UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:            811-22696

Victory Portfolios II

(Exact name of registrant as specified in charter)

15935 La Cantera Parkway, Building Two, San Antonio, Texas 78256

(Address of principal executive offices)                         (Zip code)

Jay G. Baris & Matt Kutner, Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 539-3863

Date of fiscal year end: June 30

Date of reporting period: December 31, 2025

Item 1. Reports to Stockholders.

(a)  

Victory Market Neutral Income Fund 

Class A  

Ticker: CBHAX 

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Market Neutral Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Class A	$38	0.76%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$2,719,933
Number of Holdings	420
Portfolio Turnover	14%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Value	Value
Information Technology	2.9%
Health Care	3.6%
Materials	5.1%
Communication Services	5.8%
Industrials	6.8%
Consumer Discretionary	7.1%
Consumer Staples	8.7%
Energy	11.8%
Utilities	16.1%
Financials	22.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

SCB X PCL	0.5%
Spire, Inc.	0.5%
New Jersey Resources Corp.	0.5%
Portland General Electric Co.	0.5%
ORLEN SA	0.5%
Taiwan Mobile Co. Ltd.	0.5%
Ambev SA	0.4%
Tenaga Nasional Bhd	0.4%
American States Water Co.	0.4%
BB Seguridade Participacoes SA	0.4%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

CBHAX — SAR (12/25)

Victory Market Neutral Income Fund 

Class C  

Ticker: CBHCX 

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Market Neutral Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Class C	$76	1.51%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$2,719,933
Number of Holdings	420
Portfolio Turnover	14%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Value	Value
Information Technology	2.9%
Health Care	3.6%
Materials	5.1%
Communication Services	5.8%
Industrials	6.8%
Consumer Discretionary	7.1%
Consumer Staples	8.7%
Energy	11.8%
Utilities	16.1%
Financials	22.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

SCB X PCL	0.5%
Spire, Inc.	0.5%
New Jersey Resources Corp.	0.5%
Portland General Electric Co.	0.5%
ORLEN SA	0.5%
Taiwan Mobile Co. Ltd.	0.5%
Ambev SA	0.4%
Tenaga Nasional Bhd	0.4%
American States Water Co.	0.4%
BB Seguridade Participacoes SA	0.4%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

CBHCX — SAR (12/25)

Victory Market Neutral Income Fund 

Class I  

Ticker: CBHIX 

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Market Neutral Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Class I	$21	0.41%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$2,719,933
Number of Holdings	420
Portfolio Turnover	14%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Value	Value
Information Technology	2.9%
Health Care	3.6%
Materials	5.1%
Communication Services	5.8%
Industrials	6.8%
Consumer Discretionary	7.1%
Consumer Staples	8.7%
Energy	11.8%
Utilities	16.1%
Financials	22.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

SCB X PCL	0.5%
Spire, Inc.	0.5%
New Jersey Resources Corp.	0.5%
Portland General Electric Co.	0.5%
ORLEN SA	0.5%
Taiwan Mobile Co. Ltd.	0.5%
Ambev SA	0.4%
Tenaga Nasional Bhd	0.4%
American States Water Co.	0.4%
BB Seguridade Participacoes SA	0.4%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

CBHIX — SAR (12/25)

Victory Market Neutral Income Fund 

Member Class  

Ticker: CBHMX 

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Market Neutral Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Member Class	$28	0.56%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$2,719,933
Number of Holdings	420
Portfolio Turnover	14%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Value	Value
Information Technology	2.9%
Health Care	3.6%
Materials	5.1%
Communication Services	5.8%
Industrials	6.8%
Consumer Discretionary	7.1%
Consumer Staples	8.7%
Energy	11.8%
Utilities	16.1%
Financials	22.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

SCB X PCL	0.5%
Spire, Inc.	0.5%
New Jersey Resources Corp.	0.5%
Portland General Electric Co.	0.5%
ORLEN SA	0.5%
Taiwan Mobile Co. Ltd.	0.5%
Ambev SA	0.4%
Tenaga Nasional Bhd	0.4%
American States Water Co.	0.4%
BB Seguridade Participacoes SA	0.4%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 800-235-8396 or visit vcm.com/contact-us.

CBHMX — SAR (12/25)

VictoryShares US 500 Volatility Wtd ETF 

Ticker: CFA     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares US 500 Volatility Wtd ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
US 500 Volatility Wtd ETF	$18	0.35%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$522,753
Number of Holdings	507
Portfolio Turnover	13%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Cardinal Health, Inc.	0.4%
The TJX Cos., Inc.	0.4%
CenterPoint Energy, Inc.	0.4%
Evergy, Inc.	0.4%
The Coca-Cola Co.	0.3%
Johnson & Johnson	0.3%
Atmos Energy Corp.	0.3%
WEC Energy Group, Inc.	0.3%
CMS Energy Corp.	0.3%
McKesson Corp.	0.3%

Value	Value
Communication Services	4.0%
Energy	4.1%
Materials	4.3%
Consumer Staples	7.6%
Utilities	8.1%
Consumer Discretionary	8.9%
Health Care	12.0%
Information Technology	12.7%
Financials	18.0%
Industrials	19.6%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

CFA — SAR (12/25)

VictoryShares International Volatility Wtd ETF 

Ticker: CIL     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares International Volatility Wtd ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
International Volatility Wtd ETF	$24	0.45%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$62,231
Number of Holdings	510
Portfolio Turnover	12%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

CLP Holdings Ltd.	0.5%
Telstra Group Ltd.	0.4%
The Toronto-Dominion Bank	0.4%
The Bank of Nova Scotia	0.4%
Emera, Inc.	0.4%
Canadian Imperial Bank of Commerce	0.4%
Hydro One Ltd.	0.4%
Fortis, Inc.	0.4%
Power Corp. of Canada	0.4%
TELUS Corp.	0.4%

Value	Value
Energy	4.5%
Information Technology	6.0%
Communication Services	6.3%
Materials	6.5%
Utilities	6.8%
Health Care	7.5%
Consumer Discretionary	7.9%
Consumer Staples	8.6%
Industrials	17.5%
Financials	25.3%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

CIL — SAR (12/25)

VictoryShares US Large Cap High Div Volatility Wtd ETF 

Ticker: CDL     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares US Large Cap High Div Volatility Wtd ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/ literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
US Large Cap High Div Volatility Wtd ETF	$18	0.35%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$354,338
Number of Holdings	106
Portfolio Turnover	18%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Evergy, Inc.	1.6%
The Coca-Cola Co.	1.5%
Johnson & Johnson	1.5%
WEC Energy Group, Inc.	1.5%
CMS Energy Corp.	1.5%
CME Group, Inc., Class A	1.5%
American Electric Power Co., Inc.	1.4%
Duke Energy Corp.	1.4%
Alliant Energy Corp.	1.4%
DTE Energy Co.	1.4%

Value	Value
Materials	0.5%
Information Technology	2.2%
Consumer Discretionary	3.9%
Communication Services	4.0%
Industrials	4.5%
Health Care	10.7%
Energy	12.2%
Financials	16.5%
Consumer Staples	20.6%
Utilities	24.3%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

CDL — SAR (12/25)

VictoryShares US Small Cap High Div Volatility Wtd ETF 

Ticker: CSB     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares US Small Cap High Div Volatility Wtd ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/ literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
US Small Cap High Div Volatility Wtd ETF	$18	0.35%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$243,306
Number of Holdings	104
Portfolio Turnover	34%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Black Hills Corp.	2.1%
IDACORP, Inc.	1.9%
Portland General Electric Co.	1.9%
New Jersey Resources Corp.	1.8%
Avista Corp.	1.8%
Spire, Inc.	1.8%
UGI Corp.	1.8%
MDU Resources Group, Inc.	1.7%
ONE Gas, Inc.	1.7%
National Fuel Gas Co.	1.5%

Value	Value
Health Care	0.4%
Information Technology	0.9%
Communication Services	3.3%
Consumer Staples	5.1%
Materials	5.6%
Industrials	7.0%
Energy	9.2%
Consumer Discretionary	15.0%
UtilitiesFootnote Reference**	26.2%
FinancialsFootnote Reference**	26.5%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

CSB — SAR (12/25)

VictoryShares Dividend Accelerator ETF 

Ticker: VSDA     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Dividend Accelerator ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Dividend Accelerator ETF	$18	0.35%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$218,933
Number of Holdings	80
Portfolio Turnover	14%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Hormel Foods Corp.	3.4%
Franklin Resources, Inc.	3.3%
Target Corp.	3.3%
Altria Group, Inc.	3.1%
T. Rowe Price Group, Inc.	3.0%
Brown-Forman Corp., Class B	2.6%
PepsiCo, Inc.	2.5%
Stanley Black & Decker, Inc.	2.5%
Chevron Corp.	2.3%
Medtronic PLC	2.3%

Value	Value
Information Technology	2.8%
Energy	4.3%
Utilities	4.5%
Consumer Discretionary	5.1%
Materials	7.6%
Health Care	8.1%
Industrials	14.0%
Financials	20.9%
Consumer StaplesFootnote Reference**	32.1%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

VSDA — SAR (12/25)

VictoryShares US Multi-Factor Minimum Volatility ETF 

Ticker: VSMV     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares US Multi-Factor Minimum Volatility ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/ literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
US Multi-Factor Minimum Volatility ETF	$19	0.35%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$160,213
Number of Holdings	65
Portfolio Turnover	38%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Apple, Inc.	9.9%
Alphabet, Inc., Class A	6.8%
Johnson & Johnson	4.0%
Walmart, Inc.	3.9%
Salesforce, Inc.	3.6%
Lam Research Corp.	3.3%
QUALCOMM, Inc.	3.3%
Exxon Mobil Corp.	3.2%
TE Connectivity PLC	3.1%
Adobe, Inc.	3.1%

Value	Value
Real Estate	0.2%
Materials	1.1%
Consumer Discretionary	1.2%
Energy	3.7%
Financials	6.2%
Industrials	11.1%
Health Care	13.2%
Communication Services	14.8%
Consumer Staples	16.2%
Information TechnologyFootnote Reference**	32.0%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

VSMV — SAR (12/25)

VictoryShares US 500 Enhanced Volatility Wtd ETF 

Ticker: CFO     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares US 500 Enhanced Volatility Wtd ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/ literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
US 500 Enhanced Volatility Wtd ETF	$18	0.35%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$402,075
Number of Holdings	508
Portfolio Turnover	13%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Cardinal Health, Inc.	0.4%
The TJX Cos., Inc.	0.4%
CenterPoint Energy, Inc.	0.4%
Evergy, Inc.	0.4%
The Coca-Cola Co.	0.3%
Johnson & Johnson	0.3%
Atmos Energy Corp.	0.3%
WEC Energy Group, Inc.	0.3%
CMS Energy Corp.	0.3%
McKesson Corp.	0.3%

Value	Value
Communication Services	4.0%
Energy	4.1%
Materials	4.3%
Consumer Staples	7.6%
Utilities	8.0%
Consumer Discretionary	8.9%
Health Care	12.0%
Information Technology	12.7%
Financials	18.0%
Industrials	19.6%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

CFO — SAR (12/25)

VictoryShares US EQ Income Enhanced Volatility Wtd ETF 

Ticker: CDC     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares US EQ Income Enhanced Volatility Wtd ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
US EQ Income Enhanced Volatility Wtd ETF	$18	0.35%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$699,030
Number of Holdings	107
Portfolio Turnover	18%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Evergy, Inc.	1.6%
The Coca-Cola Co.	1.5%
Johnson & Johnson	1.5%
WEC Energy Group, Inc.	1.5%
CMS Energy Corp.	1.5%
CME Group, Inc., Class A	1.5%
American Electric Power Co., Inc.	1.4%
Duke Energy Corp.	1.4%
Alliant Energy Corp.	1.4%
DTE Energy Co.	1.4%

Value	Value
Materials	0.5%
Information Technology	2.2%
Consumer Discretionary	3.9%
Communication Services	4.0%
Industrials	4.5%
Health Care	10.7%
Energy	12.2%
Financials	16.5%
Consumer Staples	20.6%
Utilities	24.3%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

CDC — SAR (12/25)

VictoryShares Free Cash Flow ETF 

Ticker: VFLO     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Free Cash Flow ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Free Cash Flow ETF	$21	0.39%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$5,603,552
Number of Holdings	51
Portfolio Turnover	71%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Merck & Co., Inc.	4.3%
The Cigna Group	4.1%
Chevron Corp.	3.2%
Salesforce, Inc.	3.0%
Adobe, Inc.	2.9%
Accenture PLC, Class A	2.8%
Newmont Corp.	2.8%
Amgen, Inc.	2.7%
Devon Energy Corp.	2.7%
Diamondback Energy, Inc.	2.7%

Value	Value
Utilities	1.7%
Materials	2.8%
Communication Services	4.1%
Industrials	6.3%
Consumer Discretionary	13.1%
Energy	22.1%
Health Care	22.1%
Information TechnologyFootnote Reference**	27.4%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

VFLO — SAR (12/25)

VictoryShares Small Cap Free Cash Flow ETF 

Ticker: SFLO     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Small Cap Free Cash Flow ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Small Cap Free Cash Flow ETF	$26	0.49%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$445,486
Number of Holdings	204
Portfolio Turnover	70%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Jazz Pharmaceuticals PLC	1.4%
Core Natural Resources, Inc.	1.4%
Crescent Energy Co., Class A	1.3%
Alkermes PLC	1.3%
Lyft, Inc., Class A	1.3%
SM Energy Co.	1.2%
Symbotic, Inc., Class A	1.2%
Permian Resources Corp., Class A	1.2%
RingCentral, Inc., Class A	1.1%
Tutor Perini Corp.	1.0%

Value	Value
Utilities	0.1%
Financials	0.4%
Materials	2.4%
Consumer Staples	5.3%
Communication Services	8.9%
Information Technology	11.6%
Industrials	14.1%
Health Care	16.0%
Consumer Discretionary	19.3%
Energy	21.4%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

SFLO — SAR (12/25)

VictoryShares Free Cash Flow Growth ETF 

Ticker: GFLW     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Free Cash Flow Growth ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.     

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Free Cash Flow Growth ETF	$20	0.39%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$641,734
Number of Holdings	101
Portfolio Turnover	60%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

NVIDIA Corp.	3.1%
Broadcom, Inc.	3.1%
Uber Technologies, Inc.	3.0%
Lam Research Corp.	2.9%
Royalty Pharma PLC, Class A	2.7%
Cardinal Health, Inc.	2.7%
GE Vernova, Inc.	2.6%
McKesson Corp.	2.6%
Amphenol Corp., Class A	2.5%
KLA Corp.	2.5%

Value	Value
Materials	1.1%
Consumer Staples	1.9%
Communication Services	4.4%
Consumer Discretionary	12.7%
Health Care	18.2%
Industrials	19.8%
Information TechnologyFootnote Reference**	41.7%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

GFLW — SAR (12/25)

VictoryShares International Free Cash Flow ETF 

Ticker: IFLO     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares International Free Cash Flow ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.      

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
International Free Cash Flow ETF	$30	0.56%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$107,978
Number of Holdings	105
Portfolio Turnover	56%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Shell PLC	4.0%
Equinor ASA	3.2%
Denso Corp.	2.8%
Sanofi SA	2.5%
BP PLC	2.4%
Takeda Pharmaceutical Co. Ltd.	2.3%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates	2.2%
Canadian Natural Resources Ltd.	1.9%
Kinross Gold Corp.	1.9%
International Consolidated Airlines Group SA	1.8%

Value	Value
Communication Services	3.6%
Consumer Staples	5.4%
Health Care	9.5%
Information Technology	11.3%
Consumer Discretionary	11.8%
Materials	13.0%
Industrials	22.1%
Energy	22.6%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

IFLO — SAR (12/25)

VictoryShares International Free Cash Flow Growth ETF 

Ticker: GRIN     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares International Free Cash Flow Growth ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/ literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.      

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
International Free Cash Flow Growth ETF	$29	0.56%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$232,832
Number of Holdings	101
Portfolio Turnover	55%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Rolls-Royce Holdings PLC	3.8%
Agnico Eagle Mines Ltd.	3.4%
Siemens Energy AG	3.3%
Kinross Gold Corp.	3.1%
Novo Nordisk A/S, Class B	3.0%
Safran SA	2.7%
Thales SA	2.5%
ASML Holding NV	2.4%
Airbus SE	2.3%
Ryanair Holdings PLC	2.3%

Value	Value
Consumer Staples	0.7%
Energy	3.3%
Communication Services	3.5%
Health Care	9.2%
Consumer Discretionary	13.2%
Materials	14.1%
Information Technology	16.9%
Industrials	38.8%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

GRIN — SAR (12/25)

VictoryShares Short-Term Bond ETF 

Ticker: USTB     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Short-Term Bond ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Short-Term Bond ETF	$16	0.32%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$1,726,079
Number of Holdings	932
Portfolio Turnover	21%

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of December 31, 2025)

Value	Value
Corporate Bonds	41.1%
Asset-Backed Securities	25.0%
U.S. Treasury Obligations	13.7%
Yankee Dollars	8.4%
Collateralized Mortgage Obligations	4.7%
OtherFootnote Reference**	1.8%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

USTB — SAR (12/25)

VictoryShares Core Intermediate Bond ETF 

Ticker: UITB     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Core Intermediate Bond ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Core Intermediate Bond ETF	$19	0.37%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$2,698,383
Number of Holdings	1,160
Portfolio Turnover	12%

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of December 31, 2025)

Value	Value
U.S. Treasury Obligations	42.5%
Corporate Bonds	19.8%
U.S. Government Agency Mortgages	13.2%
Asset-Backed Securities	12.1%
Collateralized Mortgage Obligations	5.3%
Yankee Dollars	4.3%
Municipal Bonds	1.3%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

UITB — SAR (12/25)

VictoryShares Core Plus Intermediate Bond ETF (also known as VictoryShares Core Plus Bond ETF)

Ticker: UBND     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Core Plus Intermediate Bond ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us. This report describes changes to the Fund that occurred during the period. 

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Core Plus Intermediate Bond ETF	$20	0.40%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$1,575,361
Number of Holdings	1,389
Portfolio Turnover	34%

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of December 31, 2025)

Value	Value
U.S. Government Agency Mortgages	28.9%
Corporate Bonds	18.4%
U.S. Treasury Obligations	16.6%
Asset-Backed Securities	15.8%
Collateralized Mortgage Obligations	8.1%
Municipal Bonds	3.8%
Yankee Dollars	3.7%
OtherFootnote Reference**	3.1%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

Effective January 1, 2026, VictoryShares Core Plus Intermediate Bond ETF was renamed to VictoryShares Core Plus Bond ETF. The Fund’s investment objectives, principal investment strategies, principal risks and management did not change.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

UBND — SAR (12/25)

VictoryShares Corporate Bond ETF 

Ticker: UCRD     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Corporate Bond ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Corporate Bond ETF	$21	0.40%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$147,481
Number of Holdings	452
Portfolio Turnover	7%

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of December 31, 2025)

Value	Value
Corporate Bonds	76.2%
Yankee Dollars	15.7%
U.S. Treasury Obligations	6.6%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

UCRD — SAR (12/25)

VictoryShares WestEnd Economic Cycle Bond ETF 

Ticker: BMDL     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares WestEnd Economic Cycle Bond ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/ literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
WestEnd Economic Cycle Bond ETF	$20	0.40%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$113,438
Number of Holdings	423
Portfolio Turnover	7%

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of December 31, 2025)

Value	Value
U.S. Treasury Obligations	61.7%
Corporate Bonds	32.0%
Yankee Dollars	4.8%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

BMDL — SAR (12/25)

VictoryShares Pioneer Asset-Based Income ETF 

Ticker: ABI     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Pioneer Asset-Based Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Pioneer Asset-Based Income ETF	$34	0.67%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$56,395
Number of Holdings	83
Portfolio Turnover	11%

Asset Allocation^{Footnote Reference*} ^ (% of Net Assets)

(as of December 31, 2025)

Value	Value
Asset-Backed Securities	44.1%
Collateralized Mortgage Obligations	39.9%
Collateralized Loan Obligations	11.8%

*	Does not include futures contracts, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

ABI — SAR (12/25)

VictoryShares US Value Momentum ETF 

Ticker: ULVM     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares US Value Momentum ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
US Value Momentum ETF	$11	0.20%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$205,537
Number of Holdings	129
Portfolio Turnover	47%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

CenterPoint Energy, Inc.	1.5%
Atmos Energy Corp.	1.4%
Ameren Corp.	1.4%
Realty Income Corp.	1.4%
Evergy, Inc.	1.4%
VICI Properties, Inc., Class A	1.3%
Berkshire Hathaway, Inc., Class B	1.3%
Johnson & Johnson	1.3%
Exelon Corp.	1.2%
Loews Corp.	1.2%

Value	Value
Materials	4.5%
Consumer Discretionary	4.6%
Communication Services	4.6%
Real Estate	6.8%
Consumer Staples	7.5%
Utilities	9.8%
Health Care	12.3%
Information Technology	12.7%
Industrials	14.1%
Financials	20.3%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

ULVM — SAR (12/25)

VictoryShares US Small Mid Cap Value Momentum ETF 

Ticker: USVM     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares US Small Mid Cap Value Momentum ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/ literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
US Small Mid Cap Value Momentum ETF	$12	0.22%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$1,185,910
Number of Holdings	293
Portfolio Turnover	57%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Avista Corp.	0.7%
WP Carey, Inc.	0.7%
Spire, Inc.	0.7%
Black Hills Corp.	0.7%
NETSTREIT Corp.	0.7%
ONE Gas, Inc.	0.7%
Essent Group Ltd.	0.7%
Ellington Financial, Inc.	0.7%
Broadstone Net Lease, Inc., Class A	0.6%
AGNC Investment Corp.	0.6%

Value	Value
Energy	3.6%
Communication Services	3.8%
Consumer Staples	5.2%
Utilities	5.5%
Real Estate	8.2%
Information Technology	9.1%
Consumer Discretionary	12.9%
Health Care	13.3%
Industrials	13.7%
Financials	20.7%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

USVM — SAR (12/25)

VictoryShares International Value Momentum ETF 

Ticker: UIVM     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares International Value Momentum ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/ literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
International Value Momentum ETF	$19	0.35%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$289,453
Number of Holdings	198
Portfolio Turnover	48%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Emera, Inc.	1.2%
Canadian Imperial Bank of Commerce	1.2%
The Toronto-Dominion Bank	1.2%
The Bank of Nova Scotia	1.1%
Klepierre SA	1.0%
Koninklijke Ahold Delhaize NV	1.0%
Power Corp. of Canada	1.0%
Poste Italiane SpA	0.9%
Orange SA	0.9%
NN Group NV	0.9%

Value	Value
Energy	3.6%
Communication Services	5.3%
Consumer Staples	6.1%
Real Estate	6.1%
Materials	6.6%
Health Care	6.8%
Utilities	8.1%
Consumer Discretionary	8.7%
Industrials	16.1%
Financials	28.5%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

UIVM — SAR (12/25)

VictoryShares Emerging Markets Value Momentum ETF 

Ticker: UEVM     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Emerging Markets Value Momentum ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/ literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.  

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Emerging Markets Value Momentum ETF	$24	0.45%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$228,333
Number of Holdings	202
Portfolio Turnover	51%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

SCB X PCL	1.1%
Eicher Motors Ltd.	1.0%
Maruti Suzuki India Ltd.	1.0%
Kasikornbank PCL	1.0%
Hengan International Group Co. Ltd.	1.0%
Industrial & Commercial Bank of China Ltd., Class H	1.0%
China Petroleum & Chemical Corp., Class H	0.9%
Bank of Communications Co. Ltd., Class H	0.9%
CEZ A/S	0.9%
NEPI Rockcastle NV	0.9%

Value	Value
Communication Services	4.7%
Utilities	6.0%
Materials	6.1%
Consumer Staples	6.3%
Energy	6.7%
Health Care	6.9%
Consumer Discretionary	8.7%
Information Technology	11.5%
Industrials	13.5%
Financials	25.2%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

UEVM — SAR (12/25)

VictoryShares WestEnd U.S. Sector ETF 

Ticker: MODL     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares WestEnd U.S. Sector ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
WestEnd U.S. Sector ETF	$24	0.46%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$722,839
Number of Holdings	361
Portfolio Turnover	33%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

NVIDIA Corp.	5.7%
Apple, Inc.	5.2%
Microsoft Corp.	4.6%
Alphabet, Inc., Class A	4.6%
Alphabet, Inc., Class C	4.0%
Meta Platforms, Inc., Class A	3.6%
AbbVie, Inc.	2.3%
JPMorgan Chase & Co.	2.3%
Broadcom, Inc.	2.1%
Amazon.com, Inc.	2.0%

Value	Value
Utilities	4.7%
Consumer Discretionary	5.2%
Consumer Staples	9.9%
Communication Services	16.4%
Health Care	16.4%
Financials	20.8%
Information TechnologyFootnote Reference**	26.3%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

MODL — SAR (12/25)

VictoryShares WestEnd Global Equity ETF 

Ticker: GLOW     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares WestEnd Global Equity ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
WestEnd Global Equity ETF	$32	0.60%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$36,377
Number of Holdings	18
Portfolio Turnover	24%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

State Street Technology Select Sector SPDR ETF	14.7%
State Street Financial Select Sector SPDR ETF	13.4%
Vanguard FTSE All-World ex-US ETF	12.4%
State Street Communication Services Select Sector SPDR ETF	10.0%
State Street Health Care Select Sector SPDR ETF	8.0%
Vanguard FTSE Pacific ETF	7.4%
iShares MSCI Emerging Markets Asia ETF	7.3%
State Street Consumer Staples Select Sector SPDR ETF	6.3%
iShares Core S&P Small-Cap ETF	5.1%
State Street Consumer Discretionary Select Sector SPDR ETF	3.3%

Top Countries^{Footnote Reference^Footnote Reference*} (% of Net Assets)

(as of December 31, 2025)

Value	Value
United States	26.7%
Japan	13.4%
China	12.4%
South Korea	10.0%
Taiwan	8.0%
India	7.4%
United Kingdom	7.3%
Australia	6.3%
Switzerland	5.1%
OtherFootnote Reference**	3.3%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**	Includes countries comprising less than 5.0% of portfolio.
^	Percentages are of the net assets of the Fund and may not equal 100%.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

GLOW — SAR (12/25)

VictoryShares Hedged Equity Income ETF 

Ticker: HEJD     Exchange: Nasdaq

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about VictoryShares Hedged Equity Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ etf-prospectuses. You may also request more information by calling 866-376-7890 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 Investment	Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Hedged Equity Income ETF	$28	0.55%

Footnote	Description
Footnote*	Annualized

FUND STATISTICS

($ amounts in 000s)

(as of December 31, 2025)

Net Assets	$36,457
Number of Holdings	196
Portfolio Turnover	15%

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

(as of December 31, 2025)

Merck & Co., Inc.	2.0%
PepsiCo, Inc.	1.8%
Verizon Communications, Inc.	1.6%
Altria Group, Inc.	1.6%
OneMain Holdings, Inc., Class A	1.5%
General Mills, Inc.	1.5%
Evergy, Inc.	1.4%
Pinnacle West Capital Corp.	1.4%
Amcor PLC	1.4%
Flowers Foods, Inc.	1.4%

Value	Value
Information Technology	1.0%
Industrials	2.4%
Communication Services	4.2%
Materials	5.9%
Consumer Discretionary	7.7%
Health Care	8.3%
Energy	11.9%
Consumer Staples	15.1%
Utilities	17.0%
Financials	18.1%

*	Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
	Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financial Statements

Prospectus

Fund Holdings 

Proxy Voting 

Contact us at 866-376-7890 or visit vcm.com/contact-us.

HEJD — SAR (12/25)

(b)  Not applicable. 

Item 2. Code of Ethics.

          Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

          Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

          Not applicable – only for annual reports.

Item 5.    Audit Committee of Listed Registrants.

Not applicable. 

Item 6.   Investments.

(a)  Not applicable.  

(b)  Not applicable. 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)  

December

31,

2025

Semi-Annual:

Full

Financials

Victory

Market

Neutral

Income

Fund

vcm.com

News,

Information

And

Education

24

Hours

A

Day,

7

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

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news

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searching

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that

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philosophy,

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investor

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ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We’re

always

open.

TABLE

OF

CONTENTS

Victory

Portfolios

II

1

Schedule

of

Portfolio

Investments

(Form

N-CSR

Item

6)

3

Financial

Statements

(Form

N-CSR

Item

7)

Statement

of

Assets

and

Liabilities

16

Statement

of

Operations

17

Statements

of

Changes

in

Net

Assets

18

Financial

Highlights

20

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

24

Supplemental

Information

Advisory

Contract

Approval

(Form

N-CSR

Item

11)

32

2

Call

Victory

at:

800-539-FUND

(800-539-3863)

800-235-8396

for

Member

Class

Visit

our

website

at:

vcm.com

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

We

generally

must

withhold

federal

income

tax

at

a

rate

of

10%

of

the

taxable

portion

of

your

distribution

and,

if

you

live

in

a

state

that

requires

state

income

tax

withholding,

at

your

state’s

tax

rate.

However,

you

may

elect

not

to

have

withholding

apply

or

to

have

income

tax

withheld

at

a

higher

rate.

Any

withholding

election

that

you

make

will

apply

to

any

subsequent

distribution

unless

and

until

you

change

or

revoke

the

election.

If

you

wish

to

make

a

withholding

election,

or

change

or

revoke

a

prior

withholding

election,

call

800-539-3863

(800-235-8396

for

Member

Class)

and

form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

or

annuity

payments)

will

be

electronically

sent.

If

you

do

not

have

a

withholding

election

in

place

by

the

date

of

a

distribution,

federal

income

tax

will

be

withheld

from

the

taxable

portion

of

your

distribution

at

a

rate

of

10%.

If

you

must

pay

estimated

taxes,

you

may

be

subject

to

estimated

tax

penalties

if

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

is

not

withheld

from

your

distribution.

For

more

specific

information,

please

consult

your

tax

adviser.

The

Funds

are

distributed

by

Victory

Capital

Services,

Inc.

Victory

Capital

Management

Inc.

is

the

investment

adviser

to

the

Funds

and

receives

fees

from

the

Funds

for

performing

services

for

the

Funds.

This

report

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

a

current

prospectus

of

the

Victory

Funds.

For

additional

information

about

any

Victory

Fund,

including

fees,

expenses,

and

risks,

view

our

prospectus

online

at

vcm.com

or

call

800-539-3863

(800-235-8396

for

Member

Class).

Read

it

carefully

before

you

invest

or

send

money.

The

information

in

this

report

is

based

on

data

obtained

from

recognized

services

and

sources

and

is

believed

to

be

reliable.

Any

opinions,

projections,

or

recommendations

in

this

report

are

subject

to

change

without

notice

and

are

not

intended

as

individual

investment

advice.

Past

investment

performance

of

the

Funds,

markets

or

securities

mentioned

herein

should

not

be

considered

to

be

indicative

of

future

results.

NOT

FDIC

INSURED

NO

BANK

GUARANTEE

MAY

LOSE

VALUE

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

3

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Common

Stocks

(90.1%)

Australia

(1.1%):

Communication

Services

(0.2%):

Telstra

Group

Ltd.

......................................................

1,730,358

$

5,613

Health

Care

(0.2%):

Sonic

Healthcare

Ltd.

....................................................

283,342

4,266

Materials

(0.4%):

Fortescue

Ltd.

.........................................................

318,124

4,651

Rio

Tinto

Ltd.

.........................................................

77,097

7,519

12,170

Utilities

(0.3%):

APA

Group

...........................................................

448,599

2,680

Origin

Energy

Ltd.

......................................................

721,879

5,511

8,191

30,240

Austria

(0.3%):

Energy

(0.3%):

OMV

AG

............................................................

128,485

7,149

Belgium

(0.3%):

Financials

(0.3%):

Ageas

SA

............................................................

113,786

7,971

Bermuda

(0.5%):

Energy

(0.5%):

DHT

Holdings,

Inc.

.....................................................

606,338

7,404

Golar

LNG

Ltd.

........................................................

133,226

4,957

12,361

Brazil

(3.6%):

Communication

Services

(0.5%):

Telefonica

Brasil

SA

.....................................................

867,500

5,195

TIM

SA

..............................................................

2,134,900

8,286

13,481

Consumer

Discretionary

(0.3%):

Vibra

Energia

SA

.......................................................

1,717,466

7,929

Consumer

Staples

(0.4%):

Ambev

SA

............................................................

4,793,400

12,067

Energy

(0.2%):

Petroleo

Brasileiro

SA

,

Preference

Shares

.....................................

