,785
128,639
1,241,625
Industrials
(0.5%):
Randstad
NV(a)
........................................................
3,818
201,476
Wolters
Kluwer
NV
.....................................................
1,630
255,303
456,779
Information
Technology
(0.4%):
ASM
International
NV
...................................................
191
116,594
ASML
Holding
NV
.....................................................
150
144,363
BE
Semiconductor
Industries
NV
...........................................
597
91,381
352,338
Materials
(0.2%):
Akzo
Nobel
NV
........................................................
3,002
224,023
3,688,207
Norway
(1.4%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
21,184
235,710
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Consumer
Staples
(0.2%):
Mowi
ASA
...........................................................
9,595
$
175,902
Energy
(0.4%):
Aker
BP
ASA
.........................................................
6,603
164,159
Equinor
ASA
..........................................................
6,374
168,216
332,375
Financials
(0.3%):
DNB
Bank
ASA
........................................................
12,819
254,084
Industrials
(0.2%):
Kongsberg
Gruppen
ASA
.................................................
2,464
170,175
Materials
(0.1%):
Norsk
Hydro
ASA
......................................................
25,880
141,655
1,309,901
Portugal
(0.5%):
Consumer
Staples
(0.1%):
Jeronimo
Martins
SGPS
SA
...............................................
6,676
132,362
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
10,839
179,064
Utilities
(0.2%):
EDP
-
Energias
de
Portugal
SA
.............................................
47,336
184,332
495,758
Russian
Federation
(0.0%):(d)
Materials
(0.0%):(d)
Evraz
PLC(b)(e)(f)
......................................................
34,029
10,422
Singapore
(2.1%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
125,200
234,651
Consumer
Staples
(0.2%):
Wilmar
International
Ltd.
.................................................
83,000
210,897
Financials
(1.0%):
DBS
Group
Holdings
Ltd.
.................................................
12,300
328,298
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
33,600
335,776
United
Overseas
Bank
Ltd.
................................................
14,800
321,348
985,422
Industrials
(0.4%):
Keppel
Ltd.
...........................................................
35,400
192,486
Singapore
Airlines
Ltd.
...................................................
37,800
179,213
371,699
Real
Estate
(0.2%):
CapitaLand
Investment
Ltd.
...............................................
87,000
172,724
1,975,393
South
Korea
(2.7%):
Communication
Services
(0.1%):
NAVER
Corp.
.........................................................
771
107,164
Consumer
Discretionary
(0.6%):
Hyundai
Mobis
Co.
Ltd.
..................................................
778
151,138
Hyundai
Motor
Co.
.....................................................
793
139,619
Kia
Corp.
............................................................
1,343
111,742
LG
Electronics,
Inc.
.....................................................
2,184
157,055
559,554
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Financials
(0.9%):
Hana
Financial
Group,
Inc.
................................................
3,085
$
134,987
KakaoBank
Corp.
.......................................................
3,816
79,660
KB
Financial
Group,
Inc.
.................................................
2,676
139,754
Meritz
Financial
Group,
Inc.
...............................................
1,939
117,685
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
....................................
515
118,219
Samsung
Life
Insurance
Co.
Ltd.
............................................
1,677
118,976
Shinhan
Financial
Group
Co.
Ltd.
...........................................
4,659
163,365
872,646
Health
Care
(0.1%):
Celltrion,
Inc.
.........................................................
742
101,315
Industrials
(0.4%):
LG
Corp.
.............................................................
1,892
123,125
POSCO
Future
M
Co.
Ltd.
................................................
230
51,686
Samsung
C&T
Corp.
....................................................
1,243
147,838
322,649
Information
Technology
(0.4%):
Samsung
Electronics
Co.
Ltd.
..............................................
3,692
221,613
Samsung
SDI
Co.
Ltd.
...................................................
343
121,672
343,285
Materials
(0.2%):
Ecopro
Co.
Ltd.
........................................................
98
47,904
LG
Chem
Ltd.
.........................................................
304
99,369
POSCO
Holdings,
Inc.
...................................................
231
72,246
219,519
2,526,132
Spain
(2.6%):
Consumer
Discretionary
(0.5%):
Amadeus
IT
Group
SA
...................................................
3,424
219,540
Industria
de
Diseno
Textil
SA
..............................................
5,175
260,525
480,065
Energy
(0.2%):
Repsol
SA
............................................................
11,925
198,613
Financials
(0.7%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
20,024
238,463
Banco
Santander
SA
.....................................................
42,082
205,249
CaixaBank
SA
.........................................................
45,070
218,436
662,148
Industrials
(0.7%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
4,968
207,822
Aena
SME
SA(c)
.......................................................
1,140
224,362
Ferrovial
SE
..........................................................
6,917
273,684
705,868
Utilities
(0.5%):
Endesa
SA
............................................................
11,228
207,897
Iberdrola
SA
..........................................................
20,381
252,718
460,615
2,507,309
Sweden
(4.6%):
Consumer
Discretionary
(0.3%):
Evolution
AB(c)
........................................................
1,219
151,565
H
&
M
Hennes
&
Mauritz
AB,
Class
B(a)
.....................................
8,215
134,013
285,578
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Consumer
Staples
(0.2%):
Essity
AB,
Class
B(a)
....................................................
9,370
$
222,568
Financials
(1.6%):
EQT
AB
.............................................................
3,870
122,446
Industrivarden
AB,
Class
C(a)
..............................................
8,288
285,078
Investor
AB,
Class
B
....................................................
10,913
273,954
L
E
Lundbergforetagen
AB,
Class
B
.........................................
4,776
258,577
Skandinaviska
Enskilda
Banken
AB,
Class
A
...................................
15,467
209,494
Svenska
Handelsbanken
AB,
Class
A(a)
.......................................
17,343
175,428
Swedbank
AB,
Class
A
...................................................
8,773
174,039
1,499,016
Industrials
(2.1%):
Alfa
Laval
AB
.........................................................
5,424
213,276
Assa
Abloy
AB,
Class
B
..................................................
7,838
224,922
Atlas
Copco
AB,
Class
A
.................................................
11,327
191,364
Epiroc
AB,
Class
A
......................................................
10,213
191,917
Indutrade
AB
..........................................................
5,976
163,002
Lifco
AB,
Class
B
......................................................
6,570
171,652
Nibe
Industrier
AB,
Class
B
...............................................
18,593
91,317
Saab
AB,
Class
B
.......................................................
1,801
160,213
Sandvik
AB
...........................................................
8,692
193,062
SKF
AB,
B
Shares
......................................................
8,477
173,078
Volvo
AB,
Class
B
......................................................
9,319
252,618
2,026,421
Information
Technology
(0.2%):
Hexagon
AB,
Class
B
....................................................
12,865
152,312
Materials
(0.2%):
Svenska
Cellulosa
AB
SCA,
Class
B(a)
.......................................
12,043
184,892
4,370,787
Switzerland
(6.8%):
Communication
Services
(0.3%):
Swisscom
AG,
Registered
Shares
...........................................
543
332,051
Consumer
Discretionary
(0.3%):
Cie
Financiere
Richemont
SA,
Registered
Shares
................................
806
122,906
The
Swatch
Group
AG
...................................................
705
163,721
286,627
Consumer
Staples
(0.8%):
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................................
19
227,360
Coca-Cola
HBC
AG
.....................................................
6,743
212,979
Nestle
SA,
Registered
Shares
..............................................
2,572
273,116
713,455
Financials
(1.7%):
Banque
Cantonale
Vaudoise,
Registered
Shares
.................................
2,234
259,646
Julius
Baer
Group
Ltd.
...................................................
2,727
157,505
Partners
Group
Holding
AG
...............................................
107
152,840
Swiss
Life
Holding
AG
...................................................
338
236,979
Swiss
Re
AG
..........................................................
1,978
254,352
UBS
Group
AG
........................................................
6,183
190,215
Zurich
Insurance
Group
AG
...............................................
640
345,161
1,596,698
Health
Care
(1.2%):
Alcon,
Inc.
...........................................................
2,431
201,501
Lonza
Group
AG,
Registered
Shares
.........................................
193
115,625
Novartis
AG,
Registered
Shares
.............................................
2,495
241,752
Roche
Holding
AG
......................................................
887
225,955
Sonova
Holding
AG
.....................................................
637
184,452
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Straumann
Holding
AG,
Class
R
............................................
838
$
133,827
1,103,112
Industrials
(1.1%):
ABB
Ltd.,
Registered
Shares
...............................................
4,544
211,099
Geberit
AG,
Registered
Shares
.............................................
281
166,101
Kuehne
+
Nagel
International
AG,
Class
R(a)
...................................
579
161,172
Schindler
Holding
AG
...................................................
793
199,723
SGS
SA,
Registered
Shares(a)
..............................................
2,114
205,140
VAT
Group
AG(c)
......................................................
261
135,262
1,078,497
Information
Technology
(0.3%):
Logitech
International
SA,
Class
R
..........................................
1,463
131,032
STMicroelectronics
NV
..................................................
2,938
126,516
257,548
Materials
(1.1%):
EMS-Chemie
Holding
AG
................................................
358
274,743
Givaudan
SA,
Registered
Shares
............................................
47
209,329
Glencore
PLC
.........................................................
30,176
165,757
Holcim
AG
...........................................................
2,838
257,016
Sika
AG,
Registered
Shares
................................................
551
164,133
1,070,978
6,438,966
United
Kingdom
(8.6%):
Communication
Services
(0.6%):
BT
Group
PLC
........................................................
117,073
161,990
Informa
PLC
..........................................................
22,001
230,765
Vodafone
Group
PLC
....................................................
187,652
166,847
559,602
Consumer
Discretionary
(0.7%):
Compass
Group
PLC
....................................................
9,662
283,230
InterContinental
Hotels
Group
PLC
..........................................
1,920
199,690
Next
PLC
............................................................
1,813
211,211
694,131
Consumer
Staples
(1.7%):
Associated
British
Foods
PLC
..............................................
7,512
236,794
Diageo
PLC
...........................................................
5,076
187,389
Haleon
PLC
...........................................................
54,498
229,075
Imperial
Brands
PLC
....................................................
10,753
240,174
Reckitt
Benckiser
Group
PLC
..............................................
3,127
178,041
Tesco
PLC
............................................................
64,042
239,695
Unilever
PLC
.........................................................
5,983
300,146
1,611,314
Energy
(0.5%):
BP
PLC
..............................................................
33,844
211,701
Shell
PLC
............................................................
7,323
242,572
454,273
Financials
(2.1%):
3i
Group
PLC
.........................................................
6,718
238,130
Admiral
Group
PLC
.....................................................
5,101
182,615
Barclays
PLC
.........................................................
69,561
160,810
HSBC
Holdings
PLC
....................................................
26,938
210,416
Legal
&
General
Group
PLC
...............................................
62,454
200,493
Lloyds
Banking
Group
PLC
...............................................
319,618
208,761
London
Stock
Exchange
Group
PLC
.........................................
3,024
362,135
NatWest
Group
PLC
.....................................................
45,475
152,356
Standard
Chartered
PLC
..................................................
18,166
153,909
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Wise
PLC,
Class
A(b)
....................................................
9,754
$
114,297
1,983,922
Health
Care
(0.6%):
AstraZeneca
PLC
.......................................................
1,323
178,268
GSK
PLC
............................................................
10,888
234,753
Smith
&
Nephew
PLC
...................................................
14,928
186,793
599,814
Industrials
(1.2%):
Ashtead
Group
PLC
.....................................................
1,927
137,146
BAE
Systems
PLC
......................................................
13,403
228,243
Bunzl
PLC
...........................................................
6,786
261,007
RELX
PLC
...........................................................
5,785
249,954
Rentokil
Initial
PLC
.....................................................
22,041
131,196
Rolls-Royce
Holdings
PLC(b)
..............................................
22,232
119,708
1,127,254
Information
Technology
(0.4%):
Halma
PLC
...........................................................
6,664
199,131
The
Sage
Group
PLC
....................................................
11,619
185,547
384,678
Materials
(0.3%):
Anglo
American
PLC
....................................................
4,501
110,858
Rio
Tinto
PLC
.........................................................
2,732
172,961
283,819
Utilities
(0.5%):
National
Grid
PLC
......................................................
18,745
252,154
SSE
PLC
.............................................................
10,158
211,502
463,656
8,162,463
United
States
(0.2%):
Industrials
(0.2%):
RB
Global,
Inc.
........................................................
1,866
142,141
Total
Common
Stocks
(Cost
$78,319,517)
93,805,498
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.(b)(f)
...........................................
112
—
Total
Warrants
(Cost
$–)
—
Collateral
for
Securities
Loaned
(1.9%)^
United
States
(1.9%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(g)
........
443,221
443,221
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.24%(g)
............
443,221
443,221
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(g)
...............
443,221
443,221
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.22%(g)
.
443,221
443,221
Total
Collateral
for
Securities
Loaned
(Cost
$1,772,884)
1,772,884
Total
Investments
(Cost
$80,092,401)
—
100.6%
95,578,382
Liabilities
in
excess
of
other
assets
—
(0.6)%
(593,361)
NET
ASSETS
-
100.00%
$
94,985,021
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2024,
the
fair
value
of
these
securities
was
$1,939,122
and
amounted
to
2.0%
of
net
assets.
Victory
Portfolios
II
VictoryShares
International
Volatility
Wtd
ETF
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
213,602
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2024.
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2024.
(g)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
5
6/21/24
$
584,605
$
589,275
$
4,670
Total
unrealized
appreciation
$
4,670
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
4,670
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
60
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.2%)
Communication
Services
(3.4%):
AT&T,
Inc.
...........................................................
169,812
$
2,988,691
Omnicom
Group,
Inc.
....................................................
36,741
3,555,059
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
83,485
2,724,116
Verizon
Communications,
Inc.
..............................................
72,393
3,037,610
12,305,476
Consumer
Discretionary
(2.7%):
Best
Buy
Co.,
Inc.
......................................................
35,088
2,878,269
Darden
Restaurants,
Inc.
..................................................
25,179
4,208,670
Ford
Motor
Co.
........................................................
183,670
2,439,137
9,526,076
Consumer
Staples
(15.4%):
Altria
Group,
Inc.
.......................................................
98,566
4,299,449
Archer-Daniels-Midland
Co.
...............................................
39,055
2,453,045
Campbell
Soup
Co.
.....................................................
81,837
3,637,655
Conagra
Brands,
Inc.
....................................................
129,144
3,827,828
General
Mills,
Inc.
......................................................
62,998
4,407,970
Hormel
Foods
Corp.
.....................................................
73,296
2,557,297
Kellanova
............................................................
70,061
4,013,795
Kimberly-Clark
Corp.
....................................................
40,020
5,176,587
PepsiCo,
Inc.
..........................................................
27,988
4,898,180
Philip
Morris
International,
Inc.
.............................................
52,810
4,838,452
The
Clorox
Co.
........................................................
20,004
3,062,812
The
Coca-Cola
Co.
......................................................
91,784
5,615,345
The
Kraft
Heinz
Co.
.....................................................
113,744
4,197,154
Walgreens
Boots
Alliance,
Inc.
.............................................
90,966
1,973,052
54,958,621
Energy
(13.2%):
Chevron
Corp.
.........................................................
23,205
3,660,357
ConocoPhillips
........................................................
28,584
3,638,171
Coterra
Energy,
Inc.
.....................................................
120,387
3,356,390
Devon
Energy
Corp.
.....................................................
60,578
3,039,804
Diamondback
Energy,
Inc.
................................................
16,646
3,298,738
EOG
Resources,
Inc.
....................................................
25,639
3,277,690
Exxon
Mobil
Corp.
.....................................................
32,420
3,768,501
HF
Sinclair
Corp.
.......................................................
46,009
2,777,563
Kinder
Morgan,
Inc.
.....................................................
255,531
4,686,438
ONEOK,
Inc.
..........................................................
49,058
3,932,980
Phillips
66
............................................................
22,612
3,693,444
The
Williams
Cos.,
Inc.
..................................................
119,942
4,674,140
Valero
Energy
Corp.
.....................................................
19,471
3,323,505
47,127,721
Financials
(19.1%):
Ally
Financial,
Inc.
......................................................
54,579
2,215,362
Citigroup,
Inc.
.........................................................
61,877
3,913,102
Citizens
Financial
Group,
Inc.
..............................................
64,822
2,352,390
CME
Group,
Inc.
.......................................................
19,883
4,280,611
Corebridge
Financial,
Inc.
(a)
...............................................
121,422
3,488,454
Fidelity
National
Financial,
Inc.
............................................
66,482
3,530,194
Fifth
Third
Bancorp
.....................................................
67,967
2,529,052
Franklin
Resources,
Inc.
..................................................
95,033
2,671,378
Huntington
Bancshares,
Inc.
...............................................
199,287
2,780,054
KeyCorp
.............................................................
126,025
1,992,455
M&T
Bank
Corp.
.......................................................
17,573
2,555,817
MetLife,
Inc.
..........................................................
52,175
3,866,689
Morgan
Stanley
........................................................
35,716
3,363,019
Northern
Trust
Corp.
....................................................
30,347
2,698,455
Principal
Financial
Group,
Inc.
.............................................
45,153
3,897,155
Prudential
Financial,
Inc.
.................................................
34,753
4,080,002
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Regions
Financial
Corp.
..................................................
121,495
$
2,556,255
State
Street
Corp.
.......................................................
40,100
3,100,532
T.
Rowe
Price
Group,
Inc.
.................................................
24,952
3,042,148
The
Bank
of
New
York
Mellon
Corp.
.........................................
66,786
3,848,209
The
PNC
Financial
Services
Group,
Inc.
......................................
19,170
3,097,872
U.S.
Bancorp
..........................................................
54,238
2,424,439
68,283,644
Health
Care
(9.2%):
AbbVie,
Inc.
..........................................................
24,945
4,542,485
Amgen,
Inc.
...........................................................
12,064
3,430,036
Bristol-Myers
Squibb
Co.
.................................................
73,082
3,963,237
CVS
Health
Corp.
......................................................
38,716
3,087,988
Gilead
Sciences,
Inc.
....................................................
44,636
3,269,587
Johnson
&
Johnson
.....................................................
29,216
4,621,679
Medtronic
PLC
........................................................
47,781
4,164,114
Pfizer,
Inc.
............................................................
116,610
3,235,928
Viatris,
Inc.
...........................................................
215,692
2,575,362
32,890,416
Industrials
(3.2%):
Lockheed
Martin
Corp.
...................................................
9,487
4,315,352
Paychex,
Inc.
..........................................................
32,209
3,955,265
United
Parcel
Service,
Inc.
,
Class
B
..........................................
21,800
3,240,134
11,510,751
Information
Technology
(6.0%):
Cisco
Systems,
Inc.
.....................................................
78,865
3,936,152
Corning,
Inc.
..........................................................
106,160
3,499,034
Hewlett
Packard
Enterprise
Co.
.............................................
171,224
3,035,802
HP,
Inc.
..............................................................
118,272
3,574,180
International
Business
Machines
Corp.
........................................
20,690
3,950,962
Texas
Instruments,
Inc.
...................................................
19,053
3,319,223
21,315,353
Materials
(3.8%):
Air
Products
and
Chemicals,
Inc.
............................................
10,461
2,534,387
Dow,
Inc.
............................................................
66,308
3,841,222
International
Paper
Co.
...................................................
87,953
3,431,926
LyondellBasell
Industries
NV
,
Class
A
........................................
38,912
3,979,919
13,787,454
Utilities
(23.2%):
Alliant
Energy
Corp.
....................................................
79,929
4,028,422
Ameren
Corp.
.........................................................
48,364
3,577,001
American
Electric
Power
Co.,
Inc.
...........................................
40,829
3,515,377
CMS
Energy
Corp.
......................................................
66,561
4,016,291
Consolidated
Edison,
Inc.
.................................................
47,463
4,310,115
Dominion
Energy,
Inc.
...................................................
61,211
3,010,969
DTE
Energy
Co.
.......................................................
34,870
3,910,322
Duke
Energy
Corp.
......................................................
46,541
4,500,980
Edison
International
.....................................................
50,969
3,605,037
Entergy
Corp.
.........................................................
37,538
3,967,016
Evergy,
Inc.
...........................................................
72,638
3,877,416
Exelon
Corp.
..........................................................
93,031
3,495,175
FirstEnergy
Corp.
.......................................................
103,148
3,983,576
NextEra
Energy,
Inc.
....................................................
45,085
2,881,382
NiSource,
Inc.
.........................................................
135,163
3,738,609
PPL
Corp.
............................................................
151,932
4,182,688
Public
Service
Enterprise
Group,
Inc.
.........................................
63,092
4,213,284
Sempra
..............................................................
56,627
4,067,517
The
AES
Corp.
........................................................
133,036
2,385,335
The
Southern
Co.
.......................................................
59,512
4,269,391
WEC
Energy
Group,
Inc.
.................................................
47,489
3,899,797
Victory
Portfolios
II
VictoryShares
US
Large
Cap
High
Div
Volatility
Wtd
ETF
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Xcel
Energy,
Inc.
.......................................................
66,569
$
3,578,084
83,013,784
Total
Common
Stocks
(Cost
$336,282,562)
354,719,296
Collateral
for
Securities
Loaned
(0.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(b)
........
791,700
791,700
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(b)
............
791,700
791,700
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(b)
...............
791,700
791,700
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(b)
.
791,700
791,700
Total
Collateral
for
Securities
Loaned
(Cost
$3,166,800)
3,166,800
Total
Investments
(Cost
$339,449,362)
—
100.1%
357,886,096
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
340,191
)
NET
ASSETS
-
100.00%
$
357,545,905
^
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,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
7
6/21/24
$
1,828,074
$
1,857,975
$
29,901
Total
unrealized
appreciation
$
29,901
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
29,901
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
63
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Communication
Services
(3.2%):
Cable
One,
Inc.
........................................................
5,410
$
2,289,133
Cogent
Communications
Holdings,
Inc.
.......................................
37,046
2,420,215
Shutterstock,
Inc.
.......................................................
38,495
1,763,456
TEGNA,
Inc.
..........................................................
269,276
4,022,984
10,495,788
Consumer
Discretionary
(18.5%):
Advance
Auto
Parts,
Inc.
.................................................
32,905
2,799,886
Bloomin'
Brands,
Inc.
....................................................
106,192
3,045,587
Camping
World
Holdings,
Inc.
,
Class
A
.......................................
75,676
2,107,577
Carter's,
Inc.
..........................................................
42,937
3,635,905
Cracker
Barrel
Old
Country
Store,
Inc.
(a)
......................................
37,087
2,697,338
Dana,
Inc.
............................................................
204,051
2,591,448
H&R
Block,
Inc.
.......................................................
76,132
3,738,843
Jack
in
the
Box,
Inc.
.....................................................
41,383
2,833,908
Kontoor
Brands,
Inc.
....................................................
40,372
2,432,413
LCI
Industries
.........................................................
19,557
2,406,684
Levi
Strauss
&
Co.
,
Class
A
...............................................
158,950
3,177,410
Macy's,
Inc.
...........................................................
107,496
2,148,845
Marriott
Vacations
Worldwide
Corp.
.........................................
23,694
2,552,555
Nordstrom,
Inc.
........................................................
99,172
2,010,216
Oxford
Industries,
Inc.
...................................................
29,592
3,326,141
Papa
John's
International,
Inc.
..............................................
42,328
2,819,045
The
Buckle,
Inc.
........................................................
69,475
2,797,758
The
Cheesecake
Factory,
Inc.
..............................................
85,981
3,108,213
The
Gap,
Inc.
..........................................................
88,430
2,436,247
The
Wendy's
Co.
.......................................................
246,216
4,638,709
Travel
+
Leisure
Co.
.....................................................
59,988
2,937,012
60,241,740
Consumer
Staples
(2.7%):
Cal-Maine
Foods,
Inc.
...................................................
53,804
3,166,365
Energizer
Holdings,
Inc.
..................................................
102,578
3,019,896
Vector
Group
Ltd.
......................................................
240,290
2,633,579
8,819,840
Energy
(10.2%):
Archrock,
Inc.
.........................................................
161,947
3,185,498
Atlas
Energy
Solutions,
Inc.
...............................................
125,975
2,849,555
Crescent
Energy
Co.
,
Class
A
..............................................
195,202
2,322,904
CVR
Energy,
Inc.
.......................................................
82,237
2,932,571
Delek
U.S.
Holdings,
Inc.
.................................................
102,401
3,147,807
Equitrans
Midstream
Corp.
................................................
269,154
3,361,733
Helmerich
&
Payne,
Inc.
..................................................
65,050
2,736,003
Kinetik
Holdings,
Inc.
...................................................
101,241
4,036,479
Northern
Oil
&
Gas,
Inc.
..................................................
85,055
3,374,982
Patterson-UTI
Energy,
Inc.
................................................
180,973
2,160,818
World
Kinect
Corp.
.....................................................
116,472
3,080,684
33,189,034
Financials
(24.7%):
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
72,232
3,306,059
Associated
Banc-Corp.
...................................................
138,628
2,981,888
Atlantic
Union
Bankshares
Corp.
............................................
83,476
2,947,537
Bank
of
Hawaii
Corp.
....................................................
37,801
2,358,404
BankUnited,
Inc.
.......................................................
80,059
2,241,652
Banner
Corp.
..........................................................
66,484
3,191,232
Columbia
Banking
System,
Inc.
............................................
109,638
2,121,495
Community
Bank
System,
Inc.
.............................................
61,345
2,946,400
CVB
Financial
Corp.
....................................................
133,123
2,374,914
First
Financial
Bancorp
...................................................
136,305
3,055,958
First
Hawaiian,
Inc.
.....................................................
143,661
3,154,796
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
91,428
$
2,487,756
First
Merchants
Corp.
....................................................
92,422
3,225,528
Fulton
Financial
Corp.
...................................................
202,769
3,221,999
Independent
Bank
Corp.
..................................................
50,387
2,621,132
Jackson
Financial,
Inc.
,
Class
A
.............................................
48,741
3,223,730
Navient
Corp.
.........................................................
211,523
3,680,500
NBT
Bancorp,
Inc.
......................................................
89,195
3,271,673
Northwest
Bancshares,
Inc.
................................................
294,821
3,434,665
Pacific
Premier
Bancorp,
Inc.
..............................................
105,182
2,524,368
Simmons
First
National
Corp.
,
Class
A
.......................................
144,518
2,812,320
Synovus
Financial
Corp.
..................................................
65,361
2,618,362
The
Western
Union
Co.
...................................................
277,901
3,885,056
United
Bankshares,
Inc.
..................................................
86,292
3,088,391
Virtu
Financial,
Inc.
,
Class
A
...............................................
179,844
3,690,399
WaFd,
Inc.
............................................................
98,100
2,847,843
WesBanco,
Inc.
........................................................
97,184
2,897,055
80,211,112
Health
Care
(2.9%):
National
HealthCare
Corp.
................................................
34,899
3,298,305
Patterson
Cos.,
Inc.
.....................................................
90,997
2,516,067
Premier,
Inc.
,
Class
A
....................................................
171,023
3,779,608
9,593,980
Industrials
(9.7%):
HNI
Corp.
............................................................
75,206
3,394,047
Kennametal,
Inc.
.......................................................
127,665
3,183,965
ManpowerGroup,
Inc.
...................................................
53,377
4,144,190
MDU
Resources
Group,
Inc.
...............................................
216,271
5,450,029
MillerKnoll,
Inc.
.......................................................
62,410
1,545,272
MSC
Industrial
Direct
Co.,
Inc.
.............................................
48,922
4,747,391
Ryder
System,
Inc.
......................................................
32,450
3,900,166
Steelcase,
Inc.
,
Class
A
...................................................
165,024
2,158,514
Trinity
Industries,
Inc.
...................................................
104,591
2,912,859
31,436,433
Information
Technology
(2.1%):
Avnet,
Inc.
............................................................
84,730
4,200,913
Clear
Secure,
Inc.
,
Class
A
................................................
117,326
2,495,524
6,696,437
Materials
(3.4%):
Avient
Corp.
..........................................................
75,650
3,283,210
Greif,
Inc.
,
Class
A
......................................................
63,392
4,377,217
Sensient
Technologies
Corp.
...............................................
48,520
3,357,099
11,017,526
Utilities
(22.0%):
ALLETE,
Inc.
.........................................................
72,176
4,304,577
American
States
Water
Co.
................................................
62,322
4,502,141
Avista
Corp.
..........................................................
113,492
3,974,490
Black
Hills
Corp.
.......................................................
72,152
3,939,499
California
Water
Service
Group
.............................................
82,276
3,824,188
Chesapeake
Utilities
Corp.
................................................
35,061
3,762,045
Clearway
Energy,
Inc.
,
Class
C
.............................................
116,195
2,678,295
MGE
Energy,
Inc.
......................................................
71,466
5,625,804
National
Fuel
Gas
Co.
...................................................
85,627
4,599,882
New
Jersey
Resources
Corp.
...............................................
106,850
4,584,934
Northwest
Natural
Holding
Co.
.............................................
96,353
3,586,259
Northwestern
Energy
Group,
Inc.
...........................................
90,674
4,618,027
ONE
Gas,
Inc.
.........................................................
66,319
4,279,565
Portland
General
Electric
Co.
..............................................
101,587
4,266,654
SJW
Group
...........................................................
73,077
4,135,427
Southwest
Gas
Holdings,
Inc.
..............................................
54,156
4,122,896
Victory
Portfolios
II
VictoryShares
US
Small
Cap
High
Div
Volatility
Wtd
ETF
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Spire,
Inc.
............................................................
74,805
$
4,590,783
71,395,466
Total
Common
Stocks
(Cost
$305,966,419)
323,097,356
Collateral
for
Securities
Loaned
(0.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(b)
........
621,421
621,421
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(b)
............
621,421
621,421
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(b)
...............
621,421
621,421
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(b)
.
621,421
621,421
Total
Collateral
for
Securities
Loaned
(Cost
$2,485,684)
2,485,684
Total
Investments
(Cost
$308,452,103)
—
100.2%
325,583,040
Liabilities
in
excess
of
other
assets
—
(0.2)%
(
491,613
)
NET
ASSETS
-
100.00%
$
325,091,427
^
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,
2024.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
11
6/21/24
$
1,133,021
$
1,180,245
$
47,224
Total
unrealized
appreciation
$
47,224
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
47,224
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
66
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.4%)
Australia
(8.3%):
Communication
Services
(1.4%):
Telstra
Group
Ltd.
......................................................
108,266
$
272,266
Consumer
Staples
(1.1%):
Coles
Group
Ltd.
.......................................................
20,308
224,127
Energy
(1.8%):
Santos
Ltd.
...........................................................
34,296
173,165
Woodside
Energy
Group
Ltd.
..............................................
8,959
178,022
351,187
Financials
(1.4%):
ANZ
Group
Holdings
Ltd.
................................................
13,824
264,786
Materials
(2.6%):
BHP
Group
Ltd.
........................................................
6,557
189,116
Fortescue
Ltd.
.........................................................
7,792
130,466
Rio
Tinto
Ltd.
.........................................................
2,345
186,021
505,603
1,617,969
Austria
(1.6%):
Energy
(0.9%):
OMV
AG
............................................................
3,538
167,389
Utilities
(0.7%):
Verbund
AG
..........................................................
1,968
143,826
311,215
Canada
(11.4%):
Communication
Services
(2.2%):
BCE,
Inc.
............................................................
6,148
208,943
TELUS
Corp.
.........................................................
14,035
224,556
433,499
Energy
(5.2%):
Canadian
Natural
Resources
Ltd.
............................................
1,977
150,829
Enbridge,
Inc.
.........................................................
6,607
238,786
Pembina
Pipeline
Corp.
..................................................
7,785
274,809
Suncor
Energy,
Inc.
.....................................................
4,292
158,415
TC
Energy
Corp.
.......................................................
4,683
188,233
1,011,072
Financials
(1.1%):
The
Bank
of
Nova
Scotia
.................................................
4,180
216,253
Materials
(0.7%):
Nutrien
Ltd.
...........................................................
2,448
133,010
Utilities
(2.2%):
Emera,
Inc.
...........................................................
5,335
187,773
Fortis,
Inc.
............................................................
5,825
230,178
417,951
2,211,785
Denmark
(0.4%):
Industrials
(0.4%):
AP
Moller
-
Maersk
A/S,
Class
B
...........................................
62
80,668
Finland
(3.3%):
Energy
(0.5%):
Neste
Oyj
............................................................
3,757
101,722
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Financials
(1.1%):
Nordea
Bank
Abp
.......................................................
19,645
$
218,814
Industrials
(0.9%):
Kone
Oyj,
Class
B
......................................................
3,562
165,759
Materials
(0.8%):
UPM-Kymmene
Oyj
....................................................
4,524
150,647
636,942
France
(12.1%):
Communication
Services
(1.5%):
Orange
SA
............................................................
24,994
293,552
Consumer
Discretionary
(1.3%):
Sodexo
SA
...........................................................
2,847
244,088
Energy
(1.1%):
TotalEnergies
SE
.......................................................
3,051
208,888
Financials
(4.1%):
Amundi
SA(a)
.........................................................
2,758
189,363
BNP
Paribas
SA
........................................................
2,808
199,490
Credit
Agricole
SA
......................................................
15,683
233,729
Societe
Generale
SA
.....................................................
6,569
175,803
798,385
Health
Care
(0.7%):
Sanofi
SA
............................................................
1,381
135,502
Industrials
(1.0%):
Bouygues
SA
..........................................................
4,893
199,670
Utilities
(2.4%):
Engie
SA
.............................................................
14,913
249,505
Veolia
Environnement
SA
.................................................
6,659
216,426
465,931
2,346,016
Germany
(3.6%):
Consumer
Discretionary
(1.8%):
Bayerische
Motoren
Werke
AG
.............................................
1,512
174,452
Mercedes-Benz
Group
AG
................................................
2,304
183,442
357,894
Industrials
(0.9%):
Deutsche
Post
AG
......................................................
3,977
171,235
Materials
(0.9%):
BASF
SE
............................................................
3,103
177,168
706,297
Hong
Kong
(3.7%):
Financials
(0.7%):
Hang
Seng
Bank
Ltd.
....................................................
12,400
135,697
Real
Estate
(1.3%):
Sun
Hung
Kai
Properties
Ltd.
..............................................
14,500
139,781
Swire
Pacific
Ltd.,
Class
A
................................................
13,624
112,102
251,883
Utilities
(1.7%):
CLP
Holdings
Ltd.
......................................................
20,551
163,716
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
216,796
$
164,258
327,974
715,554
Italy
(8.2%):
Energy
(1.2%):
Eni
SpA
.............................................................
13,964
220,643
Financials
(3.4%):
Intesa
Sanpaolo
SpA
.....................................................
57,696
209,302
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
13,690
203,938
Poste
Italiane
SpA(a)
....................................................
20,049
250,980
664,220
Utilities
(3.6%):
Enel
SpA
.............................................................
34,959
230,750
Snam
SpA
............................................................
47,766
225,475
Terna
-
Rete
Elettrica
Nazionale
............................................
29,748
245,803
702,028
1,586,891
Japan
(5.1%):
Communication
Services
(1.5%):
SoftBank
Corp.
........................................................
22,500
288,534
Consumer
Discretionary
(0.7%):
Isuzu
Motors
Ltd.
.......................................................
9,700
130,671
Consumer
Staples
(1.2%):
Japan
Tobacco,
Inc.
.....................................................
8,900
236,847
Health
Care
(1.0%):
Takeda
Pharmaceutical
Co.
Ltd.
............................................
7,000
194,378
Materials
(0.7%):
Nippon
Steel
Corp.
......................................................
5,900
141,458
991,888
Netherlands
(7.2%):
Communication
Services
(1.9%):
Koninklijke
KPN
NV
....................................................
100,280
374,925
Consumer
Staples
(1.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
6,792
203,092
Financials
(3.3%):
ABN
AMRO
Bank
NV(a)
.................................................
8,830
150,970
ASR
Nederland
NV
.....................................................
2,874
140,718
ING
Groep
NV
........................................................
13,981
229,930
NN
Group
NV
.........................................................
2,528
116,768
638,386
Industrials
(0.9%):
Randstad
NV
..........................................................
3,460
182,585
1,398,988
Norway
(4.5%):
Communication
Services
(1.1%):
Telenor
ASA
..........................................................
19,217
213,823
Energy
(1.5%):
Aker
BP
ASA
.........................................................
5,985
148,795
Equinor
ASA
..........................................................
5,743
151,563
300,358
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Financials
(1.2%):
DNB
Bank
ASA
........................................................
11,550
$
228,931
Materials
(0.7%):
Norsk
Hydro
ASA
......................................................
23,478
128,508
871,620
Portugal
(0.9%):
Utilities
(0.9%):
EDP
-
Energias
de
Portugal
SA
.............................................
42,975
167,350
Russian
Federation
(0.0%):(b)
Materials
(0.0%):(b)
Evraz
PLC(c)(d)(e)
.....................................................
23,292
7,133
Singapore
(6.8%):
Communication
Services
(1.1%):
Singapore
Telecommunications
Ltd.
.........................................
113,700
213,098
Consumer
Staples
(1.0%):
Wilmar
International
Ltd.
.................................................
75,400
191,586
Financials
(3.0%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
30,500
304,797
United
Overseas
Bank
Ltd.
................................................
13,200
286,608
591,405
Industrials
(0.9%):
Keppel
Ltd.
...........................................................
32,100
174,542
Real
Estate
(0.8%):
CapitaLand
Investment
Ltd.
...............................................
78,400
155,650
1,326,281
South
Korea
(1.3%):
Consumer
Discretionary
(0.7%):
Hyundai
Motor
Co.
.....................................................
715
125,886
Financials
(0.6%):
Hana
Financial
Group,
Inc.
................................................
2,780
121,642
247,528
Spain
(2.1%):
Energy
(0.9%):
Repsol
SA
............................................................
10,744
178,943
Utilities
(1.2%):
Iberdrola
SA
..........................................................
18,363
227,695
406,638
Sweden
(1.4%):
Consumer
Discretionary
(0.6%):
H
&
M
Hennes
&
Mauritz
AB,
Class
B(f)
.....................................
7,402
120,751
Financials
(0.8%):
Svenska
Handelsbanken
AB,
Class
A(f)
.......................................
15,745
159,264
280,015
Switzerland
(4.9%):
Communication
Services
(1.6%):
Swisscom
AG,
Registered
Shares
...........................................
492
300,864
Financials
(0.7%):
Julius
Baer
Group
Ltd.
...................................................
2,457
141,910
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Health
Care
(1.0%):
Roche
Holding
AG
......................................................
799
$
203,538
Industrials
(0.8%):
Kuehne
+
Nagel
International
AG,
Class
R(f)
...................................
526
146,419
Materials
(0.8%):
Glencore
PLC
.........................................................
27,350
150,234
942,965
United
Kingdom
(11.6%):
Communication
Services
(0.8%):
Vodafone
Group
PLC
....................................................
170,268
151,390
Consumer
Staples
(3.6%):
Imperial
Brands
PLC
....................................................
9,762
218,039
Tesco
PLC
............................................................
58,142
217,613
Unilever
PLC
.........................................................
5,390
270,398
706,050
Energy
(2.1%):
BP
PLC
..............................................................
30,662
191,797
Shell
PLC
............................................................
6,598
218,557
410,354
Financials
(2.6%):
Admiral
Group
PLC
.....................................................
4,629
165,718
HSBC
Holdings
PLC
....................................................
24,450
190,982
NatWest
Group
PLC
.....................................................
41,286
138,321
495,021
Materials
(1.3%):
Anglo
American
PLC
....................................................
4,086
100,637
Rio
Tinto
PLC
.........................................................
2,479
156,943
257,580
Utilities
(1.2%):
National
Grid
PLC
......................................................
17,018
228,923
2,249,318
Total
Common
Stocks
(Cost
$18,574,363)
19,103,061
Collateral
for
Securities
Loaned
(1.4%)^
United
States
(1.4%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(g)
........
65,962
65,962
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.24%(g)
............
65,962
65,962
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(g)
...............
65,962
65,962
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.22%(g)
.
65,962
65,962
Total
Collateral
for
Securities
Loaned
(Cost
$263,848)
263,848
Total
Investments
(Cost
$18,838,211)
—
99.8%
19,366,909
Other
assets
in
excess
of
liabilities
—
0.2%
40,315
NET
ASSETS
-
100.00%
$
19,407,224
^
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,
2024,
the
fair
value
of
these
securities
was
$591,313
and
amounted
to
3.0%
of
net
assets.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Non-income
producing
security.
Victory
Portfolios
II
VictoryShares
International
High
Div
Volatility
Wtd
ETF
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
141,369
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2024.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2024.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
1
6/21/24
$
116,699
$
117,855
$
1,156
Total
unrealized
appreciation
$
1,156
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
1,156
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
72
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Aerospace
&
Defense
(1.3%):
Northrop
Grumman
Corp.
.................................................
7,016
$
3,358,279
Building
Products
(1.7%):
Carlisle
Cos.,
Inc.
.......................................................
5,252
2,057,996
UFP
Industries,
Inc.
.....................................................
19,125
2,352,566
4,410,562
Commercial
Services
&
Supplies
(3.8%):
Republic
Services,
Inc.
...................................................
28,432
5,443,022
Waste
Management,
Inc.
..................................................
20,633
4,397,924
9,840,946
Consumer
Discretionary
(6.1%):
Best
Buy
Co.,
Inc.
......................................................
36,330
2,980,150
Genuine
Parts
Co.
......................................................
18,208
2,820,965
Leggett
&
Platt,
Inc.
.....................................................
157,212
3,010,610
Lowe's
Cos.,
Inc.
.......................................................
7,310
1,862,076
McDonald's
Corp.
......................................................
17,728
4,998,410
15,672,211
Consumer
Staples
(24.9%):
Altria
Group,
Inc.
.......................................................
35,262
1,538,129
Archer-Daniels-Midland
Co.
...............................................
26,028
1,634,819
Brown-Forman
Corp.,
Class
B
.............................................
85,827
4,430,390
Colgate-Palmolive
Co.
...................................................
64,660
5,822,633
Costco
Wholesale
Corp.
..................................................
5,997
4,393,582
Flowers
Foods,
Inc.
.....................................................
384,995
9,143,631
Hormel
Foods
Corp.
.....................................................
112,865
3,937,860
Kimberly-Clark
Corp.
....................................................
31,527
4,078,018
Lancaster
Colony
Corp.
..................................................
31,364
6,512,107
PepsiCo,
Inc.
..........................................................
17,841
3,122,353
Sysco
Corp.
...........................................................
26,477
2,149,403
Target
Corp.
..........................................................
16,167
2,864,954
The
Clorox
Co.
........................................................
18,411
2,818,908
The
Coca-Cola
Co.
......................................................
46,007
2,814,708
The
Procter
&
Gamble
Co.
................................................
20,007
3,246,136
Walgreens
Boots
Alliance,
Inc.
.............................................
43,074
934,275
Walmart,
Inc.
..........................................................
71,695
4,313,888
63,755,794
Electrical
Equipment
(2.8%):
Emerson
Electric
Co.
....................................................
63,618
7,215,554
Energy
(0.9%):
Chevron
Corp.
.........................................................
6,675
1,052,914
Exxon
Mobil
Corp.
.....................................................
10,136
1,178,209
2,231,123
Financials
(10.7%):
Aflac,
Inc.
............................................................
43,521
3,736,713
Cincinnati
Financial
Corp.
................................................
8,493
1,054,576
Commerce
Bancshares,
Inc.
...............................................
56,247
2,992,340
Franklin
Resources,
Inc.
..................................................
77,590
2,181,055
Jack
Henry
&
Associates,
Inc.
..............................................
40,828
7,093,048
Nasdaq,
Inc.
..........................................................
78,649
4,962,752
Old
Republic
International
Corp.
............................................
43,573
1,338,563
RLI
Corp.
............................................................
8,101
1,202,756
S&P
Global,
Inc.
.......................................................
3,111
1,323,575
United
Bankshares
,
Inc.
..................................................
46,041
1,647,807
27,533,185
Ground
Transportation
(7.4%):
CSX
Corp.
............................................................
117,567
4,358,209
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
J.B.
Hunt
Transport
Services,
Inc.
...........................................
22,329
$
4,449,053
Landstar
System,
Inc.
....................................................
26,000
5,011,760
Union
Pacific
Corp.
.....................................................
21,261
5,228,718
19,047,740
Health
Care
(9.1%):
Abbott
Laboratories
.....................................................
29,280
3,327,965
Agilent
Technologies,
Inc.
.................................................
36,854
5,362,626
Becton
Dickinson
&
Co.
..................................................
7,620
1,885,569
Cencora
,
Inc.
..........................................................
3,349
813,773
Danaher
Corp.
.........................................................
19,838
4,953,945
Johnson
&
Johnson
.....................................................
15,943
2,522,023
Medtronic
PLC
........................................................
52,039
4,535,199
23,401,100
Industrial
Conglomerates
(3.3%):
3M
Co.
..............................................................
79,275
8,408,699
Information
Technology
(10.0%):
Apple,
Inc.
...........................................................
35,154
6,028,208
CDW
Corp.
...........................................................
18,653
4,771,064
Microsoft
Corp.
........................................................
7,262
3,055,269
NetApp,
Inc.
..........................................................
54,761
5,748,262
QUALCOMM,
Inc.
.....................................................
14,956
2,532,051
Texas
Instruments,
Inc.
...................................................
19,899
3,466,605
25,601,459
Machinery
(5.0%):
Dover
Corp.
...........................................................
22,133
3,921,746
Illinois
Tool
Works,
Inc.
..................................................
16,006
4,294,890
Nordson
Corp.
.........................................................
9,884
2,713,553
Stanley
Black
&
Decker,
Inc.
..............................................
19,445
1,904,249
12,834,438
Materials
(8.7%):
Air
Products
and
Chemicals,
Inc.
............................................
9,843
2,384,664
Ecolab,
Inc.
...........................................................
20,409
4,712,438
Nucor
Corp.
...........................................................
3,977
787,048
PPG
Industries,
Inc.
.....................................................
21,675
3,140,708
RPM
International,
Inc.
..................................................
18,953
2,254,459
Sonoco
Products
Co.
....................................................
27,901
1,613,794
Steel
Dynamics,
Inc.
.....................................................
16,582
2,457,950
The
Sherwin-Williams
Co.
................................................
6,989
2,427,489
Westlake
Corp.
........................................................
16,521
2,524,409
22,302,959
Trading
Companies
&
Distributors
(1.3%):
W.W.
Grainger,
Inc.
.....................................................
3,145
3,199,408
Utilities
(2.5%):
Consolidated
Edison,
Inc.
.................................................
62,932
5,714,855
National
Fuel
Gas
Co.
...................................................
12,409
666,611
6,381,466
Total
Common
Stocks
(Cost
$230,374,491)
255,194,923
Total
Investments
(Cost
$230,374,491)
—
99.5%
255,194,923
Other
assets
in
excess
of
liabilities
—
0.5%
1,269,716
NET
ASSETS
-
100.00%
$
256,464,639
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
Dividend
Accelerator
ETF
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
3
6/21/24
$
780,460
$
796,275
$
15,815
Total
unrealized
appreciation
$
15,815
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
15,815
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
75
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Communication
Services
(4.1%):
Comcast
Corp.,
Class
A
..................................................
12,108
$
524,882
Electronic
Arts,
Inc.
.....................................................
29,823
3,956,617
Fox
Corp.,
Class
A
......................................................
33,717
1,054,331
5,535,830
Communications
Equipment
(0.2%):
Cisco
Systems,
Inc.
.....................................................
5,561
277,550
Consumer
Discretionary
(7.2%):
Deckers
Outdoor
Corp.(a)
.................................................
1,505
1,416,596
Murphy
USA,
Inc.
......................................................
3,050
1,278,560
NVR,
Inc.(a)
..........................................................
50
404,998
Texas
Roadhouse,
Inc.
...................................................
9,489
1,465,766
The
Home
Depot,
Inc.
...................................................
989
379,381
Thor
Industries,
Inc.
.....................................................
3,142
368,682
Toll
Brothers,
Inc.
......................................................
5,936
767,940
Ulta
Beauty,
Inc.(a)
.....................................................
7,156
3,741,729
9,823,652
Consumer
Staples
(12.2%):
Altria
Group,
Inc.
.......................................................
74,347
3,243,016
Kellanova
............................................................
30,303
1,736,059
Kimberly-Clark
Corp.
....................................................
2,427
313,933
Sysco
Corp.
...........................................................
4,441
360,520
The
Clorox
Co.
........................................................
3,701
566,660
The
Hershey
Co.
.......................................................
17,945
3,490,303
The
J.M.
Smucker
Co.
...................................................
13,435
1,691,063
The
Kroger
Co.
........................................................
6,555
374,487
Walmart,
Inc.
..........................................................
79,240
4,767,871
16,543,912
Electronic
Equipment,
Instruments
&
Components
(1.6%):
Jabil,
Inc.
............................................................
15,987
2,141,459
Energy
(8.6%):
Chevron
Corp.
.........................................................
22,385
3,531,010
Chord
Energy
Corp.
.....................................................
1,845
328,853
Coterra
Energy,
Inc.
.....................................................
11,052
308,130
Diamondback
Energy,
Inc.
................................................
2,239
443,703
EOG
Resources,
Inc.
....................................................
2,358
301,447
EQT
Corp.
............................................................
7,367
273,095
HF
Sinclair
Corp.
.......................................................
5,252
317,063
Kinder
Morgan,
Inc.
.....................................................
54,116
992,487
Occidental
Petroleum
Corp.
...............................................
4,608
299,474
Phillips
66
............................................................
25,216
4,118,781
Pioneer
Natural
Resources
Co.
.............................................
3,083
809,287
11,723,330
Financials
(6.5%):
Aflac,
Inc.
............................................................
27,656
2,374,544
Arch
Capital
Group
Ltd.(a)
................................................
4,660
430,770
Everest
Group
Ltd.
......................................................
6,376
2,534,460
First
Citizens
BancShares,
Inc.,
Class
A
.......................................
217
354,795
Unum
Group
..........................................................
6,077
326,092
W.R.
Berkley
Corp.
.....................................................
31,059
2,746,858
8,767,519
Health
Care
(16.2%):
AbbVie,
Inc.
..........................................................
28,701
5,226,452
Amgen,
Inc.
...........................................................
2,789
792,968
Bristol-Myers
Squibb
Co.
.................................................
52,926
2,870,177
Cardinal
Health,
Inc.
....................................................
3,378
377,998
CVS
Health
Corp.
......................................................
4,201
335,072
Victory
Portfolios
II
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Humana,
Inc.
..........................................................
5,812
$
2,015,137
Johnson
&
Johnson
.....................................................
29,582
4,679,577
Merck
&
Co.,
Inc.
......................................................
38,439
5,072,026
The
Cigna
Group
.......................................................
1,025
372,270
UnitedHealth
Group,
Inc.
.................................................
582
287,915
22,029,592
Industrials
(18.3%):
A.O.
Smith
Corp.
.......................................................
4,520
404,359
CACI
International,
Inc.,
Class
A(a)
.........................................
2,801
1,061,103
Carlisle
Cos.,
Inc.
.......................................................
1,707
668,888
Comfort
Systems
USA,
Inc.
...............................................
1,754
557,263
CSX
Corp.
............................................................
9,722
360,395
Donaldson
Co.,
Inc.
.....................................................
5,797
432,920
General
Dynamics
Corp.
..................................................
7,943
2,243,818
Lockheed
Martin
Corp.
...................................................
9,350
4,253,035
Republic
Services,
Inc.
...................................................
25,231
4,830,223
Science
Applications
International
Corp.
......................................
7,547
984,053
Snap-on,
Inc.
..........................................................
7,670
2,272,007
Textron,
Inc.
..........................................................
3,826
367,028
Union
Pacific
Corp.
.....................................................
3,491
858,542
United
Parcel
Service,
Inc.,
Class
B
..........................................
1,918
285,072
Verisk
Analytics,
Inc.
....................................................
1,995
470,281
Waste
Management,
Inc.
..................................................
22,190
4,729,799
24,778,786
IT
Services
(1.7%):
Akamai
Technologies,
Inc.(a)
..............................................
21,819
2,373,034
Materials
(1.0%):
CF
Industries
Holdings,
Inc.
...............................................
3,487
290,153
Dow,
Inc.
............................................................
5,799
335,936
Nucor
Corp.
...........................................................
1,911
378,187
Reliance,
Inc.
..........................................................
1,140
380,965
1,385,241
Semiconductors
&
Semiconductor
Equipment
(0.9%):
KLA
Corp.
...........................................................
1,831
1,279,082
Software
(10.6%):
Microsoft
Corp.
........................................................
34,090
14,342,345
Technology
Hardware,
Storage
&
Peripherals
(10.3%):
Apple,
Inc.
...........................................................
65,946
11,308,420
NetApp,
Inc.
..........................................................
25,827
2,711,060
14,019,480
Total
Common
Stocks
(Cost
$114,504,119)
135,020,812
Total
Investments
(Cost
$114,504,119)
—
99.4%
135,020,812
Other
assets
in
excess
of
liabilities
—
0.6%
748,123
NET
ASSETS
-
100.00%
$
135,768,935
(a)
Non-income
producing
security.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
2
6/21/24
$
519,128
$
530,850
$
11,722
Total
unrealized
appreciation
$
11,722
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
11,722
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
77
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.5%)
Communication
Services
(3.4%):
Alphabet,
Inc.,
Class
A(a)
.................................................
5,700
$
860,301
AT&T,
Inc.
...........................................................
48,972
861,907
Charter
Communications,
Inc.,
Class
A(a)
.....................................
1,993
579,225
Comcast
Corp.,
Class
A
..................................................
22,652
981,964
Electronic
Arts,
Inc.
.....................................................
8,103
1,075,025
Endeavor
Group
Holdings,
Inc.,
Class
A
.......................................
20,284
521,907
Fox
Corp.,
Class
A
......................................................
30,514
954,173
Liberty
Media
Corp.-Liberty
Formula
One(a)
...................................
10,629
697,262
Live
Nation
Entertainment,
Inc.(a)
...........................................
8,436
892,276
Meta
Platforms,
Inc.,
Class
A
..............................................
1,198
581,725
Netflix,
Inc.(a)
.........................................................
978
593,969
News
Corp.,
Class
A
.....................................................
35,287
923,814
Omnicom
Group,
Inc.
....................................................
10,596
1,025,269
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
24,076
785,600
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
5,104
446,192
The
Walt
Disney
Co.
....................................................
7,132
872,671
T-Mobile
US,
Inc.
......................................................
9,150
1,493,463
Verizon
Communications,
Inc.
..............................................
20,878
876,041
Warner
Music
Group
Corp.,
Class
A
.........................................
23,342
770,753
15,793,537
Consumer
Discretionary
(9.7%):
Airbnb,
Inc.,
Class
A(a)
..................................................
3,877
639,550
Amazon.com,
Inc.(a)
....................................................
4,098
739,197
Aptiv
PLC(a)
..........................................................
8,190
652,334
AutoZone,
Inc.(a)
.......................................................
326
1,027,438
Best
Buy
Co.,
Inc.
......................................................
10,119
830,062
Booking
Holdings,
Inc.
...................................................
223
809,017
Burlington
Stores,
Inc.(a)
.................................................
2,436
565,615
CarMax
Auto
Owner
Trust(a)
..............................................
6,942
604,718
Carvana
Co.(a)
.........................................................
2,448
215,204
Chipotle
Mexican
Grill,
Inc.(a)
.............................................
347
1,008,649
Coupang,
Inc.(a)
.......................................................
31,243
555,813
D.R.
Horton,
Inc.
.......................................................
4,729
778,157
Darden
Restaurants,
Inc.
..................................................
7,261
1,213,676
Deckers
Outdoor
Corp.(a)
.................................................
648
609,937
Dick's
Sporting
Goods,
Inc.
................................................
3,011
677,053
Domino's
Pizza,
Inc.
.....................................................
1,764
876,496
eBay,
Inc.
............................................................
16,138
851,764
Expedia
Group,
Inc.(a)
...................................................
3,362
463,116
Five
Below,
Inc.(a)
......................................................
3,622
656,958
Floor
&
Decor
Holdings,
Inc.,
Class
A(a)
......................................
4,865
630,601
Ford
Motor
Co.
........................................................
52,969
703,428
Garmin
Ltd.
...........................................................
7,103
1,057,424
General
Motors
Co.
.....................................................
17,315
785,235
Genuine
Parts
Co.
......................................................
5,978
926,172
Hilton
Worldwide
Holdings,
Inc.
............................................
5,470
1,166,806
Hyatt
Hotels
Corp.,
Class
A
................................................
4,604
734,890
Las
Vegas
Sands
Corp.
...................................................
14,173
732,744
Lennar
Corp.,
Class
A
....................................................
4,677
804,350
LKQ
Corp.
...........................................................
20,326
1,085,612
Lowe's
Cos.,
Inc.
.......................................................
4,152
1,057,639
Marriott
International,
Inc.,
Class
A
..........................................
3,963
999,905
McDonald's
Corp.
......................................................
5,131
1,446,685
MGM
Resorts
International(a)
..............................................
15,272
720,991
NIKE,
Inc.,
Class
B
.....................................................
7,500
704,850
NVR,
Inc.(a)
..........................................................
113
915,296
O'Reilly
Automotive,
Inc.(a)
...............................................
989
1,116,462
Pool
Corp.
............................................................
1,851
746,879
PulteGroup,
Inc.
........................................................
6,418
774,139
Ralph
Lauren
Corp.
.....................................................
3,789
711,423
Ross
Stores,
Inc.
.......................................................
7,333
1,076,191
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Royal
Caribbean
Cruises
Ltd.(a)
............................................
5,309
$
738,004
Service
Corp.
International
................................................
11,123
825,438
Starbucks
Corp.
........................................................
10,873
993,683
Tapestry,
Inc.
..........................................................
13,394
635,947
Tesla,
Inc.(a)
..........................................................
2,236
393,066
The
Home
Depot,
Inc.
...................................................
3,137
1,203,353
The
TJX
Cos.,
Inc.
......................................................
14,179
1,438,034
Toll
Brothers,
Inc.
......................................................
5,633
728,741
TopBuild
Corp.(a)
......................................................
1,441
635,092
Tractor
Supply
Co.
......................................................
3,717
972,813
Ulta
Beauty,
Inc.(a)
.....................................................
1,554
812,556
Williams-Sonoma,
Inc.
...................................................
2,500
793,825
Wynn
Resorts
Ltd.
......................................................
7,083
724,095
Yum!
Brands,
Inc.
......................................................
10,019
1,389,134
44,956,257
Consumer
Staples
(9.0%):
Altria
Group,
Inc.
.......................................................
28,425
1,239,898
Archer-Daniels-Midland
Co.
...............................................
11,263
707,429
Brown-Forman
Corp.,
Class
B
.............................................
13,884
716,692
Campbell
Soup
Co.
.....................................................
23,603
1,049,153
Casey's
General
Stores,
Inc.
...............................................
3,204
1,020,314
Celsius
Holdings,
Inc.(a)
..................................................
4,562
378,281
Church
&
Dwight
Co.,
Inc.
................................................
11,871
1,238,264
Colgate-Palmolive
Co.
...................................................
16,920
1,523,646
Conagra
Brands,
Inc.
....................................................
37,245
1,103,942
Constellation
Brands,
Inc.,
Class
A
..........................................
4,892
1,329,450
Costco
Wholesale
Corp.
..................................................
1,795
1,315,071
Coty,
Inc.,
Class
A(a)
....................................................
49,719
594,639
Dollar
General
Corp.
....................................................
4,359
680,265
Dollar
Tree,
Inc.(a)
......................................................
5,175
689,051
elf
Beauty,
Inc.(a)
.......................................................
2,013
394,608
General
Mills,
Inc.
......................................................
18,168
1,271,215
Hormel
Foods
Corp.
.....................................................
21,138
737,505
Kellanova
............................................................
20,206
1,157,602
Keurig
Dr
Pepper,
Inc.
...................................................
37,742
1,157,547
Kimberly-Clark
Corp.
....................................................
11,541
1,492,828
Lamb
Weston
Holdings,
Inc.
...............................................
8,035
855,968
McCormick
&
Co.,
Inc.
..................................................
13,189
1,013,047
Molson
Coors
Beverage
Co.,
Class
B
.........................................
17,561
1,180,977
Mondelez
International,
Inc.,
Class
A
.........................................
16,917
1,184,190
Monster
Beverage
Corp.(a)
................................................
16,249
963,241
PepsiCo,
Inc.
..........................................................
8,072
1,412,681
Performance
Food
Group
Co.(a)
............................................
12,126
905,085
Philip
Morris
International,
Inc.
.............................................
15,230
1,395,373
Sysco
Corp.
...........................................................
15,042
1,221,110
Target
Corp.
..........................................................
4,529
802,584
The
Clorox
Co.
........................................................
5,769
883,292
The
Coca-Cola
Co.
......................................................
26,470
1,619,435
The
Estee
Lauder
Cos.,
Inc.
...............................................
3,304
509,312
The
Hershey
Co.
.......................................................
5,989
1,164,860
The
Kraft
Heinz
Co.
.....................................................
32,803
1,210,431
The
Kroger
Co.
........................................................
23,957
1,368,663
The
Procter
&
Gamble
Co.
................................................
9,253
1,501,299
U.S.
Foods
Holding
Corp.(a)
...............................................
21,080
1,137,688
Walgreens
Boots
Alliance,
Inc.
.............................................
26,234
569,015
Walmart,
Inc.
..........................................................
22,275
1,340,287
42,035,938
Energy
(5.4%):
Baker
Hughes
Co.
......................................................
32,110
1,075,685
Cheniere
Energy,
Inc.
....................................................
6,463
1,042,353
Chesapeake
Energy
Corp.(b)
...............................................
9,954
884,214
Chevron
Corp.
.........................................................
6,693
1,055,754
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
ConocoPhillips
........................................................
8,244
$
1,049,296
Coterra
Energy,
Inc.
.....................................................
34,720
967,994
Devon
Energy
Corp.
.....................................................
17,470
876,645
Diamondback
Energy,
Inc.
................................................
4,801
951,414
EOG
Resources,
Inc.
....................................................
7,395
945,377
EQT
Corp.
............................................................
18,085
670,411
Exxon
Mobil
Corp.
.....................................................
9,350
1,086,844
Halliburton
Co.
........................................................
21,808
859,671
HF
Sinclair
Corp.
.......................................................
13,269
801,050
Kinder
Morgan,
Inc.
.....................................................
73,694
1,351,548
Marathon
Oil
Corp.
.....................................................
30,358
860,346
Marathon
Petroleum
Corp.
................................................
5,004
1,008,306
Occidental
Petroleum
Corp.
...............................................
14,634
951,064
ONEOK,
Inc.
..........................................................
14,149
1,134,325
Ovintiv,
Inc.
..........................................................
13,803
716,376
Permian
Resources
Corp.
.................................................
41,548
733,738
Phillips
66
............................................................
6,522
1,065,303
Schlumberger
NV
......................................................
15,626
856,461
Targa
Resources
Corp.
...................................................
9,647
1,080,367
Texas
Pacific
Land
Corp.
.................................................
1,179
682,063
The
Williams
Cos.,
Inc.
..................................................
34,592
1,348,050
Valero
Energy
Corp.
.....................................................
5,615
958,424
25,013,079
Financials
(17.7%):
Aflac,
Inc.
............................................................
13,241
1,136,872
Ally
Financial,
Inc.
......................................................
15,739
638,846
American
Express
Co.
...................................................
4,654
1,059,669
American
Financial
Group,
Inc.
.............................................
8,144
1,111,493
American
International
Group,
Inc.
..........................................
17,066
1,334,049
Ameriprise
Financial,
Inc.
.................................................
2,925
1,282,437
Aon
PLC,
Class
A
......................................................
3,382
1,128,641
Apollo
Global
Management,
Inc.
............................................
7,539
847,761
Arch
Capital
Group
Ltd.(a)
................................................
10,624
982,083
Ares
Management
Corp.,
Class
A
...........................................
6,314
839,636
Arthur
J.
Gallagher
&
Co.
.................................................
4,882
1,220,695
Bank
of
America
Corp.
...................................................
25,674
973,558
Berkshire
Hathaway,
Inc.,
Class
B(a)
.........................................
4,098
1,723,291
BlackRock,
Inc.
........................................................
1,333
1,111,322
Blackstone,
Inc.
........................................................
5,458
717,017
Block,
Inc.(a)
..........................................................
5,180
438,124
Brown
&
Brown,
Inc.
....................................................
13,288
1,163,232
Capital
One
Financial
Corp.
...............................................
6,018
896,020
Cboe
Global
Markets,
Inc.
................................................
6,318
1,160,806
Chubb
Ltd.
...........................................................
4,846
1,255,744
Cincinnati
Financial
Corp.
................................................
9,463
1,175,021
Citigroup,
Inc.
.........................................................
17,844
1,128,455
Citizens
Financial
Group,
Inc.
..............................................
18,694
678,405
CME
Group,
Inc.
.......................................................
5,734
1,234,473
Coinbase
Global,
Inc.,
Class
A(a)
...........................................
1,399
370,903
Corebridge
Financial,
Inc.(b)
...............................................
35,019
1,006,096
Equitable
Holdings,
Inc.
..................................................
24,738
940,291
Erie
Indemnity
Co.,
Class
A
...............................................
1,653
663,795
Everest
Group
Ltd.
......................................................
2,393
951,218
FactSet
Research
Systems,
Inc.
.............................................
2,532
1,150,515
Fidelity
National
Financial,
Inc.
............................................
19,173
1,018,086
Fifth
Third
Bancorp
.....................................................
19,602
729,390
First
Citizens
BancShares,
Inc.,
Class
A
.......................................
479
783,165
Fiserv,
Inc.(a)
..........................................................
9,030
1,443,175
Franklin
Resources,
Inc.
..................................................
27,408
770,439
Global
Payments,
Inc.
....................................................
6,223
831,766
Globe
Life,
Inc.
........................................................
11,596
1,349,427
Huntington
Bancshares,
Inc.
...............................................
57,473
801,748
Interactive
Brokers
Group,
Inc.
.............................................
8,124
907,532
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Intercontinental
Exchange,
Inc.
.............................................
9,348
$
1,284,696
Jack
Henry
&
Associates,
Inc.
..............................................
6,202
1,077,473
JPMorgan
Chase
&
Co.
..................................................
7,757
1,553,727
KeyCorp
.............................................................
36,345
574,614
Kinsale
Capital
Group,
Inc.
................................................
1,073
563,046
KKR
&
Co.,
Inc.
.......................................................
7,668
771,247
Loews
Corp.
..........................................................
21,224
1,661,627
LPL
Financial
Holdings,
Inc.
...............................................
3,094
817,435
M&T
Bank
Corp.
.......................................................
5,068
737,090
Markel
Group,
Inc.(a)
....................................................
624
949,404
Marsh
&
McLennan
Cos.,
Inc.
.............................................
7,075
1,457,309
Mastercard,
Inc.,
Class
A
.................................................
2,879
1,386,440
MetLife,
Inc.
..........................................................
15,047
1,115,133
Moody's
Corp.
.........................................................
2,725
1,071,007
Morgan
Stanley
........................................................
10,301
969,942
Morningstar,
Inc.
.......................................................
2,565
790,969
MSCI,
Inc.
...........................................................
1,511
846,840
Nasdaq,
Inc.
..........................................................
19,798
1,249,254
Northern
Trust
Corp.
....................................................
8,752
778,228
PayPal
Holdings,
Inc.(a)
..................................................
9,230
618,318
Principal
Financial
Group,
Inc.
.............................................
13,023
1,124,015
Prudential
Financial,
Inc.
.................................................
10,023
1,176,700
Raymond
James
Financial,
Inc.
.............................................
8,042
1,032,754
Regions
Financial
Corp.
..................................................
35,038
737,200
Reinsurance
Group
of
America,
Inc.
.........................................
6,450
1,244,076
RenaissanceRe
Holdings
Ltd.
..............................................
3,397
798,397
Ryan
Specialty
Holdings,
Inc.
..............................................
19,168
1,063,824
S&P
Global,
Inc.
.......................................................
2,388
1,015,975
State
Street
Corp.
.......................................................
11,565
894,206
Synchrony
Financial
.....................................................
19,178
826,955
T.
Rowe
Price
Group,
Inc.
.................................................
7,196
877,336
The
Bank
of
New
York
Mellon
Corp.
.........................................
19,260
1,109,761
The
Charles
Schwab
Corp.
................................................
10,222
739,459
The
Goldman
Sachs
Group,
Inc.
............................................
2,554
1,066,780
The
Hartford
Financial
Services
Group,
Inc.
....................................
13,598
1,401,274
The
PNC
Financial
Services
Group,
Inc.
......................................
5,529
893,486
The
Progressive
Corp.
...................................................
3,985
824,178
The
Travelers
Cos.,
Inc.
..................................................
5,531
1,272,904
Tradeweb
Markets,
Inc.,
Class
A
............................................
8,711
907,425
U.S.
Bancorp
..........................................................
15,642
699,197
Visa,
Inc.,
Class
A
......................................................
5,444
1,519,312
W.R.
Berkley
Corp.
.....................................................
12,688
1,122,127
Wells
Fargo
&
Co.
......................................................
16,284
943,821
82,520,157
Health
Care
(12.1%):
Abbott
Laboratories
.....................................................
9,968
1,132,963
AbbVie,
Inc.
..........................................................
7,194
1,310,027
Agilent
Technologies,
Inc.
.................................................
5,945
865,057
Align
Technology,
Inc.(a)
.................................................
1,419
465,318
Amgen,
Inc.
...........................................................
3,478
988,865
Avantor,
Inc.(a)
........................................................
28,016
716,369
Becton
Dickinson
&
Co.
..................................................
4,467
1,105,359
Biogen,
Inc.(a)
.........................................................
4,299
926,993
BioMarin
Pharmaceutical,
Inc.(a)
...........................................
8,887
776,191
Bio-Techne
Corp.
.......................................................
9,117
641,746
Boston
Scientific
Corp.(a)
.................................................
16,124
1,104,333
Bristol-Myers
Squibb
Co.
.................................................
21,078
1,143,060
Bruker
Corp.
..........................................................
7,624
716,199
Cardinal
Health,
Inc.
....................................................
9,326
1,043,579
Cencora,
Inc.
..........................................................
5,835
1,417,847
Centene
Corp.(a)
.......................................................
11,042
866,576
Charles
River
Laboratories
International,
Inc.(a)
.................................
2,578
698,509
CVS
Health
Corp.
......................................................
11,166
890,600
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Danaher
Corp.
.........................................................
3,697
$
923,215
DaVita,
Inc.(a)
.........................................................
4,586
633,097
Dexcom,
Inc.(a)
........................................................
4,684
649,671
Edwards
Lifesciences
Corp.(a)
.............................................
8,572
819,140
Elevance
Health,
Inc.
....................................................
2,023
1,049,006
Eli
Lilly
&
Co.
.........................................................
918
714,167
GE
HealthCare
Technologies,
Inc.
...........................................
8,460
769,099
Gilead
Sciences,
Inc.
....................................................
12,874
943,021
HCA
Healthcare,
Inc.
....................................................
3,111
1,037,612
Hologic,
Inc.(a)
........................................................
15,115
1,178,365
Humana,
Inc.
..........................................................
1,889
654,954
IDEXX
Laboratories,
Inc.(a)
...............................................
1,237
667,893
Incyte
Corp.(a)
.........................................................
14,490
825,495
Insulet
Corp.(a)
........................................................
2,920
500,488
Intuitive
Surgical,
Inc.(a)
.................................................
1,969
785,808
IQVIA
Holdings,
Inc.(a)
..................................................
3,054
772,326
Johnson
&
Johnson
.....................................................
8,425
1,332,751
Laboratory
Corp.
of
America
Holdings
........................................
5,818
1,271,000
McKesson
Corp.
.......................................................
2,149
1,153,691
Medpace
Holdings,
Inc.(a)
................................................
1,371
554,090
Medtronic
PLC
........................................................
13,779
1,200,840
Merck
&
Co.,
Inc.
......................................................
9,755
1,287,172
Mettler-Toledo
International,
Inc.(a)
.........................................
640
852,026
Molina
Healthcare,
Inc.(a)
................................................
2,197
902,594
Neurocrine
Biosciences,
Inc.(a)
.............................................
6,677
920,892
Pfizer,
Inc.
............................................................
33,629
933,205
Quest
Diagnostics,
Inc.
...................................................
9,286
1,236,059
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
1,057
1,017,352
Repligen
Corp.(a)
.......................................................
2,390
439,569
ResMed,
Inc.
..........................................................
3,384
670,134
Revvity,
Inc.
..........................................................
5,839
613,095
STERIS
PLC
..........................................................