915,500

5,140

Financials

(0.8%):

Banco

do

Brasil

SA

.....................................................

2,261,900

9,029

BB

Seguridade

Participacoes

SA

............................................

1,775,000

11,727

20,756

Materials

(0.8%):

Gerdau

SA

,

Preference

Shares

..............................................

1,335,700

4,930

Klabin

SA

............................................................

1,980,711

6,766

Vale

SA

..............................................................

860,700

11,240

22,936

Utilities

(0.6%):

Cia

Energetica

de

Minas

Gerais

,

Preference

Shares

...............................

3,372,500

6,833

CPFL

Energia

SA

.......................................................

820,000

7,970

14,803

97,112

Canada

(2.5%):

Communication

Services

(0.2%):

BCE,

Inc.

............................................................

180,178

4,298

Consumer

Discretionary

(0.4%):

Canadian

Tire

Corp

Ltd.

,

Class

A

............................................

43,993

5,576

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Magna

International,

Inc.

.................................................

94,589

$

5,043

10,619

Energy

(1.1%):

Canadian

Natural

Resources

Ltd.

............................................

112,199

3,801

Enbridge,

Inc.

.........................................................

172,841

8,272

Keyera

Corp.

(a)

........................................................

221,441

7,099

Pembina

Pipeline

Corp.

..................................................

169,066

6,442

TC

Energy

Corp.

.......................................................

85,005

4,681

30,295

Financials

(0.2%):

The

Bank

of

Nova

Scotia

.................................................

81,343

6,000

Utilities

(0.6%):

Canadian

Utilities

Ltd.

,

Class

A

.............................................

265,325

8,261

Emera,

Inc.

...........................................................

176,527

8,700

16,961

68,173

Chile

(0.3%):

Financials

(0.3%):

Banco

de

Chile

........................................................

43,697,345

8,438

China

(2.7%):

Consumer

Staples

(0.1%):

Tingyi

Cayman

Islands

Holding

Corp.

........................................

1,896,000

2,875

Energy

(0.8%):

China

Petroleum

&

Chemical

Corp.

,

Class

H

...................................

10,868,000

6,528

China

Shenhua

Energy

Co.

Ltd.

,

Class

H

......................................

1,596,000

7,969

PetroChina

Co.

Ltd.

,

Class

H

..............................................

6,590,000

7,104

21,601

Financials

(1.5%):

Bank

of

China

Ltd.

,

Class

H

...............................................

10,608,000

6,082

Bank

of

Communications

Co.

Ltd.

,

Class

H

....................................

6,297,000

5,227

China

CITIC

Bank

Corp.

Ltd.

,

Class

H

.......................................

8,285,000

7,393

China

Construction

Bank

Corp.

,

Class

H

......................................

5,802,000

5,743

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................................

488,000

3,320

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

.............................

5,771,000

4,670

Ping

An

Insurance

Group

Co.

of

China

Ltd.

....................................

374,000

3,142

Postal

Savings

Bank

of

China

Co.

Ltd.

,

Class

H

(b)

...............................

7,940,000

5,432

41,009

Industrials

(0.1%):

China

Railway

Group

Ltd.

,

Class

H

..........................................

4,874,000

2,399

Materials

(0.2%):

China

Hongqiao

Group

Ltd.

...............................................

1,352,000

5,678

73,562

Czech

Republic

(0.3%):

Utilities

(0.3%):

CEZ

A/S

.............................................................

143,849

9,058

Denmark

(0.3%):

Financials

(0.3%):

Danske

Bank

A/S

.......................................................

156,218

7,802

Finland

(0.8%):

Communication

Services

(0.2%):

Elisa

Oyj

.............................................................

105,653

4,682

Consumer

Staples

(0.2%):

Kesko

Oyj

,

Class

B

.....................................................

300,743

6,786

Materials

(0.2%):

UPM-Kymmene

Oyj

(a)

..................................................

207,808

6,007

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Utilities

(0.2%):

Fortum

Oyj

...........................................................

247,019

$

5,245

22,720

France

(3.3%):

Communication

Services

(0.6%):

Orange

SA

............................................................

702,718

11,725

Publicis

Groupe

SA

.....................................................

49,277

5,117

16,842

Consumer

Discretionary

(0.3%):

FDJ

UNITED

.........................................................

162,860

4,508

Renault

SA

...........................................................

82,565

3,417

7,925

Consumer

Staples

(0.2%):

Carrefour

SA

..........................................................

357,756

5,969

Energy

(0.2%):

TotalEnergies

SE

.......................................................

81,525

5,315

Financials

(0.5%):

BNP

Paribas

SA

........................................................

62,823

5,943

Credit

Agricole

SA

......................................................

367,455

7,564

13,507

Health

Care

(0.2%):

Sanofi

SA

............................................................

43,702

4,228

Industrials

(0.6%):

Bouygues

SA

..........................................................

162,259

8,435

Eiffage

SA

............................................................

52,818

7,567

16,002

Materials

(0.1%):

Arkema

SA

...........................................................

61,264

3,733

Utilities

(0.6%):

Engie

SA

.............................................................

413,397

10,859

Veolia

Environnement

SA

.................................................

175,209

6,096

16,955

90,476

Germany

(1.0%):

Consumer

Discretionary

(0.4%):

Mercedes-Benz

Group

AG

................................................

77,338

5,361

Volkswagen

AG

,

Preference

Shares

..........................................

46,067

5,621

10,982

Industrials

(0.3%):

Deutsche

Post

AG

......................................................

117,748

6,420

Materials

(0.3%):

BASF

SE

(a)

..........................................................

90,070

4,739

Evonik

Industries

AG

....................................................

260,187

4,060

8,799

26,201

Hong

Kong

(2.8%):

Communication

Services

(0.2%):

HKT

Trust

&

HKT

Ltd.

,

Class

SS

...........................................

4,223,000

6,253

Consumer

Discretionary

(0.1%):

Bosideng

International

Holdings

Ltd.

.........................................

6,296,000

3,613

Consumer

Staples

(0.2%):

WH

Group

Ltd.

(b)

......................................................

5,449,000

6,071

Financials

(0.5%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

1,669,500

8,473

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

6

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Hang

Seng

Bank

Ltd.

....................................................

191,000

$

3,768

12,241

Industrials

(0.4%):

CK

Hutchison

Holdings

Ltd.

...............................................

793,500

5,395

Orient

Overseas

International

Ltd.

...........................................

171,000

2,757

SITC

International

Holdings

Co.

Ltd.

.........................................

967,000

3,460

11,612

Utilities

(1.4%):

Beijing

Enterprises

Holdings

Ltd.

...........................................

1,083,000

4,431

China

Gas

Holdings

Ltd.

..................................................

3,349,000

3,306

CK

Infrastructure

Holdings

Ltd.

............................................

839,000

6,217

CLP

Holdings

Ltd.

......................................................

858,500

7,679

Guangdong

Investment

Ltd.

...............................................

3,658,000

3,191

Hong

Kong

&

China

Gas

Co.

Ltd.

...........................................

7,968,000

7,183

Power

Assets

Holdings

Ltd.

...............................................

713,500

5,058

37,065

76,855

India

(2.7%):

Consumer

Discretionary

(0.4%):

Hero

MotoCorp

Ltd.

.....................................................

159,405

10,244

Consumer

Staples

(0.2%):

ITC

Ltd.

.............................................................

1,444,502

6,483

Energy

(1.0%):

Bharat

Petroleum

Corp.

Ltd.

...............................................

1,382,934

5,916

Coal

India

Ltd.

.........................................................

908,023

4,034

Hindustan

Petroleum

Corp.

Ltd.

............................................

895,481

4,978

Indian

Oil

Corp.

Ltd.

....................................................

2,921,446

5,416

Oil

&

Natural

Gas

Corp.

Ltd.

..............................................

1,379,823

3,692

Oil

India

Ltd.

..........................................................

621,604

2,937

26,973

Information

Technology

(0.3%):

HCL

Technologies

Ltd.

...................................................

296,079

5,352

Tata

Consultancy

Services

Ltd.

.............................................

121,699

4,348

9,700

Materials

(0.4%):

NMDC

Ltd.

...........................................................

4,025,498

3,727

Vedanta

Ltd.

..........................................................

934,098

6,285

10,012

Utilities

(0.4%):

GAIL

India

Ltd.

........................................................

2,363,417

4,533

Power

Grid

Corp.

of

India

Ltd.

.............................................

1,800,190

5,309

9,842

73,254

Indonesia

(1.1%):

Communication

Services

(0.3%):

PT

Telkom

Indonesia

Persero

Tbk

...........................................

37,148,600

7,775

Energy

(0.3%):

PT

Alamtri

Resources

Indonesia

Tbk

.........................................

23,505,100

2,548

PT

United

Tractors

Tbk

..................................................

2,702,800

4,780

7,328

Financials

(0.1%):

PT

Bank

Rakyat

Indonesia

Persero

Tbk

.......................................

19,466,500

4,265

Industrials

(0.4%):

PT

Astra

International

Tbk

................................................

28,647,100

11,501

30,869

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

7

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Ireland

(0.4%):

Financials

(0.1%):

AIB

Group

PLC

........................................................

361,293

$

3,862

Health

Care

(0.3%):

Medtronic

PLC

........................................................

77,372

7,432

11,294

Italy

(1.8%):

Energy

(0.3%):

Eni

SpA

.............................................................

388,589

7,365

Financials

(0.6%):

Intesa

Sanpaolo

SpA

.....................................................

1,094,703

7,564

Poste

Italiane

SpA

(b)

....................................................

421,690

10,585

18,149

Utilities

(0.9%):

Enel

SpA

.............................................................

828,979

8,618

Snam

SpA

............................................................

1,099,397

7,305

Terna

-

Rete

Elettrica

Nazionale

............................................

727,188

7,736

23,659

49,173

Japan

(1.0%):

Consumer

Discretionary

(0.3%):

Isuzu

Motors

Ltd.

.......................................................

368,200

5,747

Yamaha

Motor

Co.

Ltd.

..................................................

330,300

2,450

8,197

Consumer

Staples

(0.2%):

Japan

Tobacco,

Inc.

.....................................................

169,500

6,093

Health

Care

(0.4%):

Astellas

Pharma,

Inc.

....................................................

423,600

5,639

Takeda

Pharmaceutical

Co.

Ltd.

............................................

157,700

4,900

10,539

Materials

(0.1%):

Mitsubishi

Chemical

Group

Corp.

...........................................

595,300

3,485

28,314

Malaysia

(0.8%):

Communication

Services

(0.3%):

Telekom

Malaysia

Bhd

...................................................

3,394,500

6,733

Industrials

(0.1%):

Sime

Darby

Bhd

.......................................................

6,786,500

3,595

Utilities

(0.4%):

Tenaga

Nasional

Bhd

....................................................

3,495,900

11,815

22,143

Mexico

(1.4%):

Consumer

Staples

(0.6%):

Arca

Continental

SAB

de

CV

..............................................

427,336

4,625

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

.................................

2,397,456

5,113

Wal-Mart

de

Mexico

SAB

de

CV

...........................................

2,239,434

6,982

16,720

Financials

(0.3%):

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.................................

789,069

7,317

Industrials

(0.2%):

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

,

Class

B

(a)

...........................

152,765

4,914

Materials

(0.3%):

Grupo

Mexico

SAB

de

CV

,

Class

B

..........................................

957,174

9,039

37,990

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

8

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Monaco

(0.2%):

Energy

(0.2%):

Scorpio

Tankers,

Inc.

....................................................

113,027

$

5,745

Netherlands

(1.7%):

Communication

Services

(0.3%):

Koninklijke

KPN

NV

....................................................

1,930,515

9,020

Consumer

Discretionary

(0.1%):

Stellantis

NV

..........................................................

247,416

2,709

Financials

(1.3%):

ABN

AMRO

Bank

NV

,

Class

CV

(b)

.........................................

245,894

8,591

ASR

Nederland

NV

.....................................................

122,643

8,726

ING

Groep

NV

........................................................

290,519

8,165

NN

Group

NV

.........................................................

126,839

9,784

35,266

46,995

Norway

(0.7%):

Communication

Services

(0.3%):

Telenor

ASA

(a)

........................................................

477,224

6,945

Energy

(0.1%):

SFL

Corp.

Ltd.

,

Class

B

..................................................

256,635

2,004

Financials

(0.3%):

DNB

Bank

ASA

(a)

......................................................

309,359

8,623

17,572

Poland

(1.2%):

Energy

(0.5%):

ORLEN

SA

...........................................................

475,097

12,689

Financials

(0.7%):

Bank

Polska

Kasa

Opieki

SA

..............................................

134,416

7,628

Powszechny

Zaklad

Ubezpieczen

SA

.........................................

255,721

4,735

Santander

Bank

Polska

SA

................................................

55,168

8,343

20,706

33,395

Portugal

(0.2%):

Utilities

(0.2%):

EDP

SA

..............................................................

1,212,264

5,583

Puerto

Rico

(0.2%):

Financials

(0.2%):

First

Bancorp

Puerto

Rico

.................................................

185,868

3,853

Russian

Federation

(0.0%):

Communication

Services

(0.0%):

Rostelecom

PJSC

(c)

(d)

(e)

.................................................

6,752,730

—

Consumer

Staples

(0.0%):

X5

Retail

Group

NV

,

GDR

(c)

(d)

(e)

..........................................

201,753

—

Energy

(0.0%):

Tatneft

PJSC

(c)

(d)

(e)

....................................................

827,565

—

Financials

(0.0%):

Moscow

Exchange

MICEX-RTS

PJSC

(c)

(d)

(e)

.................................

2,604,790

—

Materials

(0.0%):

Evraz

PLC

(c)

(d)

(e)

.....................................................

753,373

—

GMK

Norilskiy

Nickel

PAO

(c)

(d)

(e)

.........................................

1,487,700

—

Magnitogorsk

Iron

&

Steel

Works

PJSC

(c)

(d)

(e)

.................................

4,673,660

—

Novolipetsk

Steel

PJSC

(c)

(d)

(e)

............................................

1,477,080

—

Polyus

PJSC

(c)

(d)

(e)

....................................................

344,030

—

Severstal

PAO

(c)

(d)

(e)

...................................................

223,944

—

—

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

9

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Utilities

(0.0%):

Inter

RAO

UES

PJSC

(c)

(d)

(e)

..............................................

128,274,200

$

—

RusHydro

PJSC

(c)

(d)

(e)

..................................................

694,437,000

—

—

—

Singapore

(0.6%):

Consumer

Staples

(0.2%):

Wilmar

International

Ltd.

.................................................

2,477,600

5,927

Financials

(0.4%):

Oversea-Chinese

Banking

Corp.

Ltd.

.........................................

579,400

8,903

14,830

South

Africa

(1.6%):

Communication

Services

(0.4%):

MTN

Group

Ltd.

.......................................................

592,316

6,067

Vodacom

Group

Ltd.

....................................................

644,108

5,510

11,577

Financials

(0.8%):

Absa

Group

Ltd.

.......................................................

694,985

10,049

Standard

Bank

Group

Ltd.

................................................

600,873

10,545

20,594

Industrials

(0.1%):

Bidvest

Group

Ltd.

......................................................

287,809

4,129

Materials

(0.3%):

Gold

Fields

Ltd.

........................................................

128,099

5,588

Kumba

Iron

Ore

Ltd.

....................................................

117,661

2,498

8,086

44,386

South

Korea

(1.8%):

Consumer

Staples

(0.4%):

KT&G

Corp.

..........................................................

96,609

9,522

Energy

(0.4%):

HD

Hyundai

Co.

Ltd.

....................................................

84,338

11,041

Financials

(0.4%):

Industrial

Bank

of

Korea

..................................................

391,708

5,695

Woori

Financial

Group,

Inc.

...............................................

279,712

5,430

11,125

Industrials

(0.6%):

Doosan

Bobcat,

Inc.

(c)

...................................................

116,706

4,669

LG

Corp.

.............................................................

74,264

4,161

SK,

Inc.

..............................................................

47,970

8,562

17,392

49,080

Spain

(1.5%):

Energy

(0.3%):

Repsol

SA

............................................................

426,993

7,966

Financials

(0.3%):

CaixaBank

SA

.........................................................

542,080

6,627

Utilities

(0.9%):

Endesa

SA

............................................................

247,971

8,922

Iberdrola

SA

..........................................................

449,672

9,736

Redeia

Corp.

SA

.......................................................

360,288

6,422

25,080

39,673

Sweden

(0.6%):

Communication

Services

(0.3%):

Telia

Co.

AB

..........................................................

1,869,356

7,992

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

10

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Financials

(0.1%):

Svenska

Handelsbanken

AB

,

Class

A

.........................................

170,537

$

2,471

Industrials

(0.2%):

Volvo

AB

,

Class

B

......................................................

203,225

6,470

16,933

Switzerland

(0.2%):

Industrials

(0.2%):

Kuehne

+

Nagel

International

AG

,

Class

R

.....................................

21,866

4,690

Taiwan

(2.9%):

Communication

Services

(0.9%):

Chunghwa

Telecom

Co.

Ltd.

...............................................

1,595,000

6,630

Far

EasTone

Telecommunications

Co.

Ltd.

.....................................

2,296,000

6,448

Taiwan

Mobile

Co.

Ltd.

(c)

................................................

3,606,000

12,443

25,521

Consumer

Staples

(0.2%):

Uni-President

Enterprises

Corp.

............................................

2,414,000

5,920

Industrials

(0.3%):

Eva

Airways

Corp.

......................................................

3,750,000

4,361

Far

Eastern

New

Century

Corp.

.............................................

4,410,000

3,900

8,261

Information

Technology

(1.2%):

ASE

Technology

Holding

Co.

Ltd.

...........................................

899,000

7,089

Compal

Electronics,

Inc.

..................................................

3,739,000

3,612

Hon

Hai

Precision

Industry

Co.

Ltd.

.........................................

796,000

5,836

MediaTek,

Inc.

.........................................................

72,000

3,270

Pegatron

Corp.

.........................................................

2,076,000

4,529

Quanta

Computer,

Inc.

...................................................

336,000

2,902

Synnex

Technology

International

Corp.

.......................................

2,794,000

5,151

32,389

Materials

(0.3%):

Asia

Cement

Corp.

......................................................

6,365,000

7,528

79,619

Thailand

(1.5%):

Energy

(0.7%):

PTT

Exploration

&

Production

PCL

..........................................

2,141,800

7,660

PTT

PCL

.............................................................

10,906,400

11,077

18,737

Financials

(0.7%):

SCB

X

PCL

...........................................................

3,337,100

14,710

TMBThanachart

Bank

PCL

................................................

58,003,300

3,716

18,426

Materials

(0.1%):

The

Siam

Cement

PCL

...................................................

563,200

3,279

40,442

United

Kingdom

(3.3%):

Communication

Services

(0.3%):

Vodafone

Group

PLC

....................................................

4,716,361

6,286

WPP

PLC

............................................................

461,440

2,072

8,358

Consumer

Discretionary

(0.4%):

Brightstar

Lottery

PLC

...................................................

308,474

4,775

Kingfisher

PLC

........................................................

1,330,431

5,600

10,375

Consumer

Staples

(0.9%):

British

American

Tobacco

PLC

.............................................

166,829

9,456

Imperial

Brands

PLC

....................................................

226,785

9,521

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

11

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

J

Sainsbury

PLC

.......................................................

1,118,809

$

4,901

23,878

Energy

(0.2%):

BP

PLC

..............................................................

993,814

5,795

Financials

(0.9%):

Admiral

Group

PLC

.....................................................

89,957

3,847

Aviva

PLC

............................................................

739,574

6,799

HSBC

Holdings

PLC

....................................................

521,178

8,200

Phoenix

Group

Holdings

PLC

..............................................

668,284

6,615

25,461

Materials

(0.4%):

Mondi

PLC

...........................................................

335,282

4,090

Rio

Tinto

PLC

.........................................................

81,643

6,575

10,665

Utilities

(0.2%):

National

Grid

PLC

......................................................

412,846

6,331

90,863

United

States

(42.9%):

Communication

Services

(0.8%):

AT&T,

Inc.

...........................................................

284,894

7,077

Comcast

Corp.

,

Class

A

..................................................

137,190

4,101

John

Wiley

&

Sons,

Inc.

,

Class

A

............................................

146,929

4,500

Verizon

Communications,

Inc.

..............................................

159,912

6,513

22,191

Consumer

Discretionary

(4.4%):

Best

Buy

Co.,

Inc.

......................................................

38,923

2,605

Bloomin'

Brands,

Inc.

....................................................

302,971

1,869

Carter's,

Inc.

..........................................................

125,072

4,056

Dana,

Inc.

............................................................

273,956

6,509

Darden

Restaurants,

Inc.

..................................................

33,537

6,172

Dine

Brands

Global,

Inc.

(a)

...............................................

133,366

4,286

Ford

Motor

Co.

........................................................

423,851

5,561

Hasbro,

Inc.

...........................................................

82,943

6,801

Kontoor

Brands,

Inc.

....................................................

87,345

5,336

La-Z-Boy,

Inc.

.........................................................

164,602

6,135

LCI

Industries

.........................................................

73,875

8,964

Leggett

&

Platt,

Inc.

.....................................................

433,370

4,767

LKQ

Corp.

...........................................................

149,126

4,504

Meritage

Homes

Corp.

...................................................

76,463

5,031

Monro,

Inc.

...........................................................

170,777

3,422

Oxford

Industries,

Inc.

...................................................

55,523

1,899

Polaris,

Inc.

...........................................................

64,365

4,071

Steven

Madden

Ltd.

.....................................................

236,200

9,835

Strategic

Education,

Inc.

..................................................

61,945

4,968

The

Buckle,

Inc.

........................................................

186,442

9,960

Upbound

Group,

Inc.

....................................................

257,027

4,514

Winmark

Corp.

........................................................

14,005

5,671

Winnebago

Industries,

Inc.

................................................

89,131

3,612

120,548

Consumer

Staples

(4.9%):

Altria

Group,

Inc.

.......................................................

82,610

4,763

Archer-Daniels-Midland

Co.

...............................................

122,942

7,068

Bunge

Global

SA

.......................................................

54,660

4,869

Cal-Maine

Foods,

Inc.

...................................................

67,253

5,351

Colgate-Palmolive

Co.

...................................................

96,478

7,624

Energizer

Holdings,

Inc.

..................................................

220,262

4,381

General

Mills,

Inc.

......................................................

74,970

3,486

Interparfums,

Inc.

.......................................................

71,402

6,057

J

&

J

Snack

Foods

Corp.

..................................................

84,881

7,671

Kenvue,

Inc.

..........................................................

272,454

4,700

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

12

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Keurig

Dr.

Pepper,

Inc.

...................................................

146,744

$

4,110

Kimberly-Clark

Corp.

....................................................

68,849

6,946

PepsiCo,

Inc.

..........................................................

50,761

7,285

Philip

Morris

International,

Inc.

.............................................

56,313

9,033

Spectrum

Brands

Holdings,

Inc.

............................................

118,927

7,026

Sysco

Corp.

...........................................................

107,872

7,949

Target

Corp.

..........................................................

45,149

4,413

The

Clorox

Co.

........................................................

57,689

5,817

The

Coca-Cola

Co.

......................................................

98,680

6,899

The

Marzetti

Company

...................................................

19,761

3,249

Tyson

Foods,

Inc.

,

Class

A

................................................

110,252

6,463

Universal

Corp.

........................................................

138,721

7,318

132,478

Energy

(4.7%):

Archrock,

Inc.

.........................................................

253,092

6,585

California

Resources

Corp.

................................................

134,652

6,020

ConocoPhillips

Co.

.....................................................

46,784

4,379

Coterra

Energy,

Inc.

.....................................................

200,878

5,287

Crescent

Energy

Co.

,

Class

A

(a)

............................................

414,460

3,477

Devon

Energy

Corp.

.....................................................

126,955

4,650

DT

Midstream,

Inc.

.....................................................

45,209

5,411

EOG

Resources,

Inc.

....................................................

45,187

4,745

Expand

Energy

Corp.

....................................................

53,902

5,949

Exxon

Mobil

Corp.

.....................................................

57,186

6,882

Helmerich

&

Payne,

Inc.

..................................................

220,741

6,331

International

Seaways,

Inc.

................................................

78,564

3,814

Kinder

Morgan,

Inc.

.....................................................

286,267

7,870

Kodiak

Gas

Services,

Inc.

.................................................

141,458

5,291

Magnolia

Oil

&

Gas

Corp.

,

Class

A

..........................................

222,743

4,876

Noble

Corp.

PLC

.......................................................

233,264

6,587

ONEOK,

Inc.

..........................................................

60,404

4,440

Permian

Resources

Corp.

,

Class

A

...........................................

286,061

4,013

Phillips

66

Co.

.........................................................

37,949

4,897

SLB

Ltd.

.............................................................

156,393

6,002

SM

Energy

Co.

........................................................

182,444

3,412

The

Williams

Cos.,

Inc.

..................................................

141,066

8,480

Valero

Energy

Corp.

.....................................................

24,376

3,968

World

Kinect

Corp.

.....................................................

227,072

5,320

128,686

Financials

(10.6%):

Ally

Financial,

Inc.

......................................................

119,622

5,418

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

160,243

6,528

Associated

Banc-Corp.

...................................................

302,799

7,800

Atlantic

Union

Bankshares

Corp.

............................................

173,491

6,124

Bank

of

Hawaii

Corp.

....................................................

87,428

5,978

BankUnited,

Inc.

.......................................................

170,750

7,610

Blackstone,

Inc.

........................................................

25,054

3,862

Citigroup,

Inc.

.........................................................

66,015

7,703

Citizens

Financial

Group,

Inc.

..............................................

143,245

8,367

CME

Group,

Inc.

,

Class

A

.................................................

40,332

11,014

Cohen

&

Steers,

Inc.

....................................................

54,303

3,409

Community

Financial

System,

Inc.

..........................................

127,427

7,319

CVB

Financial

Corp.

....................................................

351,766

6,543

East

West

Bancorp,

Inc.

..................................................

37,898

4,259

F&G

Annuities

&

Life,

Inc.

................................................

7,211

223

Federal

Agricultural

Mortgage

Corp.

,

Class

C

...................................

14,393

2,527

Fidelity

National

Financial,

Inc.

............................................

120,181

6,561

Fifth

Third

Bancorp

.....................................................

122,765

5,747

First

Financial

Bancorp

...................................................

199,931

5,002

First

Hawaiian,

Inc.

.....................................................

256,201

6,482

First

Horizon

Corp.

.....................................................

106,071

2,535

First

Interstate

BancSystem,

Inc.

,

Class

A

......................................

208,460

7,213

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

13

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

First

Merchants

Corp.

....................................................

115,467

$

4,328

Fulton

Financial

Corp.

...................................................

447,661

8,653

HA

Sustainable

Infrastructure

Capital,

Inc.

.....................................

216,367

6,800

Huntington

Bancshares,

Inc.

...............................................

431,960

7,495

Independent

Bank

Corp.

..................................................

108,658

7,941

Jackson

Financial,

Inc.

,

Class

A

.............................................

93,551

9,977

KeyCorp

.............................................................

314,384

6,489

MetLife,

Inc.

..........................................................

79,395

6,267

Moelis

&

Co.

,

Class

A

...................................................

39,552

2,719

Morgan

Stanley

........................................................

45,006

7,990

Northern

Trust

Corp.

....................................................

55,525

7,584

Northwest

Bancshares,

Inc.

................................................

423,403

5,081

Principal

Financial

Group,

Inc.

.............................................

91,060

8,032

Provident

Financial

Services,

Inc.

...........................................

222,204

4,389

Prudential

Financial,

Inc.

.................................................

52,637

5,942

Regions

Financial

Corp.

..................................................

278,364

7,544

Simmons

First

National

Corp.

,

Class

A

.......................................

329,410

6,209

State

Street

Corp.

.......................................................

73,433

9,474

The

PNC

Financial

Services

Group,

Inc.

......................................

30,873

6,444

United

Bankshares,

Inc.

..................................................

188,964

7,256

Valley

National

Bancorp

..................................................

440,956

5,150

WaFd,

Inc.

............................................................

215,283

6,896

Webster

Financial

Corp.

..................................................

28,968

1,823

Wells

Fargo

&

Co.

......................................................

72,042

6,714

WesBanco,

Inc.

........................................................

73,019

2,427

287,848

Health

Care

(2.5%):

AbbVie,

Inc.

..........................................................

31,835

7,274

Amgen,

Inc.

...........................................................

17,615

5,766

Bristol-Myers

Squibb

Co.

.................................................

106,069

5,721

CVS

Health

Corp.

......................................................

71,965

5,711

Gilead

Sciences,

Inc.

....................................................

66,218

8,128

Johnson

&

Johnson

.....................................................

47,262

9,781

Merck

&

Co.,

Inc.

......................................................

60,712

6,390

Pfizer,

Inc.

............................................................

238,131

5,929

U.S.

Physical

Therapy,

Inc.

................................................

64,527

5,039

UnitedHealth

Group,

Inc.

.................................................

7,594

2,507

Viatris,

Inc.

...........................................................

474,470

5,907

68,153

Industrials

(3.3%):

Alight,

Inc.

,

Class

A

.....................................................

1,528,405

2,980

Apogee

Enterprises,

Inc.

..................................................

93,893

3,419

Herc

Holdings,

Inc.

.....................................................

20,746

3,078

HNI

Corp.

............................................................

133,058

5,594

Insperity,

Inc.

..........................................................

90,020

3,486

Kennametal,

Inc.

.......................................................

323,637

9,195

Korn

Ferry

...........................................................

71,539

4,723

Lockheed

Martin

Corp.

...................................................

13,756

6,653

MillerKnoll,

Inc.

.......................................................

251,871

4,604

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

......................................

73,305

6,165

Paychex,

Inc.

..........................................................

36,351

4,078

Pitney

Bowes,

Inc.

......................................................

394,552

4,170

Snap-on,

Inc.

..........................................................

21,886

7,542

The

Greenbrier

Cos.,

Inc.

.................................................

106,029

4,956

Trinity

Industries,

Inc.

...................................................

195,631

5,172

Union

Pacific

Corp.

.....................................................

31,726

7,339

United

Parcel

Service,

Inc.

,

Class

B

..........................................

70,953

7,038

90,192

Information

Technology

(1.4%):

Avnet,

Inc.

............................................................

135,891

6,533

Cisco

Systems,

Inc.

.....................................................

121,936

9,393

Hewlett

Packard

Enterprise

Co.

.............................................

200,361

4,813

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

14

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

HP,

Inc.

..............................................................

120,065

$

2,675

International

Business

Machines

Corp.

........................................

18,615

5,514

Skyworks

Solutions,

Inc.

.................................................

44,852

2,844

Texas

Instruments,

Inc.

...................................................

29,656

5,145

36,917

Materials

(1.2%):

Avient

Corp.

..........................................................

171,176

5,347

Cabot

Corp.

...........................................................

72,181

4,784

Eastman

Chemical

Co.

...................................................

63,286

4,040

Greif,

Inc.

,

Class

A

......................................................

99,855

6,760

Kaiser

Aluminum

Corp.

..................................................

6,388

734

LyondellBasell

Industries

NV

,

Class

A

........................................

55,699

2,412

Sylvamo

Corp.

.........................................................

94,987

4,574

The

Mosaic

Co.

........................................................

112,261

2,704

31,355

Utilities

(9.1%):

Alliant

Energy

Corp.

....................................................

108,844

7,076

American

Electric

Power

Co.,

Inc.

...........................................

29,363

3,386

American

States

Water

Co.

................................................

161,818

11,728

Avista

Corp.

..........................................................

269,113

10,372

Black

Hills

Corp.

.......................................................

152,241

10,568

California

Water

Service

Group

.............................................

207,179

8,977

Chesapeake

Utilities

Corp.

................................................

57,470

7,170

CMS

Energy

Corp.

......................................................

88,201

6,168

Consolidated

Edison,

Inc.

.................................................

69,264

6,879

Dominion

Energy,

Inc.

...................................................

96,561

5,657

DTE

Energy

Co.

.......................................................

51,346

6,623

Duke

Energy

Corp.

......................................................

71,060

8,329

Edison

International

.....................................................

82,721

4,965

Evergy,

Inc.

...........................................................

145,150

10,522

Exelon

Corp.

..........................................................

171,753

7,487

FirstEnergy

Corp.

.......................................................

109,427

4,899

H2O

America

.........................................................

148,456

7,273

MGE

Energy,

Inc.

......................................................

71,463

5,604

New

Jersey

Resources

Corp.

...............................................

283,420

13,071

NiSource,

Inc.

.........................................................

263,569

11,007

Northwest

Natural

Holding

Co.

.............................................

150,349

7,027

OGE

Energy

Corp.

......................................................

117,554

5,019

ONE

Gas,

Inc.

.........................................................

146,186

11,293

Otter

Tail

Corp.

........................................................

72,478

5,857

Pinnacle

West

Capital

Corp.

...............................................

49,917

4,428

Portland

General

Electric

Co.

..............................................

271,035

13,007

PPL

Corp.

............................................................

199,430

6,984

Southwest

Gas

Holdings,

Inc.

..............................................

107,132

8,573

Spire,

Inc.

............................................................

160,226

13,251

The

Southern

Co.

.......................................................

89,204

7,779

WEC

Energy

Group,

Inc.

.................................................

71,726

7,564

248,543

1,166,911

Total

Common

Stocks

(Cost

$2,093,252)

2,451,725

Collateral

for

Securities

Loaned

(0.5%)^

United

States

(0.5%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(f)

........

3,692,292

3,693

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(f)

............

3,692,292

3,692

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(f)

................

3,692,292

3,692

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(f)

.

3,692,292

3,692

Total

Collateral

for

Securities

Loaned

(Cost

$14,769)

14,769

Total

Investments

(Cost

$2,108,021)

—

90.6%

2,466,494

Other

assets

in

excess

of

liabilities

—

9.4%

253,439

NET

ASSETS

-

100.00%

$

2,719,933

Victory

Portfolios

II

Victory

Market

Neutral

Income

Fund

15

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Name

Acquisition

Date

Cost

Evraz

PLC

.................................................

3/19/2021

$

4,340

GMK

Norilskiy

Nickel

PAO

....................................

9/19/2014

4,446

Inter

RAO

UES

PJSC

.........................................

3/19/2021

7,868

Magnitogorsk

Iron

&

Steel

Works

PJSC

............................

9/17/2021

4,370

Moscow

Exchange

MICEX-RTS

PJSC

............................

9/17/2021

5,924

Novolipetsk

Steel

PJSC

.......................................

9/17/2021

4,421

Polyus

PJSC

...............................................

9/17/2021

6,022

Rostelecom

PJSC

............................................

9/18/2020

8,205

RusHydro

PJSC

.............................................

9/18/2020

7,349

Severstal

PAO

..............................................

3/17/2017

4,076

Tatneft

PJSC

...............................................

9/15/2017

5,787

X5

Retail

Group

NV

,

GDR

.....................................

9/18/2020

5,468

^

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

December

31,

2025,

the

fair

value

of

these

securities

was

$30,679

(thousands)

and

amounted

to

1.1%

of

net

assets.

(c)

Non-income

producing

security.

(d)

Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

December

31,

2025.

This

security

is

classified

as

Level

3

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

2

in

the

Notes

to

Financial

Statements)

(e)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

December

31,

2025

(amounts

in

thousands):

(f)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

GDR

—

Global

Depositary

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

NASDAQ

100

E-Mini

Futures

.........

4,357

3/20/26

$

2,218,820

$

2,218,301

$

(

519

)

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

MSCI

EAFE

Index

Futures

......

3,270

3/20/26

$

472,400

$

474,493

$

(

2,093

)

E-Mini

MSCI

Emerging

Markets

Index

Futures

..........................

6,413

3/20/26

443,972

452,565

(

8,593

)

E-Mini

Russell

2000

Index

Futures

......

3,635

3/20/26

467,662

454,011

13,651

E-Mini

S&P

500

Futures

..............

8,657

3/20/26

2,981,893

2,983,420

(

1,527

)

$

1,438

Total

unrealized

appreciation

$

13,651

Total

unrealized

depreciation

(

12,732

)

Total

net

unrealized

appreciation

(depreciation)

$

919

Statement

of

Assets

and

Liabilities

December

31,

2025

16

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Market

Neutral

Income

Fund

Assets:

Investments,

at

value

(Cost

$2,108,021)

$

2,466,494‌

(a)

Foreign

currency,

at

value

(Cost

$2,401)

2,408‌

Cash

96,778‌

Deposit

with

broker

for

futures

contracts

150,510‌

Receivables:

Dividends,

interest,

and

securities

lending

income

6,720‌

Capital

shares

issued

1,605‌

From

Adviser

603‌

Variation

margin

on

open

futures

contracts

30,104‌

Reclaims

4,442‌

Prepaid

expenses

102‌

Total

Assets

2,759,766‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

14,769‌

Capital

shares

redeemed

2,088‌

Variation

margin

on

open

futures

contracts

19,040‌

Accrued

foreign

capital

gains

taxes

2,198‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

803‌

Administration

fees

101‌

Custodian

fees

105‌

Transfer

agent

fees

66‌

Sub-Transfer

agent

fees

420‌

Compliance

fees

2‌

Trustees'

fees

8‌

12b-1

fees

7‌

Other

accrued

expenses

226‌

Total

Liabilities

39,833‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

3,229,603‌

Total

accumulated

earnings

(loss)

(

509,670‌

)

Net

Assets

$

2,719,933‌

Net

Assets:

Class

A

$

39,747‌

Class

C

4,990‌

Class

I

2,662,607‌

Member

Class

12,589‌

Total

$

2,719,933‌

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

4,628‌

Class

C

591‌

Class

I

307,215‌

Member

Class

1,465‌

Total

313,899‌

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

8

.59‌

Class

C(c)

8

.45‌

Class

I

8

.67‌

Member

Class

8

.59‌

Maximum

Sales

Charge

—

Class

A

5

.75‌

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

9

.11‌

(a)

Includes

$14,104

thousand

of

securities

on

loan.

(b)

Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(c)

Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statement

of

Operations

For

the

Six

Months

Ended

December

31,

2025

17

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

Victory

Market

Neutral

Income

Fund

Investment

Income:

Dividends

$

53,243‌

Interest

4,902‌

Securities

lending

(net

of

fees)

11‌

Foreign

tax

withholding

(

2,345‌

)

Total

Income

55,811‌

Expenses:

Investment

advisory

fees

4,730‌

Administration

fees

637‌

Sub-Administration

fees

11‌

12b-1

fees

—

Class

A

58‌

12b-1

fees

—

Class

C

27‌

Custodian

fees

190‌

Transfer

agent

fees

—

Class

A

2‌

Transfer

agent

fees

—

Class

C

—‌

(a)

Transfer

agent

fees

—

Class

I

194‌

Transfer

agent

fees

—

Member

Class

9‌

Sub-Transfer

agent

fees

—

Class

A

7‌

Sub-Transfer

agent

fees

—

Class

C

3‌

Sub-Transfer

agent

fees

—

Class

I

1,257‌

Trustees'

fees

73‌

Compliance

fees

11‌

Legal

and

audit

fees

97‌

State

registration

and

filing

fees

84‌

Other

expenses

186‌

Total

Expenses

7,576‌

Expenses

waived/reimbursed

by

Adviser

(

1,911‌

)

Expenses

waived/reimbursed

by

Distributor

(

1‌

)

Net

Expenses

5,664‌

Net

Investment

Income

(Loss)

50,147‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

63,132‌

Foreign

taxes

on

realized

gains

(

10‌

)

Net

realized

gains

(losses)

from

futures

contracts

(

231,293‌

)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

107,172‌

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

(

3,452‌

)

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

37,463‌

Net

realized/unrealized

gains

(losses)

on

investments

(

26,988‌

)

Change

in

net

assets

resulting

from

operations

$

23,159‌

(a)

Rounds

to

less

than

$1

thousand.

18

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

Victory

Market

Neutral

Income

Fund

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

50,147‌

$

119,055‌

Net

realized

gains

(losses)

(

168,171‌

)

(

45,689‌

)

Net

change

in

unrealized

appreciation/depreciation

141,183‌

132,885‌

Change

in

net

assets

resulting

from

operations

23,159‌

206,251‌

Distributions

to

Shareholders:

Class

A

(

840‌

)

(

3,111‌

)

Class

C

(

75‌

)

(

267‌

)

Class

I

(

49,582‌

)

(

119,107‌

)

Member

Class

(

239‌

)

(

585‌

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

50,736‌

)

(

123,070‌

)

Change

in

net

assets

resulting

from

capital

transactions

126,760‌

(

432,890‌

)

Change

in

net

assets

99,183‌

(

349,709‌

)

Net

Assets:

Beginning

of

period

2,620,750‌

2,970,459‌

End

of

period

$

2,719,933‌

$

2,620,750‌

19

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

Victory

Market

Neutral

Income

Fund

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

7,182‌

$

23,175‌

Distributions

reinvested

807‌

3,015‌

Cost

of

shares

redeemed

(

40,307‌

)

(

33,897‌

)

Total

Class

A

$

(

32,318‌

)

$

(

7,707‌

)

Class

C

Proceeds

from

shares

issued

$

202‌

$

286‌

Distributions

reinvested

74‌

266‌

Cost

of

shares

redeemed

(

1,132‌

)

(

4,100‌

)

Total

Class

C

$

(

856‌

)

$

(

3,548‌

)

Class

I

Proceeds

from

shares

issued

$

493,633‌

$

843,103‌

Distributions

reinvested

44,067‌

106,224‌

Cost

of

shares

redeemed

(

376,920‌

)

(

1,371,036‌

)

Total

Class

I

$

160,780‌

$

(

421,709‌

)

Member

Class

Proceeds

from

shares

issued

$

1,679‌

$

3,654‌

Distributions

reinvested

239‌

585‌

Cost

of

shares

redeemed

(

2,764‌

)

(

4,165‌

)

Total

Member

Class

$

(

846‌

)

$

74‌

Change

in

net

assets

resulting

from

capital

transactions

$

126,760‌

$

(

432,890‌

)

Share

Transactions:

Class

A

Issued

835‌

2,726‌

Reinvested

94‌

354‌

Redeemed

(

4,672‌

)

(

4,008‌

)

Total

Class

A

(

3,743‌

)

(

928‌

)

Class

C

Issued

24‌

34‌

Reinvested

9‌

32‌

Redeemed

(

134‌

)

(

495‌

)

Total

Class

C

(

101‌

)

(

429‌

)

Class

I

Issued

56,893‌

98,317‌

Reinvested

5,092‌

12,388‌

Redeemed

(

43,628‌

)

(

160,845‌

)

Total

Class

I

18,357‌

(

50,140‌

)

Member

Class

Issued

194‌

427‌

Reinvested

28‌

69‌

Redeemed

(

321‌

)

(

488‌

)

Total

Member

Class

(

99‌

)

8‌

Change

in

Shares

14,414‌

(

51,489‌

)

Victory

Portfolios

II

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

20

See

notes

to

financial

statements.

Victory

Market

Neutral

Income

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.68

$8.40

$8.37

$9.30

$9.51

$9.77

Investment

Activities:

Net

investment

income

(loss)(a)

0.15

0.35

0.32

0.35

0.38

0.29

Net

realized

and

unrealized

gains

(losses)

(0.09)

0.30

0.05

(0.26)

(0.29)

(0.06)

Total

from

Investment

Activities

0.06

0.65

0.37

0.09

0.09

0.23

Distributions

to

Shareholders

from:

Net

investment

income

(0.15)

(0.37)

(0.34)

(0.36)

(0.30)

(0.24)

Net

realized

gains

—

—

—

(0.66)

—

(0.25)

Total

Distributions

(0.15)

(0.37)

(0.34)

(1.02)

(0.30)

(0.49)

Net

Asset

Value,

End

of

Period

$8.59

$8.68

$8.40

$8.37

$9.30

$9.51

Total

Return(b)(c)

0.69%

7.92%

4.43%

1.34%

0.90%

2.33%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.76%

0.76%

0.75%

0.75%

0.78%(f)

0.79%(f)

Net

Investment

Income

(Loss)(d)

3.46%

4.18%

3.80%

4.00%

3.94%

3.03%

Gross

Expenses(d)(e)

0.78%

0.76%

0.76%

0.80%

0.83%

0.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$39,747

$72,621

$78,079

$96,836

$150,010

$50,735

Portfolio

Turnover(b)(g)

14%

60%

88%

87%

61%

89%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Includes

impact

of

broker

interest

fees.

Without

these

broker

interest

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

21

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

Victory

Market

Neutral

Income

Fund

Class

C

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.54

$8.27

$8.25

$9.19

$9.40

$9.69

Investment

Activities:

Net

investment

income

(loss)(a)

0.11

0.28

0.25

0.28

0.34

0.22

Net

realized

and

unrealized

gains

(losses)

(0.08)

0.30

0.05

(0.26)

(0.31)

(0.08)

Total

from

Investment

Activities

0.03

0.58

0.30

0.02

0.03

0.14

Distributions

to

Shareholders

from:

Net

investment

income

(0.12)

(0.31)

(0.28)

(0.30)

(0.24)

(0.18)

Net

realized

gains

—

—

—

(0.66)

—

(0.25)

Total

Distributions

(0.12)

(0.31)

(0.28)

(0.96)

(0.24)

(0.43)

Net

Asset

Value,

End

of

Period

$8.45

$8.54

$8.27

$8.25

$9.19

$9.40

Total

Return(b)(c)

0.32%

7.16%

3.60%

0.53%

0.31%

1.40%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.51%

1.51%

1.50%

1.50%

1.53%(f)

1.54%(f)

Net

Investment

Income

(Loss)(d)

2.63%

3.33%

3.05%

3.28%

3.59%

2.28%

Gross

Expenses(d)(e)

1.82%

1.77%

1.68%

1.62%

1.93%

2.29%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,990

$5,903

$9,267

$14,468

$15,197

$1,976

Portfolio

Turnover(b)(g)

14%

60%

88%

87%

61%

89%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Includes

impact

of

broker

interest

fees.

Without

these

broker

interest

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

22

See

notes

to

financial

statements.

Victory

Market

Neutral

Income

Fund

Class

I

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.75

$8.47

$8.44

$9.37

$9.57

$9.83

Investment

Activities:

Net

investment

income

(loss)(a)

0.16

0.39

0.36

0.38

0.42

0.33

Net

realized

and

unrealized

gains

(losses)

(0.08)

0.29

0.04

(0.26)

(0.29)

(0.08)

Total

from

Investment

Activities

0.08

0.68

0.40

0.12

0.13

0.25

Distributions

to

Shareholders

from:

Net

investment

income

(0.16)

(0.40)

(0.37)

(0.39)

(0.33)

(0.26)

Net

realized

gains

—

—

—

(0.66)

—

(0.25)

Total

Distributions

(0.16)

(0.40)

(0.37)

(1.05)

(0.33)

(0.51)

Net

Asset

Value,

End

of

Period

$8.67

$8.75

$8.47

$8.44

$9.37

$9.57

Total

Return(b)(c)

0.98%

8.20%

4.74%

1.68%

1.32%

2.62%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.41%

0.41%

0.40%

0.40%

0.43%(f)

0.44%(f)

Net

Investment

Income

(Loss)(d)

3.72%

4.51%

4.17%

4.31%

4.40%

3.37%

Gross

Expenses(d)(e)

0.55%

0.58%

0.58%

0.59%

0.62%

0.75%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,662,607

$2,528,649

$2,870,040

$2,750,882

$4,777,720

$1,007,909

Portfolio

Turnover(b)(g)

14%

60%

88%

87%

61%

89%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Includes

impact

of

broker

interest

fees.

Without

these

broker

interest

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

23

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

Victory

Market

Neutral

Income

Fund

Member

Class

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

November

3,

2020(a)

through

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.68

$8.40

$8.38

$9.31

$9.51

$9.62

Investment

Activities:

Net

investment

income

(loss)(b)

0.16

0.37

0.34

0.38

0.41

0.25

Net

realized

and

unrealized

gains

(losses)

(0.09)

0.30

0.03

(0.27)

(0.29)

0.04

Total

from

Investment

Activities

0.07

0.67

0.37

0.11

0.12

0.29

Distributions

to

Shareholders

from:

Net

investment

income

(0.16)

(0.39)

(0.35)

(0.38)

(0.32)

(0.15)

Net

realized

gains

—

—

—

(0.66)

—

(0.25)

Total

Distributions

(0.16)

(0.39)

(0.35)

(1.04)

(0.32)

(0.40)

Net

Asset

Value,

End

of

Period

$8.59

$8.68

$8.40

$8.38

$9.31

$9.51

Total

Return(c)(d)

0.80%

8.12%

4.50%

1.55%

1.20%

3.05%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.56%

0.56%

0.55%

0.55%

0.58%(g)

0.60%

Net

Investment

Income

(Loss)(e)

3.58%

4.38%

4.00%

4.32%

4.34%

3.94%

Gross

Expenses(e)(f)

0.77%

0.74%

0.73%

0.80%

1.08%

5.38%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$12,589

$13,577

$13,073

$14,384

$13,910

$2,518

Portfolio

Turnover(c)(h)

14%

60%

88%

87%

61%

89%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Includes

impact

of

broker

interest

fees.

Without

these

broker

interest

fees,

the

net

expense

ratio

would

have

been

at

the

contractual

expense

cap.

(h)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

December

31,

2025

Victory

Portfolios

II

24

(Unaudited)

1.

Organization:

Victory

Portfolios

II

(the

“Trust”)

is

organized as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

27

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

“Fund”). The

Fund

is

classified

as

diversified

under

the

1940

Act.

Each

class

of

shares

of the

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares.

 Victory

Capital

Management

Inc.

(“VCM”

or

the

“Adviser”)

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies:

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”).

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

(“ASC”) Topic 946.

Investment

Valuation: 

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund’s

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

3

—

significant

unobservable

inputs

(including

the

Adviser’s

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

“Board”), has

established

the

Pricing

Committee

(the

“Committee”),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund’s

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

(“ETFs”)

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

(“NAV”).

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund’s

NAV to

be

more

reliable

than

it

otherwise

would

be.

Fund

(Legal

Name)

Fund

(Short

Name)

Investment

Share

Classes

Offered

Victory

Market

Neutral

Income

Fund

Market

Neutral

Income

Fund

A,

C,

I,

and

Member

Class

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

25

(Unaudited)

In

accordance

with

procedures

adopted

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

the

exchange

on

which

they

are

traded

closes

and

the

time

the

Fund’s

NAV

is

calculated.

The

Fund

uses

a

systematic

valuation

model,

provided

daily

by

an

independent

third

party

to

fair

value its

international

equity

securities.

The

valuations

are categorized

as

Level

2

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

December

31,

2025, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

l

As

of December

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3.

Investment

Companies:

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Derivative

Instruments:

Foreign

Exchange

Currency

Contracts:

The

Fund

may

enter

into

foreign

exchange

currency

contracts

to

convert

U.S.

dollars

to

and

from

various

foreign

currencies.

A

foreign

exchange

currency

contract

is

an

obligation

by the

Fund

to

purchase

or

sell

a

specific

currency

at

a

future

date

at

a

price

(in

U.S.

dollars)

set

at

the

time

of

the

contract.

The

Fund

does

not

engage

in

“cross-currency”

foreign

exchange

contracts

(i.e.,

contracts

to

purchase

or

sell

one

foreign

currency

in

exchange

for

another

foreign

currency).

The

Fund’s

foreign

exchange

currency

contracts

might

be

considered

spot

contracts

(typically

a

contract

of

one

week

or

less)

or

forward

contracts

(typically

a

contract

term

over

one

week).

A

spot

contract

is

entered

into

for

purposes

of

hedging

against

foreign

currency

fluctuations

relating

to

a

specific

portfolio

transaction,

such

as

the

delay

between

a

security

transaction

trade

date

and

settlement

date.

Forward

contracts

are

entered

into

for

purposes

of

hedging

portfolio

holdings

or

concentrations

of

such

holdings. Each

foreign

exchange

currency

contract

is

adjusted

daily

by

the

prevailing

spot

or

forward

rate

of

the

underlying

currency,

and

any

appreciation

or

depreciation

is

recorded

for

financial

statement

purposes

as

unrealized

until

the

contract

settlement

date,

at

which

time

the

Fund

records

realized

gains

or

losses

equal

to

the

difference

between

the

value

of

a

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The Fund

could

be

exposed

to

risk

if

a

counterparty

is

unable

to

meet

the

terms

of

a

foreign

exchange

currency

contract

or

if

the

value

of

the

foreign

currency

changes

unfavorably.

In

addition,

the

use

of

foreign

exchange

currency

contracts

does

not

eliminate

fluctuations

in

the

underlying

prices

of

the

securities.

The

Fund

enters

into

foreign

exchange

currency

contracts

solely

for

spot

or

forward

hedging

purposes,

and

not

for

speculative

purposes

(i.e.,

the

Fund

does

not

enter

into

such

contracts

solely

for

the

purpose

of

earning

foreign

currency

gains). As

of December

31,

2025,

the

Fund

had

no

open

forward

foreign

exchange

currency

contracts.

Futures

Contracts:

The

Fund

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Fund

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Fund

the

right

(but

not

the

Level

1

Level

2

Level

3

Total

Market

Neutral

Income

Fund

Common

Stocks

...............................................

$

1,309,246

$

1,142,479

$

—(a)

$

2,451,725

Collateral

for

Securities

Loaned

...................................

14,769

—

—

14,769

Total

.......................................................

$

1,324,015

$

1,142,479

$

—(a)

$

2,466,494

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

13,651

—

—

13,651

Liabilities:

Futures

Contracts

..............................................

(12,732)

—

—

(12,732)

Total

.......................................................

$

919

$

—

$

—

$

919

*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a)

Zero

market

value

securities.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

26

(Unaudited)

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs

and a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian

is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Fund

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Fund

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Fund

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Fund’s

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Fund’s

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Fund

is

reflected

on

the

Statement

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Fund

is

not

subject

to

master

netting

agreements

for

futures

contracts. During

the six

months ended

December

31,

2025,

the

Fund

entered

into

futures

contracts

primarily

for

the

strategy

of

gaining

exposure

to

a

particular

asset

class

or

securities

market.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

December

31,

2025 (amounts

in

thousands):

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

December

31,

2025 (amounts

in

thousands):

All

open

derivative

positions

at

period end

are

reflected

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to the

Fund’s

net

assets

at period

end

is

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Fund

have

been

provided

for

in

accordance

with

each

investment’s

applicable

country’s

tax

rules

and

rates.

Securities

Lending:

The

Fund,

through

a

Securities

Lending

Agreement

with

Citibank,

N.A.

(“Citibank”),

may

lend

its

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans

for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured

the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-cash

collateral

can

include

Assets

Liabilities

Receivable:

Variation

margin

on

open

futures

contracts*

Payable:

Variation

margin

on

open

futures

contracts*

Equity

Risk

Exposure:

13,651,000

(12,732,000)

Market

Neutral

Income

Fund

.............................................................

$

13,651

$

12,732

*

Includes

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedules

of

Portfolio

Investments.

Only

current

day’s

variation

margin

for

futures

contracts

is

reported

within

the

Statements

of

Assets

and

Liabilities.

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Equity

Risk

Exposure:

(231,293,000)

37,463,000

Market

Neutral

Income

Fund

.........................................................

$

(231,293)

$

37,463

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

27

(Unaudited)

U.S.

Government

Securities

and

other

securities

as

permitted

by Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Fund’s

Schedule

of

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Fund’s

Schedule

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Fund’s

securities

on

loan

as

of

the

end

of

the

prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Fund

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Fund

also

earns

a

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statement

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days.

Although

risk

is

mitigated

by

the

collateral,

the

Fund

could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk

that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Fund’s

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Fund

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Fund’s

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands): 

Foreign

Currency

Translations:

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Fund

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Fund

does

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statement

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statement

of

Operations.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

The

Fund

received

European

Union

(“EU”)

reclaims

related

to

prior

years.

For

the six

months

ended

December

31,

2025,

the

Fund

recognized

$677

thousand

related

to

EU

reclaims

and

$14

thousand

in

interest

and

entitlements.

These

EU

reclaims

are

reflected

on

the

Statement

of

Operations

as

Dividend

income.

The

related

interest

and

entitlements

are

reflected

on

the

Statement

of

Operations

as

Interest

income.

In

the

event

tax

refunds

received

by

the

Fund

during

the

fiscal

year

exceed

the

foreign

withholding

taxes

paid

by

the

Fund

for

the

year,

and

the

Fund

previously

passed

foreign

tax

credits

on

to

its

shareholders,

the

Fund

may

enter

in

a

closing

agreement

with

the

Internal

Revenue

Service

in

order

to

pay

the

associated

liability

on

behalf

of

the

Fund's

shareholders.

For

the six

months ended

December

31,

2025,

the

Fund

did

not

enter

in

any

closing

agreements.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of June

30.

For

the

six

months

ended

December

31,

2025,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Market

Neutral

Income

Fund

........................................

$

14,104

$

—

$

14,769

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

28

(Unaudited)

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3.

Purchases

and

Sales:

Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

4.

Affiliated

Fund

Ownership:

The

Fund

offers

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

affiliated fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund’s

assets,

and

together

with

the

investments

of

the

other

affiliated

funds-of-funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund’s

net

assets.

The

affiliated

fund-of-funds’

annual

and

semi-annual

reports

may

be

viewed

at

vcm.com.

As

of

December

31,

2025,

certain

affiliated

fund-of-funds

owned

total

outstanding

shares

of

the

Fund

as

follows:

*  Rounds

to

less

than

0.1%.

5.

Fees

and

Transactions

with

Affiliates

and

Related

Parties:

Investment

Advisory

Fees: 

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.35%

of

the

Fund’s

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund’s

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust,

Victory

Variable

Insurance

Funds

and

Victory

Portfolios.

The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Fund.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-

Administration

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

Market

Neutral

Income

Fund

.................................................................

$

333,600

$

445,105

Market

Neutral

Income

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.5

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.4

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.5

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.2

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0*

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

29

(Unaudited)

The

Fund

(as

part

of

the

Trust)

has

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

(“CCO”),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

(“FIS”)

serves

as

the

Fund’s

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Victory

Capital

Transfer

Agency,

Inc.,

an

affiliate

of

the

Adviser,

serves

as

sub-transfer

agent

for

the

Member

Class.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

if

any,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees: 

The

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

has

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund’s

transfer

agent

and

other

service

providers

if

the

shareholders’

accounts

were

maintained

directly

at

the

Fund’s

transfer

agent.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

Plans

are

characterized

as

reimbursement

plans

since

the

distribution

fees

will

be

paid

to

the

Distributor

as

reimbursement

for,

or

in

anticipation

of,

expenses

incurred

for

distribution-related

activity.

If

the

aggregate

payments

received

by

the

Distributor

for

a

particular

class

of

shares

of

the

Fund

in

any

fiscal

year

exceed

the

expenditures

made

by

the

Distributor

in

that

year

pursuant

to

the

Plans,

the

Distributor

will

reimburse

the

Fund

for

the

amount

of

the

excess.

For

the six

months

ended

December

31,

2025,

the

Distributor

reimbursed

the

following

to

the

Fund

(amounts

in

thousands):

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

of

Class

A

and

Class

C.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with

sales

of

Class

A.

For

the

six

months

ended

December

31,

2025,

the

Distributor

received

less

than

$1

thousand

from

commissions

earned

in

connection

with

sales

of

Class

A.

Other

Fees:

Citibank

serves

as

the

Fund’s

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Trust.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Fund

in

any

fiscal

year

exceed

the

expense limits

for

such

classes

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Class

A

Class

C

Market

Neutral

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

Amount

Market

Neutral

Income

Fund

............................................................................

$

1

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

30

(Unaudited)

Under

the

terms

of

the

expense

limitation

agreement, the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36)

months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a)

the

original

waiver

or

expense

reimbursement;

or

(b)

the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025.

As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

and

expenses

or

make

other

payments  to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Fund are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

December

31,

2025.

Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

6.

Risks:

The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund’s

prospectus

contains

unaudited

information

regarding

the

Fund’s

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund’s

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Equity

Securities

Risk

—

The

value

of

the

equity

securities

in

which

the

Fund

invests

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

economic

conditions

in

the

United

States

or

abroad.

A

company’s

earnings

or

dividends

may

not

increase

as

expected

(or

may

decline)

because

of

poor

management,

competitive

pressures,

reliance

on

particular

suppliers

or

geographical

regions,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

man-made

or

natural

disasters,

military

confrontations

or

wars,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

last

for

extended

periods.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund.

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes,

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Investment

Style

Risk

— 

Different

types

of

investment

styles,

for

example

growth

or

value,

tend

to

perform

differently

and

shift

into

and

out

of

favor

with

investors

depending

on

changes

in

market

and

economic

sentiment

and

conditions.

As

a

result,

the

Fund’s

performance

may

at

times

be

worse

than

the

performance

of

other

mutual

funds

that

invest

more

broadly

or

that

have

different

investment

styles.

7.

Borrowing

and

Interfund

Lending:

Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

“Line

of

Credit”

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

funds

in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

III

(collectively,

the

“Victory

Funds

Complex”),

in

the

aggregate,

may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10

percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

In

effect

until

October

31,

2026

Class

A

Class

C

Class

I

Member

Class

Market

Neutral

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.76%

1.51%

0.41%

0.56%

June

30,

2026

June

30,

2027

June

30,

2028

June

30,

2029

Total

Market

Neutral

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$

2,595

$

5,113

$

4,520

$

1,911

$

14,139

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

31

(Unaudited)

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

December

31,

2025.

Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

“Order”),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

“Facility”).

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund’s

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

December

31,

2025.

8.

Federal

Income

Tax

Information:

Dividends from

net

investment

income,

if

any,

are

declared

and

paid

monthly. 

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

“book/tax”

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended June

30,

2025,

the

Fund

had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used:

9.

Segment

Reporting:

The

Adviser’s

Management

Committee

acts

as

the

Fund’s

Chief

Operating

Decision

Maker

(“CODM”).

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

pre-

determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund’s

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

the

Fund’s

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

is

consistent

with

that

presented

within

the

Fund’s

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

10.

New

Accounting

Pronouncement:

On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(“ASU”)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions. 

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. 

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. 

Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Fund's

financial

statements.

Short-Term

Amount

Long-Term

Amount

Total

Market

Neutral

Income

Fund

.............................................

$

(422,203)

$

(284,052)

$

(706,255)

Supplemental

Information

December

31,

2025

Victory

Portfolios

II

32

(Unaudited)

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement (the

“Agreement”)

The

Board

approved

the

Agreement

on

behalf

of

the

Fund

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025.

The

Board

also

considered

information

relating

to

the

Fund

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025.

In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

the

Fund

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Fund

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

the

Fund’s

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Fund

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Fund;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Fund;

The

total

expenses

of

the

Fund;

Management’s

commitment

to

operating

the

Fund

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser’s

costs)

with

respect

to

the

Adviser’s

relationship

with

the

Fund;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Fund

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

The

Board

reviewed

the

Fund’s

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser’s

business

and

services

with

respect

to

the

Fund

individually

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

the

Fund’s

gross

management

fee

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

mutual

funds

compiled

by

the

consultant

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

used

by

the

consultant

in

the

selection

of

the

Fund’s

peer

group,

including

the

consultant’s

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant’s

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser’s

input,

if

any.

The

Board

noted

that

the

advisory

fee

arrangement

for

the

Fund

does

not

include

breakpoints,

which

would

be

a

structure

that

results

in

reduced

fees

as

a

Fund

grows.

The

Board

also

considered

the

Adviser’s

commitment

to

limit

expenses

as

discussed

in

more

detail

below.

As

in

prior

years,

in

evaluating

the

Adviser’s

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Fund.

The

Board

also

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

the

Fund

for

other

Fund-level

expenses,

including

the

extent

to

which

any

such

waivers

or

reimbursements

were

applied

at

different

rates

for

different

share

classes.

The

Board

asked

for

and

received

information

to

help

it

evaluate

the

process

that

the

Adviser

uses

to

monitor

whether

any

such

waiver

or

reimbursement

resulted

in

any

potential

“cross-subsidization”

of

one

share

class

by

another

share

class.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates,

including

the

Adviser’s

oversight

of

the

Fund’s

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Fund

and

the

Trust.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

33

(Unaudited)

The

Board

reviewed

the

Fund’s

performance

over

one-,

three-

and

five-year

periods

against

the

performance

of

the

Fund’s

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

the

Fund

and

the

peer

group

funds

are

net

of

expenses,

while

the

performance

of

the

benchmark

index

reflects

gross

returns.

When

the

Fund

underperformed

the

funds

in

its

selected

peer

group

and/or

benchmark

index

for

any

of

the

periods

reported,

the

Board

considered

the

magnitude

and

duration

of

that

underperformance

relative

to

the

selected

peer

group

and/or

benchmark

index

(e.g.,

the

amount

by

which

the

Fund

underperformed,

including,

for

example,

whether

the

Fund

slightly

underperformed

or

significantly

underperformed

its

benchmark

both

in

absolute

and

relative

terms).