4,629
1,040,692
Stryker
Corp.
..........................................................
2,813
1,006,688
The
Cigna
Group
.......................................................
2,030
737,276
The
Cooper
Cos.,
Inc.(a)
..................................................
10,639
1,079,433
Thermo
Fisher
Scientific,
Inc.
..............................................
1,700
988,057
United
Therapeutics
Corp.(a)
..............................................
3,957
909,002
UnitedHealth
Group,
Inc.
.................................................
2,062
1,020,071
Veeva
Systems,
Inc.,
Class
A(a)
.............................................
3,028
701,557
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
2,041
853,158
Viatris,
Inc.
...........................................................
62,206
742,740
Waters
Corp.(a)
........................................................
2,188
753,175
West
Pharmaceutical
Services,
Inc.
..........................................
1,913
756,993
Zimmer
Biomet
Holdings,
Inc.
.............................................
7,869
1,038,551
Zoetis,
Inc.
...........................................................
4,280
724,219
56,469,030
Industrials
(17.9%):
A.O.
Smith
Corp.
.......................................................
12,123
1,084,524
Advanced
Drainage
Systems,
Inc.
...........................................
3,904
672,425
AECOM
.............................................................
11,889
1,166,073
Allegion
PLC
.........................................................
6,825
919,396
AMETEK,
Inc.
........................................................
7,658
1,400,648
Automatic
Data
Processing,
Inc.
............................................
4,372
1,091,863
Axon
Enterprise,
Inc.(a)
..................................................
1,976
618,251
Booz
Allen
Hamilton
Holding
Corp.
.........................................
5,659
840,022
Broadridge
Financial
Solutions,
Inc.
.........................................
6,061
1,241,656
Builders
FirstSource,
Inc.(a)
...............................................
2,590
540,145
Carlisle
Cos.,
Inc.
.......................................................
2,196
860,503
Carrier
Global
Corp.
.....................................................
14,039
816,087
Caterpillar,
Inc.
........................................................
2,443
895,189
Cintas
Corp.
..........................................................
1,959
1,345,892
Comfort
Systems
USA,
Inc.
...............................................
1,972
626,524
Copart,
Inc.(a)
.........................................................
19,185
1,111,195
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
CSX
Corp.
............................................................
32,322
$
1,198,177
Cummins,
Inc.
.........................................................
3,650
1,075,473
Dayforce,
Inc.(a)
.......................................................
9,517
630,121
Deere
&
Co.
..........................................................
2,512
1,031,779
Delta
Air
Lines,
Inc.
.....................................................
16,731
800,913
Dover
Corp.
...........................................................
6,612
1,171,580
Eaton
Corp.
PLC
.......................................................
3,045
952,111
EMCOR
Group,
Inc.
....................................................
2,616
916,123
Emerson
Electric
Co.
....................................................
8,638
979,722
Equifax,
Inc.
..........................................................
2,736
731,935
Expeditors
International
of
Washington,
Inc.
....................................
8,869
1,078,204
Fastenal
Co.
...........................................................
14,782
1,140,283
FedEx
Corp.
..........................................................
3,391
982,508
Fortive
Corp.
..........................................................
11,900
1,023,638
General
Dynamics
Corp.
..................................................
4,416
1,247,476
General
Electric
Co.
.....................................................
6,302
1,106,190
Graco,
Inc.
...........................................................
11,023
1,030,210
HEICO
Corp.
..........................................................
5,542
1,058,522
Honeywell
International,
Inc.
..............................................
6,507
1,335,562
Howmet
Aerospace,
Inc.
..................................................
15,011
1,027,203
Hubbell,
Inc.
..........................................................
2,271
942,579
Huntington
Ingalls
Industries,
Inc.
...........................................
3,468
1,010,818
IDEX
Corp.
...........................................................
4,871
1,188,621
Illinois
Tool
Works,
Inc.
..................................................
4,999
1,341,382
Ingersoll
Rand,
Inc.
.....................................................
11,385
1,081,006
J.B.
Hunt
Transport
Services,
Inc.
...........................................
4,073
811,545
Jacobs
Solutions,
Inc.
....................................................
6,865
1,055,356
Johnson
Controls
International
PLC
..........................................
14,092
920,489
L3Harris
Technologies,
Inc.
...............................................
4,525
964,278
Leidos
Holdings,
Inc.
....................................................
8,492
1,113,216
Lennox
International,
Inc.
.................................................
1,720
840,667
Lincoln
Electric
Holdings,
Inc.
.............................................
3,621
924,948
Lockheed
Martin
Corp.
...................................................
2,737
1,244,979
Masco
Corp.
..........................................................
11,184
882,194
Nordson
Corp.
.........................................................
4,361
1,197,269
Norfolk
Southern
Corp.
..................................................
3,647
929,511
Northrop
Grumman
Corp.
.................................................
2,044
978,381
Old
Dominion
Freight
Line,
Inc.
............................................
3,340
732,495
Otis
Worldwide
Corp.
....................................................
14,581
1,447,456
Owens
Corning
........................................................
4,851
809,147
PACCAR,
Inc.
.........................................................
9,927
1,229,856
Parker-Hannifin
Corp.
...................................................
1,628
904,826
Paychex,
Inc.
..........................................................
9,289
1,140,689
Quanta
Services,
Inc.
....................................................
2,940
763,812
Republic
Services,
Inc.
...................................................
8,724
1,670,123
Rockwell
Automation,
Inc.
................................................
2,322
676,468
Rollins,
Inc.
...........................................................
19,794
915,868
RTX
Corp.
............................................................
9,665
942,627
Saia,
Inc.(a)
...........................................................
973
569,205
Snap-on,
Inc.
..........................................................
3,652
1,081,795
Southwest
Airlines
Co.
...................................................
19,176
559,747
SS&C
Technologies
Holdings,
Inc.
..........................................
16,490
1,061,461
Textron,
Inc.
..........................................................
10,008
960,067
Trane
Technologies
PLC
..................................................
2,940
882,588
TransDigm
Group,
Inc.
...................................................
862
1,061,639
Uber
Technologies,
Inc.(a)
................................................
7,548
581,121
U-Haul
Holding
Co.
.....................................................
11,243
749,683
Union
Pacific
Corp.
.....................................................
4,191
1,030,693
United
Airlines
Holdings,
Inc.(a)
............................................
13,234
633,644
United
Parcel
Service,
Inc.,
Class
B
..........................................
6,286
934,288
United
Rentals,
Inc.
.....................................................
861
620,876
Veralto
Corp.
..........................................................
7,235
641,455
Verisk
Analytics,
Inc.
....................................................
5,147
1,213,302
Vertiv
Holdings
Co.,
Class
A
...............................................
5,977
488,142
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
W.W.
Grainger,
Inc.
.....................................................
1,048
$
1,066,130
Waste
Management,
Inc.
..................................................
6,337
1,350,732
Watsco,
Inc.
...........................................................
2,048
884,675
Westinghouse
Air
Brake
Technologies
Corp.
....................................
8,449
1,230,850
XPO,
Inc.(a)
..........................................................
3,967
484,093
Xylem,
Inc.
...........................................................
8,329
1,076,440
83,571,355
Information
Technology
(12.6%):
Accenture
PLC,
Class
A
..................................................
3,110
1,077,957
Adobe,
Inc.(a)
.........................................................
1,356
684,238
Advanced
Micro
Devices,
Inc.(a)
............................................
2,438
440,035
Akamai
Technologies,
Inc.(a)
..............................................
9,428
1,025,389
Amphenol
Corp.,
Class
A
.................................................
11,574
1,335,061
Analog
Devices,
Inc.
....................................................
4,668
923,284
Apple,
Inc.
...........................................................
6,416
1,100,216
Applied
Materials,
Inc.
...................................................
3,105
640,344
AppLovin
Corp.,
Class
A(a)
...............................................
5,800
401,476
Arista
Networks,
Inc.(a)
..................................................
1,788
518,484
Autodesk,
Inc.(a)
.......................................................
3,226
840,115
Bentley
Systems,
Inc.,
Class
B
.............................................
14,529
758,704
Broadcom,
Inc.
........................................................
521
690,539
Cadence
Design
Systems,
Inc.(a)
............................................
2,765
860,689
CDW
Corp.
...........................................................
4,782
1,223,140
Cisco
Systems,
Inc.
.....................................................
22,745
1,135,203
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
13,235
969,993
Corning,
Inc.
..........................................................
30,617
1,009,136
Corpay,
Inc.(a)
.........................................................
3,117
961,719
Datadog,
Inc.,
Class
A(a)
.................................................
3,074
379,946
Dell
Technologies,
Inc.,
Class
C
............................................
5,910
674,390
DocuSign,
Inc.(a)
.......................................................
10,571
629,503
Dynatrace,
Inc.(a)
......................................................
13,913
646,120
Elastic
NV(a)
..........................................................
2,567
257,316
Enphase
Energy,
Inc.(a)
..................................................
2,766
334,631
Entegris,
Inc.
..........................................................
4,613
648,311
EPAM
Systems,
Inc.(a)
...................................................
2,129
587,945
F5,
Inc.(a)
............................................................
6,144
1,164,841
Fair
Isaac
Corp.(a)
......................................................
643
803,499
First
Solar,
Inc.(a)
......................................................
3,192
538,810
Fortinet,
Inc.(a)
........................................................
7,291
498,048
Gartner,
Inc.(a)
........................................................
1,805
860,389
Gen
Digital,
Inc.
.......................................................
33,215
744,016
GoDaddy,
Inc.,
Class
A(a)
.................................................
7,206
855,208
Hewlett
Packard
Enterprise
Co.
.............................................
49,381
875,525
HP,
Inc.
..............................................................
34,109
1,030,774
Intel
Corp.
............................................................
13,299
587,417
International
Business
Machines
Corp.
........................................
5,968
1,139,649
Intuit,
Inc.
............................................................
1,437
934,050
Jabil,
Inc.
............................................................
3,778
506,063
Keysight
Technologies,
Inc.(a)
.............................................
5,037
787,686
KLA
Corp.
...........................................................
987
689,489
Lam
Research
Corp.
.....................................................
690
670,383
Lattice
Semiconductor
Corp.(a)
.............................................
5,886
460,462
Manhattan
Associates,
Inc.(a)
..............................................
3,204
801,737
Microchip
Technology,
Inc.
................................................
8,242
739,390
Microsoft
Corp.
........................................................
2,501
1,052,221
MicroStrategy,
Inc.(a)
....................................................
296
504,550
Monolithic
Power
Systems,
Inc.
............................................
694
470,129
Motorola
Solutions,
Inc.
..................................................
3,749
1,330,820
NetApp,
Inc.
..........................................................
9,933
1,042,667
NVIDIA
Corp.
.........................................................
660
596,350
NXP
Semiconductors
NV
.................................................
2,873
711,843
ON
Semiconductor
Corp.(a)
...............................................
5,950
437,623
Oracle
Corp.
..........................................................
6,052
760,192
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
12,181
$
280,285
Palo
Alto
Networks,
Inc.(a)
................................................
1,336
379,598
PTC,
Inc.(a)
...........................................................
6,067
1,146,299
Pure
Storage,
Inc.,
Class
A(a)
..............................................
8,801
457,564
QUALCOMM,
Inc.
.....................................................
4,720
799,096
Roper
Technologies,
Inc.
..................................................
2,691
1,509,220
Salesforce,
Inc.
........................................................
2,707
815,294
ServiceNow,
Inc.(a)
.....................................................
1,081
824,154
Skyworks
Solutions,
Inc.
.................................................
7,585
821,607
Super
Micro
Computer,
Inc.(a)
.............................................
263
265,638
Synopsys,
Inc.(a)
.......................................................
1,383
790,385
TE
Connectivity
Ltd.
....................................................
7,261
1,054,588
Teledyne
Technologies,
Inc.(a)
.............................................
2,467
1,059,132
Teradyne,
Inc.
.........................................................
6,453
728,092
Texas
Instruments,
Inc.
...................................................
5,495
957,284
Trimble,
Inc.(a)
........................................................
11,315
728,233
Tyler
Technologies,
Inc.(a)
................................................
2,074
881,471
VeriSign,
Inc.(a)
........................................................
6,016
1,140,092
Workday,
Inc.,
Class
A(a)
.................................................
2,531
690,330
Zebra
Technologies
Corp.(a)
...............................................
1,769
533,247
Zoom
Video
Communications,
Inc.,
Class
A(a)
..................................
9,943
649,974
58,859,298
Materials
(4.8%):
Air
Products
and
Chemicals,
Inc.
............................................
3,018
731,171
Albemarle
Corp.
.......................................................
3,296
434,215
Avery
Dennison
Corp.
...................................................
5,406
1,206,889
Ball
Corp.
............................................................
11,120
749,043
Celanese
Corp.
.........................................................
5,284
908,108
CF
Industries
Holdings,
Inc.
...............................................
9,546
794,323
Corteva,
Inc.
..........................................................
12,083
696,827
Dow,
Inc.
............................................................
19,122
1,107,737
DuPont
de
Nemours,
Inc.
.................................................
11,627
891,442
Ecolab,
Inc.
...........................................................
4,882
1,127,254
Freeport-McMoRan,
Inc.
.................................................
17,084
803,290
International
Paper
Co.
...................................................
25,365
989,742
Linde
PLC
............................................................
2,780
1,290,810
LyondellBasell
Industries
NV,
Class
A
........................................
11,221
1,147,684
Martin
Marietta
Materials,
Inc.
.............................................
1,660
1,019,140
Nucor
Corp.
...........................................................
4,230
837,117
Packaging
Corp.
of
America
...............................................
5,542
1,051,761
PPG
Industries,
Inc.
.....................................................
7,754
1,123,554
Reliance,
Inc.
..........................................................
2,613
873,212
RPM
International,
Inc.
..................................................
7,643
909,135
Steel
Dynamics,
Inc.
.....................................................
5,408
801,628
The
Sherwin-Williams
Co.
................................................
3,308
1,148,968
Vulcan
Materials
Co.
....................................................
3,752
1,023,996
Westlake
Corp.
........................................................
5,566
850,485
22,517,531
Real
Estate
(0.4%):
CBRE
Group,
Inc.,
Class
A(a)
..............................................
8,237
800,966
CoStar
Group,
Inc.(a)
....................................................
9,260
894,516
1,695,482
Utilities
(6.5%):
Alliant
Energy
Corp.
....................................................
23,053
1,161,871
Ameren
Corp.
.........................................................
13,948
1,031,594
American
Electric
Power
Co.,
Inc.
...........................................
11,774
1,013,741
American
Water
Works
Co.,
Inc.
............................................
8,102
990,145
Atmos
Energy
Corp.
.....................................................
11,397
1,354,761
CenterPoint
Energy,
Inc.
..................................................
41,180
1,173,218
CMS
Energy
Corp.
......................................................
19,196
1,158,287
Consolidated
Edison,
Inc.
.................................................
13,688
1,243,007
Victory
Portfolios
II
VictoryShares
US
500
Enhanced
Volatility
Wtd
ETF
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Constellation
Energy
Corp.
................................................
3,658
$
676,181
Dominion
Energy,
Inc.
...................................................
17,654
868,400
DTE
Energy
Co.
.......................................................
10,057
1,127,792
Duke
Energy
Corp.
......................................................
13,423
1,298,138
Edison
International
.....................................................
14,700
1,039,731
Entergy
Corp.
.........................................................
10,826
1,144,092
Evergy,
Inc.
...........................................................
20,948
1,118,204
Exelon
Corp.
..........................................................
26,831
1,008,041
FirstEnergy
Corp.
.......................................................
29,748
1,148,868
NextEra
Energy,
Inc.
....................................................
13,003
831,022
NiSource,
Inc.
.........................................................
38,982
1,078,242
PG&E
Corp.
..........................................................
59,168
991,656
PPL
Corp.
............................................................
43,817
1,206,282
Public
Service
Enterprise
Group,
Inc.
.........................................
18,196
1,215,129
Sempra
..............................................................
16,331
1,173,056
The
AES
Corp.
........................................................
38,366
687,902
The
Southern
Co.
.......................................................
17,163
1,231,274
Vistra
Corp.
...........................................................
16,144
1,124,430
WEC
Energy
Group,
Inc.
.................................................
13,696
1,124,716
Xcel
Energy,
Inc.
.......................................................
19,199
1,031,946
30,251,726
Total
Common
Stocks
(Cost
$414,360,579)
463,683,390
Investment
Companies
(0.1%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.17% (c)
............
580,450
580,450
Total
Investment
Companies
(Cost
$580,450)
580,450
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(c)
........
428,934
428,934
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.24%(c)
............
428,934
428,934
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(c)
...............
428,934
428,934
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.22%(c)
.
428,934
428,934
Total
Collateral
for
Securities
Loaned
(Cost
$1,715,736)
1,715,736
Total
Investments
(Cost
$416,656,765)
—
100.0%
465,979,576
Liabilities
in
excess
of
other
assets
—
0.0%(d)
(155,389)
NET
ASSETS
-
100.00%
$
465,824,187
^
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,
2024.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
7
6/21/24
$
1,824,492
$
1,857,975
$
33,483
Total
unrealized
appreciation
$
33,483
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
33,483
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
86
(Unaudited)
A
Security
Description
Shares
Value
Common
Stocks
(99.3%)
Communication
Services
(3.4%):
AT&T,
Inc.
...........................................................
432,337
$
7,609,131
Omnicom
Group,
Inc.
....................................................
93,540
9,050,930
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
212,550
6,935,507
Verizon
Communications,
Inc.
..............................................
184,312
7,733,732
31,329,300
Consumer
Discretionary
(2.7%):
Best
Buy
Co.,
Inc.
......................................................
89,332
7,327,904
Darden
Restaurants,
Inc.
..................................................
64,107
10,715,485
Ford
Motor
Co.
........................................................
467,621
6,210,007
24,253,396
Consumer
Staples
(15.4%):
Altria
Group,
Inc.
.......................................................
250,945
10,946,221
Archer-Daniels-Midland
Co.
...............................................
99,433
6,245,387
Campbell
Soup
Co.
.....................................................
208,357
9,261,469
Conagra
Brands,
Inc.
....................................................
328,797
9,745,543
General
Mills,
Inc.
......................................................
160,390
11,222,488
Hormel
Foods
Corp.
.....................................................
186,610
6,510,823
Kellanova
............................................................
178,373
10,218,989
Kimberly-Clark
Corp.
....................................................
101,890
13,179,471
PepsiCo,
Inc.
..........................................................
71,256
12,470,513
Philip
Morris
International,
Inc.
.............................................
134,453
12,318,584
The
Clorox
Co.
........................................................
50,928
7,797,586
The
Coca-Cola
Co.
......................................................
233,680
14,296,542
The
Kraft
Heinz
Co.
.....................................................
289,591
10,685,908
Walgreens
Boots
Alliance,
Inc.
.............................................
231,598
5,023,361
139,922,885
Energy
(13.2%):
Chevron
Corp.
.........................................................
59,077
9,318,806
ConocoPhillips
........................................................
72,772
9,262,420
Coterra
Energy,
Inc.
.....................................................
306,503
8,545,304
Devon
Energy
Corp.
.....................................................
154,228
7,739,161
Diamondback
Energy,
Inc.
................................................
42,379
8,398,246
EOG
Resources,
Inc.
....................................................
65,276
8,344,884
Exxon
Mobil
Corp.
.....................................................
82,539
9,594,333
HF
Sinclair
Corp.
.......................................................
117,139
7,071,681
Kinder
Morgan,
Inc.
.....................................................
650,576
11,931,564
ONEOK,
Inc.
..........................................................
124,897
10,012,992
Phillips
66
............................................................
57,567
9,402,994
The
Williams
Cos.,
Inc.
..................................................
305,372
11,900,347
Valero
Energy
Corp.
.....................................................
49,572
8,461,445
119,984,177
Financials
(19.1%):
Ally
Financial,
Inc.
......................................................
138,955
5,640,183
Citigroup,
Inc.
.........................................................
157,536
9,962,577
Citizens
Financial
Group,
Inc.
..............................................
165,037
5,989,193
CME
Group,
Inc.
.......................................................
50,623
10,898,626
Corebridge
Financial,
Inc.(a)
...............................................
309,135
8,881,448
Fidelity
National
Financial,
Inc.
............................................
169,262
8,987,812
Fifth
Third
Bancorp
.....................................................
173,043
6,438,930
Franklin
Resources,
Inc.
..................................................
241,953
6,801,299
Huntington
Bancshares,
Inc.
...............................................
507,377
7,077,909
KeyCorp
.............................................................
320,857
5,072,749
M&T
Bank
Corp.
.......................................................
44,738
6,506,695
MetLife,
Inc.
..........................................................
132,834
9,844,328
Morgan
Stanley
........................................................
90,934
8,562,345
Northern
Trust
Corp.
....................................................
77,263
6,870,226
Principal
Financial
Group,
Inc.
.............................................
114,959
9,922,111
Prudential
Financial,
Inc.
.................................................
88,480
10,387,552
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Regions
Financial
Corp.
..................................................
309,325
$
6,508,198
State
Street
Corp.
.......................................................
102,094
7,893,908
T.
Rowe
Price
Group,
Inc.
.................................................
63,527
7,745,212
The
Bank
of
New
York
Mellon
Corp.
.........................................
170,037
9,797,532
The
PNC
Financial
Services
Group,
Inc.
......................................
48,807
7,887,211
U.S.
Bancorp
..........................................................
138,088
6,172,534
173,848,578
Health
Care
(9.2%):
AbbVie,
Inc.
..........................................................
63,511
11,565,353
Amgen,
Inc.
...........................................................
30,712
8,732,036
Bristol-Myers
Squibb
Co.
.................................................
186,066
10,090,359
CVS
Health
Corp.
......................................................
98,572
7,862,103
Gilead
Sciences,
Inc.
....................................................
113,639
8,324,057
Johnson
&
Johnson
.....................................................
74,384
11,766,805
Medtronic
PLC
........................................................
121,648
10,601,623
Pfizer,
Inc.
............................................................
296,889
8,238,670
Viatris,
Inc.
...........................................................
549,149
6,556,839
83,737,845
Industrials
(3.2%):
Lockheed
Martin
Corp.
...................................................
24,156
10,987,840
Paychex,
Inc.
..........................................................
82,002
10,069,845
United
Parcel
Service,
Inc.,
Class
B
..........................................
55,503
8,249,411
29,307,096
Information
Technology
(6.0%):
Cisco
Systems,
Inc.
.....................................................
200,789
10,021,379
Corning,
Inc.
..........................................................
270,281
8,908,462
Hewlett
Packard
Enterprise
Co.
.............................................
435,934
7,729,110
HP,
Inc.
..............................................................
301,119
9,099,816
International
Business
Machines
Corp.
........................................
52,676
10,059,009
Texas
Instruments,
Inc.
...................................................
48,508
8,450,578
54,268,354
Materials
(3.9%):
Air
Products
and
Chemicals,
Inc.
............................................
26,636
6,453,104
Dow,
Inc.
............................................................
168,817
9,779,569
International
Paper
Co.
...................................................
223,928
8,737,670
LyondellBasell
Industries
NV,
Class
A
........................................
99,068
10,132,675
35,103,018
Utilities
(23.2%):
Alliant
Energy
Corp.
....................................................
203,500
10,256,400
Ameren
Corp.
.........................................................
123,132
9,106,843
American
Electric
Power
Co.,
Inc.
...........................................
103,948
8,949,923
CMS
Energy
Corp.
......................................................
169,460
10,225,216
Consolidated
Edison,
Inc.
.................................................
120,841
10,973,571
Dominion
Energy,
Inc.
...................................................
155,842
7,665,868
DTE
Energy
Co.
.......................................................
88,778
9,955,565
Duke
Energy
Corp.
......................................................
118,492
11,459,361
Edison
International
.....................................................
129,769
9,178,561
Entergy
Corp.
.........................................................
95,573
10,100,155
Evergy,
Inc.
...........................................................
184,936
9,871,884
Exelon
Corp.
..........................................................
236,854
8,898,605
FirstEnergy
Corp.
.......................................................
262,612
10,142,075
NextEra
Energy,
Inc.
....................................................
114,786
7,335,973
NiSource,
Inc.
.........................................................
344,124
9,518,470
PPL
Corp.
............................................................
386,816
10,649,045
Public
Service
Enterprise
Group,
Inc.
.........................................
160,630
10,726,871
Sempra
..............................................................
144,170
10,355,731
The
AES
Corp.
........................................................
338,704
6,072,963
The
Southern
Co.
.......................................................
151,514
10,869,614
WEC
Energy
Group,
Inc.
.................................................
120,907
9,928,883
Victory
Portfolios
II
VictoryShares
US
EQ
Income
Enhanced
Volatility
Wtd
ETF
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Xcel
Energy,
Inc.
.......................................................
169,481
$
9,109,604
211,351,181
Total
Common
Stocks
(Cost
$867,981,647)
903,105,830
Investment
Companies
(0.3%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
5.17% (b)
............
2,740,455
2,740,455
Total
Investment
Companies
(Cost
$2,740,455)
2,740,455
Collateral
for
Securities
Loaned
(0.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(b)
........
2,005,313
2,005,313
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.24%(b)
............
2,005,313
2,005,313
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(b)
...............
2,005,313
2,005,313
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.22%(b)
.
2,005,313
2,005,313
Total
Collateral
for
Securities
Loaned
(Cost
$8,021,252)
8,021,252
Total
Investments
(Cost
$878,743,354)
—
100.5%
913,867,537
Liabilities
in
excess
of
other
assets
—
(0.5)%
(4,638,528)
NET
ASSETS
-
100.00%
$
909,229,009
^
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,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
13
6/21/24
$
3,397,177
$
3,450,525
$
53,348
Total
unrealized
appreciation
$
53,348
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
53,348
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
89
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Communication
Services
(2.6%):
Cable
One,
Inc.
........................................................
179
$
75,740
Cargurus,
Inc.
(a)
.......................................................
3,651
84,265
Cinemark
Holdings,
Inc.
(a)
................................................
4,881
87,712
Cogent
Communications
Holdings,
Inc.
.......................................
1,228
80,225
Frontier
Communications
Parent,
Inc.
(a)
......................................
1,902
46,599
Integral
Ad
Science
Holding
Corp.
(a)
.........................................
4,346
43,330
Madison
Square
Garden
Entertainment
Corp.
(a)
.................................
2,118
83,047
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
573
105,730
Shutterstock,
Inc.
.......................................................
1,276
58,454
Sphere
Entertainment
Co.
(a)
...............................................
1,241
60,908
TEGNA,
Inc.
..........................................................
8,924
133,325
TripAdvisor,
Inc.
(a)
.....................................................
2,555
71,003
United
States
Cellular
Corp.
(a)
.............................................
709
25,878
Warner
Music
Group
Corp.
,
Class
A
.........................................
3,290
108,636
Yelp,
Inc.
(a)
...........................................................
2,381
93,811
Ziff
Davis,
Inc.
(a)
.......................................................
1,563
98,532
1,257,195
Consumer
Discretionary
(15.4%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
531
66,550
Academy
Sports
&
Outdoors,
Inc.
...........................................
1,064
71,863
Acushnet
Holdings
Corp.
.................................................
1,565
103,212
Adient
PLC
(a)
.........................................................
2,625
86,415
Adtalem
Global
Education,
Inc.
(a)
...........................................
1,516
77,922
Advance
Auto
Parts,
Inc.
.................................................
1,091
92,833
American
Eagle
Outfitters,
Inc.
.............................................
3,364
86,758
Arhaus,
Inc.
...........................................................
4,769
73,395
Asbury
Automotive
Group,
Inc.
(a)
...........................................
408
96,198
Atmus
Filtration
Technologies,
Inc.
(a)
........................................
4,051
130,645
Bloomin'
Brands,
Inc.
....................................................
3,520
100,954
Boot
Barn
Holdings,
Inc.
(a)
...............................................
779
74,122
Bowlero
Corp.
,
Class
A
(b)
................................................
4,450
60,965
Brinker
International,
Inc.
(a)
...............................................
1,836
91,212
Camping
World
Holdings,
Inc.
,
Class
A
.......................................
2,509
69,876
Carter's,
Inc.
..........................................................
1,423
120,500
Carvana
Co.
(a)
.........................................................
345
30,329
Cavco
Industries,
Inc.
(a)
..................................................
217
86,596
Century
Communities,
Inc.
................................................
944
91,096
Chewy,
Inc.
,
Class
A
(a)
..................................................
3,438
54,699
Columbia
Sportswear
Co.
.................................................
1,601
129,969
Cracker
Barrel
Old
Country
Store,
Inc.
(b)
.....................................
1,230
89,458
Dana,
Inc.
............................................................
6,763
85,890
Dave
&
Buster's
Entertainment,
Inc.
(a)
.......................................
1,127
70,550
Dillard's,
Inc.
,
Class
A
...................................................
190
89,612
Dorman
Products,
Inc.
(a)
.................................................
837
80,678
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......................................
1,206
52,738
Dutch
Bros,
Inc.
,
Class
A
(a)
(b)
.............................................
2,320
76,560
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
3,912
96,313
Foot
Locker,
Inc.
.......................................................
1,462
41,667
Fox
Factory
Holding
Corp.
(a)
..............................................
1,070
55,715
Frontdoor,
Inc.
(a)
.......................................................
3,261
106,243
Gentherm,
Inc.
(a)
.......................................................
1,101
63,396
Graham
Holdings
Co.
,
Class
B
.............................................
202
155,071
Grand
Canyon
Education,
Inc.
(a)
............................................
879
119,729
Green
Brick
Partners,
Inc.
(a)
...............................................
1,339
80,648
Group
1
Automotive,
Inc.
.................................................
344
100,527
H&R
Block,
Inc.
.......................................................
2,523
123,905
Helen
of
Troy
Ltd.
(a)
....................................................
609
70,181
Installed
Building
Products,
Inc.
............................................
333
86,157
Jack
in
the
Box,
Inc.
.....................................................
1,372
93,955
KB
Home
............................................................
1,314
93,136
Kontoor
Brands,
Inc.
....................................................
1,338
80,614
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Laureate
Education,
Inc.
..................................................
8,424
$
122,738
La-Z-Boy,
Inc.
.........................................................
2,527
95,066
LCI
Industries
.........................................................
648
79,743
Leslie's,
Inc.
(a)
........................................................
4,806
31,239
Levi
Strauss
&
Co.
,
Class
A
...............................................
5,269
105,327
LGI
Homes,
Inc.
(a)
.....................................................
602
70,055
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
4,401
68,304
M/I
Homes,
Inc.
(a)
......................................................
643
87,634
Macy's,
Inc.
...........................................................
3,563
71,224
Marriott
Vacations
Worldwide
Corp.
.........................................
785
84,568
Mister
Car
Wash,
Inc.
(a)
..................................................
6,949
53,855
Modine
Manufacturing
Co.
(a)
..............................................
727
69,203
Nordstrom,
Inc.
........................................................
3,288
66,648
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
1,243
98,905
Oxford
Industries,
Inc.
...................................................
981
110,264
Papa
John's
International,
Inc.
..............................................
1,403
93,440
Patrick
Industries,
Inc.
...................................................
852
101,788
Phinia,
Inc.
...........................................................
1,582
60,796
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
1,621
96,968
Revolve
Group,
Inc.
(a)
(b)
.................................................
2,611
55,275
Shake
Shack,
Inc.
,
Class
A
(a)
..............................................
593
61,690
Signet
Jewelers
Ltd.
.....................................................
730
73,051
Skyline
Champion
Corp.
(a)
................................................
861
73,194
Sonic
Automotive,
Inc.
,
Class
A
............................................
1,387
78,976
Steven
Madden
Ltd.
.....................................................
2,645
111,831
Strategic
Education,
Inc.
..................................................
924
96,207
Stride,
Inc.
(a)
..........................................................
1,647
103,843
The
Buckle,
Inc.
........................................................
2,303
92,742
The
Cheesecake
Factory,
Inc.
..............................................
2,850
103,027
The
Gap,
Inc.
..........................................................
2,931
80,749
The
ODP
Corp.
(a)
......................................................
1,701
90,238
The
Wendy's
Co.
.......................................................
8,160
153,734
Topgolf
Callaway
Brands
Corp.
(a)
...........................................
4,438
71,762
Travel
+
Leisure
Co.
.....................................................
1,989
97,381
Tri
Pointe
Homes,
Inc.
(a)
.................................................
2,384
92,165
Under
Armour,
Inc.
,
Class
A
(a)
.............................................
8,229
60,730
United
Parks
&
Resorts,
Inc.
(a)
.............................................
1,698
95,445
Urban
Outfitters,
Inc.
(a)
..................................................
1,909
82,889
Victoria's
Secret
&
Co.
(a)
.................................................
1,813
35,136
Visteon
Corp.
(a)
........................................................
844
99,263
Wingstop,
Inc.
.........................................................
267
97,829
Winnebago
Industries,
Inc.
................................................
1,407
104,118
Worthington
Enterprises,
Inc.
..............................................
1,386
86,251
XPEL,
Inc.
(a)
.........................................................
1,256
67,849
YETI
Holdings,
Inc.
(a)
...................................................
1,536
59,213
7,501,205
Consumer
Staples
(4.9%):
BellRing
Brands,
Inc.
(a)
..................................................
2,046
120,775
Cal-Maine
Foods,
Inc.
...................................................
1,784
104,989
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
2,561
94,552
Edgewell
Personal
Care
Co.
...............................................
3,324
128,439
Energizer
Holdings,
Inc.
..................................................
3,400
100,096
Grocery
Outlet
Holding
Corp.
(a)
............................................
4,476
128,819
Ingles
Markets,
Inc.
,
Class
A
...............................................
2,071
158,804
Inter
Parfums,
Inc.
......................................................
615
86,414
J
&
J
Snack
Foods
Corp.
..................................................
902
130,393
MGP
Ingredients,
Inc.
....................................................
955
82,254
National
Beverage
Corp.
(a)
................................................
2,051
97,341
Seaboard
Corp.
........................................................
47
151,524
Spectrum
Brands
Holdings,
Inc.
............................................
1,499
133,426
Sprouts
Farmers
Market,
Inc.
(a)
............................................
1,758
113,356
The
Andersons,
Inc.
.....................................................
1,741
99,881
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
254
77,323
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
1,806
$
68,014
The
Simply
Good
Foods
Co.
(a)
.............................................
2,948
100,321
The
Vita
Coco
Co.,
Inc.
(a)
................................................
2,260
55,212
Tootsie
Roll
Industries,
Inc.
................................................
129
4,131
TreeHouse
Foods,
Inc.
(a)
.................................................
2,438
94,960
Vector
Group
Ltd.
......................................................
7,966
87,307
WD-40
Co.
...........................................................
319
80,806
Weis
Markets,
Inc.
......................................................
1,653
106,453
2,405,590
Energy
(6.1%):
Archrock,
Inc.
.........................................................
5,369
105,608
Atlas
Energy
Solutions,
Inc.
(b)
.............................................
4,175
94,439
Cactus,
Inc.
,
Class
A
.....................................................
2,007
100,531
California
Resources
Corp.
................................................
1,915
105,516
CNX
Resources
Corp.
(a)
.................................................
5,599
132,808
Comstock
Resources,
Inc.
(b)
...............................................
8,046
74,667
CONSOL
Energy,
Inc.
...................................................
821
68,767
Crescent
Energy
Co.
,
Class
A
..............................................
6,471
77,005
CVR
Energy,
Inc.
.......................................................
2,726
97,209
Delek
U.S.
Holdings,
Inc.
.................................................
3,394
104,332
Dorian
LPG
Ltd.
.......................................................
1,844
70,920
Equitrans
Midstream
Corp.
................................................
8,920
111,411
Gulfport
Energy
Corp.
(a)
.................................................
665
106,480
Helmerich
&
Payne,
Inc.
..................................................
2,156
90,681
HighPeak
Energy,
Inc.
(b)
.................................................
2,916
45,985
International
Seaways,
Inc.
................................................
1,743
92,728
Kinetik
Holdings,
Inc.
...................................................
3,356
133,804
Kosmos
Energy
Ltd.
(a)
...................................................
11,819
70,441
Liberty
Energy,
Inc.
.....................................................
3,795
78,632
Magnolia
Oil
&
Gas
Corp.
,
Class
A
(b)
........................................
4,706
122,121
Northern
Oil
&
Gas,
Inc.
..................................................
2,819
111,858
Oceaneering
International,
Inc.
(a)
...........................................
3,595
84,123
Par
Pacific
Holdings,
Inc.
(a)
...............................................
2,544
94,281
Patterson-UTI
Energy,
Inc.
................................................
5,999
71,628
Peabody
Energy
Corp.
...................................................
3,746
90,878
Permian
Resources
Corp.
.................................................
5,858
103,452
RPC,
Inc.
............................................................
10,775
83,399
SM
Energy
Co.
........................................................
1,939
96,659
Talos
Energy,
Inc.
(a)
.....................................................
6,090
84,834
Tidewater,
Inc.
(a)
.......................................................
996
91,632
Vital
Energy,
Inc.
(a)
.....................................................
1,436
75,447
World
Kinect
Corp.
.....................................................
3,861
102,123
2,974,399
Financials
(23.5%):
Affiliated
Managers
Group,
Inc.
............................................
729
122,086
Ameris
Bancorp
........................................................
2,025
97,969
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
2,395
109,619
Associated
Banc-Corp.
...................................................
4,596
98,860
Assured
Guaranty
Ltd.
...................................................
1,443
125,902
Atlantic
Union
Bankshares
Corp.
............................................
2,767
97,703
Axis
Capital
Holdings
Ltd.
................................................
2,147
139,598
Axos
Financial,
Inc.
(a)
...................................................
1,258
67,982
BancFirst
Corp.
........................................................
1,199
105,548
Bank
of
Hawaii
Corp.
....................................................
1,253
78,175
Bank
OZK
............................................................
1,899
86,328
BankUnited,
Inc.
.......................................................
2,654
74,312
Banner
Corp.
..........................................................
2,204
105,792
BGC
Group,
Inc.
,
Class
A
.................................................
11,749
91,290
Bread
Financial
Holdings,
Inc.
.............................................
1,970
73,363
Cadence
Bank
.........................................................
2,868
83,172
Cathay
General
Bancorp
..................................................
2,555
96,656
City
Holding
Co.
.......................................................
1,328
138,404
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
CNO
Financial
Group,
Inc.
................................................
5,060
$
139,049
Cohen
&
Steers,
Inc.
....................................................
1,271
97,727
Columbia
Banking
System,
Inc.
............................................
3,635
70,337
Community
Bank
System,
Inc.
.............................................
2,034
97,693
Customers
Bancorp,
Inc.
(a)
................................................
1,187
62,982
CVB
Financial
Corp.
....................................................
4,413
78,728
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
1,816
112,610
Eastern
Bankshares,
Inc.
..................................................
6,801
93,718
Enova
International,
Inc.
(a)
................................................
1,240
77,909
Enstar
Group
Ltd.
(a)
....................................................
448
139,220
Enterprise
Financial
Services
Corp.
..........................................
2,560
103,834
Euronet
Worldwide,
Inc.
(a)
................................................
767
84,316
EVERTEC,
Inc.
........................................................
3,241
129,316
FB
Financial
Corp.
......................................................
2,337
88,011
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
686
135,060
Federated
Hermes,
Inc.
...................................................
3,705
133,825
First
Bancorp
..........................................................
6,442
112,993
First
Bancorp
..........................................................
2,426
87,627
First
Financial
Bancorp
...................................................
4,519
101,316
First
Financial
Bankshares,
Inc.
.............................................
2,965
97,282
First
Hawaiian,
Inc.
.....................................................
4,762
104,573
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
3,031
82,473
First
Merchants
Corp.
....................................................
3,064
106,934
FirstCash
Holdings,
Inc.
..................................................
1,174
149,732
FNB
Corp.
............................................................
8,805
124,150
Fulton
Financial
Corp.
...................................................
6,722
106,813
Genworth
Financial,
Inc.
(a)
................................................
15,985
102,783
Glacier
Bancorp,
Inc.
....................................................
1,934
77,901
Goosehead
Insurance,
Inc.
,
Class
A
(a)
........................................
932
62,090
Hamilton
Lane,
Inc.
,
Class
A
...............................................
1,051
118,511
Hancock
Whitney
Corp.
..................................................
2,132
98,157
Heartland
Financial
USA,
Inc.
..............................................
2,533
89,035
Hilltop
Holdings,
Inc.
....................................................
3,479
108,962
Home
BancShares,
Inc.
...................................................
4,931
121,155
Horace
Mann
Educators
Corp.
..............................................
3,793
140,303
Houlihan
Lokey,
Inc.
....................................................
1,061
136,010
Independent
Bank
Corp.
..................................................
1,670
86,873
Independent
Bank
Group,
Inc.
..............................................
1,836
83,813
International
Bancshares
Corp.
.............................................
2,270
127,438
Jackson
Financial,
Inc.
,
Class
A
.............................................
1,616
106,882
Lakeland
Financial
Corp.
.................................................
1,379
91,455
Live
Oak
Bancshares,
Inc.
................................................
1,641
68,118
Merchants
Bancorp
.....................................................
2,182
94,219
Mercury
General
Corp.
...................................................
1,562
80,599
MGIC
Investment
Corp.
..................................................
8,079
180,646
Mr.
Cooper
Group,
Inc.
(a)
.................................................
1,706
132,983
Navient
Corp.
.........................................................
7,012
122,009
NBT
Bancorp,
Inc.
......................................................
2,957
108,463
Nelnet,
Inc.
,
Class
A
.....................................................
1,864
176,428
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
4,564
147,600
Northwest
Bancshares,
Inc.
................................................
9,774
113,867
OFG
Bancorp
.........................................................
2,971
109,362
Old
National
Bancorp
....................................................
6,338
110,345
Pacific
Premier
Bancorp,
Inc.
..............................................
3,487
83,688
Palomar
Holdings,
Inc.
(a)
.................................................
1,006
84,333
Park
National
Corp.
.....................................................
794
107,865
Payoneer
Global,
Inc.
(a)
..................................................
13,871
67,413
PennyMac
Financial
Services,
Inc.
..........................................
1,075
97,922
Piper
Sandler
Cos.
......................................................
582
115,521
PJT
Partners,
Inc.
,
Class
A
................................................
1,080
101,801
Radian
Group,
Inc.
......................................................
4,950
165,676
Renasant
Corp.
........................................................
2,869
89,857
Ryan
Specialty
Holdings,
Inc.
(a)
............................................
2,702
149,961
Seacoast
Banking
Corp.
of
Florida
...........................................
3,566
90,541
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
ServisFirst
Bancshares,
Inc.
...............................................
1,023
$
67,886
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
830
54,838
Simmons
First
National
Corp.
,
Class
A
.......................................
4,791
93,233
SiriusPoint
Ltd.
(a)
......................................................
8,313
105,658
SLM
Corp.
...........................................................
5,334
116,228
StepStone
Group,
Inc.
,
Class
A
.............................................
3,044
108,793
Stewart
Information
Services
Corp.
..........................................
1,632
106,178
StoneX
Group,
Inc.
(a)
...................................................
1,554
109,184
Synovus
Financial
Corp.
..................................................
2,166
86,770
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
1,618
99,588
The
Bancorp,
Inc.
(a)
.....................................................
1,996
66,786
The
Hanover
Insurance
Group,
Inc.
..........................................
1,217
165,719
The
Western
Union
Co.
...................................................
9,210
128,756
Towne
Bank
..........................................................
3,879
108,845
Triumph
Financial,
Inc.
(a)
.................................................
1,246
98,833
Trustmark
Corp.
........................................................
3,648
102,545
UMB
Financial
Corp.
....................................................
1,131
98,386
United
Bankshares,
Inc.
..................................................
2,860
102,359
United
Community
Banks,
Inc.
.............................................
3,534
93,015
Victory
Capital
Holdings,
Inc.
,
Class
A
(c)
.....................................
3,092
131,194
Virtu
Financial,
Inc.
,
Class
A
...............................................
5,962
122,340
Virtus
Investment
Partners,
Inc.
.............................................
462
114,567
WaFd,
Inc.
............................................................
3,252
94,405
Walker
&
Dunlop,
Inc.
...................................................
862
87,114
WesBanco,
Inc.
........................................................
3,222
96,048
White
Mountains
Insurance
Group
Ltd.
.......................................
74
132,778
WSFS
Financial
Corp.
...................................................
2,019
91,138
11,444,756
Health
Care
(6.2%):
Addus
HomeCare
Corp.
(a)
................................................
1,203
124,318
Alkermes
PLC
(a)
.......................................................
2,542
68,812
AMN
Healthcare
Services,
Inc.
(a)
...........................................
1,198
74,887
Amneal
Pharmaceuticals,
Inc.
(a)
............................................
8,326
50,456
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
1,324
58,137
ANI
Pharmaceuticals,
Inc.
(a)
..............................................
1,222
84,477
Astrana
Health,
Inc.
(a)
...................................................
1,433
60,172
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
4,094
65,258
CONMED
Corp.
.......................................................
1,081
86,566
Corcept
Therapeutics,
Inc.
(a)
..............................................
2,090
52,647
CorVel
Corp.
(a)
........................................................
441
115,965
Doximity,
Inc.
,
Class
A
(a)
.................................................
2,205
59,337
Dynavax
Technologies
Corp.
(a)
.............................................
8,044
99,826
Fortrea
Holdings,
Inc.
(a)
..................................................
1,823
73,175
Globus
Medical,
Inc.
(a)
..................................................
2,059
110,445
Haemonetics
Corp.
(a)
....................................................
1,503
128,281
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
1,574
52,855
Integer
Holdings
Corp.
(a)
.................................................
894
104,312
Integra
LifeSciences
Holdings
Corp.
(a)
.......................................
2,545
90,220
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
(a)
......................................
2,536
50,035
Krystal
Biotech,
Inc.
(a)
...................................................
281
49,998
LeMaitre
Vascular,
Inc.
...................................................
1,104
73,261
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
987
72,150
Merit
Medical
Systems,
Inc.
(a)
.............................................
1,223
92,642
National
HealthCare
Corp.
................................................
1,157
109,348
Neogen
Corp.
(a)
.......................................................
4,351
68,659
Pacira
BioSciences,
Inc.
(a)
................................................
2,825
82,547
Patterson
Cos.,
Inc.
.....................................................
3,017
83,420
Premier,
Inc.
,
Class
A
....................................................
5,669
125,285
Privia
Health
Group,
Inc.
(a)
...............................................
2,752
53,912
Progyny,
Inc.
(a)
........................................................
2,152
82,099
RadNet,
Inc.
(a)
........................................................
2,119
103,111
Schrodinger,
Inc.
(a)
.....................................................
1,667
45,009
Select
Medical
Holdings
Corp.
.............................................
3,453
104,108
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
STAAR
Surgical
Co.
(a)
..................................................
1,742
$
66,684
TG
Therapeutics,
Inc.
(a)
..................................................
1,740
26,465
U.S.
Physical
Therapy,
Inc.
................................................
1,007
113,660
UFP
Technologies,
Inc.
(a)
.................................................
341
86,000
3,048,539
Industrials
(21.6%):
AAR
Corp.
(a)
.........................................................
1,626
97,349
ABM
Industries,
Inc.
....................................................
2,067
92,230
Air
Lease
Corp.
........................................................
3,032
155,966
Alamo
Group,
Inc.
......................................................
522
119,188
Albany
International
Corp.
................................................
1,267
118,477
American
Woodmark
Corp.
(a)
..............................................
834
84,784
ArcBest
Corp.
.........................................................
483
68,827
Arcosa,
Inc.
...........................................................
1,405
120,633
Armstrong
World
Industries,
Inc.
............................................
937
116,394
Array
Technologies,
Inc.
(a)
................................................
3,407
50,798
ASGN,
Inc.
(a)
.........................................................
1,188
124,455
AZZ,
Inc.
............................................................
1,791
138,462
Barnes
Group,
Inc.
......................................................
1,814
67,390
Boise
Cascade
Co.
......................................................
686
105,212
Brady
Corp.
,
Class
A
....................................................
2,322
137,648
Casella
Waste
Systems,
Inc.
(a)
.............................................
1,408
139,209
CBIZ,
Inc.
(a)
..........................................................
1,771
139,023
Cimpress
PLC
(a)
.......................................................
659
58,328
Concentrix
Corp.
.......................................................
1,028
68,074
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
1,730
97,139
CoreCivic,
Inc.
(a)
......................................................
6,602
103,057
CSG
Systems
International,
Inc.
............................................
1,585
81,691
CSW
Industrials,
Inc.
....................................................
536
125,746
DNOW,
Inc.
(a)
........................................................
5,290
80,408
Dycom
Industries,
Inc.
(a)
.................................................
669
96,022
Encore
Wire
Corp.
......................................................
391
102,747
Enerpac
Tool
Group
Corp.
................................................
2,941
104,876
EnerSys
..............................................................
1,076
101,639
Enpro,
Inc.
...........................................................
606
102,275
Esab
Corp.
............................................................
1,111
122,843
ESCO
Technologies,
Inc.
.................................................
1,255
134,348
ExlService
Holdings,
Inc.
(a)
...............................................
3,512
111,682
Exponent,
Inc.
.........................................................
1,106
91,455
Federal
Signal
Corp.
.....................................................
1,529
129,766
First
Advantage
Corp.
....................................................
6,870
111,431
Flowserve
Corp.
........................................................
3,135
143,207
Fluor
Corp.
(a)
.........................................................
2,114
89,380
Franklin
Electric
Co.,
Inc.
.................................................
1,385
147,932
FTAI
Aviation
Ltd.
......................................................
1,825
122,822
GATX
Corp.
..........................................................
1,113
149,175
Gibraltar
Industries,
Inc.
(a)
................................................
1,184
95,348
GMS,
Inc.
(a)
..........................................................
1,224
119,144
Granite
Construction,
Inc.
.................................................
1,754
100,206
Griffon
Corp.
..........................................................
1,318
96,662
H&E
Equipment
Services,
Inc.
.............................................
1,482
95,115
Hayward
Holdings,
Inc.
(a)
................................................
4,948
75,754
Helios
Technologies,
Inc.
.................................................
1,710
76,420
Herc
Holdings,
Inc.
.....................................................
451
75,903
Hillenbrand,
Inc.
.......................................................
2,273
114,309
HNI
Corp.
............................................................
2,493
112,509
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
2,710
117,126
Huron
Consulting
Group,
Inc.
(a)
............................................
851
82,224
ICF
International,
Inc.
...................................................
839
126,379
IES
Holdings,
Inc.
(a)
....................................................
746
90,743
Insperity,
Inc.
..........................................................
798
87,469
Janus
International
Group,
Inc.
(a)
...........................................
5,969
90,311
JELD-WEN
Holding,
Inc.
(a)
...............................................
3,615
76,746
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
John
Bean
Technologies
Corp.
..............................................
959
$
100,590
Kadant,
Inc.
...........................................................
333
109,257
Kennametal,
Inc.
.......................................................
4,232
105,546
Kirby
Corp.
(a)
.........................................................
1,733
165,190
Korn
Ferry
...........................................................
2,047
134,611
Legalzoom.com,
Inc.
(a)
..................................................
5,238
69,875
ManpowerGroup,
Inc.
...................................................
1,769
137,345
Marten
Transport
Ltd.
....................................................
6,223
115,001
Masterbrand,
Inc.
(a)
.....................................................
5,081
95,218
Matson,
Inc.
..........................................................
948
106,555
Maximus,
Inc.
.........................................................
1,499
125,766
MDU
Resources
Group,
Inc.
...............................................
7,164
180,533
MillerKnoll,
Inc.
.......................................................
2,069
51,228
Moog,
Inc.
,
Class
A
.....................................................
692
110,478
MSC
Industrial
Direct
Co.,
Inc.
.............................................
1,622
157,399
Mueller
Industries,
Inc.
...................................................
2,125
114,601
Mueller
Water
Products,
Inc.
,
Class
A
........................................
6,740
108,447
MYR
Group,
Inc.
(a)
.....................................................
605
106,934
NEXTracker,
Inc.
,
Class
A
(a)
..............................................
930
52,331
NV5
Global,
Inc.
(a)
.....................................................
969
94,972
Powell
Industries,
Inc.
...................................................
201
28,602
Primoris
Services
Corp.
..................................................
2,558
108,894
Resideo
Technologies,
Inc.
(a)
..............................................
3,113
69,793
Rush
Enterprises,
Inc.
,
Class
A
.............................................
2,202
117,851
RXO,
Inc.
(a)
..........................................................
3,665
80,154
Ryder
System,
Inc.
......................................................
1,075
129,204
Schneider
National,
Inc.
,
Class
B
............................................
4,779
108,197
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
4,032
45,078
SkyWest,
Inc.
(a)
........................................................
1,268
87,593
SPX
Technologies,
Inc.
(a)
.................................................
983
121,037
Standex
International
Corp.
................................................
620
112,976
Steelcase,
Inc.
,
Class
A
...................................................
5,469
71,535
Sterling
Infrastructure,
Inc.
(a)
..............................................
544
60,009
Tennant
Co.
...........................................................
1,134
137,906
Terex
Corp.
...........................................................
1,328
85,523
The
AZEK
Co.,
Inc.
(a)
...................................................
1,716
86,178
The
Brink's
Co.
........................................................
1,335
123,327
The
Greenbrier
Cos.,
Inc.
.................................................
1,123
58,508
Trinity
Industries,
Inc.
...................................................
3,467
96,556
UniFirst
Corp.
.........................................................
733
127,124
Upwork,
Inc.
(a)
........................................................
3,164
38,791
Verra
Mobility
Corp.
(a)
..................................................
6,135
153,191
Vicor
Corp.
(a)
.........................................................
895
34,225
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
601
127,743
Werner
Enterprises,
Inc.
..................................................
3,260
127,531
10,563,859
Information
Technology
(8.3%):
ACI
Worldwide,
Inc.
(a)
..................................................
2,698
89,601
ACM
Research,
Inc.
,
Class
A
(a)
............................................
1,126
32,812
Advanced
Energy
Industries,
Inc.
...........................................
869
88,621
Agilysys,
Inc.
(a)
.......................................................
875
73,727
Alarm.com
Holdings,
Inc.
(a)
...............................................
994
72,035
Appfolio,
Inc.
,
Class
A
(a)
.................................................
267
65,880
Avnet,
Inc.
............................................................
2,809
139,270
Badger
Meter,
Inc.
......................................................
717
116,018
Belden,
Inc.
...........................................................
793
73,440
Blackbaud,
Inc.
(a)
......................................................
1,518
112,545
BlackLine,
Inc.
(a)
......................................................
1,390
89,766
Box,
Inc.
,
Class
A
(a)
....................................................
4,225
119,652
Calix,
Inc.
(a)
..........................................................
1,731
57,400
Cirrus
Logic,
Inc.
(a)
.....................................................
1,013
93,763
Clear
Secure,
Inc.
,
Class
A
................................................
3,888
82,698
Cohu,
Inc.
(a)
..........................................................
2,953
98,423
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Crane
NXT
Co.
........................................................
1,798
$
111,296
DigitalOcean
Holdings,
Inc.
(a)
.............................................
1,290
49,252
Diodes,
Inc.
(a)
.........................................................
1,285
90,592
ePlus,
Inc.
(a)
..........................................................
989
77,676
Extreme
Networks,
Inc.
(a)
................................................
4,998
57,677
FormFactor,
Inc.
(a)
.....................................................
1,640
74,833
Harmonic,
Inc.
(a)
.......................................................
4,591
61,703
Insight
Enterprises,
Inc.
(a)
................................................
735
136,357
InterDigital,
Inc.
.......................................................
1,097
116,787
Itron,
Inc.
(a)
..........................................................
790
73,091
Knowles
Corp.
(a)
.......................................................
5,369
86,441
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
987
94,397
MicroStrategy,
Inc.
(a)
....................................................
42
71,592
N-able,
Inc.
(a)
.........................................................
8,074
105,527
Napco
Security
Technologies,
Inc.
...........................................
937
37,630
OSI
Systems,
Inc.
(a)
.....................................................
770
109,971
PC
Connection,
Inc.
.....................................................
1,810
119,333
Pegasystems,
Inc.
.......................................................
811
52,423
Perficient,
Inc.
(a)
.......................................................
985
55,446
Photronics,
Inc.
(a)
......................................................
2,105
59,614
Plexus
Corp.
(a)
........................................................
1,247
118,241
Progress
Software
Corp.
..................................................
2,285
121,813
Qualys,
Inc.
(a)
.........................................................
573
95,616
Rogers
Corp.
(a)
........................................................
983
116,672
Sanmina
Corp.
(a)
.......................................................
1,024
63,672
Sprinklr,
Inc.
,
Class
A
(a)
..................................................
4,510
55,338
Verint
Systems,
Inc.
(a)
...................................................
2,093
69,383
Viavi
Solutions,
Inc.
(a)
...................................................
9,170
83,355
Vishay
Intertechnology,
Inc.
...............................................
5,543
125,715
Vontier
Corp.
..........................................................
2,922
132,542
4,029,636
Materials
(5.1%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
161
53,318
Arch
Resources,
Inc.
....................................................
520
83,611
Ashland,
Inc.
..........................................................
1,142
111,197
Avient
Corp.
..........................................................
2,508
108,847
Balchem
Corp.
.........................................................
804
124,580
Cabot
Corp.
...........................................................
1,229
113,314
Carpenter
Technology
Corp.
...............................................
1,316
93,989
Element
Solutions,
Inc.
...................................................
5,249
131,120
Greif,
Inc.
,
Class
A
......................................................
2,101
145,074
H.B.
Fuller
Co.
........................................................
1,547
123,358
Hawkins,
Inc.
.........................................................
1,191
91,469
Innospec,
Inc.
.........................................................
1,080
139,255
Knife
River
Corp.
(a)
....................................................
1,163
94,296
Materion
Corp.
........................................................
647
85,242
Minerals
Technologies,
Inc.
................................................
1,564
117,738
MP
Materials
Corp.
(a)
(b)
.................................................
4,026
57,572
NewMarket
Corp.
......................................................
216
137,078
Quaker
Chemical
Corp.
..................................................
487
99,957
Sensient
Technologies
Corp.
...............................................
1,609
111,327
Silgan
Holdings,
Inc.
....................................................
2,545
123,585
Stepan
Co.
............................................................
1,185
106,697
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
2,106
93,864
Sylvamo
Corp.
.........................................................
1,098
67,790
Warrior
Met
Coal,
Inc.
...................................................
1,381
83,827
2,498,105
Real
Estate
(0.5%):
Forestar
Group,
Inc.
(a)
...................................................
2,320
93,241
Newmark
Group,
Inc.
,
Class
A
.............................................
5,803
64,355
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
The
St.
Joe
Co.
........................................................
1,594
$
92,404
250,000
Utilities
(5.2%):
ALLETE,
Inc.
.........................................................
2,393
142,718
American
States
Water
Co.
................................................
2,066
149,248
Avista
Corp.
..........................................................
3,762
131,745
Black
Hills
Corp.
.......................................................
2,391
130,549
California
Water
Service
Group
.............................................
2,728
126,797
Chesapeake
Utilities
Corp.
................................................
1,162
124,683
Clearway
Energy,
Inc.
,
Class
C
.............................................
3,852
88,789
MGE
Energy,
Inc.
......................................................
2,369
186,488
National
Fuel
Gas
Co.
...................................................
2,838
152,457
New
Jersey
Resources
Corp.
...............................................
3,541
151,944
Northwest
Natural
Holding
Co.
.............................................
3,194
118,881
Northwestern
Energy
Group,
Inc.
...........................................
3,006
153,096
ONE
Gas,
Inc.
.........................................................
2,199
141,901
Ormat
Technologies,
Inc.
.................................................
1,614
106,831
Otter
Tail
Corp.
........................................................
1,058
91,411
Portland
General
Electric
Co.
..............................................
3,368
141,456
SJW
Group
...........................................................
2,423
137,117
Southwest
Gas
Holdings,
Inc.
..............................................
1,795
136,653
Spire,
Inc.
............................................................
2,480
152,198
2,564,962
Total
Common
Stocks
(Cost
$45,801,601)
48,538,246
Investment
Companies
(0.3%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5
.17
%
(d)
............
129,398
129,398
Total
Investment
Companies
(Cost
$129,398)
129,398
Collateral
for
Securities
Loaned
(1.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(d)
........
153,723
153,723
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(d)
............
153,723
153,723
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(d)
...............
153,723
153,723
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(d)
.
153,723
153,723
Total
Collateral
for
Securities
Loaned
(Cost
$614,892)
614,892
Total
Investments
(Cost
$46,545,891)
—
101.0%
49,282,536
Liabilities
in
excess
of
other
assets
—
(1.0)%
(
506,618
)
NET
ASSETS
-
100.00%
$
48,775,918
^
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)
Affiliated
security.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
PLC
—
Public
Limited
Company
Victory
Portfolios
II
VictoryShares
US
Discovery
Enhanced
Volatility
Wtd
ETF
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Affiliated
Holdings
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
2
6/21/24
$
208,486
$
214,590
$
6,104
Total
unrealized
appreciation
$
6,104
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
6,104
Fair
Value
6/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Realized
Gains
(Losses)
Capital
Gain
Distribution
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
3/31/2024
Dividend
Income
Victory
Capital
Holdings,
Inc.
,
Class
A
.......
$
37,154
$
223,846
$
(
160,216
)
$
17,491
$
—
$
12,919
$
131,194
$
2,796
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
99
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.8%)
Australia
(6.1%):
Communication
Services
(0.5%):
REA
Group
Ltd.
........................................................
524
$
63,317
Telstra
Group
Ltd.
......................................................
47,368
119,120
182,437
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
2,661
74,547
Wesfarmers
Ltd.
........................................................
2,340
104,276
178,823
Consumer
Staples
(0.5%):
Coles
Group
Ltd.
.......................................................
8,885
98,059
Woolworths
Group
Ltd.
..................................................
4,713
101,849
199,908
Energy
(0.4%):
Santos
Ltd.
...........................................................
15,005
75,762
Woodside
Energy
Group
Ltd.
..............................................
3,929
78,072
153,834
Financials
(2.1%):
ANZ
Group
Holdings
Ltd.
................................................
6,050
115,882
Commonwealth
Bank
of
Australia
...........................................
1,463
114,702
Insurance
Australia
Group
Ltd.
.............................................
19,853
82,779
Macquarie
Group
Ltd.
...................................................
669
87,040
National
Australia
Bank
Ltd.
...............................................
4,957
111,869
QBE
Insurance
Group
Ltd.
................................................
7,057
83,355
Suncorp
Group
Ltd.
.....................................................
8,878
94,742
Westpac
Banking
Corp.
..................................................
5,974
101,583
791,952
Health
Care
(0.4%):
Cochlear
Ltd.
..........................................................
329
72,345
CSL
Ltd.
.............................................................
432
81,035
153,380
Industrials
(0.7%):
Brambles
Ltd.
.........................................................
9,173
96,516
Computershare
Ltd.
.....................................................
5,278
89,782
Reece
Ltd.
............................................................
3,219
58,931
245,229
Information
Technology
(0.1%):
WiseTech
Global
Ltd.
....................................................
663
40,581
Materials
(0.7%):
BHP
Group
Ltd.
........................................................
2,871
82,805
Fortescue
Ltd.
.........................................................
3,409
57,079
Northern
Star
Resources
Ltd.
..............................................
5,516
52,000
Rio
Tinto
Ltd.
.........................................................
1,026
81,389
273,273
Utilities
(0.2%):
Origin
Energy
Ltd.
......................................................
14,237
85,334
2,304,751
Austria
(0.6%):
Energy
(0.2%):
OMV
AG
............................................................
1,550
73,333
Financials
(0.3%):
Erste
Group
Bank
AG
....................................................
2,313
103,045
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Utilities
(0.1%):
Verbund
AG
..........................................................
862
$
62,997
239,375
Belgium
(1.2%):
Consumer
Discretionary
(0.2%):
D'ieteren
Group
........................................................
382
84,720
Consumer
Staples
(0.3%):
Anheuser-Busch
InBev
SA
................................................
1,514
92,208
Financials
(0.5%):
Groupe
Bruxelles
Lambert
NV
.............................................
1,625
122,808
KBC
Group
NV
........................................................
1,029
77,055
199,863
Health
Care
(0.2%):
UCB
SA
.............................................................
568
70,093
446,884
Canada
(11.9%):
Communication
Services
(0.7%):
BCE,
Inc.
............................................................
2,690
91,421
Rogers
Communications,
Inc.
,
Class
B
........................................
1,838
75,317
TELUS
Corp.
.........................................................
6,327
101,230
267,968
Consumer
Discretionary
(0.6%):
Dollarama,
Inc.
........................................................
1,200
91,427
Magna
International,
Inc.
.................................................
1,047
57,042
Restaurant
Brands
International,
Inc.
.........................................
1,126
89,430
237,899
Consumer
Staples
(1.0%):
Alimentation
Couche-Tard,
Inc.
.............................................
1,335
76,203
George
Weston
Ltd.
.....................................................
634
85,668
Loblaw
Cos.
Ltd.
.......................................................
878
97,303
Metro,
Inc.
...........................................................
1,775
95,303
354,477
Energy
(2.0%):
ARC
Resources
Ltd.
.....................................................
3,523
62,818
Cameco
Corp.
.........................................................
1,170
50,656
Canadian
Natural
Resources
Ltd.
............................................
872
66,527
Cenovus
Energy,
Inc.
....................................................
3,470
69,379
Enbridge,
Inc.
.........................................................
2,913
105,280
Imperial
Oil
Ltd.
.......................................................
1,031
71,121
Pembina
Pipeline
Corp.
..................................................
3,408
120,302
Suncor
Energy,
Inc.
.....................................................
1,878
69,316
TC
Energy
Corp.
.......................................................
2,065
83,002
Tourmaline
Oil
Corp.
....................................................
1,458
68,174
766,575
Financials
(3.5%):
Bank
of
Montreal
.......................................................
1,076
105,066
Brookfield
Asset
Management
Ltd.
,
Class
A
....................................
1,629
68,436
Brookfield
Corp.
.......................................................
1,406
58,839
Canadian
Imperial
Bank
of
Commerce
........................................
1,930
97,854
Fairfax
Financial
Holdings
Ltd.
.............................................
57
61,448
Great-West
Lifeco,
Inc.
...................................................
3,680
117,704
Intact
Financial
Corp.
....................................................
543
88,217
Manulife
Financial
Corp.
.................................................
3,553
88,746
National
Bank
of
Canada
(a)
...............................................
1,167
98,278
Power
Corp.
of
Canada
...................................................
3,568
100,054
Royal
Bank
of
Canada
...................................................
1,183
119,331
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Sun
Life
Financial,
Inc.
..................................................
2,225
$
121,419
The
Bank
of
Nova
Scotia
.................................................
1,829
94,623
The
Toronto-Dominion
Bank
...............................................
1,654
99,834
1,319,849
Industrials
(1.5%):
Canadian
National
Railway
Co.
.............................................
816
107,465
Canadian
Pacific
Kansas
City
Ltd.
...........................................
1,162
102,464
TFI
International,
Inc.
....................................................
381
60,762
Thomson
Reuters
Corp.
..................................................
564
87,781
Waste
Connections,
Inc.
..................................................
547
94,049
WSP
Global,
Inc.
.......................................................
590
98,345
550,866
Information
Technology
(0.7%):
CGI,
Inc.
(b)
...........................................................
826
91,138
Constellation
Software,
Inc.
...............................................
29
79,223
Open
Text
Corp.
........................................................
1,713
66,476
Shopify,
Inc.
,
Class
A
(b)
..................................................
421
32,483
269,320
Materials
(1.2%):
Agnico
Eagle
Mines
Ltd.
.................................................
1,266
75,498
Barrick
Gold
Corp.
......................................................
4,112
68,402
Franco-Nevada
Corp.
....................................................
633
75,433
Ivanhoe
Mines
Ltd.
(b)
...................................................
4,654
55,529
Nutrien
Ltd.
...........................................................
1,079
58,626
Teck
Resources
Ltd.
,
Class
B
..............................................
1,328
60,792
Wheaton
Precious
Metals
Corp.
.............................................
1,427
67,220
461,500
Utilities
(0.7%):
Emera,
Inc.
...........................................................
2,352
82,782
Fortis,
Inc.
............................................................
2,568
101,476
Hydro
One
Ltd.
(c)
......................................................
3,132
91,342
275,600
4,504,054
Chile
(0.1%):
Materials
(0.1%):
Antofagasta
PLC
.......................................................
2,151
55,345
Denmark
(1.7%):
Consumer
Discretionary
(0.2%):
Pandora
A/S
..........................................................
358
57,719
Financials
(0.4%):
Danske
Bank
A/S
.......................................................
2,572
76,871
Tryg
A/S
.............................................................
4,211
86,625
163,496
Health
Care
(0.6%):
Coloplast
A/S
,
Class
B
...................................................
460
62,047
Demant
A/S
(b)
.........................................................
1,138
56,467
Genmab
A/S
(b)
........................................................
179
53,964
Novo
Nordisk
A/S
,
Class
B
................................................
437
55,714
228,192
Industrials
(0.3%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
27
35,130
DSV
A/S
.............................................................
401
65,087
100,217
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Materials
(0.2%):
Novonesis
............................................................
1,225
$
71,807
621,431
Finland
(1.2%):
Energy
(0.1%):
Neste
Oyj
............................................................
1,656
44,837
Financials
(0.5%):
Nordea
Bank
Abp
.......................................................
8,611
95,913
Sampo
Oyj
,
A
Shares
....................................................
2,306
98,293
194,206
Industrials
(0.2%):
Kone
Oyj
,
Class
B
......................................................
1,558
72,502
Information
Technology
(0.2%):
Nokia
Oyj
............................................................
15,614
55,430
Materials
(0.2%):
UPM-Kymmene
Oyj
....................................................
1,979
65,899
432,874
France
(9.0%):
Communication
Services
(0.6%):
Orange
SA
............................................................
10,945
128,548
Publicis
Groupe
SA
.....................................................
822
89,600
218,148
Consumer
Discretionary
(1.4%):
Accor
SA
............................................................
2,007
93,743
Cie
Generale
des
Etablissements
Michelin
SCA
.................................
2,530
96,938
Hermes
International
SCA
................................................
26
66,357
Kering
SA
............................................................
131
51,769
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
61
54,858
Renault
SA
...........................................................
1,301
65,672
Sodexo
SA
...........................................................
1,255
107,598
536,935
Consumer
Staples
(0.9%):
Carrefour
SA
..........................................................
4,646
79,560
Danone
SA
...........................................................
1,949
125,912
L'Oreal
SA
...........................................................
171
80,913
Pernod
Ricard
SA
.......................................................
427
69,068
355,453
Energy
(0.3%):
TotalEnergies
SE
.......................................................
1,337
91,538
Financials
(1.4%):
Amundi
SA
(c)
.........................................................
1,208
82,940
AXA
SA
.............................................................
2,967
111,426
BNP
Paribas
SA
........................................................
1,231
87,454
Credit
Agricole
SA
......................................................
6,871
102,401
Edenred
SE
...........................................................
1,225
65,357
Societe
Generale
SA
.....................................................
2,882
77,130
526,708
Health
Care
(0.7%):
BioMerieux
...........................................................
717
79,083
EssilorLuxottica
SA
.....................................................
435
98,399
Sanofi
SA
............................................................
609
59,754
Sartorius
Stedim
Biotech
.................................................
126
35,923
273,159
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Industrials
(2.6%):
Aeroports
de
Paris
SA
...................................................
536
$
73,487
Airbus
SE
............................................................
538
99,076
Bouygues
SA
..........................................................
2,141
87,368
Bureau
Veritas
SA
......................................................
2,799
85,386
Cie
de
Saint-Gobain
SA
..................................................
945
73,324
Eiffage
SA
............................................................
802
90,967
Legrand
SA
...........................................................
941
99,699
Safran
SA
............................................................
446
101,055
Schneider
Electric
SE
....................................................
339
76,665
Thales
SA
............................................................
535
91,212
Vinci
SA
.............................................................
845
108,250
986,489
Information
Technology
(0.3%):
Capgemini
SE
.........................................................
283
65,115
Dassault
Systemes
SE
....................................................
1,395
61,756
126,871
Materials
(0.2%):
Air
Liquide
SA
........................................................
424
88,199
Utilities
(0.6%):
Engie
SA
.............................................................
6,575
110,004
Veolia
Environnement
SA
.................................................
2,936
95,424
205,428
3,408,928
Germany
(5.9%):
Communication
Services
(0.3%):
Deutsche
Telekom
AG
...................................................
5,505
133,611
Consumer
Discretionary
(0.6%):
Bayerische
Motoren
Werke
AG
.............................................
662
76,380
Continental
AG
........................................................