For

multiple

periods

of

underperformance

as

compared

to

the

selected

peer

group

and/or

benchmark

index,

the

Board

further

inquired

into

the

circumstances

of

its

underperformance,

including

with

respect

to

significant

differences

in

investment

strategy

or

securities

exposure

of

the

Fund

as

compared

to

its

benchmark

index

and

selected

peer

group.

In

these

cases,

the

Board

discussed

with

the

Adviser

the

Fund’s

performance,

potential

reasons

for

the

relative

performance,

and,

if

necessary,

steps

that

the

Adviser

had

taken,

or

intends

to

take,

to

improve

performance,

including,

as

appropriate,

matters

relating

to

staffing

levels,

and

portfolio

trading

strategies,

among

other

things.

The

Board

also

met

with

the

portfolio

managers

of

the

Fund

during

the

12

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Fund’s

performance,

and

received

a

report

each

quarter

on

the

Fund’s

performance,

among

other

things,

from

the

Adviser’s

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser’s

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

The

Board

reviewed

various

other

specific

factors

with

respect

to

the

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Victory

Market

Neutral

Income

Fund:

Performance.

The

Board

compared

the

Fund’s

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

three-year

period,

outperformed

the

benchmark

index

for

the

one-,

five-

and

ten-year

periods,

outperformed

the

peer

group

median

for

the

one-year

period,

and

underperformed

the

peer

group

median

for

the

three-,

five-,

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

first

quartile

(least

expensive),

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund’s

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1)

the

Fund’s

management

fee

compared

to

comparable

mutual

funds;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

mutual

funds;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

for

those

share

classes

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

Conclusion:

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i)

the

Adviser’s

services

benefitted

the

Fund’s

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

the

Fund;

(ii)

it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

the

Fund;

and

(iii)

the

Agreement,

on

behalf

of

the

Fund

discussed

above,

was

consistent

with

the

best

interests

of

the

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

the

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser’s

relationship

with

the

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser’s

entrepreneurial

commitment

to

the

management

of

the

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser’s

resources

to

the

successful

operation

of

the

Fund;

The

Adviser’s

representations

regarding

its

staffing

and

capabilities

to

manage

the

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser’s

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

34

(Unaudited)

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

800-235-8396

for

Member

Class

VP-COMPASS-SAR

(12/25)

December

31,

2025

Semi-Annual:

Full

Financials

VictoryShares

US

500

Volatility

Wtd

ETF

VictoryShares

International

Volatility

Wtd

ETF

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

VictoryShares

Dividend

Accelerator

ETF

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

VictoryShares

Free

Cash

Flow

ETF

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

VictoryShares

Free

Cash

Flow

Growth

ETF

VictoryShares

International

Free

Cash

Flow

ETF

VictoryShares

International

Free

Cash

Flow

Growth

ETF

vcm.com

News,

Information

And

Education

24

Hours

A

Day,

7

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

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professionals

a

convenient

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to

access

fund

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get

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The

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includes:

Detailed

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Daily

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The

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vcm.com

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Visit

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TABLE

OF

CONTENTS

Victory

Portfolios

II

1

Schedules

of

Portfolio

Investments

(Form

N-CSR

Item

6)

VictoryShares

US

500

Volatility

Wtd

ETF

3

VictoryShares

International

Volatility

Wtd

ETF

12

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

27

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

30

VictoryShares

Dividend

Accelerator

ETF

33

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

36

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

38

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

47

VictoryShares

Free

Cash

Flow

ETF

50

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

52

VictoryShares

Free

Cash

Flow

Growth

ETF

57

VictoryShares

International

Free

Cash

Flow

ETF

60

VictoryShares

International

Free

Cash

Flow

Growth

ETF

65

Financial

Statements

(Form

N-CSR

Item

7)

Statements

of

Assets

and

Liabilities

70

Statements

of

Operations

75

Statements

of

Changes

in

Net

Assets

80

Financial

Highlights

85

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

98

Supplemental

Information

Advisory

Contract

Approval

(Form

N-CSR

Item

11)

114

2

Call

Victory

at:

866-376-7890

Visit

our

website

at:

vcm.com

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

We

generally

must

withhold

federal

income

tax

at

a

rate

of

10%

of

the

taxable

portion

of

your

distribution

and,

if

you

live

in

a

state

that

requires

state

income

tax

withholding,

at

your

state’s

tax

rate.

However,

you

may

elect

not

to

have

withholding

apply

or

to

have

income

tax

withheld

at

a

higher

rate.

Any

withholding

election

that

you

make

will

apply

to

any

subsequent

distribution

unless

and

until

you

change

or

revoke

the

election.

If

you

wish

to

make

a

withholding

election,

or

change

or

revoke

a

prior

withholding

election,

call

866-376-7890

and

form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

or

annuity

payments)

will

be

electronically

sent.

If

you

do

not

have

a

withholding

election

in

place

by

the

date

of

a

distribution,

federal

income

tax

will

be

withheld

from

the

taxable

portion

of

your

distribution

at

a

rate

of

10%.

If

you

must

pay

estimated

taxes,

you

may

be

subject

to

estimated

tax

penalties

if

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

is

not

withheld

from

your

distribution.

For

more

specific

information,

please

consult

your

tax

adviser.

The

Funds

are

distributed

by

Victory

Capital

Services,

Inc.

Victory

Capital

Management

Inc.

is

the

investment

adviser

to

the

Funds

and

receives

fees

from

the

Funds

for

performing

services

for

the

Funds.

This

report

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

a

current

prospectus

of

the

Victory

Funds.

For

additional

information

about

any

Victory

Fund,

including

fees,

expenses,

and

risks,

view

our

prospectus

online

at

vcm.com

or

call

866-376-7890.

Read

it

carefully

before

you

invest

or

send

money.

The

information

in

this

report

is

based

on

data

obtained

from

recognized

services

and

sources

and

is

believed

to

be

reliable.

Any

opinions,

projections,

or

recommendations

in

this

report

are

subject

to

change

without

notice

and

are

not

intended

as

individual

investment

advice.

Past

investment

performance

of

the

Funds,

markets

or

securities

mentioned

herein

should

not

be

considered

to

be

indicative

of

future

results.

NOT

FDIC

INSURED

NO

BANK

GUARANTEE

MAY

LOSE

VALUE

INVESTMENTS

INVOLVE

RISK

PRINCIPAL

LOSS

IS

POSSIBLE

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

3

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.8%)

Communication

Services

(4.0%):

Alphabet,

Inc.

,

Class

A

...................................................

4,626

$

1,448

AT&T,

Inc.

...........................................................

48,386

1,202

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

...................................

2,945

615

Comcast

Corp.

,

Class

A

..................................................

34,661

1,036

Electronic

Arts,

Inc.

.....................................................

5,763

1,177

Fox

Corp.

,

Class

A

......................................................

18,603

1,359

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(a)

............................

12,334

1,215

Live

Nation

Entertainment,

Inc.

(a)

...........................................

6,344

904

Meta

Platforms,

Inc.

,

Class

A

..............................................

1,102

727

Netflix,

Inc.

(a)

.........................................................

8,040

754

News

Corp.

,

Class

A

.....................................................

48,567

1,269

Omnicom

Group,

Inc.

....................................................

13,797

1,114

Pinterest,

Inc.

,

Class

A

(a)

.................................................

17,357

449

Reddit,

Inc.

,

Class

A

(a)

...................................................

1,765

406

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

7,179

272

The

Walt

Disney

Co.

....................................................

8,703

990

TKO

Group

Holdings,

Inc.

,

Class

A

..........................................

4,974

1,039

T-Mobile

US,

Inc.

......................................................

4,447

903

Verizon

Communications,

Inc.

..............................................

34,461

1,404

Warner

Bros

Discovery,

Inc.

(a)

.............................................

48,286

1,392

Warner

Music

Group

Corp.

,

Class

A

.........................................

34,843

1,069

20,744

Consumer

Discretionary

(8.9%):

Airbnb,

Inc.

,

Class

A

(a)

..................................................

5,928

805

Amazon.com,

Inc.

(a)

....................................................

4,064

938

Aptiv

PLC

(a)

..........................................................

10,959

834

AutoZone,

Inc.

(a)

.......................................................

359

1,218

Best

Buy

Co.,

Inc.

......................................................

9,641

645

Booking

Holdings,

Inc.

...................................................

203

1,087

Burlington

Stores,

Inc.

(a)

.................................................

2,681

774

Carvana

Co.

,

Class

A

(a)

..................................................

1,148

484

Chewy,

Inc.

,

Class

A

(a)

..................................................

19,290

638

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a)

.......................................

22,067

816

Coupang,

Inc.

,

Class

A

(a)

.................................................

33,708

795

D.R.

Horton,

Inc.

.......................................................

4,930

710

Darden

Restaurants,

Inc.

..................................................

5,232

963

Deckers

Outdoor

Corp.

(a)

.................................................

4,783

496

Dick's

Sporting

Goods,

Inc.

................................................

3,265

646

Domino's

Pizza,

Inc.

.....................................................

2,488

1,037

DoorDash,

Inc.

,

Class

A

(a)

................................................

3,175

719

Duolingo,

Inc.

,

Class

A

(a)

.................................................

1,636

287

eBay,

Inc.

............................................................

9,861

859

Expedia

Group,

Inc.

.....................................................

3,262

924

Ford

Motor

Co.

........................................................

86,109

1,130

Garmin

Ltd.

...........................................................

3,636

738

General

Motors

Co.

.....................................................

15,147

1,232

Genuine

Parts

Co.

......................................................

9,012

1,108

Hilton

Worldwide

Holdings,

Inc.

............................................

4,331

1,244

Hyatt

Hotels

Corp.

,

Class

A

(b)

.............................................

6,036

968

Las

Vegas

Sands

Corp.

...................................................

14,142

921

Lennar

Corp.

,

Class

A

....................................................

6,901

709

Lowe's

Cos.,

Inc.

.......................................................

5,040

1,215

Marriott

International,

Inc.

,

Class

A

..........................................

4,020

1,247

McDonald's

Corp.

......................................................

5,471

1,672

NIKE,

Inc.

,

Class

B

.....................................................

9,828

626

NVR,

Inc.

(a)

..........................................................

139

1,014

O'Reilly

Automotive,

Inc.

(a)

...............................................

15,100

1,377

PulteGroup,

Inc.

........................................................

6,674

783

Ralph

Lauren

Corp.

,

Class

A

...............................................

2,555

903

Ross

Stores,

Inc.

.......................................................

8,343

1,503

Royal

Caribbean

Cruises

Ltd.

..............................................

1,934

539

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Somnigroup

International,

Inc.

.............................................

11,701

$

1,045

Starbucks

Corp.

........................................................

10,261

864

Tapestry,

Inc.

..........................................................

7,072

904

Tesla,

Inc.

(a)

..........................................................

1,398

629

The

Home

Depot,

Inc.

...................................................

3,366

1,158

The

TJX

Cos.,

Inc.

......................................................

12,666

1,946

Toll

Brothers,

Inc.

......................................................

6,158

833

Tractor

Supply

Co.

......................................................

17,744

887

Ulta

Beauty,

Inc.

(a)

.....................................................

1,715

1,038

Williams-Sonoma,

Inc.

...................................................

3,883

693

Wynn

Resorts

Ltd.

......................................................

6,189

745

Yum!

Brands,

Inc.

......................................................

8,900

1,346

46,692

Consumer

Staples

(7.6%):

Altria

Group,

Inc.

.......................................................

25,071

1,446

Archer-Daniels-Midland

Co.

...............................................

17,695

1,017

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........................................

10,212

919

Brown-Forman

Corp.

,

Class

B

(b)

...........................................

26,853

700

Bunge

Global

SA

.......................................................

12,499

1,113

Casey's

General

Stores,

Inc.

...............................................

2,244

1,240

Celsius

Holdings,

Inc.

(a)

..................................................

7,992

366

Church

&

Dwight

Co.,

Inc.

................................................

16,500

1,384

Colgate-Palmolive

Co.

...................................................

18,173

1,436

Costco

Wholesale

Corp.

..................................................

1,526

1,316

Dollar

General

Corp.

....................................................

8,041

1,068

General

Mills,

Inc.

......................................................

27,832

1,294

Hormel

Foods

Corp.

.....................................................

49,448

1,172

Kenvue,

Inc.

..........................................................

61,687

1,064

Keurig

Dr.

Pepper,

Inc.

...................................................

44,035

1,233

Kimberly-Clark

Corp.

....................................................

12,679

1,279

McCormick

&

Co.,

Inc.

..................................................

19,348

1,318

Mondelez

International,

Inc.

,

Class

A

.........................................

22,909

1,233

Monster

Beverage

Corp.

(a)

................................................

22,448

1,721

PepsiCo,

Inc.

..........................................................

9,298

1,334

Performance

Food

Group

Co.

(a)

............................................

11,840

1,065

Philip

Morris

International,

Inc.

.............................................

7,234

1,160

Sprouts

Farmers

Market,

Inc.

(a)

............................................

6,064

483

Sysco

Corp.

...........................................................

18,605

1,371

Target

Corp.

..........................................................

9,513

930

The

Clorox

Co.

........................................................

12,195

1,230

The

Coca-Cola

Co.

......................................................

25,952

1,814

The

Hershey

Co.

.......................................................

5,986

1,089

The

Kroger

Co.

........................................................

17,774

1,111

The

Procter

&

Gamble

Co.

................................................

10,686

1,531

Tyson

Foods,

Inc.

,

Class

A

................................................

25,343

1,486

U.S.

Foods

Holding

Corp.

(a)

...............................................

17,268

1,301

Walmart,

Inc.

..........................................................

12,941

1,442

39,666

Energy

(4.1%):

Baker

Hughes

Co.

,

Class

A

................................................

19,044

867

Cheniere

Energy,

Inc.

....................................................

3,963

770

Chevron

Corp.

.........................................................

7,641

1,165

ConocoPhillips

Co.

.....................................................

9,398

880

Coterra

Energy,

Inc.

.....................................................

42,224

1,111

Devon

Energy

Corp.

.....................................................

20,249

742

Diamondback

Energy,

Inc.

................................................

5,256

790

EOG

Resources,

Inc.

....................................................

8,645

908

EQT

Corp.

............................................................

15,674

840

Expand

Energy

Corp.

....................................................

11,152

1,231

Exxon

Mobil

Corp.

.....................................................

11,504

1,384

Halliburton

Co.

........................................................

32,852

928

Kinder

Morgan,

Inc.

.....................................................

44,728

1,230

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Marathon

Petroleum

Corp.

................................................

4,890

$

795

Occidental

Petroleum

Corp.

...............................................

17,972

739

ONEOK,

Inc.

..........................................................

12,826

943

Phillips

66

Co.

.........................................................

6,259

808

SLB

Ltd.

.............................................................

22,993

882

Targa

Resources

Corp.

...................................................

5,175

955

Texas

Pacific

Land

Corp.

(b)

...............................................

2,076

596

The

Williams

Cos.,

Inc.

..................................................

20,063

1,206

Valero

Energy

Corp.

.....................................................

5,404

880

Viper

Energy,

Inc.

,

Class

A

................................................

21,682

838

21,488

Financials

(18.0%):

Affirm

Holdings,

Inc.

,

Class

A

(a)

............................................

4,671

348

Aflac,

Inc.

............................................................

13,591

1,499

Ally

Financial,

Inc.

......................................................

22,570

1,022

American

Express

Co.

...................................................

2,938

1,087

American

International

Group,

Inc.

..........................................

16,688

1,428

Ameriprise

Financial,

Inc.

.................................................

2,090

1,025

Aon

PLC

,

Class

A

......................................................

3,962

1,398

Apollo

Global

Management,

Inc.

............................................

5,391

780

Arch

Capital

Group

Ltd.

(a)

................................................

13,671

1,311

Ares

Management

Corp.

,

Class

A

...........................................

4,171

674

Arthur

J.

Gallagher

&

Co.

.................................................

4,387

1,135

Bank

of

America

Corp.

...................................................

22,219

1,222

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.........................................

3,207

1,612

BlackRock,

Inc.

........................................................

984

1,053

Blackstone,

Inc.

........................................................

4,604

710

Block,

Inc.

,

Class

A

(a)

...................................................

7,096

462

Blue

Owl

Capital,

Inc.

,

Class

A

.............................................

37,703

563

Brown

&

Brown,

Inc.

....................................................

13,653

1,088

Capital

One

Financial

Corp.

...............................................

3,650

885

Cboe

Global

Markets,

Inc.

................................................

6,063

1,522

Chubb

Ltd.

...........................................................

5,644

1,762

Cincinnati

Financial

Corp.

................................................

8,052

1,315

Citigroup,

Inc.

.........................................................

9,941

1,160

Citizens

Financial

Group,

Inc.

..............................................

18,342

1,071

CME

Group,

Inc.

,

Class

A

.................................................

6,400

1,748

Coinbase

Global,

Inc.

,

Class

A

(a)

...........................................

1,401

317

Corpay,

Inc.

(a)

.........................................................

2,602

783

East

West

Bancorp,

Inc.

..................................................

8,667

974

Equitable

Holdings,

Inc.

..................................................

16,307

777

Erie

Indemnity

Co.

,

Class

A

...............................................

2,775

795

Evercore,

Inc.

,

Class

A

...................................................

2,189

745

Everest

Group

Ltd.

......................................................

3,976

1,349

F&G

Annuities

&

Life,

Inc.

................................................

1,169

36

FactSet

Research

Systems,

Inc.

.............................................

3,808

1,105

Fidelity

National

Financial,

Inc.

............................................

19,485

1,064

Fidelity

National

Information

Services,

Inc.

....................................

14,843

986

Fifth

Third

Bancorp

.....................................................

24,348

1,140

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

475

1,019

Fiserv,

Inc.

(a)

..........................................................

5,523

371

Franklin

Resources,

Inc.

..................................................

37,888

905

Global

Payments,

Inc.

....................................................

8,460

655

Houlihan

Lokey,

Inc.

,

Class

A

..............................................

5,586

973

Huntington

Bancshares,

Inc.

...............................................

57,277

994

Interactive

Brokers

Group,

Inc.

,

Class

A

.......................................

10,968

705

Intercontinental

Exchange,

Inc.

.............................................

9,848

1,595

Jefferies

Financial

Group,

Inc.

..............................................

10,667

661

JPMorgan

Chase

&

Co.

..................................................

4,142

1,335

KKR

&

Co.,

Inc.

.......................................................

4,789

610

Loews

Corp.

..........................................................

16,029

1,688

LPL

Financial

Holdings,

Inc.

...............................................

2,448

874

M&T

Bank

Corp.

.......................................................

5,777

1,164

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

6

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Markel

Group,

Inc.

(a)

....................................................

660

$

1,419

Marsh

&

McLennan

Cos.,

Inc.

.............................................

8,201

1,521

Mastercard,

Inc.

,

Class

A

.................................................

2,312

1,320

MetLife,

Inc.

..........................................................

13,245

1,045

Moody's

Corp.

.........................................................

2,251

1,150

Morgan

Stanley

........................................................

6,446

1,144

MSCI,

Inc.

,

Class

A

.....................................................

2,087

1,197

Nasdaq,

Inc.

..........................................................

13,877

1,348

Northern

Trust

Corp.

....................................................

7,912

1,081

PayPal

Holdings,

Inc.

....................................................

11,900

695

Principal

Financial

Group,

Inc.

.............................................

13,397

1,182

Prudential

Financial,

Inc.

.................................................

10,374

1,171

Raymond

James

Financial,

Inc.

.............................................

6,855

1,101

Regions

Financial

Corp.

..................................................

38,178

1,035

Reinsurance

Group

of

America,

Inc.

.........................................

5,210

1,060

Robinhood

Markets,

Inc.

,

Class

A

(a)

.........................................

4,084

462

Ryan

Specialty

Holdings,

Inc.

,

Class

A

........................................

19,061

984

S&P

Global,

Inc.

.......................................................

2,489

1,301

SoFi

Technologies,

Inc.

(a)

.................................................

19,808

518

State

Street

Corp.

.......................................................

9,425

1,216

Synchrony

Financial

.....................................................

10,237

854

T.

Rowe

Price

Group,

Inc.

.................................................

9,820

1,005

The

Allstate

Corp.

......................................................

5,795

1,206

The

Bank

of

New

York

Mellon

Corp.

.........................................

11,963

1,389

The

Carlyle

Group,

Inc.

..................................................

10,823

640

The

Charles

Schwab

Corp.

................................................

12,845

1,283

The

Goldman

Sachs

Group,

Inc.

............................................

1,308

1,150

The

Hartford

Insurance

Group,

Inc.

..........................................

10,972

1,512

The

PNC

Financial

Services

Group,

Inc.

......................................

5,896

1,231

The

Progressive

Corp.

...................................................

5,198

1,184

The

Travelers

Cos.,

Inc.

..................................................

5,016

1,455

Toast,

Inc.

,

Class

A

(a)

....................................................

15,357

545

Tradeweb

Markets,

Inc.

,

Class

A

............................................

9,067

975

Truist

Financial

Corp.

....................................................

22,572

1,111

U.S.

Bancorp

..........................................................

22,654

1,209

Visa,

Inc.

,

Class

A

......................................................

3,971

1,393

W.R.

Berkley

Corp.

.....................................................

20,080

1,408

Wells

Fargo

&

Co.

......................................................

13,068

1,218

94,218

Health

Care

(12.0%):

Abbott

Laboratories

.....................................................

10,560

1,323

AbbVie,

Inc.

..........................................................

5,942

1,358

Agilent

Technologies,

Inc.

.................................................

7,985

1,087

Amgen,

Inc.

...........................................................

4,239

1,388

Becton

Dickinson

&

Co.

..................................................

5,102

990

Biogen,

Inc.

(a)

.........................................................

7,812

1,375

Boston

Scientific

Corp.

(a)

.................................................

12,569

1,198

Bristol-Myers

Squibb

Co.

.................................................

24,127

1,301

Cardinal

Health,

Inc.

....................................................

9,650

1,983

Cencora,

Inc.

..........................................................

5,214

1,761

Centene

Corp.

(a)

.......................................................

18,817

774

CVS

Health

Corp.

......................................................

12,219

970

Danaher

Corp.

.........................................................

4,750

1,087

Dexcom,

Inc.

(a)

........................................................

9,857

654

Doximity,

Inc.

,

Class

A

(a)

.................................................

7,477

331

Edwards

Lifesciences

Corp.

(a)

.............................................

16,307

1,390

Elevance

Health,

Inc.

....................................................

2,701

947

Eli

Lilly

&

Co.

.........................................................

1,036

1,113

Encompass

Health

Corp.

..................................................

9,471

1,005

GE

HealthCare

Technologies,

Inc.

...........................................

11,525

945

Gilead

Sciences,

Inc.

....................................................

9,919

1,218

HCA

Healthcare,

Inc.

....................................................

2,877

1,343

Hologic,

Inc.

(a)

........................................................

15,599

1,162

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

7

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Humana,

Inc.

..........................................................

2,472

$

633

IDEXX

Laboratories,

Inc.

(a)

...............................................

1,086

735

Illumina,

Inc.

(a)

........................................................

7,538

989

Incyte

Corp.

(a)

.........................................................

11,078

1,094

Insulet

Corp.

(a)

........................................................

2,385

678

Intuitive

Surgical,

Inc.

(a)

.................................................

1,992

1,128

IQVIA

Holdings,

Inc.

(a)

..................................................

4,191

945

Johnson

&

Johnson

.....................................................

8,745

1,810

Labcorp

Holdings,

Inc.

...................................................

4,922

1,235

McKesson

Corp.

.......................................................

2,153

1,766

Medpace

Holdings,

Inc.

(a)

................................................

923

518

Medtronic

PLC

........................................................

15,277

1,468

Merck

&

Co.,

Inc.

......................................................

13,150

1,384

Mettler-Toledo

International,

Inc.

(a)

.........................................

706

984

Neurocrine

Biosciences,

Inc.

(a)

.............................................

6,021

854

Pfizer,

Inc.

............................................................

51,317

1,278

Quest

Diagnostics,

Inc.

...................................................

7,635

1,325

Regeneron

Pharmaceuticals,

Inc.

............................................

1,340

1,034

ResMed,

Inc.

..........................................................

4,145

998

Solventum

Corp.

(a)

.....................................................

13,512

1,071

STERIS

PLC

..........................................................

5,578

1,414

Stryker

Corp.

..........................................................

3,691

1,297

Tenet

Healthcare

Corp.

(a)

.................................................

4,101

815

The

Cigna

Group

.......................................................

3,527

971

The

Cooper

Cos.,

Inc.

(a)

..................................................

12,712

1,042

Thermo

Fisher

Scientific,

Inc.

..............................................

1,981

1,148

United

Therapeutics

Corp.

(a)

..............................................

2,935

1,430

UnitedHealth

Group,

Inc.

.................................................

1,987

656

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

3,365

751

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

2,163

981

Waters

Corp.

(a)

........................................................

2,866

1,089

West

Pharmaceutical

Services,

Inc.

..........................................

2,134

587

Zimmer

Biomet

Holdings,

Inc.

.............................................

10,853

976

Zoetis,

Inc.

,

Class

A

.....................................................

7,670

965

62,752

Industrials

(19.6%):

3M

Co.

..............................................................

6,782

1,086

AECOM

.............................................................

11,077

1,056

Allegion

PLC

.........................................................

7,035

1,120

AMETEK,

Inc.

........................................................

7,737

1,588

API

Group

Corp.

(a)

.....................................................

28,787

1,101

Automatic

Data

Processing,

Inc.

............................................

5,365

1,380

Axon

Enterprise,

Inc.

(a)

..................................................

785

446

Bloom

Energy

Corp.

,

Class

A

(a)

............................................

7,432

646

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

...................................

8,094

683

Broadridge

Financial

Solutions,

Inc.

.........................................

5,465

1,220

Builders

FirstSource,

Inc.

(a)

...............................................

5,022

517

BWX

Technologies,

Inc.

..................................................

4,727

817

C.H.

Robinson

Worldwide,

Inc.

.............................................

7,265

1,168

Carlisle

Cos.,

Inc.

.......................................................

2,375

760

Carrier

Global

Corp.

.....................................................

13,920

736

Caterpillar,

Inc.

........................................................

2,560

1,467

Cintas

Corp.

..........................................................

5,957

1,120

Clean

Harbors,

Inc.

(a)

...................................................

5,436

1,275

Comfort

Systems

USA,

Inc.

...............................................

753

703

Copart,

Inc.

(a)

.........................................................

27,263

1,067

Core

&

Main,

Inc.

,

Class

A

(a)

..............................................

16,070

835

CSX

Corp.

............................................................

40,652

1,474

Cummins,

Inc.

.........................................................

2,580

1,317

Curtiss-Wright

Corp.

....................................................

1,945

1,072

Deere

&

Co.

..........................................................

2,287

1,065

Delta

Air

Lines,

Inc.

.....................................................

9,609

667

Dover

Corp.

...........................................................

6,406

1,251

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

8

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Eaton

Corp.

PLC

.......................................................

2,375

$

756

EMCOR

Group,

Inc.

....................................................

1,213

742

Emerson

Electric

Co.

....................................................

7,851

1,042

Equifax,

Inc.

..........................................................

3,517

763

Expeditors

International

of

Washington,

Inc.

....................................

9,467

1,411

Fastenal

Co.

...........................................................

26,741

1,073

FedEx

Corp.

..........................................................

4,020

1,161

Ferguson

Enterprises,

Inc.

.................................................

3,956

881

Fortive

Corp.

..........................................................

24,348

1,344

FTAI

Aviation

Ltd.

......................................................

2,298

452

GE

Vernova,

Inc.

.......................................................

904

591

General

Dynamics

Corp.

..................................................

4,454

1,499

General

Electric

Co.

.....................................................

3,659

1,127

Graco,

Inc.

...........................................................

16,778

1,375

HEICO

Corp.

..........................................................

3,065

992

Honeywell

International,

Inc.

..............................................

5,690

1,110

Howmet

Aerospace,

Inc.

..................................................

5,110

1,048

Hubbell,

Inc.

,

Class

B

....................................................

2,267

1,007

IDEX

Corp.

...........................................................

6,298

1,121

Illinois

Tool

Works,

Inc.

..................................................

5,184

1,277

Ingersoll

Rand,

Inc.

.....................................................

11,803

935

ITT,

Inc.

.............................................................

6,025

1,045

J.B.

Hunt

Transport

Services,

Inc.

...........................................

6,142

1,194

Jacobs

Solutions,

Inc.

....................................................

9,355

1,239

Johnson

Controls

International

PLC

..........................................

9,261

1,109

L3Harris

Technologies,

Inc.

...............................................

5,537

1,625

Leidos

Holdings,

Inc.

....................................................

6,441

1,162

Lennox

International,

Inc.

.................................................

1,636

794

Lincoln

Electric

Holdings,

Inc.

.............................................

4,010

961

Lockheed

Martin

Corp.

...................................................

2,517

1,217

Masco

Corp.

..........................................................

13,373

849

MasTec,

Inc.

(a)

........................................................

3,767

819

Nordson

Corp.

.........................................................

4,517

1,086

Northrop

Grumman

Corp.

.................................................

1,869

1,066

Old

Dominion

Freight

Line,

Inc.

............................................

5,182

813

Otis

Worldwide

Corp.

....................................................

14,343

1,253

Owens

Corning

........................................................

5,775

646

PACCAR,

Inc.

.........................................................

11,123

1,218

Parker-Hannifin

Corp.

...................................................

1,255

1,103

Paychex,

Inc.

..........................................................

9,247

1,037

Paycom

Software,

Inc.

...................................................

3,857

615

Quanta

Services,

Inc.

....................................................

2,052

866

RBC

Bearings,

Inc.

(a)

...................................................

2,937

1,317

Republic

Services,

Inc.

,

Class

A

............................................

7,309

1,549

Rockwell

Automation,

Inc.

................................................

2,661

1,035

Rollins,

Inc.

...........................................................

28,658

1,720

RTX

Corp.

............................................................

7,382

1,354

Snap-on,

Inc.

..........................................................

3,807

1,312

Southwest

Airlines

Co.

...................................................

22,442

927

SS&C

Technologies

Holdings,

Inc.

..........................................

14,567

1,273

Textron,

Inc.

..........................................................

13,572

1,183

Trane

Technologies

PLC

..................................................

2,603

1,013

TransDigm

Group,

Inc.

...................................................

810

1,077

TransUnion

...........................................................

8,069

692

Uber

Technologies,

Inc.

(a)

................................................

8,808

720

UL

Solutions,

Inc.

,

Class

A

................................................

15,314

1,208

Union

Pacific

Corp.

.....................................................

6,024

1,393

United

Airlines

Holdings,

Inc.

(a)

............................................

5,023

562

United

Parcel

Service,

Inc.

,

Class

B

..........................................

10,818

1,073

United

Rentals,

Inc.

.....................................................

871

705

Veralto

Corp.

..........................................................

13,854

1,382

Verisk

Analytics,

Inc.

,

Class

A

..............................................

5,395

1,207

Vertiv

Holdings

Co.

,

Class

A

...............................................

3,499

567

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

9

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

W.W.

Grainger,

Inc.

.....................................................

1,321

$

1,333

Waste

Management,

Inc.

..................................................

7,789

1,711

Watsco,

Inc.

...........................................................

2,475

834

Westinghouse

Air

Brake

Technologies

Corp.

....................................

5,505

1,175

Woodward,

Inc.

........................................................

4,107

1,242

XPO,

Inc.

(a)

..........................................................

4,920

669

Xylem,

Inc.

...........................................................

8,566

1,166

102,460

Information

Technology

(12.7%):

Accenture

PLC

,

Class

A

..................................................

4,265

1,144

Adobe,

Inc.

(a)

.........................................................

2,607

912

Advanced

Micro

Devices,

Inc.

(a)

............................................

3,663

784

Amphenol

Corp.

,

Class

A

.................................................

7,954

1,075

Analog

Devices,

Inc.

....................................................

3,055

829

Apple,

Inc.

...........................................................

3,952

1,074

Applied

Materials,

Inc.

...................................................

4,442

1,142

AppLovin

Corp.

,

Class

A

(a)

...............................................

801

540

Arista

Networks,

Inc.

(a)

..................................................

3,967

520

Astera

Labs,

Inc.

(a)

.....................................................

1,977

329

Autodesk,

Inc.

(a)

.......................................................

3,426

1,014

Bentley

Systems,

Inc.

,

Class

B

.............................................

22,207

848

Broadcom,

Inc.

........................................................

1,771

613

Cadence

Design

Systems,

Inc.

(a)

............................................

2,302

720

CDW

Corp.

...........................................................

6,185

842

Ciena

Corp.

(a)

.........................................................

5,839

1,366

Cisco

Systems,

Inc.

.....................................................

19,355

1,491

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

17,213

1,429

Corning,

Inc.

..........................................................

13,787

1,207

Credo

Technology

Group

Holding

Ltd.

(a)

.....................................

2,846

410

Datadog,

Inc.

,

Class

A

(a)

.................................................

5,333

725

Dell

Technologies,

Inc.

,

Class

C

............................................

5,071

638

Docusign,

Inc.

,

Class

A

(a)

.................................................

8,705

595

Dynatrace,

Inc.

(a)

......................................................

18,950

821

Entegris,

Inc.

(b)

........................................................

6,300

531

F5,

Inc.

(a)

............................................................

3,435

877

Fair

Isaac

Corp.

(a)

......................................................

470

795

First

Solar,

Inc.

(a)

......................................................

2,515

657

Fortinet,

Inc.

(a)

........................................................

9,113

724

Gartner,

Inc.

(a)

........................................................

3,072

775

Gen

Digital,

Inc.

.......................................................

36,542

994

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

6,353

788

Guidewire

Software,

Inc.

(a)

...............................................

4,019

808

Hewlett

Packard

Enterprise

Co.

.............................................

30,484

732

HP,

Inc.

..............................................................

29,864

665

International

Business

Machines

Corp.

........................................

4,321

1,280

Intuit,

Inc.

............................................................

1,462

968

Jabil,

Inc.

............................................................

3,953

901

Keysight

Technologies,

Inc.

(a)

.............................................

5,925

1,204

KLA

Corp.

...........................................................

859

1,044

Lam

Research

Corp.

.....................................................

6,762

1,158

Manhattan

Associates,

Inc.

(a)

..............................................

3,056

530

Micron

Technology,

Inc.

..................................................

4,282

1,222

Microsoft

Corp.

........................................................

2,459

1,189

Monolithic

Power

Systems,

Inc.

............................................

620

562

Motorola

Solutions,

Inc.

..................................................

2,992

1,147

NetApp,

Inc.

..........................................................

7,361

788

Nutanix,

Inc.

,

Class

A

(a)

..................................................

10,897

563

NVIDIA

Corp.

.........................................................

3,493

651

NXP

Semiconductors

NV

.................................................

2,817

611

Okta,

Inc.

,

Class

A

(a)

....................................................

6,856

593

ON

Semiconductor

Corp.

(a)

...............................................

10,522

570

Oracle

Corp.

..........................................................

3,012

587

Palantir

Technologies,

Inc.

,

Class

A

(a)

........................................

2,847

506

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

10

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Palo

Alto

Networks,

Inc.

(a)

................................................

4,514

$

831

PTC,

Inc.

(a)

...........................................................

4,175

727

Pure

Storage,

Inc.

,

Class

A

(a)

..............................................

6,523

437

QUALCOMM,

Inc.

.....................................................

5,246

897

Roper

Technologies,

Inc.

..................................................

2,960

1,318

Salesforce,

Inc.

........................................................

4,087

1,083

Seagate

Technology

Holdings

PLC

..........................................

4,360

1,201

ServiceNow,

Inc.

(a)

.....................................................

4,140

634

Strategy,

Inc.

,

Class

A

(a)

..................................................

1,172

178

Super

Micro

Computer,

Inc.

(a)

.............................................

8,358

245

Synopsys,

Inc.

(a)

.......................................................

1,425

669

TD

SYNNEX

Corp.

.....................................................

6,288

945

TE

Connectivity

PLC

....................................................

4,999

1,137

Teledyne

Technologies,

Inc.

(a)

.............................................

2,580

1,318

Teradyne,

Inc.

.........................................................

4,919

952

Texas

Instruments,

Inc.

...................................................

3,732

647

Trimble,

Inc.

(a)

........................................................

12,950

1,015

Twilio,

Inc.

,

Class

A

(a)

...................................................

5,164

735

Tyler

Technologies,

Inc.

(a)

................................................

2,109

957

VeriSign,

Inc.

..........................................................

4,691

1,140

Western

Digital

Corp.

....................................................

8,260

1,423

Workday,

Inc.

,

Class

A

(a)

.................................................

4,000

859

Zebra

Technologies

Corp.

(a)

...............................................

2,199

534

Zoom

Communications,

Inc.

,

Class

A

(a)

......................................

12,087

1,043

66,413

Materials

(4.3%):

Air

Products

and

Chemicals,

Inc.

............................................

4,312

1,065

Avery

Dennison

Corp.

...................................................

7,956

1,447

Ball

Corp.

............................................................

23,129

1,225

CF

Industries

Holdings,

Inc.

...............................................

10,900

843

Corteva,

Inc.

..........................................................

17,814

1,194

CRH

PLC

............................................................

8,062

1,006

Ecolab,

Inc.

...........................................................

5,668

1,488

Freeport-McMoRan,

Inc.

.................................................

15,436

784

Linde

PLC

............................................................

3,490

1,488

LyondellBasell

Industries

NV

,

Class

A

........................................

13,406

581

Martin

Marietta

Materials,

Inc.

.............................................

2,183

1,359

Newmont

Corp.

........................................................

11,672

1,166

Nucor

Corp.

...........................................................

5,523

901

Packaging

Corp.

of

America

...............................................

5,215

1,076

PPG

Industries,

Inc.

.....................................................

9,319

955

Reliance,

Inc.

..........................................................

3,875

1,119

RPM

International,

Inc.

..................................................

8,982

934

Solstice

Advanced

Materials,

Inc.

(a)

.........................................

1,422

69

Steel

Dynamics,

Inc.

.....................................................

6,469

1,096

The

Sherwin-Williams

Co.

................................................

3,576

1,159

Vulcan

Materials

Co.

....................................................

4,482

1,278

22,233

Real

Estate

(0.5%):

CBRE

Group,

Inc.

,

Class

A

(a)

..............................................

6,328

1,017

CoStar

Group,

Inc.

(a)

....................................................

11,102

747

Jones

Lang

LaSalle,

Inc.

(a)

................................................

3,068

1,032

2,796

Utilities

(8.1%):

Alliant

Energy

Corp.

....................................................

26,096

1,697

Ameren

Corp.

.........................................................

17,684

1,766

American

Electric

Power

Co.,

Inc.

...........................................

15,094

1,740

American

Water

Works

Co.,

Inc.

............................................

8,983

1,172

Atmos

Energy

Corp.

.....................................................

10,777

1,807

CenterPoint

Energy,

Inc.

..................................................

49,668

1,904

CMS

Energy

Corp.

......................................................

25,432

1,778

Consolidated

Edison,

Inc.

.................................................

15,878

1,577

Victory

Portfolios

II

VictoryShares

US

500

Volatility

Wtd

ETF

11

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Constellation

Energy

Corp.

................................................

1,594

$

563

Dominion

Energy,

Inc.

...................................................

22,853

1,339

DTE

Energy

Co.

.......................................................

12,997

1,676

Duke

Energy

Corp.

......................................................

14,770

1,731

Edison

International

.....................................................

15,111

907

Entergy

Corp.

.........................................................

16,378

1,514

Evergy,

Inc.

...........................................................

26,179

1,898

Eversource

Energy

......................................................

19,869

1,338

Exelon

Corp.

..........................................................

37,371

1,629

FirstEnergy

Corp.

.......................................................

33,471

1,499

NextEra

Energy,

Inc.

....................................................

15,075

1,210

NiSource,

Inc.

.........................................................

37,501

1,566

NRG

Energy,

Inc.

.......................................................

3,767

600

PG&E

Corp.

..........................................................

65,741

1,056

PPL

Corp.

............................................................

47,844

1,676

Public

Service

Enterprise

Group,

Inc.

.........................................

17,702

1,421

Sempra

..............................................................

11,766

1,039

Talen

Energy

Corp.

(a)

...................................................

1,322

496

The

Southern

Co.

.......................................................

18,996

1,656

Vistra

Corp.

...........................................................

2,427

392

WEC

Energy

Group,

Inc.

.................................................

17,088

1,802

Xcel

Energy,

Inc.

.......................................................

21,951

1,621

42,070

Total

Common

Stocks

(Cost

$385,521)

a

a

a

521,532

Collateral

for

Securities

Loaned

(0.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(c)

........

778,404

779

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(c)

............

778,404

779

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(c)

...............

778,404

778

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(c)

.

778,404

778

Total

Collateral

for

Securities

Loaned

(Cost

$3,114)

a

a

a

3,114

Total

Investments

(Cost

$388,635)

—

100.4%

524,646

Liabilities

in

excess

of

other

assets

—  (0.4)%

(1,893)

NET

ASSETS

-

100.00%

$

522,753

^

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

December

31,

2025.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

3

3/20/26

$

1,033

$

1,034

$

1

Total

unrealized

appreciation

$

1

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

1

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

12

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Common

Stocks

(98.8%)

Australia

(5.0%):

Communication

Services

(0.5%):

REA

Group

Ltd.

........................................................

661

$

81

Telstra

Group

Ltd.

......................................................

76,067

247

328

Consumer

Discretionary

(0.4%):

Aristocrat

Leisure

Ltd.

...................................................

2,422

94

Wesfarmers

Ltd.

........................................................

2,667

144

238

Consumer

Staples

(0.4%):

Coles

Group

Ltd.

.......................................................

9,961

143

Woolworths

Group

Ltd.

..................................................

6,808

133

276

Energy

(0.3%):

Santos

Ltd.

...........................................................

19,107

79

Woodside

Energy

Group

Ltd.

..............................................

6,098

96

175

Financials

(1.5%):

ANZ

Group

Holdings

Ltd.

................................................

6,882

167

Commonwealth

Bank

of

Australia

...........................................

1,261

135

Macquarie

Group

Ltd.

...................................................

790

107

National

Australia

Bank

Ltd.

...............................................

4,901

138

QBE

Insurance

Group

Ltd.

................................................

9,150

122

Suncorp

Group

Ltd.

.....................................................

9,851

116

Westpac

Banking

Corp.

..................................................

5,480

141

926

Health

Care

(0.2%):

CSL

Ltd.

.............................................................

769

88

Pro

Medicus

Ltd.

.......................................................

391

58

146

Industrials

(0.5%):

Brambles

Ltd.

.........................................................

7,682

118

Computershare

Ltd.

.....................................................

3,903

89

SGH

Ltd.

.............................................................

3,441

106

313

Information

Technology

(0.1%):

WiseTech

Global

Ltd.

....................................................

1,097

50

Materials

(0.9%):

BHP

Group

Ltd.

........................................................

4,646

141

Fortescue

Ltd.

.........................................................

7,266

107

Northern

Star

Resources

Ltd.

..............................................

7,007

125

Rio

Tinto

Ltd.

.........................................................

1,668

163

536

Utilities

(0.2%):

Origin

Energy

Ltd.

......................................................

14,032

108

3,096

Austria

(0.6%):

Energy

(0.2%):

OMV

AG

............................................................

2,367

132

Financials

(0.2%):

Erste

Group

Bank

AG

....................................................

955

116

Utilities

(0.2%):

Verbund

AG

..........................................................

1,982

144

392

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

13

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Belgium

(0.9%):

Consumer

Staples

(0.2%):

Anheuser-Busch

InBev

SA

................................................

2,006

$

129

Financials

(0.5%):

Ageas

SA

............................................................

2,500

176

KBC

Group

NV

........................................................

1,033

135

311

Health

Care

(0.2%):

UCB

SA

.............................................................

373

105

545

Canada

(12.2%):

Communication

Services

(0.8%):

BCE,

Inc.

............................................................

5,001

120

Rogers

Communications,

Inc.

,

Class

B

(a)

......................................

3,581

135

TELUS

Corp.

.........................................................

16,624

219

474

Consumer

Discretionary

(0.4%):

Dollarama,

Inc.

........................................................

1,067

159

Magna

International,

Inc.

.................................................

2,075

111

270

Consumer

Staples

(1.1%):

Alimentation

Couche-Tard,

Inc.

.............................................

2,602

142

George

Weston

Ltd.

.....................................................

2,501

173

Loblaw

Cos.

Ltd.

.......................................................

4,052

183

Metro,

Inc.

,

Class

A

.....................................................

2,320

167

665

Energy

(1.8%):

Cameco

Corp.

.........................................................

883

81

Canadian

Natural

Resources

Ltd.

............................................

3,231

109

Cenovus

Energy,

Inc.

....................................................

4,597

78

Enbridge,

Inc.

.........................................................

3,711

177

Imperial

Oil

Ltd.

.......................................................

1,119

97

Pembina

Pipeline

Corp.

(a)

................................................

3,847

146

Suncor

Energy,

Inc.

.....................................................

2,614

116

TC

Energy

Corp.

.......................................................

3,173

175

Tourmaline

Oil

Corp.

....................................................

2,738

123

1,102

Financials

(3.9%):

Bank

of

Montreal

.......................................................

1,447

188

Brookfield

Corp.

,

Class

A

.................................................

2,012

92

Canadian

Imperial

Bank

of

Commerce

........................................

2,527

229

Fairfax

Financial

Holdings

Ltd.

.............................................

91

174

Great-West

Lifeco,

Inc.

...................................................

3,714

183

Intact

Financial

Corp.

....................................................

798

166

Manulife

Financial

Corp.

.................................................

3,638

132

National

Bank

of

Canada

(a)

...............................................

1,639

206

Power

Corp.

of

Canada

(a)

.................................................

4,158

221

Royal

Bank

of

Canada

...................................................

1,212

207

Sun

Life

Financial,

Inc.

(a)

................................................

2,550

159

The

Bank

of

Nova

Scotia

.................................................

3,212

237

The

Toronto-Dominion

Bank

...............................................

2,611

246

2,440

Industrials

(1.0%):

Canadian

National

Railway

Co.

.............................................

1,440

143

Canadian

Pacific

Kansas

City

Ltd.

...........................................

1,593

117

Thomson

Reuters

Corp.

..................................................

717

95

Waste

Connections,

Inc.

..................................................

912

160

WSP

Global,

Inc.

.......................................................

659

119

634

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

14

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Information

Technology

(0.5%):

Celestica,

Inc.

(b)

.......................................................

206

$

61

CGI,

Inc.

.............................................................

1,541

142

Constellation

Software,

Inc.

...............................................

33

80

Shopify,

Inc.

,

Class

A

(b)

..................................................

350

56

339

Materials

(1.6%):

Agnico

Eagle

Mines

Ltd.

.................................................

646

109

Barrick

Mining

Corp.

....................................................

3,651

159

First

Quantum

Minerals

Ltd.

(b)

.............................................

3,352

90

Franco-Nevada

Corp.

....................................................

612

127

Kinross

Gold

Corp.

.....................................................

3,583

101

Lundin

Gold,

Inc.

.......................................................

973

81

Nutrien

Ltd.

...........................................................

2,134

132

Teck

Resources

Ltd.

,

Class

B

..............................................

2,092

100

Wheaton

Precious

Metals

Corp.

.............................................

960

113

1,012

Utilities

(1.1%):

Emera,

Inc.

...........................................................

4,698

231

Fortis,

Inc.

............................................................

4,282

223

Hydro

One

Ltd.

(c)

......................................................

5,699

227

681

7,617

Chile

(0.2%):

Materials

(0.2%):

Antofagasta

PLC

.......................................................

2,942

130

Denmark

(1.8%):

Consumer

Staples

(0.2%):

Carlsberg

A/S

,

Class

B

...................................................

1,063

140

Financials

(0.5%):

Danske

Bank

A/S

.......................................................

2,604

131

Tryg

A/S

.............................................................

6,234

163

294

Health

Care

(0.5%):

Coloplast

A/S

,

Class

B

...................................................

1,565

134

Genmab

A/S

(b)

........................................................

330

105

Novo

Nordisk

A/S

,

Class

B

(a)

..............................................

972

50

289

Industrials

(0.4%):

AP

Moller

-

Maersk

A/S

,

Class

B

...........................................

28

64

DSV

A/S

.............................................................

424

108

Vestas

Wind

Systems

A/S

.................................................

2,855

78

250

Materials

(0.2%):

Novonesis

A/S

.........................................................

2,006

129

1,102

Finland

(1.7%):

Financials

(0.6%):

Nordea

Bank

Abp

.......................................................

8,661

164

Sampo

Oyj

,

Class

A

.....................................................

14,986

182

346

Industrials

(0.5%):

Kone

Oyj

,

Class

B

......................................................

2,555

182

Wartsila

Oyj

Abp

.......................................................

3,439

123

305

Information

Technology

(0.2%):

Nokia

Oyj

............................................................

23,796

156

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

15

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Materials

(0.2%):

UPM-Kymmene

Oyj

....................................................

4,342

$

126

Utilities

(0.2%):

Fortum

Oyj

...........................................................

6,988

149

1,082

France

(7.5%):

Communication

Services

(0.8%):

Bollore

SE

............................................................

31,326

177

Orange

SA

............................................................

11,745

196

Publicis

Groupe

SA

.....................................................

1,232

128

501

Consumer

Discretionary

(0.8%):

Cie

Generale

des

Etablissements

Michelin

SCA

.................................

3,814

127

Hermes

International

SCA

................................................

56

140

Kering

SA

............................................................

273

96

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

166

126

489

Consumer

Staples

(0.6%):

Danone

SA

...........................................................

1,975

178

L'Oreal

SA

...........................................................

276

119

Pernod

Ricard

SA

.......................................................

991

85

382

Energy

(0.2%):

TotalEnergies

SE

.......................................................

2,388

156

Financials

(1.1%):

Amundi

SA

(c)

.........................................................

1,606

133

AXA

SA

.............................................................

2,956

142

BNP

Paribas

SA

........................................................

1,253

119

Credit

Agricole

SA

......................................................

8,131

168

Societe

Generale

SA

.....................................................

1,407

114

676

Health

Care

(0.8%):

BioMerieux

...........................................................

1,052

136

EssilorLuxottica

SA

.....................................................

380

121

Sanofi

SA

............................................................

1,340

130

Sartorius

Stedim

Biotech

.................................................

431

106

493

Industrials

(2.0%):

Aeroports

de

Paris

SA

...................................................

1,004

131

Airbus

SE

............................................................

506

118

Bouygues

SA

..........................................................

3,638

190

Bureau

Veritas

SA

......................................................

5,079

162

Cie

de

Saint-Gobain

SA

..................................................

825

84

Legrand

SA

...........................................................

719

108

Safran

SA

............................................................

343

120

Schneider

Electric

SE

....................................................

342

94

Thales

SA

............................................................

330

89

Vinci

SA

.............................................................

1,112

157

1,253

Information

Technology

(0.4%):

Capgemini

SE

.........................................................

692

116

Dassault

Systemes

SE

....................................................

3,727

104

220

Materials

(0.2%):

Air

Liquide

SA

........................................................

821

155

Utilities

(0.6%):

Engie

SA

.............................................................

7,588

200

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

16

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Veolia

Environnement

SA

.................................................

4,429

$

155

355

4,680

Germany

(5.9%):

Communication

Services

(0.2%):

Deutsche

Telekom

AG

...................................................

3,630

118

Consumer

Discretionary

(0.7%):

adidas

AG

............................................................

500

99

Bayerische

Motoren

Werke

AG

.............................................

936

103

Continental

AG

........................................................

1,168

93

Mercedes-Benz

Group

AG

................................................

1,689

119

414

Consumer

Staples

(0.2%):

Beiersdorf

AG

.........................................................

1,163

128

Financials

(1.4%):

Allianz

SE

,

Registered

Shares

..............................................

344

158

Commerzbank

AG

......................................................

2,197

93

Deutsche

Bank

AG

,

Registered

Shares

........................................

2,332

91

Deutsche

Boerse

AG

....................................................

508

133

Hannover

Rueck

SE

.....................................................

481

150

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Registered

Shares

.......

184

122

Talanx

AG

............................................................

824

110

857

Health

Care

(0.6%):

Fresenius

Medical

Care

AG

...............................................

2,143

103

Fresenius

SE

&

Co.

KGaA

................................................

2,530

146

Merck

KGaA

..........................................................

988

142

391

Industrials

(1.2%):

Daimler

Truck

Holding

AG

................................................

1,823

80

Deutsche

Post

AG

......................................................

2,203

121

HOCHTIEF

AG

........................................................

345

137

Knorr-Bremse

AG

......................................................

1,002

112

MTU

Aero

Engines

AG

..................................................

212

88

Rheinmetall

AG

........................................................

29

53

Siemens

AG

,

Registered

Shares

.............................................

333

94

Siemens

Energy

AG

(b)

...................................................

515

73

758

Information

Technology

(0.4%):

Infineon

Technologies

AG

.................................................

1,942

86

Nemetschek

SE

........................................................

674

74

SAP

SE

..............................................................

389

95

255

Materials

(0.5%):

BASF

SE

............................................................

1,845

97

Heidelberg

Materials

AG

.................................................

333

87

Symrise

AG

,

Class

A

....................................................

1,350

109

293

Real

Estate

(0.1%):

Vonovia

SE

...........................................................

3,439

99

Utilities

(0.6%):

E.ON

SE

.............................................................

8,286

157

RWE

AG

.............................................................

3,749

199

356

3,669

Hong

Kong

(4.1%):

Consumer

Discretionary

(0.2%):

Galaxy

Entertainment

Group

Ltd.

...........................................

16,203

80

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

17

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Geely

Automobile

Holdings

Ltd.

............................................

23,832

$

55

135

Consumer

Staples

(0.2%):

WH

Group

Ltd.

(c)

......................................................

106,168

118

Financials

(1.1%):

AIA

Group

Ltd.

........................................................

10,767

111

BOC

Hong

Kong

Holdings

Ltd.

............................................

27,668

140

Hang

Seng

Bank

Ltd.

....................................................

9,719

192

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

1,386

73

Prudential

PLC

........................................................

8,975

138

Shandong

Hi-Speed

Holdings

Group

Ltd.

(b)

....................................

28,836

5

659

Health

Care

(0.1%):

Sino

Biopharmaceutical

Ltd.

...............................................

61,998

49

Industrials

(0.5%):

CK

Hutchison

Holdings

Ltd.

...............................................

13,221

90

MTR

Corp.

Ltd.

(a)

......................................................

50,436

193

Techtronic

Industries

Co.

Ltd.

..............................................

5,568

64

347

Real

Estate

(0.9%):

China

Overseas

Land

&

Investment

Ltd.

......................................

58,752

93

China

Resources

Land

Ltd.

................................................

27,834

97

CK

Asset

Holdings

Ltd.

..................................................

30,180

153

Henderson

Land

Development

Co.

Ltd.

.......................................

28,523

103

Sun

Hung

Kai

Properties

Ltd.

..............................................

10,964

133

579

Utilities

(1.1%):

CLP

Holdings

Ltd.

......................................................

31,745

284

Hong

Kong

&

China

Gas

Co.

Ltd.

...........................................

234,797

211

Power

Assets

Holdings

Ltd.

...............................................

26,321

187

682

2,569

Ireland

(1.3%):

Consumer

Staples

(0.2%):

Kerry

Group

PLC

,

Class

A

................................................

1,680

154

Financials

(0.4%):

AIB

Group

PLC

........................................................

11,839

128

Bank

of

Ireland

Group

PLC

...............................................

6,432

124

252

Industrials

(0.6%):

Experian

PLC

.........................................................

2,454

111

Kingspan

Group

PLC

....................................................

1,183

103

Ryanair

Holdings

PLC

...................................................

3,696

128

342

Materials

(0.1%):

Smurfit

WestRock

PLC

...................................................

1,629

63

811

Israel

(1.0%):

Financials

(0.8%):

Bank

Hapoalim

BM

.....................................................

7,127

161

Bank

Leumi

Le-Israel

BM

................................................

7,277

161

Mizrahi

Tefahot

Bank

Ltd.

................................................

2,096

146

468

Industrials

(0.2%):

Elbit

Systems

Ltd.

......................................................

223

129

597

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

18

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Italy

(3.7%):

Consumer

Discretionary

(0.2%):

Moncler

SpA

..........................................................

1,731

$

112

Consumer

Staples

(0.1%):

Davide

Campari-Milano

NV

...............................................

12,198

79

Energy

(0.3%):

Eni

SpA

.............................................................

8,391

159

Financials

(1.7%):

Banca

Mediolanum

SpA

..................................................

5,628

129

Banco

BPM

SpA

.......................................................

7,568

116

BPER

Banca

SpA

.......................................................

8,835

120

Generali

.............................................................

3,901

164

Intesa

Sanpaolo

SpA

.....................................................

18,008

125

Poste

Italiane

SpA

(c)

....................................................

7,568

191

UniCredit

SpA

.........................................................

1,207

101

Unipol

Assicurazioni

SpA

.................................................

5,212

126

1,072

Health

Care

(0.2%):

Recordati

Industria

Chimica

e

Farmaceutica

SpA

................................

2,133

122

Industrials

(0.3%):

Leonardo

SpA

.........................................................

1,205

69

Prysmian

SpA

.........................................................

836

85

154

Utilities

(0.9%):

Enel

SpA

.............................................................

17,848

186

Snam

SpA

............................................................

29,188

194

Terna

-

Rete

Elettrica

Nazionale

............................................

17,607

188

568

2,266

Japan

(17.6%):

Communication

Services

(1.5%):

Capcom

Co.

Ltd.

.......................................................

3,100

72

KDDI

Corp.

...........................................................

7,500

130

Konami

Group

Corp.

....................................................

700

95

LY

Corp.

.............................................................

30,700

82

Nexon

Co.

Ltd.

........................................................

2,800

68

Nintendo

Co.

Ltd.

......................................................

1,100

74

NTT,

Inc.

.............................................................

173,600

175

SoftBank

Corp.

........................................................

115,400

158

SoftBank

Group

Corp.

...................................................

2,800

79

933

Consumer

Discretionary

(2.3%):

Asics

Corp.

...........................................................

2,400

58

Bandai

Namco

Holdings,

Inc.

..............................................

2,400

64

Bridgestone

Corp.

......................................................

6,600

148

Denso

Corp.

..........................................................

7,100

98

Fast

Retailing

Co.

Ltd.

...................................................

400

145

Honda

Motor

Co.

Ltd.

...................................................

7,700

75

Oriental

Land

Co.

Ltd.

...................................................

4,600

85

Pan

Pacific

International

Holdings

Corp.

......................................

16,900

101

Panasonic

Holdings

Corp.

.................................................

7,900

102

Sanrio

Co.

Ltd.

........................................................

700

22

Sekisui

House

Ltd.

......................................................

6,400

143

Sony

Group

Corp.

......................................................

3,000

77

Subaru

Corp.

..........................................................

3,100

67

Sumitomo

Electric

Industries

Ltd.

...........................................

2,100

85

Suzuki

Motor

Corp.

.....................................................

7,400

110

Toyota

Motor

Corp.

.....................................................

4,100

88

1,468

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

19

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Consumer

Staples

(1.6%):

Aeon

Co.

Ltd.

.........................................................

10,500

$

166

Ajinomoto

Co.,

Inc.

.....................................................

4,300

91

Asahi

Group

Holdings

Ltd.

................................................

12,500

131

Japan

Tobacco,

Inc.

.....................................................

5,500

198

Kao

Corp.

............................................................

2,900

116

Kirin

Holdings

Co.

Ltd.

..................................................

13,500

203

Seven

&

i

Holdings

Co.

Ltd.

...............................................

7,400

106

1,011

Energy

(0.4%):

ENEOS

Holdings,

Inc.

...................................................

16,600

117

Inpex

Corp.

...........................................................

6,100

122

239

Financials

(2.2%):

Dai-ichi

Life

Holdings,

Inc.

...............................................

9,900

82

Japan

Post

Bank

Co.

Ltd.

.................................................

7,700

109

Japan

Post

Holdings

Co.

Ltd.

..............................................

10,500

111

Mitsubishi

UFJ

Financial

Group,

Inc.

.........................................

5,500

87

Mizuho

Financial

Group,

Inc.

..............................................

2,470

90

MS&AD

Insurance

Group

Holdings,

Inc.

......................................

3,700

87

Nomura

Holdings,

Inc.

...................................................

12,300

102

ORIX

Corp.

...........................................................

4,700

137

Resona

Holdings,

Inc.

....................................................

6,900

66

SBI

Holdings,

Inc.

......................................................

3,000

65

Sompo

Holdings,

Inc.

....................................................

3,200

109

Sony

Financial

Group,

Inc.

(b)

..............................................

3,000

3

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

3,300

106

Sumitomo

Mitsui

Trust

Group,

Inc.

..........................................

3,400

104

T&D

Holdings,

Inc.

.....................................................

3,200

74

Tokio

Marine

Holdings,

Inc.

...............................................

1,600

59

1,391

Health

Care

(1.6%):

Astellas

Pharma,

Inc.

....................................................

11,000

147

Chugai

Pharmaceutical

Co.

Ltd.

............................................

1,100

58

Daiichi

Sankyo

Co.

Ltd.

..................................................

3,100

66

Hoya

Corp.

...........................................................

1,000

151

Olympus

Corp.

........................................................

7,400

94

Otsuka

Holdings

Co.

Ltd.

.................................................

1,600

91

Shionogi

&

Co.

Ltd.

.....................................................

7,300

132

Takeda

Pharmaceutical

Co.

Ltd.

............................................

5,200

161

Terumo

Corp.

.........................................................

5,600

81

981

Industrials

(3.9%):

Central

Japan

Railway

Co.

................................................

5,000

138

Daikin

Industries

Ltd.

....................................................

1,100

141

East

Japan

Railway

Co.

..................................................

5,700

150

FANUC

Corp.

.........................................................

3,000

117

Fujikura

Ltd.

..........................................................

700

78

Hitachi

Ltd.

...........................................................

2,500

78

IHI

Corp.

.............................................................

3,900

69

ITOCHU

Corp.

........................................................

8,500

107

Kajima

Corp.

..........................................................

3,500

130

Komatsu

Ltd.

..........................................................

3,000

96

Kubota

Corp.

..........................................................

7,700

109

Marubeni

Corp.

........................................................

4,200

117

Mitsubishi

Corp.

.......................................................

5,200

119

Mitsubishi

Electric

Corp.

.................................................

2,900

85

Mitsubishi

Heavy

Industries

Ltd.

............................................

2,400

59

Mitsui

&

Co.

Ltd.

.......................................................

5,400

160

NIDEC

Corp.

..........................................................

3,300

45

Nippon

Yusen

KK

......................................................

2,800

91

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

20

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Recruit

Holdings

Co.

Ltd.

.................................................

500

$

28

Secom

Co.

Ltd.

........................................................

4,300

153

SMC

Corp.

...........................................................

400

139

Sumitomo

Corp.

........................................................

3,300

114

Toyota

Tsusho

Corp.

.....................................................

3,200

108

2,431

Information

Technology

(2.2%):

Advantest

Corp.

........................................................

800

100

Canon,

Inc.

...........................................................

3,200

95

Disco

Corp.

...........................................................

200

62

FUJIFILM

Holdings

Corp.

................................................

4,200

90

Fujitsu

Ltd.

...........................................................

3,800

105

Keyence

Corp.

.........................................................

300

109

Kyocera

Corp.

.........................................................

7,900

111

Murata

Manufacturing

Co.

Ltd.

.............................................

4,700

97

NEC

Corp.

...........................................................

2,600

88

Nomura

Research

Institute

Ltd.

.............................................

3,078

118

Obic

Co.

Ltd.

..........................................................

4,500

141

Oracle

Corp.

..........................................................

600

51

TDK

Corp.

...........................................................

5,100

72

Tokyo

Electron

Ltd.

.....................................................

600

131

1,370

Materials

(0.6%):

Nippon

Paint

Holdings

Co.

Ltd.

.............................................

12,600

84

Nippon

Sanso

Holdings

Corp.

..............................................

3,100

92

Nitto

Denko

Corp.

......................................................

3,400

81

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

3,100

97

354

Real

Estate

(0.9%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

5,100

169

Mitsubishi

Estate

Co.

Ltd.

.................................................

5,200

127

Mitsui

Fudosan

Co.

Ltd.

..................................................

11,100

126

Sumitomo

Realty

&

Development

Co.

Ltd.

....................................

5,000

126

548

Utilities

(0.4%):

The

Kansai

Electric

Power

Co.,

Inc.

..........................................

8,900

139

Tokyo

Gas

Co.

Ltd.

.....................................................

2,800

111

250

10,976

Luxembourg

(0.5%):

Energy

(0.2%):

Tenaris

SA

............................................................

6,094

118

Health

Care

(0.1%):

Eurofins

Scientific

SE

....................................................

1,403

103

Materials

(0.2%):

ArcelorMittal

SA

.......................................................

2,376

109

330

Macau

(0.1%):

Consumer

Discretionary

(0.1%):

Sands

China

Ltd.

.......................................................

30,566

77

Mexico

(0.2%):

Materials

(0.2%):

Fresnillo

PLC

.........................................................