818
59,031
Mercedes-Benz
Group
AG
................................................
1,008
80,256
215,667
Consumer
Staples
(0.3%):
Beiersdorf
AG
.........................................................
750
109,178
Financials
(1.4%):
Allianz
SE
,
Registered
Shares
..............................................
394
118,068
Commerzbank
AG
......................................................
4,680
64,265
Deutsche
Bank
AG
,
Registered
Shares
........................................
4,991
78,507
Deutsche
Boerse
AG
....................................................
511
104,538
Hannover
Rueck
SE
.....................................................
353
96,604
Talanx
AG
............................................................
1,056
83,611
545,593
Health
Care
(0.6%):
Carl
Zeiss
Meditec
AG
...................................................
416
51,964
Fresenius
Medical
Care
AG
...............................................
1,246
47,916
Fresenius
SE
&
Co.
KGaA
................................................
2,297
61,945
Merck
KGaA
..........................................................
335
59,119
220,944
Industrials
(1.3%):
Brenntag
SE
..........................................................
1,080
90,963
Daimler
Truck
Holding
AG
................................................
2,031
102,882
Deutsche
Post
AG
......................................................
1,741
74,961
Knorr-Bremse
AG
......................................................
895
67,677
Rheinmetall
AG
........................................................
132
74,185
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Siemens
AG
,
Registered
Shares
.............................................
360
$
68,719
479,387
Information
Technology
(0.5%):
Infineon
Technologies
AG
.................................................
1,333
45,316
Nemetschek
SE
........................................................
566
55,999
SAP
SE
..............................................................
418
81,369
182,684
Materials
(0.7%):
BASF
SE
............................................................
1,368
78,107
Heidelberg
Materials
AG
.................................................
736
80,940
Symrise
AG
...........................................................
771
92,275
251,322
Utilities
(0.2%):
RWE
AG
.............................................................
2,375
80,598
2,218,984
Hong
Kong
(2.4%):
Consumer
Discretionary
(0.1%):
Galaxy
Entertainment
Group
Ltd.
...........................................
9,913
49,776
Financials
(0.6%):
AIA
Group
Ltd.
........................................................
6,972
46,811
Hang
Seng
Bank
Ltd.
....................................................
5,506
60,254
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
1,700
49,479
Prudential
PLC
........................................................
5,953
55,815
212,359
Industrials
(0.5%):
CK
Hutchison
Holdings
Ltd.
...............................................
15,427
74,506
MTR
Corp.
Ltd.
........................................................
21,483
70,817
Techtronic
Industries
Co.
Ltd.
..............................................
3,718
50,402
195,725
Real
Estate
(0.6%):
CK
Asset
Holdings
Ltd.
..................................................
17,001
69,944
Henderson
Land
Development
Co.
Ltd.
.......................................
20,308
57,862
Sun
Hung
Kai
Properties
Ltd.
..............................................
6,192
59,691
Swire
Pacific
Ltd.
,
Class
A
................................................
6,163
50,711
238,208
Utilities
(0.6%):
China
Common
Rich
Renewable
Energy
Investments
Ltd.
(d)
........................
26,000
—
CLP
Holdings
Ltd.
......................................................
8,914
71,012
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
95,106
72,059
Power
Assets
Holdings
Ltd.
...............................................
13,882
81,234
224,305
920,373
Ireland
(0.9%):
Consumer
Staples
(0.2%):
Kerry
Group
PLC
,
Class
A
................................................
922
79,008
Financials
(0.2%):
AIB
Group
PLC
........................................................
13,611
69,065
Industrials
(0.3%):
Experian
PLC
.........................................................
1,597
69,607
Kingspan
Group
PLC
....................................................
527
48,013
117,620
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Materials
(0.2%):
Smurfit
Kappa
Group
PLC
................................................
1,330
$
60,755
326,448
Israel
(0.7%):
Financials
(0.4%):
Bank
Hapoalim
BM
.....................................................
5,981
56,135
Bank
Leumi
Le-Israel
BM
................................................
6,594
54,871
Mizrahi
Tefahot
Bank
Ltd.
................................................
1,362
51,126
162,132
Industrials
(0.2%):
Elbit
Systems
Ltd.
......................................................
309
64,606
Information
Technology
(0.1%):
Nice
Ltd.
(b)
...........................................................
193
50,287
277,025
Italy
(3.6%):
Communication
Services
(0.3%):
Infrastrutture
Wireless
Italiane
SpA
(c)
........................................
8,870
100,752
Consumer
Discretionary
(0.1%):
Moncler
SpA
..........................................................
774
57,759
Consumer
Staples
(0.2%):
Davide
Campari-Milano
NV
,
Class
M
........................................
6,627
66,582
Energy
(0.3%):
Eni
SpA
.............................................................
6,121
96,717
Financials
(1.3%):
Assicurazioni
Generali
SpA
...............................................
5,092
128,860
Intesa
Sanpaolo
SpA
.....................................................
25,259
91,631
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
5,989
89,217
Poste
Italiane
SpA
(c)
....................................................
8,782
109,936
UniCredit
SpA
.........................................................
1,879
71,296
490,940
Health
Care
(0.2%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
1,421
78,543
Industrials
(0.4%):
Leonardo
SpA
.........................................................
2,956
74,232
Prysmian
SpA
.........................................................
1,247
65,091
139,323
Utilities
(0.8%):
Enel
SpA
.............................................................
15,312
101,068
Snam
SpA
............................................................
20,923
98,765
Terna
-
Rete
Elettrica
Nazionale
............................................
13,027
107,640
307,473
1,338,089
Japan
(19.5%):
Communication
Services
(1.3%):
Capcom
Co.
Ltd.
.......................................................
2,200
41,076
KDDI
Corp.
...........................................................
3,008
88,793
LY
Corp.
.............................................................
18,430
46,574
Nexon
Co.
Ltd.
........................................................
2,100
34,824
Nintendo
Co.
Ltd.
......................................................
1,200
65,479
Nippon
Telegraph
&
Telephone
Corp.
........................................
79,100
94,067
SoftBank
Corp.
........................................................
9,900
126,955
497,768
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Consumer
Discretionary
(3.1%):
Aisin
Corp.
...........................................................
1,300
$
52,881
Bandai
Namco
Holdings,
Inc.
..............................................
2,600
48,063
Bridgestone
Corp.
......................................................
2,000
88,412
Denso
Corp.
..........................................................
3,100
59,088
Fast
Retailing
Co.
Ltd.
...................................................
200
61,720
Honda
Motor
Co.
Ltd.
...................................................
4,900
60,327
Isuzu
Motors
Ltd.
.......................................................
4,300
57,926
Nissan
Motor
Co.
Ltd.
(a)
.................................................
11,400
44,979
Nitori
Holdings
Co.
Ltd.
(a)
................................................
400
60,307
Oriental
Land
Co.
Ltd.
...................................................
2,000
63,914
Pan
Pacific
International
Holdings
Corp.
......................................
2,400
63,504
Panasonic
Holdings
Corp.
.................................................
5,600
53,222
Sekisui
House
Ltd.
......................................................
4,172
94,653
Shimano,
Inc.
.........................................................
440
65,712
Sony
Group
Corp.
......................................................
700
59,798
Subaru
Corp.
..........................................................
2,400
54,324
Sumitomo
Electric
Industries
Ltd.
...........................................
4,000
61,707
Suzuki
Motor
Corp.
.....................................................
5,600
63,673
Toyota
Motor
Corp.
.....................................................
2,320
58,337
1,172,547
Consumer
Staples
(2.0%):
Aeon
Co.
Ltd.
.........................................................
3,800
89,979
Ajinomoto
Co.,
Inc.
.....................................................
1,500
55,814
Asahi
Group
Holdings
Ltd.
................................................
2,160
79,116
Japan
Tobacco,
Inc.
.....................................................
3,844
102,297
Kao
Corp.
............................................................
2,218
82,882
Kikkoman
Corp.
.......................................................
4,500
57,558
Kirin
Holdings
Co.
Ltd.
..................................................
7,500
104,156
Seven
&
i
Holdings
Co.
Ltd.
...............................................
4,600
66,860
Shiseido
Co.
Ltd.
.......................................................
1,800
49,115
Unicharm
Corp.
........................................................
2,194
69,852
757,629
Energy
(0.3%):
ENEOS
Holdings,
Inc.
...................................................
14,200
68,176
Inpex
Corp.
...........................................................
3,400
51,654
119,830
Financials
(2.5%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
2,588
65,829
Daiwa
Securities
Group,
Inc.
...............................................
8,000
60,571
Japan
Exchange
Group,
Inc.
...............................................
2,600
70,171
Japan
Post
Holdings
Co.
Ltd.
..............................................
8,400
84,494
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
5,800
58,820
Mizuho
Financial
Group,
Inc.
..............................................
3,300
65,145
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
3,300
58,092
Nomura
Holdings,
Inc.
...................................................
10,800
68,799
ORIX
Corp.
...........................................................
3,368
73,386
Resona
Holdings,
Inc.
....................................................
9,500
58,496
Sompo
Holdings,
Inc.
....................................................
3,300
68,895
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
1,084
63,252
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
3,300
71,032
Tokio
Marine
Holdings,
Inc.
...............................................
1,900
59,312
926,294
Health
Care
(1.8%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
1,490
56,761
Daiichi
Sankyo
Co.
Ltd.
..................................................
1,200
38,039
Eisai
Co.
Ltd.
..........................................................
1,454
59,856
Hoya
Corp.
...........................................................
418
52,015
Kyowa
Kirin
Co.
Ltd.
....................................................
2,700
48,431
Olympus
Corp.
........................................................
3,900
56,003
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Otsuka
Holdings
Co.
Ltd.
.................................................
1,700
$
70,433
Shionogi
&
Co.
Ltd.
.....................................................
1,828
93,393
Sysmex
Corp.
.........................................................
3,000
53,267
Takeda
Pharmaceutical
Co.
Ltd.
............................................
3,100
86,082
Terumo
Corp.
.........................................................
3,000
54,694
668,974
Industrials
(4.1%):
ANA
Holdings,
Inc.
(a)
...................................................
4,500
93,948
Central
Japan
Railway
Co.
................................................
3,700
91,718
Daikin
Industries
Ltd.
....................................................
366
49,837
East
Japan
Railway
Co.
..................................................
4,500
86,204
FANUC
Corp.
.........................................................
2,250
62,731
Hitachi
Ltd.
...........................................................
700
63,613
ITOCHU
Corp.
........................................................
1,500
64,059
Kawasaki
Kisen
Kaisha
Ltd.
(a)
.............................................
2,100
28,199
Komatsu
Ltd.
..........................................................
2,088
61,567
Kubota
Corp.
..........................................................
4,504
70,420
Marubeni
Corp.
........................................................
3,700
63,814
Mitsubishi
Corp.
.......................................................
2,676
61,578
Mitsubishi
Electric
Corp.
.................................................
3,252
54,175
Mitsubishi
Heavy
Industries
Ltd.
............................................
6,000
54,109
Mitsui
&
Co.
Ltd.
.......................................................
1,386
64,493
Mitsui
OSK
Lines
Ltd.
...................................................
1,500
45,706
NIDEC
Corp.
..........................................................
1,454
59,789
Nippon
Yusen
KK
......................................................
1,500
41,127
Recruit
Holdings
Co.
Ltd.
.................................................
1,120
49,052
Secom
Co.
Ltd.
........................................................
1,110
80,375
SMC
Corp.
...........................................................
114
63,974
Sumitomo
Corp.
........................................................
3,100
74,346
Toyota
Industries
Corp.
...................................................
508
52,743
Toyota
Tsusho
Corp.
.....................................................
800
54,598
Yaskawa
Electric
Corp.
...................................................
1,200
50,772
1,542,947
Information
Technology
(2.4%):
Advantest
Corp.
........................................................
700
30,962
Canon,
Inc.
...........................................................
2,614
77,733
Disco
Corp.
...........................................................
100
36,463
FUJIFILM
Holdings
Corp.
................................................
3,480
77,895
Fujitsu
Ltd.
...........................................................
4,000
63,887
Keyence
Corp.
.........................................................
128
59,273
Kyocera
Corp.
.........................................................
5,100
67,844
Lasertec
Corp.
.........................................................
100
28,363
Murata
Manufacturing
Co.
Ltd.
.............................................
3,004
56,255
NEC
Corp.
...........................................................
800
58,219
Nomura
Research
Institute
Ltd.
.............................................
2,174
61,144
NTT
Data
Group
Corp.
...................................................
3,608
57,078
Obic
Co.
Ltd.
..........................................................
500
75,367
Renesas
Electronics
Corp.
(b)
..............................................
2,300
40,785
SCREEN
Holdings
Co.
Ltd.
...............................................
300
38,630
TDK
Corp.
...........................................................
1,000
48,837
Tokyo
Electron
Ltd.
.....................................................
178
46,170
924,905
Materials
(1.0%):
JFE
Holdings,
Inc.
......................................................
3,900
64,377
Nippon
Paint
Holdings
Co.
Ltd.
.............................................
7,490
53,666
Nippon
Sanso
Holdings
Corp.
..............................................
1,900
59,337
Nippon
Steel
Corp.
......................................................
2,600
62,338
Nitto
Denko
Corp.
......................................................
700
63,706
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
1,350
58,920
362,344
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Real
Estate
(0.8%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
2,700
$
80,040
Mitsubishi
Estate
Co.
Ltd.
.................................................
4,152
75,299
Mitsui
Fudosan
Co.
Ltd.
..................................................
6,834
73,302
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
2,000
74,207
302,848
Utilities
(0.2%):
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
4,500
63,891
7,339,977
Luxembourg
(0.5%):
Energy
(0.2%):
Tenaris
SA
............................................................
3,536
69,859
Health
Care
(0.1%):
Eurofins
Scientific
SE
....................................................
1,067
67,999
Materials
(0.2%):
ArcelorMittal
SA
.......................................................
2,491
68,399
206,257
Macau
(0.1%):
Consumer
Discretionary
(0.1%):
Sands
China
Ltd.
(b)
.....................................................
17,200
48,457
Netherlands
(3.9%):
Communication
Services
(0.6%):
Koninklijke
KPN
NV
....................................................
43,916
164,192
Universal
Music
Group
NV
................................................
2,291
68,900
233,092
Consumer
Discretionary
(0.2%):
Prosus
NV
............................................................
1,638
51,373
Consumer
Staples
(0.7%):
Heineken
Holding
NV
...................................................
1,195
96,421
Heineken
NV
..........................................................
944
90,975
Koninklijke
Ahold
Delhaize
NV
............................................
2,994
89,525
276,921
Financials
(1.3%):
ABN
AMRO
Bank
NV
(c)
.................................................
3,866
66,099
Adyen
NV
(b)
(c)
........................................................
13
21,988
Aegon
Ltd.
...........................................................
15,901
96,911
ASR
Nederland
NV
.....................................................
1,258
61,595
Euronext
NV
(c)
........................................................
981
93,334
ING
Groep
NV
........................................................
6,163
101,356
NN
Group
NV
.........................................................
1,106
51,086
492,369
Industrials
(0.5%):
Randstad
NV
(a)
........................................................
1,517
80,052
Wolters
Kluwer
NV
.....................................................
647
101,338
181,390
Information
Technology
(0.4%):
ASM
International
NV
...................................................
76
46,393
ASML
Holding
NV
.....................................................
59
56,783
BE
Semiconductor
Industries
NV
...........................................
237
36,277
139,453
Materials
(0.2%):
Akzo
Nobel
NV
........................................................
1,192
88,953
1,463,551
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Norway
(1.4%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
8,414
$
93,621
Consumer
Staples
(0.2%):
Mowi
ASA
...........................................................
3,811
69,866
Energy
(0.4%):
Aker
BP
ASA
.........................................................
2,623
65,211
Equinor
ASA
..........................................................
2,532
66,822
132,033
Financials
(0.3%):
DNB
Bank
ASA
........................................................
5,092
100,928
Industrials
(0.2%):
Kongsberg
Gruppen
ASA
.................................................
979
67,614
Materials
(0.1%):
Norsk
Hydro
ASA
......................................................
10,280
56,268
520,330
Portugal
(0.5%):
Consumer
Staples
(0.1%):
Jeronimo
Martins
SGPS
SA
...............................................
2,652
52,580
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
4,305
71,120
Utilities
(0.2%):
EDP
-
Energias
de
Portugal
SA
.............................................
18,802
73,217
196,917
Russian
Federation
(0.0%):(e)
Materials
(0.0%):(e)
Evraz
PLC
(b)
(d)
(f)
......................................................
12,158
3,723
Singapore
(2.1%):
Communication
Services
(0.3%):
Singapore
Telecommunications
Ltd.
.........................................
49,700
93,148
Consumer
Staples
(0.2%):
Wilmar
International
Ltd.
.................................................
32,962
83,754
Financials
(1.0%):
DBS
Group
Holdings
Ltd.
.................................................
4,878
130,198
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
13,338
133,291
United
Overseas
Bank
Ltd.
................................................
5,892
127,931
391,420
Industrials
(0.4%):
Keppel
Ltd.
...........................................................
14,000
76,124
Singapore
Airlines
Ltd.
...................................................
15,000
71,117
147,241
Real
Estate
(0.2%):
CapitaLand
Investment
Ltd.
...............................................
34,600
68,693
784,256
South
Korea
(2.7%):
Communication
Services
(0.1%):
NAVER
Corp.
.........................................................
306
42,532
Consumer
Discretionary
(0.6%):
Hyundai
Mobis
Co.
Ltd.
..................................................
309
60,028
Hyundai
Motor
Co.
.....................................................
315
55,460
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Kia
Corp.
............................................................
533
$
44,348
LG
Electronics,
Inc.
.....................................................
868
62,419
222,255
Financials
(0.9%):
Hana
Financial
Group,
Inc.
................................................
1,225
53,601
KakaoBank
Corp.
.......................................................
1,516
31,647
KB
Financial
Group,
Inc.
.................................................
1,063
55,515
Meritz
Financial
Group,
Inc.
...............................................
770
46,734
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
....................................
205
47,058
Samsung
Life
Insurance
Co.
Ltd.
............................................
666
47,250
Shinhan
Financial
Group
Co.
Ltd.
...........................................
1,851
64,904
346,709
Health
Care
(0.1%):
Celltrion,
Inc.
.........................................................
295
40,280
Industrials
(0.4%):
LG
Corp.
.............................................................
751
48,873
POSCO
Future
M
Co.
Ltd.
................................................
92
20,675
Samsung
C&T
Corp.
....................................................
494
58,754
128,302
Information
Technology
(0.4%):
Samsung
Electronics
Co.
Ltd.
..............................................
1,466
87,997
Samsung
SDI
Co.
Ltd.
...................................................
136
48,243
136,240
Materials
(0.2%):
Ecopro
Co.
Ltd.
........................................................
39
19,064
LG
Chem
Ltd.
.........................................................
121
39,551
POSCO
Holdings,
Inc.
...................................................
92
28,774
87,389
1,003,707
Spain
(2.6%):
Consumer
Discretionary
(0.5%):
Amadeus
IT
Group
SA
...................................................
1,360
87,201
Industria
de
Diseno
Textil
SA
..............................................
2,055
103,455
190,656
Energy
(0.2%):
Repsol
SA
............................................................
4,737
78,896
Financials
(0.7%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
7,953
94,711
Banco
Santander
SA
.....................................................
16,715
81,525
CaixaBank
SA
.........................................................
17,902
86,764
263,000
Industrials
(0.7%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
1,974
82,576
Aena
SME
SA
(c)
.......................................................
453
89,155
Ferrovial
SE
..........................................................
2,747
108,690
280,421
Utilities
(0.5%):
Endesa
SA
............................................................
4,460
82,581
Iberdrola
SA
..........................................................
8,095
100,375
182,956
995,929
Sweden
(4.6%):
Consumer
Discretionary
(0.3%):
Evolution
AB
(c)
........................................................
484
60,179
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
H
&
M
Hennes
&
Mauritz
AB
,
Class
B
(a)
.....................................
3,263
$
53,230
113,409
Consumer
Staples
(0.2%):
Essity
AB
,
Class
B
(a)
....................................................
3,722
88,410
Financials
(1.6%):
EQT
AB
.............................................................
1,537
48,630
Industrivarden
AB
,
Class
C
................................................
3,292
113,233
Investor
AB
,
Class
B
....................................................
4,335
108,824
L
E
Lundbergforetagen
AB
,
Class
B
.........................................
1,897
102,705
Skandinaviska
Enskilda
Banken
AB
,
Class
A
...................................
6,144
83,218
Svenska
Handelsbanken
AB
,
Class
A
(a)
.......................................
6,889
69,684
Swedbank
AB
,
Class
A
...................................................
3,485
69,135
595,429
Industrials
(2.1%):
Alfa
Laval
AB
.........................................................
2,155
84,736
Assa
Abloy
AB
,
Class
B
..................................................
3,113
89,332
Atlas
Copco
AB
,
Class
A
.................................................
4,499
76,008
Epiroc
AB
,
Class
A
......................................................
4,057
76,237
Indutrade
AB
..........................................................
2,374
64,753
Lifco
AB
,
Class
B
......................................................
2,610
68,191
Nibe
Industrier
AB
,
Class
B
...............................................
7,385
36,271
Saab
AB
,
Class
B
.......................................................
715
63,605
Sandvik
AB
...........................................................
3,452
76,674
SKF
AB
,
B
Shares
......................................................
3,367
68,745
Volvo
AB
,
Class
B
......................................................
3,702
100,353
804,905
Information
Technology
(0.2%):
Hexagon
AB
,
Class
B
....................................................
5,110
60,498
Materials
(0.2%):
Svenska
Cellulosa
AB
SCA
,
Class
B
(a)
.......................................
4,784
73,447
1,736,098
Switzerland
(6.8%):
Communication
Services
(0.4%):
Swisscom
AG
,
Registered
Shares
...........................................
216
132,086
Consumer
Discretionary
(0.3%):
Cie
Financiere
Richemont
SA
,
Registered
Shares
................................
320
48,797
The
Swatch
Group
AG
...................................................
280
65,024
113,821
Consumer
Staples
(0.7%):
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................................
7
83,764
Coca-Cola
HBC
AG
.....................................................
2,678
84,585
Nestle
SA
,
Registered
Shares
..............................................
1,022
108,525
276,874
Financials
(1.7%):
Banque
Cantonale
Vaudoise
,
Registered
Shares
.................................
887
103,091
Julius
Baer
Group
Ltd.
...................................................
1,083
62,551
Partners
Group
Holding
AG
...............................................
43
61,422
Swiss
Life
Holding
AG
...................................................
134
93,950
Swiss
Re
AG
..........................................................
786
101,072
UBS
Group
AG
........................................................
2,456
75,557
Zurich
Insurance
Group
AG
...............................................
254
136,986
634,629
Health
Care
(1.2%):
Alcon,
Inc.
...........................................................
966
80,069
Lonza
Group
AG
,
Registered
Shares
.........................................
76
45,531
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Novartis
AG
,
Registered
Shares
.............................................
991
$
96,023
Roche
Holding
AG
......................................................
352
89,669
Sonova
Holding
AG
.....................................................
253
73,260
Straumann
Holding
AG
,
Class
R
............................................
333
53,179
437,731
Industrials
(1.1%):
ABB
Ltd.
,
Registered
Shares
...............................................
1,805
83,854
Geberit
AG
,
Registered
Shares
.............................................
112
66,204
Kuehne
+
Nagel
International
AG
,
Class
R
(a)
...................................
230
64,024
Schindler
Holding
AG
...................................................
315
79,335
SGS
SA
,
Registered
Shares
(a)
..............................................
840
81,513
VAT
Group
AG
(c)
......................................................
104
53,897
428,827
Information
Technology
(0.3%):
Logitech
International
SA
,
Class
R
..........................................
581
52,037
STMicroelectronics
NV
..................................................
1,167
50,253
102,290
Materials
(1.1%):
EMS-Chemie
Holding
AG
................................................
142
108,976
Givaudan
SA
,
Registered
Shares
............................................
19
84,623
Glencore
PLC
.........................................................
11,986
65,839
Holcim
AG
...........................................................
1,127
102,064
Sika
AG
,
Registered
Shares
................................................
219
65,236
426,738
2,552,996
United
Kingdom
(8.6%):
Communication
Services
(0.6%):
BT
Group
PLC
........................................................
46,502
64,343
Informa
PLC
..........................................................
8,739
91,662
Vodafone
Group
PLC
....................................................
74,537
66,273
222,278
Consumer
Discretionary
(0.7%):
Compass
Group
PLC
....................................................
3,838
112,506
InterContinental
Hotels
Group
PLC
..........................................
762
79,252
Next
PLC
............................................................
720
83,879
275,637
Consumer
Staples
(1.7%):
Associated
British
Foods
PLC
..............................................
2,984
94,062
Diageo
PLC
...........................................................
2,016
74,424
Haleon
PLC
...........................................................
21,647
90,990
Imperial
Brands
PLC
....................................................
4,271
95,395
Reckitt
Benckiser
Group
PLC
..............................................
1,242
70,715
Tesco
PLC
............................................................
25,438
95,209
Unilever
PLC
.........................................................
2,376
119,196
639,991
Energy
(0.5%):
BP
PLC
..............................................................
13,443
84,089
Shell
PLC
............................................................
2,909
96,360
180,449
Financials
(2.1%):
3i
Group
PLC
.........................................................
2,668
94,571
Admiral
Group
PLC
.....................................................
2,026
72,531
Barclays
PLC
.........................................................
27,630
63,875
HSBC
Holdings
PLC
....................................................
10,700
83,579
Legal
&
General
Group
PLC
...............................................
24,807
79,637
Lloyds
Banking
Group
PLC
...............................................
126,954
82,921
London
Stock
Exchange
Group
PLC
.........................................
1,201
143,824
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
NatWest
Group
PLC
.....................................................
18,063
$
60,517
Standard
Chartered
PLC
..................................................
7,216
61,136
Wise
PLC
,
Class
A
(b)
....................................................
3,874
45,395
787,986
Health
Care
(0.6%):
AstraZeneca
PLC
.......................................................
526
70,876
GSK
PLC
............................................................
4,325
93,250
Smith
&
Nephew
PLC
...................................................
5,929
74,189
238,315
Industrials
(1.2%):
Ashtead
Group
PLC
.....................................................
765
54,446
BAE
Systems
PLC
......................................................
5,324
90,664
Bunzl
PLC
...........................................................
2,695
103,656
RELX
PLC
...........................................................
2,298
99,290
Rentokil
Initial
PLC
.....................................................
8,755
52,113
Rolls-Royce
Holdings
PLC
(b)
..............................................
8,831
47,550
447,719
Information
Technology
(0.4%):
Halma
PLC
...........................................................
2,647
79,097
The
Sage
Group
PLC
....................................................
4,615
73,698
152,795
Materials
(0.3%):
Anglo
American
PLC
....................................................
1,788
44,038
Rio
Tinto
PLC
.........................................................
1,085
68,690
112,728
Utilities
(0.5%):
National
Grid
PLC
......................................................
7,446
100,162
SSE
PLC
.............................................................
4,035
84,014
184,176
3,242,074
United
States
(0.2%):
Industrials
(0.2%):
RB
Global,
Inc.
........................................................
741
56,445
Total
Common
Stocks
(Cost
$34,032,533)
37,245,278
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
(b)
(d)
...........................................
61
—
Total
Warrants
(Cost
$–)
—
Investment
Companies
(0.3%)
United
States
(0.3%):
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5
.17
%
(g)
............
132,534
132,534
Total
Investment
Companies
(Cost
$132,534)
132,534
Collateral
for
Securities
Loaned
(1.8%)^
United
States
(1.8%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(g)
........
168,941
168,941
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(g)
............
168,941
168,941
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(g)
...............
168,941
168,941
Victory
Portfolios
II
VictoryShares
Developed
Enhanced
Volatility
Wtd
ETF
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Name
Acquisition
Date
Cost
Evraz
PLC
.................................................
3/19/2021
$
75,288
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(g)
.
168,941
$
168,941
Total
Collateral
for
Securities
Loaned
(Cost
$675,764)
675,764
Total
Investments
(Cost
$34,840,831)
—
100.9%
38,053,576
Liabilities
in
excess
of
other
assets
—
(0.9)%
(
338,498
)
NET
ASSETS
-
100.00%
$
37,715,078
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2024,
the
fair
value
of
these
securities
was
$769,622
and
amounted
to
2.0%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2024.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2024.
(g)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
2
6/21/24
$
233,553
$
235,710
$
2,157
Total
unrealized
appreciation
$
2,157
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
2,157
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Nasdaq
Next
50
ETF
115
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.8%)
Communication
Services
(6.1%):
Baidu,
Inc.
,
ADR
(a)
.....................................................
3,003
$
316,156
Fox
Corp.
,
Class
A
......................................................
5,303
165,825
Fox
Corp.
,
Class
B
......................................................
5,221
149,425
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
4,615
302,744
News
Corp.
,
Class
A
.....................................................
8,422
220,488
News
Corp.
,
Class
B
....................................................
4,235
114,599
1,269,237
Consumer
Discretionary
(16.8%):
DraftKings,
Inc.
(a)
......................................................
10,496
476,623
eBay,
Inc.
............................................................
11,480
605,914
Expedia
Group,
Inc.
(a)
...................................................
2,898
399,200
Pool
Corp.
............................................................
850
342,975
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
........................................
21,488
235,294
Tractor
Supply
Co.
......................................................
2,392
626,034
Ulta
Beauty,
Inc.
(a)
.....................................................
1,076
562,619
Vinfast
Auto
Ltd.
(a)
(b)
...................................................
51,131
254,121
3,502,780
Health
Care
(20.5%):
Align
Technology,
Inc.
(a)
.................................................
1,664
545,659
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
2,791
417,115
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
4,181
365,168
Hologic,
Inc.
(a)
........................................................
5,202
405,548
ICON
PLC
(a)
.........................................................
1,828
614,117
Incyte
Corp.
(a)
.........................................................
4,976
283,483
Insulet
Corp.
(a)
........................................................
1,550
265,670
Neurocrine
Biosciences,
Inc.
(a)
.............................................
2,205
304,114
Sanofi
SA
,
ADR
........................................................
6,071
295,050
The
Cooper
Cos.,
Inc.
....................................................
4,404
446,830
Viatris,
Inc.
...........................................................
26,319
314,249
4,257,003
Industrials
(11.3%):
Axon
Enterprise,
Inc.
(a)
..................................................
1,669
522,197
J.B.
Hunt
Transport
Services,
Inc.
...........................................
2,289
456,083
Nordson
Corp.
.........................................................
1,267
347,842
Ryanair
Holdings
PLC
,
ADR
(a)
.............................................
2,165
315,202
SS&C
Technologies
Holdings,
Inc.
..........................................
5,477
352,555
United
Airlines
Holdings,
Inc.
(a)
............................................
7,270
348,088
2,341,967
IT
Services
(5.6%):
Akamai
Technologies,
Inc.
(a)
..............................................
3,358
365,216
Okta,
Inc.
(a)
..........................................................
3,503
366,484
VeriSign,
Inc.
(a)
........................................................
2,236
423,744
1,155,444
Materials
(2.5%):
Steel
Dynamics,
Inc.
.....................................................
3,505
519,546
Semiconductors
&
Semiconductor
Equipment
(13.1%):
Enphase
Energy,
Inc.
(a)
..................................................
3,009
364,029
Entegris,
Inc.
..........................................................
3,333
468,420
First
Solar,
Inc.
(a)
......................................................
2,368
399,718
Monolithic
Power
Systems,
Inc.
............................................
1,078
730,259
Skyworks
Solutions,
Inc.
.................................................
3,551
384,644
Teradyne,
Inc.
.........................................................
3,393
382,832
2,729,902
Software
(12.6%):
Bentley
Systems,
Inc.
,
Class
B
.............................................
6,334
330,761
Check
Point
Software
Technologies
Ltd.
(a)
....................................
2,593
425,278
Victory
Portfolios
II
VictoryShares
Nasdaq
Next
50
ETF
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Gen
Digital,
Inc.
.......................................................
14,115
$
316,176
Manhattan
Associates,
Inc.
(a)
..............................................
1,364
341,314
Nutanix,
Inc.
,
Class
A
(a)
..................................................
5,378
331,930
PTC,
Inc.
(a)
...........................................................
2,649
500,502
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
5,713
373,459
2,619,420
Technology
Hardware,
Storage
&
Peripherals
(11.3%):
NetApp,
Inc.
..........................................................
4,574
480,133
Seagate
Technology
Holdings
PLC
..........................................
4,643
432,031
Super
Micro
Computer,
Inc.
(a)
.............................................
934
943,368
Western
Digital
Corp.
(a)
..................................................
7,222
492,829
2,348,361
Total
Common
Stocks
(Cost
$18,626,757)
20,743,660
Collateral
for
Securities
Loaned
(2.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(c)
........
111,004
111,004
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(c)
............
111,004
111,004
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(c)
...............
111,004
111,004
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(c)
.
111,004
111,004
Total
Collateral
for
Securities
Loaned
(Cost
$444,016)
444,016
Total
Investments
(Cost
$19,070,773)
—
101.9%
21,187,676
Liabilities
in
excess
of
other
assets
—
(1.9)%
(
387,100
)
NET
ASSETS
-
100.00%
$
20,800,576
At
March
31,
2024,
the
Fund's
investments
in
foreign
securities
were
10.7%
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,
2024.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
117
(Unaudited)
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(19.6%)
ABS
Auto
(10.7%):
Ally
Auto
Receivables
Trust,
Series
2024-1,
Class
B,
5.16%,
10/15/29,
Callable
9/15/27
@
100
$
474,000
$
472,267
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2021-1,
Class
D,
1.21%,
12/18/26,
Callable
6/18/25
@
100
................
191,000
180,467
Series
2021-3,
Class
C,
1.41%,
8/18/27,
Callable
4/18/26
@
100
.................
500,000
466,393
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A,
Class
A3,
3.43%,
1/15/31,
Callable
3/15/25
@
100(a)
..............
190,000
186,190
Series
2022-A,
Class
B,
3.79%,
1/15/31,
Callable
3/15/25
@
100(a)
...............
116,000
112,343
Series
2022-A,
Class
C,
4.17%,
1/15/31,
Callable
3/15/25
@
100(a)
...............
250,000
241,774
Series
2024-A,
Class
C,
5.38%,
11/15/32,
Callable
9/15/27
@
100(a)
..............
50,000
49,687
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A,
Class
B,
3.55%,
9/22/25,
Callable
10/20/24
@
100(a)
.............
100,000
99,395
Series
2022-5A,
Class
B,
7.09%,
4/20/27(a)
................................
500,000
510,380
Series
2023-6A,
Class
B,
6.40%,
12/20/29(a)
...............................
189,000
194,670
Series
2023-6A,
Class
C,
7.03%,
12/20/29(a)
...............................
251,000
260,627
CarMax
Auto
Owner
Trust,
Series
2021-3,
Class
D,
1.50%,
1/18/28,
Callable
9/15/25
@
100
.
79,000
73,811
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N4,
Class
D,
2.30%,
9/11/28,
Callable
5/10/27
@
100
................
626,275
605,359
Series
2021-P4,
Class
B,
1.98%,
2/10/28,
Callable
9/10/27
@
100
................
500,000
456,185
Chase
Auto
Owner
Trust,
Series
2024-1A,
Class
D,
5.87%,
6/25/31,
Callable
3/25/28
@
100(a)
136,000
136,105
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A,
Class
B,
5.59%,
5/15/35,
Callable
3/15/26
@
100(a)
..............
57,000
56,844
Series
2023-1A,
Class
C,
6.07%,
5/15/35,
Callable
3/15/26
@
100(a)
..............
64,000
64,221
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
3/15/26
@
100(a)
..............
96,000
95,335
Series
2023-2A,
Class
B,
5.97%,
10/15/35,
Callable
7/15/26
@
100(a)
.............
119,000
120,242
Series
2023-2A,
Class
C,
6.15%,
10/15/35,
Callable
7/15/26
@
100(a)
.............
185,000
187,067
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-4,
Class
B,
1.74%,
12/16/30,
Callable
3/15/25
@
100(a)
..............
320,000
309,565
Series
2023-2A,
Class
C,
7.15%,
9/15/33,
Callable
11/15/26
@
100(a)
.............
189,000
191,640
Series
2023-3A,
Class
A,
6.39%,
8/15/33,
Callable
3/15/27
@
100(a)
..............
125,000
126,792
Series
2023-3A,
Class
B,
7.09%,
10/17/33,
Callable
3/15/27
@
100(a)
.............
118,000
121,090
Series
2023-3A,
Class
C,
7.62%,
12/15/33,
Callable
3/15/27
@
100(a)
.............
196,000
201,332
Series
2023-5A,
Class
A,
6.13%,
12/15/33,
Callable
6/15/27
@
100(a)
.............
302,064
304,957
Series
2023-5A,
Class
C,
7.30%,
4/17/34,
Callable
6/15/27
@
100(a)
..............
234,254
238,954
Series
2024-1A,
Class
C,
6.71%,
7/17/34,
Callable
6/15/27
@
100(a)
..............
237,000
237,761
Drive
Auto
Receivables
Trust
..............................................
Series
2021-2,
Class
D,
1.39%,
3/15/29,
Callable
7/15/25
@
100
.................
256,000
244,886
Series
2021-3,
Class
C,
1.47%,
1/15/27,
Callable
9/15/25
@
100
.................
376,500
370,556
DT
Auto
Owner
Trust
....................................................
Series
2020-1A,
Class
E,
3.48%,
2/16/27,
Callable
8/15/24
@
100(a)
..............
375,000
370,941
Series
2020-2A,
Class
D,
4.73%,
3/16/26,
Callable
9/15/24
@
100(a)
..............
360,936
359,759
Series
2020-3A,
Class
E,
3.62%,
10/15/27,
Callable
1/15/25
@
100(a)
.............
93,000
90,677
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
8/15/28
@
100(a)
............
74,472
75,975
Series
2023-1A,
Class
B,
6.45%,
1/15/30,
Callable
8/15/28
@
100(a)
..............
845,000
861,080
Series
2023-1A,
Class
C,
6.77%,
4/15/30,
Callable
8/15/28
@
100(a)
..............
48,794
49,770
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
7/20/26
@
100(a)
.............
250,000
251,761
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
10/20/26
@
100(a)
.............
181,836
181,956
Series
2023-3,
Class
A3,
6.41%,
6/20/30,
Callable
8/20/27
@
100(a)
..............
151,000
156,649
Series
2024-1,
Class
A2,
5.23%,
3/20/30,
Callable
9/20/27
@
100(a)
..............
300,000
299,459
Exeter
Automobile
Receivables
Trust
.........................................
Series
2019-4A,
Class
D,
2.58%,
9/15/25,
Callable
6/15/24
@
100(a)
..............
41,570
41,350
Series
2020-1A,
Class
E,
3.74%,
1/15/27,
Callable
9/15/24
@
100(a)
..............
250,000
246,293
Flagship
Credit
Auto
Trust
................................................
Series
2019-4,
Class
E,
4.11%,
3/15/27,
Callable
4/15/25
@
100(a)
...............
1,265,000
1,226,143
Series
2021-4,
Class
C,
1.96%,
12/15/27,
Callable
10/15/26
@
100(a)
.............
500,000
468,675
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2022-A,
Class
B,
3.81%,
8/15/25,
Callable
10/15/24
@
100
................
321,000
318,682
Series
2023-A,
Class
C,
5.54%,
12/15/26,
Callable
8/15/25
@
100
................
90,000
89,639
Series
2023-B,
Class
C,
6.43%,
4/15/27,
Callable
3/15/26
@
100
.................
166,000
169,006
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-2,
Class
C,
2.11%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
500,000
456,202
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2022-1,
Class
C,
4.67%,
11/15/34,
Callable
5/15/27
@
100(a)
..............
$
950,000
$
923,488
Series
2023-1,
Class
B,
5.29%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
206,000
204,660
Series
2023-1,
Class
C,
5.58%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
750,000
747,095
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
750,000
747,313
Series
2023-2,
Class
B,
5.92%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
75,000
76,420
Series
2023-2,
Class
C,
6.16%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
50,000
50,922
Series
2023-2,
Class
D,
6.60%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
118,711
120,213
Foursight
Capital
Automobile
Receivables
Trust,
Series
2023-1,
Class
B,
5.35%,
3/15/28,
Callable
9/15/26
@
100(a)
............................................
313,000
309,136
GECU
Auto
Receivables
Trust,
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
12/15/28
@
100(a)
...........................................................
19,000
19,204
GLS
Auto
Receivables
Issuer
Trust,
Series
2019-4A,
Class
D,
4.09%,
8/17/26,
Callable
6/15/24
@
100(a)
.........................................................
150,000
149,357
GLS
Auto
Select
Receivables
Trust,
Series
2024-1A,
Class
C,
5.69%,
3/15/30,
Callable
7/15/29
@
100(a)
.........................................................
95,000
94,968
GM
Financial
Automobile
Leasing
Trust,
Series
2022-1,
Class
C,
2.64%,
2/20/26,
Callable
7/20/24
@
100
.....................................................
244,000
241,553
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2019-2,
Class
C,
3.30%,
4/15/26(a)
.................................
75,000
74,925
Series
2023-1,
Class
B,
5.73%,
6/15/28(a)
.................................
200,403
201,955
Series
2024-2A,
Class
B,
5.35%,
3/17/31(a)
................................
167,191
167,819
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A,
Class
C,
5.77%,
2/15/30,
Callable
2/15/28
@
100(a)
..............
73,000
72,640
Series
2024-1A,
Class
D,
6.50%,
6/15/32,
Callable
2/15/28
@
100(a)
..............
70,000
69,646
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
B,
5.39%,
8/15/29,
Callable
4/15/27
@
100(a)
...............
224,000
221,546
Series
2023-1,
Class
C,
5.88%,
11/15/29,
Callable
4/15/27
@
100(a)
..............
168,000
166,590
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A,
Class
B,
2.19%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
100,000
96,101
Series
2023-1A,
Class
C,
6.91%,
6/25/27(a)
................................
261,000
263,008
Series
2023-2A,
Class
B,
6.49%,
9/25/29(a)
................................
212,000
217,382
Series
2023-2A,
Class
C,
7.13%,
9/25/29(a)
................................
75,000
77,338
Series
2023-3A,
Class
A,
5.94%,
2/25/28(a)
................................
125,000
126,859
Series
2023-3A,
Class
B,
6.53%,
2/25/28(a)
................................
38,000
38,646
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A,
Class
D,
3.98%,
12/26/25(a)
...............................
832,000
814,739
Series
2022-2A,
Class
B,
2.65%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
1,000,000
912,455
Series
2022-4A,
Class
B,
4.12%,
9/25/26,
Callable
9/25/25
@
100(a)
..............
700,000
683,076
Hyundai
Auto
Receivables
Trust,
Series
2021-C,
Class
C,
1.66%,
6/15/28,
Callable
3/15/26
@
100
.............................................................
500,000
464,212
JPMorgan
Chase
Bank
NA
................................................
Series
2021-2,
Class
B,
0.89%,
12/26/28,
Callable
10/25/25
@
100(a)
.............
26,842
26,366
Series
2021-2,
Class
D,
1.14%,
12/26/28,
Callable
10/25/25
@
100(a)
.............
119,714
117,594
Series
2021-2,
Class
E,
2.28%,
12/26/28,
Callable
10/25/25
@
100(a)
.............
4,517
4,451
Series
2021-3,
Class
B,
0.76%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
57,518
55,830
Series
2021-3,
Class
E,
2.10%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
3,504
3,416
Series
2021-3,
Class
F,
3.69%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
1,150,000
1,111,994
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A,
Class
B,
1.94%,
11/16/26,
Callable
11/15/25
@
100(a)
............
250,000
244,411
Series
2021-1A,
Class
C,
2.35%,
4/15/27,
Callable
11/15/25
@
100(a)
.............
500,000
478,954
Series
2023-1A,
Class
B,
5.59%,
8/16/27,
Callable
6/15/27
@
100(a)
..............
240,000
239,915
Series
2023-1A,
Class
C,
6.18%,
12/15/27,
Callable
6/15/27
@
100(a)
.............
400,000
403,196
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
6/15/27
@
100(a)
..............
226,000
231,715
Series
2023-2A,
Class
C,
5.58%,
9/15/28,
Callable
9/15/27
@
100(a)
..............
200,000
199,185
Series
2023-2A,
Class
D,
6.30%,
2/15/31,
Callable
9/15/27
@
100(a)
..............
52,000
52,212
Series
2023-3A,
Class
B,
6.09%,
6/15/28,
Callable
10/15/27
@
100(a)
.............
214,000
216,856
Series
2023-3A,
Class
D,
6.92%,
12/16/30,
Callable
10/15/27
@
100(a)
............
114,000
116,817
Series
2023-4A,
Class
B,
6.39%,
10/16/28,
Callable
10/15/27
@
100(a)
............
182,141
185,934
Series
2023-4A,
Class
C,
6.76%,
3/15/29,
Callable
10/15/27
@
100(a)
.............
212,497
218,796
Series
2023-4A,
Class
D,
7.37%,
4/15/31,
Callable
10/15/27
@
100(a)
.............
303,568
314,948
Series
2024-1A,
Class
C,
5.64%,
6/15/29,
Callable
7/15/26
@
100(a)
..............
165,000
164,858
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2023-1,
Class
A,
6.18%,
8/25/28(a)
........................................................
81,433
82,046
OCCU
Auto
Receivables
Trust
.............................................
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2023-1A,
Class
A4,
6.29%,
9/17/29,
Callable
3/15/28
@
100(a)
.............
$
92,500
$
94,531
Series
2023-1A,
Class
D,
7.88%,
12/15/31,
Callable
3/15/28
@
100(a)
.............
329,346
340,749
Oscar
U.S.
Funding
XII
LLC,
Series
2021-1A,
Class
A4,
1.00%,
4/10/28,
Callable
2/10/25
@
100(a)
...........................................................
246,375
237,241
Oscar
U.S.
Funding
XIV
LLC,
Series
2022-1A,
Class
A4,
2.82%,
4/10/29,
Callable
3/10/26
@
100(a)
...........................................................
1,000,000
950,922
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A,
Class
A4,
4.18%,
12/15/28,
Callable
3/15/26
@
100(a)
.............
250,000
246,493
Series
2022-A,
Class
D,
5.85%,
6/17/30,
Callable
3/15/26
@
100(a)
...............
106,000
105,853
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A,
Class
B,
5.28%,
5/15/32,
Callable
12/15/25
@
100(a)
..............
267,428
265,934
Series
2022-A,
Class
C,
7.38%,
5/15/32,
Callable
12/15/25
@
100(a)
..............
267,428
268,220
Series
2022-A,
Class
D,
9.97%,
5/15/32,
Callable
12/15/25
@
100(a)
..............
104,057
107,962
Series
2022-B,
Class
E,
8.68%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
106,480
106,906
Series
2022-C,
Class
D,
8.20%,
12/15/32,
Callable
12/15/26
@
100(a)
.............
130,165
131,290
Series
2023-A,
Class
C,
6.74%,
6/15/33,
Callable
7/15/27
@
100(a)
...............
61,431
61,609
Series
2023-A,
Class
D,
7.08%,
6/15/33,
Callable
7/15/27
@
100(a)
...............
28,587
28,658
Series
2023-B,
Class
B,
5.64%,
12/15/33,
Callable
10/15/27
@
100(a)
.............
203,000
202,837
Series
2023-B,
Class
C,
5.93%,
12/15/33,
Callable
10/15/27
@
100(a)
.............
86,499
86,438
Series
2023-B,
Class
D,
6.66%,
12/15/33,
Callable
10/15/27
@
100(a)
.............
250,499
251,868
Santander
Bank
NA
.....................................................
Series
2021-1A,
Class
B,
1.83%,
12/15/31,
Callable
9/15/25
@
100(a)
.............
124,297
122,512
Series
2021-1A,
Class
C,
3.27%,
12/15/31,
Callable
9/15/25
@
100(a)
.............
116,529
115,252
Santander
Consumer
Auto
Receivables
Trust
...................................
Series
2020-AA,
Class
D,
5.49%,
4/15/26,
Callable
12/15/24
@
100(a)
............
34,873
34,864
Series
2021-AA,
Class
E,
3.28%,
3/15/27,
Callable
12/15/25
@
100(a)
.............
60,000
56,574
Santander
Drive
Auto
Receivables
Trust,
Series
2021-4,
Class
C,
1.26%,
2/16/27,
Callable
11/15/25
@
100
....................................................
173,717
171,316
SBNA
Auto
Receivables
Trust,
Series
2024-A,
Class
B,
5.29%,
9/17/29,
Callable
8/15/28
@
100(a)
...........................................................
203,000
202,981
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
C,
6.61%,
3/15/30,
Callable
11/15/27
@
100(a)
.............
429,952
437,624
Series
2023-1A,
Class
D,
7.34%,
11/17/31,
Callable
11/15/27
@
100(a)
............
226,365
230,403
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
C,
5.97%,
2/20/31,
Callable
6/20/27
@
100(a)
..............
167,000
169,673
Series
2024-1A,
Class
C,
5.51%,
1/20/32,
Callable
4/20/28
@
100(a)
..............
126,000
126,169
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A,
Class
A4,
5.94%,
7/20/27,
Callable
9/20/25
@
100(a)
..............
50,000
50,357
Series
2023-A,
Class
B,
6.41%,
7/20/27,
Callable
9/20/25
@
100(a)
...............
127,000
128,269
Series
2023-B,
Class
A4,
6.22%,
3/22/27,
Callable
12/20/25
@
100(a)
.............
87,000
88,141
Tesla
Electric
Vehicle
Trust,
Series
2023-1,
Class
B,
5.82%,
5/20/31,
Callable
10/20/27
@
100(a)
...........................................................
200,000
200,808
Toyota
Lease
Owner
Trust,
Series
2023-A,
Class
A4,
5.05%,
8/20/27,
Callable
9/20/25
@
100(a)
...........................................................
100,000
99,609
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
10/25/26
@
100(a)
.......
327,495
329,386
UNIFY
Auto
Receivables
Trust,
Series
2021-1A,
Class
B,
1.29%,
11/16/26,
Callable
2/15/25
@
100(a)
.........................................................
270,000
261,101
United
Auto
Credit
Securitization
Trust,
Series
2023-1,
Class
C,
6.28%,
7/10/28,
Callable
5/10/26
@
100(a)
...................................................
500,000
499,451
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
5/15/27
@
100(a)
..............
101,000
101,225
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
5/15/27
@
100(a)
..............
220,000
221,402
Westlake
Automobile
Receivables
Trust,
Series
2021-3A,
Class
C,
1.58%,
1/15/27,
Callable
9/15/25
@
100(a)
...................................................
500,000
489,196
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
................................
169,000
168,956
Series
2023-2A,
Class
B,
6.75%,
8/18/38(a)
................................
181,000
186,628
Series
2023-2A,
Class
C,
6.94%,
8/18/38(a)
................................
195,000
201,460
Series
2023-2A,
Class
D,
7.38%,
8/18/38(a)
................................
220,000
222,899
33,857,439
ABS
Card
(2.5%):
CARDS
II
Trust,
Series
2021-1A,
Class
C,
1.20%,
4/15/27(a)
.......................
540,000
538,938
Evergreen
Credit
Card
Trust
...............................................
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2021-1,
Class
B,
1.15%,
10/15/26(a)
................................
$
391,000
$
380,765
Series
2021-1,
Class
C,
1.42%,
10/15/26(a)
................................
319,000
310,326
Series
2022-CRT1,
Class
B,
5.61%,
7/15/26(a)
..............................
250,000
249,652
Series
2022-CRT1,
Class
C,
6.19%,
7/15/26(a)
..............................
250,000
249,574
Series
2022-CRT2,
Class
B,
6.56%,
11/15/26(a)
.............................
250,000
250,797
Series
2022-CRT2,
Class
C,
7.44%,
11/15/26(a)
.............................
400,000
400,446
Series
2023-CRT3,
Class
B,
6.58%,
2/15/27(a)
..............................
273,000
274,521
Series
2023-CRT3,
Class
C,
7.31%,
2/15/27(a)
..............................
152,000
153,166
Golden
Credit
Card
Trust,
Series
2021-1A,
Class
C,
1.74%,
8/15/28(a)
.................
200,000
180,924
Master
Credit
Card
Trust
.................................................
Series
2021-1A,
Class
C,
1.06%,
11/21/25(a)
...............................
1,000,000
992,420
Series
2022-2A,
Class
B,
2.38%,
7/21/28(a)
................................
500,000
454,085
Series
2022-2A,
Class
C,
2.73%,
7/21/28(a)
................................
312,000
279,101
Master
Credit
Card
Trust
II
................................................
Series
2023-1A,
Class
C,
5.87%,
6/21/27(a)
................................
150,000
149,288
Series
2023-2A,
Class
C,
6.89%,
1/21/27(a)
................................
95,000
94,955
Series
2023-4A,
Class
B,
6.56%,
10/21/32(a)
...............................
104,000
107,924
Series
2023-4A,
Class
C,
7.53%,
10/21/32(a)
...............................
265,000
274,706
Series
2024-1A,
Class
B,
5.53%,
1/21/28(a)
................................
193,000
191,859
Series
2024-1A,
Class
C,
6.02%,
1/21/28(a)
................................
171,000
169,984
Synchrony
Card
Funding
LLC
.............................................
Series
2022-A1,
Class
A,
3.37%,
4/15/28,
Callable
4/15/25
@
100
................
220,000
215,383
Series
2023-A1,
Class
A,
5.54%,
7/15/29
..................................
59,000
59,507
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A,
Class
C,
2.42%,
10/26/29(a)
...............................
744,000
679,823
Series
2023-1A,
Class
C,
6.06%,
3/26/31(a)
................................
72,000
69,470
Series
2023-2A,
Class
B,
5.35%,
3/26/33(a)
................................
100,000
98,026
Series
2023-3A,
Class
B,
6.26%,
8/26/28(a)
................................
234,000
234,785
Series
2023-3A,
Class
C,
6.94%,
8/26/28(a)
................................
214,000
214,428
Series
2024-1A,
Class
B,
5.50%,
12/26/28(a)
...............................
228,000
227,047
Series
2024-1A,
Class
C,
5.99%,
12/26/28(a)
...............................
121,000
120,487
7,622,387
ABS
Other
(6.4%):
Amur
Equipment
Finance
Receivables
IX
LLC
..................................
Series
2021-1A,
Class
B,
1.38%,
2/22/27,
Callable
11/20/24
@
100(a)
.............
110,000
108,297
Series
2021-1A,
Class
C,
1.75%,
6/21/27,
Callable
11/20/24
@
100(a)
.............
839,000
816,039
Amur
Equipment
Finance
Receivables
X
LLC,
Series
2022-1A,
Class
B,
2.20%,
1/20/28,
Callable
9/20/25
@
100(a)
............................................
676,000
645,396
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
A2,
5.30%,
6/21/28,
Callable
6/20/26
@
100(a)
............................................
323,272
322,356
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A,
Class
C,
6.36%,
12/20/29,
Callable
6/20/27
@
100(a)
.............
131,151
133,688
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
6/20/27
@
100(a)
..............
37,000
38,238
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A,
Class
B,
5.37%,
1/21/31,
Callable
4/20/28
@
100(a)
..............
119,000
119,650
Series
2024-1A,
Class
C,
5.55%,
1/21/31,
Callable
4/20/28
@
100(a)
..............
62,000
62,384
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A,
Class
B,
6.05%,
6/17/30,
Callable
2/15/28
@
100(a)
..............
124,000
126,145
Series
2023-1A,
Class
C,
6.50%,
11/15/30,
Callable
2/15/28
@
100(a)
.............
88,000
90,620
Series
2023-1A,
Class
D,
7.27%,
12/16/30,
Callable
2/15/28
@
100(a)
.............
141,000
145,839
CARS-DB7
LP,
Series
2023-1A,
Class
A1,
5.75%,
9/15/53,
Callable
9/15/28
@
100(a)
.....
206,780
204,814
CCG
Receivables
Trust
...................................................
Series
2021-2,
Class
C,
1.50%,
3/14/29,
Callable
6/14/25
@
100(a)
...............
250,000
237,961
Series
2023-1,
Class
C,
6.28%,
9/16/30,
Callable
8/14/26
@
100(a)
...............
173,174
176,093
Series
2023-2,
Class
D,
7.18%,
4/14/32,
Callable
11/14/27
@
100(a)
..............
93,000
94,291
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A,
Class
B,
9.52%,
12/15/26,
Callable
8/15/24
@
100(a)
..............
107,673
107,916
Series
2023-A,
Class
A,
8.01%,
1/17/28,
Callable
4/15/24
@
100(a)
...............
91,572
91,615
CP
EF
Asset
Securitization
I
LLC,
Series
2022-1A,
Class
A,
5.96%,
4/15/30,
Callable
11/15/25
@
100(a)
.........................................................
111,476
111,210
DB
Master
Finance
LLC,
Series
2021-1A,
Class
A2II,
2.49%,
11/20/51,
Callable
11/20/25
@
100(a)
...........................................................
1,319,625
1,162,426
Dell
Equipment
Finance
Trust
..............................................
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2023-1,
Class
D,
6.80%,
3/22/29,
Callable
9/22/25
@
100(a)
...............
$
147,446
$
147,998
Series
2023-2,
Class
C,
6.06%,
1/22/29,
Callable
2/22/26
@
100(a)
...............
125,000
125,797
Series
2023-2,
Class
D,
6.74%,
7/23/29,
Callable
2/22/26
@
100(a)
...............
237,000
237,571
Series
2023-3,
Class
D,
6.75%,
10/22/29,
Callable
6/22/26
@
100(a)
..............
73,000
73,160
Dext
ABS
LLC
........................................................
Series
2020-1,
Class
C,
3.03%,
11/15/27,
Callable
9/15/24
@
100(a)
..............
79,851
79,405
Series
2023-1,
Class
B,
6.55%,
3/15/32,
Callable
5/15/27
@
100(a)
...............
100,000
101,981
Series
2023-2,
Class
C,
6.93%,
5/15/34,
Callable
2/15/28
@
100(a)
...............
224,000
229,948
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
2/15/28
@
100(a)
...............
101,000
97,547
Diamond
Issuer,
Series
2021-1A,
Class
B,
2.70%,
11/20/51,
Callable
11/20/25
@
100(a)
....
654,000
557,471
DLLAA
LLC,
Series
2023-1A,
Class
A2,
5.93%,
7/20/26(a)
........................
69,400
69,519
FirstKey
Homes
Trust
....................................................
Series
2021-SFR3,
Class
A,
2.14%,
12/17/38(a)
.............................
740,398
680,681
Series
2021-SFR3,
Class
B,
2.44%,
12/17/38(a)
.............................
500,000
458,993
Series
2021-SFR3,
Class
D,
2.79%,
12/17/38(a)
.............................
750,000
684,639
Ford
Credit
Floorplan
Master
Owner
Trust
.....................................
Series
2023-1,
Class
B,
5.31%,
5/15/28(a)
.................................
70,000
69,581
Series
2023-1,
Class
C,
5.75%,
5/15/28(a)
.................................
106,000
105,720
Frontier
Issuer
LLC
.....................................................
Series
2023-1,
Class
A2,
6.60%,
8/20/53,
Callable
7/20/26
@
100(a)
..............
558,062
563,549
Series
2023-1,
Class
B,
8.30%,
8/20/53,
Callable
7/20/26
@
100(a)
...............
415,490
414,190
Series
2023-1,
Class
C,
11.50%,
8/20/53,
Callable
7/20/26
@
100(a)
..............
328,067
333,545
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A,
Class
A2,
6.51%,
5/20/30(a)
...............................
70,000
70,597
Series
2023-1A,
Class
B,
6.62%,
4/20/33,
Callable
8/20/30
@
100(a)
..............
97,000
101,864
Series
2023-1A,
Class
C,
6.97%,
8/22/33,
Callable
8/20/30
@
100(a)
..............
89,000
93,609
Series
2023-1A,
Class
E,
7.00%,
6/20/35,
Callable
8/20/30
@
100(a)
..............
74,000
62,794
GreatAmerica
Leasing
Receivables,
Series
2024-1,
Class
C,
5.43%,
12/15/31,
Callable
2/15/28
@
100(a)
.........................................................
65,000
64,713
Hpefs
Equipment
Trust,
Series
2022-2A,
Class
D,
4.94%,
3/20/30,
Callable
11/20/25
@
100(a)
1,300,000
1,279,042
HPEFS
Equipment
Trust
..................................................
Series
2021-1A,
Class
D,
1.03%,
3/20/31,
Callable
4/20/24
@
100(a)
..............
277,053
277,053
Series
2022-1A,
Class
D,
2.40%,
11/20/29,
Callable
5/20/25
@
100(a)
.............
333,000
320,533
Series
2023-2A,
Class
D,
6.97%,
7/21/31,
Callable
10/20/26
@
100(a)
.............
150,000
152,792
Series
2024-1A,
Class
D,
5.82%,
11/20/31,
Callable
6/20/27
@
100(a)
.............
151,000
150,945
Kubota
Credit
Owner
Trust,
Series
2022-1A,
Class
A3,
2.67%,
10/15/26,
Callable
2/15/26
@
100(a)
...........................................................
500,000
487,932
M&T
Equipment
Notes,
Series
2023-1A,
Class
A3,
5.74%,
7/15/30,
Callable
7/15/27
@
100(a)
118,000
118,261
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A,
Class
A4,
1.04%,
11/13/30(a)
...............................
252,245
232,771
Series
2023-A,
Class
A4,
5.50%,
12/13/38(a)
...............................
152,000
153,533
Series
2024-A,
Class
A4,
5.10%,
7/13/49,
Callable
3/13/31
@
100(a)
..............
44,000
43,969
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1,
Class
A1,
1.91%,
10/20/61,
Callable
10/20/24
@
100(a)
............
677,000
592,876
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
10/20/24
@
100(a)
............
366,000
307,354
Pawnee
Equipment
Receivables
LLC,
Series
2021-1,
Class
B,
1.82%,
7/15/27,
Callable
7/15/25
@
100(a)
...................................................
136,000
130,926
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
C,
5.81%,
10/15/30,
Callable
2/15/27
@
100(a)
.............
76,000
75,481
Series
2024-1A,
Class
D,
6.77%,
10/15/30,
Callable
2/15/27
@
100(a)
.............
31,000
30,830
SCF
Equipment
Leasing
LLC
..............................................
Series
2020-1A,
Class
B,
2.02%,
3/20/28,
Callable
1/20/25
@
100(a)
..............
10,588
10,566
Series
2021-1A,
Class
D,
1.93%,
9/20/30,
Callable
10/20/25
@
100(a)
.............
550,000
507,831
Series
2022-2A,
Class
C,
6.50%,
8/20/32,
Callable
8/20/29
@
100(a)
..............
196,294
199,355
Series
2022-2A,
Class
D,
6.50%,
10/20/32,
Callable
8/20/29
@
100(a)
.............
329,793
324,571
Series
2023-1A,
Class
A3,
6.17%,
5/20/32,
Callable
8/20/30
@
100(a)
.............
153,000
157,222
Tricon
Residential
Trust,
Series
2022-SFR2,
Class
B,
5.24%,
7/17/40,
Callable
7/17/28
@
100(a)
...........................................................
200,000
198,026
Trinity
Rail
Leasing
LLC,
Series
2022-1A,
Class
A,
4.55%,
5/20/52,
Callable
10/21/24
@
100(a)
...........................................................
470,504
449,035
Vantage
Data
Centers
Issuer
LLC,
Series
2019-1A,
Class
A2,
3.19%,
7/15/44,
Callable
4/15/24
@
100(a)
.........................................................
137,127
135,858
Vantage
Data
Centers
LLC,
Series
2020-2A,
Class
A2,
1.99%,
9/15/45,
Callable
9/15/25
@
100(a)
...........................................................
453,000
398,717
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
VB-S1
Issuer
LLC
......................................................
Series
2022-1A,
Class
C2II,
3.71%,
2/15/57,
Callable
2/15/30
@
100(a)
............
$
1,000,000
$
820,334
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
300,000
266,721
Series
2022-1A,
Class
F,
5.27%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
1,500,000
1,294,605
Verdant
Receivables
LLC
.................................................
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
3/12/27
@
100(a)
.............
47,081
47,400
Series
2023-1A,
Class
C,
6.73%,
1/13/31,
Callable
3/12/27
@
100(a)
..............
47,000
47,951
Verizon
Master
Trust
....................................................
Series
2021-2,
Class
C,
1.38%,
4/20/28,
Callable
10/20/24
@
100
................
500,000
487,068
Series
2023-2,
Class
A,
4.89%,
4/13/28,
Callable
4/20/25
@
100
.................
129,000
128,275
Series
2024-2,
Class
B,
5.08%,
12/22/31,
Callable
12/20/28
@
100(a)
.............
265,000
264,125
20,311,808
Total
Asset-Backed
Securities
(Cost
$63,127,212)
61,791,634
Collateralized
Loan
Obligations
(3.5%)
Cash
Flow
CLO
(3.5%):
720
East
CLO
IV
Ltd.,
Series
2024-1A,
Class
A2,
7.09%
(TSFR3M+180bps),
4/15/37,
Callable
4/15/26
@
100(a)(b)
..........................................
185,000
184,863
720
East
CLO
Ltd.
......................................................
Series
2022-1A,
Class
B,
8.57%
(TSFR3M+325bps),
1/20/36,
Callable
1/20/25
@
100(a)
(b)
.........................................................
350,000
353,444
Series
2022-1A,
Class
D,
11.47%
(TSFR3M+615bps),
1/20/36,
Callable
1/20/25
@
100(a)(b)
.....................................................
500,000
511,704
Series
2023-2A,
Class
A2,
7.55%
(TSFR3M+215bps),
10/15/36,
Callable
10/15/25
@
100(a)(b)
.....................................................
245,000
245,900
Series
2023-2A,
Class
D,
10.55%
(TSFR3M+515bps),
10/15/36,
Callable
10/15/25
@
100(a)(b)
.....................................................
184,000
186,617
Series
2023-IA,
Class
B,
7.81%
(TSFR3M+250bps),
4/15/36,
Callable
4/15/25
@
100(a)
(b)
.........................................................
250,000
250,747
Series
2023-IA,
Class
D,
11.16%
(TSFR3M+585bps),
4/15/36,
Callable
4/15/25
@
100(a)(b)
.....................................................
500,000
501,780
Aimco
CLO
Ltd.
.......................................................
Series
2023-20A,
Class
B1,
7.56%
(TSFR3M+220bps),
10/16/36,
Callable
10/16/25
@
100(a)(b)
.....................................................
178,000
178,009
Series
2023-20A,
Class
C1,
8.06%
(TSFR3M+270bps),
10/16/36,
Callable
10/16/25
@
100(a)(b)
.....................................................
178,000
177,968
Ballyrock
CLO
Ltd.,
Series
2022-20A,
Class
A2AR,
7.51%
(TSFR3M+220bps),
7/15/34,
Callable
10/15/24
@
100(a)(b)
.........................................
196,000
196,319
Barrow
Hanley
CLO
I
Ltd.
................................................
Series
2023-1A,
Class
A1,
7.62%
(TSFR3M+230bps),
4/20/35,
Callable
4/20/24
@
100(a)(b)
.....................................................
400,000
401,560
Series
2023-1A,
Class
A2,
7.97%
(TSFR3M+265bps),
4/20/35,
Callable
4/20/24
@
100(a)(b)
.....................................................
500,000
508,215
Series
2023-1A,
Class
C,
9.32%
(TSFR3M+400bps),
4/20/35,
Callable
4/20/24
@
100(a)
(b)
.........................................................
175,000
182,767
Series
2023-1A,
Class
D,
11.48%
(TSFR3M+616bps),
4/20/35,
Callable
4/20/24
@
100(a)(b)
.....................................................
700,000
702,136
Barrow
Hanley
CLO
II
Ltd.
...............................................
Series
2023-2A,
Class
C,
8.84%
(TSFR3M+350bps),
10/20/35,
Callable
10/20/24
@
100(a)(b)
.....................................................
184,000
182,432
Series
2023-2A,
Class
D1,
11.09%
(TSFR3M+575bps),
10/20/35,
Callable
10/20/24
@
100(a)(b)
.....................................................
276,000
280,314
Columbia
Cent
CLO
Ltd.,
Series
2022-32A,
Class
BF,
5.20%,
7/24/34,
Callable
4/24/24
@
100(a)
...........................................................
250,000
240,282
Dryden
CLO
Ltd.,
Series
2023-102A,
Class
A2,
7.39%
(TSFR3M+200bps),
10/15/36,
Callable
10/15/25
@
100(a)(b)
................................................
109,696
110,199
Eaton
Vance
CLO
Ltd.,
Series
2020-2A,
Class
BR,
7.28%
(TSFR3M+196bps),
1/15/35,
Callable
4/15/24
@
100(a)(b)
..........................................
500,000
499,989
Golub
Capital
Partners
CLO
Ltd.,
Series
2023-68A,
Class
B,
8.12%
(TSFR3M+280bps),
7/25/36,
Callable
7/25/25
@
100(a)(b)
....................................
155,000
156,566
LCM
Ltd.,
Series
36A,
Class
A2,
6.98%
(TSFR3M+166bps),
1/15/34,
Callable
4/15/24
@
100(a)(b)
.........................................................
750,000
737,609
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Magnetite
XXXV
Ltd.,
Series
2022-35A,
Class
AR,
6.97%
(TSFR3M+165bps),
10/25/36,
Callable
10/25/25
@
100(a)(b)
.........................................
$
295,000
$
296,684
Oaktree
CLO
Ltd.
......................................................
Series
2022-3A,
Class
B1,
8.41%
(TSFR3M+310bps),
7/15/35,
Callable
7/15/24
@
100(a)(b)
.....................................................
250,000
250,936
Series
2022-3A,
Class
C,
9.46%
(TSFR3M+415bps),
7/15/35,
Callable
7/15/24
@
100(a)
(b)
.........................................................
250,000
251,176
Series
2023-1A,
Class
B,
7.86%
(TSFR3M+255bps),
4/15/36,
Callable
4/15/25
@
100(a)
(b)
.........................................................
250,000
251,129
Octagon
68
Ltd.,
Series
2023-1A,
Class
X,
6.65%
(TSFR3M+130bps),
10/20/36,
Callable
10/20/25
@
100(a)(b)
................................................
297,000
297,000
Palmer
Square
Loan
Funding
Ltd.,
Series
2023-1A,
Class
A2,
7.82%
(TSFR3M+250bps),
7/20/31,
Callable
7/20/24
@
100(a)(b)
....................................
378,000
378,076
Stratus
CLO
Ltd.,
Series
2021-3A,
Class
B,
7.13%
(TSFR3M+181bps),
12/29/29,
Callable
4/20/24
@
100(a)(b)
.................................................
205,000
205,010
Symphony
CLO
XXIX
Ltd.,
Series
2021-29A,
Class
B,
7.23%
(TSFR3M+191bps),
1/15/34,
Callable
4/15/24
@
100(a)(b)
..........................................
500,000
499,814
Trimaran
Cavu
Ltd.,
Series
2021-3A,
Class
C1,
8.03%
(TSFR3M+273bps),
1/18/35,
Callable
4/18/24
@
100(a)(b)
.................................................
750,000
750,007
Venture
CLO
Ltd.
......................................................
Series
2021-44A,
Class
B,
7.33%
(TSFR3M+201bps),
10/20/34,
Callable
4/20/24
@
100(a)(b)
.....................................................
200,000
199,400
Series
2022-46A,
Class
A2F,
5.02%,
7/20/35,
Callable
7/20/24
@
100(a)
...........
475,000
441,360
Series
2023-47A,
Class
AJ,
7.62%
(TSFR3M+230bps),
4/20/36,
Callable
4/20/25
@
100(a)(b)
.....................................................
194,000
194,543
Series
2023-48A,
Class
B1,
8.07%
(TSFR3M+275bps),
10/20/36,
Callable
10/20/25
@
100(a)(b)
.....................................................
197,000
198,597
11,003,152
Total
Collateralized
Loan
Obligations
(Cost
$10,984,420)
11,003,152
Collateralized
Mortgage
Obligations
(8.4%)
Agency
CMBS
(1.5%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K136,
Class
A2,
2.13%,
11/25/31
...................................
810,597
679,376
Series
K141,
Class
A2,
2.25%,
2/25/32,
Callable
2/25/32
@
100
.................
810,597
682,787
Series
K142,
Class
A2,
2.40%,
3/25/32,
Callable
3/25/32
@
100
.................
727,300
618,116
Series
K144,
Class
A2,
2.45%,
4/25/32
...................................
2,000,000
1,702,088
Series
K145,
Class
A2,
2.58%,
5/25/32
...................................