3,237

145

Netherlands

(3.9%):

Communication

Services

(0.5%):

Koninklijke

KPN

NV

....................................................

39,406

184

Universal

Music

Group

NV

................................................

4,151

108

292

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

21

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Consumer

Discretionary

(0.2%):

Prosus

NV

(b)

..........................................................

1,578

$

98

Consumer

Staples

(0.7%):

Heineken

Holding

NV

...................................................

1,669

122

Heineken

NV

..........................................................

1,428

117

Koninklijke

Ahold

Delhaize

NV

............................................

4,266

175

The

Magnum

Ice

Cream

Co.

NV

(b)

..........................................

543

9

423

Financials

(1.4%):

ABN

AMRO

Bank

NV

,

Class

CV

(c)

.........................................

3,841

134

Adyen

NV

(b)

(c)

........................................................

53

85

ASR

Nederland

NV

.....................................................

2,440

174

Euronext

NV

(c)

........................................................

1,049

158

ING

Groep

NV

........................................................

5,058

143

NN

Group

NV

.........................................................

2,340

181

875

Health

Care

(0.3%):

Argenx

SE

(b)

..........................................................

125

105

Koninklijke

Philips

NV

..................................................

4,027

110

215

Industrials

(0.5%):

Ferrovial

SE

..........................................................

3,061

199

Wolters

Kluwer

NV

.....................................................

1,010

105

304

Information

Technology

(0.3%):

ASM

International

NV

...................................................

153

93

ASML

Holding

NV

.....................................................

117

127

220

2,427

New

Zealand

(0.2%):

Information

Technology

(0.2%):

Xero

Ltd.

(b)

..........................................................

1,186

90

Norway

(1.2%):

Communication

Services

(0.3%):

Telenor

ASA

..........................................................

11,661

170

Energy

(0.3%):

Aker

BP

ASA

.........................................................

4,329

110

Equinor

ASA

..........................................................

4,408

104

214

Financials

(0.5%):

DNB

Bank

ASA

........................................................

5,430

152

Gjensidige

Forsikring

ASA

(a)

..............................................

5,048

151

303

Industrials

(0.1%):

Kongsberg

Gruppen

ASA

.................................................

2,449

63

750

Portugal

(0.6%):

Consumer

Staples

(0.2%):

Jeronimo

Martins

SGPS

SA

...............................................

5,563

132

Energy

(0.2%):

Galp

Energia

SGPS

SA

...................................................

5,796

100

Utilities

(0.2%):

EDP

SA

..............................................................

25,740

118

350

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

22

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Russian

Federation

(0.0%):

Materials

(0.0%):

Evraz

PLC

(b)

(d)

(e)

.....................................................

34,029

$

—

Singapore

(1.9%):

Communication

Services

(0.3%):

Singapore

Telecommunications

Ltd.

.........................................

46,300

164

Consumer

Discretionary

(0.1%):

Trip.com

Group

Ltd.

.....................................................

898

64

Consumer

Staples

(0.3%):

Wilmar

International

Ltd.

.................................................

80,600

193

Financials

(0.8%):

DBS

Group

Holdings

Ltd.

.................................................

3,230

142

Oversea-Chinese

Banking

Corp.

Ltd.

.........................................

12,000

184

United

Overseas

Bank

Ltd.

................................................

5,600

153

479

Industrials

(0.4%):

Singapore

Airlines

Ltd.

...................................................

34,900

174

Singapore

Technologies

Engineering

Ltd.

......................................

16,900

111

285

1,185

South

Korea

(4.0%):

Communication

Services

(0.2%):

Kakao

Corp.

..........................................................

1,331

55

NAVER

Corp.

.........................................................

485

82

137

Consumer

Discretionary

(0.6%):

Hyundai

Mobis

Co.

Ltd.

..................................................

383

99

Hyundai

Motor

Co.

.....................................................

600

124

Kia

Corp.

............................................................

1,256

106

329

Financials

(0.9%):

Hana

Financial

Group,

Inc.

................................................

1,632

107

KB

Financial

Group,

Inc.

.................................................

1,181

102

Meritz

Financial

Group,

Inc.

...............................................

1,066

84

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

....................................

236

81

Samsung

Life

Insurance

Co.

Ltd.

............................................

722

79

Shinhan

Financial

Group

Co.

Ltd.

...........................................

2,317

124

577

Health

Care

(0.5%):

Alteogen,

Inc.

(b)

.......................................................

178

56

Celltrion,

Inc.

.........................................................

900

113

Samsung

Biologics

Co.

Ltd.

(b)

(c)

...........................................

102

120

Samsung

Episholdings

Co.

Ltd.

(b)

...........................................

59

30

319

Industrials

(1.0%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

77

50

Hanwha

Ocean

Co.

Ltd.

(b)

................................................

599

47

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

..........................

209

59

HMM

Co.

Ltd.

.........................................................

5,104

73

Hyundai

Rotem

Co.

Ltd.

..................................................

366

48

Samsung

C&T

Corp.

....................................................

737

122

Samsung

Heavy

Industries

Co.

Ltd.

(b)

........................................

4,283

72

SK

Square

Co.

Ltd.

(b)

...................................................

512

131

602

Information

Technology

(0.5%):

Samsung

Electronics

Co.

Ltd.

..............................................

2,108

176

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

23

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

SK

hynix,

Inc.

.........................................................

335

$

151

327

Materials

(0.1%):

POSCO

Holdings,

Inc.

...................................................

372

79

Utilities

(0.2%):

Korea

Electric

Power

Corp.

................................................

2,623

86

2,456

Spain

(2.8%):

Communication

Services

(0.2%):

Cellnex

Telecom

SA

(c)

...................................................

3,194

103

Consumer

Discretionary

(0.5%):

Amadeus

IT

Group

SA

...................................................

1,505

111

Industria

de

Diseno

Textil

SA

..............................................

2,589

172

283

Energy

(0.2%):

Repsol

SA

............................................................

7,641

143

Financials

(0.8%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

5,620

132

Banco

de

Sabadell

SA

...................................................

26,548

105

Banco

Santander

SA

.....................................................

9,716

115

CaixaBank

SA

.........................................................

10,562

130

482

Industrials

(0.5%):

ACS

Actividades

de

Construccion

y

Servicios

SA

................................

1,641

164

Aena

SME

SA

(c)

.......................................................

5,773

161

325

Utilities

(0.6%):

Endesa

SA

............................................................

5,166

186

Iberdrola

SA

..........................................................

9,095

197

383

1,719

Sweden

(4.3%):

Communication

Services

(0.3%):

Telia

Co.

AB

..........................................................

44,950

192

Consumer

Discretionary

(0.4%):

Evolution

AB

(c)

........................................................

915

63

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

(a)

.....................................

8,427

170

233

Consumer

Staples

(0.2%):

Essity

AB

,

Class

B

......................................................

5,727

165

Financials

(1.4%):

EQT

AB

(a)

...........................................................

2,141

85

Industrivarden

AB

,

Class

C

................................................

3,662

165

Investor

AB

,

Class

B

....................................................

4,629

166

Skandinaviska

Enskilda

Banken

AB

,

Class

A

...................................

7,033

149

Svenska

Handelsbanken

AB

,

Class

A

.........................................

9,926

145

Swedbank

AB

,

Class

A

...................................................

4,697

164

874

Industrials

(1.6%):

Alfa

Laval

AB

.........................................................

3,096

157

Assa

Abloy

AB

,

Class

B

(a)

................................................

3,857

150

Atlas

Copco

AB

,

Class

A

.................................................

6,586

119

Epiroc

AB

,

Class

A

......................................................

5,619

128

Lifco

AB

,

Class

B

......................................................

3,176

122

Saab

AB

,

Class

B

.......................................................

1,034

60

Sandvik

AB

...........................................................

4,332

142

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

24

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Volvo

AB

,

Class

B

......................................................

3,208

$

103

981

Information

Technology

(0.4%):

Hexagon

AB

,

Class

B

....................................................

8,346

99

Telefonaktiebolaget

LM

Ericsson

,

Class

B

.....................................

13,207

130

229

2,674

Switzerland

(6.6%):

Communication

Services

(0.3%):

Swisscom

AG

,

Registered

Shares

(a)

.........................................

291

211

Consumer

Discretionary

(0.2%):

Cie

Financiere

Richemont

SA

,

Registered

Shares

................................

520

113

Consumer

Staples

(0.8%):

Chocoladefabriken

Lindt

&

Spruengli

AG

,

Participation

Certificates

...................

12

176

Coca-Cola

HBC

AG

(b)

...................................................

2,576

133

Nestle

SA

,

Registered

Shares

..............................................

1,687

168

477

Financials

(1.3%):

Julius

Baer

Group

Ltd.

...................................................

1,379

109

Partners

Group

Holding

AG

...............................................

74

92

Swiss

Life

Holding

AG

...................................................

155

179

Swiss

Re

AG

..........................................................

726

122

UBS

Group

AG

........................................................

2,553

119

Zurich

Insurance

Group

AG

...............................................

216

164

785

Health

Care

(1.5%):

Alcon

AG

............................................................

1,115

89

Amrize

Ltd.

(b)

.........................................................

981

54

Lonza

Group

AG

,

Registered

Shares

.........................................

187

127

Novartis

AG

,

Registered

Shares

.............................................

1,164

161

Roche

Holding

AG

......................................................

428

177

Sandoz

Group

AG

......................................................

1,592

116

Sonova

Holding

AG

.....................................................

531

139

Straumann

Holding

AG

,

Class

R

............................................

870

103

966

Industrials

(1.2%):

ABB

Ltd.

,

Registered

Shares

...............................................

1,556

116

Belimo

Holding

AG

,

Class

R

..............................................

80

79

Geberit

AG

,

Registered

Shares

.............................................

189

148

Kuehne

+

Nagel

International

AG

,

Class

R

.....................................

577

125

Schindler

Holding

AG

,

Participation

Certificates

.................................

426

161

SGS

SA

,

Registered

Shares

................................................

1,328

152

781

Information

Technology

(0.3%):

Logitech

International

SA

,

Registered

Shares

...................................

1,077

111

STMicroelectronics

NV

..................................................

2,412

64

175

Materials

(1.0%):

DSM-Firmenich

AG

.....................................................

1,445

117

EMS-Chemie

Holding

AG

................................................

202

140

Givaudan

SA

,

Registered

Shares

............................................

31

123

Holcim

AG

(b)

.........................................................

1,181

116

Sika

AG

,

Registered

Shares

................................................

516

106

602

4,110

United

Kingdom

(8.3%):

Communication

Services

(0.4%):

BT

Group

PLC

........................................................

39,876

99

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

25

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Informa

PLC

..........................................................

10,671

$

127

226

Consumer

Discretionary

(0.4%):

Compass

Group

PLC

....................................................

4,208

134

InterContinental

Hotels

Group

PLC

..........................................

1,043

—

Next

PLC

............................................................

822

152

286

Consumer

Staples

(1.6%):

Associated

British

Foods

PLC

..............................................

4,325

124

British

American

Tobacco

PLC

.............................................

2,453

139

Diageo

PLC

...........................................................

4,409

95

Imperial

Brands

PLC

....................................................

3,909

164

Reckitt

Benckiser

Group

PLC

..............................................

1,879

152

Tesco

PLC

............................................................

23,613

141

Unilever

PLC

.........................................................

2,414

158

973

Energy

(0.4%):

BP

PLC

..............................................................

18,621

109

Shell

PLC

............................................................

4,064

150

259

Financials

(2.3%):

3i

Group

PLC

.........................................................

2,281

100

Admiral

Group

PLC

.....................................................

3,319

142

Aviva

PLC

............................................................

16,861

155

Barclays

PLC

.........................................................

19,141

123

HSBC

Holdings

PLC

....................................................

10,089

160

Legal

&

General

Group

PLC

...............................................

43,790

155

Lloyds

Banking

Group

PLC

...............................................

106,166

141

London

Stock

Exchange

Group

PLC

.........................................

978

118

NatWest

Group

PLC

.....................................................

15,718

138

Standard

Chartered

PLC

..................................................

4,959

122

Wise

PLC

,

Class

A

(b)

....................................................

7,108

85

1,439

Health

Care

(0.9%):

AstraZeneca

PLC

.......................................................

783

146

GSK

PLC

............................................................

6,080

150

Haleon

PLC

...........................................................

30,169

152

Smith

&

Nephew

PLC

...................................................

5,867

98

546

Industrials

(0.8%):

Ashtead

Group

PLC

.....................................................

1,256

86

BAE

Systems

PLC

......................................................

3,838

89

International

Consolidated

Airlines

Group

SA

...................................

17,443

97

RELX

PLC

...........................................................

3,388

138

Rolls-Royce

Holdings

PLC

................................................

5,771

89

499

Information

Technology

(0.5%):

Halma

PLC

...........................................................

3,163

151

The

Sage

Group

PLC

....................................................

10,411

152

303

Materials

(0.5%):

Anglogold

Ashanti

PLC

..................................................

1,195

102

Rio

Tinto

PLC

.........................................................

2,346

190

292

Utilities

(0.5%):

National

Grid

PLC

......................................................

10,651

164

Victory

Portfolios

II

VictoryShares

International

Volatility

Wtd

ETF

26

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Name

Acquisition

Date

Cost

Evraz

PLC

.................................................

3/19/2021

$

214

Security

Description

Shares

Value

(000)

SSE

PLC

.............................................................

6,092

$

179

343

5,166

United

States

(0.7%):

Consumer

Discretionary

(0.4%):

Flutter

Entertainment

PLC

,

Class

DI

(b)

.......................................

405

88

Restaurant

Brands

International,

Inc.

.........................................

2,174

148

236

Financials

(0.1%):

Brookfield

Asset

Management

Ltd.

,

Class

A

....................................

1,480

78

Industrials

(0.2%):

RB

Global,

Inc.

........................................................

1,176

121

435

Total

Common

Stocks

(Cost

$49,115)

61,446

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

,

expiring

3/31/40

(b)

(d)

..............................

112

—

Total

Warrants

(Cost

$–)

—

Collateral

for

Securities

Loaned

(2.4%)^

United

States

(2.4%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(f)

........

389,521

390

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(f)

............

389,521

390

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(f)

................

389,521

389

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(f)

.

389,521

389

Total

Collateral

for

Securities

Loaned

(Cost

$1,558)

1,558

Total

Investments

(Cost

$50,673)

—

101.2%

63,004

Liabilities

in

excess

of

other

assets

—

(1.2)%

(

773

)

NET

ASSETS

-

100.00%

$

62,231

^

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

December

31,

2025,

the

fair

value

of

these

securities

was

$1,493

(thousands)

and

amounted

to

2.4%

of

net

assets.

(d)

Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

December

31,

2025.

This

security

is

classified

as

Level

3

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

2

in

the

Notes

to

Financial

Statements)

(e)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

December

31,

2025

(amounts

in

thousands):

(f)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

MSCI

EAFE

Index

Futures

......

3

3/20/26

$

434

$

435

$

1

Total

unrealized

appreciation

$

1

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

1

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

27

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.4%)

Communication

Services

(4.0%):

AT&T,

Inc.

...........................................................

142,499

$

3,540

Comcast

Corp.,

Class

A

..................................................

102,022

3,049

Omnicom

Group,

Inc.

....................................................

40,627

3,281

Verizon

Communications,

Inc.

..............................................

101,522

4,135

14,005

Consumer

Discretionary

(3.9%):

Best

Buy

Co.,

Inc.

......................................................

28,357

1,898

Darden

Restaurants,

Inc.

..................................................

15,403

2,834

Ford

Motor

Co.

........................................................

253,582

3,327

Genuine

Parts

Co.

......................................................

26,539

3,263

Starbucks

Corp.

........................................................

30,194

2,543

13,865

Consumer

Staples

(20.6%):

Altria

Group,

Inc.

.......................................................

73,864

4,259

Archer-Daniels-Midland

Co.

...............................................

52,097

2,995

Brown-Forman

Corp.,

Class

B(a)

...........................................

79,018

2,059

Bunge

Global

SA

.......................................................

36,810

3,279

General

Mills,

Inc.

......................................................

81,976

3,812

Hormel

Foods

Corp.

.....................................................

145,626

3,451

Kenvue,

Inc.

..........................................................

181,626

3,133

Keurig

Dr.

Pepper,

Inc.

...................................................

129,709

3,633

Kimberly-Clark

Corp.

....................................................

37,344

3,768

McCormick

&

Co.,

Inc.

..................................................

56,990

3,882

Mondelez

International,

Inc.,

Class

A

.........................................

67,475

3,632

PepsiCo,

Inc.

..........................................................

27,391

3,931

Philip

Morris

International,

Inc.

.............................................

21,301

3,417

Sysco

Corp.

...........................................................

54,811

4,039

Target

Corp.

..........................................................

28,001

2,737

The

Clorox

Co.

........................................................

35,919

3,622

The

Coca-Cola

Co.

......................................................

76,483

5,347

The

Hershey

Co.

.......................................................

17,624

3,207

The

Procter

&

Gamble

Co.

................................................

31,485

4,512

Tyson

Foods,

Inc.,

Class

A

................................................

74,666

4,377

73,092

Energy

(12.2%):

Chevron

Corp.

.........................................................

22,499

3,429

ConocoPhillips

Co.

.....................................................

27,661

2,589

Coterra

Energy,

Inc.

.....................................................

124,334

3,273

Devon

Energy

Corp.

.....................................................

59,565

2,182

Diamondback

Energy,

Inc.

................................................

15,469

2,325

EOG

Resources,

Inc.

....................................................

25,445

2,672

Exxon

Mobil

Corp.

.....................................................

33,888

4,078

Halliburton

Co.

........................................................

96,704

2,733

Kinder

Morgan,

Inc.

.....................................................

131,726

3,621

ONEOK,

Inc.

..........................................................

37,757

2,775

Phillips

66

Co.

.........................................................

18,422

2,377

SLB

Ltd.

.............................................................

67,678

2,598

The

Williams

Cos.,

Inc.

..................................................

59,087

3,552

Valero

Energy

Corp.

.....................................................

15,907

2,590

Viper

Energy,

Inc.,

Class

A

................................................

63,813

2,465

43,259

Financials

(16.5%):

Ally

Financial,

Inc.

......................................................

66,445

3,009

Blue

Owl

Capital,

Inc.,

Class

A(a)

...........................................

110,819

1,656

Citizens

Financial

Group,

Inc.

..............................................

54,004

3,154

CME

Group,

Inc.,

Class

A

.................................................

18,863

5,151

F&G

Annuities

&

Life,

Inc.

................................................

3,443

106

Fidelity

National

Financial,

Inc.

............................................

57,376

3,132

Fifth

Third

Bancorp

.....................................................

71,703

3,356

Victory

Portfolios

II

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

28

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Franklin

Resources,

Inc.

..................................................

111,501

$

2,664

Huntington

Bancshares,

Inc.

...............................................

168,625

2,926

M&T

Bank

Corp.

.......................................................

17,013

3,428

MetLife,

Inc.

..........................................................

38,997

3,078

Principal

Financial

Group,

Inc.

.............................................

39,458

3,481

Prudential

Financial,

Inc.

.................................................

30,551

3,449

Regions

Financial

Corp.

..................................................

112,408

3,046

State

Street

Corp.

.......................................................

27,758

3,581

T.

Rowe

Price

Group,

Inc.(a)

...............................................

28,911

2,960

The

PNC

Financial

Services

Group,

Inc.

......................................

17,363

3,624

Truist

Financial

Corp.

....................................................

66,466

3,271

U.S.

Bancorp

..........................................................

66,719

3,560

58,632

Health

Care

(10.7%):

AbbVie,

Inc.

..........................................................

17,505

4,000

Amgen,

Inc.

...........................................................

12,488

4,088

Bristol-Myers

Squibb

Co.

.................................................

71,060

3,833

CVS

Health

Corp.

......................................................

35,967

2,854

Gilead

Sciences,

Inc.

....................................................

29,211

3,585

Johnson

&

Johnson

.....................................................

25,773

5,334

Medtronic

PLC

........................................................

45,013

4,324

Merck

&

Co.,

Inc.

......................................................

38,734

4,077

Pfizer,

Inc.

............................................................

151,164

3,764

UnitedHealth

Group,

Inc.

.................................................

5,841

1,928

37,787

Industrials

(4.5%):

Lockheed

Martin

Corp.

...................................................

7,414

3,586

Paychex,

Inc.

..........................................................

27,226

3,054

Snap-on,

Inc.

..........................................................

11,214

3,864

United

Parcel

Service,

Inc.,

Class

B

..........................................

31,854

3,160

Watsco,

Inc.

...........................................................

7,288

2,456

16,120

Information

Technology

(2.2%):

HP,

Inc.

..............................................................

87,847

1,957

International

Business

Machines

Corp.

........................................

12,732

3,771

Texas

Instruments,

Inc.

...................................................

10,972

1,904

7,632

Materials

(0.5%):

LyondellBasell

Industries

NV,

Class

A

........................................

39,406

1,706

Utilities

(24.3%):

Alliant

Energy

Corp.

....................................................

76,900

4,999

American

Electric

Power

Co.,

Inc.

...........................................

44,477

5,129

CMS

Energy

Corp.

......................................................

74,949

5,241

Consolidated

Edison,

Inc.

.................................................

46,781

4,646

Dominion

Energy,

Inc.

...................................................

67,319

3,944

DTE

Energy

Co.

.......................................................

38,298

4,940

Duke

Energy

Corp.

......................................................

43,524

5,102

Edison

International

.....................................................

44,469

2,669

Evergy,

Inc.

...........................................................

77,161

5,593

Eversource

Energy

......................................................

58,532

3,941

Exelon

Corp.

..........................................................

110,120

4,800

FirstEnergy

Corp.

.......................................................

98,614

4,415

NextEra

Energy,

Inc.

....................................................

44,398

3,564

PPL

Corp.

............................................................

140,979

4,937

Public

Service

Enterprise

Group,

Inc.

.........................................

52,151

4,188

Sempra

..............................................................

34,639

3,058

The

Southern

Co.

.......................................................

55,972

4,881

WEC

Energy

Group,

Inc.

.................................................

50,363

5,311

Victory

Portfolios

II

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

29

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Xcel

Energy,

Inc.

.......................................................

64,684

$

4,778

86,136

Total

Common

Stocks

(Cost

$327,795)

a

a

a

352,234

Collateral

for

Securities

Loaned

(1.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

3.69%(b)

........

1,154,235

1,154

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.69%(b)

............

1,154,235

1,154

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

3.67%(b)

...............

1,154,235

1,154

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

3.69%(b)

.

1,154,235

1,155

Total

Collateral

for

Securities

Loaned

(Cost

$4,617)

a

a

a

4,617

Total

Investments

(Cost

$332,412)

—

100.7%

356,851

Liabilities

in

excess

of

other

assets

—  (0.7)%

(2,513)

NET

ASSETS

-

100.00%

$

354,338

^

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

December

31,

2025.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

4

3/20/26

$

1,378

$

1,378

$

—

*

Total

unrealized

appreciation

$

—

*

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

—

*

*

Rounds

to

less

than

$1

thousand.

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

30

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.2%)

Banks

(18.8%):

Associated

Banc-Corp.

...................................................

93,393

$

2,406

Atlantic

Union

Bankshares

Corp.

............................................

64,698

2,284

Bank

of

Hawaii

Corp.

....................................................

45,176

3,089

Columbia

Banking

System,

Inc.

............................................

84,375

2,358

CVB

Financial

Corp.

....................................................

142,578

2,652

First

Busey

Corp.

.......................................................

114,908

2,734

First

Financial

Bancorp

...................................................

109,807

2,747

First

Hawaiian,

Inc.

.....................................................

116,545

2,949

First

Interstate

BancSystem,

Inc.

,

Class

A

......................................

73,146

2,531

First

Merchants

Corp.

....................................................

68,211

2,556

Fulton

Financial

Corp.

...................................................

135,565

2,620

Provident

Financial

Services,

Inc.

...........................................

130,912

2,585

Simmons

First

National

Corp.

,

Class

A

.......................................

146,208

2,756

United

Bankshares,

Inc.

..................................................

82,399

3,164

Valley

National

Bancorp

..................................................

235,507

2,751

WaFd,

Inc.

............................................................

84,724

2,714

WesBanco,

Inc.

........................................................

85,730

2,850

45,746

Capital

Markets

(3.7%):

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

54,666

2,227

GCM

Grosvenor,

Inc.

,

Class

A

.............................................

297,742

3,371

Lazard,

Inc.

,

Class

A

.....................................................

30,516

1,482

Moelis

&

Co.

,

Class

A

...................................................

28,938

1,989

9,069

Communication

Services

(3.3%):

Iridium

Communications,

Inc.

..............................................

70,099

1,218

John

Wiley

&

Sons,

Inc.

,

Class

A

............................................

59,222

1,814

Nexstar

Media

Group,

Inc.

,

Class

A

..........................................

11,694

2,375

Warner

Music

Group

Corp.

,

Class

A

(a)

.......................................

89,472

2,744

8,151

Consumer

Discretionary

(15.0%):

ADT,

Inc.

............................................................

348,303

2,811

American

Eagle

Outfitters,

Inc.

.............................................

101,418

2,674

Brunswick

Corp.

.......................................................

27,901

2,071

Columbia

Sportswear

Co.

(a)

...............................................

35,786

1,972

Harley-Davidson,

Inc.

...................................................

61,954

1,269

Kontoor

Brands,

Inc.

....................................................

22,329

1,364

LCI

Industries

.........................................................

21,406

2,597

Lear

Corp.

............................................................

20,845

2,389

Levi

Strauss

&

Co.

,

Class

A

...............................................

83,111

1,724

Macy's,

Inc.

...........................................................

126,720

2,794

Marriott

Vacations

Worldwide

Corp.

.........................................

21,835

1,260

Steven

Madden

Ltd.

.....................................................

50,650

2,109

Strategic

Education,

Inc.

..................................................

31,250

2,506

The

Buckle,

Inc.

........................................................

44,857

2,396

The

Wendy's

Co.

(a)

.....................................................

242,199

2,018

Travel

+

Leisure

Co.

.....................................................

35,144

2,479

Vail

Resorts,

Inc.

(a)

.....................................................

14,736

1,957

36,390

Consumer

Finance

(1.0%):

OneMain

Holdings,

Inc.

,

Class

A

............................................

35,241

2,380

Consumer

Staples

(5.1%):

Cal-Maine

Foods,

Inc.

...................................................

16,147

1,285

Energizer

Holdings,

Inc.

..................................................

66,133

1,316

Flowers

Foods,

Inc.

.....................................................

222,505

2,421

Interparfums,

Inc.

.......................................................

21,800

1,849

J

&

J

Snack

Foods

Corp.

..................................................

24,070

2,175

Victory

Portfolios

II

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

31

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Reynolds

Consumer

Products,

Inc.

..........................................

149,056

$

3,416

12,462

Electric

Utilities

(5.0%):

IDACORP,

Inc.

........................................................

35,803

4,531

Otter

Tail

Corp.

........................................................

38,155

3,083

Portland

General

Electric

Co.

..............................................

94,283

4,525

12,139

Energy

(9.2%):

Archrock,

Inc.

.........................................................

78,714

2,048

California

Resources

Corp.

................................................

38,203

1,708

Chord

Energy

Corp.

.....................................................

17,390

1,612

Civitas

Resources,

Inc.

...................................................

33,306

902

Kinetik

Holdings,

Inc.

,

Class

A

(a)

...........................................

50,162

1,808

Kodiak

Gas

Services,

Inc.

.................................................

49,054

1,835

Liberty

Energy,

Inc.

,

Class

A

...............................................

118,808

2,193

Magnolia

Oil

&

Gas

Corp.

,

Class

A

..........................................

85,659

1,875

Murphy

Oil

Corp.

......................................................

63,622

1,988

Northern

Oil

&

Gas,

Inc.

..................................................

58,064

1,247

NOV,

Inc.

............................................................

136,366

2,131

SM

Energy

Co.

........................................................

49,334

923

Viper

Energy,

Inc.

,

Class

A

................................................

55,668

2,151

22,421

Financial

Services

(2.2%):

HA

Sustainable

Infrastructure

Capital,

Inc.

.....................................

81,679

2,567

The

Western

Union

Co.

(a)

.................................................

307,934

2,867

5,434

Gas

Utilities

(11.7%):

MDU

Resources

Group,

Inc.

...............................................

208,824

4,076

National

Fuel

Gas

Co.

...................................................

46,821

3,748

New

Jersey

Resources

Corp.

...............................................

97,166

4,481

ONE

Gas,

Inc.

.........................................................

52,320

4,042

Southwest

Gas

Holdings,

Inc.

..............................................

42,201

3,377

Spire,

Inc.

............................................................

52,539

4,345

UGI

Corp.

............................................................

114,635

4,291

28,360

Health

Care

(0.4%):

Organon

&

Co.

........................................................

149,944

1,075

Independent

Power

and

Renewable

Electricity

Producers

(1.4%):

Clearway

Energy,

Inc.

,

Class

C

.............................................

100,388

3,339

Industrials

(7.0%):

Atkore,

Inc.

...........................................................

25,165

1,592

Concentrix

Corp.

.......................................................

23,180

964

HNI

Corp.

............................................................

59,469

2,500

Insperity,

Inc.

..........................................................

28,890

1,118

Korn

Ferry

...........................................................

41,081

2,712

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

......................................

32,446

2,729

Pitney

Bowes,

Inc.

......................................................

150,991

1,596

Robert

Half,

Inc.

.......................................................

61,541

1,671

Trinity

Industries,

Inc.

...................................................

82,287

2,176

17,058

Information

Technology

(0.9%):

Avnet,

Inc.

............................................................

46,962

2,258

Insurance

(0.8%):

Lincoln

National

Corp.

...................................................

45,621

2,031

Materials

(5.6%):

Avient

Corp.

..........................................................

52,641

1,644

Cabot

Corp.

...........................................................

32,460

2,151

FMC

Corp.

...........................................................

37,622

522

Victory

Portfolios

II

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

32

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Greif,

Inc.

,

Class

A

......................................................

37,276

$

2,524

Sealed

Air

Corp.

.......................................................

72,094

2,987

Sylvamo

Corp.

.........................................................

41,196

1,984

The

Scotts

Miracle-Gro

Co.

...............................................

32,462

1,894

13,706

Multi-Utilities

(3.9%):

Avista

Corp.

..........................................................

113,531

4,376

Black

Hills

Corp.

.......................................................

71,970

4,996

9,372

Water

Utilities

(4.2%):

American

States

Water

Co.

................................................

51,450

3,729

California

Water

Service

Group

.............................................

77,649

3,365

H2O

America

.........................................................

61,628

3,019

10,113

Total

Common

Stocks

(Cost

$238,464)

a

a

a

241,504

Collateral

for

Securities

Loaned

(4.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(b)

........

2,958,424

2,958

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(b)

............

2,958,424

2,958

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(b)

...............

2,958,424

2,959

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(b)

.

2,958,424

2,959

Total

Collateral

for

Securities

Loaned

(Cost

$11,834)

a

a

a

11,834

Total

Investments

(Cost

$250,298)

—

104.1%

253,338

Liabilities

in

excess

of

other

assets

—  (4.1)%

(10,032)

NET

ASSETS

-

100.00%

$

243,306

^

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

December

31,

2025.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

Russell

2000

Index

Futures

......

10

3/20/26

$

1,276

$

1,249

$

(

27

)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(

27

)

Total

net

unrealized

appreciation

(depreciation)

$

(

27

)

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Dividend

Accelerator

ETF

33

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.4%)

Beverages

(7.7%):

Brown-Forman

Corp.

,

Class

B

(a)

...........................................

215,952

$

5,628

Constellation

Brands,

Inc.

,

Class

A

..........................................

14,057

1,939

PepsiCo,

Inc.

..........................................................

37,864

5,434

The

Coca-Cola

Co.

......................................................

56,558

3,954

16,955

Consumer

Discretionary

(5.1%):

Dick's

Sporting

Goods,

Inc.

................................................

7,408

1,466

Genuine

Parts

Co.

......................................................

25,422

3,126

Lowe's

Cos.,

Inc.

.......................................................

7,994

1,928

McDonald's

Corp.

......................................................

10,968

3,352

Williams-Sonoma,

Inc.

...................................................

7,632

1,363

11,235

Consumer

Staples

Distribution

&

Retail

(7.1%):

Sysco

Corp.

...........................................................

34,595

2,549

Target

Corp.

..........................................................

73,059

7,142

The

Kroger

Co.

........................................................

58,305

3,643

Walmart,

Inc.

..........................................................

19,888

2,216

15,550

Energy

(4.3%):

Chevron

Corp.

.........................................................

33,659

5,130

Exxon

Mobil

Corp.

.....................................................

36,042

4,337

9,467

Financials

(20.9%):

Aflac,

Inc.