768,911
660,007
Series
K147,
Class
A2,
3.00%,
6/25/32,
Callable
6/25/32
@
100(c)
...............
339,717
300,629
4,643,003
Agency
CMO
Other
(0.3%):
Federal
Home
Loan
Mortgage
Corporation,
Series
5270,
Class
AB,
5.50%,
1/25/49
........
258,555
258,513
Federal
National
Mortgage
Association,
Series
2022-88,
Class
BA,
5.50%,
7/25/47
........
153,016
152,514
Government
National
Mortgage
Association
....................................
Series
2022-207,
Class
NA,
3.00%,
1/20/52
................................
177,130
151,254
Series
2023-107,
Class
PA,
5.50%,
1/20/46
................................
292,167
292,351
Series
2023-131,
Class
P,
5.50%,
6/20/48
..................................
178,469
176,625
1,031,257
Commercial
MBS
(6.6%):
AOA
Mortgage
Trust
....................................................
Series
2021-1177,
Class
B,
6.61%
(TSFR1M+129bps),
10/15/38(a)(b)
.............
250,000
240,799
Series
2021-1177,
Class
D,
7.26%
(TSFR1M+194bps),
10/15/38(a)(b)
.............
300,000
254,534
Arbor
Multifamily
Mortgage
Securities
Trust,
Series
2022-MF4,
Class
A5,
3.29%,
2/15/55,
Callable
2/15/32
@
100(a)(c)
..........................................
500,000
445,595
Aventura
Mall
Trust
.....................................................
Series
2018-AVM,
Class
A,
4.11%,
7/5/40(a)(c)
.............................
790,000
748,347
Series
2018-AVM,
Class
C,
4.11%,
7/5/40(a)(c)
.............................
100,000
90,451
Series
2018-AVM,
Class
D,
4.11%,
7/5/40(a)(c)
.............................
100,000
86,266
BAMLL
Commercial
Mortgage
Securities
Trust
.................................
Series
2015-200P,
Class
B,
3.49%,
4/14/33,
Callable
4/14/25
@
100(a)
............
750,000
718,289
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2015-200P,
Class
D,
3.60%
(LIBOR01M+105bps),
4/14/33,
Callable
4/14/25
@
100(a)(b)
.....................................................
$
375,000
$
354,597
BBCMS
Mortgage
Trust
..................................................
Series
2020-BID,
Class
C,
9.08%
(TSFR1M+375bps),
10/15/37(a)(b)
.............
269,000
262,602
Series
2022-C16,
Class
AS,
4.60%,
6/15/55,
Callable
6/15/32
@
100(c)
............
135,135
126,473
Benchmark
Mortgage
Trust
................................................
Series
2020-B19,
Class
AS,
2.15%,
9/15/53,
Callable
10/15/30
@
100
.............
1,000,000
799,941
Series
2022-B36,
Class
XA,
0.64%,
7/15/55,
Callable
6/15/32
@
100(c)(d)
.........
10,001,000
457,589
BPR
Trust
............................................................
Series
2021-TY,
Class
A,
6.49%
(TSFR1M+116bps),
9/15/38(a)(b)
...............
500,000
497,000
Series
2021-TY,
Class
D,
7.79%
(TSFR1M+246bps),
9/15/38(a)(b)
...............
309,661
304,914
Series
2022-OANA,
Class
A,
7.22%
(TSFR1M+190bps),
4/15/37(a)(b)
............
1,000,000
1,004,135
Series
2022-OANA,
Class
D,
9.02%
(TSFR1M+370bps),
4/15/37(a)(b)
............
500,000
500,757
Series
2022-STAR,
Class
A,
8.56%
(TSFR1M+323bps),
8/15/39(a)(b)
.............
407,215
408,197
BX
Commercial
Mortgage
Trust
............................................
Series
2021-XL2,
Class
B,
6.44%
(TSFR1M+111bps),
10/15/38(a)(b)
.............
195,483
193,659
Series
2022-CSMO,
Class
C,
9.21%
(TSFR1M+389bps),
6/15/27(a)(b)
............
500,000
501,272
Series
2022-CSMO,
Class
D,
9.66%
(TSFR1M+434bps),
6/15/27(a)(b)
............
100,000
100,253
BX
Trust,
Series
2022-CLS,
Class
B,
6.30%,
10/13/27(a)
..........................
250,000
233,519
BXP
Trust
............................................................
Series
2021-601L,
Class
B,
2.78%,
1/15/44(a)(c)
............................
500,000
376,775
Series
2021-601L,
Class
C,
2.78%,
1/15/44(a)(c)
............................
250,000
179,166
Series
2021-601L,
Class
D,
2.78%,
1/15/44(a)(c)
............................
1,250,000
804,487
CAMB
Commercial
Mortgage
Trust,
Series
2021-CX2,
Class
A,
2.70%,
11/10/46,
Callable
11/10/31
@
100(a)
..................................................
250,000
204,742
COMM
Mortgage
Trust
..................................................
Series
2014-277P,
Class
A,
3.61%,
8/10/49,
Callable
8/10/24
@
100(a)(c)
..........
1,235,000
1,179,061
Series
2014-277P,
Class
C,
3.61%,
8/10/49,
Callable
8/10/24
@
100(a)(c)
..........
333,000
285,892
CSMC,
Series
2019-UVIL,
Class
A,
3.16%,
12/15/41(a)
...........................
302,000
266,305
GS
Mortgage
Securities
Corp.
II,
Series
2023-SHIP,
Class
C,
5.51%,
9/10/38(a)(c)
........
118,438
115,555
Hilton
USA
Trust
.......................................................
Series
2016-HHV,
Class
B,
4.19%,
11/5/38(a)(c)
............................
350,000
334,050
Series
2016-HHV,
Class
C,
4.19%,
11/5/38(a)(c)
............................
200,000
189,784
Houston
Galleria
Mall
Trust,
Series
2015-HGLR,
Class
A1A2,
3.09%,
3/5/37(a)
..........
541,000
523,131
Hudson
Yards
Mortgage
Trust
..............................................
Series
2019-30HY,
Class
A,
3.23%,
7/10/39(a)
..............................
350,000
313,120
Series
2019-30HY,
Class
D,
3.44%,
7/10/39(a)(c)
............................
115,000
96,648
Series
2019-55HY,
Class
A,
2.94%,
12/10/41(a)(c)
...........................
500,000
438,181
ILPT
Commercial
Mortgage
Trust
...........................................
Series
2022-LPF2,
Class
C,
8.82%
(TSFR1M+349bps),
10/15/39(a)(b)
............
100,000
100,043
Series
2022-LPFX,
Class
C,
3.82%,
3/15/32(a)(c)
............................
750,000
600,923
Life
BMR
Mortgage
Trust,
Series
2022-BMR2,
Class
C,
7.42%
(TSFR1M+209bps),
5/15/39,
Callable
5/15/24
@
100(a)(b)
..........................................
250,000
246,520
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
A,
2.13%,
9/10/39(a)
..........
586,305
520,903
MHC
Commercial
Mortgage
Trust
..........................................
Series
2021-MHC,
Class
A,
6.24%
(TSFR1M+92bps),
4/15/38(a)(b)
..............
209,719
208,712
Series
2021-MHC,
Class
D,
7.04%
(TSFR1M+172bps),
4/15/38(a)(b)
.............
419,438
416,188
MHP,
Series
2022-MHIL,
Class
D,
6.94%
(TSFR1M+161bps),
1/15/27(a)(b)
............
455,807
450,417
Morgan
Stanley
Capital
I
Trust
.............................................
Series
2021-PLZA,
Class
B,
2.81%,
11/9/43(a)
..............................
500,000
330,626
Series
2021-PLZA,
Class
C,
2.81%,
11/9/43(a)
..............................
750,000
378,517
MTN
Commercial
Mortgage
Trust,
Series
2022-LPFL,
Class
C,
7.72%
(TSFR1M+239bps),
3/15/39(a)(b)
......................................................
250,000
240,665
NRTH
Mortgage
Trust,
Series
2024-PARK,
Class
A,
6.94%
(TSFR1M+164bps),
3/15/41(a)(b)
224,000
224,009
One
Bryant
Park
Trust,
Series
2019-OBP,
Class
A,
2.52%,
9/15/54(a)
..................
128,000
109,360
ONE
Mortgage
Trust,
Series
2021-PARK,
Class
D,
6.94%
(TSFR1M+161bps),
3/15/36(a)(b)
225,000
210,186
ORL
Trust,
Series
2023-GLKS,
Class
A,
7.68%
(TSFR1M+235bps),
10/19/36(a)(b)
.......
120,127
120,509
SLG
Office
Trust
.......................................................
Series
2021-OVA,
Class
A,
2.59%,
7/15/41(a)
..............................
125,000
103,209
Series
2021-OVA,
Class
C,
2.85%,
7/15/41(a)
..............................
500,000
406,442
SREIT
Trust
..........................................................
Series
2021-MFP2,
Class
B,
6.61%
(TSFR1M+129bps),
11/15/36(a)(b)
............
500,000
497,570
Series
2021-MFP2,
Class
D,
7.01%
(TSFR1M+168bps),
11/15/36(a)(b)
............
760,000
750,644
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
SUMIT
Mortgage
Trust,
Series
2022-BVUE,
Class
D,
2.89%,
2/12/41,
Callable
2/12/29
@
100(a)(c)
.........................................................
$
363,636
$
245,447
TTAN,
Series
2021-MHC,
Class
C,
6.79%
(TSFR1M+146bps),
3/15/38(a)(b)
............
587,695
580,226
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2021-SAVE,
Class
B,
6.89%
(TSFR1M+156bps),
2/15/40(a)(b)
.............
200,000
197,472
Series
2021-SAVE,
Class
C,
7.24%
(TSFR1M+191bps),
2/15/40(a)(b)
.............
200,000
196,733
20,771,407
Total
Collateralized
Mortgage
Obligations
(Cost
$28,602,871)
26,445,667
Senior
Secured
Loans
(1.3%)
Consumer
Discretionary
(0.2%):
Aramark
Services,
Inc.,
Term
Loan
B8,
First
Lien,
7.94%
(SOFR01M+250bps),
6/24/30(b)
..
30,948
30,929
Carnival
Corp.,
Initial
Advance,
First
Lien,
8.32%
(SOFR01M+300bps),
8/9/27(b)
........
99,500
99,563
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
9.07%
(SOFR03M+375bps),
10/20/27(b)
.......................................
6,063
6,247
Flutter
Entertainment
PLC,
Term
B
Loan,
First
Lien,
7.56%
(SOFR03M+225bps),
11/29/30(b)
100,000
99,946
Great
Outdoors
Group
LLC,
Term
B1,
First
Lien,
9.08%
(SOFR01M+375bps),
3/5/28(b)
...
41,164
41,158
Light
&
Wonder
International,
Inc.,
Term
B-1
Loan,
First
Lien,
8.08%
(SOFR01M+275bps),
4/16/29(b)
........................................................
245,016
245,253
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien,
8.56%
(SOFR03M+325bps),
3/6/28(b)
.........................................................
125,000
115,406
Sotheby's,
2021
2nd
Refin
Term
Loan,
First
Lien,
9.81%
(SOFR03M+450bps),
1/15/27(b)
...
240,665
235,652
874,154
Consumer
Staples
(0.0%):(e)
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien,
8.83%
(SOFR03M+350bps),
10/8/27(b)
........................................................
107,032
107,240
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien,
8.83%
(SOFR01M+350bps),
10/8/27(b)
........................................................
3,665
3,673
110,913
Financials
(0.7%):
Boost
Newco
Borrower
LLC,
Initial
USD
Term
Loan,
First
Lien,
8.31%
(SOFR03M+300bps),
1/31/31(b)
........................................................
200,000
200,542
CDK
Global,
Inc.,
2023
Term
Loans,
First
Lien,
9.31%
(SOFR03M+400bps),
7/6/29(b)
....
248,125
248,758
Delta
2
Lux
Sarl,
Term
Loan
B,
First
Lien,
7.56%
(SOFR03M+225bps),
1/15/30(b)
.......
500,000
500,125
IRB
Holding
Corp.,
Term
B,
First
Lien,
8.08%
(SOFR01M+275bps),
12/15/27(b)
.........
67,754
67,739
Oculus
Acquisition
Corp.,
Initial
Term
Loan,
First
Lien,
8.82%
(SOFR03M+350bps),
11/8/27(b)
........................................................
321,842
322,244
OEG
Borrower
LLC,
Initial
Term
Loans,
First
Lien,
10.33%
(SOFR01M+500bps),
6/18/29(b)
493,750
494,367
Truist
Insurance
Holdings
LLC,
Term
B
Loan,
First
Lien,
3/22/31(f)
..................
200,000
199,666
Whatabrands
LLC,
Initial
Term
B
Loans,
First
Lien,
8.58%
(SOFR01M+325bps),
8/3/28(b)
.
14,969
14,969
2,048,410
Health
Care
(0.1%):
R1
RCM,
Inc.,
Initial
Term
Loan
B,
First
Lien,
8.33%
(SOFR01M+300bps),
6/21/29(b)
....
250,000
250,548
Industrials
(0.1%):
Janus
International
Group
LLC,
Amendment
No.
6
Refinancing
Term
Loan,
First
Lien,
8.52%
(SOFR03M+325bps),
8/3/30(b)
.........................................
49,875
50,012
MKS
Instruments,
Inc.,
Facility
2023
Rolled
TLB,
First
Lien,
7.82%
(SOFR01M+250bps),
8/17/29(b)
........................................................
246,286
246,082
296,094
Information
Technology
(0.1%):
Open
Text
Corp.,
TLB,
First
Lien,
8.08%
(SOFR01M+275bps),
1/31/30(b)
..............
323,711
324,080
UKG,
Inc.,
Initial
Term
Loan,
First
Lien,
8.81%
(SOFR03M+350bps),
2/10/31(b)
.........
33,711
33,871
357,951
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Materials
(0.1%):
The
Chemours
Co.,
TLB,
First
Lien,
8.83%
(SOFR01M+350bps),
8/18/28(b)
............
$
207,677
$
206,638
Total
Senior
Secured
Loans
(Cost
$4,104,347)
4,144,708
Corporate
Bonds
(16.2%)
Communication
Services
(0.8%):
AT&T,
Inc.,
4.50%,
5/15/35,
Callable
11/15/34
@
100
............................
250,000
233,473
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
5.38%,
4/1/38,
Callable
10/1/37
@
100
...................................
250,000
217,556
4.80%,
3/1/50,
Callable
9/1/49
@
100
....................................
110,000
81,425
Cox
Communications,
Inc.,
5.70%,
6/15/33,
Callable
3/15/33
@
100(a)
................
243,000
245,816
Gray
Television,
Inc.,
4.75%,
10/15/30,
Callable
10/15/25
@
102.38(a)
................
150,000
98,485
Paramount
Global,
4.38%,
3/15/43
..........................................
546,000
371,618
T-Mobile
US,
Inc.
3.50%,
4/15/31,
Callable
4/15/26
@
101.75
................................
73,000
65,948
5.50%,
1/15/55,
Callable
7/15/54
@
100
..................................
112,000
111,923
Verizon
Communications,
Inc.,
2.55%,
3/21/31,
Callable
12/21/30
@
100
...............
766,000
654,430
Warnermedia
Holdings,
Inc.
4.28%,
3/15/32,
Callable
12/15/31
@
100
.................................
575,000
513,929
5.14%,
3/15/52,
Callable
9/15/51
@
100
..................................
91,000
75,540
2,670,143
Consumer
Discretionary
(1.1%):
Acushnet
Co.,
7.38%,
10/15/28,
Callable
10/15/25
@
103.69(a)
......................
29,000
30,028
Advance
Auto
Parts,
Inc.,
3.50%,
3/15/32,
Callable
12/15/31
@
100
...................
416,000
356,475
AutoNation,
Inc.,
3.85%,
3/1/32,
Callable
12/1/31
@
100
..........................
179,000
159,178
Daimler
Truck
Finance
North
America
LLC,
5.50%,
9/20/33(a)
......................
358,000
362,855
ERAC
USA
Finance
LLC,
4.90%,
5/1/33,
Callable
2/1/33
@
100(a)
...................
258,000
252,616
Genuine
Parts
Co.,
6.88%,
11/1/33,
Callable
8/1/33
@
100
.........................
172,000
190,025
Kohl's
Corp.,
4.63%,
5/1/31,
Callable
2/1/31
@
100
..............................
200,000
168,377
LKQ
Corp.,
6.25%,
6/15/33,
Callable
3/15/33
@
100
.............................
112,000
116,593
PulteGroup,
Inc.,
6.00%,
2/15/35
............................................
125,000
130,188
Sotheby's,
7.38%,
10/15/27,
Callable
4/15/24
@
101.84(a)
.........................
67,000
62,453
Tapestry,
Inc.,
7.85%,
11/27/33,
Callable
8/27/33
@
100
...........................
1,256,000
1,363,572
Tractor
Supply
Co.,
1.75%,
11/1/30,
Callable
8/1/30
@
100
.........................
224,000
181,502
Volkswagen
Group
of
America
Finance
LLC,
5.60%,
3/22/34,
Callable
12/22/33
@
100(a)
..
239,000
241,447
3,615,309
Consumer
Staples
(0.9%):
7-Eleven,
Inc.
1.80%,
2/10/31,
Callable
11/10/30
@
100(a)
................................
125,000
100,420
2.80%,
2/10/51,
Callable
8/2/50
@
100(a)
.................................
1,111,000
692,932
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
6.50%,
2/15/28,
Callable
2/15/25
@
103.25(a)
..............................
152,000
153,818
4.88%,
2/15/30,
Callable
2/15/25
@
103.66(a)
..............................
100,000
95,064
Bimbo
Bakeries
USA,
Inc.,
5.38%,
1/9/36,
Callable
10/9/35
@
100(a)
.................
470,000
467,685
Dollar
General
Corp.,
5.45%,
7/5/33,
Callable
4/5/33
@
100(g)
......................
261,000
261,910
General
Mills,
Inc.,
2.25%,
10/14/31,
Callable
7/14/31
@
100
.......................
300,000
247,996
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
SARL,
6.75%,
3/15/34,
Callable
12/15/33
@
100(a)
..................................................
168,000
176,652
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.,
6.50%,
12/1/52,
Callable
6/1/52
@
100
......................................................
17,000
16,831
Kellanova,
4.50%,
4/1/46
.................................................
213,000
182,478
Kraft
Heinz
Foods
Co.,
5.00%,
6/4/42
........................................
178,000
166,937
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
..........................
100,000
84,654
The
J.M.
Smucker
Co.,
6.50%,
11/15/53,
Callable
5/15/53
@
100
....................
300,000
332,906
2,980,283
Energy
(0.5%):
EnLink
Midstream
Partners
LP,
4.40%,
4/1/24
..................................
241,000
241,000
Evergy
Missouri
West
Storm
Funding
I
LLC,
5.10%,
12/1/38
.......................
216,000
218,000
ONEOK,
Inc.,
5.15%,
10/15/43,
Callable
4/15/43
@
100
...........................
195,000
177,859
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.,
3.80%,
9/15/30,
Callable
6/15/30
@
100
$
250,000
$
229,225
Venture
Global
LNG,
Inc.,
9.88%,
2/1/32,
Callable
2/1/27
@
104.94(a)
................
211,000
227,471
Viper
Energy,
Inc.
5.38%,
11/1/27,
Callable
4/22/24
@
101.79(a)
..............................
500,000
489,636
7.38%,
11/1/31,
Callable
11/1/26
@
103.69(a)
..............................
110,000
114,392
1,697,583
Financials
(7.3%):
Aon
Corp./Aon
Global
Holdings
PLC,
5.35%,
2/28/33,
Callable
11/28/32
@
100
.........
120,000
120,604
Aretec
Group,
Inc.,
10.00%,
8/15/30,
Callable
10/15/26
@
105(a)
....................
100,000
109,430
Arthur
J.
Gallagher
&
Co.,
5.45%,
7/15/34,
Callable
4/15/34
@
100
...................
347,000
349,283
Bank
of
America
Corp.,
2.48%
(H15T5Y+120bps),
9/21/36,
Callable
9/21/31
@
100(b)
....
775,000
619,196
Blackstone
Private
Credit
Fund
2.63%,
12/15/26,
Callable
11/15/26
@
100
.................................
250,000
228,349
3.25%,
3/15/27,
Callable
2/15/27
@
100
..................................
350,000
322,960
Blue
Owl
Credit
Income
Corp.
5.50%,
3/21/25
....................................................
500,000
496,249
7.75%,
9/16/27,
Callable
8/16/27
@
100
..................................
152,000
155,708
Blue
Owl
Finance
LLC,
3.13%,
6/10/31,
Callable
3/10/31
@
100(a)
...................
556,000
465,767
Boost
Newco
Borrower
LLC,
7.50%,
1/15/31,
Callable
1/15/27
@
103.75(a)
............
625,000
654,459
Brookfield
Capital
Finance
LLC,
6.09%,
6/14/33,
Callable
3/14/33
@
100
..............
204,000
213,315
Brown
&
Brown,
Inc.,
4.20%,
3/17/32,
Callable
12/17/31
@
100
.....................
121,000
111,853
Citizens
Bank
NA
4.12%
(SOFR+140bps),
5/23/25,
Callable
5/23/24
@
100(b)
....................
287,000
285,863
6.06%
(SOFR+145bps),
10/24/25,
Callable
10/24/24
@
100(b)
..................
250,000
249,061
Citizens
Financial
Group,
Inc.
5.65%
(H15T5Y+531bps),
Callable
10/6/25
@
100(b)(g)(h)
....................
386,000
377,139
2.64%,
9/30/32,
Callable
7/2/32
@
100
...................................
500,000
383,344
Enact
Holdings,
Inc.,
6.50%,
8/15/25,
Callable
2/15/25
@
100(a)
.....................
181,000
180,954
F&G
Global
Funding,
2.00%,
9/20/28(a)
......................................
250,000
212,642
Farm
Credit
Bank
of
Texas,
5.70%
(H15T5Y+542bps),
Callable
9/15/25
@
100(a)(b)(h)
....
296,000
290,402
Fidelity
National
Information
Services,
Inc.,
5.10%,
7/15/32,
Callable
4/15/32
@
100
......
122,000
122,057
Fifth
Third
Bancorp,
4.50%
(H15T5Y+422bps),
Callable
9/30/25
@
100(b)(h)
...........
412,000
396,442
Global
Atlantic
Fin
Co.
3.13%,
6/15/31,
Callable
3/15/31
@
100(a)
................................
250,000
206,769
7.95%,
6/15/33,
Callable
3/15/33
@
100(a)
................................
274,000
304,304
Global
Payments,
Inc.
2.90%,
11/15/31,
Callable
8/15/31
@
100
..................................
500,000
419,638
4.15%,
8/15/49,
Callable
2/15/49
@
100
..................................
474,000
367,386
5.95%,
8/15/52,
Callable
2/15/52
@
100
..................................
189,000
188,562
HUB
International
Ltd.,
7.25%,
6/15/30,
Callable
6/15/26
@
103.63(a)
................
31,000
31,884
Huntington
Bancshares,
Inc.,
2.49%
(H15T5Y+117bps),
8/15/36,
Callable
8/15/31
@
100(b)
.
500,000
382,056
JPMorgan
Chase
&
Co.
2.96%
(TSFR3M+252bps),
5/13/31,
Callable
5/13/30
@
100(b)
..................
98,000
85,765
5.72%
(SOFR+258bps),
9/14/33,
Callable
9/14/32
@
100(b)
....................
140,000
142,772
KeyBank
NA,
4.90%,
8/8/32(g)
.............................................
347,000
311,523
KeyCorp.
4.79%
(SOFRINDX+206bps),
6/1/33,
Callable
6/1/32
@
100,
MTN(b)
............
367,000
336,194
6.40%
(SOFRINDX+242bps),
3/6/35,
Callable
3/6/34
@
100(b)
.................
274,000
280,083
Lazard
Group
LLC,
6.00%,
3/15/31,
Callable
1/15/31
@
100
........................
327,000
330,329
M&T
Bank
Corp.,
5.75%,
10/1/24
...........................................
300,000
292,308
MetLife,
Inc.,
9.25%,
4/8/38,
Callable
4/8/33
@
100(a)
............................
470,000
549,217
Metropolitan
Life
Global
Funding
I,
2.40%,
1/11/32(a)
............................
500,000
412,314
Morgan
Stanley
1.93%
(SOFR+102bps),
4/28/32,
Callable
4/28/31
@
100,
MTN(b)
...............
53,000
42,535
2.48%
(SOFR+136bps),
9/16/36,
Callable
9/16/31
@
100(b)
....................
925,000
731,162
New
York
Life
Global
Funding,
1.85%,
8/1/31(a)
................................
1,600,000
1,285,800
Northern
Trust
Corp.,
6.13%,
11/2/32,
Callable
8/2/32
@
100
.......................
350,000
369,669
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.,
6.20%,
6/15/30,
Callable
4/15/30
@
100(a)
257,000
267,473
Regions
Financial
Corp.,
5.75%
(H15T5Y+543bps),
Callable
6/15/25
@
100(b)(h)
........
149,000
146,668
State
Street
Corp.,
4.16%
(SOFR+173bps),
8/4/33,
Callable
8/4/32
@
100(b)
............
750,000
696,983
Texas
Capital
Bancshares,
Inc.,
4.00%
(H15T5Y+315bps),
5/6/31,
Callable
5/6/26
@
100(b)
.
500,000
426,165
The
Bank
of
New
York
Mellon
Corp.
4.70%
(H15T5Y+436bps),
Callable
9/20/25
@
100(b)(h)
......................
437,000
428,291
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
5.19%
(SOFR+142bps),
3/14/35,
Callable
3/14/34
@
100(b)
....................
$
207,000
$
206,074
The
Charles
Schwab
Corp.
5.38%
(H15T5Y+497bps),
Callable
6/1/25
@
100(b)(h)
.......................
1,389,000
1,378,819
5.85%
(SOFR+250bps),
5/19/34,
Callable
5/19/33
@
100(b)
....................
315,000
322,345
The
Huntington
National
Bank,
5.50%
(TSFR3M+535bps),
5/6/30,
Callable
5/6/25
@
100(b)
750,000
701,250
The
PNC
Financial
Services
Group,
Inc.,
4.63%
(SOFRINDX+185bps),
6/6/33,
Callable
6/6/32
@
100(b)
....................................................
557,000
519,519
Truist
Financial
Corp.
4.95%
(H15T5Y+461bps),
Callable
9/1/25
@
100(b)(h)
.......................
781,150
768,077
5.10%
(H15T10Y+435bps),
Callable
3/1/30
@
100(b)(h)
......................
331,000
308,119
7.16%
(SOFR+245bps),
10/30/29,
Callable
10/30/28
@
100,
MTN(b)
.............
301,000
321,221
U.S.
Bancorp,
4.97%
(SOFR+211bps),
7/22/33,
Callable
7/22/32
@
100(b)
.............
891,000
843,287
Wells
Fargo
&
Co.,
5.90%,
Callable
6/15/24
@
100(h)
............................
1,509,000
1,506,705
Willis
North
America,
Inc.
5.35%,
5/15/33,
Callable
2/15/33
@
100
..................................
239,000
237,686
5.90%,
3/5/54,
Callable
9/5/53
@
100
....................................
314,000
318,165
22,812,194
Health
Care
(0.8%):
Alcon
Finance
Corp.,
5.75%,
12/6/52,
Callable
6/6/52
@
100(a)
.....................
473,000
490,139
Amgen,
Inc.,
3.00%,
1/15/52,
Callable
7/15/51
@
100
.............................
350,000
237,076
Bio-Rad
Laboratories,
Inc.,
3.70%,
3/15/32,
Callable
12/15/31
@
100
.................
125,000
112,175
CVS
Health
Corp.,
5.63%,
2/21/53,
Callable
8/21/52
@
100
........................
321,000
315,191
DENTSPLY
SIRONA,
Inc.,
3.25%,
6/1/30,
Callable
3/1/30
@
100
....................
80,000
70,946
GE
HealthCare
Technologies,
Inc.,
5.91%,
11/22/32,
Callable
8/22/32
@
100
............
350,000
367,508
HCA,
Inc.
5.60%,
4/1/34,
Callable
1/1/34
@
100
....................................
236,000
237,656
5.25%,
6/15/49,
Callable
12/15/48
@
100
.................................
62,000
56,640
Prestige
Brands,
Inc.,
3.75%,
4/1/31,
Callable
4/1/26
@
101.88(a)
....................
209,000
182,014
Solventum
Corp.,
5.60%,
3/23/34,
Callable
12/23/33
@
100(a)
......................
247,000
247,779
Tenet
Healthcare
Corp.,
4.38%,
1/15/30,
Callable
12/1/24
@
102.19
...................
50,000
46,234
Universal
Health
Services,
Inc.,
2.65%,
1/15/32,
Callable
10/15/31
@
100
..............
37,000
30,296
2,393,654
Industrials
(2.1%):
American
Airlines
Pass
Through
Trust
4.95%,
2/15/25
....................................................
68,355
67,234
3.70%,
10/15/25
....................................................
268,125
259,317
Aon
North
America,
Inc.,
5.75%,
3/1/54,
Callable
9/1/53
@
100
.....................
321,000
328,553
Ashtead
Capital,
Inc.,
2.45%,
8/12/31,
Callable
5/12/31
@
100(a)
....................
250,000
203,085
Concentrix
Corp.,
6.85%,
8/2/33,
Callable
5/2/33
@
100
...........................
521,000
517,310
Delta
Air
Lines
Pass
Through
Trust,
2.50%,
6/10/28
..............................
109,399
98,328
Esab
Corp.,
6.25%,
4/15/29,
Callable
4/15/26
@
103.13(a)
.........................
34,000
34,182
GXO
Logistics,
Inc.,
2.65%,
7/15/31,
Callable
4/15/31
@
100
.......................
98,000
80,048
HEICO
Corp.,
5.35%,
8/1/33,
Callable
5/1/33
@
100
.............................
173,000
173,632
Kennametal,
Inc.,
4.63%,
6/15/28,
Callable
3/15/28
@
100
.........................
175,000
171,843
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.50%,
6/20/27,
Callable
5/6/24
@
103.25(a)
...........................................
1,317,783
1,327,268
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100(a)
....................
271,000
281,455
RXO,
Inc.,
7.50%,
11/15/27,
Callable
11/15/24
@
103.75(a)
........................
250,000
256,669
Southwest
Airlines
Co.,
2.63%,
2/10/30,
Callable
11/10/29
@
100
....................
347,000
301,915
Spirit
AeroSystems,
Inc.,
9.38%,
11/30/29,
Callable
11/30/25
@
104.69(a)
..............
60,000
65,443
The
Boeing
Co.
6.88%,
3/15/39
....................................................
1,000,000
1,065,110
5.81%,
5/1/50,
Callable
11/1/49
@
100
...................................
1,044,000
988,031
The
Timken
Co.,
4.13%,
4/1/32,
Callable
1/1/32
@
100
............................
265,000
242,517
XPO,
Inc.,
6.25%,
6/1/28,
Callable
6/1/25
@
103.13(a)
............................
75,000
75,733
6,537,673
Information
Technology
(0.8%):
Autodesk,
Inc.,
2.40%,
12/15/31,
Callable
9/15/31
@
100
..........................
450,000
376,451
Booz
Allen
Hamilton,
Inc.,
5.95%,
8/4/33,
Callable
5/4/33
@
100
....................
119,000
123,177
Broadcom,
Inc.,
2.60%,
2/15/33,
Callable
11/15/32
@
100(a)
........................
83,000
67,366
Neptune
Bidco
U.S.,
Inc.,
9.29%,
4/15/29,
Callable
10/15/25
@
104.65(a)
..............
65,000
61,498
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Oracle
Corp.
3.85%,
7/15/36,
Callable
1/15/36
@
100
..................................
$
387,000
$
331,144
3.60%,
4/1/50,
Callable
10/1/49
@
100
...................................
204,000
147,400
Qorvo,
Inc.,
3.38%,
4/1/31,
Callable
4/1/26
@
101.69(a)
...........................
57,000
48,804
Trimble,
Inc.,
6.10%,
3/15/33,
Callable
12/15/32
@
100
...........................
246,000
256,965
TSMC
Arizona
Corp.,
2.50%,
10/25/31,
Callable
7/25/31
@
100
.....................
500,000
427,636
VMware
LLC,
2.20%,
8/15/31,
Callable
5/15/31
@
100
...........................
550,000
447,393
Western
Digital
Corp.,
3.10%,
2/1/32,
Callable
11/1/31
@
100
.......................
271,000
218,011
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.,
3.88%,
2/1/29,
Callable
4/15/24
@
101.94(a)
.........................................................
250,000
224,843
2,730,688
Materials
(0.5%):
Amcor
Finance
USA,
Inc.,
5.63%,
5/26/33,
Callable
2/26/33
@
100
...................
141,000
144,840
Amcor
Flexibles
North
America,
Inc.,
2.69%,
5/25/31,
Callable
2/25/31
@
100
...........
312,000
265,284
AptarGroup,
Inc.,
3.60%,
3/15/32,
Callable
12/15/31
@
100
........................
166,000
146,359
LYB
International
Finance
III
LLC,
3.38%,
10/1/40,
Callable
4/1/40
@
100
.............
123,000
92,066
Panther
Escrow
Issuer
LLC,
7.13%,
6/1/31,
Callable
6/1/27
@
103.56(a)
...............
34,000
34,568
Reliance,
Inc.,
2.15%,
8/15/30,
Callable
5/15/30
@
100
............................
405,000
340,742
The
Dow
Chemical
Co.,
6.90%,
5/15/53,
Callable
11/15/52
@
100
....................
131,000
151,301
Vulcan
Materials
Co.
3.50%,
6/1/30,
Callable
3/1/30
@
100
....................................
250,000
229,240
4.50%,
6/15/47,
Callable
12/15/46
@
100
.................................
267,000
231,963
1,636,363
Real
Estate
(1.2%):
Alexandria
Real
Estate
Equities,
Inc.,
1.88%,
2/1/33,
Callable
11/1/32
@
100
............
750,000
570,202
American
Tower
Trust
#1,
5.49%,
3/15/28,
Callable
3/15/27
@
100(a)
.................
260,000
262,171
Boston
Properties
LP,
2.45%,
10/1/33,
Callable
7/1/33
@
100
.......................
300,000
225,856
CBRE
Services,
Inc.
2.50%,
4/1/31,
Callable
1/1/31
@
100
....................................
292,000
241,828
5.95%,
8/15/34,
Callable
5/15/34
@
100
..................................
108,000
110,808
CoStar
Group,
Inc.,
2.80%,
7/15/30,
Callable
4/15/30
@
100(a)
......................
228,000
194,815
Crown
Castle,
Inc.,
2.90%,
4/1/41,
Callable
10/1/40
@
100
.........................
264,000
186,916
EPR
Properties,
3.60%,
11/15/31,
Callable
8/15/31
@
100
..........................
247,000
206,451
GLP
Capital
LP/GLP
Financing
II,
Inc.,
3.25%,
1/15/32,
Callable
10/15/31
@
100
........
39,000
32,859
Jones
Lang
LaSalle,
Inc.,
6.88%,
12/1/28,
Callable
11/1/28
@
100
....................
141,000
149,234
LXP
Industrial
Trust,
4.40%,
6/15/24,
Callable
5/6/24
@
100
........................
390,000
386,709
SBA
Tower
Trust
2.84%,
1/15/25,
Callable
5/6/24
@
100(a)
.................................
163,000
159,092
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
................................
211,000
216,158
2.59%,
10/15/31(a)
..................................................
500,000
403,082
The
NHP
Foundation,
6.00%,
12/1/33,
Callable
6/1/33
@
100
.......................
179,000
181,479
VICI
Properties
LP/VICI
Note
Co.,
Inc.,
4.13%,
8/15/30,
Callable
2/15/25
@
102.06(a)
....
87,000
79,227
3,606,887
Utilities
(0.2%):
Duquesne
Light
Holdings,
Inc.,
2.78%,
1/7/32,
Callable
10/7/31
@
100(a)
..............
100,000
81,502
Entergy
Corp.,
2.40%,
6/15/31,
Callable
3/5/31
@
100
............................
125,000
103,968
Essex
Portfolio
LP,
5.50%,
4/1/34,
Callable
1/1/34
@
100
..........................
244,000
244,168
429,638
Total
Corporate
Bonds
(Cost
$52,528,484)
51,110,415
Yankee
Dollars
(4.0%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.
3.80%,
3/15/32,
Callable
12/15/31
@
100
.................................
75,000
67,504
4.55%,
3/15/52,
Callable
9/15/51
@
100
..................................
250,000
210,748
278,252
Consumer
Discretionary
(0.0%):(e)
Nissan
Motor
Co.
Ltd.,
4.81%,
9/17/30,
Callable
6/17/30
@
100(a)
...................
97,000
90,518
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Consumer
Staples
(0.2%):
Bacardi
Ltd./Bacardi-Martini
BV,
5.40%,
6/15/33,
Callable
3/15/33
@
100(a)
............
$
288,000
$
285,330
Becle
SAB
de
CV,
2.50%,
10/14/31,
Callable
7/14/31
@
100(a)
......................
700,000
558,146
843,476
Financials
(2.2%):
1375209
BC
Ltd.,
9.00%,
1/30/28,
Callable
4/15/24
@
101(a)(g)
.....................
1,309,000
1,283,049
Allianz
SE,
6.35%
(H15T5Y+323bps),
9/6/53,
Callable
3/6/33
@
100(a)(b)
.............
200,000
209,523
Avolon
Holdings
Funding
Ltd.,
2.75%,
2/21/28,
Callable
12/21/27
@
100(a)
............
190,000
170,049
Banco
Santander
SA,
6.92%,
8/8/33
.........................................
200,000
209,145
Bank
of
Montreal,
3.09%
(H15T5Y+140bps),
1/10/37,
Callable
1/10/32
@
100(b)
........
500,000
409,544
Barclays
PLC,
3.56%
(H15T5Y+290bps),
9/23/35,
Callable
9/23/30
@
100(b)
...........
550,000
471,941
BBVA
Bancomer
SA
8.45%,
6/29/38,
Callable
6/29/33
@
100(a)
................................
116,000
122,306
8.13%
(H15T5Y+421bps),
1/8/39,
Callable
1/8/34
@
100(a)(b)
..................
252,000
260,373
BP
Capital
Markets
PLC,
4.38%
(H15T5Y+404bps),
Callable
6/22/25
@
100(b)(h)
........
52,000
51,017
Deutsche
Bank
AG,
3.74%
(SOFR+226bps),
1/7/33,
Callable
10/7/31
@
100(b)
..........
369,000
304,213
HSBC
Holdings
PLC,
8.11%
(SOFR+425bps),
11/3/33,
Callable
11/3/32
@
100(b)
........
50,000
57,192
ING
Groep
NV,
6.11%
(SOFR+209bps),
9/11/34,
Callable
9/11/33
@
100(b)
............
182,000
188,885
Lloyds
Banking
Group
PLC
3.75%
(H15T1Y+180bps),
3/18/28,
Callable
3/18/27
@
100(b)
..................
250,000
239,400
7.95%
(H15T1Y+375bps),
11/15/33,
Callable
8/15/32
@
100(b)
.................
152,000
171,332
Macquarie
Airfinance
Holdings
Ltd.,
6.50%,
3/26/31,
Callable
1/26/31
@
100(a)
.........
129,000
131,257
Macquarie
Bank
Ltd.,
3.05%
(H15T5Y+170bps),
3/3/36,
Callable
3/3/31
@
100(a)(b)
......
50,000
41,421
Mizuho
Financial
Group,
Inc.
2.56%,
9/13/31
....................................................
500,000
409,231
5.58%
(H15T1Y+130bps),
5/26/35,
Callable
5/26/34
@
100(b)
..................
227,000
229,363
Royal
Bank
of
Canada,
5.15%,
2/1/34
........................................
280,000
280,216
Societe
Generale
SA
3.34%
(H15T1Y+160bps),
1/21/33,
Callable
1/21/32
@
100(a)(b)
................
500,000
419,366
4.03%
(H15T1Y+190bps),
1/21/43,
Callable
1/21/42
@
100(a)(b)
................
250,000
177,691
UBS
Group
AG,
3.09%
(SOFR+173bps),
5/14/32,
Callable
5/14/31
@
100(a)(b)
..........
500,000
424,834
Westpac
Banking
Corp.,
3.02%
(H15T5Y+153bps),
11/18/36,
Callable
11/18/31
@
100(b)
..
500,000
411,014
6,672,362
Health
Care
(0.1%):
STERIS
Irish
FinCo
Unlimited
Co.,
2.70%,
3/15/31,
Callable
12/15/30
@
100
...........
400,000
341,785
Industrials
(0.4%):
Aircastle
Ltd.
5.25%
(H15T5Y+441bps),
Callable
6/15/26
@
100(a)(b)(h)
....................
333,023
318,215
6.50%,
7/18/28,
Callable
6/18/28
@
100(a)
................................
182,000
185,779
Hawaiian
Brand
Intellectual
Property
Ltd./HawaiianMiles
Loyalty
Ltd.,
5.75%,
1/20/26,
Callable
4/15/24
@
102.88(a)
..........................................
211,215
198,708
nVent
Finance
Sarl,
5.65%,
5/15/33,
Callable
2/15/33
@
100
........................
391,000
394,184
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.,
9.50%,
6/1/28,
Callable
6/1/25
@
104.75(a)(g)
....................................................
160,000
136,050
1,232,936
Information
Technology
(0.3%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.,
2.65%,
2/15/32,
Callable
11/15/31
@
100
....
250,000
207,519
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(a)
........................
144,000
148,975
SK
Hynix,
Inc.,
6.50%,
1/17/33(a)
...........................................
522,000
556,721
913,215
Materials
(0.0%):(e)
ArcelorMittal
SA,
6.80%,
11/29/32,
Callable
8/29/32
@
100
........................
125,000
133,696
Yara
International
ASA,
7.38%,
11/14/32,
Callable
8/14/32
@
100(a)
..................
50,000
55,331
189,027
Real
Estate
(0.6%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
2.50%,
10/15/31,
Callable
7/15/31
@
100(a)
...........................................................
2,342,000
1,892,827
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Utilities
(0.1%):
GENM
Capital
Labuan
Ltd.,
3.88%,
4/19/31,
Callable
1/19/31
@
100(a)
...............
$
200,000
$
175,237
Total
Yankee
Dollars
(Cost
$13,443,258)
12,629,635
Municipal
Bonds
(0.3%)
Louisiana
(0.0%):(e)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue,
Series
A,
4.48%,
8/1/39
.......................................
145,000
136,564
Montana
(0.1%):
Montana
Facility
Finance
Authority
Revenue,
2.44%,
8/15/31
.......................
250,000
209,394
New
York
(0.1%):
New
York
City
Housing
Development
Corp.
Revenue,
3.76%,
1/1/29
..................
250,000
236,779
South
Carolina
(0.1%):
County
of
Charleston
SC
Revenue,
1.92%,
12/1/29
...............................
250,000
214,794
Tennessee
(0.0%):(e)
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue,
Series
D,
5.27%,
7/1/35
.....................................................
75,000
76,871
Total
Municipal
Bonds
(Cost
$970,000)
874,402
U.S.
Government
Agency
Mortgages
(12.7%)
Federal
Farm
Credit
Banks
Funding
Corporation
5.69%,
7/11/30
.....................................................
313,000
312,468
2.55%,
12/21/34
....................................................
309,000
244,305
556,773
Federal
Home
Loan
Mortgage
Corporation
5.50%,
8/1/38
-
6/1/53
...............................................
999,482
998,253
4.50%,
11/1/42
-
10/1/52
..............................................
901,758
862,860
5.00%,
12/1/42
-
6/1/53
..............................................
2,459,933
2,409,505
4.00%,
1/1/43
.....................................................
241,060
228,272
3.00%,
1/1/52
-
5/1/52
...............................................
441,541
382,110
3.50%,
7/1/52
.....................................................
316,727
283,747
6.00%,
8/1/53
-
2/1/54
...............................................
1,052,107
1,061,757
6,226,504
Federal
National
Mortgage
Association
5.00%,
12/1/37
-
2/1/54
..............................................
1,545,938
1,520,575
4.00%,
4/1/38
-
10/1/52
..............................................
3,006,688
2,802,931
3.50%,
12/1/42
-
8/1/52
..............................................
1,960,100
1,771,586
2.50%,
10/1/50
-
7/1/52
..............................................
963,159
797,106
3.00%,
12/1/51
....................................................
253,867
218,475
4.50%,
6/1/52
-
9/1/52
...............................................
1,776,139
1,694,073
5.50%,
6/1/52
-
8/1/53
...............................................
1,572,242
1,566,825
6.00%,
7/1/52
-
10/1/53
..............................................
957,264
967,957
11,339,528
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Government
National
Mortgage
Association
5.00%,
8/20/38
-
2/20/54
.............................................
$
3,626,342
$
3,563,751
3.50%,
2/20/52
-
11/20/52
.............................................
1,476,191
1,342,035
4.00%,
6/20/52
-
5/20/53
.............................................
2,056,127
1,924,401
4.50%,
8/20/52
-
11/20/53
.............................................
4,192,319
4,014,555
3.00%,
9/20/52
-
11/20/52
.............................................
1,972,587
1,739,918
5.50%,
4/20/53
-
2/20/54
.............................................
4,648,628
4,651,217
2.50%,
6/20/53
-
9/20/53
.............................................
931,510
794,213
6.00%,
7/20/53
-
10/20/53
.............................................
2,185,924
2,207,707
5.50%,
1/20/54
....................................................
298,778
298,361
6.50%,
1/20/54
....................................................
1,243,037
1,263,016
21,799,174
Total
U.S.
Government
Agency
Mortgages
(Cost
$40,180,004)
39,921,979
U.S.
Treasury
Obligations
(28.8%)
U.S.
Treasury
Bonds
4.50%,
2/15/36
....................................................
12,005,600
12,495,202
5.00%,
5/15/37
....................................................
8,652,000
9,407,698
4.38%,
11/15/39
....................................................
5,277,000
5,323,174
1.13%,
5/15/40
....................................................
711,000
445,042
1.38%,
11/15/40
....................................................
2,500,000
1,610,156
1.75%,
8/15/41
....................................................
14,650,000
9,902,484
3.38%,
8/15/42
....................................................
2,275,000
1,968,230
3.88%,
5/15/43
....................................................
796,000
735,927
4.38%,
8/15/43
....................................................
1,500,000
1,484,766
4.75%,
11/15/43
....................................................
1,062,000
1,103,484
1.25%,
5/15/50
....................................................
1,000,000
511,875
2.00%,
8/15/51
....................................................
4,250,000
2,634,336
3.63%,
2/15/53
....................................................
763,000
671,321
3.63%,
5/15/53
....................................................
921,000
810,912
4.13%,
8/15/53
....................................................
6,583,000
6,340,252
4.75%,
11/15/53
....................................................
2,591,000
2,771,155
U.S.
Treasury
Notes
1.88%,
2/15/32
....................................................
7,597,000
6,418,278
2.75%,
8/15/32
....................................................
5,020,000
4,504,666
4.13%,
11/15/32
....................................................
4,842,000
4,810,981
3.50%,
2/15/33
....................................................
5,543,000
5,254,591
3.38%,
5/15/33
....................................................
5,269,000
4,938,041
3.88%,
8/15/33
....................................................
5,838,000
5,686,577
4.50%,
11/15/33
....................................................
1,411,000
1,443,850
Total
U.S.
Treasury
Obligations
(Cost
$94,639,715)
91,272,998
Commercial
Paper
(3.5%)
Energy
(2.3%):
Brookfield
Corp.
Treasury
Ltd.,
5.64%,
4/2/24(i)
................................
1,000,000
999,212
Marathon
Oil
Corp.,
5.85%,
4/3/24(i)
.........................................
3,000,000
2,997,286
Targa
Resources
Corp.,
5.80%,
4/1/24(a)(i)
....................................
3,100,000
3,098,032
7,094,530
Industrials
(0.3%):
Stanley
Black
&
Decker,
Inc.,
5.91%,
4/2/24(i)
..................................
800,000
799,366
Information
Technology
(0.6%):
Jabil,
Inc.,
5.95%,
4/1/24(i)
................................................
2,000,000
1,998,650
Materials
(0.3%):
International
Flavors
&
Fragrances,
Inc.,
6.08%,
4/2/24(a)(i)
........................
1,000,000
999,246
Total
Commercial
Paper
(Cost
$10,898,571)
10,891,792
Victory
Portfolios
II
VictoryShares
Core
Plus
Intermediate
Bond
ETF
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(j)
........
502,690
$
502,690
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.24%(j)
............
502,690
502,690
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(j)
................
502,690
502,690
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.22%(j)
.
502,690
502,690
Total
Collateral
for
Securities
Loaned
(Cost
$2,010,760)
2,010,760
Total
Investments
(Cost
$321,489,642)
—
98.9%
312,097,142
Other
assets
in
excess
of
liabilities
—
1.1%
3,317,163
NET
ASSETS
-
100.00%
$
315,414,305
At
March
31,
2024,
the
Fund's
investments
in
foreign
securities
were
10.5%
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,
2024,
the
fair
value
of
these
securities
was
$112,771,341
and
amounted
to
35.8%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2024.
(c)
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,
2024.
(d)
Security
is
interest
only.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
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.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(i)
Rate
represents
the
effective
yield
at
March
31,
2024.
(j)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
LIBOR
—
London
Interbank
Offered
Rate
LIBOR01M
—
1
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
March
31,
2024,
based
on
the
last
reset
date
of
the
security.
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,
2024.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
March
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
March
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
March
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
March
31,
2024.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
55
6/18/24
$
6,052,425
$
6,093,828
$
41,403
30-Year
U.S.
Treasury
Note
Futures
......
48
6/18/24
5,667,989
5,781,000
113,011
5-Year
U.S.
Treasury
Note
Futures
.......
12
6/28/24
1,280,558
1,284,188
3,630
$
158,044
Total
unrealized
appreciation
$
158,044
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
158,044
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
134
(Unaudited)
Security
Description
Principal
Amount
Value
Corporate
Bonds
(72.8%)
Communication
Services
(6.1%):
AT&T,
Inc.
,
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
(a)
.............................
$
2,000,000
$
1,483,210
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
.........................................
750,000
652,667
Comcast
Corp.
,
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
(b)
..........................
1,000,000
609,954
Discovery
Communications
LLC
,
3
.95
%
,
3/20/28
,
Callable
12/20/27
@
100
.............
500,000
473,650
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
(a)
................................
445,000
396,898
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
750,000
672,184
T-Mobile
US,
Inc.
2
.55
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
1,500,000
1,277,319
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
500,000
410,454
Verizon
Communications,
Inc.
1
.75
%
,
1/20/31
,
Callable
10/20/30
@
100
.................................
1,000,000
811,827
2
.88
%
,
11/20/50
,
Callable
5/20/50
@
100
..................................
1,000,000
653,523
Warnermedia
Holdings,
Inc.
,
5
.05
%
,
3/15/42
,
Callable
9/15/41
@
100
(b)
...............
389,000
333,715
7,775,401
Consumer
Discretionary
(4.4%):
Advance
Auto
Parts,
Inc.
,
3
.50
%
,
3/15/32
,
Callable
12/15/31
@
100
...................
250,000
214,228
AutoNation,
Inc.
,
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
..........................
500,000
444,633
Brunswick
Corp.
,
4
.40
%
,
9/15/32
,
Callable
6/15/32
@
100
.........................
250,000
227,768
Daimler
Truck
Finance
North
America
LLC
,
2
.38
%
,
12/14/28
(b)
.....................
350,000
311,524
Genuine
Parts
Co.
6
.50
%
,
11/1/28
,
Callable
10/1/28
@
100
..................................
175,000
184,984
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
167,000
138,827
Hasbro,
Inc.
,
3
.55
%
,
11/19/26
,
Callable
9/19/26
@
100
............................
250,000
238,276
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
250,000
210,471
Lithia
Motors,
Inc.
,
3
.88
%
,
6/1/29
,
Callable
6/1/24
@
101.94
(b)
.....................
250,000
225,556
Lowe's
Cos.,
Inc.
,
2
.80
%
,
9/15/41
,
Callable
3/15/41
@
100
.........................
1,000,000
710,981
Marriott
International,
Inc.
,
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
(a)
...............
250,000
218,936
Mattel,
Inc.
,
3
.75
%
,
4/1/29
,
Callable
4/15/24
@
101.88
(b)
..........................
250,000
230,204
Nissan
Motor
Acceptance
Co.
LLC
,
6
.95
%
,
9/15/26
(b)
............................
250,000
256,538
Tapestry,
Inc.
7
.35
%
,
11/27/28
,
Callable
10/27/28
@
100
.................................
125,000
131,733
7
.85
%
,
11/27/33
,
Callable
8/27/33
@
100
..................................
125,000
135,706
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
600,000
356,208
Tractor
Supply
Co.
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
...................................
500,000
405,139
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
250,000
251,463
Volkswagen
Group
of
America
Finance
LLC
,
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(b)
.....
500,000
488,331
5,381,506
Consumer
Staples
(5.3%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
,
4
.88
%
,
2/15/30
,
Callable
2/15/25
@
103.66
(b)
..........................................
250,000
237,661
Anheuser-Busch
InBev
Worldwide,
Inc.
,
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
..........
500,000
465,527
BAT
Capital
Corp.
2
.73
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
300,000
252,503
6
.42
%
,
8/2/33
,
Callable
5/2/33
@
100
....................................
200,000
209,588
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(b)
.................
400,000
398,030
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
500,000
430,330
Campbell
Soup
Co.
,
5
.40
%
,
3/21/34
,
Callable
12/21/33
@
100
......................
300,000
302,121
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
250,000
207,766
Dollar
General
Corp.
,
5
.20
%
,
7/5/28
,
Callable
6/5/28
@
100
........................
250,000
251,467
General
Mills,
Inc.
,
2
.25
%
,
10/14/31
,
Callable
7/14/31
@
100
.......................
450,000
371,993
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
,
5
.75
%
,
4/1/33
,
Callable
1/1/33
@
100
(b)
.........................................................
250,000
246,323
Keurig
Dr
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
250,000
238,739
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
325,000
278,843
McCormick
&
Co.,
Inc.
,
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
...................
500,000
405,449
Philip
Morris
International,
Inc.
,
5
.63
%
,
9/7/33
,
Callable
6/7/33
@
100
................
500,000
511,625
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(b)
..........................
$
750,000
$
634,906
Sysco
Corp.
,
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
............................
500,000
417,962
The
J.M.
Smucker
Co.
6
.50
%
,
11/15/43
,
Callable
5/15/43
@
100
..................................
225,000
244,038
6
.50
%
,
11/15/53
,
Callable
5/15/53
@
100
..................................
225,000
249,679
Walgreens
Boots
Alliance,
Inc.
,
4
.10
%
,
4/15/50
,
Callable
10/15/49
@
100
..............
250,000
183,753
6,538,303
Energy
(2.7%):
Apache
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
............................
250,000
177,840
Columbia
Pipelines
Operating
Co.
LLC
,
6
.54
%
,
11/15/53
,
Callable
5/15/53
@
100
(b)
......
200,000
216,308
ConocoPhillips
Co.
,
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
.......................
250,000
258,078
DCP
Midstream
Operating
LP
,
5
.60
%
,
4/1/44
,
Callable
10/1/43
@
100
.................
250,000
243,984
Energy
Transfer
LP
,
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(d)
...........
250,000
245,387
MPLX
LP
,
4
.70
%
,
4/15/48
,
Callable
10/15/47
@
100
.............................
500,000
426,818
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
400,000
301,916
Patterson-UTI
Energy,
Inc.
,
7
.15
%
,
10/1/33
,
Callable
7/1/33
@
100
...................
250,000
268,983
Phillips
66
Co.
,
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
(b)
..........................
250,000
228,862
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
3
.80
%
,
9/15/30
,
Callable
6/15/30
@
100
500,000
458,449
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
,
5
.50
%
,
3/1/30
,
Callable
3/1/25
@
102.75
...................................................
250,000
248,759
Western
Midstream
Operating
LP
,
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
...............
350,000
312,893
3,388,277
Financials
(22.2%):
Ally
Financial,
Inc.
,
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
......................
278,000
290,510
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
.......
500,000
488,220
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(b)
..................
500,000
382,110
Assurant,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
...........................
250,000
205,595
Aviation
Capital
Group
LLC
,
6
.75
%
,
10/25/28
,
Callable
9/25/28
@
100
(b)
..............
250,000
260,833
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(d)
......................
500,000
470,614
3
.42
%
(
TSFR3M
+
130
bps
)
,
12/20/28
,
Callable
12/20/27
@
100
(c)
................
1,250,000
1,173,445
2
.69
%
(
SOFR
+
132
bps
)
,
4/22/32
,
Callable
4/22/31
@
100
(c)
....................
1,750,000
1,479,307
Blue
Owl
Credit
Income
Corp.
,
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
(b)
...............
375,000
355,751
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
(b)
..................
250,000
209,428
BMW
U.S.
Capital
LLC
,
3
.70
%
,
4/1/32
,
Callable
1/1/32
@
100
(b)
....................
250,000
228,974
Capital
One
Financial
Corp.
,
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
.....
500,000
499,357
Citizens
Bank
NA
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(c)
....................
227,000
226,101
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(c)
..................
250,000
249,061
Citizens
Financial
Group,
Inc.
,
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(a)
(c)
(d)
..
206,000
201,271
Corebridge
Global
Funding
,
5
.75
%
,
7/2/26
(b)
...................................
250,000
250,418
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
500,000
481,780
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(b)
......................................
250,000
212,642
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(b)
................
750,000
703,454
Fifth
Third
Bancorp
,
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(c)
(d)
...........
250,000
240,559
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
750,000
594,522
Fiserv,
Inc.
,
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
..............................
250,000
254,936
Ford
Motor
Credit
Co.
LLC
6
.80
%
,
5/12/28
,
Callable
4/12/28
@
100
..................................
250,000
259,570
5
.11
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
300,000
291,457
Glencore
Funding
LLC
,
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(b)
...................
300,000
278,116
Global
Atlantic
Fin
Co.
,
3
.13
%
,
6/15/31
,
Callable
3/15/31
@
100
(b)
...................
250,000
206,769
Global
Payments,
Inc.
,
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
(a)
....................
250,000
247,816
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
250,000
241,216
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
500,000
382,056
Hyundai
Capital
America
,
5
.30
%
,
1/8/29
,
Callable
12/8/28
@
100
(b)
..................
300,000
300,144
JPMorgan
Chase
&
Co.
4
.60
%
(
TSFR3M
+
313
bps
)
,
Callable
2/1/25
@
100
(c)
(d)
.......................
500,000
492,777
2
.95
%
(
SOFR
+
117
bps
)
,
2/24/28
,
Callable
2/24/27
@
100
(c)
....................
250,000
234,899
2
.96
%
(
TSFR3M
+
252
bps
)
,
5/13/31
,
Callable
5/13/30
@
100
(c)
..................
250,000
218,789
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
1,250,000
1,017,811
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
3
.16
%
(
SOFR
+
146
bps
)
,
4/22/42
,
Callable
4/22/41
@
100
(c)
....................
$
500,000
$
379,300
3
.33
%
(
SOFR
+
158
bps
)
,
4/22/52
,
Callable
4/22/51
@
100
(c)
....................
1,000,000
724,420
KeyBank
NA
,
3
.90
%
,
4/13/29
..............................................
500,000
448,627
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
250,000
232,440
MetLife,
Inc.
,
4
.13
%
,
8/13/42
..............................................
500,000
424,848
Morgan
Stanley
1
.59
%
(
SOFR
+
88
bps
)
,
5/4/27
,
Callable
5/4/26
@
100
(c)
.......................
2,250,000
2,081,000
1
.93
%
(
SOFR
+
102
bps
)
,
4/28/32
,
Callable
4/28/31
@
100
,
MTN
(c)
...............
250,000
200,636
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
250,000
197,611
2
.80
%
(
SOFR
+
143
bps
)
,
1/25/52
,
Callable
1/25/51
@
100
(c)
....................
1,000,000
657,460
New
York
Life
Global
Funding
,
1
.85
%
,
8/1/31
(b)
................................
500,000
401,813
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
500,000
528,098
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
5
.35
%
,
3/30/29
,
Callable
2/28/29
@
100
(b)
................................
100,000
100,045
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(b)
................................
500,000
520,375
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
250,000
208,633
Protective
Life
Global
Funding
,
5
.47
%
,
12/8/28
(b)
...............................
300,000
305,442
Prudential
Financial,
Inc.
,
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
....................
500,000
395,790
Regions
Bank
,
6
.45
%
,
6/26/37
.............................................
500,000
514,855
RGA
Global
Funding
,
5
.50
%
,
1/11/31
(b)
......................................
350,000
351,159
Santander
Holdings
USA,
Inc.
,
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
.
250,000
257,573
State
Street
Corp.
,
5
.16
%
(
SOFR
+
189
bps
)
,
5/18/34
,
Callable
5/18/33
@
100
(c)
..........
250,000
248,561
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
250,000
205,018
The
Allstate
Corp.
,
8
.51
%
(
TSFR3M
+
320
bps
)
,
8/15/53
,
Callable
5/6/24
@
100
(c)
.........
500,000
500,463
The
Bank
of
New
York
Mellon
Corp.
,
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(c)
(d)
.........................................................
250,000
245,018
The
Charles
Schwab
Corp.
5
.38
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(c)
(d)
.......................
250,000
248,168
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....................
150,000
153,498
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
250,000
251,531
The
PNC
Financial
Services
Group,
Inc.
,
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.......
1,000,000
872,603
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(a)
(c)
(d)
....................
500,000
465,436
1
.89
%
(
SOFR
+
86
bps
)
,
6/7/29
,
Callable
6/7/28
@
100
,
MTN
(c)
..................
1,000,000
869,080
U.S.
Bancorp
,
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
.............
250,000
254,708
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
250,000
174,089
Webster
Financial
Corp.
,
4
.10
%
,
3/25/29
,
Callable
12/25/28
@
100
...................
500,000
458,279
Wells
Fargo
&
Co.
5
.90
%
,
Callable
6/15/24
@
100
(d)
.......................................
436,000
435,337
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(c)
...........
250,000
221,016
28,163,238
Health
Care
(5.8%):
AbbVie,
Inc.
,
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
...........................
500,000
433,600
Amgen,
Inc.
1
.65
%
,
8/15/28
,
Callable
6/15/28
@
100
..................................
500,000
437,477
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
250,000
205,590
Baxter
International,
Inc.
,
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
(b)
..................
250,000
207,184
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
250,000
236,985
Bristol-Myers
Squibb
Co.
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
300,000
320,650
5
.50
%
,
2/22/44
,
Callable
8/22/43
@
100
..................................
300,000
306,952
2
.55
%
,
11/13/50
,
Callable
5/13/50
@
100
..................................
500,000
308,935
CVS
Health
Corp.
,
1
.75
%
,
8/21/30
,
Callable
5/21/30
@
100
........................
1,500,000
1,231,757
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
1,000,000
886,825
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(b)
..
500,000
392,889
HCA,
Inc.
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
94,000
78,946
5
.25
%
,
6/15/49
,
Callable
12/15/48
@
100
.................................
500,000
456,776
Humana,
Inc.
,
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
............................
170,000
170,160
Illumina,
Inc.
,
2
.55
%
,
3/23/31
,
Callable
12/23/30
@
100
...........................
250,000
206,732
Revvity,
Inc.
,
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
500,000
421,347
Solventum
Corp.
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
(b)
..................................
75,000
75,177
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
5
.45
%
,
3/13/31
,
Callable
1/13/31
@
100
(b)
................................
$
75,000
$
74,818
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
(b)
...............................
75,000
75,236
5
.90
%
,
4/30/54
,
Callable
10/30/53
@
100
(b)
...............................
75,000
74,873
The
Cigna
Group
,
3
.40
%
,
3/1/27
,
Callable
12/1/26
@
100
..........................
500,000
479,105
Universal
Health
Services,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
(b)
............
191,000
156,392
7,238,406
Industrials
(6.6%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
750,000
621,580
AGCO
Corp.
,
5
.80
%
,
3/21/34
,
Callable
12/21/33
@
100
...........................
215,000
217,696
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
250,000
210,645
Aon
North
America,
Inc.
,
5
.45
%
,
3/1/34
,
Callable
12/1/33
@
100
....................
300,000
303,277
Ashtead
Capital,
Inc.
,
5
.50
%
,
8/11/32
,
Callable
5/11/32
@
100
(b)
....................
500,000
489,585
Burlington
Northern
Santa
Fe
LLC
,
3
.90
%
,
8/1/46
,
Callable
2/1/46
@
100
..............
500,000
408,368
Carlisle
Cos.,
Inc.
,
2
.75
%
,
3/1/30
,
Callable
12/1/29
@
100
.........................
700,000
615,945
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
400,000
313,232
Concentrix
Corp.
,
6
.85
%
,
8/2/33
,
Callable
5/2/33
@
100
...........................
300,000
297,875
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(b)
.........................
250,000
244,517
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
............................
250,000
199,160
Fortune
Brands
Innovations,
Inc.
,
4
.00
%
,
3/25/32
,
Callable
12/25/31
@
100
.............
250,000
228,516
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
750,000
612,610
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
250,000
251,559
Hubbell,
Inc.
,
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
500,000
417,189
Leidos,
Inc.
,
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
............................
250,000
256,762
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
500,000
384,535
Quanta
Services,
Inc.
,
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
.......................
500,000
437,268
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
(b)
....................
81,000
84,125
RTX
Corp.
,
4
.20
%
,
12/15/44
,
Callable
6/15/44
@
100
.............................
250,000
201,502
Ryder
System,
Inc.
,
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
.....................
500,000
469,042
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
500,000
440,261
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
300,000
283,917
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
500,000
457,580
8,446,746
Information
Technology
(5.0%):
Autodesk,
Inc.
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..........................
750,000
627,418
Broadcom,
Inc.
,
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
(b)
.......................
1,000,000
811,640
Dell
International
LLC/EMC
Corp.
5
.75
%
,
2/1/33
,
Callable
11/1/32
@
100
(a)
.................................
40,000
41,377
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
(b)
...............................
500,000
372,311
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
500,000
428,413
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
150,000
135,246
Micron
Technology,
Inc.
,
5
.88
%
,
2/9/33
,
Callable
11/9/32
@
100
.....................
250,000
258,445
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
250,000
164,375
Oracle
Corp.
1
.65
%
,
3/25/26
,
Callable
2/25/26
@
100
..................................
1,000,000
933,620
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
650,000
469,658
Qorvo,
Inc.
,
3
.38
%
,
4/1/31
,
Callable
4/1/26
@
101.69
(b)
...........................
1,000,000
856,207
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
800,000
684,218
Western
Digital
Corp.
,
2
.85
%
,
2/1/29
,
Callable
12/1/28
@
100
.......................
250,000
217,803
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
500,000
471,525
6,472,256
Materials
(4.0%):
Albemarle
Corp.
,
4
.65
%
,
6/1/27
,
Callable
5/1/27
@
100
...........................
250,000
245,381
Amcor
Finance
USA,
Inc.
,
5
.63
%
,
5/26/33
,
Callable
2/26/33
@
100
...................
227,000
233,182
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
588,000
518,429
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
500,000
408,760
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(b)
...................
500,000
479,671
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
250,000
210,134
Ecolab,
Inc.
,
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
............................
250,000
161,659
LYB
International
Finance
III
LLC
,
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
.............
500,000
389,999
Packaging
Corp.
of
America
,
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
..................
750,000
510,641
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Reliance,
Inc.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
............................
$
500,000
$
420,669
Sealed
Air
Corp.
,
7
.25
%
,
2/15/31
,
Callable
11/15/26
@
103.63
(b)
....................
350,000
364,196
The
Dow
Chemical
Co.
,
6
.30
%
,
3/15/33
,
Callable
12/15/32
@
100
(a)
..................
500,000
538,574
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
750,000
634,503
5,115,798
Real
Estate
(4.4%):
Alexandria
Real
Estate
Equities,
Inc.
,
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
...........
1,000,000
784,309
Boston
Properties
LP
,
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
........................
500,000
395,855
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
250,000
207,044
5
.95
%
,
8/15/34
,
Callable
5/15/34
@
100
..................................
250,000
256,500
Crown
Castle,
Inc.
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
250,000
205,668
2
.90
%
,
4/1/41
,
Callable
10/1/40
@
100
...................................
250,000
177,004
DOC
DR.
LLC
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
...........................
250,000
205,849
ERP
Operating
LP
,
2
.85
%
,
11/1/26
,
Callable
8/1/26
@
100
.........................
500,000
473,565
Essex
Portfolio
LP
,
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
500,000
413,481
GLP
Capital
LP/GLP
Financing
II,
Inc.
5
.38
%
,
4/15/26
,
Callable
1/15/26
@
100
..................................
200,000
198,353
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
117,000
98,578
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
400,000
315,806
Host
Hotels
&
Resorts
LP
,
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
...................
500,000
444,942
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
400,000
296,514
Retail
Opportunity
Investments
Partnership
LP
,
6
.75
%
,
10/15/28
,
Callable
9/15/28
@
100
...
250,000
259,006
SBA
Tower
Trust
,
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(b)
.......................
210,000
215,134
Simon
Property
Group
LP
,
2
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
..................
250,000
204,442
VICI
Properties
LP
,
4
.75
%
,
2/15/28
,
Callable
1/15/28
@
100
........................
250,000
244,108
5,396,158
Utilities
(6.3%):
Alabama
Power
Co.
,
3
.13
%
,
7/15/51
,
Callable
1/15/51
@
100
.......................
500,000
346,015
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
250,000
226,017
DTE
Electric
Co.
,
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
...........................
500,000
377,899
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
250,000
214,790
Duke
Energy
Florida
LLC
,
2
.40
%
,
12/15/31
,
Callable
9/15/31
@
100
..................
1,000,000
839,314
Duquesne
Light
Holdings,
Inc.
2
.53
%
,
10/1/30
,
Callable
7/1/30
@
100
(b)
.................................
150,000
124,311
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(b)
.................................
250,000
203,754
Entergy
Corp.
,
2
.40
%
,
6/15/31
,
Callable
3/5/31
@
100
............................
500,000
415,875
Entergy
Louisiana
LLC
,
5
.70
%
,
3/15/54
,
Callable
9/15/53
@
100
....................
250,000
254,395
Florida
Power
&
Light
Co.
3
.15
%
,
10/1/49
,
Callable
4/1/49
@
100
...................................
250,000
176,178
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................................
500,000
328,663
Georgia
Power
Co.
,
5
.25
%
,
3/15/34
,
Callable
9/15/33
@
100
........................
500,000
505,065
ITC
Holdings
Corp.
,
3
.35
%
,
11/15/27
,
Callable
8/15/27
@
100
......................
500,000
472,529
MidAmerican
Energy
Co.
,
2
.70
%
,
8/1/52
,
Callable
2/1/52
@
100
.....................
500,000
311,604
NextEra
Energy
Capital
Holdings,
Inc.
,
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.........
500,000
413,509
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
100,000
79,164
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
312,000
259,113
Oncor
Electric
Delivery
Co.
LLC
,
3
.75
%
,
4/1/45
,
Callable
10/1/44
@
100
..............
500,000
399,450
PECO
Energy
Co.
,
3
.00
%
,
9/15/49
,
Callable
3/15/49
@
100
........................
500,000
338,953
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
250,000
252,018
Potomac
Electric
Power
Co.
,
5
.50
%
,
3/15/54
,
Callable
9/15/53
@
100
.................
300,000
304,502
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
250,000
165,451
Union
Electric
Co.
,
2
.15
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
500,000
405,576
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
250,000
159,733
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
500,000
402,353
7,976,231
Total
Corporate
Bonds
(Cost
$103,367,073)
91,892,320
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Yankee
Dollars
(16.8%)
Communication
Services
(0.3%):
Rogers
Communications,
Inc.
,
4
.50
%
,
3/15/42
,
Callable
9/15/41
@
100
(b)
..............
$
500,000
$
434,354
Consumer
Staples
(0.8%):
Alimentation
Couche-Tard,
Inc.
,
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(b)
............
500,000
450,750
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(b)
............
300,000
297,219
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(b)
......................
250,000
199,337
947,306
Energy
(0.9%):
Shell
International
Finance
BV
2
.75
%
,
4/6/30
,
Callable
1/6/30
@
100
....................................
500,000
449,866
2
.88
%
,
11/26/41
,
Callable
5/26/41
@
100
..................................
500,000
370,852
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(b)
.......................
250,000
280,944
1,101,662
Financials
(10.4%):
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(b)
(c)
.............
200,000
209,523
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
200,000
209,145
Bank
of
New
Zealand
,
2
.87
%
,
1/27/32
(b)
......................................
250,000
210,441
Barclays
PLC
5
.83
%
(
SOFR
+
221
bps
)
,
5/9/27
,
Callable
5/9/26
@
100
(c)
......................
250,000
250,620
4
.95
%
,
1/10/47
....................................................
1,000,000
912,966
BNP
Paribas
SA
,
4
.63
%
,
3/13/27
(b)
..........................................
500,000
487,495
BP
Capital
Markets
PLC
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(c)
(d)
......................
104,000
102,033
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(d)
......................
250,000
238,875
BPCE
SA
,
6
.51
%
(
H15T1Y
+
279
bps
)
,
1/18/35
,
Callable
1/18/34
@
100
(b)
(c)
............
300,000
304,017
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
500,000
425,401
Canadian
Imperial
Bank
of
Commerce
7
.26
%
,
4/10/32
(b)
..................................................
203,645
230,038
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...................................
250,000
263,215
Commonwealth
Bank
of
Australia
,
2
.69
%
,
3/11/31
(b)
.............................
500,000
415,722
Credit
Agricole
SA
3
.25
%
,
10/4/24
(b)
..................................................
500,000
493,703
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(b)
(c)
..................
250,000
254,538
Deutsche
Bank
AG
,
4
.88
%
(
USISOA05
+
255
bps
)
,
12/1/32
,
Callable
12/1/27
@
100
(c)
.....
500,000
469,138
HSBC
Holdings
PLC
,
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
........
1,000,000
876,530
JAB
Holdings
BV
,
4
.50
%
,
4/8/52
,
Callable
10/8/51
@
100
(b)
.......................
250,000
187,702
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(c)
...................
1,000,000
920,781
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
303,000
341,536
Macquarie
Airfinance
Holdings
Ltd.
,
6
.50
%
,
3/26/31
,
Callable
1/26/31
@
100
(b)
.........
42,000
42,735
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(b)
(c)
......
500,000
414,207
Mizuho
Financial
Group,
Inc.
,
5
.58
%
(
H15T1Y
+
130
bps
)
,
5/26/35
,
Callable
5/26/34
@
100
(c)
293,000
296,051
NatWest
Group
PLC
,
1
.64
%
(
H15T1Y
+
90
bps
)
,
6/14/27
,
Callable
6/14/26
@
100
(c)
.......
1,000,000
919,817
Societe
Generale
SA
,
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(b)
(c)
..
500,000
464,373
Standard
Chartered
PLC
,
7
.77
%
(
H15T1Y
+
345
bps
)
,
11/16/28
,
Callable
11/16/27
@
100
(b)
(c)
500,000
534,882
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.47
%
,
1/14/29
...........................
250,000
223,407
The
Bank
of
Nova
Scotia
,
4
.50
%
,
12/16/25
....................................
500,000
491,804
The
Toronto-Dominion
Bank
,
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(c)
.
500,000
478,371
UBS
Group
AG
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(b)
..................................
217,000
209,334
3
.09
%
(
SOFR
+
173
bps
)
,
5/14/32
,
Callable
5/14/31
@
100
(b)
(c)
..................
500,000
424,835
9
.02
%
(
SOFR
+
502
bps
)
,
11/15/33
,
Callable
11/15/32
@
100
(b)
(c)
................
250,000
303,462
Westpac
Banking
Corp.
,
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
.
500,000
482,473
13,089,170
Health
Care
(0.9%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(b)
........................
152,000
139,649
Royalty
Pharma
PLC
,
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
........................
750,000
516,672
Smith
&
Nephew
PLC
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
.................................
475,000
392,156
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
5
.40
%
,
3/20/34
,
Callable
12/20/33
@
100
.................................
$
100,000
$
99,577
1,148,054
Industrials
(1.6%):
Aircastle
Ltd.
,
5
.95
%
,
2/15/29
,
Callable
1/15/29
@
100
(b)
..........................
300,000
300,214
Element
Fleet
Management
Corp.
,
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(b)
...........
250,000
258,298
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(b)
..................................
500,000
447,703
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(b)
................................
250,000
238,526
Pentair
Finance
Sarl
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.......................
500,000
515,589
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
250,000
253,802
2,014,132
Information
Technology
(1.0%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
5
.00
%
,
1/15/33
,
Callable
10/15/32
@
100
....
450,000
439,544
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(b)
.......................
338,000
349,676
SK
Hynix,
Inc.
5
.50
%
,
1/16/29
(b)
..................................................
200,000
199,521
6
.50
%
,
1/17/33
(a)
(b)
................................................
321,000
342,351
1,331,092
Materials
(0.6%):
Alcoa
Nederland
Holding
BV
,
7
.13
%
,
3/15/31
,
Callable
3/15/27
@
103.56
(b)
............
37,000
37,699
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
........................
250,000
267,393
CCL
Industries,
Inc.
,
3
.25
%
,
10/1/26
,
Callable
7/1/26
@
100
(b)
......................
500,000
472,919
778,011
Real
Estate
(0.3%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(b)
...........................................................
504,000
407,338
Total
Yankee
Dollars
(Cost
$22,810,789)
21,251,119
U.S.
Treasury
Obligations
(8.1%)
U.S.
Treasury
Bonds
3
.88
%
,
5/15/43
....................................................
1,300,000
1,201,891
3
.38
%
,
5/15/44
....................................................
1,300,000
1,109,469
3
.38
%
,
11/15/48
....................................................
500,000
418,594
4
.13
%
,
8/15/53
....................................................
1,000,000
963,125
U.S.
Treasury
Notes
1
.13
%
,
1/15/25
....................................................
1,250,000
1,211,621
4
.25
%
,
10/15/25
....................................................
2,000,000
1,983,515
1
.63
%
,
11/30/26
....................................................
2,250,000
2,090,214
3
.13
%
,
8/31/27
....................................................
200,000
192,141
1
.38
%
,
12/31/28
....................................................
1,250,000
1,097,461
Total
U.S.
Treasury
Obligations
(Cost
$10,388,146)
10,268,031
Commercial
Paper
(1.1%)
Energy
(1.1%):
Cabot
Corp.
,
5
.42
%
,
4/2/24
(e)
..............................................
600,000
599,552
Evergy
Metro,
Inc.
,
5
.45
%
,
4/1/24
(e)
.........................................
250,000
249,849
ONE
Gas,
Inc.
,
5
.48
%
,
4/4/24
(e)
............................................
500,000
499,467
1,348,868
Total
Commercial
Paper
(Cost
$1,349,681)
1,348,868
Shares
Collateral
for
Securities
Loaned
(1.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(f)
........
531,835
531,835
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(f)
............
531,835
531,835
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(f)
................
531,835
531,835
Victory
Portfolios
II
VictoryShares
Corporate
Bond
ETF
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(f)
.
531,835
$
531,835
Total
Collateral
for
Securities
Loaned
(Cost
$2,127,340)
2,127,340
Total
Investments
(Cost
$140,043,029)
—
100.5%
126,887,678
Liabilities
in
excess
of
other
assets
—
(0.5)%
(
650,530
)
NET
ASSETS
-
100.00%
$
126,237,148
At
March
31,
2024,
the
Fund's
investments
in
foreign
securities
were
16.8%
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,
2024,
the
fair
value
of
these
securities
was
$24,830,910
and
amounted
to
19.7%
of
net
assets.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2024.
(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,
2024.
(f)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
bps
—
Basis
points
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
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
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
March
31,
2024.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2024.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2024.
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
THB
Mid
Cap
ESG
ETF
142
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.6%)
Aerospace
&
Defense
(4.0%):
HEICO
Corp.
..........................................................
22,649
$
4,325,959
Building
Products
(3.7%):
Carlisle
Cos.,
Inc.
.......................................................
10,182
3,989,817
Commercial
Services
&
Supplies
(6.3%):
Copart,
Inc.
(a)
.........................................................
49,857
2,887,717
Rollins,
Inc.
...........................................................
86,183
3,987,688
6,875,405
Consumer
Discretionary
(15.5%):
D.R.
Horton,
Inc.
.......................................................
27,664
4,552,111
NVR,
Inc.
(a)
..........................................................
609
4,932,876
Pool
Corp.
............................................................
9,118
3,679,113
Ross
Stores,
Inc.
.......................................................
25,385
3,725,503
16,889,603
Consumer
Staples
(2.5%):
Darling
Ingredients,
Inc.
(a)
................................................
59,585
2,771,298
Ground
Transportation
(7.8%):
J.B.
Hunt
Transport
Services,
Inc.
...........................................
14,137
2,816,797
Landstar
System,
Inc.
....................................................
12,617
2,432,053
Old
Dominion
Freight
Line,
Inc.
............................................
14,594
3,200,610
8,449,460
Health
Care
(9.8%):
Chemed
Corp.
.........................................................
6,078
3,901,651
Hologic,
Inc.
(a)
........................................................
43,775
3,412,699
West
Pharmaceutical
Services,
Inc.
..........................................
8,513
3,368,679
10,683,029
Information
Technology
(19.3%):
Amphenol
Corp.
,
Class
A
.................................................
43,014
4,961,665
ANSYS,
Inc.
(a)
........................................................
10,334
3,587,551
Keysight
Technologies,
Inc.
(a)
.............................................
16,414
2,566,821
Littelfuse,
Inc.
.........................................................
10,942
2,651,794
PTC,
Inc.
(a)
...........................................................
20,974
3,962,828
Teledyne
Technologies,
Inc.
(a)
.............................................
7,751
3,327,659
21,058,318
Machinery
(13.0%):
Graco,
Inc.
...........................................................
40,584
3,792,981
PACCAR,
Inc.
.........................................................
31,462
3,897,827
The
Toro
Co.
..........................................................
30,856
2,827,335
Westinghouse
Air
Brake
Technologies
Corp.
....................................
24,015
3,498,505
14,016,648
Materials
(7.0%):
CF
Industries
Holdings,
Inc.
...............................................
45,062
3,749,609
NewMarket
Corp.
......................................................
6,078
3,857,220
7,606,829
Professional
Services
(3.4%):
CACI
International,
Inc.
,
Class
A
(a)
.........................................
9,729
3,685,637
Trading
Companies
&
Distributors
(7.3%):
Fastenal
Co.
...........................................................
57,000
4,396,980
Victory
Portfolios
II
VictoryShares
THB
Mid
Cap
ESG
ETF
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
W.W.
Grainger,
Inc.
.....................................................
3,496
$
3,556,481
7,953,461
Total
Common
Stocks
(Cost
$103,248,535)
108,305,464
Total
Investments
(Cost
$103,248,535)
—
99.6%
108,305,464
Other
assets
in
excess
of
liabilities
—
0.4%
387,829
NET
ASSETS
-
100.00%
$
108,693,293
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
144
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Biotechnology
(4.8%):
AbbVie,
Inc.
..........................................................
30,759
$
5,601,213
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
2,156
322,214
Amgen,
Inc.
...........................................................
9,374
2,665,216
Biogen,
Inc.
(a)
.........................................................
2,543
548,347
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
3,251
283,942
Exact
Sciences
Corp.
(a)
..................................................
3,161
218,299
Gilead
Sciences,
Inc.
....................................................
22,062
1,616,042
Incyte
Corp.
(a)
.........................................................
3,894
221,841
Moderna,
Inc.
(a)
.......................................................
5,755
613,253
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,797
1,729,595
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
4,489
1,876,447
15,696,409
Communication
Services
(14.9%):
Alphabet,
Inc.
,
Class
C
(a)
.................................................
60,215
9,168,336
Alphabet,
Inc.
,
Class
A
(a)
.................................................
71,626
10,810,512
AT&T,
Inc.
...........................................................
86,805
1,527,768
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
1,243
361,253
Comcast
Corp.
,
Class
A
..................................................
49,903
2,163,295
Electronic
Arts,
Inc.
.....................................................
2,955
392,040
Endeavor
Group
Holdings,
Inc.
,
Class
A
.......................................
2,428
62,472
Fox
Corp.
,
Class
A
......................................................
3,029
94,717
Fox
Corp.
,
Class
B
......................................................
1,628
46,593
Liberty
Broadband
Corp.
,
Class
A
(a)
.........................................
193
11,024
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
1,448
82,869
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
2,503
164,197
Live
Nation
Entertainment,
Inc.
(a)
...........................................
1,738
183,828
Meta
Platforms,
Inc.
,
Class
A
..............................................
27,420
13,314,604
Netflix,
Inc.
(a)
.........................................................
5,366
3,258,934
Omnicom
Group,
Inc.
....................................................
2,435
235,611
Pinterest,
Inc.
,
Class
A
(a)
.................................................
6,818
236,380
ROBLOX
Corp.
,
Class
A
(a)
...............................................
5,597
213,693
Snap,
Inc.
,
Class
A
(a)
....................................................
13,034
149,630
Take-Two
Interactive
Software,
Inc.
(a)
........................................
1,912
283,913
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
5,617
491,038
The
Walt
Disney
Co.
....................................................
22,508
2,754,079
T-Mobile
US,
Inc.
......................................................
5,664
924,478
Verizon
Communications,
Inc.
..............................................
51,168
2,147,009
Warner
Bros
Discovery,
Inc.
(a)
.............................................
27,562
240,616
Warner
Music
Group
Corp.
,
Class
A
.........................................
1,622
53,558
49,372,447
Consumer
Discretionary
(9.8%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
3,011
496,695
Amazon.com,
Inc.
(a)
....................................................
64,817
11,691,690
AutoZone,
Inc.
(a)
.......................................................
125
393,956
Best
Buy
Co.,
Inc.
......................................................
1,450
118,944
Booking
Holdings,
Inc.
(a)
.................................................
245
888,831
Carnival
Corp.
(a)
.......................................................
7,226
118,073
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
185
537,752
Coupang,
Inc.
(a)
.......................................................
8,561
152,300
D.R.
Horton,
Inc.
.......................................................
2,160
355,428
Darden
Restaurants,
Inc.
..................................................
864
144,418
Deckers
Outdoor
Corp.
(a)
.................................................
179
168,486
Domino's
Pizza,
Inc.
.....................................................
239
118,754
DoorDash,
Inc.
,
Class
A
(a)
................................................
1,885
259,602
DraftKings,
Inc.
(a)
......................................................
3,030
137,592
eBay,
Inc.
............................................................
3,870
204,259
Expedia
Group,
Inc.
(a)
...................................................
1,058
145,740
Ford
Motor
Co.
........................................................
29,063
385,957
General
Motors
Co.
.....................................................
10,133
459,532
Genuine
Parts
Co.
......................................................
1,025
158,803
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Hilton
Worldwide
Holdings,
Inc.
............................................
1,862
$
397,183
Las
Vegas
Sands
Corp.
...................................................
2,665
137,781
Lennar
Corp.
,
Class
A
....................................................
1,840
316,443
LKQ
Corp.
...........................................................
1,938
103,509
Lowe's
Cos.,
Inc.
.......................................................
4,340
1,105,528
Lucid
Group,
Inc.
(a)
(b)
...................................................
6,335
18,055
Lululemon
Athletica,
Inc.
(a)
...............................................
810
316,427
Marriott
International,
Inc.
,
Class
A
..........................................
1,820
459,204
McDonald's
Corp.
......................................................
5,290
1,491,515
MGM
Resorts
International
(a)
..............................................
2,054
96,969
NIKE,
Inc.
,
Class
B
.....................................................
8,640
811,987
NVR,
Inc.
(a)
..........................................................
22
178,199
O'Reilly
Automotive,
Inc.
(a)
...............................................
406
458,325
Pool
Corp.
............................................................
262
105,717
PulteGroup,
Inc.
........................................................
1,624
195,887
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
........................................
4,689
51,345
Ross
Stores,
Inc.
.......................................................
2,421
355,306
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
1,705
237,012
Starbucks
Corp.
........................................................
7,953
726,825
Tesla,
Inc.
(a)
..........................................................
19,709
3,464,644
The
Home
Depot,
Inc.
...................................................
7,327
2,810,638
The
TJX
Cos.,
Inc.
......................................................
8,226
834,281
Tractor
Supply
Co.
......................................................
799
209,114
Ulta
Beauty,
Inc.
(a)
.....................................................
338
176,733
Yum!
Brands,
Inc.
......................................................
2,028
281,182
32,276,621
Consumer
Staples
(7.5%):
Altria
Group,
Inc.
.......................................................
16,528
720,951
Archer-Daniels-Midland
Co.
...............................................
4,930
309,653
Brown-Forman
Corp.
,
Class
B
.............................................
2,816
145,362
Bunge
Global
SA
.......................................................
1,427
146,296
Celsius
Holdings,
Inc.
(a)
..................................................
1,337
110,864
Church
&
Dwight
Co.,
Inc.
................................................
2,248
234,489
Colgate-Palmolive
Co.
...................................................
7,630
687,082
Conagra
Brands,
Inc.
....................................................
4,414
130,831
Constellation
Brands,
Inc.
,
Class
A
..........................................
1,591
432,370
Costco
Wholesale
Corp.
..................................................
4,072
2,983,270
Dollar
General
Corp.
....................................................
2,033
317,270
Dollar
Tree,
Inc.
(a)
......................................................
2,048
272,691
General
Mills,
Inc.
......................................................
5,406
378,258
Hormel
Foods
Corp.
.....................................................
2,701
94,238
Kellanova
............................................................
2,644
151,475
Kenvue,
Inc.
..........................................................
16,168
346,966
Keurig
Dr
Pepper,
Inc.
...................................................
9,196
282,041
Kimberly-Clark
Corp.
....................................................
3,100
400,985
Lamb
Weston
Holdings,
Inc.
...............................................
1,311
139,661
McCormick
&
Co.,
Inc.
..................................................
2,372
182,193
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
1,819
122,328
Mondelez
International,
Inc.
,
Class
A
.........................................
12,626
883,819
Monster
Beverage
Corp.
(a)
................................................
7,036
417,094
PepsiCo,
Inc.
..........................................................
12,811
2,242,053
Philip
Morris
International,
Inc.
.............................................
14,468
1,325,559
Sysco
Corp.
...........................................................
4,686
380,409
Target
Corp.
..........................................................
4,386
777,243
The
Clorox
Co.
........................................................
1,132
173,321
The
Coca-Cola
Co.
......................................................
39,474
2,415,020
The
Estee
Lauder
Cos.,
Inc.
...............................................
2,156
332,347
The
Hershey
Co.
.......................................................
1,341
260,825
The
J.M.
Smucker
Co.
...................................................
956
120,332
The
Kraft
Heinz
Co.
.....................................................
10,277
379,221
The
Kroger
Co.
........................................................
6,594
376,715
The
Procter
&
Gamble
Co.
................................................
21,745
3,528,125
Tyson
Foods,
Inc.
,
Class
A
................................................
2,601
152,757
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Walgreens
Boots
Alliance,
Inc.
.............................................
6,699
$
145,301
Walmart,
Inc.
..........................................................
39,799
2,394,706
24,894,121
Financials
(7.9%):
Aflac,
Inc.
............................................................
2,249
193,099
American
Express
Co.
...................................................
3,118
709,937
American
International
Group,
Inc.
..........................................
3,039
237,559
Ameriprise
Financial,
Inc.
.................................................
416
182,391
Aon
PLC
,
Class
A
......................................................
854
284,997
Apollo
Global
Management,
Inc.
............................................
1,709
192,177
Arch
Capital
Group
Ltd.
(a)
................................................
1,550
143,282
Ares
Management
Corp.
,
Class
A
...........................................
643
85,506
Arthur
J.
Gallagher
&
Co.
.................................................
896
224,036
Bank
of
America
Corp.
...................................................
34,320
1,301,414
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
7,762
3,264,077
BlackRock,
Inc.
........................................................
644
536,903
Blackstone,
Inc.
........................................................
3,048
400,416
Block,
Inc.
(a)
..........................................................
2,391
202,231
Blue
Owl
Capital,
Inc.
...................................................
1,916
36,136
Brown
&
Brown,
Inc.
....................................................
994
87,015
Capital
One
Financial
Corp.
...............................................
1,622
241,500
Cboe
Global
Markets,
Inc.
................................................
422
77,534
Cincinnati
Financial
Corp.
................................................
677
84,063
Citigroup,
Inc.
.........................................................
8,192
518,062
Citizens
Financial
Group,
Inc.
..............................................
2,030
73,669
CME
Group,
Inc.
.......................................................
1,559
335,637
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
784
207,854
Discover
Financial
Services
...............................................
1,057
138,562
Everest
Group
Ltd.
......................................................
135
53,663
FactSet
Research
Systems,
Inc.
.............................................
151
68,613
Fidelity
National
Information
Services,
Inc.
....................................
2,551
189,233
Fifth
Third
Bancorp
.....................................................
2,912
108,356
First
Citizens
BancShares,
Inc.
,
Class
A
.......................................
41
67,035
Fiserv,
Inc.
(a)
..........................................................
2,573
411,217
Franklin
Resources,
Inc.
..................................................
1,264
35,531
Global
Payments,
Inc.
....................................................
1,096
146,491
Huntington
Bancshares,
Inc.
...............................................
6,224
86,825
Interactive
Brokers
Group,
Inc.
.............................................
407
45,466
Intercontinental
Exchange,
Inc.
.............................................
2,386
327,908
JPMorgan
Chase
&
Co.
..................................................
12,283
2,460,284
KKR
&
Co.,
Inc.
.......................................................
2,764
278,003
Loews
Corp.
..........................................................
797
62,397
LPL
Financial
Holdings,
Inc.
...............................................
305
80,581
M&T
Bank
Corp.
.......................................................
727
105,735
Markel
Group,
Inc.
(a)
....................................................
53
80,638
Marsh
&
McLennan
Cos.,
Inc.
.............................................
2,076
427,615
Mastercard,
Inc.
,
Class
A
.................................................
3,541
1,705,239
MetLife,
Inc.
..........................................................
2,737
202,839
Moody's
Corp.
.........................................................
787
309,315
Morgan
Stanley
........................................................
5,496
517,503
MSCI,
Inc.
...........................................................
309
173,179
Nasdaq,
Inc.
..........................................................
1,811
114,274
Northern
Trust
Corp.
....................................................
883
78,516
NU
Holdings
Ltd.
,
Class
A
(a)
..............................................
10,254
122,330
PayPal
Holdings,
Inc.
(a)
..................................................
4,655
311,838
Principal
Financial
Group,
Inc.
.............................................
1,024
88,381
Prudential
Financial,
Inc.
.................................................
1,582
185,727
Raymond
James
Financial,
Inc.
.............................................
818
105,048
Regions
Financial
Corp.
..................................................
4,065
85,528
S&P
Global,
Inc.
.......................................................
1,314
559,041
State
Street
Corp.
.......................................................
1,330
102,836
Synchrony
Financial
.....................................................
1,797
77,487
T.
Rowe
Price
Group,
Inc.
.................................................
964
117,531
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
The
Allstate
Corp.
......................................................
1,091
$
188,754
The
Bank
of
New
York
Mellon
Corp.
.........................................
3,350
193,027
The
Charles
Schwab
Corp.
................................................
7,234
523,308
The
Goldman
Sachs
Group,
Inc.
............................................
1,444
603,143
The
Hartford
Financial
Services
Group,
Inc.
....................................
1,285
132,419
The
PNC
Financial
Services
Group,
Inc.
......................................
1,714
276,982
The
Progressive
Corp.
...................................................
2,499
516,844
The
Travelers
Cos.,
Inc.
..................................................
972
223,696
Tradeweb
Markets,
Inc.
,
Class
A
............................................
505
52,606
Truist
Financial
Corp.
....................................................
5,729
223,316
U.S.
Bancorp
..........................................................
6,624
296,093
Visa,
Inc.
,
Class
A
......................................................
6,768
1,888,814
W.R.
Berkley
Corp.
.....................................................
860
76,058
Wells
Fargo
&
Co.
......................................................
15,784
914,841
25,760,161
Health
Care
Equipment
&
Supplies
(6.0%):
Abbott
Laboratories
.....................................................
30,099
3,421,052
Align
Technology,
Inc.
(a)
.................................................
1,258
412,523
Baxter
International,
Inc.
.................................................
8,832
377,480
Becton
Dickinson
&
Co.
..................................................
5,116
1,265,954
Boston
Scientific
Corp.
(a)
.................................................
25,169
1,723,825
Dexcom,
Inc.
(a)
........................................................
6,599
915,281
Edwards
Lifesciences
Corp.
(a)
.............................................
10,642
1,016,950
GE
HealthCare
Technologies,
Inc.
...........................................
6,954
632,188
Hologic,
Inc.
(a)
........................................................
4,274
333,201
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,444
779,659
Insulet
Corp.
(a)
........................................................
1,204
206,366
Intuitive
Surgical,
Inc.
(a)
.................................................
6,064
2,420,082
Medtronic
PLC
........................................................
23,276
2,028,503
ResMed,
Inc.
..........................................................
2,539
502,798
STERIS
PLC
..........................................................
1,743
391,861
Stryker
Corp.
..........................................................
6,264
2,241,698
The
Cooper
Cos.,
Inc.
....................................................
3,476
352,675
Zimmer
Biomet
Holdings,
Inc.
.............................................
3,727
491,889
19,513,985
Health
Care
Providers
&
Services
(6.1%):
Cardinal
Health,
Inc.
....................................................
4,300
481,170
Cencora,
Inc.
..........................................................
2,940
714,391
Centene
Corp.
(a)
.......................................................
9,421
739,360
CVS
Health
Corp.
......................................................
22,817
1,819,884
Elevance
Health,
Inc.
....................................................
4,109
2,130,680
HCA
Healthcare,
Inc.
....................................................
3,519
1,173,692
Humana,
Inc.
..........................................................
2,158
748,222
Laboratory
Corp.
of
America
Holdings
........................................
1,582
345,604
McKesson
Corp.
.......................................................
2,373
1,273,945
Molina
Healthcare,
Inc.
(a)
................................................
1,002
411,652
Quest
Diagnostics,
Inc.
...................................................
1,965
261,561
The
Cigna
Group
.......................................................
5,132
1,863,891
UnitedHealth
Group,
Inc.
.................................................
16,195
8,011,666
19,975,718
Health
Care
Technology
(0.2%):
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
2,557
592,431
Information
Technology
(24.5%):
Accenture
PLC
,
Class
A
..................................................
3,915
1,356,978
Adobe,
Inc.
(a)
.........................................................
2,657
1,340,722
Advanced
Micro
Devices,
Inc.
(a)
............................................
9,715
1,753,460
Akamai
Technologies,
Inc.
(a)
..............................................
884
96,144
Amphenol
Corp.
,
Class
A
.................................................
3,518
405,802
Analog
Devices,
Inc.
....................................................
3,000
593,370
ANSYS,
Inc.
(a)
........................................................
537
186,425
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Apple,
Inc.
...........................................................
92,598
$
15,878,705
Applied
Materials,
Inc.
...................................................
4,985
1,028,057
AppLovin
Corp.
,
Class
A
(a)
...............................................
835
57,799
Arista
Networks,
Inc.
(a)
..................................................
1,527
442,799
Atlassian
Corp.
,
Class
A
(a)
................................................
903
176,184
Autodesk,
Inc.
(a)
.......................................................
1,252
326,046
Bentley
Systems,
Inc.
,
Class
B
.............................................
1,183
61,776
Broadcom,
Inc.
........................................................
2,590
3,432,812
Cadence
Design
Systems,
Inc.
(a)
............................................
1,606
499,916
CDW
Corp.
...........................................................
798
204,112
Cisco
Systems,
Inc.
.....................................................
24,076
1,201,633
Cloudflare,
Inc.
,
Class
A
(a)
................................................
1,737
168,194
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
2,950
216,206
Corning,
Inc.
..........................................................
4,578
150,891
Corpay,
Inc.
(a)
.........................................................
277
85,466
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
1,261
404,264
Datadog,
Inc.
,
Class
A
(a)
.................................................
1,605
198,378
Dell
Technologies,
Inc.
,
Class
C
............................................
1,474
168,198
Dynatrace,
Inc.
(a)
......................................................
1,592
73,932
Enphase
Energy,
Inc.
(a)
..................................................
839
101,502
Entegris,
Inc.
..........................................................
893
125,502
EPAM
Systems,
Inc.
(a)
...................................................
325
89,752
Fair
Isaac
Corp.
(a)
......................................................
134
167,448
First
Solar,
Inc.
(a)
......................................................
641
108,201
Fortinet,
Inc.
(a)
........................................................
3,867
264,155
Gartner,
Inc.
(a)
........................................................
424
202,108
GLOBALFOUNDRIES,
Inc.
(a)
(b)
..........................................
489
25,482
Hewlett
Packard
Enterprise
Co.
.............................................
7,766
137,691
HP,
Inc.
..............................................................
5,894
178,117
HubSpot,
Inc.
(a)
.......................................................
263
164,785
Intel
Corp.
............................................................
25,561
1,129,029
International
Business
Machines
Corp.
........................................
5,412
1,033,475
Intuit,
Inc.
............................................................
1,627
1,057,550
Jabil,
Inc.
............................................................
766
102,606
Keysight
Technologies,
Inc.
(a)
.............................................
1,036
162,010
KLA
Corp.
...........................................................
825
576,320
Lam
Research
Corp.
.....................................................
795
772,398
Lattice
Semiconductor
Corp.
(a)
.............................................
841
65,791
Marvell
Technology,
Inc.
.................................................
5,325
377,436
Microchip
Technology,
Inc.
................................................
3,165
283,932
Micron
Technology,
Inc.
..................................................
6,518
768,407
Microsoft
Corp.
........................................................
43,128
18,144,812
MongoDB,
Inc.
(a)
......................................................
385
138,076
Monolithic
Power
Systems,
Inc.
............................................
256
173,420
Motorola
Solutions,
Inc.
..................................................
961
341,136
NetApp,
Inc.
..........................................................
1,236
129,743
NVIDIA
Corp.
.........................................................
14,499
13,100,717
Okta,
Inc.
(a)
..........................................................
909
95,100
ON
Semiconductor
Corp.
(a)
...............................................
2,612
192,113
Oracle
Corp.
..........................................................
9,379
1,178,096
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
11,113
255,710
Palo
Alto
Networks,
Inc.
(a)
................................................
1,774
504,047
PTC,
Inc.
(a)
...........................................................
701
132,447
QUALCOMM,
Inc.
.....................................................
6,742
1,141,421
Roper
Technologies,
Inc.
..................................................
642
360,059
Salesforce,
Inc.
(a)
......................................................
5,578
1,679,982
Samsara,
Inc.
,
Class
A
(a)
.................................................
901
34,049
Seagate
Technology
Holdings
PLC
..........................................
1,214
112,963
ServiceNow,
Inc.
(a)
.....................................................
1,174
895,058
Skyworks
Solutions,
Inc.
.................................................
964
104,420
Snowflake,
Inc.
,
Class
A
(a)
................................................
1,809
292,334
Super
Micro
Computer,
Inc.
(a)
.............................................
279
281,798
Synopsys,
Inc.
(a)
.......................................................
896
512,064
Teledyne
Technologies,
Inc.
(a)
.............................................
263
112,911
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Teradyne,
Inc.
.........................................................
931
$
105,045
Texas
Instruments,
Inc.
...................................................
5,411
942,650
Trimble,
Inc.
(a)
........................................................
1,545
99,436
Tyler
Technologies,
Inc.
(a)
................................................
234
99,452
Unity
Software,
Inc.
(a)
...................................................
1,469
39,222
VeriSign,
Inc.
(a)
........................................................
619
117,307
Western
Digital
Corp.
(a)
..................................................
1,904
129,929
Workday,
Inc.
,
Class
A
(a)
.................................................
1,199
327,027
Zebra
Technologies
Corp.
(a)
...............................................
292
88,020
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
1,309
85,569
Zscaler,
Inc.
(a)
.........................................................
528
101,709
80,449,808
Life
Sciences
Tools
&
Services
(3.3%):
Agilent
Technologies,
Inc.
.................................................
5,085
739,918
Avantor,
Inc.
(a)
........................................................
11,248
287,611
Danaher
Corp.
.........................................................
11,852
2,959,682
ICON
PLC
(a)
.........................................................
1,469
493,511
Illumina,
Inc.
(a)
........................................................
2,748
377,355
IQVIA
Holdings,
Inc.
(a)
..................................................
3,169
801,408
Mettler-Toledo
International,
Inc.
(a)
.........................................
358
476,602
Revvity,
Inc.
..........................................................
2,179
228,795
Thermo
Fisher
Scientific,
Inc.
..............................................
6,710
3,899,920
Waters
Corp.
(a)
........................................................
1,023
352,147
West
Pharmaceutical
Services,
Inc.
..........................................
1,254
496,220
11,113,169
Pharmaceuticals
(9.2%):
Bristol-Myers
Squibb
Co.
.................................................
36,456
1,977,009
Eli
Lilly
&
Co.
.........................................................
14,651
11,397,892
Johnson
&
Johnson
.....................................................
42,383
6,704,567
Merck
&
Co.,
Inc.
......................................................
44,356
5,852,774
Pfizer,
Inc.
............................................................
99,351
2,756,990
Royalty
Pharma
PLC
,
Class
A
..............................................
6,564
199,349
Zoetis,
Inc.
...........................................................
8,087
1,368,401
30,256,982
Utilities
(5.2%):
Ameren
Corp.
.........................................................
4,968
367,433
American
Electric
Power
Co.,
Inc.
...........................................
9,910
853,251
American
Water
Works
Co.,
Inc.
............................................
3,759
459,387
Atmos
Energy
Corp.
.....................................................
2,853
339,136
CenterPoint
Energy,
Inc.
..................................................
12,108
344,957
CMS
Energy
Corp.
......................................................
5,574
336,335
Consolidated
Edison,
Inc.
.................................................
6,588
598,256
Constellation
Energy
Corp.
................................................
6,046
1,117,603
Dominion
Energy,
Inc.
...................................................
16,074
790,680
DTE
Energy
Co.
.......................................................
3,971
445,308
Duke
Energy
Corp.
......................................................
14,851
1,436,240
Edison
International
.....................................................
7,370
521,280
Entergy
Corp.
.........................................................
4,051
428,110
Eversource
Energy
......................................................
6,738
402,730
Exelon
Corp.
..........................................................
19,235
722,659
FirstEnergy
Corp.
.......................................................
11,037
426,249
NextEra
Energy,
Inc.
....................................................
39,686
2,536,332
PG&E
Corp.
..........................................................
37,877
634,819
PPL
Corp.
............................................................
14,197
390,843
Public
Service
Enterprise
Group,
Inc.
.........................................
9,610
641,756
Sempra
..............................................................
12,152
872,879
The
Southern
Co.
.......................................................
21,044
1,509,697
WEC
Energy
Group,
Inc.
.................................................
6,076
498,961
Victory
Portfolios
II
VictoryShares
WestEnd
U.S.
Sector
ETF
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Xcel
Energy,
Inc.
.......................................................
10,633
$
571,524
17,246,425
Total
Common
Stocks
(Cost
$261,738,925)
327,148,277
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
ABIOMED,
Inc.,
CVR
1/2/26
(a)
(d)
..........................................
532
543
Total
Rights
(Cost
$–)
543
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(e)
........
21,782
21,782
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(e)
............
21,835
21,835
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(e)
...............
21,782
21,782
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(e)
.
21,728
21,728
Total
Collateral
for
Securities
Loaned
(Cost
$87,127)
87,127
Total
Investments
(Cost
$261,826,052)
—
99.4%
327,235,947
Other
assets
in
excess
of
liabilities
—
0.6%
1,823,375
NET
ASSETS
-
100.00%
$
329,059,322
^
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,
2024.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
7
6/21/24
$
1,824,622
$
1,857,975
$
33,353
Total
unrealized
appreciation
$
33,353
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
33,353
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
151
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Consumer
Discretionary
(17.2%):
D.R.
Horton,
Inc.
.......................................................
34,326
$
5,648,343
Expedia
Group,
Inc.
(a)
...................................................
51,739
7,127,047
Lennar
Corp.
,
Class
A
....................................................
50,073
8,611,555
NVR,
Inc.
(a)
..........................................................
535
4,333,479
PulteGroup,
Inc.
........................................................
46,345
5,590,134
Tapestry,
Inc.
..........................................................
97,443
4,626,594
Toll
Brothers,
Inc.
......................................................
34,347
4,443,471
Williams-Sonoma,
Inc.
...................................................
12,075
3,834,175
44,214,798
Consumer
Staples
(2.1%):
Archer-Daniels-Midland
Co.
...............................................
85,474
5,368,622
Energy
(24.5%):
Baker
Hughes
Co.
......................................................
89,314
2,992,019
Chevron
Corp.
.........................................................
51,033
8,049,945
ConocoPhillips
........................................................
46,248
5,886,445
Coterra
Energy,
Inc.
.....................................................
106,207
2,961,051
Devon
Energy
Corp.
.....................................................
95,814
4,807,947
Diamondback
Energy,
Inc.
................................................
20,886
4,138,979
EOG
Resources,
Inc.
....................................................
43,160
5,517,574
Exxon
Mobil
Corp.
.....................................................
71,167
8,272,452
Halliburton
Co.
........................................................
80,550
3,175,281
Marathon
Oil
Corp.
.....................................................
192,217
5,447,430
Ovintiv,
Inc.
..........................................................
52,059
2,701,862
Phillips
66
............................................................
30,890
5,045,573
Pioneer
Natural
Resources
Co.
.............................................
15,948
4,186,350
63,182,908
Health
Care
(24.8%):
Cardinal
Health,
Inc.
....................................................
50,443
5,644,572
Cencora,
Inc.
..........................................................
18,339
4,456,194
Centene
Corp.
(a)
.......................................................
118,660
9,312,436
CVS
Health
Corp.
......................................................
107,027
8,536,473
Elevance
Health,
Inc.
....................................................
15,318
7,942,996
Humana,
Inc.
..........................................................
13,341
4,625,592
Incyte
Corp.
(a)
.........................................................
67,697
3,856,698
McKesson
Corp.
.......................................................
8,884
4,769,375
Molina
Healthcare,
Inc.
(a)
................................................
11,165
4,586,917
The
Cigna
Group
.......................................................
28,547
10,367,984
64,099,237
Industrials
(8.9%):
Delta
Air
Lines,
Inc.
.....................................................
103,417
4,950,572
Owens
Corning
........................................................
28,750
4,795,500
PACCAR,
Inc.
.........................................................
43,805
5,427,002
Paychex,
Inc.
..........................................................
34,319
4,214,373
Snap-on,
Inc.
..........................................................
11,887
3,521,167
22,908,614
Information
Technology
(16.0%):
Amdocs
Ltd.
..........................................................
36,686
3,315,314
DocuSign,
Inc.
(a)
.......................................................
54,138
3,223,918
F5,
Inc.
(a)
............................................................
16,721
3,170,134
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
28,583
3,392,230
Jabil,
Inc.
............................................................
19,950
2,672,303
Juniper
Networks,
Inc.
...................................................
95,002
3,520,775
NetApp,
Inc.
..........................................................
32,812
3,444,276
QUALCOMM,
Inc.
.....................................................
38,324
6,488,253
Skyworks
Solutions,
Inc.
.................................................
59,130
6,404,962
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
87,809
5,740,074
41,372,239
Victory
Portfolios
II
VictoryShares
Free
Cash
Flow
ETF
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Materials
(1.3%):
Reliance,
Inc.
..........................................................
10,280
$
3,435,370
Utilities
(4.6%):
NRG
Energy,
Inc.
.......................................................
94,022
6,364,349
Vistra
Corp.
...........................................................
78,839
5,491,136
11,855,485
Total
Common
Stocks
(Cost
$238,434,078)
256,437,273
Total
Investments
(Cost
$238,434,078)
—
99.4%
256,437,273
Other
assets
in
excess
of
liabilities
—
0.6%
1,657,402
NET
ASSETS
-
100.00%
$
258,094,675
(a)
Non-income
producing
security.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
4
6/21/24
$
1,043,552
$
1,061,700
$
18,148
Total
unrealized
appreciation
$
18,148
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
18,148
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
153
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.4%)
Communication
Services
(5.7%):
Bumble,
Inc.,
Class
A(a)
..................................................
23,853
$
270,732
Cars.com,
Inc.(a)
.......................................................
6,124
105,210
Magnite,
Inc.(a)
........................................................
13,333
143,330
Match
Group,
Inc.(a)
....................................................
9,958
361,276
Nexstar
Media
Group,
Inc.
................................................
2,731
470,524
Scholastic
Corp.
........................................................
3,617
136,397
Shutterstock,
Inc.
.......................................................
4,430
202,938
Spok
Holdings,
Inc.
.....................................................
1,210
19,300
TripAdvisor,
Inc.(a)
.....................................................
8,746
243,051
Vimeo,
Inc.(a)
.........................................................
11,525
47,137
Vivid
Seats,
Inc.,
Class
A(a)
...............................................
25,631
153,530
Yelp,
Inc.(a)
...........................................................
9,518
375,010
ZipRecruiter,
Inc.(a)
.....................................................
13,624
156,540
2,684,975
Consumer
Discretionary
(20.9%):
Adtalem
Global
Education,
Inc.(a)
...........................................
3,698
190,077
American
Public
Education,
Inc.(a)
..........................................
2,332
33,114
AMMO,
Inc.(a)
........................................................
14,318
39,375
AutoNation,
Inc.(a)
.....................................................
2,046
338,777
Chegg,
Inc.(a)
.........................................................
34,642
262,240
Cricut,
Inc.,
Class
A
.....................................................
11,044
52,569
Crocs,
Inc.(a)
..........................................................
2,989
429,817
Destination
XL
Group,
Inc.(a)
..............................................
4,810
17,316
Dillard's,
Inc.,
Class
A
...................................................
1,490
702,744
Dream
Finders
Homes,
Inc.,
Class
A(a)
.......................................
7,216
315,556
Everi
Holdings,
Inc.(a)
...................................................
22,848
229,622
Figs,
Inc.,
Class
A(a)
....................................................
31,210
155,426
Frontdoor,
Inc.(a)
.......................................................
6,560
213,725
Graham
Holdings
Co.,
Class
B
.............................................
795
610,307
Hilton
Grand
Vacations,
Inc.(a)
.............................................
9,259
437,117
Holley,
Inc.(a)
.........................................................
5,983
26,684
Inspired
Entertainment,
Inc.(a)
.............................................
1,304
12,857
KB
Home
............................................................
5,895
417,838
Krispy
Kreme,
Inc.
......................................................
15,092
229,927
Laureate
Education,
Inc.
..................................................
13,702
199,638
Lear
Corp.
............................................................
2,039
295,410
MDC
Holdings,
Inc.
.....................................................
8,020
504,538
Meritage
Homes
Corp.
...................................................
1,685
295,650
Monarch
Casino
&
Resort,
Inc.
.............................................
1,983
148,705
OneSpaWorld
Holdings
Ltd.(a)
.............................................
8,548
113,090
Oxford
Industries,
Inc.
...................................................
1,579
177,480
Phinia,
Inc.
...........................................................
6,664
256,098
RCI
Hospitality
Holdings,
Inc.
.............................................
558
32,364
Signet
Jewelers
Ltd.
.....................................................
4,283
428,599
Solo
Brands,
Inc.,
Class
A(a)
...............................................
13,903
30,170
Steven
Madden
Ltd.
.....................................................
4,395
185,821
Stride,
Inc.(a)
..........................................................
3,160
199,238
Target
Hospitality
Corp.(a)
................................................
17,619
191,519
Taylor
Morrison
Home
Corp.(a)
............................................
6,975
433,636
Tri
Pointe
Homes,
Inc.(a)
.................................................
9,358
361,780
Universal
Technical
Institute,
Inc.(a)
.........................................
4,642
73,993
Vista
Outdoor,
Inc.(a)
....................................................
14,681
481,242
Winnebago
Industries,
Inc.
................................................
4,746
351,204
Xponential
Fitness,
Inc.,
Class
A(a)
..........................................
5,096
84,288
9,559,551
Consumer
Staples
(0.4%):
Olaplex
Holdings,
Inc.(a)
.................................................
50,087
96,167
Weis
Markets,
Inc.
......................................................
1,324
85,266
181,433
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Energy
Equipment
&
Services
(6.3%):
Cactus,
Inc.,
Class
A
.....................................................
3,798
$
190,242
ChampionX
Corp.
......................................................
6,782
243,406
DMC
Global,
Inc.(a)
....................................................
2,858
55,702
Helix
Energy
Solutions
Group,
Inc.(a)
........................................
16,602
179,966
Helmerich
&
Payne,
Inc.
..................................................
6,031
253,664
KLX
Energy
Services
Holdings,
Inc.(a)
.......................................
3,469
26,850
Liberty
Energy,
Inc.
.....................................................
15,032
311,462
Newpark
Resources,
Inc.(a)
...............................................
7,667
55,356
Oil
States
International,
Inc.(a)
.............................................
8,688
53,518
Patterson-UTI
Energy,
Inc.
................................................
38,158
455,606
Ranger
Energy
Services,
Inc.
...............................................
3,584
40,463
RPC,
Inc.
............................................................
27,088
209,661
Select
Water
Solutions,
Inc.
................................................
20,879
192,713
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
....................................
5,924
51,361
TETRA
Technologies,
Inc.(a)
..............................................
12,271
54,361
U.S.
Silica
Holdings,
Inc.(a)
...............................................
20,987
260,449
Weatherford
International
PLC(a)
...........................................
2,210
255,078
2,889,858
Health
Care
(12.7%):
Agiliti,
Inc.(a)
.........................................................
2,953
29,884
Alkermes
PLC(a)
.......................................................
12,359
334,558
Amneal
Pharmaceuticals,
Inc.(a)
............................................
44,227
268,016
Amylyx
Pharmaceuticals,
Inc.(a)
............................................
6,701
19,031
ANI
Pharmaceuticals,
Inc.(a)
..............................................
1,671
115,516
Catalyst
Pharmaceuticals,
Inc.(a)
............................................
16,084
256,379
Collegium
Pharmaceutical,
Inc.(a)
...........................................
12,666
491,694
Corcept
Therapeutics,
Inc.(a)
..............................................
7,893
198,825
Cross
Country
Healthcare,
Inc.(a)
...........................................
13,670
255,903
Globus
Medical,
Inc.(a)
..................................................
13,634
731,328
Halozyme
Therapeutics,
Inc.(a)
.............................................
5,984
243,429
Harmony
Biosciences
Holdings,
Inc.(a)
.......................................
11,526
387,043
Jazz
Pharmaceuticals
PLC(a)
..............................................
4,564
549,597
OraSure
Technologies,
Inc.(a)
..............................................
19,294
118,658
Owens
&
Minor,
Inc.(a)
..................................................
12,809
354,938
Pacira
BioSciences,
Inc.(a)
................................................
7,255
211,991
PetIQ,
Inc.(a)
..........................................................
4,598
84,051
Roivant
Sciences
Ltd.(a)
..................................................
58,541
617,023
Tactile
Systems
Technology,
Inc.(a)
..........................................
3,609
58,646
United
Therapeutics
Corp.(a)
..............................................
2,095
481,263
5,807,773
Industrials
(17.4%):
AerSale
Corp.(a)
.......................................................
6,012
43,166
AGCO
Corp.
..........................................................
3,500
430,569
Alight,
Inc.,
Class
A(a)
...................................................
48,471
477,439
Allient,
Inc.
...........................................................
390
13,915
Allison
Transmission
Holdings,
Inc.
.........................................
4,201
340,953
Argan,
Inc.
...........................................................
978
49,428
Beacon
Roofing
Supply,
Inc.(a)
.............................................
3,193
312,978
Blue
Bird
Corp.(a)
......................................................
4,722
181,041
Boise
Cascade
Co.
......................................................
1,759
269,778
Brady
Corp.,
Class
A
....................................................
3,195
189,400
Concentrix
Corp.
.......................................................
4,844
320,770
DNOW,
Inc.(a)
........................................................
16,442
249,918
Eagle
Bulk
Shipping,
Inc.
.................................................
1,883
117,631
EnerSys
..............................................................
2,404
227,081
Forward
Air
Corp.
......................................................
9,373
291,594
Franklin
Covey
Co.(a)
...................................................
903
35,452
Gibraltar
Industries,
Inc.(a)
................................................
2,519
202,855
GMS,
Inc.(a)
..........................................................
2,668
259,703
Graham
Corp.(a)
.......................................................
495
13,504
Heartland
Express,
Inc.
...................................................
6,441
76,906
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
HNI
Corp.
............................................................
3,595
$
162,242
Hub
Group,
Inc.,
Class
A(a)
...............................................
7,262
313,864
Hudson
Technologies,
Inc.(a)
..............................................
4,055
44,646
Hyster-Yale
Materials
Handling,
Inc.
.........................................
2,586
165,944
Insteel
Industries,
Inc.
....................................................
898
34,322
Janus
International
Group,
Inc.(a)
...........................................
12,385
187,385
Karat
Packaging,
Inc.
....................................................
488
13,962
Liquidity
Services,
Inc.(a)
.................................................
2,098
39,023
LSI
Industries,
Inc.
......................................................
1,346
20,352
Masonite
International
Corp.(a)
.............................................
1,875
246,469
MRC
Global,
Inc.(a)
.....................................................
6,811
85,614
Mueller
Industries,
Inc.
...................................................
11,119
599,647
Pangaea
Logistics
Solutions
Ltd.
............................................
6,913
48,184
Preformed
Line
Products
Co.
..............................................
210
27,021
Quanex
Building
Products
Corp.
............................................
1,599
61,450
Sterling
Infrastructure,
Inc.(a)
..............................................
2,062
227,459
TaskUS,
Inc.,
Class
A(a)
..................................................
3,852
44,876
Tennant
Co.
...........................................................
1,460
177,551
Terex
Corp.
...........................................................
5,398
347,631
The
Brink's
Co.
........................................................
2,783
257,093
Titan
International,
Inc.(a)
.................................................
6,723
83,769
Titan
Machinery,
Inc.(a)
..................................................
2,889
71,676
UFP
Industries,
Inc.
.....................................................
2,949
362,755
Wabash
National
Corp.
...................................................
9,675
289,670
8,016,686
Information
Technology
(8.1%):
8x8,
Inc.(a)
...........................................................
28,964
78,203
Aviat
Networks,
Inc.(a)
...................................................
1,146
43,938
Avnet,
Inc.
............................................................
11,661
578,153
Axcelis
Technologies,
Inc.(a)
..............................................
1,998
222,817
Bel
Fuse,
Inc.,
Class
B
...................................................
2,917
175,924
Box,
Inc.,
Class
A(a)
....................................................
8,051
228,004
Cirrus
Logic,
Inc.(a)
.....................................................
2,203
203,910
Clear
Secure,
Inc.,
Class
A
................................................
21,618
459,815
Dropbox,
Inc.,
Class
A(a)
.................................................
19,270
468,261
Extreme
Networks,
Inc.(a)
................................................
16,389
189,129
Lantronix,
Inc.(a)
.......................................................
4,599
16,372
Rimini
Street,
Inc.(a)
....................................................
3,985
12,991
RingCentral,
Inc.,
Class
A(a)
...............................................
7,984
277,364
TD
SYNNEX
Corp.
.....................................................
4,532
512,569
Terawulf,
Inc.(a)
.......................................................
69,211
182,025
The
Hackett
Group,
Inc.
..................................................
860
20,898
Zuora,
Inc.,
Class
A(a)
...................................................
11,702
106,722
3,777,095
Materials
(5.4%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
751
248,709
Arch
Resources,
Inc.
....................................................
2,755
442,976
Clearwater
Paper
Corp.(a)
.................................................
1,666
72,854
Cleveland-Cliffs,
Inc.(a)
..................................................
26,047
592,310
Core
Molding
Technologies,
Inc.(a)
..........................................
1,367
25,877
Gatos
Silver,
Inc.(a)
.....................................................
5,475
45,935
Hawkins,
Inc.
.........................................................
1,537
118,042
LSB
Industries,
Inc.(a)
...................................................
8,138
71,452
Metallus,
Inc.(a)
........................................................
4,044
89,979
Olympic
Steel,
Inc.
......................................................
1,330
94,270
Ramaco
Resources,
Inc.,
Class
A
............................................
11,580
195,007
Royal
Gold,
Inc.
........................................................
2,215
269,809
Warrior
Met
Coal,
Inc.
...................................................
2,793
169,535
2,436,755
Oil,
Gas
&
Consumable
Fuels
(22.5%):
Amplify
Energy
Corp.(a)
.................................................
3,693
24,411
Victory
Portfolios
II
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Antero
Midstream
Corp.
..................................................
19,261
$
270,810
APA
Corp.
............................................................
12,335
424,077
Ardmore
Shipping
Corp.
..................................................
21,348
350,534
Berry
Corp.
...........................................................
27,832
224,048
California
Resources
Corp.
................................................
8,395
462,565
Centrus
Energy
Corp.,
Class
A(a)
...........................................
4,263
177,042
Chord
Energy
Corp.
.....................................................
2,897
516,361
Civitas
Resources,
Inc.
...................................................
7,061
536,001
CONSOL
Energy,
Inc.
...................................................
5,234
438,400
Crescent
Energy
Co.,
Class
A
..............................................
24,750
294,525
CVR
Energy,
Inc.
.......................................................
9,297
331,531
Dorian
LPG
Ltd.
.......................................................
12,992
499,672
Evolution
Petroleum
Corp.
................................................
3,685
22,626
Gran
Tierra
Energy,
Inc.(a)
................................................
6,120
43,697
Hallador
Energy
Co.(a)
...................................................
1,895
10,100
HF
Sinclair
Corp.
.......................................................
10,892
657,549
International
Seaways,
Inc.
................................................
11,214
596,585
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
12,933
335,611
Murphy
Oil
Corp.
......................................................
9,649
440,959
Northern
Oil
&
Gas,
Inc.
..................................................
7,285
289,069
Overseas
Shipholding
Group,
Inc.,
Class
A
.....................................
8,637
55,277
Par
Pacific
Holdings,
Inc.(a)
...............................................
4,771
176,813
PBF
Energy,
Inc.,
Class
A
.................................................
4,568
262,980
Permian
Resources
Corp.
.................................................
19,918
351,752
Riley
Exploration
Permian,
Inc.
.............................................
1,698
56,034
Ring
Energy,
Inc.(a)
.....................................................
32,153
63,020
Scorpio
Tankers,
Inc.
....................................................
9,620
688,311
SM
Energy
Co.
........................................................
5,595
278,911
Talos
Energy,
Inc.(a)
.....................................................
12,209
170,071
Teekay
Tankers
Ltd.,
Class
A
...............................................
9,832
574,287
VAALCO
Energy,
Inc.
...................................................
10,467
72,955
Vital
Energy,
Inc.(a)
.....................................................
6,409
336,729
Vitesse
Energy,
Inc.
.....................................................
3,565
84,597
World
Kinect
Corp.
.....................................................
8,725
230,776
10,348,686
Total
Common
Stocks
(Cost
$42,977,283)
45,702,812
Total
Investments
(Cost
$42,977,283)
—
99.4%
45,702,812
Other
assets
in
excess
of
liabilities
—
0.6%
258,532
NET
ASSETS
-
100.00%
$
45,961,344
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
2
6/21/24
$
208,446
$
214,590
$
6,144
Total
unrealized
appreciation
$
6,144
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
6,144
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
157
(Unaudited)
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(36.0%)
ABS
Auto
(23.4%):
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
B
,
5
.76
%
,
1/15/29
,
Callable
4/15/27
@
100
(a)
...............
$
1,000,000
$
1,012,750
Series
2023-1
,
Class
D
,
6
.74
%
,
4/15/34
,
Callable
4/15/27
@
100
(a)
...............
422,000
430,630
Series
2023-A
,
Class
C
,
6
.08
%
,
1/17/34
,
Callable
5/15/27
@
100
(a)
...............
1,000,000
1,007,520
Series
2023-A
,
Class
D
,
7
.33
%
,
1/17/34
,
Callable
5/15/27
@
100
(a)
...............
667,000
691,610
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2021-4
,
Class
E
,
3
.12
%
,
2/14/28
,
Callable
2/13/25
@
100
(a)
...............
500,000
483,228
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
4/13/25
@
100
(a)
...............
459,368
456,470
Series
2023-1
,
Class
B
,
5
.38
%
,
5/12/27
,
Callable
1/12/26
@
100
(a)
...............
1,000,000
996,252
Series
2023-2
,
Class
C
,
5
.96
%
,
8/13/29
,
Callable
5/12/26
@
100
(a)
...............
1,000,000
999,169
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
................
1,000,000
944,852
Series
2021-2
,
Class
C
,
1
.01
%
,
1/19/27
,
Callable
12/18/25
@
100
................
1,000,000
942,326
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A2
,
3
.12
%
,
1/15/31
,
Callable
3/15/25
@
100
(a)
..............
275,222
273,731
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
3/15/25
@
100
(a)
..............
762,000
746,721
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
1,000,000
993,949
Series
2019-2A
,
Class
D
,
3
.04
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
400,000
395,486
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
1,000,000
1,020,761
Series
2023-5A
,
Class
B
,
6
.12
%
,
4/20/28
(a)
................................
1,000,000
1,009,628
CarMax
Auto
Owner
Trust
................................................
Series
2020-4
,
Class
A3
,
0
.50
%
,
8/15/25
,
Callable
12/15/24
@
100
...............
67,372
67,090
Series
2021-2
,
Class
A3
,
0
.52
%
,
2/17/26
,
Callable
6/15/25
@
100
................
5,644
5,554
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
9/15/25
@
100
.................
1,370,000
1,280,020
Series
2021-4
,
Class
D
,
1
.48
%
,
3/15/28
,
Callable
12/15/25
@
100
................
250,000
230,803
Series
2023-2
,
Class
C
,
5
.57
%
,
11/15/28
,
Callable
1/15/27
@
100
................
1,000,000
1,002,231
Series
2023-4
,
Class
D
,
7
.16
%
,
4/15/30
,
Callable
5/15/27
@
100
.................
1,000,000
1,031,733
Series
2024-1
,
Class
C
,
5
.47
%
,
8/15/29
,
Callable
6/15/27
@
100
.................
1,000,000
997,899
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
A
,
0
.70
%
,
1/10/28
,
Callable
5/10/26
@
100
................
294,761
281,391
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
5/10/26
@
100
................
323,838
306,850
Series
2021-N4
,
Class
C
,
1
.72
%
,
9/11/28
,
Callable
5/10/27
@
100
................
216,980
204,687
Chase
Auto
Owner
Trust
,
Series
2023-AA
,
Class
D
,
6
.85
%
,
6/25/31
,
Callable
3/25/28
@
100
(a)
...........................................................
1,878,000
1,912,785
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
176,000
175,517
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
200,000
200,690
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
375,000
372,402
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
.............
791,000
799,259
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
.............
765,000
773,549
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
2,000,000
2,035,946
Series
2023-2
,
Class
A4
,
5
.74
%
,
10/15/30
,
Callable
5/15/27
@
100
(a)
.............
1,000,000
1,015,880
Series
2024-1
,
Class
A4
,
5
.03
%
,
10/15/30
,
Callable
8/15/27
@
100
(a)
.............
1,000,000
997,376
CPS
Auto
Receivables
Trust
...............................................
Series
2022-A
,
Class
B
,
1
.70
%
,
4/16/29
,
Callable
6/15/26
@
100
(a)
...............
145,949
145,570
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
2/15/27
@
100
(a)
...............
1,500,000
1,509,531
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-4
,
Class
A
,
1
.26
%
,
10/15/30
,
Callable
3/15/25
@
100
(a)
..............
196,694
193,935
Series
2021-4
,
Class
B
,
1
.74
%
,
12/16/30
,
Callable
3/15/25
@
100
(a)
..............
320,000
309,565
Series
2022-1A
,
Class
B
,
4
.95
%
,
8/16/32
,
Callable
4/15/26
@
100
(a)
..............
1,000,000
982,963
Series
2022-3A
,
Class
C
,
8
.45
%
,
2/15/33
,
Callable
11/15/26
@
100
(a)
.............
1,050,000
1,088,017
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
1,000,000
1,020,989
Series
2023-1A
,
Class
C
,
7
.71
%
,
7/15/33
,
Callable
11/15/26
@
100
(a)
.............
25,000
25,671
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
11/15/26
@
100
(a)
.............
1,000,000
1,013,970
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
977,000
1,003,576
Drive
Auto
Receivables
Trust
..............................................
Series
2021-1
,
Class
C
,
1
.02
%
,
6/15/27
,
Callable
3/15/25
@
100
.................
18,824
18,787
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
7/15/25
@
100
.................
2,000,000
1,913,174
DT
Auto
Owner
Trust
....................................................
Series
2019-4A
,
Class
E
,
3
.93
%
,
10/15/26
,
Callable
4/15/24
@
100
(a)
.............
1,000,000
999,127
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
8/15/24
@
100
(a)
..............
$
1,000,000
$
989,176
Series
2020-2A
,
Class
D
,
4
.73
%
,
3/16/26
,
Callable
9/15/24
@
100
(a)
..............
360,936
359,759
Series
2020-3A
,
Class
E
,
3
.62
%
,
10/15/27
,
Callable
1/15/25
@
100
(a)
.............
500,000
487,509
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
8/15/28
@
100
(a)
............
1,510,000
1,540,484
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
8/15/28
@
100
(a)
..............
400,000
407,612
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
8/15/28
@
100
(a)
..............
327,600
334,150
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-2
,
Class
A2
,
4
.65
%
,
5/21/29
,
Callable
11/20/25
@
100
(a)
.............
505,082
500,906
Series
2022-3
,
Class
A3
,
4
.29
%
,
7/20/29
,
Callable
4/20/26
@
100
(a)
..............
1,125,000
1,099,917
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
1,000,000
1,007,044
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
10/20/26
@
100
(a)
.............
962,095
962,728
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
9/20/27
@
100
(a)
..............
1,000,000
996,821
Exeter
Automobile
Receivables
Trust
.........................................
Series
2020-1A
,
Class
E
,
3
.74
%
,
1/15/27
,
Callable
9/15/24
@
100
(a)
..............
250,000
246,293
Series
2020-2A
,
Class
E
,
7
.19
%
,
9/15/27
,
Callable
12/15/24
@
100
(a)
.............
2,360,000
2,362,581
Series
2021-2A
,
Class
C
,
0
.98
%
,
6/15/26
,
Callable
11/15/25
@
100
...............
286,226
284,564
Series
2021-4A
,
Class
C
,
1
.46
%
,
10/15/27
,
Callable
2/15/26
@
100
...............
734,565
723,908
Series
2022-5A
,
Class
C
,
6
.51
%
,
12/15/27
,
Callable
11/15/26
@
100
..............
1,000,000
1,005,507
First
Investors
Auto
Owner
Trust
,
Series
2023-1A
,
Class
C
,
6
.81
%
,
12/17/29
,
Callable
8/15/27
@
100
(a)
.........................................................
1,000,000
1,034,014
Flagship
Credit
Auto
Trust
................................................
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
4/15/25
@
100
(a)
...............
1,500,000
1,453,925
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
5/15/26
@
100
(a)
...............
1,750,000
1,603,744
Series
2021-4
,
Class
B
,
1
.49
%
,
2/15/27
,
Callable
10/15/26
@
100
(a)
..............
1,000,000
964,528
Series
2021-4
,
Class
C
,
1
.96
%
,
12/15/27
,
Callable
10/15/26
@
100
(a)
.............
1,000,000
937,351
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2022-A
,
Class
B
,
3
.81
%
,
8/15/25
,
Callable
10/15/24
@
100
................
643,000
638,357
Series
2023-A
,
Class
C
,
5
.54
%
,
12/15/26
,
Callable
8/15/25
@
100
................
360,000
358,557
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
3/15/26
@
100
.................
786,000
800,235
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822,000
816,652
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
1,000,000
996,127
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
2,290,000
2,281,797
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2022-1
,
Class
A3
,
1
.83
%
,
12/15/26
,
Callable
7/15/25
@
100
(a)
.............
332,194
330,758
Series
2022-1
,
Class
B
,
2
.15
%
,
5/17/27
,
Callable
7/15/25
@
100
(a)
...............
1,000,000
973,140
Series
2022-2
,
Class
A3
,
4
.59
%
,
6/15/27
,
Callable
11/15/25
@
100
(a)
.............
1,000,000
993,634
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
9/15/26
@
100
(a)
...............
626,000
618,273
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
11/15/27
@
100
(a)
..............
714,000
709,107
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
5
.79
%
,
10/15/29
,
Callable
12/15/28
@
100
(a)
...........
1,000,000
1,011,087
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
12/15/28
@
100
(a)
.............
415,000
418,257
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
12/15/28
@
100
(a)
.............
250,000
252,678
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-3A
,
Class
D
,
3
.84
%
,
5/15/26
,
Callable
4/15/24
@
100
(a)
..............
873,000
873,000
Series
2021-4A
,
Class
B
,
1
.53
%
,
4/15/26
(a)
................................
112,736
112,323
Series
2022-1A
,
Class
B
,
2
.84
%
,
5/15/26
(a)
................................
477,505
475,269
Series
2022-2A
,
Class
B
,
4
.70
%
,
9/15/26
(a)
................................
1,000,000
995,437
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
D
,
8
.22
%
,
2/18/31
,
Callable
8/15/28
@
100
(a)
..............
1,000,000
1,072,458
Series
2024-1A
,
Class
C
,
5
.69
%
,
3/15/30
,
Callable
7/15/29
@
100
(a)
..............
500,000
499,833
GM
Financial
Automobile
Leasing
Trust
,
Series
2023-2
,
Class
B
,
5
.54
%
,
5/20/27
,
Callable
11/20/25
@
100
....................................................
417,000
416,746
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
A3
,
5
.18
%
,
3/15/28
,
Callable
4/15/27
@
100
(a)
..............
1,000,000
994,599
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
4/15/27
@
100
(a)
..............
1,000,000
991,605
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
4/15/27
@
100
(a)
...............
500,000
494,523
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A
,
Class
A
,
1
.99
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
..............
1,000,000
963,846
Series
2022-1A
,
Class
B
,
2
.19
%
,
6/25/26
,
Callable
6/25/25
@
100
(a)
..............
1,000,000
961,006
Series
2022-3A
,
Class
A
,
3
.37
%
,
3/25/25
(a)
................................
166,667
166,667
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
................................
1,000,000
1,007,693
Hertz
Vehicle
Financing
LLC
,
Series
2021-1A
,
Class
D
,
3
.98
%
,
12/26/25
(a)
.............
1,500,000
1,468,882
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
JPMorgan
Chase
Bank
NA
................................................
Series
2021-2
,
Class
D
,
1
.14
%
,
12/26/28
,
Callable
10/25/25
@
100
(a)
.............
$
119,714
$
117,594
Series
2021-3
,
Class
B
,
0
.76
%
,
2/26/29
,
Callable
6/25/25
@
100
(a)
...............
137,225
133,199
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
A
,
1
.30
%
,
8/17/26
,
Callable
11/15/25
@
100
(a)
.............
74,147
73,534
Series
2021-1A
,
Class
B
,
1
.94
%
,
11/16/26
,
Callable
11/15/25
@
100
(a)
............
1,750,000
1,710,876
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
11/15/25
@
100
(a)
.............
1,000,000
957,907
Series
2022-1A
,
Class
A
,
5
.21
%
,
6/15/27
,
Callable
7/15/26
@
100
(a)
..............
358,809
357,056
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
7/15/26
@
100
(a)
..............
800,000
798,599
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
6/15/27
@
100
(a)
..............
453,000
464,456
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
9/15/27
@
100
(a)
..............
350,000
351,426
Lobel
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A
,
6
.97
%
,
7/15/26
,
Callable
11/15/25
@
100
(a)
..................................................
800,908
802,335
Merchants
Fleet
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
(a)
.............
1,000,000
1,012,466
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
413,793
416,907
OCCU
Auto
Receivables
Trust
.............................................
Series
2022-1A
,
Class
C
,
6
.52
%
,
11/15/29
,
Callable
10/15/27
@
100
(a)
............
500,000
505,648
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
3/15/28
@
100
(a)
.............
925,000
945,312
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
3/15/28
@
100
(a)
..............
1,000,000
1,024,434
Series
2023-1A
,
Class
C
,
6
.82
%
,
9/17/29
,
Callable
3/15/28
@
100
(a)
..............
1,000,000
1,023,620
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
.............
1,000,000
1,034,622
Oscar
U.S.
Funding
XII
LLC
,
Series
2021-1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
2/10/25
@
100
(a)
...........................................................
2,463,750
2,372,409
Oscar
U.S.
Funding
XIV
LLC
..............................................
Series
2022-1A
,
Class
A3
,
2
.30
%
,
4/10/26
,
Callable
3/10/26
@
100
(a)
.............
831,950
819,024
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
3/10/26
@
100
(a)
.............
150,000
142,638
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
1,000,000
985,971
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
452,000
445,929
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
917,000
904,551
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
C
,
5
.65
%
,
2/15/28
,
Callable
7/15/27
@
100
(a)
..............
1,000,000
995,150
Series
2023-2A
,
Class
C
,
7
.12
%
,
8/15/29
,
Callable
6/15/28
@
100
(a)
..............
2,000,000
2,051,559
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
12/15/25
@
100
(a)
..............
490,997
488,255
Series
2022-A
,
Class
C
,
7
.38
%
,
5/15/32
,
Callable
12/15/25
@
100
(a)
..............
267,428
268,220
Series
2022-A
,
Class
D
,
9
.97
%
,
5/15/32
,
Callable
12/15/25
@
100
(a)
..............
350,000
363,135
Series
2022-B
,
Class
B
,
5
.72
%
,
8/16/32
,
Callable
5/15/26
@
100
(a)
...............
266,199
265,868
Series
2022-C
,
Class
B
,
6
.45
%
,
12/15/32
,
Callable
12/15/26
@
100
(a)
.............
443,527
444,432
Series
2022-C
,
Class
C
,
6
.99
%
,
12/15/32
,
Callable
12/15/26
@
100
(a)
.............
443,527
445,087
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
12/15/26
@
100
(a)
.............
371,212
374,421
Series
2023-A
,
Class
C
,
6
.74
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
131,377
131,757
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
532,197
533,536
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
10/15/27
@
100
(a)
.............
500,000
499,650
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
10/15/27
@
100
(a)
.............
1,500,000
1,508,200
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
9/15/25
@
100
(a)
..
77,686
76,570
Santander
Retail
Auto
Lease
Trust
...........................................
Series
2021-B
,
Class
D
,
1
.41
%
,
11/20/25
,
Callable
4/20/24
@
100
(a)
..............
400,000
397,875
Series
2021-C
,
Class
C
,
1
.11
%
,
3/20/26
,
Callable
6/20/24
@
100
(a)
...............
535,000
531,907
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
11/15/27
@
100
(a)
............
1,800,000
1,814,601
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
750,000
760,094
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
11/15/27
@
100
(a)
.............
1,500,000
1,526,767
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
11/15/27
@
100
(a)
............
1,000,000
1,017,838
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
6/20/27
@
100
(a)
..............
903,000
917,454
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
4/20/28
@
100
(a)
..............
840,000
844,280
Series
2024-1A
,
Class
C
,
5
.51
%
,
1/20/32
,
Callable
4/20/28
@
100
(a)
..............
500,000
500,669
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
...............
1,000,000
1,009,995
Series
2023-B
,
Class
B
,
6
.57
%
,
8/20/27
,
Callable
12/20/25
@
100
(a)
..............
675,000
685,199
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1
,
Class
A4
,
5
.38
%
,
2/20/29
,
Callable
10/20/27
@
100
(a)
.............
1,350,000
1,359,470
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
10/20/27
@
100
(a)
..............
$
1,300,000
$
1,305,249
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
1,333,000
1,327,788
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
10/25/26
@
100
(a)
.......
4,143,161
4,167,093
United
Auto
Credit
Securitization
Trust
,
Series
2023-1
,
Class
C
,
6
.28
%
,
7/10/28
,
Callable
5/10/26
@
100
(a)
...................................................
2,000,000
1,997,805
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A3
,
5
.56
%
,
3/15/28
,
Callable
5/15/27
@
100
(a)
.............
1,000,000
998,918
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
5/15/27
@
100
(a)
............
1,000,000
1,002,401
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
5/15/27
@
100
(a)
..............
534,000
535,190
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
5/15/27
@
100
(a)
..............
1,000,000
1,006,373
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A
,
Class
A3
,
6
.87
%
,
11/15/27
(a)
...............................
500,000
506,617
Series
2023-A
,
Class
B
,
7
.11
%
,
2/15/30
,
Callable
12/15/28
@
100
(a)
..............
1,000,000
1,023,824
Series
2024-A
,
Class
B
,
5
.77
%
,
7/15/30
,
Callable
11/15/28
@
100
(a)
..............