............................................................

24,863

2,742

American

Financial

Group,

Inc.

.............................................

16,912

2,312

Ameriprise

Financial,

Inc.

.................................................

4,321

2,119

Brown

&

Brown,

Inc.

....................................................

13,913

1,109

Chubb

Ltd.

...........................................................

5,769

1,801

Cincinnati

Financial

Corp.

................................................

13,966

2,281

Commerce

Bancshares,

Inc.

...............................................

46,894

2,454

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

579

1,243

Franklin

Resources,

Inc.

..................................................

305,545

7,299

Marsh

&

McLennan

Cos.,

Inc.

.............................................

9,828

1,823

Mastercard,

Inc.

,

Class

A

.................................................

2,716

1,550

Old

Republic

International

Corp.

............................................

71,225

3,251

S&P

Global,

Inc.

.......................................................

3,334

1,742

SEI

Investments

Co.

.....................................................

33,233

2,726

T.

Rowe

Price

Group,

Inc.

.................................................

64,114

6,564

The

Travelers

Cos.,

Inc.

..................................................

10,480

3,040

Visa,

Inc.

,

Class

A

......................................................

4,854

1,702

45,758

Food

Products

(7.0%):

Archer-Daniels-Midland

Co.

...............................................

68,175

3,919

Hormel

Foods

Corp.

.....................................................

317,436

7,523

McCormick

&

Co.,

Inc.

..................................................

55,319

3,768

15,210

Health

Care

(8.1%):

Becton

Dickinson

&

Co.

..................................................

12,813

2,487

Cardinal

Health,

Inc.

....................................................

8,776

1,803

Eli

Lilly

&

Co.

.........................................................

1,807

1,942

Johnson

&

Johnson

.....................................................

18,151

3,756

McKesson

Corp.

.......................................................

1,361

1,116

Medtronic

PLC

........................................................

53,019

5,093

STERIS

PLC

..........................................................

6,053

1,535

17,732

Household

Products

(7.2%):

Colgate-Palmolive

Co.

...................................................

50,414

3,984

Kimberly-Clark

Corp.

....................................................

45,685

4,609

Victory

Portfolios

II

VictoryShares

Dividend

Accelerator

ETF

34

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

The

Clorox

Co.

........................................................

40,050

$

4,038

The

Procter

&

Gamble

Co.

................................................

22,506

3,226

15,857

Industrials

(14.0%):

Advanced

Drainage

Systems,

Inc.

...........................................

7,935

1,149

Carlisle

Cos.,

Inc.

.......................................................

4,727

1,512

Caterpillar,

Inc.

........................................................

3,006

1,722

Cummins,

Inc.

.........................................................

4,402

2,247

Dover

Corp.

...........................................................

10,779

2,105

Emerson

Electric

Co.

....................................................

25,364

3,366

Illinois

Tool

Works,

Inc.

..................................................

13,173

3,245

Nordson

Corp.

.........................................................

9,118

2,192

Owens

Corning

........................................................

10,196

1,141

Parker-Hannifin

Corp.

...................................................

2,047

1,799

Stanley

Black

&

Decker,

Inc.

..............................................

72,212

5,364

Union

Pacific

Corp.

.....................................................

14,032

3,246

W.W.

Grainger,

Inc.

.....................................................

1,475

1,488

30,576

Information

Technology

(2.8%):

Lam

Research

Corp.

.....................................................

12,355

2,115

Microsoft

Corp.

........................................................

2,618

1,266

Monolithic

Power

Systems,

Inc.

............................................

1,178

1,068

Oracle

Corp.

..........................................................

8,076

1,574

6,023

Materials

(7.6%):

Air

Products

and

Chemicals,

Inc.

............................................

11,053

2,730

Ecolab,

Inc.

...........................................................

7,663

2,012

Linde

PLC

............................................................

3,148

1,342

Martin

Marietta

Materials,

Inc.

.............................................

2,159

1,344

Nucor

Corp.

...........................................................

12,138

1,980

PPG

Industries,

Inc.

.....................................................

36,858

3,777

RPM

International,

Inc.

..................................................

17,123

1,781

The

Sherwin-Williams

Co.

................................................

5,092

1,650

16,616

Tobacco

(3.1%):

Altria

Group,

Inc.

.......................................................

118,301

6,821

Utilities

(4.5%):

Atmos

Energy

Corp.

.....................................................

13,420

2,250

Consolidated

Edison,

Inc.

.................................................

45,261

4,495

OGE

Energy

Corp.

......................................................

72,580

3,099

9,844

Total

Common

Stocks

(Cost

$209,002)

a

a

a

217,644

Collateral

for

Securities

Loaned

(2.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(b)

........

1,187,550

1,187

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(b)

............

1,220,581

1,221

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(b)

...............

1,183,909

1,184

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(b)

.

1,143,597

1,144

Total

Collateral

for

Securities

Loaned

(Cost

$4,736)

a

a

a

4,736

Total

Investments

(Cost

$213,738)

—

101.6%

222,380

Liabilities

in

excess

of

other

assets

—  (1.6)%

(3,447)

NET

ASSETS

-

100.00%

$

218,933

^

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

December

31,

2025.

PLC

—

Public

Limited

Company

Victory

Portfolios

II

VictoryShares

Dividend

Accelerator

ETF

35

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

2

3/20/26

$

686

$

689

$

3

Total

unrealized

appreciation

$

3

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

3

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

36

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.7%)

Communication

Services

(14.8%):

Alphabet,

Inc.,

Class

A

...................................................

34,745

$

10,875

Comcast

Corp.,

Class

A

..................................................

12,350

369

Electronic

Arts,

Inc.

.....................................................

23,526

4,807

T-Mobile

US,

Inc.

......................................................

17,729

3,600

Verizon

Communications,

Inc.

..............................................

98,544

4,014

23,665

Consumer

Discretionary

(1.2%):

Aptiv

PLC(a)

..........................................................

4,505

343

BorgWarner,

Inc.

.......................................................

8,824

397

eBay,

Inc.

............................................................

4,271

372

Texas

Roadhouse,

Inc.,

Class

A

.............................................

2,332

387

The

TJX

Cos.,

Inc.

......................................................

2,681

412

1,911

Consumer

Staples

(16.2%):

Altria

Group,

Inc.

.......................................................

74,368

4,288

Constellation

Brands,

Inc.,

Class

A

..........................................

2,885

398

Costco

Wholesale

Corp.

..................................................

5,105

4,402

Dollar

General

Corp.

....................................................

25,125

3,336

Molson

Coors

Beverage

Co.,

Class

B

.........................................

8,576

400

The

Hershey

Co.

.......................................................

2,077

378

The

Kroger

Co.

........................................................

67,291

4,204

The

Procter

&

Gamble

Co.

................................................

15,411

2,209

Walmart,

Inc.

..........................................................

56,684

6,315

25,930

Electronic

Equipment,

Instruments

&

Components

(3.1%):

TE

Connectivity

PLC

....................................................

21,871

4,976

Energy

(3.7%):

EOG

Resources,

Inc.

....................................................

3,464

364

Exxon

Mobil

Corp.

.....................................................

42,841

5,155

Halliburton

Co.

........................................................

15,773

446

5,965

Financials

(6.2%):

Capital

One

Financial

Corp.

...............................................

1,820

441

Cboe

Global

Markets,

Inc.

................................................

12,428

3,120

Mastercard

,

Inc.,

Class

A

.................................................

685

391

Old

Republic

International

Corp.

............................................

12,897

589

RenaissanceRe

Holdings

Ltd.

..............................................

2,605

732

The

Allstate

Corp.

......................................................

20,290

4,223

The

Hartford

Insurance

Group,

Inc.

..........................................

2,907

401

9,897

Health

Care

(13.2%):

AbbVie,

Inc.

..........................................................

8,077

1,846

Bristol-Myers

Squibb

Co.

.................................................

48,783

2,631

Johnson

&

Johnson

.....................................................

31,017

6,419

Medtronic

PLC

........................................................

4,071

391

Merck

&

Co.,

Inc.

......................................................

7,714

812

ResMed

,

Inc.

..........................................................

1,614

389

The

Cigna

Group

.......................................................

13,693

3,769

United

Therapeutics

Corp.(a)

..............................................

926

451

UnitedHealth

Group,

Inc.

.................................................

12,359

4,080

Universal

Health

Services,

Inc.,

Class

B

.......................................

1,901

414

21,202

Industrials

(11.1%):

AECOM

.............................................................

2,971

283

Armstrong

World

Industries,

Inc.

............................................

1,978

378

Automatic

Data

Processing,

Inc.

............................................

1,324

340

C.H.

Robinson

Worldwide,

Inc.

.............................................

2,936

472

Caterpillar,

Inc.

........................................................

813

466

Victory

Portfolios

II

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

37

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Generac

Holdings,

Inc.(a)

.................................................

2,318

$

316

General

Dynamics

Corp.

..................................................

7,490

2,522

L3Harris

Technologies,

Inc.

...............................................

11,057

3,246

Lockheed

Martin

Corp.

...................................................

9,868

4,773

Parker-Hannifin

Corp.

...................................................

514

452

Republic

Services,

Inc.,

Class

A

............................................

18,138

3,844

Sterling

Infrastructure,

Inc.(a)

..............................................

1,146

351

Trane

Technologies

PLC

..................................................

921

358

17,801

IT

Services

(0.3%):

Accenture

PLC,

Class

A

..................................................

1,572

422

Materials

(1.1%):

AptarGroup,

Inc.

.......................................................

2,902

354

CF

Industries

Holdings,

Inc.

...............................................

19,335

1,495

1,849

Real

Estate

(0.2%):

Sun

Communities,

Inc.

...................................................

3,009

373

Semiconductors

&

Semiconductor

Equipment

(9.4%):

KLA

Corp.

...........................................................

3,715

4,514

Lam

Research

Corp.

.....................................................

30,873

5,285

QUALCOMM,

Inc.

.....................................................

30,499

5,217

15,016

Software

(9.4%):

Adobe,

Inc.(a)

.........................................................

14,193

4,967

Intuit,

Inc.

............................................................

6,358

4,212

Salesforce,

Inc.

........................................................

21,943

5,813

14,992

Technology

Hardware,

Storage

&

Peripherals

(9.8%):

Apple,

Inc.

...........................................................

58,078

15,789

Total

Common

Stocks

(Cost

$139,916)

a

a

a

159,788

Total

Investments

(Cost

$139,916)

—

99.7%

159,788

Other

assets

in

excess

of

liabilities

—  0.3%

425

NET

ASSETS

-

100.00%

$

160,213

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

1

3/20/26

$

344

$

344

$

—*

Total

unrealized

appreciation

$

—*

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

—*

*

Rounds

to

less

than

$1

thousand.

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

38

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.7%)

Communication

Services

(4.0%):

Alphabet,

Inc.

,

Class

A

...................................................

3,551

$

1,112

AT&T,

Inc.

...........................................................

37,175

924

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

...................................

2,262

472

Comcast

Corp.

,

Class

A

..................................................

26,630

796

Electronic

Arts,

Inc.

.....................................................

4,426

904

Fox

Corp.

,

Class

A

......................................................

14,294

1,045

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(a)

............................

9,475

933

Live

Nation

Entertainment,

Inc.

(a)

...........................................

4,872

694

Meta

Platforms,

Inc.

,

Class

A

..............................................

847

559

Netflix,

Inc.

(a)

.........................................................

6,169

579

News

Corp.

,

Class

A

.....................................................

37,314

975

Omnicom

Group,

Inc.

....................................................

10,602

856

Pinterest,

Inc.

,

Class

A

(a)

.................................................

13,337

345

Reddit,

Inc.

,

Class

A

(a)

...................................................

1,357

312

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

5,513

209

The

Walt

Disney

Co.

....................................................

6,689

761

TKO

Group

Holdings,

Inc.

,

Class

A

..........................................

3,821

799

T-Mobile

US,

Inc.

......................................................

3,419

694

Verizon

Communications,

Inc.

..............................................

26,476

1,078

Warner

Bros

Discovery,

Inc.

(a)

.............................................

37,100

1,069

Warner

Music

Group

Corp.

,

Class

A

.........................................

26,768

821

15,937

Consumer

Discretionary

(8.9%):

Airbnb,

Inc.

,

Class

A

(a)

..................................................

4,554

618

Amazon.com,

Inc.

(a)

....................................................

3,120

720

Aptiv

PLC

(a)

..........................................................

8,420

641

AutoZone,

Inc.

(a)

.......................................................

273

926

Best

Buy

Co.,

Inc.

......................................................

7,407

496

Booking

Holdings,

Inc.

...................................................

159

851

Burlington

Stores,

Inc.

(a)

.................................................

2,059

595

Carvana

Co.

,

Class

A

(a)

..................................................

883

373

Chewy,

Inc.

,

Class

A

(a)

..................................................

14,820

490

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a)

.......................................

16,951

627

Coupang,

Inc.

,

Class

A

(a)

.................................................

25,895

611

D.R.

Horton,

Inc.

.......................................................

3,787

545

Darden

Restaurants,

Inc.

..................................................

4,020

740

Deckers

Outdoor

Corp.

(a)

.................................................

3,674

381

Dick's

Sporting

Goods,

Inc.

................................................

2,508

497

Domino's

Pizza,

Inc.

.....................................................

1,910

796

DoorDash,

Inc.

,

Class

A

(a)

................................................

2,442

553

Duolingo,

Inc.

,

Class

A

(a)

.................................................

1,254

220

eBay,

Inc.

............................................................

7,575

660

Expedia

Group,

Inc.

.....................................................

2,505

710

Ford

Motor

Co.

........................................................

66,156

868

Garmin

Ltd.

...........................................................

2,792

566

General

Motors

Co.

.....................................................

11,637

946

Genuine

Parts

Co.

......................................................

6,921

851

Hilton

Worldwide

Holdings,

Inc.

............................................

3,326

955

Hyatt

Hotels

Corp.

,

Class

A

(b)

.............................................

4,635

743

Las

Vegas

Sands

Corp.

...................................................

10,863

707

Lennar

Corp.

,

Class

A

....................................................

5,300

545

Lowe's

Cos.,

Inc.

.......................................................

3,870

933

Marriott

International,

Inc.

,

Class

A

..........................................

3,090

959

McDonald's

Corp.

......................................................

4,202

1,284

NIKE,

Inc.

,

Class

B

.....................................................

7,552

481

NVR,

Inc.

(a)

..........................................................

106

773

O'Reilly

Automotive,

Inc.

(a)

...............................................

11,603

1,058

PulteGroup,

Inc.

........................................................

5,128

601

Ralph

Lauren

Corp.

,

Class

A

...............................................

1,962

694

Ross

Stores,

Inc.

.......................................................

6,410

1,155

Royal

Caribbean

Cruises

Ltd.

..............................................

1,485

414

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

39

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Somnigroup

International,

Inc.

.............................................

8,992

$

803

Starbucks

Corp.

........................................................

7,884

664

Tapestry,

Inc.

..........................................................

5,434

694

Tesla,

Inc.

(a)

..........................................................

1,073

483

The

Home

Depot,

Inc.

...................................................

2,584

889

The

TJX

Cos.,

Inc.

......................................................

9,732

1,495

Toll

Brothers,

Inc.

......................................................

4,734

640

Tractor

Supply

Co.

......................................................

13,633

682

Ulta

Beauty,

Inc.

(a)

.....................................................

1,319

798

Williams-Sonoma,

Inc.

...................................................

2,985

533

Wynn

Resorts

Ltd.

......................................................

4,753

572

Yum!

Brands,

Inc.

......................................................

6,836

1,034

35,870

Consumer

Staples

(7.6%):

Altria

Group,

Inc.

.......................................................

19,260

1,111

Archer-Daniels-Midland

Co.

...............................................

13,593

781

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........................................

7,846

706

Brown-Forman

Corp.

,

Class

B

(b)

...........................................

20,633

538

Bunge

Global

SA

.......................................................

9,604

856

Casey's

General

Stores,

Inc.

...............................................

1,724

953

Celsius

Holdings,

Inc.

(a)

..................................................

6,143

281

Church

&

Dwight

Co.,

Inc.

................................................

12,678

1,063

Colgate-Palmolive

Co.

...................................................

13,962

1,103

Costco

Wholesale

Corp.

..................................................

1,170

1,009

Dollar

General

Corp.

....................................................

6,176

820

General

Mills,

Inc.

......................................................

21,383

994

Hormel

Foods

Corp.

.....................................................

37,988

900

Kenvue,

Inc.

..........................................................

47,391

817

Keurig

Dr.

Pepper,

Inc.

...................................................

33,834

948

Kimberly-Clark

Corp.

....................................................

9,742

983

McCormick

&

Co.,

Inc.

..................................................

14,867

1,013

Mondelez

International,

Inc.

,

Class

A

.........................................

17,603

948

Monster

Beverage

Corp.

(a)

................................................

17,247

1,322

PepsiCo,

Inc.

..........................................................

7,141

1,025

Performance

Food

Group

Co.

(a)

............................................

9,099

818

Philip

Morris

International,

Inc.

.............................................

5,558

892

Sprouts

Farmers

Market,

Inc.

(a)

............................................

4,658

371

Sysco

Corp.

...........................................................

14,295

1,053

Target

Corp.

..........................................................

7,309

714

The

Clorox

Co.

........................................................

9,369

945

The

Coca-Cola

Co.

......................................................

19,938

1,394

The

Hershey

Co.

.......................................................

4,600

837

The

Kroger

Co.

........................................................

13,658

853

The

Procter

&

Gamble

Co.

................................................

8,212

1,177

Tyson

Foods,

Inc.

,

Class

A

................................................

19,468

1,141

U.S.

Foods

Holding

Corp.

(a)

...............................................

13,265

999

Walmart,

Inc.

..........................................................

9,944

1,108

30,473

Energy

(4.1%):

Baker

Hughes

Co.

,

Class

A

................................................

14,633

666

Cheniere

Energy,

Inc.

....................................................

3,044

592

Chevron

Corp.

.........................................................

5,869

894

ConocoPhillips

Co.

.....................................................

7,222

676

Coterra

Energy,

Inc.

.....................................................

32,438

854

Devon

Energy

Corp.

.....................................................

15,555

570

Diamondback

Energy,

Inc.

................................................

4,039

607

EOG

Resources,

Inc.

....................................................

6,641

697

EQT

Corp.

............................................................

12,044

646

Expand

Energy

Corp.

....................................................

8,566

945

Exxon

Mobil

Corp.

.....................................................

8,839

1,064

Halliburton

Co.

........................................................

25,238

713

Kinder

Morgan,

Inc.

.....................................................

34,365

945

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

40

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Marathon

Petroleum

Corp.

................................................

3,760

$

611

Occidental

Petroleum

Corp.

...............................................

13,806

568

ONEOK,

Inc.

..........................................................

9,857

724

Phillips

66

Co.

.........................................................

4,809

621

SLB

Ltd.

.............................................................

17,666

678

Targa

Resources

Corp.

...................................................

3,978

734

Texas

Pacific

Land

Corp.

(b)

...............................................

1,593

458

The

Williams

Cos.,

Inc.

..................................................

15,416

927

Valero

Energy

Corp.

.....................................................

4,152

676

Viper

Energy,

Inc.

,

Class

A

................................................

16,658

643

16,509

Financials

(18.0%):

Affirm

Holdings,

Inc.

,

Class

A

(a)

............................................

3,589

267

Aflac,

Inc.

............................................................

10,440

1,151

Ally

Financial,

Inc.

......................................................

17,340

785

American

Express

Co.

...................................................

2,257

835

American

International

Group,

Inc.

..........................................

12,819

1,097

Ameriprise

Financial,

Inc.

.................................................

1,604

787

Aon

PLC

,

Class

A

......................................................

3,042

1,073

Apollo

Global

Management,

Inc.

............................................

4,142

600

Arch

Capital

Group

Ltd.

(a)

................................................

10,505

1,008

Ares

Management

Corp.

,

Class

A

...........................................

3,206

518

Arthur

J.

Gallagher

&

Co.

.................................................

3,370

872

Bank

of

America

Corp.

...................................................

17,069

939

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.........................................

2,462

1,238

BlackRock,

Inc.

........................................................

757

810

Blackstone,

Inc.

........................................................

3,540

546

Block,

Inc.

,

Class

A

(a)

...................................................

5,452

355

Blue

Owl

Capital,

Inc.

,

Class

A

.............................................

28,965

433

Brown

&

Brown,

Inc.

....................................................

10,491

836

Capital

One

Financial

Corp.

...............................................

2,804

680

Cboe

Global

Markets,

Inc.

................................................

4,658

1,169

Chubb

Ltd.

...........................................................

4,335

1,353

Cincinnati

Financial

Corp.

................................................

6,185

1,010

Citigroup,

Inc.

.........................................................

7,638

891

Citizens

Financial

Group,

Inc.

..............................................

14,093

823

CME

Group,

Inc.

,

Class

A

.................................................

4,919

1,343

Coinbase

Global,

Inc.

,

Class

A

(a)

...........................................

1,076

243

Corpay,

Inc.

(a)

.........................................................

2,002

602

East

West

Bancorp,

Inc.

..................................................

6,658

748

Equitable

Holdings,

Inc.

..................................................

12,528

597

Erie

Indemnity

Co.

,

Class

A

...............................................

2,129

610

Evercore,

Inc.

,

Class

A

...................................................

1,684

573

Everest

Group

Ltd.

......................................................

3,056

1,037

F&G

Annuities

&

Life,

Inc.

................................................

899

28

FactSet

Research

Systems,

Inc.

.............................................

2,925

849

Fidelity

National

Financial,

Inc.

............................................

14,972

817

Fidelity

National

Information

Services,

Inc.

....................................

11,401

758

Fifth

Third

Bancorp

.....................................................

18,704

876

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

367

788

Fiserv,

Inc.

(a)

..........................................................

4,243

285

Franklin

Resources,

Inc.

..................................................

29,109

695

Global

Payments,

Inc.

....................................................

6,499

503

Houlihan

Lokey,

Inc.

,

Class

A

..............................................

4,295

748

Huntington

Bancshares,

Inc.

...............................................

44,004

763

Interactive

Brokers

Group,

Inc.

,

Class

A

.......................................

8,428

542

Intercontinental

Exchange,

Inc.

.............................................

7,569

1,226

Jefferies

Financial

Group,

Inc.

..............................................

8,197

508

JPMorgan

Chase

&

Co.

..................................................

3,183

1,026

KKR

&

Co.,

Inc.

.......................................................

3,679

469

Loews

Corp.

..........................................................

12,314

1,297

LPL

Financial

Holdings,

Inc.

...............................................

1,881

672

M&T

Bank

Corp.

.......................................................

4,437

894

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

41

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Markel

Group,

Inc.

(a)

....................................................

506

$

1,088

Marsh

&

McLennan

Cos.,

Inc.

.............................................

6,299

1,169

Mastercard,

Inc.

,

Class

A

.................................................

1,778

1,015

MetLife,

Inc.

..........................................................

10,177

803

Moody's

Corp.

.........................................................

1,729

883

Morgan

Stanley

........................................................

4,954

880

MSCI,

Inc.

,

Class

A

.....................................................

1,602

919

Nasdaq,

Inc.

..........................................................

10,661

1,036

Northern

Trust

Corp.

....................................................

6,078

830

PayPal

Holdings,

Inc.

....................................................

9,142

534

Principal

Financial

Group,

Inc.

.............................................

10,295

908

Prudential

Financial,

Inc.

.................................................

7,970

900

Raymond

James

Financial,

Inc.

.............................................

5,269

846

Regions

Financial

Corp.

..................................................

29,333

795

Reinsurance

Group

of

America,

Inc.

.........................................

4,001

814

Robinhood

Markets,

Inc.

,

Class

A

(a)

.........................................

3,138

355

Ryan

Specialty

Holdings,

Inc.

,

Class

A

........................................

14,647

756

S&P

Global,

Inc.

.......................................................

1,911

999

SoFi

Technologies,

Inc.

(a)

.................................................

15,216

398

State

Street

Corp.

.......................................................

7,243

934

Synchrony

Financial

.....................................................

7,866

656

T.

Rowe

Price

Group,

Inc.

.................................................

7,545

772

The

Allstate

Corp.

......................................................

4,450

926

The

Bank

of

New

York

Mellon

Corp.

.........................................

9,193

1,067

The

Carlyle

Group,

Inc.

..................................................

8,316

492

The

Charles

Schwab

Corp.

................................................

9,867

986

The

Goldman

Sachs

Group,

Inc.

............................................

1,005

883

The

Hartford

Insurance

Group,

Inc.

..........................................

8,431

1,162

The

PNC

Financial

Services

Group,

Inc.

......................................

4,527

945

The

Progressive

Corp.

...................................................

3,991

909

The

Travelers

Cos.,

Inc.

..................................................

3,856

1,118

Toast,

Inc.

,

Class

A

(a)

....................................................

11,801

419

Tradeweb

Markets,

Inc.

,

Class

A

............................................

6,966

749

Truist

Financial

Corp.

....................................................

17,342

853

U.S.

Bancorp

..........................................................

17,403

929

Visa,

Inc.

,

Class

A

......................................................

3,052

1,070

W.R.

Berkley

Corp.

.....................................................

15,425

1,082

Wells

Fargo

&

Co.

......................................................

10,042

936

72,389

Health

Care

(12.0%):

Abbott

Laboratories

.....................................................

8,116

1,017

AbbVie,

Inc.

..........................................................

4,565

1,043

Agilent

Technologies,

Inc.

.................................................

6,136

835

Amgen,

Inc.

...........................................................

3,257

1,066

Becton

Dickinson

&

Co.

..................................................

3,919

761

Biogen,

Inc.

(a)

.........................................................

6,002

1,056

Boston

Scientific

Corp.

(a)

.................................................

9,653

920

Bristol-Myers

Squibb

Co.

.................................................

18,537

1,000

Cardinal

Health,

Inc.

....................................................

7,414

1,524

Cencora,

Inc.

..........................................................

4,003

1,352

Centene

Corp.

(a)

.......................................................

14,456

595

CVS

Health

Corp.

......................................................

9,388

745

Danaher

Corp.

.........................................................

3,651

836

Dexcom,

Inc.

(a)

........................................................

7,575

503

Doximity,

Inc.

,

Class

A

(a)

.................................................

5,743

254

Edwards

Lifesciences

Corp.

(a)

.............................................

12,528

1,068

Elevance

Health,

Inc.

....................................................

2,075

727

Eli

Lilly

&

Co.

.........................................................

797

857

Encompass

Health

Corp.

..................................................

7,274

772

GE

HealthCare

Technologies,

Inc.

...........................................

8,855

726

Gilead

Sciences,

Inc.

....................................................

7,620

935

HCA

Healthcare,

Inc.

....................................................

2,211

1,032

Hologic,

Inc.

(a)

........................................................

11,985

893

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

42

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Humana,

Inc.

..........................................................

1,902

$

487

IDEXX

Laboratories,

Inc.

(a)

...............................................

832

563

Illumina,

Inc.

(a)

........................................................

5,793

760

Incyte

Corp.

(a)

.........................................................

8,511

841

Insulet

Corp.

(a)

........................................................

1,832

521

Intuitive

Surgical,

Inc.

(a)

.................................................

1,529

866

IQVIA

Holdings,

Inc.

(a)

..................................................

3,216

725

Johnson

&

Johnson

.....................................................

6,717

1,390

Labcorp

Holdings,

Inc.

...................................................

3,780

948

McKesson

Corp.

.......................................................

1,656

1,358

Medpace

Holdings,

Inc.

(a)

................................................

708

398

Medtronic

PLC

........................................................

11,736

1,127

Merck

&

Co.,

Inc.

......................................................

10,101

1,063

Mettler-Toledo

International,

Inc.

(a)

.........................................

542

756

Neurocrine

Biosciences,

Inc.

(a)

.............................................

4,627

656

Pfizer,

Inc.

............................................................

39,424

982

Quest

Diagnostics,

Inc.

...................................................

5,865

1,018

Regeneron

Pharmaceuticals,

Inc.

............................................

1,033

797

ResMed,

Inc.

..........................................................

3,186

767

Solventum

Corp.

(a)

.....................................................

10,383

823

STERIS

PLC

..........................................................

4,288

1,087

Stryker

Corp.

..........................................................

2,836

997

Tenet

Healthcare

Corp.

(a)

.................................................

3,151

626

The

Cigna

Group

.......................................................

2,710

746

The

Cooper

Cos.,

Inc.

(a)

..................................................

9,765

800

Thermo

Fisher

Scientific,

Inc.

..............................................

1,521

881

United

Therapeutics

Corp.

(a)

..............................................

2,254

1,098

UnitedHealth

Group,

Inc.

.................................................

1,526

504

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

2,583

577

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

1,663

754

Waters

Corp.

(a)

........................................................

2,203

837

West

Pharmaceutical

Services,

Inc.

..........................................

1,641

451

Zimmer

Biomet

Holdings,

Inc.

.............................................

8,338

750

Zoetis,

Inc.

,

Class

A

.....................................................

5,894

742

48,213

Industrials

(19.6%):

3M

Co.

..............................................................

5,209

834

AECOM

.............................................................

8,510

811

Allegion

PLC

.........................................................

5,403

860

AMETEK,

Inc.

........................................................

5,941

1,220

API

Group

Corp.

(a)

.....................................................

22,116

846

Automatic

Data

Processing,

Inc.

............................................

4,122

1,060

Axon

Enterprise,

Inc.

(a)

..................................................

601

341

Bloom

Energy

Corp.

,

Class

A

(a)

............................................

5,713

496

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

...................................

6,218

525

Broadridge

Financial

Solutions,

Inc.

.........................................

4,198

937

Builders

FirstSource,

Inc.

(a)

...............................................

3,861

397

BWX

Technologies,

Inc.

..................................................

3,633

628

C.H.

Robinson

Worldwide,

Inc.

.............................................

5,582

897

Carlisle

Cos.,

Inc.

.......................................................

1,824

583

Carrier

Global

Corp.

.....................................................

10,695

565

Caterpillar,

Inc.

........................................................

1,966

1,126

Cintas

Corp.

..........................................................

4,577

861

Clean

Harbors,

Inc.

(a)

...................................................

4,177

979

Comfort

Systems

USA,

Inc.

...............................................

581

542

Copart,

Inc.

(a)

.........................................................

20,947

820

Core

&

Main,

Inc.

,

Class

A

(a)

..............................................

12,348

642

CSX

Corp.

............................................................

31,231

1,132

Cummins,

Inc.

.........................................................

1,982

1,012

Curtiss-Wright

Corp.

....................................................

1,493

823

Deere

&

Co.

..........................................................

1,758

818

Delta

Air

Lines,

Inc.

.....................................................

7,382

512

Dover

Corp.

...........................................................

4,923

961

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

43

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Eaton

Corp.

PLC

.......................................................

1,824

$

581

EMCOR

Group,

Inc.

....................................................

931

570

Emerson

Electric

Co.

....................................................

6,032

801

Equifax,

Inc.

..........................................................

2,702

586

Expeditors

International

of

Washington,

Inc.

....................................

7,271

1,083

Fastenal

Co.

...........................................................

20,546

825

FedEx

Corp.

..........................................................

3,090

893

Ferguson

Enterprises,

Inc.

.................................................

3,038

676

Fortive

Corp.

..........................................................

18,705

1,033

FTAI

Aviation

Ltd.

......................................................

1,767

348

GE

Vernova,

Inc.

.......................................................

697

456

General

Dynamics

Corp.

..................................................

3,425

1,153

General

Electric

Co.

.....................................................

2,810

866

Graco,

Inc.

...........................................................

12,892

1,057

HEICO

Corp.

..........................................................

2,354

762

Honeywell

International,

Inc.

..............................................

4,372

853

Howmet

Aerospace,

Inc.

..................................................

3,926

805

Hubbell,

Inc.

,

Class

B

....................................................

1,742

774

IDEX

Corp.

...........................................................

4,841

861

Illinois

Tool

Works,

Inc.

..................................................

3,980

980

Ingersoll

Rand,

Inc.

.....................................................

9,070

719

ITT,

Inc.

.............................................................

4,630

803

J.B.

Hunt

Transport

Services,

Inc.

...........................................

4,719

917

Jacobs

Solutions,

Inc.

....................................................

7,186

952

Johnson

Controls

International

PLC

..........................................

7,117

852

L3Harris

Technologies,

Inc.

...............................................

4,254

1,249

Leidos

Holdings,

Inc.

....................................................

4,951

893

Lennox

International,

Inc.

.................................................

1,254

609

Lincoln

Electric

Holdings,

Inc.

.............................................

3,082

739

Lockheed

Martin

Corp.

...................................................

1,933

935

Masco

Corp.

..........................................................