250,000
250,715
Westlake
Automobile
Receivables
Trust
.......................................
Series
2021-3A
,
Class
D
,
2
.12
%
,
1/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
953,829
Series
2022-1A
,
Class
B
,
2
.75
%
,
3/15/27
,
Callable
11/15/25
@
100
(a)
.............
886,463
881,756
Series
2022-2A
,
Class
B
,
4
.31
%
,
9/15/27
,
Callable
4/15/26
@
100
(a)
..............
800,000
793,012
Series
2023-1A
,
Class
B
,
5
.41
%
,
1/18/28
,
Callable
8/15/26
@
100
(a)
..............
500,000
497,646
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2022-1A
,
Class
A
,
2
.47
%
,
10/18/36
,
Callable
9/18/24
@
100
(a)
.............
319,091
315,849
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
900,000
899,764
Series
2023-1A
,
Class
B
,
5
.80
%
,
4/18/38
(a)
................................
1,000,000
1,001,251
Series
2023-1A
,
Class
C
,
6
.18
%
,
4/18/38
(a)
................................
1,667,000
1,677,522
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
911,000
923,006
World
Omni
Select
Auto
Trust
,
Series
2023-A
,
Class
C
,
6
.00
%
,
1/16/29
,
Callable
7/15/26
@
100
.............................................................
1,000,000
1,007,377
138,602,174
ABS
Card
(2.2%):
Evergreen
Credit
Card
Trust
...............................................
Series
2021-1
,
Class
A
,
0
.90
%
,
10/15/26
(a)
................................
1,500,000
1,462,978
Series
2022-CRT1
,
Class
B
,
5
.61
%
,
7/15/26
(a)
..............................
1,000,000
998,607
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
1,000,000
1,001,115
Series
2023-CRT3
,
Class
B
,
6
.58
%
,
2/15/27
(a)
..............................
762,000
766,246
Series
2023-CRT3
,
Class
C
,
7
.31
%
,
2/15/27
(a)
..............................
423,000
426,245
Golden
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
.................
500,000
452,309
Master
Credit
Card
Trust
,
Series
2021-1A
,
Class
C
,
1
.06
%
,
11/21/25
(a)
................
1,500,000
1,488,631
Master
Credit
Card
Trust
II
................................................
Series
2022-1A
,
Class
B
,
1
.97
%
,
7/21/26
(a)
................................
1,000,000
969,035
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
600,000
597,151
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
................................
410,000
410,355
Series
2023-2A
,
Class
C
,
6
.89
%
,
1/21/27
(a)
................................
476,000
475,773
Series
2024-1A
,
Class
C
,
6
.02
%
,
1/21/28
(a)
................................
840,000
835,011
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A
,
Class
B
,
5
.23
%
,
3/26/31
(a)
................................
1,000,000
964,462
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
375,000
361,822
Series
2023-3A
,
Class
C
,
6
.94
%
,
8/26/28
(a)
................................
1,000,000
1,002,001
Series
2024-1A
,
Class
C
,
5
.99
%
,
12/26/28
(a)
...............................
560,000
557,624
12,769,365
ABS
Other
(10.4%):
AFG
ABS
I
LLC
.......................................................
Series
2023-1
,
Class
A2
,
6
.30
%
,
9/16/30
,
Callable
12/15/26
@
100
(a)
.............
394,164
394,751
Series
2023-1
,
Class
B
,
7
.51
%
,
9/16/30
,
Callable
12/15/26
@
100
(a)
..............
832,992
832,284
Amur
Equipment
Finance
Receivables
IX
LLC
..................................
Series
2021-1A
,
Class
B
,
1
.38
%
,
2/22/27
,
Callable
11/20/24
@
100
(a)
.............
500,000
492,261
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
.............
1,500,000
1,458,952
Amur
Equipment
Finance
Receivables
X
LLC
..................................
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............
206,099
201,231
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
..............
541,000
516,508
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
750,000
759,262
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
161
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
$
655,173
$
667,849
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
6/20/27
@
100
(a)
..............
325,000
335,872
Amur
Equipment
Finance
Receivables
XIII
LLC
,
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
4/20/28
@
100
(a)
............................................
540,000
542,949
Atalaya
Equipment
Leasing
Trust
...........................................
Series
2021-1A
,
Class
A2
,
1
.23
%
,
5/15/26
,
Callable
10/15/24
@
100
(a)
............
73,236
72,918
Series
2021-1A
,
Class
C
,
2
.69
%
,
6/15/28
,
Callable
10/15/24
@
100
(a)
.............
1,000,000
935,318
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
A3
,
5
.70
%
,
2/15/30
,
Callable
2/15/28
@
100
(a)
.............
1,000,000
1,008,551
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
413,000
420,143
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
2/15/28
@
100
(a)
.............
300,000
308,932
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
471,000
487,165
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
2/15/27
@
100
(a)
...........................................................
710,094
710,637
CARS-DB4
LP
,
Series
2020-1A
,
Class
A1
,
2
.69
%
,
2/15/50
,
Callable
4/15/24
@
100
(a)
.....
578,463
561,674
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/28
@
100
(a)
.....
980,000
970,682
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
B
,
5
.99
%
,
9/16/30
,
Callable
8/14/26
@
100
(a)
...............
1,000,000
1,012,670
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
8/14/26
@
100
(a)
...............
1,777,778
1,807,748
Series
2023-2
,
Class
C
,
6
.45
%
,
4/14/32
,
Callable
11/14/27
@
100
(a)
..............
1,000,000
1,029,292
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
11/14/27
@
100
(a)
..............
433,000
439,009
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
8/15/24
@
100
(a)
..............
323,018
323,749
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
...............
205,838
205,936
Series
2023-A
,
Class
B
,
10
.00
%
,
1/17/28
,
Callable
12/15/24
@
100
(a)
.............
451,000
454,848
Series
2024-A
,
Class
A
,
7
.05
%
,
1/16/29
,
Callable
8/15/25
@
100
(a)
...............
757,367
758,588
Series
2024-A
,
Class
B
,
9
.80
%
,
1/16/29
,
Callable
8/15/25
@
100
(a)
...............
2,000,000
2,035,743
CP
EF
Asset
Securitization
I
LLC
,
Series
2022-1A
,
Class
A
,
5
.96
%
,
4/15/30
,
Callable
11/15/25
@
100
(a)
.........................................................
1,164,671
1,161,891
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
6/15/27
@
100
(a)
.........................................................
857,688
867,570
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1
,
Class
D
,
6
.80
%
,
3/22/29
,
Callable
9/22/25
@
100
(a)
...............
909,091
912,492
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
2/22/26
@
100
(a)
...............
1,000,000
1,006,378
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
2/22/26
@
100
(a)
...............
761,000
762,832
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
6/22/26
@
100
(a)
..............
353,000
353,775
Dext
ABS
LLC
........................................................
Series
2020-1
,
Class
C
,
3
.03
%
,
11/15/27
,
Callable
9/15/24
@
100
(a)
..............
199,629
198,512
Series
2021-1
,
Class
C
,
2
.29
%
,
9/15/28
,
Callable
1/15/26
@
100
(a)
...............
1,000,000
943,417
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
5/15/27
@
100
(a)
..............
959,329
960,406
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
5/15/27
@
100
(a)
...............
2,000,000
2,039,624
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
1,000,000
1,015,381
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
667,000
644,195
Diamond
Issuer
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
655,000
558,323
DLLAA
LLC
,
Series
2023-1A
,
Class
A3
,
5
.64
%
,
2/22/28
,
Callable
10/20/27
@
100
(a)
.....
1,000,000
1,008,615
DLLMT
LLC
,
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
12/20/26
@
100
(a)
.....
571,429
573,362
DLLST
LLC
,
Series
2022-1A
,
Class
A4
,
3
.69
%
,
9/20/28
,
Callable
7/20/25
@
100
(a)
.......
1,000,000
987,388
FirstKey
Homes
Trust
....................................................
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
.............................
1,000,000
917,986
Series
2021-SFR3
,
Class
C
,
2
.54
%
,
12/17/38
(a)
.............................
1,000,000
918,100
Flexential
Issuer
,
Series
2021-1A
,
Class
A2
,
3
.25
%
,
11/27/51
,
Callable
11/25/25
@
100
(a)
..
1,000,000
906,014
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532,000
530,597
Frontier
Issuer
LLC
,
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
....
466,667
465,206
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
8/20/30
@
100
(a)
..............
327,000
343,396
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
8/20/30
@
100
(a)
..............
300,000
315,536
Series
2023-1A
,
Class
D
,
7
.00
%
,
8/22/33
,
Callable
8/20/30
@
100
(a)
..............
200,000
200,408
GreatAmerica
Leasing
Receivables
..........................................
Series
2023-1
,
Class
B
,
5
.21
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
...............
500,000
497,660
Series
2024-1
,
Class
B
,
5
.18
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
..............
740,000
736,494
Series
2024-1
,
Class
C
,
5
.43
%
,
12/15/31
,
Callable
2/15/28
@
100
(a)
..............
325,000
323,563
HPEFS
Equipment
Trust
..................................................
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
..............
1,177,945
1,177,945
Series
2021-2A
,
Class
C
,
0
.88
%
,
9/20/28
,
Callable
9/20/24
@
100
(a)
..............
130,629
129,678
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2022-1A
,
Class
D
,
2
.40
%
,
11/20/29
,
Callable
5/20/25
@
100
(a)
.............
$
667,000
$
642,029
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
10/20/26
@
100
(a)
.............
500,000
509,308
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
6/20/27
@
100
(a)
.............
2,069,000
2,068,248
M&T
Equipment
LEAF1
Notes
,
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
.........................................................
1,038,000
1,047,741
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A
,
Class
A4
,
1
.04
%
,
11/13/30
(a)
...............................
2,000,000
1,845,591
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
3/13/31
@
100
(a)
..............
173,000
172,879
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
............
903,000
790,794
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
............
293,000
246,051
NMEF
Funding
LLC
....................................................
Series
2021-A
,
Class
B
,
1
.85
%
,
12/15/27
,
Callable
9/15/24
@
100
(a)
..............
217,353
216,367
Series
2022-A
,
Class
A2
,
2
.58
%
,
10/16/28
,
Callable
9/15/25
@
100
(a)
.............
261,636
259,019
Series
2022-A
,
Class
B
,
3
.35
%
,
10/16/28
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
972,638
Series
2022-B
,
Class
A2
,
6
.07
%
,
6/15/29
,
Callable
9/15/26
@
100
(a)
..............
609,300
610,063
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
7/15/27
@
100
(a)
...............
500,000
509,410
Pawnee
Equipment
Receivables
LLC
,
Series
2021-1
,
Class
A2
,
1
.10
%
,
7/15/27
,
Callable
7/15/25
@
100
(a)
...................................................
377,548
371,415
Post
Road
Equipment
Finance
,
Series
2022-1A
,
Class
A2
,
4
.88
%
,
11/15/28
,
Callable
5/15/26
@
100
(a)
.........................................................
975,000
967,901
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.58
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
.............
564,000
561,695
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
.............
747,000
741,894
Series
2024-1A
,
Class
D
,
6
.77
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
.............
167,000
166,085
SCF
Equipment
Leasing
LLC
..............................................
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
1/20/25
@
100
(a)
..............
21,176
21,131
Series
2021-1A
,
Class
D
,
1
.93
%
,
9/20/30
,
Callable
10/20/25
@
100
(a)
.............
250,000
230,832
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
8/20/29
@
100
(a)
..............
428,571
437,597
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
8/20/30
@
100
(a)
..............
857,000
890,135
Series
2023-1A
,
Class
C
,
6
.77
%
,
8/22/33
,
Callable
8/20/30
@
100
(a)
..............
1,437,000
1,507,414
Vantage
Data
Centers
Issuer
LLC
...........................................
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
4/15/24
@
100
(a)
.............
455,868
451,648
Series
2020-1A
,
Class
A2
,
1
.65
%
,
9/15/45
,
Callable
4/15/24
@
100
(a)
.............
1,000,000
936,988
VB-S1
Issuer
LLC
,
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..
1,000,000
911,464
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
.............
473,754
476,959
Series
2023-1A
,
Class
B
,
6
.05
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
..............
500,000
506,063
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
..............
374,000
381,566
Verizon
Master
Trust
,
Series
2024-2
,
Class
B
,
5
.08
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.
1,000,000
996,697
61,649,888
Total
Asset-Backed
Securities
(Cost
$212,808,153)
213,021,427
Collateralized
Loan
Obligations
(0.6%)
Cash
Flow
CLO
(0.6%):
Barrow
Hanley
CLO
I
Ltd.
,
Series
2023-1A
,
Class
A1
,
7
.62
%
(
TSFR3M
+
230
bps
)
,
4/20/35
,
Callable
4/20/24
@
100
(a)
(b)
..........................................
1,000,000
1,003,899
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2023-1A
,
Class
A1
,
7
.02
%
(
TSFR3M
+
170
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
.....................................................
908,754
908,663
Series
2023-1A
,
Class
A2
,
7
.82
%
(
TSFR3M
+
250
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
.....................................................
500,000
500,100
Stratus
CLO
Ltd.
.......................................................
Series
2021-3A
,
Class
A
,
6
.53
%
(
TSFR3M
+
121
bps
)
,
12/29/29
,
Callable
4/20/24
@
100
(a)
(b)
.....................................................
621,227
621,220
Series
2021-3A
,
Class
B
,
7
.13
%
(
TSFR3M
+
181
bps
)
,
12/29/29
,
Callable
4/20/24
@
100
(a)
(b)
.....................................................
821,000
821,040
3,854,922
Total
Collateralized
Loan
Obligations
(Cost
$3,850,981)
3,854,922
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Collateralized
Mortgage
Obligations
(3.8%)
Agency
CMO
Other
(0.8%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
$
939,383
$
939,229
Federal
National
Mortgage
Association
,
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
........
962,138
958,983
Government
National
Mortgage
Association
....................................
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
967,473
968,080
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
964,146
967,875
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
988,101
977,894
4,812,061
Commercial
MBS
(3.0%):
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(c)
..................
1,000,000
904,510
BBCMS
Mortgage
Trust
,
Series
2020-BID
,
Class
C
,
9
.08
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
.....................................................
1,000,000
976,215
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
6
.49
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
...............
1,000,000
994,000
Series
2021-TY
,
Class
C
,
7
.14
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
...............
1,000,000
975,675
Series
2022-STAR
,
Class
A
,
8
.56
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(b)
.............
2,000,000
2,004,824
BX
Trust
.............................................................
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..............................
1,000,000
934,077
Series
2022-LBA6
,
Class
C
,
6
.93
%
(
TSFR1M
+
160
bps
)
,
1/15/39
(a)
(b)
.............
1,000,000
987,866
COMM
Mortgage
Trust
..................................................
Series
2014-277P
,
Class
A
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
3,000,000
2,864,114
Series
2014-277P
,
Class
C
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
333,000
285,893
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(c)
...........
1,500,000
1,463,327
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(c)
........
1,000,000
969,692
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
1,000,000
966,971
Hudson
Yards
Mortgage
Trust
,
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
.........................................................
1,500,000
1,402,161
SCOTT
Trust
,
Series
2023-SFS
,
Class
AS
,
6
.20
%
,
3/15/40
(a)
.......................
785,714
772,539
SMRT
,
Series
2022-MINI
,
Class
B
,
6
.68
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(b)
............
1,000,000
985,372
17,487,236
Total
Collateralized
Mortgage
Obligations
(Cost
$22,517,912)
22,299,297
Senior
Secured
Loans
(0.4%)
Consumer
Discretionary
(0.2%):
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
9
.07
%
(
SOFR03M
+
375
bps
)
,
10/20/27
(b)
.......................................
1,125,000
1,159,223
Industrials
(0.2%):
MasTec,
Inc.,
Three-Year
Term
Loan,
First
Lien
,
6
.70
%
(
SOFR01M
+
138
bps
)
,
9/1/25
(b)
....
1,000,000
997,500
Total
Senior
Secured
Loans
(Cost
$2,124,661)
2,156,723
Corporate
Bonds
(35.4%)
Communication
Services
(0.2%):
Paramount
Global
,
2
.90
%
,
1/15/27
,
Callable
10/15/26
@
100
.......................
580,000
531,171
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
,
4
.74
%
,
3/20/25
,
Callable
5/6/24
@
100
(a)
.......................................
527,000
524,050
1,055,221
Consumer
Discretionary
(2.5%):
Advance
Auto
Parts,
Inc.
5
.95
%
,
3/9/28
,
Callable
2/9/28
@
100
....................................
1,000,000
1,000,737
3
.90
%
,
4/15/30
,
Callable
1/15/30
@
100
(d)
................................
1,000,000
907,092
Association
of
American
Medical
Colleges
,
2
.12
%
,
10/1/24
.........................
750,000
733,474
Brunswick
Corp.
,
5
.85
%
,
3/18/29
,
Callable
2/18/29
@
100
.........................
1,000,000
1,011,155
Daimler
Truck
Finance
North
America
LLC
,
5
.00
%
,
1/15/27
(a)
......................
2,000,000
1,996,036
LKQ
Corp.
,
5
.75
%
,
6/15/28
,
Callable
5/15/28
@
100
.............................
1,000,000
1,017,785
Mattel,
Inc.
,
3
.75
%
,
4/1/29
,
Callable
4/15/24
@
101.88
(a)
..........................
2,000,000
1,841,632
Nissan
Motor
Acceptance
Co.
LLC
,
1
.85
%
,
9/16/26
,
Callable
8/16/26
@
100
(a)
..........
1,513,000
1,369,052
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Nordstrom,
Inc.
,
2
.30
%
,
4/8/24
.............................................
$
1,000,000
$
998,397
QVC,
Inc.
,
4
.45
%
,
2/15/25
,
Callable
11/15/24
@
100
.............................
617,000
597,644
Tapestry,
Inc.
7
.00
%
,
11/27/26
....................................................
1,000,000
1,030,470
7
.35
%
,
11/27/28
,
Callable
10/27/28
@
100
.................................
500,000
526,934
Volkswagen
Group
of
America
Finance
LLC
6
.20
%
,
11/16/28
,
Callable
10/16/28
@
100
(a)
(d)
.............................
1,000,000
1,040,374
5
.25
%
,
3/22/29
,
Callable
2/22/29
@
100
(a)
................................
1,000,000
1,000,878
15,071,660
Consumer
Staples
(0.8%):
Bimbo
Bakeries
USA,
Inc.
,
6
.05
%
,
1/15/29
,
Callable
12/15/28
@
100
(a)
...............
1,000,000
1,034,633
Campbell
Soup
Co.
,
5
.20
%
,
3/19/27
.........................................
1,000,000
1,002,531
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
6
.50
%
,
4/15/29
,
Callable
4/15/24
@
103.25
................................
319,000
321,798
3
.75
%
,
12/1/31
,
Callable
12/1/26
@
101.88
................................
864,000
747,869
Keurig
Dr
Pepper,
Inc.
,
5
.05
%
,
3/15/29
,
Callable
2/15/29
@
100
.....................
1,000,000
1,001,649
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
1,000,000
846,541
4,955,021
Energy
(1.7%):
Antero
Resources
Corp.
,
7
.63
%
,
2/1/29
,
Callable
5/6/24
@
103.81
(a)
..................
500,000
513,924
Apache
Corp.
,
7
.75
%
,
12/15/29
.............................................
750,000
812,743
Energy
Transfer
LP
6
.75
%
(
H15T5Y
+
513
bps
)
,
Callable
5/15/25
@
100
(b)
(e)
......................
167,000
164,296
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(b)
(e)
......................
1,000,000
981,546
8
.00
%
,
4/1/29
,
Callable
5/6/24
@
104
(a)
..................................
250,000
259,623
EnLink
Midstream
Partners
LP
,
4
.40
%
,
4/1/24
..................................
2,000,000
2,000,000
Gray
Oak
Pipeline
LLC
,
2
.60
%
,
10/15/25
,
Callable
9/15/25
@
100
(a)
.................
690,000
657,869
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.00
%
,
4/15/30
,
Callable
4/15/25
@
103
(a)
......
667,000
652,599
Parsley
Energy
LLC/Parsley
Finance
Corp.
,
4
.13
%
,
2/15/28
,
Callable
5/6/24
@
101.03
(a)
...
2,000,000
1,906,446
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
6
.50
%
,
7/15/27
,
Callable
5/6/24
@
103.25
.................................
1,000,000
1,011,402
5
.00
%
,
1/15/28
,
Callable
5/6/24
@
101.67
.................................
871,000
857,591
9,818,039
Financials
(19.2%):
Ally
Financial,
Inc.
,
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(b)
.........
2,056,000
2,134,253
Antares
Holdings
LP
,
8
.50
%
,
5/18/25
,
Callable
4/18/25
@
100
(a)
.....................
1,000,000
1,017,017
Ares
Capital
Corp.
,
3
.25
%
,
7/15/25
,
Callable
6/15/25
@
100
........................
750,000
724,851
Assurant,
Inc.
,
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
(d)
.........................
1,765,000
1,776,364
Athene
Global
Funding
,
1
.72
%
,
1/7/25
(a)
......................................
1,000,000
969,473
Bank
of
America
Corp.
6
.10
%
(
TSFR3M
+
416
bps
)
,
Callable
3/17/25
@
100
(b)
(e)
......................
1,000,000
1,002,414
6
.50
%
(
TSFR3M
+
444
bps
)
,
Callable
10/23/24
@
100
(b)
(d)
(e)
...................
500,000
500,316
Blackstone
Private
Credit
Fund
1
.75
%
,
9/15/24
....................................................
1,000,000
979,812
2
.35
%
,
11/22/24
....................................................
1,000,000
976,298
7
.05
%
,
9/29/25
....................................................
500,000
507,845
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.................................
500,000
456,697
Blue
Owl
Credit
Income
Corp.
5
.50
%
,
3/21/25
....................................................
2,500,000
2,481,243
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
..................................
1,000,000
1,024,396
Brighthouse
Financial
Global
Funding
,
1
.00
%
,
4/12/24
(a)
..........................
750,000
748,954
Cadence
Bank
7
.25
%
(
US0003M
+
454
bps
)
,
6/28/29
,
Callable
6/28/24
@
100
(a)
(b)
...............
1,000,000
986,657
4
.75
%
(
US0003M
+
303
bps
)
,
6/30/29
,
Callable
6/30/24
@
100
(b)
.................
2,082,000
2,039,170
Capital
One
Financial
Corp.
4
.17
%
(
SOFR
+
137
bps
)
,
5/9/25
,
Callable
5/9/24
@
100
(b)
......................
1,000,000
997,938
5
.47
%
(
SOFR
+
208
bps
)
,
2/1/29
,
Callable
2/1/28
@
100
(b)
......................
1,000,000
998,190
6
.31
%
(
SOFR
+
264
bps
)
,
6/8/29
,
Callable
6/8/28
@
100
(b)
......................
1,000,000
1,027,649
CDW
LLC/CDW
Finance
Corp.
,
2
.67
%
,
12/1/26
,
Callable
11/1/26
@
100
..............
825,000
767,865
Citizens
Bank
NA
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(b)
....................
760,000
756,990
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(b)
..................
$
2,000,000
$
1,992,488
4
.58
%
(
SOFR
+
200
bps
)
,
8/9/28
,
Callable
8/9/27
@
100
(b)
......................
334,000
319,541
Citizens
Financial
Group,
Inc.
,
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(b)
(e)
....
400,000
390,818
DAE
Funding
LLC
,
1
.55
%
,
8/1/24
,
Callable
7/1/24
@
100
(a)
.......................
250,000
246,004
Enact
Holdings,
Inc.
,
6
.50
%
,
8/15/25
,
Callable
2/15/25
@
100
(a)
.....................
2,848,000
2,847,273
Entergy
Texas
Restoration
Funding
II
LLC
,
3
.05
%
,
12/15/27
........................
466,288
447,007
EverBank
Financial
Corp.
5
.75
%
,
7/2/25
,
Callable
6/2/25
@
100
....................................
1,000,000
943,749
10
.29
%
(
TSFR3M
+
497
bps
)
,
3/15/26
,
Callable
5/6/24
@
100
(b)
..................
750,000
733,427
F&G
Global
Funding
,
5
.15
%
,
7/7/25
(a)
.......................................
1,000,000
984,515
Farm
Credit
Bank
of
Texas
,
5
.70
%
(
H15T5Y
+
542
bps
)
,
Callable
9/15/25
@
100
(a)
(b)
(e)
....
1,700,000
1,667,849
Fifth
Third
Bancorp
,
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(b)
(e)
...........
2,916,000
2,805,882
First
American
Financial
Corp.
,
4
.60
%
,
11/15/24
................................
2,399,000
2,375,257
First
Citizens
Bancshares,
Inc.
,
3
.38
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(b)
1,000,000
955,343
First
Financial
Bancorp
,
5
.13
%
,
8/25/25
.......................................
1,000,000
921,059
Ford
Motor
Credit
Co.
LLC
3
.38
%
,
11/13/25
,
Callable
10/13/25
@
100
.................................
1,000,000
962,327
4
.95
%
,
5/28/27
,
Callable
4/28/27
@
100
..................................
1,000,000
975,895
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
1,000,000
881,938
FS
KKR
Capital
Corp.
4
.25
%
,
2/14/25
,
Callable
1/14/25
@
100
(a)
................................
1,400,000
1,375,199
3
.40
%
,
1/15/26
,
Callable
12/15/25
@
100
.................................
1,024,000
971,661
Fulton
Financial
Corp.
,
3
.25
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(b)
....
1,000,000
825,815
GA
Global
Funding
Trust
,
1
.63
%
,
1/15/26
(a)
...................................
500,000
463,439
Glencore
Funding
LLC
,
5
.34
%
,
4/4/27
(a)
......................................
1,000,000
999,481
Hikma
Finance
USA
LLC
,
3
.25
%
,
7/9/25
......................................
2,400,000
2,317,005
Horace
Mann
Educators
Corp.
,
7
.25
%
,
9/15/28
,
Callable
8/15/28
@
100
................
2,000,000
2,138,383
HSB
Group,
Inc.
,
6
.49
%
(
TSFR3M
+
117
bps
)
,
7/15/27
,
Callable
5/6/24
@
100
(b)
..........
750,000
700,622
Huntington
Bancshares,
Inc.
,
4
.45
%
(
H15T7Y
+
405
bps
)
,
Callable
10/15/27
@
100
(b)
(e)
....
1,150,000
1,044,128
Hyundai
Capital
America
,
5
.30
%
,
1/8/29
,
Callable
12/8/28
@
100
(a)
..................
2,000,000
2,000,960
Kemper
Corp.
4
.35
%
,
2/15/25
,
Callable
11/15/24
@
100
..................................
1,000,000
986,504
2
.40
%
,
9/30/30
,
Callable
6/30/30
@
100
..................................
837,000
671,737
3
.80
%
,
2/23/32
,
Callable
11/23/31
@
100
..................................
450,000
384,257
KeyCorp.
,
3
.88
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
,
MTN
(b)
.......
2,250,000
2,239,922
Luther
Burbank
Corp.
,
6
.50
%
,
9/30/24
,
Callable
8/31/24
@
100
(a)
....................
1,250,000
1,225,742
M&T
Bank
Corp.
3
.50
%
(
H15T5Y
+
268
bps
)
,
Callable
9/1/26
@
100
(b)
(e)
.......................
300,000
230,825
4
.00
%
,
7/15/24
,
Callable
5/6/24
@
100
...................................
1,000,000
992,230
Main
Street
Capital
Corp.
5
.20
%
,
5/1/24
.....................................................
1,400,000
1,395,827
3
.00
%
,
7/14/26
,
Callable
6/14/26
@
100
..................................
500,000
465,451
Manufacturers
&
Traders
Trust
Co.
,
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
...........
1,000,000
978,185
Midwest
Connector
Capital
Co.
LLC
,
3
.90
%
,
4/1/24
(a)
............................
2,500,000
2,500,000
Morgan
Stanley
,
0
.79
%
(
SOFR
+
53
bps
)
,
5/30/25
,
Callable
5/30/24
@
100
(b)
.............
1,000,000
990,612
MPT
Operating
Partnership
LP/MPT
Finance
Corp.
,
5
.00
%
,
10/15/27
,
Callable
5/6/24
@
101.67
(d)
........................................................
2,000,000
1,688,269
National
General
Holdings
Corp.
,
6
.75
%
,
5/15/24
(a)
..............................
1,000,000
1,000,557
NMI
Holdings,
Inc.
,
7
.38
%
,
6/1/25
,
Callable
3/30/25
@
100
(a)
......................
2,000,000
2,018,989
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
5
.75
%
,
5/24/26
,
Callable
4/24/26
@
100
(a)
................................
1,000,000
1,007,277
5
.35
%
,
3/30/29
,
Callable
2/28/29
@
100
(a)
................................
1,000,000
1,000,448
PRA
Group,
Inc.
,
8
.38
%
,
2/1/28
,
Callable
2/1/25
@
104.19
(a)
.......................
1,444,000
1,435,096
Radian
Group,
Inc.
4
.50
%
,
10/1/24
,
Callable
7/1/24
@
100
...................................
2,503,000
2,478,880
6
.20
%
,
5/15/29
,
Callable
4/15/29
@
100
..................................
1,000,000
1,014,584
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(b)
(e)
........
2,998,000
2,951,072
SCE
Recovery
Funding
LLC
,
0
.86
%
,
11/15/31
..................................
1,539,263
1,309,454
Starwood
Property
Trust,
Inc.
,
3
.63
%
,
7/15/26
,
Callable
1/15/26
@
100
(a)
..............
500,000
468,840
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
1,700,000
1,394,124
Synchrony
Bank
,
5
.40
%
,
8/22/25
,
Callable
7/22/25
@
100
.........................
1,000,000
990,979
Synchrony
Financial
4
.88
%
,
6/13/25
,
Callable
5/13/25
@
100
..................................
1,000,000
985,272
3
.95
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
1,000,000
935,676
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Synovus
Bank
,
5
.63
%
,
2/15/28
,
Callable
1/15/28
@
100
...........................
$
1,000,000
$
971,360
Synovus
Financial
Corp.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(b)
....................
1,500,000
1,432,294
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(b)
.
1,500,000
1,278,495
Texas
Capital
Bank
NA
,
5
.25
%
,
1/31/26
......................................
1,000,000
931,912
The
Bank
of
New
York
Mellon
Corp.
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(b)
(e)
......................
1,000,000
980,071
4
.98
%
(
SOFR
+
109
bps
)
,
3/14/30
,
Callable
3/14/29
@
100
(b)
(d)
..................
1,000,000
1,000,466
The
Charles
Schwab
Corp.
,
5
.38
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(b)
(e)
.......
3,000,000
2,978,010
The
Huntington
National
Bank
,
5
.50
%
(
TSFR3M
+
535
bps
)
,
5/6/30
,
Callable
5/6/25
@
100
(b)
2,000,000
1,870,000
The
Prudential
Insurance
Co.
of
America
,
8
.30
%
,
7/1/25
(a)
.........................
1,000,000
1,027,525
Truist
Financial
Corp.
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(b)
(e)
.......................
3,000,000
2,949,799
7
.16
%
(
SOFR
+
245
bps
)
,
10/30/29
,
Callable
10/30/28
@
100
,
MTN
(b)
.............
1,000,000
1,067,180
U.S.
Bancorp
,
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(b)
.............
1,500,000
1,528,245
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
1,000,000
1,042,400
Wells
Fargo
&
Co.
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(b)
(e)
......................
1,000,000
950,830
5
.90
%
,
Callable
6/15/24
@
100
(e)
.......................................
3,750,000
3,744,298
113,655,151
Health
Care
(1.4%):
Blue
Cross
And
Blue
Shield
of
Minnesota
,
3
.79
%
,
5/1/25
,
Callable
2/1/25
@
100
(a)
.......
2,006,000
1,952,372
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
2
.20
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
...........................................................
1,000,000
842,133
Humana,
Inc.
,
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
............................
1,250,000
1,251,174
Quest
Diagnostics,
Inc.
,
4
.25
%
,
4/1/24
........................................
2,000,000
2,000,000
Solventum
Corp.
5
.45
%
,
2/25/27
,
Callable
1/25/27
@
100
(a)
................................
1,000,000
1,003,398
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
(a)
..................................
1,000,000
1,002,355
8,051,432
Industrials
(3.2%):
AGCO
Corp.
,
5
.45
%
,
3/21/27
,
Callable
2/21/27
@
100
............................
1,000,000
1,004,654
American
Airlines
Pass
Through
Trust
,
4
.00
%
,
9/22/27
............................
465,760
434,931
AON
North
America,
Inc.
,
5
.15
%
,
3/1/29
,
Callable
2/1/29
@
100
.....................
1,000,000
1,005,923
British
Airways
Pass
Through
Trust
,
4
.63
%
,
6/20/24
(a)
............................
171,632
170,893
CNH
Industrial
Capital
LLC
,
5
.10
%
,
4/20/29
,
Callable
3/20/29
@
100
.................
1,000,000
997,414
Concentrix
Corp.
,
6
.60
%
,
8/2/28
,
Callable
7/2/28
@
100
...........................
1,000,000
1,011,417
Delta
Air
Lines
Pass
Through
Trust
,
2
.00
%
,
6/10/28
..............................
790,721
714,083
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
1,000,000
1,006,237
Hexcel
Corp.
,
4
.95
%
,
8/15/25
,
Callable
5/15/25
@
100
............................
1,600,000
1,586,429
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
6
.50
%
,
6/20/27
,
Callable
5/6/24
@
103.25
(a)
...........................................
1,298,036
1,307,380
Molex
Electronic
Technologies
LLC
,
3
.90
%
,
4/15/25
,
Callable
1/15/25
@
100
(a)
.........
1,950,000
1,901,068
RXO,
Inc.
,
7
.50
%
,
11/15/27
,
Callable
11/15/24
@
103.75
(a)
........................
500,000
513,338
Ryder
System,
Inc.
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
...............................
1,000,000
1,004,650
5
.38
%
,
3/15/29
,
Callable
2/15/29
@
100
,
MTN
.............................
1,000,000
1,008,572
Spirit
Airlines
Pass
Through
Trust
,
4
.45
%
,
4/1/24
................................
660,745
660,745
Stanley
Black
&
Decker,
Inc.
,
6
.27
%
,
3/6/26
,
Callable
4/15/24
@
100
.................
1,000,000
1,000,989
The
Nature
Conservancy
,
0
.63
%
,
7/1/24
.......................................
650,000
641,993
United
Airlines
Pass
Through
Trust
4
.15
%
,
4/11/24
.....................................................
483,203
482,280
4
.88
%
,
1/15/26
....................................................
190,708
187,319
US
Airways
Pass
Through
Trust
,
3
.95
%
,
11/15/25
................................
1,099,318
1,069,838
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
6/1/25
@
103.13
(a)
............................
1,019,000
1,028,963
18,739,116
Information
Technology
(0.2%):
Arrow
Electronics,
Inc.
,
6
.13
%
,
3/1/26
,
Callable
4/11/24
@
100
......................
1,000,000
998,900
Materials
(0.4%):
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,700,000
1,630,881
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Celanese
U.S.
Holdings
LLC
,
6
.17
%
,
7/15/27
,
Callable
6/15/27
@
100
................
$
1,000,000
$
1,018,567
2,649,448
Real
Estate
(5.1%):
Boston
Properties
LP
,
6
.75
%
,
12/1/27
,
Callable
11/1/27
@
100
......................
1,500,000
1,557,197
CBRE
Services,
Inc.
,
4
.88
%
,
3/1/26
,
Callable
12/1/25
@
100
........................
1,097,000
1,085,773
DOC
DR.
LLC
4
.30
%
,
3/15/27
,
Callable
12/15/26
@
100
.................................
750,000
734,094
3
.95
%
,
1/15/28
,
Callable
10/15/27
@
100
.................................
450,000
429,984
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
...................................
500,000
411,698
Essex
Portfolio
LP
,
1
.70
%
,
3/1/28
,
Callable
1/1/28
@
100
..........................
500,000
438,628
Extra
Space
Storage
LP
,
5
.90
%
,
1/15/31
,
Callable
11/15/30
@
100
....................
1,000,000
1,035,620
Federal
Realty
OP
LP
,
5
.38
%
,
5/1/28
,
Callable
4/1/28
@
100
........................
1,000,000
1,001,384
Highwoods
Realty
LP
4
.13
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
600,000
561,761
4
.20
%
,
4/15/29
,
Callable
1/15/29
@
100
..................................
2,250,000
2,051,006
Jones
Lang
LaSalle,
Inc.
,
6
.88
%
,
12/1/28
,
Callable
11/1/28
@
100
....................
1,000,000
1,058,396
Kilroy
Realty
LP
,
4
.38
%
,
10/1/25
,
Callable
7/1/25
@
100
..........................
1,600,000
1,566,506
Kimco
Realty
OP
LLC
,
3
.80
%
,
4/1/27
,
Callable
1/1/27
@
100
.......................
1,000,000
960,848
Kite
Realty
Group
LP
,
4
.00
%
,
10/1/26
,
Callable
7/1/26
@
100
.......................
725,000
690,920
Kite
Realty
Group
Trust
,
4
.00
%
,
3/15/25
,
Callable
12/15/24
@
100
...................
2,000,000
1,962,480
LXP
Industrial
Trust
4
.40
%
,
6/15/24
,
Callable
5/6/24
@
100
...................................
2,183,000
2,164,577
6
.75
%
,
11/15/28
,
Callable
10/15/28
@
100
.................................
1,000,000
1,043,472
OMEGA
Healthcare
Investors,
Inc.
,
4
.95
%
,
4/1/24
...............................
568,000
568,000
Realty
Income
Corp.
,
5
.05
%
,
1/13/26
,
Callable
4/15/24
@
100
......................
1,000,000
996,929
Retail
Opportunity
Investments
Partnership
LP
4
.00
%
,
12/15/24
,
Callable
9/15/24
@
100
.................................
500,000
491,913
6
.75
%
,
10/15/28
,
Callable
9/15/28
@
100
.................................
1,500,000
1,554,037
SBA
Tower
Trust
,
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
.......................
421,000
431,292
SITE
Centers
Corp.
,
3
.63
%
,
2/1/25
,
Callable
11/1/24
@
100
........................
1,000,000
985,110
The
NHP
Foundation
,
5
.85
%
,
12/1/28
,
Callable
6/1/28
@
100
.......................
1,000,000
1,017,157
UDR,
Inc.
,
3
.50
%
,
7/1/27
,
Callable
4/1/27
@
100
,
MTN
...........................
1,120,000
1,057,270
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
3
.50
%
,
2/15/25
,
Callable
4/15/24
@
100
(a)
.......
864,000
845,431
Vornado
Realty
LP
,
2
.15
%
,
6/1/26
,
Callable
5/1/26
@
100
..........................
1,500,000
1,361,424
WEA
Finance
LLC/Westfield
UK
&
Europe
Finance
PLC
,
3
.75
%
,
9/17/24
,
Callable
6/17/24
@
100
(a)
...........................................................
1,700,000
1,674,847
WP
Carey,
Inc.
,
4
.60
%
,
4/1/24
..............................................
750,000
750,000
30,487,754
Utilities
(0.7%):
Black
Hills
Corp.
,
5
.95
%
,
3/15/28
,
Callable
2/15/28
@
100
.........................
1,000,000
1,031,725
DTE
Energy
Co.
,
4
.88
%
,
6/1/28
,
Callable
5/1/28
@
100
...........................
1,000,000
989,609
Florida
Power
&
Light
Co.
,
5
.05
%
,
4/1/28
,
Callable
3/1/28
@
100
....................
1,000,000
1,011,567
Public
Service
Enterprise
Group,
Inc.
,
5
.20
%
,
4/1/29
,
Callable
3/1/29
@
100
............
1,000,000
1,000,429
4,033,330
Total
Corporate
Bonds
(Cost
$208,999,695)
209,515,072
Yankee
Dollars
(6.3%)
Consumer
Discretionary
(0.1%):
Borgwarner
Jersey
Ltd.
,
5
.00
%
,
10/1/25
(a)
.....................................
500,000
487,784
Consumer
Staples
(0.2%):
BAT
International
Finance
PLC
,
4
.45
%
,
3/16/28
,
Callable
2/16/28
@
100
...............
1,000,000
971,344
Energy
(0.7%):
Enbridge,
Inc.
,
5
.75
%
(
H15T5Y
+
531
bps
)
,
7/15/80
,
Callable
4/15/30
@
100
(b)
...........
1,515,000
1,428,962
Harbour
Energy
PLC
,
5
.50
%
,
10/15/26
,
Callable
5/6/24
@
102.75
(a)
..................
1,500,000
1,463,958
TransCanada
PipeLines
Ltd.
,
6
.20
%
,
3/9/26
,
Callable
4/22/24
@
100
..................
600,000
598,995
Var
Energi
ASA
,
5
.00
%
,
5/18/27
,
Callable
4/18/27
@
100
(a)
........................
1,000,000
977,860
4,469,775
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
168
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Financials
(2.6%):
Avolon
Holdings
Funding
Ltd.
,
6
.38
%
,
5/4/28
,
Callable
4/4/28
@
100
(a)
...............
$
1,000,000
$
1,022,101
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
7
.53
%
(
H15T5Y
+
300
bps
)
,
10/1/28
(a)
(b)
.......................................
1,500,000
1,564,538
Barclays
PLC
7
.33
%
(
H15T1Y
+
305
bps
)
,
11/2/26
,
Callable
11/2/25
@
100
(b)
..................
1,000,000
1,024,230
6
.49
%
(
SOFR
+
222
bps
)
,
9/13/29
,
Callable
9/13/28
@
100
(b)
....................
1,000,000
1,039,475
BBVA
Bancomer
SA
4
.38
%
,
4/10/24
(a)
..................................................
1,000,000
996,728
5
.35
%
(
H15T5Y
+
300
bps
)
,
11/12/29
,
Callable
11/12/24
@
100
(a)
(b)
..............
2,200,000
2,175,322
Beazley
Insurance
DAC
5
.88
%
,
11/4/26
.....................................................
250,000
245,833
5
.50
%
,
9/10/29
....................................................
1,250,000
1,202,722
BP
Capital
Markets
PLC
,
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(b)
(e)
........
207,000
203,085
Cooperatieve
Rabobank
UA
,
4
.00
%
(
USSW5
+
189
bps
)
,
4/10/29
,
Callable
4/10/24
@
100
,
MTN
(b)
.........................................................
1,800,000
1,798,590
Danske
Bank
A/S
,
3
.77
%
(
H15T1Y
+
145
bps
)
,
3/28/25
(a)
(b)
........................
2,000,000
2,000,000
Nationwide
Building
Society
,
4
.00
%
,
9/14/26
(a)
.................................
1,000,000
959,045
NatWest
Group
PLC
,
7
.47
%
(
H15T1Y
+
285
bps
)
,
11/10/26
,
Callable
11/10/25
@
100
(b)
.....
500,000
513,855
Phoenix
Group
Holdings
PLC
,
4
.75
%
(
H15T5Y
+
428
bps
)
,
9/4/31
,
Callable
6/4/26
@
100
(b)
.
1,000,000
963,628
15,709,152
Health
Care
(0.1%):
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
1
.75
%
,
9/30/27
(a)
.............................
323,300
303,735
Smith
&
Nephew
PLC
,
5
.15
%
,
3/20/27
,
Callable
2/20/27
@
100
.....................
500,000
499,565
803,300
Industrials
(1.1%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
1,400,223
1,368,602
Aircastle
Ltd.
,
5
.25
%
(
H15T5Y
+
441
bps
)
,
Callable
6/15/26
@
100
(a)
(b)
(e)
..............
1,000,000
955,537
Element
Fleet
Management
Corp.
5
.64
%
,
3/13/27
,
Callable
2/13/27
@
100
(a)
................................
2,000,000
2,005,847
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(a)
................................
1,000,000
1,033,193
Triton
Container
International
Ltd.
,
1
.15
%
,
6/7/24
,
Callable
5/7/24
@
100
(a)
............
1,000,000
990,656
6,353,835
Materials
(1.1%):
Alcoa
Nederland
Holding
BV
,
7
.13
%
,
3/15/31
,
Callable
3/15/27
@
103.56
(a)
............
150,000
152,833
Braskem
Netherlands
Finance
BV
,
4
.50
%
,
1/10/28
,
Callable
10/10/27
@
100
(a)
..........
1,500,000
1,348,846
Endeavour
Mining
PLC
,
5
.00
%
,
10/14/26
,
Callable
5/7/24
@
102.5
(a)
.................
500,000
474,359
OCI
NV
,
4
.63
%
,
10/15/25
,
Callable
5/6/24
@
101.16
(a)
...........................
1,000,000
979,682
Syngenta
Finance
NV
,
4
.89
%
,
4/24/25
,
Callable
2/24/25
@
100
(a)
....................
1,423,000
1,404,662
West
Fraser
Timber
Co.
Ltd.
,
4
.35
%
,
10/15/24
,
Callable
7/15/24
@
100
(a)
..............
2,171,000
2,142,866
6,503,248
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
3
.88
%
,
3/20/27
,
Callable
12/20/26
@
100
(a)
...........................................................
1,000,000
948,154
Utilities
(0.2%):
Algonquin
Power
Utilities
Corp.
,
5
.37
%
,
6/15/26
................................
1,000,000
994,724
Total
Yankee
Dollars
(Cost
$36,867,532)
37,241,316
Municipal
Bonds
(0.8%)
Alabama
(0.2%):
Black
Belt
Energy
Gas
District
Revenue
,
Series
D-2
,
6
.00
%
,
2/1/29
,
Continuously
Callable
@100
...........................................................
1,000,000
1,048,290
California
(0.1%):
California
Statewide
Communities
Development
Authority
Revenue
,
2
.15
%
,
11/15/30
,
Continuously
Callable
@100
...........................................
940,000
854,518
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Colorado
(0.1%):
Colorado
Health
Facilities
Authority
Revenue
,
Series
B
,
2
.80
%
,
12/1/26
................
$
365,000
$
342,256
Maryland
(0.3%):
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
1
.81
%
,
1/1/25
.....................................................
1,000,000
965,511
1
.89
%
,
1/1/26
.....................................................
1,000,000
928,476
1,893,987
Michigan
(0.0%):(f)
Michigan
Finance
Authority
Revenue
,
Series
A-1
,
2
.33
%
,
6/1/30
.....................
251,214
248,321
Rhode
Island
(0.1%):
Providence
Redevelopment
Agency
Revenue
,
Series
A
,
2
.50
%
,
3/15/26
................
410,000
388,981
Total
Municipal
Bonds
(Cost
$4,966,214)
4,776,353
U.S.
Government
Agency
Mortgages
(0.1%)
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
10/1/38
....................................................
881,748
887,598
Total
U.S.
Government
Agency
Mortgages
(Cost
$867,519)
887,598
U.S.
Treasury
Obligations
(8.0%)
U.S.
Treasury
Notes
4
.50
%
,
11/30/24
....................................................
5,000,000
4,976,172
4
.25
%
,
10/15/25
....................................................
4,000,000
3,967,031
4
.63
%
,
9/15/26
....................................................
1,000,000
1,002,344
0
.50
%
,
8/31/27
....................................................
10,000,000
8,784,375
4
.00
%
,
6/30/28
....................................................
9,000,000
8,900,859
1
.63
%
,
8/15/29
....................................................
11,000,000
9,657,656
4
.13
%
,
8/31/30
....................................................
10,000,000
9,939,844
Total
U.S.
Treasury
Obligations
(Cost
$46,916,739)
47,228,281
Commercial
Paper
(8.4%)
Energy
(6.1%):
Brookfield
Corp.
Treasury
Ltd.
,
5
.67
%
,
4/8/24
(g)
................................
5,300,000
5,290,796
Crown
Castle
International
Corp.
,
5
.78
%
,
4/3/24
(g)
..............................
3,000,000
2,997,138
Crown
Castle,
Inc.
,
5
.76
%
,
4/9/24
(a)
(g)
.......................................
400,000
399,233
FMC
Corp.
5
.95
%
,
4/1/24
(a)
(g)
.................................................
1,800,000
1,798,790
6
.02
%
,
4/11/24
(a)
(g)
................................................
3,000,000
2,992,923
6
.13
%
,
4/22/24
(g)
..................................................
1,000,000
995,765
Guadalupe
Valley
Electric
Cooperative,
Inc.
6
.18
%
,
4/2/24
(g)
...................................................
5,600,000
5,595,083
6
.08
%
,
4/24/24
(g)
..................................................
250,000
248,967
International
Flavors
&
Fragrances,
Inc.
,
6
.01
%
,
4/3/24
(a)
(g)
........................
2,200,000
2,198,010
Marathon
Oil
Corp.
,
5
.85
%
,
4/3/24
(g)
........................................
5,300,000
5,295,205
Ovintiv,
Inc.
6
.07
%
,
4/19/24
(g)
..................................................
3,800,000
3,785,735
6
.13
%
,
4/30/24
(g)
..................................................
2,000,000
1,988,817
Targa
Resources
Corp.
,
5
.80
%
,
4/1/24
(a)
(g)
....................................
2,300,000
2,298,540
35,885,002
Industrials
(0.8%):
Stanley
Black
&
Decker,
Inc.
,
5
.91
%
,
4/2/24
(g)
.................................
4,600,000
4,596,354
Information
Technology
(0.5%):
Jabil,
Inc.
,
5
.95
%
,
4/1/24
(g)
...............................................
3,000,000
2,997,975
Materials
(0.6%):
International
Flavors
&
Fragrances,
Inc.
,
6
.08
%
,
4/2/24
(a)
(g)
........................
3,600,000
3,597,286
Victory
Portfolios
II
VictoryShares
Short-Term
Bond
ETF
170
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Utilities
(0.4%):
The
AES
Corp.
,
5
.87
%
,
4/2/24
(g)
...........................................
$
2,600,000
$
2,597,872
Total
Commercial
Paper
(Cost
$49,706,651)
49,674,489
Shares
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(h)
........
494,550
494,550
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(h)
............
494,550
494,550
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(h)
...............
494,550
494,550
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(h)
.
494,550
494,550
Total
Collateral
for
Securities
Loaned
(Cost
$1,978,200)
1,978,200
Total
Investments
(Cost
$591,604,257)
—
100.1%
592,633,678
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
476,449
)
NET
ASSETS
-
100.00%
$
592,157,229
At
March
31,
2024,
the
Fund's
investments
in
foreign
securities
were
9.8%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2024,
the
fair
value
of
these
securities
was
$312,460,403
and
amounted
to
52.8%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2024.
(c)
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,
2024.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Rate
represents
the
effective
yield
at
March
31,
2024.
(h)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
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.
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
March
31,
2024.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
March
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
March
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
March
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
March
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
March
31,
2024,
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,
2024.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2024.
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
171
(Unaudited)
Security
Description
Principal
Amount
Value
Asset-Backed
Securities
(10.7%)
ABS
Auto
(6.5%):
Ally
Auto
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.16
%
,
10/15/29
,
Callable
9/15/27
@
100
$
1,263,000
$
1,258,382
American
Credit
Acceptance
Receivables
Trust
,
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
4/13/25
@
100
(a)
............................................
459,368
456,470
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
................
1,135,000
1,072,407
Series
2021-3
,
Class
B
,
1
.17
%
,
8/18/27
,
Callable
4/18/26
@
100
.................
1,000,000
954,530
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
3/15/25
@
100
(a)
..............
762,000
746,721
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
3/15/25
@
100
(a)
...............
467,000
452,276
Series
2024-A
,
Class
B
,
5
.16
%
,
11/15/32
,
Callable
9/15/27
@
100
(a)
..............
1,300,000
1,287,908
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
500,000
496,974
Series
2021-2A
,
Class
C
,
2
.35
%
,
2/20/28
,
Callable
2/20/27
@
100
(a)
..............
800,000
722,979
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
1,000,000
1,020,761
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
1,000,000
1,038,356
CarMax
Auto
Owner
Trust
................................................
Series
2020-2
,
Class
D
,
5
.75
%
,
5/17/27
,
Callable
5/15/24
@
100
.................
780,000
779,795
Series
2021-2
,
Class
B
,
1
.03
%
,
12/15/26
,
Callable
6/15/25
@
100
................
2,000,000
1,901,373
Series
2021-3
,
Class
D
,
1
.50
%
,
1/18/28
,
Callable
9/15/25
@
100
.................
1,000,000
934,321
Series
2022-3
,
Class
C
,
4
.98
%
,
2/15/28
,
Callable
9/15/26
@
100
.................
1,090,000
1,076,795
Series
2023-1
,
Class
D
,
6
.27
%
,
11/15/29
,
Callable
12/15/26
@
100
...............
1,000,000
1,005,318
Carvana
Auto
Receivables
Trust
,
Series
2021-P2
,
Class
B
,
1
.27
%
,
3/10/27
,
Callable
2/10/27
@
100
.............................................................
1,500,000
1,382,320
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA
,
Class
C
,
6
.24
%
,
9/25/29
,
Callable
3/25/28
@
100
(a)
.............
875,000
901,733
Series
2024-1A
,
Class
A4
,
5
.05
%
,
10/25/29
,
Callable
3/25/28
@
100
(a)
............
1,400,000
1,404,217
Series
2024-1A
,
Class
B
,
5
.16
%
,
11/26/29
,
Callable
3/25/28
@
100
(a)
.............
643,000
644,493
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
1,897,000
1,891,794
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
7/15/26
@
100
(a)
............
1,113,488
1,120,364
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A3
,
5
.84
%
,
1/18/28
,
Callable
4/15/27
@
100
(a)
..............
1,000,000
1,007,538
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
1,000,000
1,017,973
CPS
Auto
Receivables
Trust
...............................................
Series
2022-A
,
Class
B
,
1
.70
%
,
4/16/29
,
Callable
6/15/26
@
100
(a)
...............
218,924
218,355
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
2/15/27
@
100
(a)
...............
2,000,000
2,012,708
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-2A
,
Class
B
,
1
.26
%
,
4/15/30
,
Callable
7/15/24
@
100
(a)
..............
321,748
321,178
Series
2022-3A
,
Class
B
,
7
.52
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
............
1,500,000
1,529,673
Series
2023-2A
,
Class
B
,
6
.61
%
,
7/15/33
,
Callable
11/15/26
@
100
(a)
.............
1,000,000
1,012,825
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
947,000
971,800
Donlen
Fleet
Lease
Funding
2
LLC
,
Series
2021-2
,
Class
B
,
0
.98
%
,
12/11/34
(a)
..........
1,327,000
1,312,560
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
7/15/25
@
100
1,750,000
1,674,027
DT
Auto
Owner
Trust
,
Series
2020-1A
,
Class
E
,
3
.48
%
,
2/16/27
,
Callable
8/15/24
@
100
(a)
.
1,000,000
989,176
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
8/15/28
@
100
(a)
...........................................................
700,000
714,131
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-1
,
Class
A3
,
3
.27
%
,
1/20/28
,
Callable
6/20/25
@
100
(a)
..............
1,000,000
968,894
Series
2022-3
,
Class
A2
,
4
.38
%
,
7/20/29
,
Callable
4/20/26
@
100
(a)
..............
670,681
663,443
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
2,000,000
2,014,088
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
10/20/26
@
100
(a)
.............
962,095
962,728
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
8/20/27
@
100
(a)
..............
1,450,000
1,504,243
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
9/20/27
@
100
(a)
..............
2,000,000
1,993,642
Exeter
Automobile
Receivables
Trust
.........................................
Series
2019-3A
,
Class
E
,
4
.00
%
,
8/17/26
,
Callable
4/15/24
@
100
(a)
..............
1,200,000
1,198,654
Series
2020-2A
,
Class
E
,
7
.19
%
,
9/15/27
,
Callable
12/15/24
@
100
(a)
.............
2,000,000
2,002,188
Flagship
Credit
Auto
Trust
................................................
Series
2020-2
,
Class
D
,
5
.75
%
,
4/15/26
,
Callable
7/15/25
@
100
(a)
...............
672,100
670,561
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
5/15/26
@
100
(a)
...............
1,000,000
916,425
Ford
Credit
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
5
.29
%
,
6/15/26
,
Callable
8/15/25
@
100
.............................................................
800,000
796,278
Ford
Credit
Auto
Owner
Trust
..............................................
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2020-1
,
Class
B
,
2
.29
%
,
8/15/31
,
Callable
2/15/25
@
100
(a)
...............
$
1,500,000
$
1,454,674
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822,000
816,652
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
1,000,000
1,018,939
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2022-1
,
Class
A3
,
1
.83
%
,
12/15/26
,
Callable
7/15/25
@
100
(a)
.............
664,388
661,516
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
9/15/26
@
100
(a)
...............
1,253,000
1,237,534
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
11/15/27
@
100
(a)
..............
1,429,000
1,419,207
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
12/15/28
@
100
(a)
.............
415,000
418,257
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
12/15/28
@
100
(a)
.............
250,000
252,678
GLS
Auto
Receivables
Issuer
Trust
,
Series
2019-3A
,
Class
D
,
3
.84
%
,
5/15/26
,
Callable
4/15/24
@
100
(a)
.........................................................
1,309,500
1,309,500
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
B
,
6
.67
%
,
12/17/29
,
Callable
8/15/28
@
100
(a)
.............
2,755,000
2,847,922
Series
2024-1A
,
Class
B
,
5
.32
%
,
3/15/30
,
Callable
7/15/29
@
100
(a)
..............
875,000
870,891
GM
Financial
Automobile
Leasing
Trust
,
Series
2022-1
,
Class
C
,
2
.64
%
,
2/20/26
,
Callable
7/20/24
@
100
.....................................................
1,000,000
989,970
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
A4
,
5
.17
%
,
1/15/30
,
Callable
2/15/28
@
100
(a)
.............
2,500,000
2,487,400
Series
2024-1A
,
Class
B
,
5
.42
%
,
1/15/30
,
Callable
2/15/28
@
100
(a)
..............
1,200,000
1,193,135
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
4/15/27
@
100
(a)
...........................................................
1,250,000
1,239,506
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-3A
,
Class
C
,
7
.26
%
,
2/25/28
(a)
...........
1,000,000
1,021,440
Hertz
Vehicle
Financing
III
LP
,
Series
2021-2A
,
Class
A
,
1
.68
%
,
12/27/27
(a)
............
1,000,000
910,488
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A
,
Class
C
,
2
.05
%
,
12/26/25
(a)
...............................
1,333,000
1,300,951
Series
2021-1A
,
Class
D
,
3
.98
%
,
12/26/25
(a)
...............................
1,000,000
979,255
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
..............
1,000,000
975,823
Hyundai
Auto
Receivables
Trust
............................................
Series
2020-C
,
Class
B
,
0
.81
%
,
11/16/26
,
Callable
3/15/25
@
100
................
1,271,000
1,223,555
Series
2021-C
,
Class
B
,
1
.49
%
,
12/15/27
,
Callable
3/15/26
@
100
................
2,000,000
1,870,446
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1
,
Class
B
,
0
.88
%
,
9/25/28
,
Callable
5/25/25
@
100
(a)
...............
63,232
62,564
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
10/25/25
@
100
(a)
.............
85,786
84,264
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
A
,
1
.30
%
,
8/17/26
,
Callable
11/15/25
@
100
(a)
.............
148,293
147,069
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
11/15/25
@
100
(a)
.............
1,500,000
1,436,861
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
7/15/26
@
100
(a)
..............
1,600,000
1,597,198
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
6/15/27
@
100
(a)
..............
600,000
599,787
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
9/15/27
@
100
(a)
..............
1,000,000
995,925
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
10/15/27
@
100
(a)
.............
1,000,000
1,013,343
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
10/15/27
@
100
(a)
............
1,500,000
1,531,240
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
(a)
................................
2,000,000
2,024,932
Series
2023-1A
,
Class
B
,
7
.25
%
,
5/20/36
(a)
................................
2,000,000
2,055,576
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
3/15/28
@
100
(a)
...........................................................
500,000
512,217
Oscar
U.S.
Funding
XIII
LLC
,
Series
2021-2A
,
Class
A4
,
1
.27
%
,
9/11/28
,
Callable
6/10/25
@
100
(a)
...........................................................
1,500,000
1,425,637
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
A4
,
4
.18
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
.............
1,000,000
985,971
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
1,499,000
1,478,867
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
3/15/26
@
100
(a)
..............
750,000
739,818
Prestige
Auto
Receivables
Trust
............................................
Series
2021-1A
,
Class
C
,
1
.53
%
,
2/15/28
,
Callable
5/15/26
@
100
(a)
..............
1,000,000
954,540
Series
2023-1A
,
Class
B
,
5
.55
%
,
4/15/27
(a)
................................
1,000,000
996,966
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
(a)
...............................
750,000
759,780
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
12/15/25
@
100
(a)
..............
267,428
265,934
Series
2022-B
,
Class
C
,
5
.92
%
,
8/16/32
,
Callable
5/15/26
@
100
(a)
...............
245,702
245,257
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
9/15/25
@
100
(a)
..
355,180
350,077
Santander
Consumer
Auto
Receivables
Trust
...................................
Series
2020-AA
,
Class
D
,
5
.49
%
,
4/15/26
,
Callable
12/15/24
@
100
(a)
............
139,492
139,457
Series
2020-BA
,
Class
E
,
4
.13
%
,
1/15/27
,
Callable
8/15/25
@
100
(a)
..............
1,500,000
1,466,760
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Santander
Drive
Auto
Receivables
Trust
,
Series
2022-3
,
Class
B
,
4
.13
%
,
8/16/27
,
Callable
2/15/26
@
100
.....................................................
$
1,062,000
$
1,049,393
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A
,
Class
A4
,
5
.21
%
,
4/16/29
,
Callable
8/15/28
@
100
(a)
..............
1,500,000
1,500,820
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
8/15/28
@
100
(a)
...............
1,500,000
1,499,857
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
11/15/27
@
100
(a)
............
900,000
907,301
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
2,000,000
2,026,918
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
B
,
5
.71
%
,
1/22/30
,
Callable
6/20/27
@
100
(a)
..............
1,500,000
1,521,407
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
4/20/28
@
100
(a)
..............
840,000
844,280
Tesla
Auto
Lease
Trust
...................................................
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
12/20/25
@
100
(a)
.............
802,000
812,522
Series
2024-A
,
Class
A4
,
5
.31
%
,
12/20/27
,
Callable
7/20/26
@
100
(a)
.............
2,000,000
1,998,277
Toyota
Auto
Loan
Extended
Note
Trust
.......................................
Series
2021-1A
,
Class
A
,
1
.07
%
,
2/27/34
,
Callable
2/25/26
@
100
(a)
(b)
............
2,000,000
1,853,107
Series
2022-1A
,
Class
A
,
3
.82
%
,
4/25/35
,
Callable
4/25/27
@
100
(a)
..............
2,000,000
1,933,588
Toyota
Auto
Receivables
Owner
Trust
,
Series
2023-A
,
Class
A3
,
4
.63
%
,
9/15/27
,
Callable
4/15/27
@
100
.....................................................
4,000,000
3,963,003
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
9/20/25
@
100
(a)
...........................................................
2,000,000
1,992,181
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
10/25/26
@
100
(a)
.......
2,259,984
2,273,038
UNIFY
Auto
Receivables
Trust
,
Series
2021-1A
,
Class
B
,
1
.29
%
,
11/16/26
,
Callable
2/15/25
@
100
(a)
.........................................................
1,000,000
967,043
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
5/15/27
@
100
(a)
............
1,000,000
1,002,401
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
5/15/27
@
100
(a)
..............
533,000
534,188
Westlake
Automobile
Receivables
Trust
.......................................
Series
2021-3A
,
Class
C
,
1
.58
%
,
1/15/27
,
Callable
9/15/25
@
100
(a)
..............
1,000,000
978,392
Series
2022-2A
,
Class
C
,
4
.85
%
,
9/15/27
,
Callable
4/15/26
@
100
(a)
..............
1,071,000
1,058,137
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
1,350,000
1,349,645
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
2,000,000
2,062,186
129,520,838
ABS
Card
(0.6%):
CARDS
II
Trust
,
Series
2021-1A
,
Class
A
,
0
.60
%
,
4/15/27
(a)
.......................
2,300,000
2,295,857
Citibank
Credit
Card
Issuance
Trust
,
Series
2018-A7
,
Class
A7
,
3
.96
%
,
10/13/30
.........
1,900,000
1,836,131
Evergreen
Credit
Card
Trust
...............................................
Series
2022-CRT1
,
Class
C
,
6
.19
%
,
7/15/26
(a)
..............................
1,500,000
1,497,447
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
1,000,000
1,001,115
Master
Credit
Card
Trust
.................................................
Series
2021-1A
,
Class
B
,
0
.79
%
,
11/21/25
(a)
...............................
539,000
535,186
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
................................
625,000
559,096
Master
Credit
Card
Trust
II
................................................
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
................................
410,000
410,355
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
1,145,000
1,186,936
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
A
,
1
.53
%
,
10/26/29
(a)
...............................
2,000,000
1,825,883
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
2,000,000
1,827,484
12,975,490
ABS
Other
(3.3%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/24
@
100
(a)
.........................................................
1,500,000
1,364,918
Amur
Equipment
Finance
Receivables
IX
LLC
,
Series
2021-1A
,
Class
C
,
1
.75
%
,
6/21/27
,
Callable
11/20/24
@
100
(a)
...........................................
1,600,000
1,556,215
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............................................
411,850
402,124
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
969,816
967,068
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
............................................
1,125,000
1,138,893
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Amur
Equipment
Finance
Receivables
XIII
LLC
,
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
4/20/28
@
100
(a)
............................................
$
1,081,000
$
1,086,904
Atalaya
Equipment
Leasing
Trust
...........................................
Series
2021-1A
,
Class
B
,
2
.08
%
,
2/15/27
,
Callable
10/15/24
@
100
(a)
.............
1,000,000
975,134
Series
2021-1A
,
Class
C
,
2
.69
%
,
6/15/28
,
Callable
10/15/24
@
100
(a)
.............
1,500,000
1,402,977
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
2/15/28
@
100
(a)
..............
826,000
840,286
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.............
833,000
861,589
CCG
Receivables
Trust
...................................................
Series
2021-2
,
Class
C
,
1
.50
%
,
3/14/29
,
Callable
6/14/25
@
100
(a)
...............
1,000,000
951,844
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
8/14/26
@
100
(a)
..............
859,865
862,319
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
11/14/27
@
100
(a)
..............
1,450,000
1,485,117
CF
Hippolyta
Issuer
LLC
,
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
4/15/24
@
100
(a)
...........................................................
1,413,671
1,278,340
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
8/15/24
@
100
(a)
..............
323,018
323,749
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
...............
205,838
205,936
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A4
,
5
.93
%
,
12/16/30
,
Callable
11/15/26
@
100
.............................................................
1,680,000
1,708,019
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1
,
Class
A3
,
5
.65
%
,
9/22/28
,
Callable
9/22/25
@
100
(a)
..............
1,000,000
1,002,004
Series
2023-3
,
Class
A3
,
5
.93
%
,
4/23/29
,
Callable
6/22/26
@
100
(a)
..............
1,594,000
1,611,837
Dext
ABS
LLC
,
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
.......
1,500,000
1,523,072
Diamond
Infrastructure
Funding
LLC
,
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
...................................................
1,000,000
892,304
Diamond
Issuer
,
Series
2021-1A
,
Class
A
,
2
.31
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
....
1,125,000
1,003,851
DLLST
LLC
,
Series
2022-1A
,
Class
A4
,
3
.69
%
,
9/20/28
,
Callable
7/20/25
@
100
(a)
.......
2,000,000
1,974,777
ExteNet
LLC
,
Series
2019-1A
,
Class
A2
,
3
.20
%
,
7/25/49
,
Callable
4/25/24
@
100
(a)
......
500,000
494,313
FirstKey
Homes
Trust
,
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
.................
1,153,846
1,043,788
Ford
Credit
Floorplan
Master
Owner
Trust
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
......
532,000
530,597
Granite
Park
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
8/20/30
@
100
(a)
...................................................
1,634,000
1,715,930
GreatAmerica
Leasing
Receivables
,
Series
2024-1
,
Class
B
,
5
.18
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
.........................................................
1,480,000
1,472,988
HPEFS
Equipment
Trust
..................................................
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
4/20/24
@
100
(a)
..............
2,198,987
2,198,987
Series
2022-1A
,
Class
C
,
1
.96
%
,
5/21/29
,
Callable
5/20/25
@
100
(a)
..............
2,000,000
1,955,560
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
10/20/26
@
100
(a)
.............
1,250,000
1,266,534
Series
2024-1A
,
Class
B
,
5
.18
%
,
5/20/31
,
Callable
6/20/27
@
100
(a)
..............
1,500,000
1,488,707
John
Deere
Owner
Trust
,
Series
2022-A
,
Class
A4
,
2
.49
%
,
1/16/29
,
Callable
10/15/25
@
100
1,000,000
958,914
Kubota
Credit
Owner
Trust
,
Series
2022-1A
,
Class
A4
,
2
.78
%
,
2/15/28
,
Callable
2/15/26
@
100
(a)
...........................................................
2,000,000
1,911,125
M&T
Equipment
LEAF1
Notes
,
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
.........................................................
2,076,000
2,095,483
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A
,
Class
A4
,
1
.04
%
,
11/13/30
(a)
...............................
2,000,000
1,845,591
Series
2022-A
,
Class
A4
,
3
.32
%
,
6/13/44
(a)
................................
1,500,000
1,447,467
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
750,000
757,563
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
3/13/31
@
100
(a)
..............
865,000
864,394
MVW
LLC
,
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
11/20/26
@
100
(a)
......
347,501
313,756
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
...........................................
1,807,000
1,582,463
NP
SPE
II
LLC
........................................................
Series
2019-1A
,
Class
A2
,
3
.24
%
,
9/20/49
,
Callable
4/20/24
@
100
(a)
.............
498,295
467,789
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
,
Callable
4/19/24
@
100
(a)
............
506,667
481,245
Post
Road
Equipment
Finance
LLC
,
Series
2024-1A
,
Class
B
,
5
.58
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
...................................................
2,622,000
2,611,286
Progress
Residential
Trust
,
Series
2021-SFR6
,
Class
A
,
1
.52
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
...........................................................
1,095,255
1,004,204
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
4,000,000
3,773,675
SCF
Equipment
Leasing
LLC
..............................................
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
1/20/25
@
100
(a)
..............
465,024
464,038
Series
2021-1A
,
Class
B
,
1
.37
%
,
8/20/29
,
Callable
10/20/25
@
100
(a)
.............
500,000
479,828
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
8/20/29
@
100
(a)
..............
1,071,429
1,093,993
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
8/20/30
@
100
(a)
..............
$
1,243,000
$
1,291,060
Vantage
Data
Centers
Issuer
LLC
,
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
4/15/24
@
100
(a)
.........................................................
683,802
677,472
VB-S1
Issuer
LLC
......................................................
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
............
1,000,000
911,464
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
500,000
444,535
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
1,183,893
1,191,904
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
1,225,141
1,047,518
65,303,448
Agency
ABS
Other
(0.3%):
Navient
Student
Loan
Trust
................................................
Series
2015-2
,
Class
B
,
6
.93
%
(
SOFR30A
+
161
bps
)
,
8/25/50
,
Callable
12/25/32
@
100
(c)
.......................................................
3,000,000
2,862,479
Series
2018-2A
,
Class
B
,
6
.58
%
(
SOFR30A
+
126
bps
)
,
3/25/67
,
Callable
6/25/36
@
100
(a)
(c)
.....................................................
1,000,000
901,438
Nelnet
Student
Loan
Trust
,
Series
2019-5
,
Class
A
,
2
.53
%
,
10/25/67
,
Callable
11/25/33
@
100
(a)
...........................................................
1,849,396
1,682,973
SLM
Student
Loan
Trust
..................................................
Series
2006-10
,
Class
B
,
5
.84
%
(
SOFR90A
+
48
bps
)
,
3/25/44
,
Callable
4/25/32
@
100
(c)
137,411
127,638
Series
2007-1
,
Class
B
,
5
.84
%
(
SOFR90A
+
48
bps
)
,
1/27/42
,
Callable
10/25/29
@
100
(c)
220,402
200,681
5,775,209
Total
Asset-Backed
Securities
(Cost
$215,765,832)
213,574,985
Collateralized
Mortgage
Obligations
(4.2%)
Agency
CMBS
(0.6%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K136
,
Class
A2
,
2
.13
%
,
11/25/31
...................................
4,000,000
3,352,473
Series
K141
,
Class
A2
,
2
.25
%
,
2/25/32
,
Callable
2/25/32
@
100
.................
4,000,000
3,369,305
Series
K142
,
Class
A2
,
2
.40
%
,
3/25/32
,
Callable
3/25/32
@
100
.................
3,000,000
2,549,631
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
...................................
3,000,000
2,553,130
11,824,539
Agency
CMO
Other
(0.7%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
1,921,465
1,921,151
Federal
National
Mortgage
Association
,
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
........
1,687,961
1,682,426
Government
National
Mortgage
Association
....................................
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
1,905,634
1,627,251
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
1,451,209
1,452,120
Series
2024-20
,
Class
PA
,
4
.50
%
,
2/20/54
.................................
7,000,000
6,781,113
13,464,061
Agency
Commercial
MBS
(0.6%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K087
,
Class
A2
,
3
.77
%
,
12/25/28
..................................
500,000
481,184
Series
K091
,
Class
A2
,
3
.51
%
,
3/25/29
...................................
1,250,000
1,187,974
Series
K095
,
Class
A2
,
2
.79
%
,
6/25/29
...................................
1,000,000
916,258
Series
K096
,
Class
A2
,
2
.52
%
,
7/25/29
,
Callable
7/25/29
@
100
.................
1,000,000
902,694
Series
K097
,
Class
A2
,
2
.51
%
,
7/25/29
...................................
2,000,000
1,802,062
Series
K100
,
Class
A2
,
2
.67
%
,
9/25/29
...................................
545,000
493,812
Series
K-1510
,
Class
A3
,
3
.79
%
,
1/25/34
,
Callable
1/25/34
@
100
................
1,000,000
928,147
Series
K-1512
,
Class
A3
,
3
.06
%
,
4/25/34
..................................
1,000,000
843,535
Series
K159
,
Class
A2
,
3
.95
%
,
11/25/30
(b)
................................
500,000
477,236
Series
KG02
,
Class
A2
,
2
.41
%
,
8/25/29
,
Callable
8/25/29
@
100
.................
909,000
817,552
Series
KIR3
,
Class
A2
,
3
.28
%
,
8/25/27
,
Callable
8/25/27
@
100
.................
1,500,000
1,433,810
Federal
National
Mortgage
Association
.......................................
Series
2018-M4
,
Class
A2
,
3
.06
%
,
3/25/28
(b)
...............................
378,269
358,334
Series
2019-M1
,
Class
A2
,
3
.55
%
,
9/25/28
(b)
...............................
650,724
623,471
Series
2019-M12
,
Class
A2
,
2
.89
%
,
6/25/29
(b)
..............................
981,224
905,942
12,172,011
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
176
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Commercial
MBS
(2.3%):
Arbor
Multifamily
Mortgage
Securities
Trust
,
Series
2022-MF4
,
Class
A5
,
3
.29
%
,
2/15/55
,
Callable
2/15/32
@
100
(a)
(b)
..........................................
$
2,000,000
$
1,782,379
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
.............................
1,740,000
1,648,257
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
.............................
1,000,000
904,510
Series
2018-AVM
,
Class
D
,
4
.11
%
,
7/5/40
(a)
(b)
.............................
1,000,000
862,665
BBCMS
Mortgage
Trust
,
Series
2022-C16
,
Class
AS
,
4
.60
%
,
6/15/55
,
Callable
6/15/32
@
100
(b)
...........................................................
540,540
505,892
Benchmark
Mortgage
Trust
,
Series
2020-B17
,
Class
ASB
,
2
.18
%
,
3/15/53
,
Callable
3/15/30
@
100
.............................................................
1,000,000
909,520
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
6
.49
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(c)
...............
865,000
859,810
Series
2022-OANA
,
Class
B
,
7
.77
%
(
TSFR1M
+
245
bps
)
,
4/15/37
(a)
(c)
............
2,000,000
2,001,542
Series
2022-OANA
,
Class
D
,
9
.02
%
(
TSFR1M
+
370
bps
)
,
4/15/37
(a)
(c)
............
1,000,000
1,001,514
Series
2022-STAR
,
Class
A
,
8
.56
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(c)
.............
2,690,909
2,697,399
BX
Commercial
Mortgage
Trust
,
Series
2022-CSMO
,
Class
B
,
8
.47
%
(
TSFR1M
+
314
bps
)
,
6/15/27
(a)
(c)
......................................................
1,500,000
1,504,066
BX
Trust
.............................................................
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
............
923,077
821,231
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
..............................
2,000,000
1,868,154
BXP
Trust
............................................................
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(b)
............................
550,000
414,453
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
............................
1,500,000
1,074,996
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
............................
500,000
321,795
Citigroup
Commercial
Mortgage
Trust
........................................
Series
2017-P8
,
Class
AS
,
3
.79
%
,
9/15/50
,
Callable
9/15/27
@
100
(b)
.............
500,000
466,487
Series
2020-GC46
,
Class
AAB
,
2
.61
%
,
2/15/53
,
Callable
2/15/30
@
100
...........
732,000
676,784
COMM
Mortgage
Trust
..................................................
Series
2014-277P
,
Class
A
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(b)
..........
2,420,000
2,310,385
Series
2015-LC23
,
Class
AM
,
4
.16
%
,
10/10/48
,
Callable
11/10/25
@
100
(b)
........
250,000
241,401
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
...........
1,750,000
1,707,215
Series
2015-PC1
,
Class
B
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
.............
865,000
828,113
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
............
1,500,000
1,218,000
CSMC
,
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
...........................
2,252,000
1,985,822
DBJPM
Mortgage
Trust
..................................................
Series
2016-C1
,
Class
A4
,
3
.28
%
,
5/10/49
,
Callable
4/10/26
@
100
...............
500,000
477,390
Series
2016-SFC
,
Class
A
,
2
.83
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
.............
1,750,000
787,022
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
6
.82
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(c)
......................................................
711,088
710,204
GS
Mortgage
Securities
Corp.
II
,
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(b)
........
1,080,000
1,047,267
GS
Mortgage
Securities
Corp.
Trust
,
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
.......
968,963
710,927
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
1,500,000
1,450,456
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
............
1,000,000
934,774
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
...........................
535,000
468,854
ILPT
Commercial
Mortgage
Trust
...........................................
Series
2022-LPF2
,
Class
B
,
8
.07
%
(
TSFR1M
+
274
bps
)
,
10/15/39
(a)
(c)
.............
2,000,000
1,999,608
Series
2022-LPFX
,
Class
A
,
3
.38
%
,
3/15/32
(a)
..............................
2,000,000
1,710,111
MHC
Commercial
Mortgage
Trust
,
Series
2021-MHC
,
Class
A
,
6
.24
%
(
TSFR1M
+
92
bps
)
,
4/15/38
(a)
(c)
......................................................
1,921,028
1,911,800
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
B
,
2
.81
%
,
11/9/43
(a)
..........
1,000,000
661,252
NRTH
Mortgage
Trust
,
Series
2024-PARK
,
Class
A
,
6
.94
%
(
TSFR1M
+
164
bps
)
,
3/15/41
(a)
(c)
1,161,000
1,161,046
SCOTT
Trust
,
Series
2023-SFS
,
Class
A
,
5
.91
%
,
3/15/40
(a)
........................
1,000,000
1,005,114
SLG
Office
Trust
,
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
.....................
800,000
660,534
SREIT
Trust
,
Series
2021-MFP2
,
Class
B
,
6
.61
%
(
TSFR1M
+
129
bps
)
,
11/15/36
(a)
(c)
......
1,500,000
1,492,710
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2018-AUS
,
Class
A
,
4
.06
%
,
8/17/36
(a)
(b)
..
250,000
231,626
46,033,085
Total
Collateralized
Mortgage
Obligations
(Cost
$88,468,060)
83,493,696
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
177
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Corporate
Bonds
(22.1%)
Communication
Services
(1.0%):
AT&T,
Inc.
,
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
(d)
.............................
$
2,000,000
$
1,483,209
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
3
.75
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
500,000
463,885
2
.25
%
,
1/15/29
,
Callable
11/15/28
@
100
..................................
2,000,000
1,701,826
2
.30
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
2,500,000
1,929,596
5
.38
%
,
4/1/38
,
Callable
10/1/37
@
100
...................................
750,000
652,667
Comcast
Corp.
3
.55
%
,
5/1/28
,
Callable
2/1/28
@
100
....................................
750,000
715,575
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
...................................
1,250,000
812,238
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
444,000
396,006
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
1,250,000
1,120,308
T-Mobile
US,
Inc.
4
.75
%
,
2/1/28
,
Callable
4/15/24
@
101.58
.................................
643,000
634,587
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
1,000,000
937,382
2
.25
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
3,500,000
2,873,176
Verizon
Communications,
Inc.
3
.40
%
,
3/22/41
,
Callable
9/22/40
@
100
..................................
2,000,000
1,564,260
3
.55
%
,
3/22/51
,
Callable
9/22/50
@
100
..................................
1,500,000
1,113,735
Warnermedia
Holdings,
Inc.
4
.05
%
,
3/15/29
,
Callable
1/15/29
@
100
..................................
2,000,000
1,873,177
4
.28
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
1,000,000
893,790
19,165,417
Consumer
Discretionary
(1.2%):
Advance
Auto
Parts,
Inc.
,
3
.50
%
,
3/15/32
,
Callable
12/15/31
@
100
...................
2,000,000
1,713,821
AutoNation,
Inc.
,
2
.40
%
,
8/1/31
,
Callable
5/1/31
@
100
...........................
3,000,000
2,418,383
Brunswick
Corp.
,
2
.40
%
,
8/18/31
,
Callable
5/18/31
@
100
.........................
1,500,000
1,194,607
Daimler
Truck
Finance
North
America
LLC
,
2
.38
%
,
12/14/28
(a)
.....................
1,050,000
934,573
Genuine
Parts
Co.
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
1,000,000
831,300
6
.88
%
,
11/1/33
,
Callable
8/1/33
@
100
(d)
.................................
952,000
1,051,767
Hasbro,
Inc.
,
3
.90
%
,
11/19/29
,
Callable
8/19/29
@
100
............................
3,500,000
3,248,897
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
1,500,000
1,262,826
Marriott
International,
Inc.
,
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................
1,000,000
875,743
Mercedes-Benz
Finance
North
America
LLC
,
3
.45
%
,
1/6/27
(a)
......................
1,000,000
961,673
Newell
Brands,
Inc.
,
5
.70
%
,
4/1/26
,
Callable
1/1/26
@
100
.........................
500,000
491,417
Nordstrom,
Inc.
,
4
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
............................
750,000
657,332
O'Reilly
Automotive,
Inc.
,
4
.20
%
,
4/1/30
,
Callable
1/1/30
@
100
.....................
1,000,000
955,682
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
1,300,000
1,134,365
Tapestry,
Inc.
,
7
.85
%
,
11/27/33
,
Callable
8/27/33
@
100
...........................
1,500,000
1,628,470
The
Home
Depot,
Inc.
,
2
.38
%
,
3/15/51
,
Callable
9/15/50
@
100
.....................
1,400,000
831,152
Tractor
Supply
Co.
1
.75
%
,
11/1/30
,
Callable
8/1/30
@
100
...................................
1,000,000
810,278
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
..................................
750,000
754,390
Volkswagen
Group
of
America
Finance
LLC
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(a)
..................................
1,500,000
1,464,993
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
1,500,000
1,592,666
24,814,335
Consumer
Staples
(1.9%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
1,500,000
1,205,040
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
1,000,000
623,700
Altria
Group,
Inc.
,
2
.45
%
,
2/4/32
,
Callable
11/4/31
@
100
..........................
1,500,000
1,218,154
Anheuser-Busch
InBev
Worldwide,
Inc.
4
.38
%
,
4/15/38
,
Callable
10/15/37
@
100
.................................
1,500,000
1,394,640
5
.45
%
,
1/23/39
,
Callable
7/23/38
@
100
..................................
500,000
516,535
4
.35
%
,
6/1/40
,
Callable
12/1/39
@
100
...................................
1,000,000
907,089
BAT
Capital
Corp.
2
.73
%
,
3/25/31
,
Callable
12/25/30
@
100
.................................
1,000,000
841,677
7
.75
%
,
10/19/32
,
Callable
7/19/32
@
100
.................................
1,000,000
1,129,890
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
178
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
4
.39
%
,
8/15/37
,
Callable
2/15/37
@
100
..................................
$
1,250,000
$
1,051,625
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
1,500,000
1,492,613
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
2,000,000
1,721,318
Campbell
Soup
Co.
,
5
.20
%
,
3/21/29
,
Callable
2/21/29
@
100
.......................
2,000,000
2,010,015
Cargill,
Inc.
2
.13
%
,
11/10/31
,
Callable
8/10/31
@
100
(a)
................................
1,000,000
819,338
5
.13
%
,
10/11/32
,
Callable
7/11/32
@
100
(a)
................................
1,500,000
1,505,844
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
(d)
...............
1,000,000
831,062
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
1,000,000
826,177
Dollar
General
Corp.
,
5
.45
%
,
7/5/33
,
Callable
4/5/33
@
100
(d)
......................
1,250,000
1,254,358
General
Mills,
Inc.
,
4
.55
%
,
4/17/38
,
Callable
10/17/37
@
100
.......................
1,000,000
900,212
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
SARL
,
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
(a)
..................................................
1,500,000
1,577,250
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
2
.50
%
,
1/15/27
,
Callable
12/15/26
@
100
.................................
1,500,000
1,382,835
3
.00
%
,
2/2/29
,
Callable
12/2/28
@
100
...................................
750,000
664,875
Keurig
Dr
Pepper,
Inc.
3
.95
%
,
4/15/29
,
Callable
2/15/29
@
100
..................................
750,000
716,218
2
.25
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,000,000
834,159
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
.................................
1,000,000
857,978
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
1,000,000
937,850
Mars,
Inc.
,
3
.88
%
,
4/1/39
,
Callable
10/1/38
@
100
(a)
.............................
1,000,000
864,835
McCormick
&
Co.,
Inc.
,
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
...................
1,000,000
810,897
Philip
Morris
International,
Inc.
,
5
.38
%
,
2/15/33
,
Callable
11/15/32
@
100
..............
2,000,000
2,014,211
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
3,000,000
2,539,622
Sysco
Corp.
,
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
............................
1,500,000
1,253,887
The
Coca-Cola
Co.
,
2
.00
%
,
3/5/31
...........................................
2,000,000
1,691,440
The
J.M.
Smucker
Co.
,
6
.20
%
,
11/15/33
,
Callable
8/15/33
@
100
....................
900,000
960,946
Walgreens
Boots
Alliance,
Inc.
,
4
.10
%
,
4/15/50
,
Callable
10/15/49
@
100
..............
1,000,000
735,013
38,091,303
Energy
(1.3%):
Apache
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
............................
1,500,000
1,067,039
Boardwalk
Pipelines
LP
4
.45
%
,
7/15/27
,
Callable
4/15/27
@
100
..................................
500,000
487,982
4
.80
%
,
5/3/29
,
Callable
2/3/29
@
100
....................................
500,000
492,658
3
.60
%
,
9/1/32
,
Callable
6/1/32
@
100
....................................
1,000,000
873,346
Buckeye
Partners
LP
,
4
.13
%
,
12/1/27
,
Callable
9/1/27
@
100
.......................
1,000,000
942,429
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
1,091,000
907,346
Columbia
Pipelines
Operating
Co.
LLC
,
6
.04
%
,
11/15/33
,
Callable
8/15/33
@
100
(a)
......
1,000,000
1,036,574
ConocoPhillips
Co.
,
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
.......................
1,500,000
1,548,465
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(e)
......................
1,000,000
981,546
4
.15
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
1,000,000
948,704
EQT
Corp.
,
7
.00
%
,
2/1/30
,
Callable
11/1/29
@
100
..............................
514,000
545,408
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/38
.......................
3,500,000
3,532,413
Florida
Gas
Transmission
Co.
LLC
,
2
.55
%
,
7/1/30
,
Callable
4/1/30
@
100
(a)
............
1,500,000
1,282,999
Gray
Oak
Pipeline
LLC
,
3
.45
%
,
10/15/27
,
Callable
8/15/27
@
100
(a)
.................
1,334,000
1,252,146
Helmerich
&
Payne,
Inc.
,
2
.90
%
,
9/29/31
,
Callable
6/29/31
@
100
....................
500,000
420,012
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.25
%
,
11/1/28
,
Callable
5/6/24
@
103.13
(a)
....
1,000,000
999,178
MPLX
LP
4
.25
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
500,000
486,137
4
.00
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
750,000
722,407
4
.80
%
,
2/15/29
,
Callable
11/15/28
@
100
..................................
250,000
247,107
Murphy
Oil
USA,
Inc.
4
.75
%
,
9/15/29
,
Callable
9/15/24
@
102.38
................................
1,000,000
948,814
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
..............................
235,000
205,257
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
1,250,000
943,487
Phillips
66
Co.
,
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
............................
1,000,000
917,090
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
2,280,000
2,091,843
4
.70
%
,
6/15/44
,
Callable
12/15/43
@
100
.................................
500,000
424,208
Rockies
Express
Pipeline
LLC
,
4
.95
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
.............
1,000,000
935,295
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
179
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Western
Midstream
Operating
LP
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
...................................
$
1,000,000
$
931,479
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
....................................
500,000
446,990
26,618,359
Financials
(6.3%):
Ally
Financial,
Inc.
,
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
......................
833,000
870,485
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
.......
1,500,000
1,464,659
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(a)
..................
1,000,000
764,219
Assurant,
Inc.
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
..................................
882,000
887,679
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
1,000,000
822,379
Bank
of
America
Corp.
6
.10
%
(
TSFR3M
+
416
bps
)
,
Callable
3/17/25
@
100
(c)
(e)
......................
1,000,000
1,002,414
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(d)
(e)
....................
1,000,000
941,227
1
.66
%
(
SOFR
+
91
bps
)
,
3/11/27
,
Callable
3/11/26
@
100
(c)
.....................
500,000
465,722
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(c)
..................
4,000,000
3,314,360
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(c)
..................
1,000,000
798,962
Belrose
Funding
Trust
,
2
.33
%
,
8/15/30
,
Callable
5/15/30
@
100
(a)
...................
1,000,000
802,414
Blackstone
Private
Credit
Fund
,
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.............
1,290,000
1,178,279
Blue
Owl
Credit
Income
Corp.
5
.50
%
,
3/21/25
....................................................
500,000
496,249
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
..................................
250,000
229,448
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
....................................
1,125,000
1,067,252
Blue
Owl
Finance
LLC
,
3
.13
%
,
6/10/31
,
Callable
3/10/31
@
100
(a)
...................
1,000,000
837,711
BMW
US
Capital
LLC
,
3
.75
%
,
4/12/28
,
Callable
1/12/28
@
100
(a)
...................
1,000,000
961,139
Brown
&
Brown,
Inc.
,
4
.20
%
,
3/17/32
,
Callable
12/17/31
@
100
.....................
1,000,000
924,402
Cadence
Bank
,
4
.13
%
(
US0003M
+
247
bps
)
,
11/20/29
,
Callable
11/20/24
@
100
(c)
........
625,000
591,040
Capital
One
Financial
Corp.
3
.75
%
,
7/28/26
,
Callable
6/28/26
@
100
..................................
1,000,000
963,661
2
.36
%
(
SOFR
+
134
bps
)
,
7/29/32
,
Callable
7/29/31
@
100
(c)
....................
1,000,000
769,046
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
......................
1,000,000
998,715
Citigroup,
Inc.
,
2
.52
%
(
SOFR
+
118
bps
)
,
11/3/32
,
Callable
11/3/31
@
100
(c)
.............
2,000,000
1,639,898
Citizens
Bank
NA
4
.12
%
(
SOFR
+
140
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
(c)
....................
907,000
903,407
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(c)
..................
500,000
498,122
Citizens
Financial
Group,
Inc.
2
.50
%
,
2/6/30
,
Callable
11/6/29
@
100
...................................
2,000,000
1,688,902
5
.64
%
(
H15T5Y
+
275
bps
)
,
5/21/37
,
Callable
5/21/32
@
100
(c)
..................
1,000,000
934,765
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.38
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(c)
..................................................
500,000
367,291
Credit
Acceptance
Corp.
,
6
.63
%
,
3/15/26
,
Callable
4/15/24
@
100
(d)
..................
500,000
499,662
Equitable
Holdings,
Inc.
,
4
.35
%
,
4/20/28
,
Callable
1/20/28
@
100
....................
1,000,000
969,085
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
2,000,000
1,701,136
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
3,000,000
2,813,821
Fifth
Third
Bancorp
3
.95
%
,
3/14/28
,
Callable
2/14/28
@
100
..................................
500,000
477,639
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(c)
....................
2,000,000
1,829,125
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
3,025,000
2,397,910
First
Citizens
Bancshares,
Inc.
,
3
.38
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(c)
1,000,000
955,343
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
2,000,000
1,893,117
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,500,000
1,529,618
5
.63
%
,
8/21/33
,
Callable
5/21/33
@
100
..................................
1,000,000
1,021,308
Ford
Motor
Credit
Co.
LLC
4
.54
%
,
8/1/26
,
Callable
6/1/26
@
100
....................................
1,000,000
970,889
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
500,000
440,969
Glencore
Funding
LLC
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(a)
................................
700,000
648,938
2
.50
%
,
9/1/30
,
Callable
6/1/30
@
100
(a)
..................................
500,000
424,496
2
.85
%
,
4/27/31
,
Callable
1/27/31
@
100
(a)
................................
1,000,000
853,661
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
1,500,000
1,258,915
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
1,000,000
991,266
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
180
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Guardian
Life
Global
Funding
,
1
.40
%
,
7/6/27
(a)
(d)
..............................
$
2,000,000
$
1,785,570
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
500,000
482,431
6
.21
%
(
SOFR
+
202
bps
)
,
8/21/29
,
Callable
8/21/28
@
100
(c)
....................
1,000,000
1,023,590
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
1,000,000
764,111
Hyundai
Capital
America
3
.40
%
,
6/20/24
(a)
..................................................
500,000
497,262
3
.50
%
,
11/2/26
,
Callable
9/2/26
@
100
(a)
.................................
500,000
477,233
ILFC
E-Capital
Trust
I
,
7
.14
%
(
TSFR3M
+
181
bps
)
,
12/21/65
,
Callable
5/6/24
@
100
(a)
(c)
..
500,000
389,566
JPMorgan
Chase
&
Co.
4
.60
%
(
TSFR3M
+
313
bps
)
,
Callable
2/1/25
@
100
(c)
(e)
.......................
1,000,000
985,554
2
.52
%
(
SOFR
+
204
bps
)
,
4/22/31
,
Callable
4/22/30
@
100
(c)
....................
3,000,000
2,595,407
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
4,000,000
3,256,995
5
.60
%
,
7/15/41
....................................................
750,000
785,149
KeyBank
NA
,
3
.90
%
,
4/13/29
..............................................
1,500,000
1,345,881
KeyCorp.
3
.88
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
5/23/24
@
100
,
MTN
(c)
...........
500,000
497,760
2
.25
%
,
4/6/27
,
MTN
................................................
500,000
450,112
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(c)
............
757,000
693,456
6
.40
%
(
SOFRINDX
+
242
bps
)
,
3/6/35
,
Callable
3/6/34
@
100
(c)
.................
1,000,000
1,022,201
Lincoln
National
Corp.
,
3
.80
%
,
3/1/28
,
Callable
12/1/27
@
100
......................
500,000
479,164
Loews
Corp.
,
3
.20
%
,
5/15/30
,
Callable
2/15/30
@
100
............................
1,000,000
905,386
M&T
Bank
Corp.
,
5
.05
%
(
SOFR
+
185
bps
)
,
1/27/34
,
Callable
1/27/33
@
100
(c)
..........
1,750,000
1,627,079
Manufacturers
&
Traders
Trust
Co.
,
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
...........
500,000
489,092
MassMutual
Global
Funding
II
,
1
.20
%
,
7/16/26
(a)
...............................
1,500,000
1,373,048
Mercury
General
Corp.
,
4
.40
%
,
3/15/27
,
Callable
12/15/26
@
100
....................
1,000,000
962,568
Metropolitan
Life
Global
Funding
I
,
2
.40
%
,
1/11/32
(a)
............................
2,000,000
1,649,255
Midwest
Connector
Capital
Co.
LLC
,
4
.63
%
,
4/1/29
,
Callable
1/1/29
@
100
(a)
...........
1,500,000
1,448,639
Morgan
Stanley
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(c)
.............
3,000,000
2,478,922
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
2,000,000
1,580,891
New
York
Life
Global
Funding
4
.70
%
,
1/29/29
(a)
..................................................
1,000,000
989,402
1
.85
%
,
8/1/31
(a)
...................................................
1,500,000
1,205,438
5
.00
%
,
1/9/34
(a)
...................................................
900,000
889,684
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
.......................
1,000,000
1,056,197
Pacific
Life
Global
Funding
II
,
1
.38
%
,
4/14/26
(a)
................................
2,000,000
1,852,257
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
1
.70
%
,
6/15/26
,
Callable
5/15/26
@
100
(a)
................................
1,000,000
922,177
6
.20
%
,
6/15/30
,
Callable
4/15/30
@
100
(a)
................................
1,000,000
1,040,749
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
1,750,000
1,460,430
Principal
Life
Global
Funding
II
1
.25
%
,
8/16/26
(a)
..................................................
2,000,000
1,816,348
5
.10
%
,
1/25/29
(a)
..................................................
1,000,000
996,978
Protective
Life
Global
Funding
,
1
.90
%
,
7/6/28
(a)
................................
2,000,000
1,776,497
Prudential
Financial,
Inc.
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
...................................
1,000,000
791,580
6
.00
%
(
H15T5Y
+
323
bps
)
,
9/1/52
,
Callable
6/1/32
@
100
(c)
....................
1,000,000
996,232
Raymond
James
Financial,
Inc.
,
4
.95
%
,
7/15/46
.................................
1,000,000
919,916
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(c)
(e)
........
595,000
585,686
RGA
Global
Funding
,
5
.50
%
,
1/11/31
(a)
......................................
1,900,000
1,906,292
Santander
Holdings
USA,
Inc.
4
.40
%
,
7/13/27
,
Callable
4/14/27
@
100
..................................
750,000
727,920
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
500,000
515,145
State
Street
Corp.
,
5
.16
%
(
SOFR
+
189
bps
)
,
5/18/34
,
Callable
5/18/33
@
100
(c)
..........
1,500,000
1,491,365
Stellantis
Finance
U.S.,
Inc.
,
2
.69
%
,
9/15/31
,
Callable
6/15/31
@
100
(a)
...............
1,200,000
1,008,128
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
2,250,000
1,845,164
Synchrony
Bank
,
5
.63
%
,
8/23/27
,
Callable
7/23/27
@
100
.........................
500,000
490,948
Synchrony
Financial
4
.50
%
,
7/23/25
,
Callable
4/23/25
@
100
..................................
500,000
490,003
5
.15
%
,
3/19/29
,
Callable
12/19/28
@
100
.................................
500,000
480,608
Synovus
Bank
,
4
.00
%
(
H15T5Y
+
363
bps
)
,
10/29/30
,
Callable
10/29/25
@
100
(c)
.........
500,000
431,757
Synovus
Financial
Corp.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(c)
....................
500,000
477,431
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
181
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
The
Bank
of
New
York
Mellon
Corp.
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(c)
(e)
......................
$
500,000
$
490,036
3
.75
%
(
H15T5Y
+
263
bps
)
,
Callable
12/20/26
@
100
(c)
(d)
(e)
...................
1,000,000
917,278
3
.99
%
(
SOFR
+
115
bps
)
,
6/13/28
,
Callable
6/13/27
@
100
,
MTN
(c)
...............
1,000,000
970,136
5
.19
%
(
SOFR
+
142
bps
)
,
3/14/35
,
Callable
3/14/34
@
100
(c)
....................
2,000,000
1,991,052
The
Charles
Schwab
Corp.
,
5
.85
%
(
SOFR
+
250
bps
)
,
5/19/34
,
Callable
5/19/33
@
100
(c)
....
1,350,000
1,381,480
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
1,000,000
1,006,123
The
PNC
Financial
Services
Group,
Inc.
2
.55
%
,
1/22/30
,
Callable
10/24/29
@
100
.................................
1,500,000
1,308,905
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(c)
.................
500,000
466,355
5
.94
%
(
SOFR
+
195
bps
)
,
8/18/34
,
Callable
8/18/33
@
100
(c)
....................
1,000,000
1,026,590
Truist
Bank
,
2
.25
%
,
3/11/30
,
Callable
12/11/29
@
100
............................
1,050,000
874,440
Truist
Financial
Corp.
,
4
.25
%
,
9/30/24
........................................
750,000
741,566
U.S.
Bancorp
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
750,000
764,122
2
.49
%
(
H15T5Y
+
95
bps
)
,
11/3/36
,
Callable
11/3/31
@
100
(c)
...................
1,500,000
1,181,730
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
2,000,000
2,084,801
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
1,172,000
816,128
Webster
Financial
Corp.
,
4
.10
%
,
3/25/29
,
Callable
12/25/28
@
100
...................
500,000
458,279
Wells
Fargo
&
Co.
5
.90
%
,
Callable
6/15/24
@
100
(e)
.......................................
1,746,000
1,743,345
3
.00
%
,
10/23/26
....................................................
1,000,000
946,841
2
.88
%
(
TSFR3M
+
143
bps
)
,
10/30/30
,
Callable
10/30/29
@
100
,
MTN
(c)
...........
1,000,000
884,065
126,124,671
Health
Care
(1.9%):
AbbVie,
Inc.
3
.20
%
,
11/21/29
,
Callable
8/21/29
@
100
..................................
1,000,000
921,637
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
..................................
500,000
433,600
Amgen,
Inc.
5
.25
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
1,000,000
1,008,499
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
..................................
1,250,000
846,699
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
1,250,000
1,027,952
Baxter
International,
Inc.
,
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
....................
1,750,000
1,450,291
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
1,250,000
1,184,925
Boston
Medical
Center
Corp.
,
3
.91
%
,
7/1/28
...................................
500,000
472,903
Bristol-Myers
Squibb
Co.
3
.90
%
,
2/20/28
,
Callable
11/20/27
@
100
..................................
500,000
485,420
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
1,500,000
1,603,255
5
.50
%
,
2/22/44
,
Callable
8/22/43
@
100
..................................
2,000,000
2,046,344
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
1,500,000
1,235,385
CVS
Health
Corp.
2
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
2,000,000
1,633,327
5
.63
%
,
2/21/53
,
Callable
8/21/52
@
100
..................................
500,000
490,951
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
4,000,000
3,547,299
Duke
University
Health
System,
Inc.
,
2
.60
%
,
6/1/30
..............................
2,000,000
1,741,915
Eastern
Maine
Healthcare
Systems
,
3
.71
%
,
7/1/26
...............................
270,000
256,465
Elevance
Health,
Inc.
2
.88
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
323,000
291,312
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,000,000
854,683
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(a)
..
2,500,000
1,964,445
HCA,
Inc.
5
.60
%
,
4/1/34
,
Callable
1/1/34
@
100
....................................
1,000,000
1,007,017
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
750,000
629,888
5
.25
%
,
6/15/49
,
Callable
12/15/48
@
100
.................................
1,000,000
913,551
Humana,
Inc.
,
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
............................
1,132,000
1,133,063
Illumina,
Inc.
,
2
.55
%
,
3/23/31
,
Callable
12/23/30
@
100
(d)
.........................
1,000,000
826,927
Orlando
Health
Obligated
Group
3
.78
%
,
10/1/28
,
Callable
7/1/28
@
100
...................................
500,000
472,119
2
.89
%
,
10/1/35
....................................................
1,000,000
824,656
Revvity,
Inc.
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
1,500,000
1,264,042
2
.25
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
500,000
410,269
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
182
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Solventum
Corp.
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
(a)
..................................
$
625,000
$
626,472
5
.45
%
,
3/13/31
,
Callable
1/13/31
@
100
(a)
................................
625,000
623,485
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
(a)
...............................
625,000
626,970
5
.90
%
,
4/30/54
,
Callable
10/30/53
@
100
(a)
...............................
625,000
623,942
Southern
Illinois
Healthcare
Enterprises,
Inc.
,
3
.97
%
,
5/15/50
,
Callable
11/15/49
@
100
....
1,000,000
769,426
The
Cigna
Group
,
2
.38
%
,
3/15/31
,
Callable
12/15/30
@
100
........................
2,000,000
1,683,828
Universal
Health
Services,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
..............
3,262,000
2,670,950
38,603,912
Industrials
(2.5%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
2,250,000
1,864,737
AGCO
Corp.
,
5
.80
%
,
3/21/34
,
Callable
12/21/33
@
100
...........................
2,000,000
2,025,080
Air
Lease
Corp.
,
2
.88
%
,
1/15/32
,
Callable
10/15/31
@
100
.........................
1,000,000
842,582
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
....................................................
264,074
252,300
3
.85
%
,
2/15/28
....................................................
309,338
285,381
3
.60
%
,
10/15/29
....................................................
351,163
316,832
Aon
North
America,
Inc.
5
.45
%
,
3/1/34
,
Callable
12/1/33
@
100
...................................
1,000,000
1,010,922
5
.75
%
,
3/1/54
,
Callable
9/1/53
@
100
....................................
1,000,000
1,023,529
Ashtead
Capital,
Inc.
4
.25
%
,
11/1/29
,
Callable
11/1/24
@
102.13
(a)
..............................
1,448,000
1,351,697
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
................................
667,000
541,829
5
.50
%
,
8/11/32
,
Callable
5/11/32
@
100
(a)
................................
750,000
734,378
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
1,500,000
1,516,340
British
Airways
Pass
Through
Trust
3
.35
%
,
6/15/29
(a)
..................................................
293,884
272,629
3
.80
%
,
9/20/31
(a)
..................................................
465,403
434,077
Builders
FirstSource,
Inc.
,
6
.38
%
,
6/15/32
,
Callable
6/15/27
@
103.19
(a)
...............
500,000
507,258
Carlisle
Cos.,
Inc.
,
2
.75
%
,
3/1/30
,
Callable
12/1/29
@
100
.........................
1,000,000
879,922
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
1,100,000
861,388
Concentrix
Corp.
,
6
.85
%
,
8/2/33
,
Callable
5/2/33
@
100
...........................
1,500,000
1,489,377
Cummins,
Inc.
,
4
.90
%
,
2/20/29
,
Callable
1/20/29
@
100
...........................
1,900,000
1,911,616
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
1,250,000
1,222,585
FedEx
Corp.
,
4
.05
%
,
2/15/48
,
Callable
8/15/47
@
100
............................
1,500,000
1,194,957
Fluor
Corp.
,
4
.25
%
,
9/15/28
,
Callable
6/15/28
@
100
.............................
1,000,000
935,239
Fortune
Brands
Innovations,
Inc.
,
4
.00
%
,
3/25/32
,
Callable
12/25/31
@
100
.............
1,250,000
1,142,582
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
2,000,000
1,633,628
Hawaiian
Airlines
Pass
Through
Certificates
,
3
.90
%
,
1/15/26
........................
76,939
71,352
Hillenbrand,
Inc.
,
3
.75
%
,
3/1/31
,
Callable
3/1/26
@
101.88
.........................
350,000
303,113
Howmet
Aerospace,
Inc.
5
.90
%
,
2/1/27
.....................................................
250,000
253,679
3
.00
%
,
1/15/29
,
Callable
11/15/28
@
100
..................................
1,000,000
903,915
Hubbell,
Inc.
,
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
...........................
1,500,000
1,251,568
Huntington
Ingalls
Industries,
Inc.
,
2
.04
%
,
8/16/28
,
Callable
6/16/28
@
100
.............
1,500,000
1,310,910
JetBlue
Pass
Through
Trust
,
2
.95
%
,
5/15/28
....................................
199,374
175,028
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
1,058,000
1,038,914
Leidos,
Inc.
2
.30
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
1,500,000
1,239,581
5
.75
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
2,250,000
2,310,860
Northwestern
Mutual
Global
Funding
,
4
.71
%
,
1/10/29
(a)
..........................
2,650,000
2,620,030
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
1,000,000
769,070
Quanta
Services,
Inc.
,
2
.90
%
,
10/1/30
,
Callable
7/1/30
@
100
.......................
1,500,000
1,311,804
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
....................
570,000
591,991
Ryder
System,
Inc.
2
.85
%
,
3/1/27
,
Callable
2/1/27
@
100
,
MTN
...............................
2,000,000
1,876,167
5
.38
%
,
3/15/29
,
Callable
2/15/29
@
100
,
MTN
.............................
1,000,000
1,008,572
Spirit
Airlines
Pass
Through
Trust
,
3
.38
%
,
2/15/30
...............................
918,376
792,272
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
2,750,000
2,421,433
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
1,000,000
946,390
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
2,100,000
1,921,837
Trane
Technologies
Global
Holding
Co.
Ltd.
,
3
.75
%
,
8/21/28
,
Callable
5/21/28
@
100
.....
500,000
478,233
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
183
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Union
Pacific
Corp.
,
3
.25
%
,
2/5/50
,
Callable
8/5/49
@
100
.........................
$
1,000,000
$
729,026
United
Airlines
Pass
Through
Trust
4
.88
%
,
1/15/26
....................................................
190,708
187,319
3
.70
%
,
3/1/30
.....................................................
367,383
329,075
49,093,004
Information
Technology
(1.3%):
Amphenol
Corp.
4
.35
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
500,000
487,210
2
.20
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
1,125,000
931,409
Broadcom,
Inc.
2
.45
%
,
2/15/31
,
Callable
11/15/30
@
100
(a)
................................
1,000,000
842,220
3
.42
%
,
4/15/33
,
Callable
1/15/33
@
100
(a)
................................
2,000,000
1,730,260
3
.47
%
,
4/15/34
,
Callable
1/15/34
@
100
(a)
................................
500,000
428,711
Dell
International
LLC/EMC
Corp.
5
.75
%
,
2/1/33
,
Callable
11/1/32
@
100
(d)
.................................
260,000
268,950
3
.38
%
,
12/15/41
,
Callable
6/15/41
@
100
.................................
1,250,000
930,777
HP,
Inc.
,
2
.65
%
,
6/17/31
,
Callable
3/17/31
@
100
................................
1,500,000
1,270,407
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
1,474,000
1,262,961
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
1,050,000
946,724
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
1,500,000
986,250
Motorola
Solutions,
Inc.
2
.75
%
,
5/24/31
,
Callable
2/24/31
@
100
..................................
1,000,000
847,935
5
.60
%
,
6/1/32
,
Callable
3/1/32
@
100
....................................
1,000,000
1,014,307
Oracle
Corp.
2
.95
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
1,000,000
890,165
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
2,000,000
1,711,340
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
1,000,000
722,550
Qorvo,
Inc.
,
3
.38
%
,
4/1/31
,
Callable
4/1/26
@
101.69
(a)
...........................
3,909,000
3,346,911
Skyworks
Solutions,
Inc.
,
3
.00
%
,
6/1/31
,
Callable
3/1/31
@
100
.....................
1,200,000
1,008,154
Teledyne
Technologies,
Inc.
,
2
.75
%
,
4/1/31
,
Callable
1/1/31
@
100
...................
2,000,000
1,712,935
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
3,400,000
2,907,929
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
1,500,000
1,414,575
25,662,680
Materials
(1.1%):
Albemarle
Corp.
,
4
.65
%
,
6/1/27
,
Callable
5/1/27
@
100
...........................
1,000,000
981,522
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
2,102,000
1,853,295
Avery
Dennison
Corp.
2
.65
%
,
4/30/30
,
Callable
2/1/30
@
100
...................................
800,000
698,928
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
..................................
1,500,000
1,226,281
Ball
Corp.
,
3
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..............................
1,500,000
1,278,210
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
1,500,000
1,439,013
Colonial
Enterprises,
Inc.
,
3
.25
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
.................
1,000,000
902,350
Commercial
Metals
Co.
,
3
.88
%
,
2/15/31
,
Callable
2/15/26
@
101.94
..................
1,000,000
885,950
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
2,000,000
1,681,069
Ecolab,
Inc.
,
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
............................
1,250,000
808,295
Freeport-McMoRan,
Inc.
,
4
.38
%
,
8/1/28
,
Callable
5/6/24
@
102.19
...................
1,500,000
1,444,768
LYB
International
Finance
III
LLC
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
...................................
500,000
374,254
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
500,000
389,999
Martin
Marietta
Materials,
Inc.
,
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
...............
1,000,000
839,416
NewMarket
Corp.
,
2
.70
%
,
3/18/31
,
Callable
12/18/30
@
100
........................
1,250,000
1,049,813
Packaging
Corp.
of
America
3
.40
%
,
12/15/27
,
Callable
9/15/27
@
100
.................................
500,000
475,396
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
...................................
2,168,000
1,476,093
Reliance,
Inc.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
............................
472,000
397,112
The
Dow
Chemical
Co.
,
6
.30
%
,
3/15/33
,
Callable
12/15/32
@
100
(d)
.................
1,500,000
1,615,723
Vulcan
Materials
Co.
3
.90
%
,
4/1/27
,
Callable
1/1/27
@
100
....................................
500,000
484,690
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
1,000,000
916,958
WRKCo,
Inc.
,
3
.00
%
,
6/15/33
,
Callable
3/15/33
@
100
............................
1,000,000
846,005
22,065,140
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
184
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Real
Estate
(1.4%):
Alexandria
Real
Estate
Equities,
Inc.
,
2
.00
%
,
5/18/32
,
Callable
2/18/32
@
100
...........
$
2,750,000
$
2,156,849
AvalonBay
Communities,
Inc.
3
.20
%
,
1/15/28
,
Callable
10/15/27
@
100
,
MTN
.............................
750,000
705,871
2
.45
%
,
1/15/31
,
Callable
10/17/30
@
100
,
MTN
.............................
1,000,000
858,178
Boston
Properties
LP
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
....................................
1,250,000
989,638
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
...................................
1,750,000
1,317,490
CBRE
Services,
Inc.
2
.50
%
,
4/1/31
,
Callable
1/1/31
@
100
....................................
1,500,000
1,242,264
5
.95
%
,
8/15/34
,
Callable
5/15/34
@
100
..................................
2,000,000
2,051,999
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
2,091,000
1,786,659
Crown
Castle,
Inc.
,
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.......................
1,500,000
1,234,011
DOC
DR.
LLC
,
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
...........................
1,000,000
823,395
Essex
Portfolio
LP
1
.70
%
,
3/1/28
,
Callable
1/1/28
@
100
....................................
1,000,000
877,257
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.................................
1,000,000
826,963
GLP
Capital
LP/GLP
Financing
II,
Inc.
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
1,000,000
892,836
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
933,000
786,098
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
1,000,000
789,516
Host
Hotels
&
Resorts
LP
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
.................................
500,000
445,618
3
.50
%
,
9/15/30
,
Callable
6/15/30
@
100
..................................
1,017,000
905,013
Hudson
Pacific
Properties
LP
3
.95
%
,
11/1/27
,
Callable
8/1/27
@
100
...................................
500,000
444,098
4
.65
%
,
4/1/29
,
Callable
1/1/29
@
100
(d)
..................................
500,000
427,016
3
.25
%
,
1/15/30
,
Callable
10/15/29
@
100
.................................
1,500,000
1,156,470
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
1,500,000
1,111,929
Pine
Street
Trust
I
,
4
.57
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
......................
500,000
475,280
SBA
Tower
Trust
2
.84
%
,
1/15/25
,
Callable
5/6/24
@
100
(a)
.................................
500,000
488,013
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
1,158,000
1,186,309
Simon
Property
Group
LP
,
6
.25
%
,
1/15/34
,
Callable
10/15/33
@
100
..................
1,500,000
1,604,572
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
2/15/25
@
102.06
(a)
....
2,000,000
1,821,320
27,404,662
Utilities
(2.2%):
AEP
Texas,
Inc.
,
3
.45
%
,
1/15/50
,
Callable
7/15/49
@
100
..........................
1,500,000
1,052,115
Alabama
Power
Co.
,
3
.13
%
,
7/15/51
,
Callable
1/15/51
@
100
.......................
2,000,000
1,384,059
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
1,000,000
904,069
Appalachian
Power
Co.
,
2
.70
%
,
4/1/31
,
Callable
1/1/31
@
100
......................
1,500,000
1,263,769
CenterPoint
Energy,
Inc.
,
2
.65
%
,
6/1/31
,
Callable
3/1/31
@
100
......................
1,500,000
1,270,692
Dominion
Energy,
Inc.
,
2
.25
%
,
8/15/31
,
Callable
5/15/31
@
100
.....................
1,500,000
1,228,329
DTE
Electric
Co.
2
.25
%
,
3/1/30
,
Callable
12/1/29
@
100
...................................
1,000,000
865,736
3
.00
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
1,000,000
870,694
3
.65
%
,
3/1/52
,
Callable
9/1/51
@
100
....................................
500,000
377,899
Duke
Energy
Carolinas
LLC
,
2
.85
%
,
3/15/32
,
Callable
12/15/31
@
100
................
750,000
644,370
Duke
Energy
Corp.
,
4
.50
%
,
8/15/32
,
Callable
5/15/32
@
100
.......................
3,000,000
2,847,698
Duquesne
Light
Holdings,
Inc.
2
.53
%
,
10/1/30
,
Callable
7/1/30
@
100
(a)
.................................
1,500,000
1,243,109
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
.................................
1,200,000
978,019
Entergy
Corp.
,
1
.90
%
,
6/15/28
,
Callable
4/15/28
@
100
...........................
2,000,000
1,765,143
Entergy
Louisiana
LLC
4
.00
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
1,000,000
918,738
5
.70
%
,
3/15/54
,
Callable
9/15/53
@
100
..................................
1,000,000
1,017,580
Florida
Power
&
Light
Co.
,
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................
1,000,000
657,326
IPALCO
Enterprises,
Inc.
,
4
.25
%
,
5/1/30
,
Callable
2/1/30
@
100
.....................
1,525,000
1,418,921
ITC
Holdings
Corp.
,
4
.95
%
,
9/22/27
,
Callable
8/22/27
@
100
(a)
.....................
1,000,000
993,628
NextEra
Energy
Capital
Holdings,
Inc.
,
2
.44
%
,
1/15/32
,
Callable
10/15/31
@
100
.........
2,000,000
1,654,036
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
1,000,000
791,640
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
938,000
779,000
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
185
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Oncor
Electric
Delivery
Co.
LLC
,
2
.70
%
,
11/15/51
,
Callable
5/15/51
@
100
.............
$
1,500,000
$
943,044
Piedmont
Natural
Gas
Co.,
Inc.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
...............
1,750,000
1,764,129
Potomac
Electric
Power
Co.
,
5
.50
%
,
3/15/54
,
Callable
9/15/53
@
100
.................
2,000,000
2,030,010
Public
Service
Co.
of
Colorado
,
1
.88
%
,
6/15/31
,
Callable
12/15/30
@
100
..............
2,000,000
1,617,585
Public
Service
Electric
&
Gas
Co.
,
1
.90
%
,
8/15/31
,
Callable
5/15/31
@
100
,
MTN
........
2,000,000
1,629,752
Rayburn
Country
Securitization
LLC
,
2
.31
%
,
12/1/30
(a)
...........................
845,289
764,167
South
Jersey
Industries,
Inc.
,
5
.02
%
,
4/15/31
...................................
1,000,000
803,533
Southern
Co.
Gas
Capital
Corp.
,
1
.75
%
,
1/15/31
,
Callable
10/15/30
@
100
..............
1,000,000
812,707
Southwestern
Electric
Power
Co.
,
3
.25
%
,
11/1/51
,
Callable
5/1/51
@
100
...............
750,000
496,352
The
AES
Corp.
,
2
.45
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
1,000,000
820,540
The
Southern
Co.
,
5
.70
%
,
3/15/34
,
Callable
9/15/33
@
100
.........................
3,000,000
3,096,151
Union
Electric
Co.
,
5
.20
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
1,500,000
1,502,780
Vistra
Operations
Co.
LLC
,
4
.30
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
................
500,000
469,300
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
1,250,000
798,664
Xcel
Energy,
Inc.
,
2
.35
%
,
11/15/31
,
Callable
5/15/31
@
100
........................
500,000
402,353
42,877,637
Total
Corporate
Bonds
(Cost
$482,580,603)
440,521,120
Yankee
Dollars
(5.5%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
...............
2,000,000
1,800,107
Consumer
Discretionary
(0.1%):
International
Game
Technology
PLC
,
5
.25
%
,
1/15/29
,
Callable
5/7/24
@
102.63
(a)
........
1,000,000
966,562
Nemak
SAB
de
CV
,
3
.63
%
,
6/28/31
,
Callable
3/28/31
@
100
(a)
.....................
1,269,000
1,022,791
1,989,353
Consumer
Staples
(0.4%):
Alimentation
Couche-Tard,
Inc.
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(a)
...............................
667,000
601,301
3
.44
%
,
5/13/41
,
Callable
11/13/40
@
100
(a)
................................
750,000
575,038
Bacardi
Ltd.
4
.45
%
,
5/15/25
,
Callable
3/15/25
@
100
(a)
................................
1,500,000
1,478,197
2
.75
%
,
7/15/26
,
Callable
4/15/26
@
100
(a)
................................
500,000
471,704
Bacardi
Ltd./Bacardi-Martini
BV
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
............
600,000
594,437
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
1,750,000
1,395,362
JDE
Peet's
NV
,
2
.25
%
,
9/24/31
,
Callable
6/24/31
@
100
(a)
.........................
3,000,000
2,382,892
7,498,931
Energy
(0.2%):
Aker
BP
ASA
,
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
(a)
........................
750,000
685,014
Korea
National
Oil
Corp.
,
2
.63
%
,
4/18/32
(a)
...................................
1,500,000
1,258,632
Petroleos
Mexicanos
,
6
.70
%
,
2/16/32
,
Callable
11/16/31
@
100
......................
500,000
416,004
Shell
International
Finance
BV
,
2
.88
%
,
11/26/41
,
Callable
5/26/41
@
100
..............
1,500,000
1,112,555
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(a)
.......................
1,000,000
1,123,774
4,595,979
Financials
(3.0%):
ABN
AMRO
Bank
NV
,
4
.80
%
,
4/18/26
(a)
.....................................
500,000
490,981
ANZ
Bank
New
Zealand
Ltd.
,
5
.55
%
,
8/11/32
,
Callable
8/11/27
@
100
(a)
..............
833,000
835,241
Ascot
Group
Ltd.
,
4
.25
%
,
12/15/30
,
Callable
12/15/25
@
100
(a)
.....................
1,000,000
835,704
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
1,000,000
1,045,725
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(c)
........
1,500,000
1,228,633
Bank
of
New
Zealand
,
2
.87
%
,
1/27/32
(a)
......................................
750,000
631,324
Barclays
PLC
2
.28
%
(
H15T1Y
+
105
bps
)
,
11/24/27
,
Callable
11/24/26
@
100
(c)
................
2,000,000
1,839,468
2
.89
%
(
H15T1Y
+
130
bps
)
,
11/24/32
,
Callable
11/24/31
@
100
(c)
................
500,000
415,141
7
.44
%
(
H15T1Y
+
350
bps
)
,
11/2/33
,
Callable
11/2/32
@
100
(c)
..................
1,000,000
1,111,951
BP
Capital
Markets
PLC
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(c)
(e)
......................
414,000
406,171
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(e)
......................
750,000
716,623
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
186
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
BPCE
SA
5
.75
%
(
SOFR
+
287
bps
)
,
7/19/33
,
Callable
7/19/32
@
100
(a)
(c)
..................
$
1,000,000
$
1,000,623
6
.51
%
(
H15T1Y
+
279
bps
)
,
1/18/35
,
Callable
1/18/34
@
100
(a)
(c)
................
2,400,000
2,432,137
Brookfield
Finance,
Inc.
,
2
.72
%
,
4/15/31
,
Callable
1/15/31
@
100
....................
1,000,000
850,803
Canadian
Imperial
Bank
of
Commerce
,
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...........
1,000,000
1,052,859
Commonwealth
Bank
of
Australia
2
.69
%
,
3/11/31
(a)
...................................................
1,000,000
831,445
3
.78
%
,
3/14/32
(a)
..................................................
2,000,000
1,762,741
Cooperatieve
Rabobank
UA
1
.11
%
(
H15T1Y
+
55
bps
)
,
2/24/27
,
Callable
2/24/26
@
100
(a)
(c)
.................
2,000,000
1,841,718
4
.00
%
(
USSW5
+
189
bps
)
,
4/10/29
,
Callable
4/10/24
@
100
,
MTN
(c)
..............
600,000
599,530
Credit
Agricole
SA
3
.25
%
,
10/4/24
(a)
..................................................
1,250,000
1,234,258
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(a)
(c)
..................
1,350,000
1,374,503
Deutsche
Bank
AG
,
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(c)
..........
3,750,000
3,091,588
Federation
des
Caisses
Desjardins
du
Quebec
,
4
.55
%
,
8/23/27
(a)
.....................
2,000,000
1,962,986
HSBC
Holdings
PLC
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
....................
1,000,000
876,530
8
.11
%
(
SOFR
+
425
bps
)
,
11/3/33
,
Callable
11/3/32
@
100
(c)
....................
1,000,000
1,143,842
Imperial
Brands
Finance
PLC
,
3
.88
%
,
7/26/29
,
Callable
4/26/29
@
100
(a)
..............
1,000,000
936,322
ING
Groep
NV
,
2
.73
%
(
SOFR
+
132
bps
)
,
4/1/32
,
Callable
4/1/31
@
100
(c)
..............
2,000,000
1,697,206
JAB
Holdings
BV
,
4
.50
%
,
4/8/52
,
Callable
10/8/51
@
100
(a)
.......................
1,000,000
750,808
Lloyds
Banking
Group
PLC
1
.63
%
(
H15T1Y
+
85
bps
)
,
5/11/27
,
Callable
5/11/26
@
100
(c)
...................
1,000,000
920,781
3
.57
%
(
US0003M
+
121
bps
)
,
11/7/28
,
Callable
11/7/27
@
100
(c)
.................
250,000
234,433
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
606,000
683,073
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(a)
(c)
......
1,250,000
1,035,518
Macquarie
Group
Ltd.
,
4
.10
%
(
SOFR
+
213
bps
)
,
6/21/28
,
Callable
6/21/27
@
100
(a)
(c)
.....
1,000,000
965,210
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.02
%
(
H15T1Y
+
195
bps
)
,
7/20/28
,
Callable
7/20/27
@
100
(c)
(d)
.........................................................
1,500,000
1,495,248
Mizuho
Financial
Group,
Inc.
2
.56
%
,
9/13/31
....................................................
1,000,000
818,461
2
.17
%
(
H15T1Y
+
87
bps
)
,
5/22/32
,
Callable
5/22/31
@
100
(c)
...................
1,500,000
1,225,242
National
Australia
Bank
Ltd.
,
3
.93
%
(
H15T5Y
+
188
bps
)
,
8/2/34
,
Callable
8/2/29
@
100
(a)
(c)
1,500,000
1,373,945
Nationwide
Building
Society
4
.30
%
(
US0003M
+
145
bps
)
,
3/8/29
,
Callable
3/8/28
@
100
(a)
(c)
.................
250,000
239,327
3
.96
%
(
US0003M
+
186
bps
)
,
7/18/30
,
Callable
7/18/29
@
100
(a)
(c)
...............
500,000
462,892
NatWest
Group
PLC
,
4
.45
%
(
US0003M
+
187
bps
)
,
5/8/30
,
Callable
5/8/29
@
100
(c)
.......
1,000,000
953,399
Nomura
Holdings,
Inc.
,
5
.61
%
,
7/6/29
........................................
1,500,000
1,517,265
Santander
UK
Group
Holdings
PLC
,
2
.90
%
(
SOFR
+
148
bps
)
,
3/15/32
,
Callable
3/15/31
@
100
(c)
...........................................................
2,000,000
1,702,446
Societe
Generale
SA
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(a)
(c)
..............
500,000
464,373
3
.34
%
(
H15T1Y
+
160
bps
)
,
1/21/33
,
Callable
1/21/32
@
100
(a)
(c)
................
1,000,000
838,732
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(c)
................
1,000,000
1,003,292
Standard
Chartered
PLC
,
4
.87
%
(
USISOA05
+
197
bps
)
,
3/15/33
,
Callable
3/15/28
@
100
(a)
(c)
500,000
475,777
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.22
%
,
9/17/31
...........................
1,500,000
1,227,304
The
Bank
of
Nova
Scotia
4
.50
%
,
12/16/25
....................................................
500,000
491,804
1
.30
%
,
9/15/26
....................................................
1,000,000
913,180
2
.45
%
,
2/2/32
.....................................................
1,000,000
827,723
The
Toronto-Dominion
Bank
,
2
.00
%
,
9/10/31
...................................
1,500,000
1,225,522
UBS
Group
AG
3
.75
%
,
3/26/25
....................................................
500,000
490,496
2
.19
%
(
SOFR
+
204
bps
)
,
6/5/26
,
Callable
6/5/25
@
100
(a)
(c)
....................
1,000,000
959,190
1
.31
%
(
SOFRINDX
+
98
bps
)
,
2/2/27
,
Callable
2/2/26
@
100
(a)
(c)
................
1,000,000
923,686
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..................................
750,000
723,505
9
.02
%
(
SOFR
+
502
bps
)
,
11/15/33
,
Callable
11/15/32
@
100
(a)
(c)
................
500,000
606,924
Westpac
Banking
Corp.
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
...............
1,000,000
964,945
2
.67
%
(
H15T5Y
+
175
bps
)
,
11/15/35
,
Callable
11/15/30
@
100
(c)
................
1,000,000
824,555
3
.02
%
(
H15T5Y
+
153
bps
)
,
11/18/36
,
Callable
11/18/31
@
100
(c)
................
1,000,000
822,028
60,407,137
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
187
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Health
Care
(0.5%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
$
758,000
$
696,409
Royalty
Pharma
PLC
2
.15
%
,
9/2/31
,
Callable
6/2/31
@
100
....................................
1,500,000
1,207,582
3
.30
%
,
9/2/40
,
Callable
3/2/40
@
100
....................................
2,000,000
1,491,133
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
....................................
750,000
516,672
Smith
&
Nephew
PLC
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
.................................
2,650,000
2,187,814
5
.40
%
,
3/20/34
,
Callable
12/20/33
@
100
.................................
2,000,000
1,991,550
STERIS
Irish
FinCo
Unlimited
Co.
,
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
...........
2,000,000
1,708,923
9,800,083
Industrials
(0.6%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
1,570,739
1,535,268
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
1,000,000
1,020,761
BAE
Systems
PLC
,
3
.40
%
,
4/15/30
,
Callable
1/15/30
@
100
(a)
......................
750,000
684,195
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(a)
..................................
1,800,000
1,611,732
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
................................
750,000
715,577
nVent
Finance
Sarl
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
1,500,000
1,512,214
Pentair
Finance
Sarl
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.......................
2,000,000
2,062,355
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
,
5
.90
%
,
11/24/31
,
Callable
8/24/31
@
100
(a)
...........................................................
1,000,000
901,764
Rolls-Royce
PLC
,
3
.63
%
,
10/14/25
,
Callable
7/14/25
@
100
(a)
......................
275,000
266,984
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
1,750,000
1,776,617
12,087,467
Information
Technology
(0.2%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
....
1,500,000
1,245,114
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
686,000
709,699
SK
Hynix,
Inc.
,
6
.50
%
,
1/17/33
(a)
...........................................
1,071,000
1,142,237
3,097,050
Materials
(0.2%):
ArcelorMittal
SA
,
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
........................
1,500,000
1,604,358
CCL
Industries,
Inc.
,
3
.05
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
.......................
2,000,000
1,737,069
3,341,427
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
3,233,000
2,612,943
Utilities
(0.1%):
Enel
Finance
International
NV
,
1
.88
%
,
7/12/28
,
Callable
5/12/28
@
100
(a)
..............
2,000,000
1,751,571
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
1,500,000
1,314,274
3,065,845
Total
Yankee
Dollars
(Cost
$119,238,061)
110,296,322
Municipal
Bonds
(1.1%)
Arizona
(0.0%):(f)
The
University
of
Arizona
Revenue
,
Series
A
,
1
.82
%
,
6/1/30
........................
1,000,000
852,905
California
(0.1%):
California
Statewide
Communities
Development
Authority
Revenue
,
1
.73
%
,
4/1/27
.......
1,000,000
896,186
City
of
El
Cajon
Revenue
Series
A
,
1
.70
%
,
4/1/27
..............................................
620,000
566,941
Series
A
,
1
.90
%
,
4/1/28
..............................................
500,000
449,338
1,912,465
Connecticut
(0.0%):(f)
State
of
Connecticut,
GO
,
Series
A
,
3
.43
%
,
4/15/28
..............................
500,000
479,411
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
188
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Florida
(0.2%):
Florida
Development
Finance
Corp.
Revenue
,
Series
B
,
3
.22
%
,
2/1/32
,
Continuously
Callable
@100
...........................................................
$
1,020,000
$
861,835
Hillsborough
County
IDA
Revenue
,
3
.58
%
,
8/1/35
,
Continuously
Callable
@100
.........
1,500,000
1,292,479
Hillsborough
County
School
Board
Certificate
of
Participation
,
Series
B
,
1
.92
%
,
7/1/25
....
750,000
717,382
2,871,696
Louisiana
(0.0%):(f)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
Series
A
,
4
.48
%
,
8/1/39
.......................................
835,000
786,419
Michigan
(0.1%):
Michigan
Finance
Authority
Revenue
,
2
.47
%
,
12/1/25
............................
1,000,000
958,164
New
Jersey
(0.1%):
New
Jersey
Economic
Development
Authority
Revenue
,
Series
NNN
,
3
.47
%
,
6/15/27
......
1,000,000
956,373
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
Series
A
,
3
.36
%
,
7/1/40
...
1,000,000
811,254
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.38
%
,
11/1/27
...............
900,000
815,994
2,583,621
Pennsylvania
(0.1%):
Public
Parking
Authority
of
Pittsburgh
Revenue
,
2
.33
%
,
12/1/29
.....................
895,000
782,959
State
Public
School
Building
Authority
Revenue
,
3
.15
%
,
4/1/30
......................
1,290,000
1,179,902
1,962,861
Texas
(0.4%):
City
of
San
Antonio,
GO
,
1
.76
%
,
2/1/31
,
Continuously
Callable
@100
.................
630,000
525,881
County
of
Bexar
Revenue
,
2
.28
%
,
8/15/32
,
Continuously
Callable
@100
...............
1,070,000
857,625
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
3
.34
%
,
11/15/37
....................................................
2,000,000
1,676,560
Series
D
,
2
.28
%
,
7/1/34
..............................................
370,000
289,680
North
Texas
Tollway
Authority
Revenue
,
1
.02
%
,
1/1/25
...........................
1,000,000
968,546
San
Antonio
Education
Facilities
Corp.
Revenue
,
2
.50
%
,
4/1/29
......................
1,270,000
1,082,443
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
1
.63
%
,
9/1/26
.....................................................
525,000
481,588
1
.82
%
,
9/1/27
.....................................................
700,000
625,439
Uptown
Development
Authority
Tax
Allocation
Series
B
,
2
.58
%
,
9/1/31
..............................................
270,000
221,370
Series
B
,
2
.78
%
,
9/1/33
,
Continuously
Callable
@100
.........................
500,000
396,354
7,125,486
Virginia
(0.1%):
Virginia
Housing
Development
Authority
Revenue
Series
J
,
1
.97
%
,
11/1/28
..............................................
225,000
196,232
Series
J
,
2
.27
%
,
11/1/31
,
Continuously
Callable
@100
........................
225,000
184,658
Series
J
,
2
.42
%
,
11/1/32
,
Continuously
Callable
@100
........................
275,000
222,972
Series
J
,
2
.47
%
,
11/1/33
,
Continuously
Callable
@100
........................
270,000
214,835
Series
J
,
2
.52
%
,
11/1/34
,
Continuously
Callable
@100
........................
250,000
195,259
Series
J
,
2
.57
%
,
11/1/35
,
Continuously
Callable
@100
........................
300,000
230,198
1,244,154
Total
Municipal
Bonds
(Cost
$23,690,000)
20,777,182
U.S.
Government
Agency
Mortgages
(11.8%)
Federal
Farm
Credit
Banks
Funding
Corporation
5
.69
%
,
7/11/30
.....................................................
5,000,000
4,991,500
5
.93
%
,
7/14/33
....................................................
5,000,000
5,006,800
2
.55
%
,
12/21/34
....................................................
3,000,000
2,371,890
12,370,190
Federal
Home
Loan
Mortgage
Corporation
3
.00
%
,
3/1/31
-
5/1/52
...............................................
4,072,354
3,539,364
3
.50
%
,
5/1/33
-
7/1/52
...............................................
3,392,614
3,068,531
5
.00
%
,
3/1/38
-
6/1/53
...............................................
15,725,113
15,425,801
5
.50
%
,
8/1/38
-
5/1/53
...............................................
6,538,644
6,537,827
4
.00
%
,
7/1/42
-
9/1/52
...............................................
4,156,873
3,914,800
4
.50
%
,
11/1/42
-
10/1/52
..............................................
4,254,825
4,082,508
6
.00
%
,
8/1/53
-
2/1/54
...............................................
4,910,636
4,955,539
41,524,370
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
189
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Federal
National
Mortgage
Association
2
.50
%
,
11/1/34
-
3/1/52
..............................................
$
3,434,902
$
2,865,085
5
.00
%
,
12/1/37
-
2/1/54
..............................................
11,995,712
11,781,121
4
.50
%
,
1/1/38
-
9/1/52
...............................................
25,324,844
24,203,601
4
.00
%
,
4/1/38
-
6/1/52
...............................................
18,750,093
17,522,066
3
.50
%
,
12/1/42
-
8/1/52
..............................................
17,582,486
15,935,730
3
.00
%
,
2/1/50
-
2/1/52
...............................................
3,802,251
3,290,010
2
.00
%
,
11/1/51
-
12/1/51
..............................................
3,027,326
2,421,545
5
.50
%
,
10/1/52
-
8/1/53
..............................................
6,401,955
6,376,561
6
.00
%
,
9/1/53
.....................................................
1,069,849
1,083,352
85,479,071
Government
National
Mortgage
Association
5
.00
%
,
8/20/38
-
2/20/54
.............................................
11,330,053
11,130,603
3
.00
%
,
10/20/51
-
11/20/52
............................................
12,325,367
10,874,950
3
.50
%
,
2/20/52
-
6/20/52
.............................................
6,040,414
5,485,810
4
.50
%
,
8/20/52
-
11/20/53
.............................................
14,751,847
14,101,482
4
.00
%
,
11/20/52
....................................................
4,221,937
3,949,351
5
.50
%
,
4/20/53
-
2/20/54
.............................................
29,638,814
29,659,042
2
.50
%
,
6/20/53
-
9/20/53
.............................................
9,922,973
8,459,582
6
.00
%
,
7/20/53
-
9/20/53
.............................................
8,792,103
8,890,251
6
.50
%
,
1/20/54
....................................................
3,977,717
4,041,650
96,592,721
Total
U.S.
Government
Agency
Mortgages
(Cost
$240,587,122)
235,966,352
U.S.
Treasury
Obligations
(43.4%)
U.S.
Treasury
Bonds
5
.25
%
,
2/15/29
....................................................
7,000,000
7,298,594
3
.50
%
,
2/15/39
....................................................
20,000,000
18,390,625
1
.13
%
,
5/15/40
....................................................
6,878,000
4,305,198
1
.38
%
,
11/15/40
....................................................
5,000,000
3,220,313
2
.25
%
,
5/15/41
....................................................
13,000,000
9,607,813
1
.75
%
,
8/15/41
....................................................
21,000,000
14,194,688
2
.00
%
,
11/15/41
....................................................
12,190,000
8,552,047
2
.38
%
,
2/15/42
....................................................
10,000,000
7,450,000
3
.38
%
,
8/15/42
....................................................
15,000,000
12,977,344
3
.13
%
,
2/15/43
....................................................
14,000,000
11,598,125
2
.88
%
,
5/15/43
....................................................
2,000,000
1,589,062
3
.88
%
,
5/15/43
....................................................
17,000,000
15,717,031
4
.38
%
,
8/15/43
....................................................
10,000,000
9,898,437
4
.75
%
,
11/15/43
....................................................
10,000,000
10,390,625
3
.38
%
,
5/15/44
....................................................
7,000,000
5,974,062
2
.50
%
,
2/15/46
....................................................
10,000,000
7,229,687
2
.75
%
,
8/15/47
....................................................
500,000
374,766
2
.75
%
,
11/15/47
....................................................
500,000
374,297
3
.00
%
,
2/15/48
....................................................
3,500,000
2,742,578
3
.38
%
,
11/15/48
....................................................
7,012,000
5,870,359
1
.38
%
,
8/15/50
....................................................
7,000,000
3,705,625
1
.63
%
,
11/15/50
....................................................
3,000,000
1,695,469
1
.88
%
,
2/15/51
....................................................
28,013,000
16,882,210
2
.00
%
,
8/15/51
....................................................
27,203,000
16,861,610
4
.00
%
,
11/15/52
....................................................
2,000,000
1,883,750
3
.63
%
,
2/15/53
....................................................
10,000,000
8,798,438
4
.13
%
,
8/15/53
....................................................
20,000,000
19,262,500
U.S.
Treasury
Inflation
Indexed
Bonds
,
0
.88
%
,
1/15/29
............................
610,615
582,586
U.S.
Treasury
Notes
0
.38
%
,
8/15/24
....................................................
10,000,000
9,817,578
1
.50
%
,
10/31/24
....................................................
3,000,000
2,935,781
0
.75
%
,
11/15/24
....................................................
10,000,000
9,728,906
2
.25
%
,
12/31/24
....................................................
5,000,000
4,893,945
4
.25
%
,
12/31/24
....................................................
5,000,000
4,965,820
1
.13
%
,
1/15/25
....................................................
4,000,000
3,877,188
2
.63
%
,
4/15/25
....................................................
8,000,000
7,808,125
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
190
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
2
.88
%
,
6/15/25
....................................................
$
5,000,000
$
4,878,906
3
.00
%
,
7/15/25
....................................................
5,000,000
4,882,422
3
.00
%
,
9/30/25
....................................................
300,000
292,230
0
.38
%
,
11/30/25
....................................................
3,000,000
2,790,938
4
.88
%
,
11/30/25
....................................................
5,000,000
5,008,008
4
.25
%
,
12/31/25
....................................................
15,000,000
14,880,469
0
.38
%
,
1/31/26
....................................................
4,000,000
3,699,063
0
.75
%
,
5/31/26
....................................................
5,000,000
4,606,641
1
.50
%
,
8/15/26
....................................................
2,000,000
1,863,594
1
.38
%
,
8/31/26
....................................................
8,000,000
7,426,875
1
.13
%
,
10/31/26
....................................................
5,000,000
4,592,969
2
.00
%
,
11/15/26
....................................................
2,700,000
2,534,836
4
.00
%
,
1/15/27
....................................................
15,000,000
14,823,047
1
.88
%
,
2/28/27
....................................................
15,000,000
13,964,062
2
.38
%
,
5/15/27
....................................................
7,000,000
6,587,656
0
.50
%
,
6/30/27
....................................................
2,500,000
2,208,398
2
.25
%
,
8/15/27
....................................................
1,000,000
933,750
2
.25
%
,
11/15/27
....................................................
1,700,000
1,582,062
0
.63
%
,
11/30/27
....................................................
13,000,000
11,379,063
0
.75
%
,
1/31/28
....................................................
10,000,000
8,754,687
2
.75
%
,
2/15/28
....................................................
9,000,000
8,495,859
1
.25
%
,
3/31/28
....................................................
8,000,000
7,112,500
1
.25
%
,
4/30/28
....................................................
10,000,000
8,871,094
2
.88
%
,
5/15/28
....................................................
4,000,000
3,785,938
1
.00
%
,
7/31/28
....................................................
22,000,000
19,172,656
2
.88
%
,
8/15/28
....................................................
630,000
594,956
1
.13
%
,
8/31/28
....................................................
5,000,000
4,372,656
1
.25
%
,
9/30/28
....................................................
10,000,000
8,779,688
3
.13
%
,
11/15/28
....................................................
1,000,000
952,578
3
.75
%
,
12/31/28
....................................................
10,000,000
9,793,750
4
.00
%
,
1/31/29
....................................................
20,000,000
19,807,813
2
.63
%
,
2/15/29
....................................................
1,000,000
929,219
2
.38
%
,
3/31/29
....................................................
18,000,000
16,507,969
2
.88
%
,
4/30/29
....................................................
5,000,000
4,692,969
2
.75
%
,
5/31/29
....................................................
5,000,000
4,658,594
1
.63
%
,
8/15/29
....................................................
10,000,000
8,779,687
3
.50
%
,
1/31/30
....................................................
10,000,000
9,624,219
4
.00
%
,
2/28/30
....................................................
16,000,000
15,820,000
0
.63
%
,
8/15/30
....................................................
10,485,000
8,397,830
4
.13
%
,
8/31/30
....................................................
35,000,000
34,789,453
4
.63
%
,
9/30/30
....................................................
5,000,000
5,110,937
4
.00
%
,
1/31/31
....................................................
19,000,000
18,756,562
1
.13
%
,
2/15/31
....................................................
15,295,000
12,546,680
1
.63
%
,
5/15/31
....................................................
20,000,000
16,859,375
1
.38
%
,
11/15/31
....................................................
5,128,000
4,190,537
1
.88
%
,
2/15/32
....................................................
6,000,000
5,069,062
2
.88
%
,
5/15/32
....................................................
9,185,000
8,343,998
2
.75
%
,
8/15/32
....................................................
9,307,000
8,351,578
4
.13
%
,
11/15/32
....................................................
69,500,000
69,054,766
3
.38
%
,
5/15/33
....................................................
53,350,000
49,998,953
3
.88
%
,
8/15/33
....................................................
34,176,000
33,289,560
4
.50
%
,
11/15/33
....................................................
44,000,000
45,024,375
4
.00
%
,
2/15/34
....................................................
5,000,000
4,922,656
Total
U.S.
Treasury
Obligations
(Cost
$910,641,884)
866,603,325
Commercial
Paper
(0.3%)
Energy
(0.1%):
ONE
Gas,
Inc.
,
5
.48
%
,
4/4/24
(g)
............................................
1,300,000
1,298,615
Victory
Portfolios
II
VictoryShares
Core
Intermediate
Bond
ETF
191
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Principal
Amount
Value
Financials
(0.2%):
Hannover
Funding
Co.
LLC
,
5
.51
%
,
4/1/24
(g)
..................................
$
4,500,000
$
4,497,262
Total
Commercial
Paper
(Cost
$5,799,407)
5,795,877
Shares
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(h)
........
1,628,439
1,628,439
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(h)
............
1,628,439
1,628,439
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(h)
...............
976,359
976,359
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(h)
.
1,628,439
1,628,439
Total
Collateral
for
Securities
Loaned
(Cost
$5,861,676)
5,861,676
Total
Investments
(Cost
$2,092,632,645)
—
99.4%
1,982,890,535
Other
assets
in
excess
of
liabilities
—
0.6%
12,181,790
NET
ASSETS
-
100.00%
$
1,995,072,325
At
March
31,
2024,
the
Fund's
investments
in
foreign
securities
were
6.2%
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,
2024,
the
fair
value
of
these
securities
was
$366,370,503
and
amounted
to
18.4%
of
net
assets.
(b)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
March
31,
2024.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
March
31,
2024.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Rate
represents
the
effective
yield
at
March
31,
2024.
(h)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
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,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
March
31,
2024.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
March
31,
2024.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2024.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
March
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
March
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
March
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
March
31,
2024,
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,
2024.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
March
31,
2024.
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
192
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.3%)
Communication
Services
(4.2%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
7,383
$
1,114,316
AT&T,
Inc.
...........................................................
63,442
1,116,579
Fox
Corp.
,
Class
A
......................................................
39,530
1,236,103
Meta
Platforms,
Inc.
,
Class
A
..............................................
1,552
753,620
News
Corp.
,
Class
A
.....................................................
45,704
1,196,531
Verizon
Communications,
Inc.
..............................................
27,047
1,134,892
6,552,041
Consumer
Discretionary
(6.3%):
D.R.
Horton,
Inc.
.......................................................
6,128
1,008,362
Deckers
Outdoor
Corp.
(a)
.................................................
841
791,600
Ford
Motor
Co.
........................................................
68,620
911,274
General
Motors
Co.
.....................................................
22,433
1,017,336
Lennar
Corp.
,
Class
A
....................................................
6,057
1,041,683
NVR,
Inc.
(a)
..........................................................
145
1,174,494
PulteGroup,
Inc.
........................................................
8,315
1,002,955
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
6,877
955,972
The
TJX
Cos.,
Inc.
......................................................
18,369
1,862,984
9,766,660
Consumer
Staples
(5.1%):
Archer-Daniels-Midland
Co.
...............................................
14,591
916,461
Costco
Wholesale
Corp.
..................................................
2,324
1,702,632
The
Kraft
Heinz
Co.
.....................................................
42,494
1,568,029
The
Kroger
Co.
........................................................
31,034
1,772,972
Tyson
Foods,
Inc.
,
Class
A
................................................
22,733
1,335,109
Walgreens
Boots
Alliance,
Inc.
.............................................
33,980
737,026
8,032,229
Energy
(4.0%):
Diamondback
Energy,
Inc.
................................................
6,217
1,232,023
Marathon
Oil
Corp.
.....................................................
39,331
1,114,641
Marathon
Petroleum
Corp.
................................................
6,480
1,305,720
Phillips
66
............................................................
8,448
1,379,896
Valero
Energy
Corp.
.....................................................
7,275
1,241,770
6,274,050
Financials
(18.2%):
Aflac,
Inc.
............................................................
17,155
1,472,928
American
Express
Co.
...................................................
6,028
1,372,515
American
International
Group,
Inc.
..........................................
22,107
1,728,104
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
5,550
2,333,886
Capital
One
Financial
Corp.
...............................................
7,796
1,160,746
Cboe
Global
Markets,
Inc.
................................................
8,186
1,504,014
Citigroup,
Inc.
.........................................................
23,116
1,461,856
Corebridge
Financial,
Inc.
(b)
...............................................
45,367
1,303,394
Fidelity
National
Financial,
Inc.
............................................
24,832
1,318,579
First
Citizens
BancShares,
Inc.
,
Class
A
.......................................
620
1,013,700
Fiserv,
Inc.
(a)
..........................................................
11,701
1,870,054
Global
Payments,
Inc.
....................................................
8,061
1,077,433
JPMorgan
Chase
&
Co.
..................................................
10,050
2,013,015
KKR
&
Co.,
Inc.
.......................................................
9,933
999,061
Loews
Corp.
..........................................................
27,495
2,152,584
Synchrony
Financial
.....................................................
24,837
1,070,972
The
Bank
of
New
York
Mellon
Corp.
.........................................
24,951
1,437,677
The
Hartford
Financial
Services
Group,
Inc.
....................................
17,610
1,814,711
Wells
Fargo
&
Co.
......................................................
21,089
1,222,318
28,327,547
Health
Care
(15.3%):
Amgen,
Inc.
...........................................................
4,507
1,281,430
Boston
Scientific
Corp.
(a)
.................................................
20,888
1,430,619
Cardinal
Health,
Inc.
....................................................
12,077
1,351,416
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
193
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Cencora,
Inc.
..........................................................
7,559
$
1,836,761
Centene
Corp.
(a)
.......................................................
14,299
1,122,186
CVS
Health
Corp.
......................................................
14,464
1,153,649
Eli
Lilly
&
Co.
.........................................................
1,190
925,772
Gilead
Sciences,
Inc.
....................................................
16,675
1,221,444
HCA
Healthcare,
Inc.
....................................................
4,032
1,344,793
Laboratory
Corp.
of
America
Holdings
........................................
7,536
1,646,315
McKesson
Corp.
.......................................................
2,782
1,493,517
Moderna,
Inc.
(a)
.......................................................
5,750
612,720
Molina
Healthcare,
Inc.
(a)
................................................
2,848
1,170,044
Neurocrine
Biosciences,
Inc.
(a)
.............................................
8,649
1,192,870
Pfizer,
Inc.
............................................................
43,566
1,208,956
Quest
Diagnostics,
Inc.
...................................................
12,031
1,601,446
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,372
1,320,536
The
Cigna
Group
.......................................................
2,629
954,827
Viatris,
Inc.
...........................................................
80,588
962,221
23,831,522
Industrials
(16.4%):
Builders
FirstSource,
Inc.
(a)
...............................................
3,353
699,268
Copart,
Inc.
(a)
.........................................................
24,853
1,439,486
Eaton
Corp.
PLC
.......................................................
3,946
1,233,835
Expeditors
International
of
Washington,
Inc.
....................................
11,490
1,396,839
FedEx
Corp.
..........................................................
4,393
1,272,828
General
Dynamics
Corp.
..................................................
5,720
1,615,843
General
Electric
Co.
.....................................................
8,165
1,433,202
Ingersoll
Rand,
Inc.
.....................................................
14,746
1,400,133
Lennox
International,
Inc.
.................................................
2,228
1,088,957
Owens
Corning
........................................................
6,283
1,048,004
PACCAR,
Inc.
.........................................................
12,854
1,592,482
Parker-Hannifin
Corp.
...................................................
2,111
1,173,273
Snap-on,
Inc.
..........................................................
4,732
1,401,713
Textron,
Inc.
..........................................................
12,962
1,243,445
TransDigm
Group,
Inc.
...................................................
1,118
1,376,929
Uber
Technologies,
Inc.
(a)
................................................
9,778
752,808
U-Haul
Holding
Co.
.....................................................
14,562
970,994
United
Rentals,
Inc.
.....................................................
1,115
804,038
Vertiv
Holdings
Co.
,
Class
A
...............................................
7,740
632,126
W.W.
Grainger,
Inc.
.....................................................
1,356
1,379,459
Westinghouse
Air
Brake
Technologies
Corp.
....................................
10,943
1,594,176
25,549,838
Information
Technology
(9.7%):
Akamai
Technologies,
Inc.
(a)
..............................................
12,212
1,328,177
Broadcom,
Inc.
........................................................
677
897,303
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
17,146
1,256,630
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
2,142
686,704
Dell
Technologies,
Inc.
,
Class
C
............................................
7,655
873,512
Fair
Isaac
Corp.
(a)
......................................................
835
1,043,424
Hewlett
Packard
Enterprise
Co.
.............................................
63,963
1,134,064
HP,
Inc.
..............................................................
44,190
1,335,422
Intel
Corp.
............................................................
17,229
761,005
International
Business
Machines
Corp.
........................................
7,729
1,475,930
Jabil,
Inc.
............................................................
4,895
655,685
Micron
Technology,
Inc.
..................................................
9,848
1,160,981
Microsoft
Corp.
........................................................
3,241
1,363,554
NVIDIA
Corp.
.........................................................
856
773,447
Super
Micro
Computer,
Inc.
(a)
.............................................
403
407,042
15,152,880
Materials
(6.1%):
Celanese
Corp.
.........................................................
6,844
1,176,210
DuPont
de
Nemours,
Inc.
.................................................
15,059
1,154,573
LyondellBasell
Industries
NV
,
Class
A
........................................
14,535
1,486,640
Victory
Portfolios
II
VictoryShares
US
Value
Momentum
ETF
194
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Nucor
Corp.
...........................................................
5,479
$
1,084,294
Packaging
Corp.
of
America
...............................................
7,177
1,362,051
Reliance,
Inc.
..........................................................
3,385
1,131,199
Steel
Dynamics,
Inc.
.....................................................
7,003
1,038,055
Westlake
Corp.
........................................................
7,210
1,101,688
9,534,710
Real
Estate
(9.2%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
6,248
805,430
AvalonBay
Communities,
Inc.
..............................................
7,702
1,429,183
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
10,668
1,037,356
Digital
Realty
Trust,
Inc.
..................................................
6,911
995,460
Essex
Property
Trust,
Inc.
.................................................
5,266
1,289,169
Host
Hotels
&
Resorts,
Inc.
................................................
53,711
1,110,744
Iron
Mountain,
Inc.
.....................................................
15,676
1,257,372
Kimco
Realty
Corp.
.....................................................
54,127
1,061,431
Simon
Property
Group,
Inc.
...............................................
8,430
1,319,211
VICI
Properties,
Inc.
....................................................
48,613
1,448,181
Welltower,
Inc.
.........................................................
13,689
1,279,100
Weyerhaeuser
Co.
......................................................
36,383
1,306,514
14,339,151
Utilities
(4.8%):
Consolidated
Edison,
Inc.
.................................................
17,732
1,610,243
Duke
Energy
Corp.
......................................................
17,384
1,681,207
Entergy
Corp.
.........................................................
14,024
1,482,056
Exelon
Corp.
..........................................................
34,748
1,305,482
Vistra
Corp.
...........................................................
20,909
1,456,312
7,535,300
Total
Common
Stocks
(Cost
$131,532,522)
154,895,928
Collateral
for
Securities
Loaned
(0.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(c)
........
296,018
296,018
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(c)
............
296,018
296,018
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(c)
...............
296,018
296,018
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(c)
.
296,018
296,018
Total
Collateral
for
Securities
Loaned
(Cost
$1,184,072)
1,184,072
Total
Investments
(Cost
$132,716,594)
—
100.1%
156,080,000
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
232,243
)
NET
ASSETS
-
100.00%
$
155,847,757
^
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,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
3
6/21/24
$
778,690
$
796,275
$
17,585
Total
unrealized
appreciation
$
17,585
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
17,585
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
195
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(99.3%)
Communication
Services
(2.5%):
Frontier
Communications
Parent,
Inc.
(a)
......................................
14,859
$
364,046
GCI
Liberty,
Inc.
(a)
(b)
...................................................
4,908
49
IAC,
Inc.
(a)
...........................................................
12,102
645,521
Nexstar
Media
Group,
Inc.
................................................
3,541
610,079
Paramount
Global
,
Class
B
................................................
41,398
487,254
Sphere
Entertainment
Co.
(a)
...............................................
9,691
475,634
TEGNA,
Inc.
..........................................................
69,693
1,041,213
Telephone
and
Data
Systems,
Inc.
...........................................
19,435
311,349
United
States
Cellular
Corp.
(a)
.............................................
8,523
311,090
Yelp,
Inc.
(a)
...........................................................
18,593
732,564
Ziff
Davis,
Inc.
(a)
.......................................................
12,211
769,781
5,748,580
Consumer
Discretionary
(15.4%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
4,143
519,242
Adtalem
Global
Education,
Inc.
(a)
...........................................
11,840
608,576
American
Eagle
Outfitters,
Inc.
.............................................
26,274
677,606
Asbury
Automotive
Group,
Inc.
(a)
...........................................
3,190
752,138
AutoNation,
Inc.
(a)
.....................................................
4,507
746,269
Beazer
Homes
USA,
Inc.
(a)
...............................................
13,074
428,827
Century
Communities,
Inc.
................................................
7,375
711,688
Dillard's,
Inc.
,
Class
A
...................................................
1,487
701,329
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......................................
9,413
411,631
Foot
Locker,
Inc.
.......................................................
11,420
325,470
G-III
Apparel
Group
Ltd.
(a)
...............................................
15,980
463,580
Graham
Holdings
Co.
,
Class
B
.............................................
1,578
1,211,399
Green
Brick
Partners,
Inc.
(a)
...............................................
10,460
630,006
Group
1
Automotive,
Inc.
.................................................
2,689
785,806
Guess?,
Inc.
(c)
.........................................................
20,321
639,502
H&R
Block,
Inc.
.......................................................
19,711
968,007
KB
Home
............................................................
10,260
727,229
Kohl's
Corp.
..........................................................
15,612
455,090
Levi
Strauss
&
Co.
,
Class
A
...............................................
41,149
822,569
Lithia
Motors,
Inc.
......................................................
2,052
617,365
M/I
Homes,
Inc.
(a)
......................................................
5,020
684,176
Macy's,
Inc.
...........................................................
27,827
556,262
Meritage
Homes
Corp.
...................................................
3,992
700,436
Modine
Manufacturing
Co.
(a)
..............................................
5,679
540,584
Mohawk
Industries,
Inc.
(a)
................................................
5,977
782,330
Murphy
USA,
Inc.
......................................................
2,639
1,106,269
Patrick
Industries,
Inc.
...................................................
6,655
795,073
Penske
Automotive
Group,
Inc.
.............................................
5,270
853,687
Phinia,
Inc.
...........................................................
12,359
474,956
PVH
Corp.
...........................................................
5,363
754,091
Ralph
Lauren
Corp.
.....................................................
4,173
783,522
Signet
Jewelers
Ltd.
.....................................................
5,696
569,999
Skechers
USA,
Inc.
,
Class
A
(a)
.............................................
12,710
778,615
Sonic
Automotive,
Inc.
,
Class
A
............................................
10,830
616,660
Stride,
Inc.
(a)
..........................................................
12,863
811,012
Taylor
Morrison
Home
Corp.
(a)
............................................
12,432
772,897
The
Gap,
Inc.
..........................................................
22,889
630,592
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
46,006
631,662
The
ODP
Corp.
(a)
......................................................
13,282
704,610
Thor
Industries,
Inc.
.....................................................
6,038
708,499
Toll
Brothers,
Inc.
......................................................
6,203
802,482
TopBuild
Corp.
(a)
......................................................
1,586
698,998
Tri
Pointe
Homes,
Inc.
(a)
.................................................
18,616
719,695
Under
Armour,
Inc.
,
Class
A
(a)
.............................................
64,273
474,335
Upbound
Group,
Inc.
....................................................
22,026
775,535
Urban
Outfitters,
Inc.
(a)
..................................................
14,910
647,392
Williams-Sonoma,
Inc.
...................................................
2,753
874,160
Wingstop,
Inc.
.........................................................
2,083
763,211
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
196
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Winnebago
Industries,
Inc.
................................................
10,989
$
813,186
Worthington
Enterprises,
Inc.
..............................................
10,823
673,515
34,701,770
Consumer
Staples
(3.8%):
BellRing
Brands,
Inc.
(a)
..................................................
15,975
943,004
Cal-Maine
Foods,
Inc.
...................................................
13,928
819,663
Coca-Cola
Consolidated,
Inc.
..............................................
942
797,318
elf
Beauty,
Inc.
(a)
.......................................................
2,216
434,402
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
19,334
1,300,212
Spectrum
Brands
Holdings,
Inc.
............................................
11,703
1,041,684
Sprouts
Farmers
Market,
Inc.
(a)
............................................
13,729
885,246
The
Andersons,
Inc.
.....................................................
13,600
780,232
Universal
Corp.
........................................................
19,672
1,017,436
WK
Kellogg
Co.
.......................................................
28,769
540,857
8,560,054
Energy
(5.9%):
Archrock,
Inc.
.........................................................
41,926
824,685
California
Resources
Corp.
................................................
14,950
823,745
Chesapeake
Energy
Corp.
(c)
...............................................
10,960
973,577
Chord
Energy
Corp.
.....................................................
5,964
1,063,023
Civitas
Resources,
Inc.
...................................................
10,499
796,979
CNX
Resources
Corp.
(a)
.................................................
43,728
1,037,228
Comstock
Resources,
Inc.
(c)
...............................................
62,837
583,127
CONSOL
Energy,
Inc.
...................................................
6,413
537,153
Dorian
LPG
Ltd.
.......................................................
14,407
554,093
Gulfport
Energy
Corp.
(a)
.................................................
5,196
831,984
HF
Sinclair
Corp.
.......................................................
14,609
881,945
International
Seaways,
Inc.
................................................
13,607
723,893
PBF
Energy,
Inc.
,
Class
A
.................................................
13,751
791,645
Peabody
Energy
Corp.
...................................................
29,259
709,823
Permian
Resources
Corp.
.................................................
45,745
807,857
SM
Energy
Co.
........................................................
15,146
755,028
Uranium
Energy
Corp.
(a)
.................................................
74,477
502,720
13,198,505
Financials
(16.5%):
Ally
Financial,
Inc.
......................................................
17,330
703,425
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
68,244
760,238
Associated
Banc-Corp.
...................................................
35,892
772,037
Assurant,
Inc.
.........................................................
5,386
1,013,861
Assured
Guaranty
Ltd.
...................................................
11,268
983,133
BGC
Group,
Inc.
,
Class
A
.................................................
91,734
712,773
Bread
Financial
Holdings,
Inc.
.............................................
15,385
572,937
Brighthouse
Financial,
Inc.
(a)
..............................................
15,421
794,798
CNO
Financial
Group,
Inc.
................................................
39,511
1,085,762
Customers
Bancorp,
Inc.
(a)
................................................
9,274
492,078
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
14,179
879,240
Enstar
Group
Ltd.
(a)
....................................................
3,501
1,087,971
Essent
Group
Ltd.
......................................................
22,812
1,357,542
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
5,356
1,054,489
Genworth
Financial,
Inc.
(a)
................................................
124,821
802,599
Golub
Capital
BDC,
Inc.
(c)
................................................
107,604
1,789,454
Invesco
Ltd.
...........................................................
45,694
758,063
Jackson
Financial,
Inc.
,
Class
A
.............................................
12,618
834,555
Jefferies
Financial
Group,
Inc.
..............................................
25,433
1,121,595
Lincoln
National
Corp.
...................................................
23,541
751,664
MFA
Financial,
Inc.
.....................................................
69,994
798,632
MGIC
Investment
Corp.
..................................................
63,081
1,410,491
Mr.
Cooper
Group,
Inc.
(a)
.................................................
13,323
1,038,528
Navient
Corp.
.........................................................
54,751
952,667
New
York
Community
Bancorp,
Inc.
(c)
.......................................
71,724
230,951
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
35,640
1,152,598
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
197
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Old
Republic
International
Corp.
............................................
43,513
$
1,336,719
OneMain
Holdings,
Inc.
..................................................
17,031
870,114
PennyMac
Financial
Services,
Inc.
..........................................
8,395
764,701
Popular,
Inc.
..........................................................
9,874
869,801
Primerica,
Inc.
.........................................................
4,990
1,262,270
PROG
Holdings,
Inc.
....................................................
18,297
630,149
Radian
Group,
Inc.
......................................................
38,664
1,294,084
Reinsurance
Group
of
America,
Inc.
.........................................
7,102
1,369,834
Rithm
Capital
Corp.
.....................................................
103,267
1,152,460
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
20,770
777,006
Stewart
Information
Services
Corp.
..........................................
12,740
828,864
Tradeweb
Markets,
Inc.
,
Class
A
............................................
9,593
999,303
Unum
Group
..........................................................
21,257
1,140,651
37,208,037
Health
Care
(14.2%):
Alpine
Immune
Sciences,
Inc.
(a)
............................................
8,675
343,877
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
10,336
453,854
Arcellx,
Inc.
(a)
........................................................
6,683
464,803
Ardelyx,
Inc.
(a)
........................................................
32,719
238,849
Azenta,
Inc.
(a)
.........................................................
8,411
507,015
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
2,508
867,442
Chemed
Corp.
.........................................................
1,754
1,125,945
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
19,373
752,060
CorVel
Corp.
(a)
........................................................
3,441
904,845
DaVita,
Inc.
(a)
.........................................................
5,051
697,291
Disc
Medicine,
Inc.
(a)
...................................................
7,286
453,626
Dynavax
Technologies
Corp.
(a)
.............................................
62,831
779,733
Elanco
Animal
Health,
Inc.
(a)
..............................................
33,836
550,850
Encompass
Health
Corp.
..................................................
17,227
1,422,606
Enovis
Corp.
(a)
........................................................
13,940
870,553
Exelixis,
Inc.
(a)
........................................................
38,862
922,195
Fortrea
Holdings,
Inc.
(a)
..................................................
14,238
571,513
Glaukos
Corp.
(a)
.......................................................
5,585
526,610
HealthEquity,
Inc.
(a)
....................................................
9,047
738,507
Henry
Schein,
Inc.
(a)
....................................................
14,249
1,076,084
Ideaya
Biosciences,
Inc.
(a)
................................................
12,241
537,135
Immunovant,
Inc.
(a)
.....................................................
8,408
271,662
Innoviva,
Inc.
(a)
.......................................................
70,950
1,081,278
Integer
Holdings
Corp.
(a)
.................................................
6,982
814,660
Medpace
Holdings,
Inc.
(a)
................................................
1,510
610,267
MoonLake
Immunotherapeutics
(a)
(c)
........................................
6,165
309,668
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
4,739
355,852
Organon
&
Co.
........................................................
29,119
547,437
Owens
&
Minor,
Inc.
(a)
..................................................
18,218
504,821
Perrigo
Co.
PLC
.......................................................
26,800
862,692
Premier,
Inc.
,
Class
A
....................................................
44,280
978,588
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
15,175
1,101,098
QuidelOrtho
Corp.
(a)
....................................................
9,598
460,128
RadNet,
Inc.
(a)
........................................................
16,556
805,615
Rhythm
Pharmaceuticals,
Inc.
(a)
............................................
8,110
351,406
RxSight,
Inc.
(a)
........................................................
7,723
398,352
Select
Medical
Holdings
Corp.
.............................................
26,967
813,055
Soleno
Therapeutics,
Inc.
(a)
...............................................
6,154
263,391
Tenet
Healthcare
Corp.
(a)
.................................................
7,030
738,923
The
Ensign
Group,
Inc.
...................................................
8,812
1,096,389
UFP
Technologies,
Inc.
(a)
.................................................
2,663
671,609
United
Therapeutics
Corp.
(a)
..............................................
4,357
1,000,890
Universal
Health
Services,
Inc.
,
Class
B
.......................................
6,169
1,125,596
Vaxcyte,
Inc.
(a)
........................................................
8,046
549,622
Vera
Therapeutics,
Inc.
(a)
.................................................
6,316
272,346
Vericel
Corp.
(a)
........................................................
11,299
587,774
Viking
Therapeutics,
Inc.
(a)
...............................................
3,860
316,520
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
198
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Vir
Biotechnology,
Inc.
(a)
.................................................
29,011
$
293,881
31,988,913
Industrials
(17.6%):
Acuity
Brands,
Inc.
.....................................................
3,441
924,700
Air
Lease
Corp.
........................................................
23,681
1,218,151
Air
Transport
Services
Group,
Inc.
(a)
.........................................
41,915
576,750
Allegiant
Travel
Co.
.....................................................
8,097
608,975
Allison
Transmission
Holdings,
Inc.
.........................................
11,102
901,038
American
Woodmark
Corp.
(a)
..............................................
6,510
661,807
API
Group
Corp.
(a)
.....................................................
26,940
1,057,934
ArcBest
Corp.
.........................................................
3,776
538,080
Avis
Budget
Group,
Inc.
..................................................
4,314
528,292
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
10,116
991,570
Boise
Cascade
Co.
......................................................
5,358
821,756
CACI
International,
Inc.
,
Class
A
(a)
.........................................
3,414
1,293,326
Clean
Harbors,
Inc.
(a)
...................................................
5,326
1,072,177
Comfort
Systems
USA,
Inc.
...............................................
2,171
689,748
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
13,509
758,530
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
19,051
1,090,670
CoreCivic,
Inc.
(a)
......................................................
51,552
804,727
CSW
Industrials,
Inc.
....................................................
4,186
982,036
EMCOR
Group,
Inc.
....................................................
2,881
1,008,926
Encore
Wire
Corp.
......................................................
3,051
801,742
Esab
Corp.
............................................................
8,673
958,974
Federal
Signal
Corp.
.....................................................
11,939
1,013,263
FTAI
Aviation
Ltd.
......................................................
14,252
959,160
GMS,
Inc.
(a)
..........................................................
9,556
930,181
Griffon
Corp.
..........................................................
10,298
755,255
Hertz
Global
Holdings,
Inc.
(a)
.............................................
56,536
442,677
HNI
Corp.
............................................................
19,467
878,546
Huron
Consulting
Group,
Inc.
(a)
............................................
6,645
642,040
Knight-Swift
Transportation
Holdings,
Inc.
....................................
14,369
790,582
Masterbrand,
Inc.
(a)
.....................................................
39,676
743,528
Matson,
Inc.
..........................................................
7,403
832,097
MillerKnoll,
Inc.
.......................................................
16,157
400,047
Moog,
Inc.
,
Class
A
.....................................................
5,400
862,110
Mueller
Industries,
Inc.
...................................................
16,589
894,645
Parsons
Corp.
(a)
.......................................................
12,490
1,036,046
Powell
Industries,
Inc.
...................................................
1,605
228,392
Primoris
Services
Corp.
..................................................
19,976
850,378
Rush
Enterprises,
Inc.
,
Class
A
.............................................
17,195
920,276
Ryder
System,
Inc.
......................................................
8,400
1,009,596
Schneider
National,
Inc.
,
Class
B
............................................
37,321
844,947
Science
Applications
International
Corp.
......................................
7,156
933,071
Simpson
Manufacturing
Co.,
Inc.
...........................................
3,809
781,531
SkyWest,
Inc.
(a)
........................................................
9,906
684,306
Steelcase,
Inc.
,
Class
A
...................................................
42,713
558,686
Sterling
Infrastructure,
Inc.
(a)
..............................................
4,246
468,376
Terex
Corp.
...........................................................
10,369
667,764
The
GEO
Group,
Inc.
(a)
..................................................
56,559
798,613
UFP
Industries,
Inc.
.....................................................
6,749
830,195
XPO,
Inc.
(a)
..........................................................
4,368
533,027
39,579,244
Information
Technology
(11.1%):
Amkor
Technology,
Inc.
..................................................
18,940
610,626
Appfolio,
Inc.
,
Class
A
(a)
.................................................
2,083
513,959
AppLovin
Corp.
,
Class
A
(a)
...............................................
6,386
442,039
Arrow
Electronics,
Inc.
(a)
.................................................
8,674
1,122,936
Aspen
Technology,
Inc.
(a)
.................................................
4,295
916,038
Avnet,
Inc.
............................................................
21,934
1,087,488
CommVault
Systems,
Inc.
(a)
...............................................
10,544
1,069,478
Crane
NXT
Co.
........................................................
14,042
869,200
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
199
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
11,429
$
957,407
Dropbox,
Inc.
,
Class
A
(a)
.................................................
27,712
673,402
DXC
Technology
Co.
(a)
..................................................
22,691
481,276
ePlus,
Inc.
(a)
..........................................................
7,719
606,250
F5,
Inc.
(a)
............................................................
6,762
1,282,008
FormFactor,
Inc.
(a)
.....................................................
12,812
584,611
Guidewire
Software,
Inc.
(a)
...............................................
6,631
773,904
Informatica,
Inc.
,
Class
A
(a)
...............................................
16,779
587,265
Insight
Enterprises,
Inc.
(a)
................................................
5,735
1,063,957
InterDigital,
Inc.
.......................................................
8,563
911,617
LiveRamp
Holdings,
Inc.
(a)
...............................................
14,591
503,389
NCR
Voyix
Corp.
(a)
.....................................................
46,071
581,877
NetScout
Systems,
Inc.
(a)
.................................................
32,424
708,140
Onto
Innovation,
Inc.
(a)
..................................................
2,744
496,883
Photronics,
Inc.
(a)
......................................................
16,434
465,411
Qualys,
Inc.
(a)
.........................................................
4,472
746,243
Rambus,
Inc.
(a)
........................................................
7,454
460,732
Sanmina
Corp.
(a)
.......................................................
7,993
497,005
TD
SYNNEX
Corp.
.....................................................
11,218
1,268,756
TTM
Technologies,
Inc.
(a)
................................................
45,820
717,083
Varonis
Systems,
Inc.
(a)
..................................................
13,784
650,191
Veeco
Instruments,
Inc.
(a)
.................................................
19,388
681,876
Vishay
Intertechnology,
Inc.
...............................................
43,285
981,704
Vontier
Corp.
..........................................................
22,819
1,035,070
Xerox
Holdings
Corp.
...................................................
32,946
589,733
24,937,554
Materials
(4.9%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
1,261
417,605
Arch
Resources,
Inc.
....................................................
4,058
652,486
Berry
Global
Group,
Inc.
.................................................
14,183
857,788
Cleveland-Cliffs,
Inc.
(a)
..................................................
29,275
665,714
Commercial
Metals
Co.
..................................................
14,795
869,502
Eagle
Materials,
Inc.
.....................................................
3,670
997,322
Greif,
Inc.
,
Class
A
......................................................
16,413
1,133,318
International
Paper
Co.
...................................................
27,925
1,089,633
Louisiana-Pacific
Corp.
..................................................
9,155
768,196
NewMarket
Corp.
......................................................
1,688
1,071,239
Ryerson
Holding
Corp.
...................................................
17,682
592,347
Sylvamo
Corp.
.........................................................
8,571
529,174
The
Mosaic
Co.
........................................................
22,825
740,899
Warrior
Met
Coal,
Inc.
...................................................
10,784
654,589
11,039,812
Real
Estate
(5.3%):
Acadia
Realty
Trust
.....................................................
56,327
958,122
Empire
State
Realty
Trust,
Inc.
.............................................
66,658
675,246
EPR
Properties
........................................................
28,366
1,204,137
Hudson
Pacific
Properties,
Inc.
.............................................
54,478
351,383
Innovative
Industrial
Properties,
Inc.
.........................................
6,948
719,396
JBG
SMITH
Properties
...................................................
35,084
563,098
Kilroy
Realty
Corp.
.....................................................
14,482
527,579
Medical
Properties
Trust,
Inc.
(c)
............................................
77,184
362,765
Paramount
Group,
Inc.
...................................................
112,012
525,336
Park
Hotels
&
Resorts,
Inc.
................................................
38,206
668,223
RLJ
Lodging
Trust
......................................................
79,001
933,792
Sabra
Health
Care
REIT,
Inc.
..............................................
72,625
1,072,671
SL
Green
Realty
Corp.
(c)
.................................................
7,795
429,738
Tanger,
Inc.
...........................................................
32,937
972,630
The
Macerich
Co.
......................................................
34,654
597,089
Urban
Edge
Properties
...................................................
54,792
946,258
Vornado
Realty
Trust
....................................................
15,864
456,407
11,963,870
Victory
Portfolios
II
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
200
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Utilities
(2.1%):
ALLETE,
Inc.
.........................................................
18,683
$
1,114,254
Clearway
Energy,
Inc.
,
Class
C
.............................................
30,081
693,367
Hawaiian
Electric
Industries,
Inc.
...........................................
24,416
275,168
NRG
Energy,
Inc.
.......................................................
19,555
1,323,678
Pinnacle
West
Capital
Corp.
...............................................
16,305
1,218,473
4,624,940
Total
Common
Stocks
(Cost
$186,528,154)
223,551,279
Rights
(0.0%)(d)
Health
Care
(0.0%):(d)
Achillion
Pharmaceuticals,
CVR
(a)
(b)
.......................................
17,954
4,129
Total
Rights
(Cost
$–)
4,129
Collateral
for
Securities
Loaned
(1.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(e)
........
766,172
766,172
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(e)
............
766,172
766,172
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(e)
...............
766,172
766,172
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(e)
.
766,172
766,172
Total
Collateral
for
Securities
Loaned
(Cost
$3,064,688)
3,064,688
Total
Investments
(Cost
$189,592,842)
—
100.7%
226,620,096
Liabilities
in
excess
of
other
assets
—
(0.7)%
(
1,621,822
)
NET
ASSETS
-
100.00%
$
224,998,274
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2024.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
11
6/21/24
$
1,154,314
$
1,180,245
$
25,931
Total
unrealized
appreciation
$
25,931
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
25,931
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
201
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(98.5%)
Australia
(2.3%):
Industrials
(0.6%):
Seven
Group
Holdings
Ltd.
................................................
55,179
$
1,465,645
Materials
(1.7%):
BlueScope
Steel
Ltd.
....................................................
96,559
1,500,360
Fortescue
Ltd.
.........................................................
67,861
1,136,233
Rio
Tinto
Ltd.
.........................................................
20,667
1,639,443
4,276,036
5,741,681
Austria
(1.1%):
Energy
(0.6%):
OMV
AG
............................................................
32,984
1,560,535
Financials
(0.5%):
Raiffeisen
Bank
International
AG
...........................................
58,625
1,167,390
2,727,925
Belgium
(0.5%):
Consumer
Staples
(0.5%):
Colruyt
Group
NV
......................................................
26,135
1,207,176
Canada
(3.5%):
Energy
(0.6%):
Parkland
Corp.
.........................................................
49,167
1,566,055
Financials
(1.2%):
Fairfax
Financial
Holdings
Ltd.
.............................................
1,149
1,238,670
Onex
Corp.
...........................................................
21,309
1,596,444
2,835,114
Industrials
(0.7%):
Element
Fleet
Management
Corp.
...........................................
107,450
1,736,622
Materials
(1.0%):
Kinross
Gold
Corp.
.....................................................
205,712
1,262,158
West
Fraser
Timber
Co.
Ltd.
...............................................
14,466
1,249,220
2,511,378
8,649,169
Denmark
(0.8%):
Consumer
Discretionary
(0.5%):
Pandora
A/S
..........................................................
7,117
1,147,455
Industrials
(0.3%):
AP
Moller
-
Maersk
A/S
,
Class
B
...........................................
537
698,692
1,846,147
France
(11.2%):
Communication
Services
(3.1%):
Bollore
SE
............................................................
266,287
1,778,042
Orange
SA
............................................................
212,772
2,498,988
Publicis
Groupe
SA
.....................................................
16,388
1,786,339
Vivendi
SE
...........................................................
150,054
1,634,822
7,698,191
Consumer
Discretionary
(0.5%):
Renault
SA
...........................................................
26,012
1,313,030
Consumer
Staples
(0.6%):
Carrefour
SA
..........................................................
91,235
1,562,344
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
202
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Energy
(0.7%):
TotalEnergies
SE
.......................................................
26,489
$
1,813,575
Financials
(2.7%):
BNP
Paribas
SA
........................................................
24,340
1,729,194
Credit
Agricole
SA
......................................................
135,435
2,018,435
Eurazeo
SE
...........................................................
15,418
1,351,304
Societe
Generale
SA
.....................................................
57,065
1,527,208
6,626,141
Health
Care
(0.5%):
Sanofi
SA
............................................................
12,231
1,200,090
Industrials
(1.5%):
Bouygues
SA
..........................................................
42,417
1,730,923
Eiffage
SA
............................................................
16,501
1,871,635
3,602,558
Real
Estate
(0.7%):
Klepierre
SA
(a)
........................................................
63,193
1,635,994
Utilities
(0.9%):
Engie
SA
.............................................................
130,421
2,182,031
27,633,954
Germany
(10.4%):
Communication
Services
(1.1%):
Deutsche
Telekom
AG
...................................................
109,084
2,647,556
Consumer
Discretionary
(2.5%):
Bayerische
Motoren
Werke
AG
.............................................
13,071
1,508,106
Mercedes-Benz
Group
AG
................................................
20,081
1,598,829
Porsche
Automobil
Holding
SE
,
Preference
Shares
...............................
29,156
1,544,855
Volkswagen
AG
,
Preference
Shares
..........................................
12,129
1,607,187
6,258,977
Consumer
Staples
(1.1%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
33,378
2,682,366
Financials
(1.8%):
Commerzbank
AG
......................................................
94,549
1,298,336
Deutsche
Bank
AG
,
Registered
Shares
........................................
98,362
1,547,198
Talanx
AG
............................................................
20,986
1,661,603
4,507,137
Health
Care
(1.4%):
Fresenius
Medical
Care
AG
...............................................
24,911
957,971
Fresenius
SE
&
Co.
KGaA
................................................
45,381
1,223,814
Merck
KGaA
..........................................................
6,625
1,169,151
3,350,936
Industrials
(0.5%):
Hochtief
AG
..........................................................
10,206
1,185,694
Materials
(0.7%):
Heidelberg
Materials
AG
.................................................
14,562
1,601,437
Real
Estate
(0.4%):
LEG
Immobilien
SE
(b)
...................................................
11,772
1,010,545
Utilities
(0.9%):
E.ON
SE
.............................................................
163,303
2,269,761
25,514,409
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
203
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Greece
(0.9%):
Financials
(0.4%):
National
Bank
of
Greece
SA
(b)
.............................................
138,944
$
1,087,523
Industrials
(0.5%):
Mytilineos
SA
.........................................................
29,887
1,152,873
2,240,396
Hong
Kong
(4.5%):
Consumer
Staples
(0.7%):
WH
Group
Ltd.
(c)
......................................................
2,388,815
1,574,902
Health
Care
(0.3%):
Sino
Biopharmaceutical
Ltd.
...............................................
1,980,342
764,132
Industrials
(0.6%):
CK
Hutchison
Holdings
Ltd.
...............................................
318,307
1,537,302
Real
Estate
(2.9%):
CK
Asset
Holdings
Ltd.
..................................................
350,011
1,439,988
Henderson
Land
Development
Co.
Ltd.
.......................................
403,357
1,149,253
Sino
Land
Co.
Ltd.
......................................................
1,357,937
1,410,560
Sun
Hung
Kai
Properties
Ltd.
..............................................
129,996
1,253,172
Swire
Pacific
Ltd.
,
Class
A
................................................
122,302
1,006,331
The
Wharf
Holdings
Ltd.
.................................................
291,075
955,783
7,215,087
11,091,423
Israel
(0.4%):
Health
Care
(0.4%):
Teva
Pharmaceutical
Industries
Ltd.
(b)
.......................................
75,590
1,072,832
Italy
(5.6%):
Communication
Services
(0.3%):
Telecom
Italia
SpA
(a)
(b)
.................................................
3,496,835
849,087
Energy
(0.8%):
Eni
SpA
.............................................................
120,981
1,911,600
Financials
(2.6%):
Banco
BPM
SpA
.......................................................
194,156
1,291,804
Intesa
Sanpaolo
SpA
.....................................................
500,751
1,816,562
Mediobanca
Banca
di
Credito
Finanziario
SpA
..................................
119,128
1,774,635
UniCredit
SpA
.........................................................
37,417
1,419,726
6,302,727
Industrials
(0.6%):
Leonardo
SpA
.........................................................
59,070
1,483,377
Materials
(0.6%):
Buzzi
SpA
............................................................
38,884
1,526,771
Utilities
(0.7%):
A2A
SpA
.............................................................
898,673
1,622,292
13,695,854
Japan
(27.2%):
Communication
Services
(1.3%):
LY
Corp.
.............................................................
212,800
537,764
Nippon
Telegraph
&
Telephone
Corp.
........................................
898,400
1,068,393
SoftBank
Corp.
........................................................
114,100
1,463,188
3,069,345
Consumer
Discretionary
(3.3%):
Aisin
Corp.
...........................................................
15,100
614,236
Honda
Motor
Co.
Ltd.
...................................................
55,300
680,838
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
204
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Isuzu
Motors
Ltd.
.......................................................
49,100
$
661,436
Mazda
Motor
Corp.
.....................................................
40,700
473,659
Nissan
Motor
Co.
Ltd.
(a)
.................................................
130,500
514,896
Niterra
Co.
Ltd.
........................................................
24,500
810,462
Sekisui
House
Ltd.
......................................................
47,300
1,073,125
Subaru
Corp.
..........................................................
27,700
626,983
Sumitomo
Electric
Industries
Ltd.
...........................................
45,800
706,547
Sumitomo
Forestry
Co.
Ltd.
...............................................
19,500
611,436
Toyota
Motor
Corp.
.....................................................
26,200
658,808
Yamaha
Motor
Co.
Ltd.
..................................................
73,300
672,901
8,105,327
Consumer
Staples
(1.7%):
Asahi
Group
Holdings
Ltd.
................................................
24,800
908,372
Japan
Tobacco,
Inc.
.....................................................
44,600
1,186,898
Lawson,
Inc.
..........................................................
7,900
539,419
MEIJI
Holdings
Co.
Ltd.
.................................................
36,214
789,549
Nissin
Foods
Holdings
Co.
Ltd.
.............................................
27,998
771,351
4,195,589
Energy
(0.8%):
ENEOS
Holdings,
Inc.
...................................................
162,900
782,105
Idemitsu
Kosan
Co.
Ltd.
..................................................
85,600
584,202
Inpex
Corp.
...........................................................
38,600
586,421
1,952,728
Financials
(4.4%):
Concordia
Financial
Group
Ltd.
............................................
138,200
693,191
Dai-ichi
Life
Holdings,
Inc.
...............................................
28,800
732,558
Daiwa
Securities
Group,
Inc.
...............................................
94,100
712,464
Japan
Post
Bank
Co.
Ltd.
.................................................
91,800
985,564
Japan
Post
Holdings
Co.
Ltd.
..............................................
95,300
958,604
Japan
Post
Insurance
Co.
Ltd.
..............................................
40,400
771,246
Mitsubishi
HC
Capital,
Inc.
................................................
122,600
852,514
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
67,000
679,473
Mizuho
Financial
Group,
Inc.
..............................................
38,300
756,081
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
37,200
654,859
Nomura
Holdings,
Inc.
...................................................
121,700
775,259
SBI
Holdings,
Inc.
......................................................
29,800
778,667
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
13,200
770,232
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
38,000
817,944
10,938,656
Health
Care
(1.4%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
17,100
651,418
Otsuka
Holdings
Co.
Ltd.
.................................................
19,600
812,048
Shionogi
&
Co.
Ltd.
.....................................................
21,000
1,072,892
Takeda
Pharmaceutical
Co.
Ltd.
............................................
35,400
982,996
3,519,354
Industrials
(5.6%):
AGC,
Inc.
............................................................
28,300
1,024,978
Dai
Nippon
Printing
Co.
Ltd.
..............................................
26,900
821,431
Hitachi
Ltd.
...........................................................
8,500
772,446
ITOCHU
Corp.
........................................................
17,600
751,628
Kajima
Corp.
..........................................................
36,900
754,529
Kawasaki
Kisen
Kaisha
Ltd.
(a)
.............................................
23,700
318,250
Komatsu
Ltd.
..........................................................
24,200
713,561
Marubeni
Corp.
........................................................
42,700
736,445
Mitsubishi
Corp.
.......................................................
30,400
699,545
Mitsubishi
Electric
Corp.
.................................................
37,600
626,377
Mitsubishi
Heavy
Industries
Ltd.
............................................
67,000
604,222
Mitsui
&
Co.
Ltd.
.......................................................
15,600
725,891
Mitsui
OSK
Lines
Ltd.
...................................................
16,900
514,950
Nippon
Yusen
KK
(a)
....................................................
17,200
471,591
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
205
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Obayashi
Corp.
........................................................
79,500
$
942,014
Sumitomo
Corp.
........................................................
36,100
865,770
Taisei
Corp.
...........................................................
21,100
767,133
TOPPAN
Holdings,
Inc.
..................................................
24,000
598,731
Toyota
Industries
Corp.
...................................................
5,400
560,657
Toyota
Tsusho
Corp.
.....................................................
9,400
641,530
13,911,679
Information
Technology
(3.2%):
Canon,
Inc.
...........................................................
30,300
901,033
Disco
Corp.
...........................................................
1,300
474,016
FUJIFILM
Holdings
Corp.
................................................
38,400
859,535
Ibiden
Co.
Ltd.
(a)
.......................................................
9,300
413,879
Kyocera
Corp.
.........................................................
58,300
775,549
NEC
Corp.
...........................................................
9,700
705,903
Renesas
Electronics
Corp.
(b)
..............................................
26,800
475,233
Rohm
Co.
Ltd.
(a)
.......................................................
38,400
612,812
SCREEN
Holdings
Co.
Ltd.
...............................................
3,500
450,680
SCSK
Corp.
...........................................................
50,000
927,260
Seiko
Epson
Corp.
......................................................
42,200
734,652
TDK
Corp.
...........................................................
11,700
571,395
7,901,947
Materials
(2.3%):
Asahi
Kasei
Corp.
......................................................
139,200
1,018,065
JFE
Holdings,
Inc.
......................................................
47,100
777,480
Mitsubishi
Chemical
Group
Corp.
...........................................
130,500
792,605
Mitsui
Chemicals,
Inc.
...................................................
26,500
774,901
Nippon
Sanso
Holdings
Corp.
..............................................
22,100
690,187
Nippon
Steel
Corp.
(a)
....................................................
29,400
704,893
Nitto
Denko
Corp.
......................................................
8,500
773,570
5,531,701
Real
Estate
(1.8%):
Daito
Trust
Construction
Co.
Ltd.
...........................................
8,300
944,278
Daiwa
House
Industry
Co.
Ltd.
.............................................
31,100
921,946
Hulic
Co.
Ltd.
.........................................................
94,300
965,678
Mitsui
Fudosan
Co.
Ltd.
..................................................
77,400
830,199
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
22,100
819,989
4,482,090
Utilities
(1.4%):
Chubu
Electric
Power
Co.,
Inc.
.............................................
53,600
699,215
Osaka
Gas
Co.
Ltd.
.....................................................
39,000
875,542
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
51,400
729,774
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(b)
....................................
78,500
476,207
Tokyo
Gas
Co.
Ltd.
.....................................................
31,200
708,266
3,489,004
67,097,420
Luxembourg
(0.5%):
Materials
(0.5%):
ArcelorMittal
SA
.......................................................
48,562
1,333,433
Netherlands
(1.3%):
Financials
(0.8%):
Aegon
Ltd.
...........................................................
319,664
1,948,246
Health
Care
(0.5%):
Koninklijke
Philips
NV
(b)
................................................
63,731
1,279,102
3,227,348
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
206
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Norway
(0.5%):
Energy
(0.5%):
Equinor
ASA
..........................................................
50,262
$
1,326,463
Singapore
(1.1%):
Industrials
(0.6%):
Keppel
Ltd.
...........................................................
278,400
1,513,783
Utilities
(0.5%):
Sembcorp
Industries
Ltd.
.................................................
267,500
1,070,079
2,583,862
South
Korea
(8.2%):
Communication
Services
(1.4%):
KT
Corp.
.............................................................
50,359
1,419,749
SK
Telecom
Co.
Ltd.
....................................................
49,980
1,979,002
3,398,751
Consumer
Discretionary
(0.8%):
Hyundai
Motor
Co.
.....................................................
6,407
1,128,043
Kia
Corp.
............................................................
10,943
910,494
2,038,537
Financials
(3.3%):
Hana
Financial
Group,
Inc.
................................................
26,139
1,143,739
Industrial
Bank
of
Korea
(b)
...............................................
186,947
1,937,382
KB
Financial
Group,
Inc.
.................................................
21,646
1,130,461
Samsung
Life
Insurance
Co.
Ltd.
............................................
13,910
986,855
Shinhan
Financial
Group
Co.
Ltd.
...........................................
38,004
1,332,582
Woori
Financial
Group,
Inc.
...............................................
150,652
1,632,875
8,163,894
Industrials
(2.0%):
HMM
Co.
Ltd.
.........................................................
44,933
525,737
Korean
Air
Lines
Co.
Ltd.
.................................................
75,757
1,221,252
LG
Corp.
.............................................................
15,377
1,000,687
Samsung
C&T
Corp.
....................................................
10,354
1,231,465
SK,
Inc.
..............................................................
6,757
916,595
4,895,736
Information
Technology
(0.5%):
SK
Hynix,
Inc.
.........................................................
8,200
1,085,536
Materials
(0.2%):
POSCO
Holdings,
Inc.
...................................................
1,853
579,536
20,161,990
Spain
(4.3%):
Communication
Services
(0.7%):
Telefonica
SA
.........................................................
382,964
1,689,183
Consumer
Discretionary
(0.8%):
Industria
de
Diseno
Textil
SA
..............................................
40,910
2,059,533
Energy
(0.6%):
Repsol
SA
............................................................
93,331
1,554,443
Financials
(1.3%):
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)
.......................................
157,834
1,879,625
Banco
de
Sabadell
SA
...................................................
894,395
1,403,763
3,283,388
Health
Care
(0.2%):
Grifols
SA
(b)
..........................................................
56,908
511,843
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
207
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Industrials
(0.7%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
38,569
$
1,613,421
10,711,811
Sweden
(4.0%):
Financials
(1.8%):
Industrivarden
AB
,
Class
C
(a)
..............................................
65,216
2,243,196
Investor
AB
,
Class
B
....................................................
85,652
2,150,164
4,393,360
Health
Care
(0.5%):
Swedish
Orphan
Biovitrum
AB
(b)
...........................................
50,640
1,264,379
Industrials
(1.3%):
Saab
AB
,
Class
B
.......................................................
14,394
1,280,459
Volvo
AB
,
Class
B
......................................................
72,681
1,970,225
3,250,684
Materials
(0.4%):
SSAB
AB
,
Class
B
......................................................
128,618
948,257
9,856,680
Switzerland
(1.4%):
Financials
(0.6%):
UBS
Group
AG
........................................................
49,425
1,520,516
Materials
(0.8%):
Holcim
AG
...........................................................
22,361
2,025,063
3,545,579
United
Kingdom
(8.8%):
Communication
Services
(0.5%):
Vodafone
Group
PLC
....................................................
1,513,139
1,345,377
Consumer
Discretionary
(0.5%):
Taylor
Wimpey
PLC
.....................................................
686,437
1,187,141
Consumer
Staples
(2.7%):
Associated
British
Foods
PLC
..............................................
59,318
1,869,828
J
Sainsbury
PLC
.......................................................
480,359
1,639,061
Marks
&
Spencer
Group
PLC
..............................................
408,365
1,366,095
Tesco
PLC
............................................................
502,802
1,881,875
6,756,859
Energy
(0.8%):
Shell
PLC
............................................................
57,951
1,919,610
Financials
(1.3%):
3i
Group
PLC
.........................................................
53,058
1,880,725
Barclays
PLC
.........................................................
534,208
1,234,976
3,115,701
Health
Care
(0.8%):
GSK
PLC
............................................................
86,439
1,863,686
Industrials
(1.7%):
BAE
Systems
PLC
......................................................
106,850
1,819,576
Melrose
Industries
PLC
..................................................
163,394
1,387,630
Rolls-Royce
Holdings
PLC
(b)
..............................................
175,703
946,073
4,153,279
Victory
Portfolios
II
VictoryShares
International
Value
Momentum
ETF
208
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Utilities
(0.5%):
Centrica
PLC
..........................................................
814,897
$
1,312,642
21,654,295
Total
Common
Stocks
(Cost
$208,422,413)
242,919,847
Collateral
for
Securities
Loaned
(2.5%)^
United
States
(2.5%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(d)
........
1,538,716
1,538,716
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.24
%
(d)
............
1,538,716
1,538,716
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(d)
...............
1,538,716
1,538,716
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.22
%
(d)
.
1,538,716
1,538,716
Total
Collateral
for
Securities
Loaned
(Cost
$6,154,864)
6,154,864
Total
Investments
(Cost
$214,577,277)
—
101.0%
249,074,711
Liabilities
in
excess
of
other
assets
—
(1.0)%
(
2,432,351
)
NET
ASSETS
-
100.00%
$
246,642,360
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2024,
the
fair
value
of
these
securities
was
$1,574,902
and
amounted
to
0.6%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
EAFE
Index
Futures
......
11
6/21/24
$
1,286,440
$
1,296,405
$
9,965
Total
unrealized
appreciation
$
9,965
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
9,965
Schedule
of
Portfolio
Investments
March
31,
2024
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
209
(Unaudited)
Security
Description
Shares
Value
Common
Stocks
(100.5%)
Brazil
(8.2%):
Communication
Services
(1.0%):
TIM
SA
..............................................................
498,300
$
1,768,748
Consumer
Staples
(0.6%):
JBS
SA
..............................................................
259,600
1,113,008
Energy
(1.5%):
Petroleo
Brasileiro
SA,
Preference
Shares
.....................................
154,900
1,154,020
Ultrapar
Participacoes
SA
.................................................
248,900
1,413,082
2,567,102
Financials
(1.0%):
Banco
do
Brasil
SA
.....................................................
156,400
1,765,882
Materials
(1.5%):
Cia
Siderurgica
Nacional
SA
...............................................
322,000
1,008,116
Gerdau
SA,
Preference
Shares
..............................................
346,820
1,535,367
2,543,483
Utilities
(2.6%):
Cia
De
Sanena
Do
Parana
.................................................
289,300
1,501,681
Cia
Energetica
de
Minas
Gerais,
Preference
Shares
...............................
587,300
1,470,973
Companhia
Paranaense
de
Energia,
Preference
Shares
.............................
832,000
1,596,075
4,568,729
14,326,952
Chile
(3.1%):
Consumer
Discretionary
(0.8%):
Falabella
SA(a)
........................................................
534,671
1,404,759
Consumer
Staples
(0.8%):
Cencosud
SA
..........................................................
780,440
1,354,764
Industrials
(0.7%):
Cia
Sud
Americana
de
Vapores
SA
...........................................
16,274,809
1,224,782
Utilities
(0.8%):
Enel
Chile
SA
.........................................................
25,189,618
1,514,999
5,499,304
China
(23.5%):
Communication
Services
(0.8%):
China
Tower
Corp.
Ltd.,
Class
H(b)
..........................................
11,781,059
1,354,716
Consumer
Discretionary
(2.4%):
BYD
Co.
Ltd.
.........................................................
45,464
1,171,061
Great
Wall
Motor
Co.
Ltd.
................................................
791,976
880,344
Haier
Smart
Home
Co.
Ltd.,
Class
H
.........................................
455,788
1,418,023
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
H
...............................
257,000
799,564
4,268,992
Energy
(4.1%):
China
Coal
Energy
Co.
Ltd.,
Class
H
.........................................
1,065,318
1,037,183
China
Petroleum
&
Chemical
Corp.,
Class
H
...................................
2,644,901
1,500,423
China
Shenhua
Energy
Co.
Ltd.,
Class
H
......................................
365,691
1,436,748
Inner
Mongolia
Yitai
Coal
Co.
Ltd.,
Class
B
....................................
581,900
1,109,102
PetroChina
Co.
Ltd.,
Class
H
..............................................
1,558,765
1,332,380
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
.....................................
383,960
806,509
7,222,345
Financials
(9.6%):
Agricultural
Bank
of
China
Ltd.,
Class
H
......................................
3,687,626
1,554,827
Bank
of
China
Ltd.,
Class
H
...............................................
4,320,268
1,782,931
Bank
of
Communications
Co.
Ltd.,
Class
H
....................................
2,094,957
1,375,813
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
210
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
China
CITIC
Bank
Corp.
Ltd.,
Class
H
.......................................
2,868,196
$
1,528,151
China
Life
Insurance
Co.
Ltd.,
Class
H
.......................................
856,447
1,027,513
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................................
254,304
1,005,623
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
...................................
4,077,926
1,411,984
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
................................
534,380
935,389
CITIC
Securities
Co.
Ltd.,
Class
H
..........................................
585,893
965,671
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.............................
2,958,065
1,489,105
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
...................................
904,284
1,192,356
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H(b)
...............................
2,434,151
1,272,015
The
People's
Insurance
Co.
Group
of
China
Ltd.,
Class
H
..........................
4,382,905
1,399,985
16,941,363
Health
Care
(1.3%):
China
Resources
Pharmaceutical
Group
Ltd.(b)
.................................
1,565,264
999,951
Sinopharm
Group
Co.
Ltd.,
Class
H
..........................................
346,052
886,497
WuXi
AppTec
Co.
Ltd.,
Class
H(b)
..........................................
95,905
454,607
2,341,055
Industrials
(1.3%):
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
.................................
1,147,234
1,206,350
Weichai
Power
Co.
Ltd.,
Class
H
............................................
526,426
1,003,523
2,209,873
Information
Technology
(0.5%):
Lenovo
Group
Ltd.
......................................................
714,763
828,306
Materials
(2.6%):
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
.......................................
544,890
1,133,403
CMOC
Group
Ltd.,
Class
H
...............................................
1,726,190
1,466,667
Jinan
Acetate
Chemical
Co.
Ltd.
............................................
19,000
532,033
Zijin
Mining
Group
Co.
Ltd.,
Class
H
........................................
698,852
1,394,722
4,526,825
Real
Estate
(0.2%):
Country
Garden
Holdings
Co.
Ltd.(a)(c)
......................................
5,703,068
353,404
Utilities
(0.7%):
Huaneng
Power
International,
Inc.,
Class
H(a)
..................................
2,005,124
1,181,037
41,227,916
Cyprus
(0.0%):(d)
Financials
(0.0%):(d)
TCS
Group
Holding
PLC,
GDR(a)(e)
........................................
15,868
5,876
Egypt
(0.4%):
Financials
(0.4%):
Commercial
International
Bank
.............................................
424,414
717,067
Greece
(0.0%):
Consumer
Discretionary
(0.0%):
FF
Group(a)(e)
........................................................
14,913
—
Hong
Kong
(1.9%):
Industrials
(0.4%):
Orient
Overseas
International
Ltd.
...........................................
58,794
702,370
Real
Estate
(0.9%):
C&D
International
Investment
Group
Ltd.
.....................................
530,720
926,270
Yuexiu
Property
Co.
Ltd.
.................................................
1,151,621
634,173
1,560,443
Utilities
(0.6%):
Beijing
Enterprises
Holdings
Ltd.
...........................................
353,203
1,024,405
3,287,218
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
211
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Hungary
(1.2%):
Financials
(0.6%):
OTP
Bank
Nyrt
........................................................
20,864
$
961,133
Health
Care
(0.6%):
Richter
Gedeon
Nyrt
....................................................
44,266
1,123,979
2,085,112
India
(25.2%):
Communication
Services
(2.1%):
Bharti
Airtel
Ltd.
.......................................................
162,477
2,393,588
Sun
TV
Network
Ltd.
....................................................
185,642
1,336,150
3,729,738
Consumer
Discretionary
(7.6%):
Apollo
Tyres
Ltd.
.......................................................
216,990
1,213,645
Bajaj
Auto
Ltd.
........................................................
16,599
1,820,800
Exide
Industries
Ltd.
....................................................
373,312
1,363,256
Hero
MotoCorp
Ltd.
.....................................................
25,989
1,471,601
MRF
Ltd.
............................................................
1,098
1,756,160
Tata
Motors
Ltd.
.......................................................
146,612
1,745,333
Titan
Co.
Ltd.
.........................................................
49,080
2,237,385
TVS
Motor
Co.
Ltd.
.....................................................
66,887
1,725,841
13,334,021
Financials
(2.8%):
BSE
Ltd.
.............................................................
26,461
798,264
L&T
Finance
Holdings
Ltd.
...............................................
565,881
1,073,781
LIC
Housing
Finance
Ltd.
.................................................
177,660
1,301,494
Power
Finance
Corp.
Ltd.
.................................................
182,836
855,562
REC
Ltd.
.............................................................
161,544
873,604
4,902,705
Health
Care
(3.4%):
Aurobindo
Pharma
Ltd.
..................................................
107,620
1,404,973
Dr
Reddy's
Laboratories
Ltd.
...............................................
24,761
1,828,301
Glenmark
Pharmaceuticals
Ltd.
.............................................
98,781
1,135,246
Lupin
Ltd.
............................................................
83,618
1,621,075
5,989,595
Industrials
(3.8%):
Adani
Ports
&
Special
Economic
Zone
Ltd.
....................................
68,342
1,099,610
Bharat
Electronics
Ltd.
...................................................
546,554
1,320,551
Bharat
Heavy
Electricals
Ltd.
..............................................
309,334
917,273
IRB
Infrastructure
Developers
Ltd.
..........................................
984,205
690,970
Larsen
&
Toubro
Ltd.
....................................................
44,035
1,987,390
Suzlon
Energy
Ltd.(a)
....................................................
1,390,468
673,580
6,689,374
Information
Technology
(1.4%):
Birlasoft
Ltd.
..........................................................
129,551
1,152,635
Persistent
Systems
Ltd.
...................................................
26,480
1,265,156
2,417,791
Materials
(1.1%):
National
Aluminium
Co.
Ltd.
..............................................
468,872
857,657
Steel
Authority
of
India
Ltd.
...............................................
666,365
1,072,688
1,930,345
Real
Estate
(1.6%):
DLF
Ltd.
.............................................................
129,121
1,388,789
Oberoi
Realty
Ltd.
......................................................
80,245
1,420,062
2,808,851
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
212
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Utilities
(1.4%):
CESC
Ltd.
............................................................
693,407
$
1,011,457
NTPC
Ltd.
............................................................
371,278
1,494,951
2,506,408
44,308,828
Indonesia
(1.2%):
Consumer
Staples
(1.2%):
PT
Indofood
Sukses
Makmur
Tbk
...........................................
5,200,657
2,091,747
Malaysia
(1.9%):
Consumer
Discretionary
(1.0%):
Genting
Berhad
........................................................
1,822,400
1,818,547
Utilities
(0.9%):
YTL
Corp.
BHD
.......................................................
1,319,000
727,820
YTL
Power
International
BHD
.............................................
1,022,200
816,896
1,544,716
3,363,263
Mexico
(4.4%):
Consumer
Discretionary
(1.1%):
Alsea
SAB
de
CV(a)
....................................................
400,311
1,974,246
Consumer
Staples
(1.8%):
Coca-Cola
Femsa
SAB
de
CV
..............................................
167,302
1,614,162
Fomento
Economico
Mexicano
SAB
de
CV
....................................
120,924
1,568,692
3,182,854
Financials
(0.8%):
Qualitas
Controladora
SAB
de
CV(c)
.........................................
122,319
1,423,503
Real
Estate
(0.7%):
Fibra
Uno
Administracion
SA
de
CV
.........................................
673,856
1,119,256
7,699,859
Netherlands
(0.6%):
Real
Estate
(0.6%):
NEPI
Rockcastle
NV
....................................................
166,108
1,147,478
Poland
(1.0%):
Financials
(0.4%):
Powszechny
Zaklad
Ubezpieczen
SA
.........................................
67,238
822,116
Industrials
(0.3%):
Budimex
SA
..........................................................
2,970
520,791
Utilities
(0.3%):
PGE
Polska
Grupa
Energetyczna
SA(a)
.......................................
271,861
490,467
1,833,374
Russian
Federation
(0.0%):(d)
Energy
(0.0%):(d)
Gazprom
PJSC(a)(e)(f)
...................................................
324,752
8,417
Financials
(0.0%):
Sberbank
of
Russia
PJSC(a)(e)(f)
...........................................
177,888
—
Materials
(0.0%):(d)
PhosAgro
PJSC,
GDR(a)(e)(f)
.............................................
35,202
—
Severstal
PAO(a)(e)(f)
...................................................
37,552
—
United
Co.
RUSAL
International
PJSC(a)(e)(f)
..................................
555,630
3,770
3,770
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
213
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Utilities
(0.0%):(d)
Inter
RAO
UES
PJSC(a)(e)(f)
..............................................
23,475,472
$
7,286
19,473
South
Africa
(1.8%):
Health
Care
(0.6%):
Aspen
Pharmacare
Holdings
Ltd.
............................................
86,447
1,001,597
Materials
(1.2%):
African
Rainbow
Minerals
Ltd.
.............................................
69,781
606,173
Harmony
Gold
Mining
Co.
Ltd.
.............................................
75,610
630,972
Impala
Platinum
Holdings
Ltd.
.............................................
105,821
437,658
Sibanye
Stillwater
Ltd.
...................................................
372,520
426,732
2,101,535
3,103,132
Taiwan
(20.5%):
Consumer
Discretionary
(3.3%):
Cheng
Shin
Rubber
Industry
Co.
Ltd.
........................................
1,144,000
1,776,886
Makalot
Industrial
Co.
Ltd.
................................................
100,000
1,142,259
Pou
Chen
Corp.
........................................................
2,480,000
2,809,550
5,728,695
Industrials
(2.9%):
China
Airlines
Ltd.
......................................................
1,848,000
1,126,195
Eva
Airways
Corp.
......................................................
1,129,000
1,114,957
Evergreen
Marine
Corp.
Taiwan
Ltd.
.........................................
119,400
656,741
Fortune
Electric
Co.
Ltd.
.................................................
34,000
711,920
Wan
Hai
Lines
Ltd.
.....................................................
650,000
893,806
Yang
Ming
Marine
Transport
Corp.
..........................................
486,000
669,811
5,173,430
Information
Technology
(14.3%):
Acer,
Inc.
............................................................
652,000
950,553
Alchip
Technologies
Ltd.
.................................................
5,000
494,562
ASE
Technology
Holding
Co.
Ltd.
...........................................
310,000
1,501,656
Asia
Vital
Components
Co.
Ltd.
............................................
38,000
643,665
AUO
Corp.
...........................................................
2,290,800
1,295,815
Catcher
Technology
Co.
Ltd.
...............................................
310,000
2,107,163
Chicony
Electronics
Co.
Ltd.
..............................................
191,000
1,322,161
Compal
Electronics,
Inc.
..................................................
836,000
1,000,650
Compeq
Manufacturing
Co.
Ltd.
............................................
432,000
1,055,766
Innolux
Corp.
.........................................................
2,471,345
1,173,962
King
Slide
Works
Co.
Ltd.
................................................
15,000
576,599
King
Yuan
Electronics
Co.
Ltd.
.............................................
315,000
1,043,503
Novatek
Microelectronics
Corp.
............................................
61,000
1,122,852
Pegatron
Corp.
.........................................................
545,000
1,698,122
Powertech
Technology,
Inc.
................................................
247,000
1,551,566
Quanta
Computer,
Inc.
...................................................
90,000
787,549
Tripod
Technology
Corp.
.................................................
126,000
805,269
Winbond
Electronics
Corp.
................................................
1,314,427
1,109,117
Wistron
Corp.
.........................................................
169,000
636,430
WPG
Holdings
Ltd.
.....................................................
442,000
1,326,083
WT
Microelectronics
Co.
Ltd.
..............................................
139,000
651,603
Zhen
Ding
Technology
Holding
Ltd.
.........................................
567,000
2,214,982
25,069,628
35,971,753
Turkey
(5.6%):
Communication
Services
(0.3%):
Turkcell
Iletisim
Hizmetleri
A/S
............................................
237,137
501,932
Consumer
Discretionary
(0.6%):
Ford
Otomotiv
Sanayi
A/S
................................................
17,018
608,246
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
214
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Description
Shares
Value
Tofas
Turk
Otomobil
Fabrikasi
A/S
..........................................
60,592
$
511,410
1,119,656
Consumer
Staples
(1.0%):
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
A/S
....................................
92,003
430,470
BIM
Birlesik
Magazalar
A/S
...............................................
41,470
451,075
Coca-Cola
Icecek
AS
....................................................
27,886
484,966
Migros
Ticaret
AS
......................................................
32,899
415,622
1,782,133
Energy
(0.3%):
Turkiye
Petrol
Rafinerileri
A/S
.............................................
95,905
524,999
Financials
(1.2%):
Akbank
TAS
..........................................................
335,121
485,122
Haci
Omer
Sabanci
Holding
A/S
............................................
228,074
585,085
Turkiye
Is
Bankasi
A/S
...................................................
1,257,737
437,078
Yapi
ve
Kredi
Bankasi
AS
.................................................
673,463
573,107
2,080,392
Industrials
(1.6%):
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A/S
......................................
243,604
417,999
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
.................
92,514
266,100
KOC
Holding
AS
.......................................................
112,786
709,897
Pegasus
Hava
Tasimaciligi
AS(a)
............................................
18,531
468,214
Turk
Hava
Yollari
AO(a)
..................................................
56,167
517,514
Turk
Traktor
ve
Ziraat
Makineleri
A/S
........................................
15,495
470,141
2,849,865
Materials
(0.3%):
Borusan
Birlesik
Boru
Fabrikalari
Sanayi
ve
Ticaret
AS(a)
.........................
12,059
229,869
Oyak
Cimento
Fabrikalari
AS(a)
............................................
175,322
327,961
557,830
Utilities
(0.3%):
Enerjisa
Enerji
A/S(b)
....................................................
235,588
422,834
9,839,641
United
States
(0.0%):
Materials
(0.0%):
PhosAgro
Public
Joint,
GDR(a)(e)
...........................................
227
—
Total
Common
Stocks
(Cost
$161,876,605)
176,527,993
Collateral
for
Securities
Loaned
(0.3%)^
United
States
(0.3%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(g)
........
103,744
103,744
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.24%(g)
............
103,744
103,744
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(g)
...............
103,744
103,744
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.22%(g)
.
103,744
103,744
Total
Collateral
for
Securities
Loaned
(Cost
$414,976)
414,976
Total
Investments
(Cost
$162,291,581)
—
100.8%
176,942,969
Liabilities
in
excess
of
other
assets
—
(0.8)%
(1,331,621)
NET
ASSETS
-
100.00%
$
175,611,348
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
March
31,
2024,
the
fair
value
of
these
securities
was
$4,504,123
and
amounted
to
2.6%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
March
31,
2024.
Victory
Portfolios
II
VictoryShares
Emerging
Markets
Value
Momentum
ETF
215
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
March
31,
2024
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
12/8/2017
$
722,938
Inter
RAO
UES
PJSC
.........................................
5/2/2018
1,576,280
PhosAgro
PJSC,
GDR
........................................
12/21/2021
748,678
Sberbank
of
Russia
PJSC
......................................
10/24/2017
634,243
Severstal
PAO
..............................................
5/27/2021
881,363
United
Co.
RUSAL
International
PJSC
............................
11/30/2021
516,962
(f)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
March
31,
2024.
(g)
Rate
disclosed
is
the
daily
yield
on
March
31,
2024.
GDR
—
Global
Depositary
Receipt
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
10
6/21/24
$
524,545
$
524,500
$
(45)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(45)
Total
net
unrealized
appreciation
(depreciation)
$
(45)