10,276

652

MasTec,

Inc.

(a)

........................................................

2,893

629

Nordson

Corp.

.........................................................

3,469

834

Northrop

Grumman

Corp.

.................................................

1,436

819

Old

Dominion

Freight

Line,

Inc.

............................................

3,978

624

Otis

Worldwide

Corp.

....................................................

11,021

963

Owens

Corning

........................................................

4,435

496

PACCAR,

Inc.

.........................................................

8,548

936

Parker-Hannifin

Corp.

...................................................

963

846

Paychex,

Inc.

..........................................................

7,105

797

Paycom

Software,

Inc.

...................................................

2,965

472

Quanta

Services,

Inc.

....................................................

1,579

666

RBC

Bearings,

Inc.

(a)

...................................................

2,256

1,012

Republic

Services,

Inc.

,

Class

A

............................................

5,614

1,190

Rockwell

Automation,

Inc.

................................................

2,043

795

Rollins,

Inc.

...........................................................

22,017

1,321

RTX

Corp.

............................................................

5,671

1,040

Snap-on,

Inc.

..........................................................

2,924

1,008

Southwest

Airlines

Co.

...................................................

17,243

713

SS&C

Technologies

Holdings,

Inc.

..........................................

11,190

978

Textron,

Inc.

..........................................................

10,425

909

Trane

Technologies

PLC

..................................................

2,002

779

TransDigm

Group,

Inc.

...................................................

620

825

TransUnion

...........................................................

6,198

531

Uber

Technologies,

Inc.

(a)

................................................

6,768

553

UL

Solutions,

Inc.

,

Class

A

................................................

11,765

928

Union

Pacific

Corp.

.....................................................

4,629

1,071

United

Airlines

Holdings,

Inc.

(a)

............................................

3,862

432

United

Parcel

Service,

Inc.

,

Class

B

..........................................

8,313

825

United

Rentals,

Inc.

.....................................................

671

543

Veralto

Corp.

..........................................................

10,642

1,062

Verisk

Analytics,

Inc.

,

Class

A

..............................................

4,145

927

Vertiv

Holdings

Co.

,

Class

A

...............................................

2,685

435

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

44

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

W.W.

Grainger,

Inc.

.....................................................

1,016

$

1,025

Waste

Management,

Inc.

..................................................

5,985

1,315

Watsco,

Inc.

...........................................................

1,905

642

Westinghouse

Air

Brake

Technologies

Corp.

....................................

4,229

903

Woodward,

Inc.

........................................................

3,156

954

XPO,

Inc.

(a)

..........................................................

3,779

514

Xylem,

Inc.

...........................................................

6,583

896

78,719

Information

Technology

(12.7%):

Accenture

PLC

,

Class

A

..................................................

3,277

879

Adobe,

Inc.

(a)

.........................................................

2,005

702

Advanced

Micro

Devices,

Inc.

(a)

............................................

2,813

602

Amphenol

Corp.

,

Class

A

.................................................

6,111

826

Analog

Devices,

Inc.

....................................................

2,346

636

Apple,

Inc.

...........................................................

3,035

825

Applied

Materials,

Inc.

...................................................

3,415

878

AppLovin

Corp.

,

Class

A

(a)

...............................................

614

414

Arista

Networks,

Inc.

(a)

..................................................

3,048

399

Astera

Labs,

Inc.

(a)

.....................................................

1,518

253

Autodesk,

Inc.

(a)

.......................................................

2,633

779

Bentley

Systems,

Inc.

,

Class

B

.............................................

17,058

651

Broadcom,

Inc.

........................................................

1,362

471

Cadence

Design

Systems,

Inc.

(a)

............................................

1,769

553

CDW

Corp.

...........................................................

4,750

647

Ciena

Corp.

(a)

.........................................................

4,487

1,049

Cisco

Systems,

Inc.

.....................................................

14,872

1,146

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

13,227

1,098

Corning,

Inc.

..........................................................

10,593

928

Credo

Technology

Group

Holding

Ltd.

(a)

.....................................

2,187

315

Datadog,

Inc.

,

Class

A

(a)

.................................................

4,094

557

Dell

Technologies,

Inc.

,

Class

C

............................................

3,895

490

Docusign,

Inc.

,

Class

A

(a)

.................................................

6,690

458

Dynatrace,

Inc.

(a)

......................................................

14,557

631

Entegris,

Inc.

(b)

........................................................

4,843

408

F5,

Inc.

(a)

............................................................

2,641

674

Fair

Isaac

Corp.

(a)

......................................................

362

612

First

Solar,

Inc.

(a)

......................................................

1,931

504

Fortinet,

Inc.

(a)

........................................................

7,002

556

Gartner,

Inc.

(a)

........................................................

2,359

595

Gen

Digital,

Inc.

.......................................................

28,073

763

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

4,879

605

Guidewire

Software,

Inc.

(a)

...............................................

3,089

621

Hewlett

Packard

Enterprise

Co.

.............................................

23,420

563

HP,

Inc.

..............................................................

22,944

511

International

Business

Machines

Corp.

........................................

3,323

984

Intuit,

Inc.

............................................................

1,126

746

Jabil,

Inc.

............................................................

3,035

692

Keysight

Technologies,

Inc.

(a)

.............................................

4,552

925

KLA

Corp.

...........................................................

659

801

Lam

Research

Corp.

.....................................................

5,194

889

Manhattan

Associates,

Inc.

(a)

..............................................

2,346

407

Micron

Technology,

Inc.

..................................................

3,290

939

Microsoft

Corp.

........................................................

1,890

914

Monolithic

Power

Systems,

Inc.

............................................

477

432

Motorola

Solutions,

Inc.

..................................................

2,299

881

NetApp,

Inc.

..........................................................

5,654

605

Nutanix,

Inc.

,

Class

A

(a)

..................................................

8,372

433

NVIDIA

Corp.

.........................................................

2,681

500

NXP

Semiconductors

NV

.................................................

2,164

470

Okta,

Inc.

,

Class

A

(a)

....................................................

5,270

456

ON

Semiconductor

Corp.

(a)

...............................................

8,085

438

Oracle

Corp.

..........................................................

2,315

451

Palantir

Technologies,

Inc.

,

Class

A

(a)

........................................

2,188

389

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

45

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Palo

Alto

Networks,

Inc.

(a)

................................................

3,467

$

639

PTC,

Inc.

(a)

...........................................................

3,209

559

Pure

Storage,

Inc.

,

Class

A

(a)

..............................................

5,012

336

QUALCOMM,

Inc.

.....................................................

4,031

689

Roper

Technologies,

Inc.

..................................................

2,274

1,012

Salesforce,

Inc.

........................................................

3,140

832

Seagate

Technology

Holdings

PLC

..........................................

3,348

922

ServiceNow,

Inc.

(a)

.....................................................

3,176

487

Strategy,

Inc.

,

Class

A

(a)

..................................................

901

137

Super

Micro

Computer,

Inc.

(a)

.............................................

6,421

188

Synopsys,

Inc.

(a)

.......................................................

1,094

514

TD

SYNNEX

Corp.

.....................................................

4,833

726

TE

Connectivity

PLC

....................................................

3,842

874

Teledyne

Technologies,

Inc.

(a)

.............................................

1,982

1,012

Teradyne,

Inc.

.........................................................

3,778

731

Texas

Instruments,

Inc.

...................................................

2,868

498

Trimble,

Inc.

(a)

........................................................

9,952

780

Twilio,

Inc.

,

Class

A

(a)

...................................................

3,970

565

Tyler

Technologies,

Inc.

(a)

................................................

1,619

735

VeriSign,

Inc.

..........................................................

3,605

876

Western

Digital

Corp.

....................................................

6,347

1,093

Workday,

Inc.

,

Class

A

(a)

.................................................

3,074

660

Zebra

Technologies

Corp.

(a)

...............................................

1,689

410

Zoom

Communications,

Inc.

,

Class

A

(a)

......................................

9,287

801

51,027

Materials

(4.3%):

Air

Products

and

Chemicals,

Inc.

............................................

3,315

819

Avery

Dennison

Corp.

...................................................

6,112

1,112

Ball

Corp.

............................................................

17,769

941

CF

Industries

Holdings,

Inc.

...............................................

8,374

648

Corteva,

Inc.

..........................................................

13,684

917

CRH

PLC

............................................................

6,193

773

Ecolab,

Inc.

...........................................................

4,354

1,143

Freeport-McMoRan,

Inc.

.................................................

11,857

602

Linde

PLC

............................................................

2,679

1,142

LyondellBasell

Industries

NV

,

Class

A

........................................

10,300

446

Martin

Marietta

Materials,

Inc.

.............................................

1,679

1,045

Newmont

Corp.

........................................................

8,970

896

Nucor

Corp.

...........................................................

4,243

692

Packaging

Corp.

of

America

...............................................

4,004

826

PPG

Industries,

Inc.

.....................................................

7,158

733

Reliance,

Inc.

..........................................................

2,979

861

RPM

International,

Inc.

..................................................

6,902

718

Solstice

Advanced

Materials,

Inc.

(a)

.........................................

1,093

53

Steel

Dynamics,

Inc.

.....................................................

4,968

842

The

Sherwin-Williams

Co.

................................................

2,748

890

Vulcan

Materials

Co.

....................................................

3,441

981

17,080

Real

Estate

(0.5%):

CBRE

Group,

Inc.

,

Class

A

(a)

..............................................

4,859

781

CoStar

Group,

Inc.

(a)

....................................................

8,532

574

Jones

Lang

LaSalle,

Inc.

(a)

................................................

2,356

793

2,148

Utilities

(8.0%):

Alliant

Energy

Corp.

....................................................

20,049

1,303

Ameren

Corp.

.........................................................

13,585

1,357

American

Electric

Power

Co.,

Inc.

...........................................

11,597

1,337

American

Water

Works

Co.,

Inc.

............................................

6,902

901

Atmos

Energy

Corp.

.....................................................

8,280

1,388

CenterPoint

Energy,

Inc.

..................................................

38,160

1,463

CMS

Energy

Corp.

......................................................

19,540

1,366

Consolidated

Edison,

Inc.

.................................................

12,198

1,211

Victory

Portfolios

II

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

46

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Constellation

Energy

Corp.

................................................

1,226

$

433

Dominion

Energy,

Inc.

...................................................

17,558

1,029

DTE

Energy

Co.

.......................................................

9,983

1,288

Duke

Energy

Corp.

......................................................

11,348

1,330

Edison

International

.....................................................

11,608

697

Entergy

Corp.

.........................................................

12,585

1,163

Evergy,

Inc.

...........................................................

20,111

1,458

Eversource

Energy

......................................................

15,266

1,028

Exelon

Corp.

..........................................................

28,714

1,252

FirstEnergy

Corp.

.......................................................

25,715

1,151

NextEra

Energy,

Inc.

....................................................

11,582

930

NiSource,

Inc.

.........................................................

28,814

1,203

NRG

Energy,

Inc.

.......................................................

2,892

461

PG&E

Corp.

..........................................................

50,510

812

PPL

Corp.

............................................................

36,759

1,287

Public

Service

Enterprise

Group,

Inc.

.........................................

13,599

1,092

Sempra

..............................................................

9,039

798

Talen

Energy

Corp.

(a)

...................................................

1,017

381

The

Southern

Co.

.......................................................

14,593

1,273

Vistra

Corp.

...........................................................

1,865

301

WEC

Energy

Group,

Inc.

.................................................

13,132

1,385

Xcel

Energy,

Inc.

.......................................................

16,863

1,245

32,323

Total

Common

Stocks

(Cost

$338,171)

a

a

a

400,688

Investment

Companies

(0.2%)

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3

.62

%

(c)

............

984

984

Total

Investment

Companies

(Cost

$984)

a

a

a

984

Collateral

for

Securities

Loaned

(0.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(c)

........

628,991

628

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(c)

............

628,991

629

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(c)

...............

532,612

533

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(c)

.

673,656

674

Total

Collateral

for

Securities

Loaned

(Cost

$2,464)

a

a

a

2,464

Total

Investments

(Cost

$341,619)

—

100.5%

404,136

Liabilities

in

excess

of

other

assets

—  (0.5)%

(2,061)

NET

ASSETS

-

100.00%

$

402,075

^

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

December

31,

2025.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

3

3/20/26

$

1,031

$

1,034

$

3

Total

unrealized

appreciation

$

3

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

3

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

47

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.4%)

Communication

Services

(4.0%):

AT&T,

Inc.

...........................................................

281,112

$

6,983

Comcast

Corp.

,

Class

A

..................................................

201,260

6,015

Omnicom

Group,

Inc.

....................................................

80,145

6,472

Verizon

Communications,

Inc.

..............................................

200,273

8,157

27,627

Consumer

Discretionary

(3.9%):

Best

Buy

Co.,

Inc.

......................................................

55,940

3,744

Darden

Restaurants,

Inc.

..................................................

30,386

5,592

Ford

Motor

Co.

........................................................

500,245

6,563

Genuine

Parts

Co.

......................................................

52,355

6,437

Starbucks

Corp.

........................................................

59,563

5,016

27,352

Consumer

Staples

(20.6%):

Altria

Group,

Inc.

.......................................................

145,715

8,402

Archer-Daniels-Midland

Co.

...............................................

102,775

5,909

Brown-Forman

Corp.

,

Class

B

(a)

...........................................

155,881

4,062

Bunge

Global

SA

.......................................................

72,616

6,469

General

Mills,

Inc.

......................................................

161,717

7,520

Hormel

Foods

Corp.

.....................................................

287,280

6,809

Kenvue,

Inc.

..........................................................

358,297

6,181

Keurig

Dr.

Pepper,

Inc.

...................................................

255,879

7,167

Kimberly-Clark

Corp.

....................................................

73,670

7,433

McCormick

&

Co.,

Inc.

..................................................

112,426

7,657

Mondelez

International,

Inc.

,

Class

A

.........................................

133,109

7,165

PepsiCo,

Inc.

..........................................................

54,035

7,755

Philip

Morris

International,

Inc.

.............................................

42,020

6,740

Sysco

Corp.

...........................................................

108,126

7,968

Target

Corp.

..........................................................

55,237

5,399

The

Clorox

Co.

........................................................

70,859

7,145

The

Coca-Cola

Co.

......................................................

150,880

10,548

The

Hershey

Co.

.......................................................

34,769

6,327

The

Procter

&

Gamble

Co.

................................................

62,111

8,901

Tyson

Foods,

Inc.

,

Class

A

................................................

147,295

8,634

144,191

Energy

(12.2%):

Chevron

Corp.

.........................................................

44,385

6,765

ConocoPhillips

Co.

.....................................................

54,568

5,108

Coterra

Energy,

Inc.

.....................................................

245,277

6,456

Devon

Energy

Corp.

.....................................................

117,507

4,304

Diamondback

Energy,

Inc.

................................................

30,516

4,587

EOG

Resources,

Inc.

....................................................

50,195

5,271

Exxon

Mobil

Corp.

.....................................................

66,852

8,045

Halliburton

Co.

........................................................

190,770

5,391

Kinder

Morgan,

Inc.

.....................................................

259,858

7,144

ONEOK,

Inc.

..........................................................

74,483

5,475

Phillips

66

Co.

.........................................................

36,341

4,689

SLB

Ltd.

.............................................................

133,509

5,124

The

Williams

Cos.,

Inc.

..................................................

116,562

7,007

Valero

Energy

Corp.

.....................................................

31,379

5,108

Viper

Energy,

Inc.

,

Class

A

................................................

125,885

4,863

85,337

Financials

(16.5%):

Ally

Financial,

Inc.

......................................................

131,079

5,937

Blue

Owl

Capital,

Inc.

,

Class

A

(a)

...........................................

218,615

3,266

Citizens

Financial

Group,

Inc.

..............................................

106,532

6,223

CME

Group,

Inc.

,

Class

A

.................................................

37,212

10,162

F&G

Annuities

&

Life,

Inc.

................................................

6,791

210

Fidelity

National

Financial,

Inc.

............................................

113,187

6,179

Fifth

Third

Bancorp

.....................................................

141,449

6,621

Victory

Portfolios

II

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

48

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Franklin

Resources,

Inc.

..................................................

219,962

$

5,255

Huntington

Bancshares,

Inc.

...............................................

332,649

5,772

M&T

Bank

Corp.

.......................................................

33,561

6,762

MetLife,

Inc.

..........................................................

76,931

6,073

Principal

Financial

Group,

Inc.

.............................................

77,840

6,866

Prudential

Financial,

Inc.

.................................................

60,269

6,803

Regions

Financial

Corp.

..................................................

221,749

6,009

State

Street

Corp.

.......................................................

54,759

7,064

T.

Rowe

Price

Group,

Inc.

.................................................

57,032

5,839

The

PNC

Financial

Services

Group,

Inc.

......................................

34,252

7,149

Truist

Financial

Corp.

....................................................

131,120

6,452

U.S.

Bancorp

..........................................................

131,616

7,023

115,665

Health

Care

(10.7%):

AbbVie,

Inc.

..........................................................

34,532

7,890

Amgen,

Inc.

...........................................................

24,636

8,064

Bristol-Myers

Squibb

Co.

.................................................

140,181

7,561

CVS

Health

Corp.

......................................................

70,953

5,631

Gilead

Sciences,

Inc.

....................................................

57,625

7,073

Johnson

&

Johnson

.....................................................

50,843

10,522

Medtronic

PLC

........................................................

88,797

8,530

Merck

&

Co.,

Inc.

......................................................

76,411

8,043

Pfizer,

Inc.

............................................................

298,201

7,425

UnitedHealth

Group,

Inc.

.................................................

11,524

3,804

74,543

Industrials

(4.5%):

Lockheed

Martin

Corp.

...................................................

14,626

7,074

Paychex,

Inc.

..........................................................

53,709

6,025

Snap-on,

Inc.

..........................................................

22,122

7,624

United

Parcel

Service,

Inc.

,

Class

B

..........................................

62,839

6,233

Watsco,

Inc.

...........................................................

14,376

4,844

31,800

Information

Technology

(2.2%):

HP,

Inc.

..............................................................

173,300

3,861

International

Business

Machines

Corp.

........................................

25,117

7,440

Texas

Instruments,

Inc.

...................................................

21,644

3,755

15,056

Materials

(0.5%):

LyondellBasell

Industries

NV

,

Class

A

........................................

77,736

3,366

Utilities

(24.3%):

Alliant

Energy

Corp.

....................................................

151,702

9,862

American

Electric

Power

Co.,

Inc.

...........................................

87,740

10,117

CMS

Energy

Corp.

......................................................

147,854

10,340

Consolidated

Edison,

Inc.

.................................................

92,286

9,166

Dominion

Energy,

Inc.

...................................................

132,802

7,781

DTE

Energy

Co.

.......................................................

75,552

9,745

Duke

Energy

Corp.

......................................................

85,861

10,064

Edison

International

.....................................................

87,726

5,265

Evergy,

Inc.

...........................................................

152,217

11,034

Eversource

Energy

......................................................

115,467

7,774

Exelon

Corp.

..........................................................

217,234

9,469

FirstEnergy

Corp.

.......................................................

194,537

8,709

NextEra

Energy,

Inc.

....................................................

87,584

7,031

PPL

Corp.

............................................................

278,111

9,740

Public

Service

Enterprise

Group,

Inc.

.........................................

102,878

8,261

Sempra

..............................................................

68,334

6,033

The

Southern

Co.

.......................................................

110,417

9,628

WEC

Energy

Group,

Inc.

.................................................

99,351

10,478

Victory

Portfolios

II

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

49

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Xcel

Energy,

Inc.

.......................................................

127,602

$

9,425

169,922

Total

Common

Stocks

(Cost

$658,650)

a

a

a

694,859

Investment

Companies

(0.3%)

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3

.62

%

(b)

............

2,074

2,074

Total

Investment

Companies

(Cost

$2,074)

a

a

a

2,074

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(b)

........

1,432,293

1,432

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(b)

............

1,432,293

1,432

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(b)

...............

1,432,675

1,433

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(b)

.

1,431,910

1,432

Total

Collateral

for

Securities

Loaned

(Cost

$5,729)

a

a

a

5,729

Total

Investments

(Cost

$666,453)

—

100.5%

702,662

Liabilities

in

excess

of

other

assets

—  (0.5)%

(3,632)

NET

ASSETS

-

100.00%

$

699,030

^

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

December

31,

2025.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

8

3/20/26

$

2,756

$

2,757

$

1

Total

unrealized

appreciation

$

1

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

1

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Free

Cash

Flow

ETF

50

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.6%)

Communication

Services

(4.1%):

Omnicom

Group,

Inc.

....................................................

1,650,724

$

133,296

Pinterest,

Inc.,

Class

A(a)

.................................................

3,753,158

97,169

230,465

Communications

Equipment

(1.2%):

F5,

Inc.(a)

............................................................

273,836

69,899

Consumer

Discretionary

(13.1%):

Airbnb,

Inc.,

Class

A(a)

..................................................

1,046,595

142,044

Aptiv

PLC(a)

..........................................................

1,002,774

76,301

Carnival

Corp.(a)

.......................................................

3,465,694

105,842

Deckers

Outdoor

Corp.(a)

.................................................

741,307

76,851

Expedia

Group,

Inc.

.....................................................

467,231

132,371

PulteGroup,

Inc.

........................................................

759,636

89,075

Toll

Brothers,

Inc.

......................................................

844,125

114,143

736,627

Electronic

Equipment,

Instruments

&

Components

(1.0%):

Zebra

Technologies

Corp.(a)

...............................................

231,628

56,244

Energy

(22.1%):

Chevron

Corp.

.........................................................

1,184,610

180,546

Coterra

Energy,

Inc.

.....................................................

5,068,623

133,406

Devon

Energy

Corp.

.....................................................

4,167,079

152,640

Diamondback

Energy,

Inc.

................................................

1,002,996

150,780

EQT

Corp.

............................................................

1,826,399

97,895

Expand

Energy

Corp.

....................................................

952,489

105,117

Marathon

Petroleum

Corp.

................................................

594,309

96,653

Phillips

66

Co.

.........................................................

773,486

99,811

SLB

Ltd.

.............................................................

2,784,205

106,858

Valero

Energy

Corp.

.....................................................

696,314

113,353

1,237,059

Health

Care

(22.1%):

Amgen,

Inc.

...........................................................

469,420

153,646

Cardinal

Health,

Inc.

....................................................

467,771

96,127

Humana,

Inc.

..........................................................

351,543

90,041

Incyte

Corp.(a)

.........................................................

1,156,636

114,241

Merck

&

Co.,

Inc.

......................................................

2,285,743

240,597

Royalty

Pharma

PLC,

Class

A

..............................................

3,863,224

149,275

Tenet

Healthcare

Corp.(a)

.................................................

490,832

97,538

The

Cigna

Group

.......................................................

831,136

228,753

United

Therapeutics

Corp.(a)

..............................................

139,944

68,188

1,238,406

Industrials

(6.3%):

Carlisle

Cos.,

Inc.

.......................................................

189,566

60,635

Delta

Air

Lines,

Inc.

.....................................................

1,438,935

99,862

Mueller

Industries,

Inc.

...................................................

527,497

60,557

Snap-on,

Inc.

..........................................................

195,290

67,297

Textron,

Inc.

..........................................................

736,108

64,166

352,517

IT

Services

(9.3%):

Accenture

PLC,

Class

A

..................................................

589,469

158,155

Cognizant

Technology

Solutions

Corp.,

Class

A

.................................

1,252,795

103,982

Gartner,

Inc.(a)

........................................................

320,725

80,912

GoDaddy,

Inc.,

Class

A(a)

.................................................

864,917

107,319

Okta,

Inc.,

Class

A(a)

....................................................

790,902

68,389

518,757

Materials

(2.8%):

Newmont

Corp.

........................................................

1,559,587

155,725

Software

(12.4%):

Adobe,

Inc.(a)

.........................................................

470,720

164,748

Victory

Portfolios

II

VictoryShares

Free

Cash

Flow

ETF

51

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Docusign,

Inc.,

Class

A(a)

.................................................

1,299,139

$

88,861

Gen

Digital,

Inc.

.......................................................

2,590,521

70,436

Nutanix,

Inc.,

Class

A(a)

..................................................

1,369,879

70,809

Salesforce,

Inc.

........................................................

628,171

166,409

Zoom

Communications,

Inc.,

Class

A(a)

......................................

1,574,647

135,876

697,139

Technology

Hardware,

Storage

&

Peripherals

(3.5%):

Dell

Technologies,

Inc.,

Class

C

............................................

922,969

116,184

NetApp,

Inc.

..........................................................

738,559

79,092

195,276

Utilities

(1.7%):

NRG

Energy,

Inc.

.......................................................

596,440

94,977

Total

Common

Stocks

(Cost

$5,307,694)

a

a

a

5,583,091

Total

Investments

(Cost

$5,307,694)

—

99.6%

5,583,091

Other

assets

in

excess

of

liabilities

—  0.4%

20,461

NET

ASSETS

-

100.00%

$

5,603,552

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

51

3/20/26

$

17,613

$

17,576

$

(37)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(37)

Total

net

unrealized

appreciation

(depreciation)

$

(37)

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

52

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.5%)

Communication

Services

(8.9%):

Angi,

Inc.,

Class

A(a)

....................................................

96,115

$

1,243

Bandwidth,

Inc.,

Class

A(a)

................................................

30,236

467

Cargurus,

Inc.,

Class

A(a)

.................................................

53,543

2,053

Cars.com,

Inc.(a)

.......................................................

127,906

1,560

DoubleVerify

Holdings,

Inc.(a)

.............................................

210,163

2,404

EverQuote,

Inc.,

Class

A(a)

................................................

42,074

1,136

fuboTV,

Inc.,

Class

A(a)(b)

................................................

473,253

1,193

Getty

Images

Holdings,

Inc.(a)(b)

...........................................

297,811

399

Iridium

Communications,

Inc.

..............................................

148,495

2,581

Magnite,

Inc.(a)

........................................................

116,561

1,892

Match

Group,

Inc.

......................................................

119,156

3,847

MediaAlpha,

Inc.,

Class

A(a)

..............................................

52,565

681

MNTN,

Inc.,

Class

A(a)

..................................................

61,940

740

Ooma,

Inc.(a)

.........................................................

39,930

468

Playtika

Holding

Corp.

...................................................

240,445

950

QuinStreet,

Inc.(a)

......................................................

64,572

928

Shutterstock,

Inc.(b)

.....................................................

44,577

851

Spok

Holdings,

Inc.

.....................................................

34,704

458

Stagwell,

Inc.,

Class

A(a)

.................................................

103,840

508

TripAdvisor,

Inc.(a)

.....................................................

221,881

3,231

Yelp,

Inc.,

Class

A(a)

....................................................

148,002

4,498

Ziff

Davis,

Inc.(a)

.......................................................

125,048

4,395

ZoomInfo

Technologies,

Inc.,

Class

A(a)

......................................

310,176

3,154

39,637

Consumer

Discretionary

(19.3%):

Abercrombie

&

Fitch

Co.(a)

...............................................

31,211

3,929

Adtalem

Global

Education,

Inc.(a)

...........................................

26,902

2,784

American

Public

Education,

Inc.(a)

..........................................

27,543

1,041

Asbury

Automotive

Group,

Inc.(a)

...........................................

14,461

3,363

BorgWarner,

Inc.

.......................................................

79,149

3,566

Coursera,

Inc.(a)

.......................................................

383,900

2,826

Crocs,

Inc.(a)

..........................................................

48,440

4,143

Dillard's,

Inc.,

Class

A(b)

.................................................

3,823

2,318

Etsy,

Inc.(a)

...........................................................

56,742

3,146

Frontdoor,

Inc.(a)

.......................................................

46,421

2,678

Garrett

Motion,

Inc.

.....................................................

166,853

2,908

Gentex

Corp.

..........................................................

121,196

2,820

GigaCloud

Technology,

Inc.,

Class

A(a)(b)

.....................................

49,248

1,934

Gold.com,

Inc.

.........................................................

39,568

1,347

Grand

Canyon

Education,

Inc.(a)

............................................

12,616

2,098

H&R

Block,

Inc.

.......................................................

76,126

3,318

KB

Home

............................................................

45,130

2,546

Kontoor

Brands,

Inc.

....................................................

32,558

1,989

Lear

Corp.

............................................................

22,568

2,586

Monarch

Casino

&

Resort,

Inc.

.............................................

9,331

893

Oxford

Industries,

Inc.

...................................................

44,052

1,507

Peloton

Interactive,

Inc.,

Class

A(a)

..........................................

367,695

2,265

Perdoceo

Education

Corp.

.................................................

52,888

1,551

Phinia,

Inc.

...........................................................

35,853

2,248

PVH

Corp.

...........................................................

42,287

2,834

RCI

Hospitality

Holdings,

Inc.

.............................................

16,575

395

Smith

Douglas

Homes

Corp.,

Class

A(a)(b)

....................................

20,836

349

Strategic

Education,

Inc.

..................................................

16,078

1,289

Strattec

Security

Corp.(a)

.................................................

5,593

426

Stride,

Inc.(a)

..........................................................

71,601

4,649

Stubhub

Holdings,

Inc.,

Class

A(a)(b)

........................................

284,840

3,854

Taylor

Morrison

Home

Corp.,

Class

A(a)

......................................

59,417

3,498

The

Gap,

Inc.

..........................................................

109,119

2,793

Udemy,

Inc.(a)

.........................................................

355,801

2,081

Upbound

Group,

Inc.

....................................................

91,498

1,607

Victory

Portfolios

II

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

53

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Visteon

Corp.

..........................................................

24,013

$

2,284

85,863

Consumer

Staples

(5.3%):

Cal-Maine

Foods,

Inc.

...................................................

49,288

3,922

Ingredion,

Inc.

.........................................................

22,754

2,509

Maplebear,

Inc.(a)

......................................................

95,176

4,281

Molson

Coors

Beverage

Co.,

Class

B

.........................................

85,726

4,002

Spectrum

Brands

Holdings,

Inc.

............................................

30,906

1,826

The

Andersons,

Inc.

.....................................................

35,982

1,913

The

Honest

Co.,

Inc.(a)

...................................................

445,376

1,149

The

Simply

Good

Foods

Co.(a)

.............................................

111,845

2,246

Universal

Corp.

........................................................

34,850

1,838

23,686

Energy

(21.4%):

Antero

Midstream

Corp.

..................................................

158,598

2,821

Antero

Resources

Corp.(a)

................................................

93,772

3,231

APA

Corp.

............................................................

169,490

4,146

Cactus,

Inc.,

Class

A

.....................................................

48,822

2,230

California

Resources

Corp.

................................................

92,232

4,124

Chord

Energy

Corp.

.....................................................

47,970

4,447

Civitas

Resources,

Inc.

...................................................

146,963

3,981

Core

Natural

Resources,

Inc.

...............................................

70,075

6,202

Crescent

Energy

Co.,

Class

A

..............................................

693,994

5,823

Diversified

Energy

Co.

...................................................

95,124

1,377

Dorian

LPG

Ltd.

.......................................................

76,246

1,856

Energy

Services

of

America

Corp.(b)

.........................................

51,719

423

Forum

Energy

Technologies,

Inc.(a)

.........................................

12,845

475

Gulfport

Energy

Corp.(a)

.................................................

17,213

3,580

Helix

Energy

Solutions

Group,

Inc.(a)

........................................

183,322

1,149

HF

Sinclair

Corp.

.......................................................

91,345

4,209

Innovex

International,

Inc.

(a)

..............................................

48,668

1,064

International

Seaways,

Inc.

................................................

54,763

2,659

Magnolia

Oil

&

Gas

Corp.,

Class

A

..........................................

148,540

3,252

National

Energy

Services

Reunited

Corp.(a)

....................................

68,520

1,073

Northern

Oil

&

Gas,

Inc.

..................................................

103,456

2,221

NOV,

Inc.

............................................................

177,619

2,776

Oil

States

International,

Inc.(a)

.............................................

67,771

459

Par

Pacific

Holdings,

Inc.(a)

...............................................

86,905

3,054

Permian

Resources

Corp.,

Class

A

...........................................

366,841

5,147

REX

American

Resources

Corp.(a)

..........................................

18,611

602

Riley

Exploration

Permian,

Inc.

.............................................

16,764

443

Ring

Energy,

Inc.(a)

.....................................................

510,818

444

SFL

Corp.

Ltd.,

Class

B

..................................................

207,491

1,620

SM

Energy

Co.

........................................................

293,385

5,486

Tidewater,

Inc.(a)

.......................................................

53,484

2,701

Transocean

Ltd.(a)

......................................................

633,570

2,617

Viper

Energy,

Inc.,

Class

A

................................................

105,897

4,091

Weatherford

International

PLC

.............................................

29,223

2,287

World

Kinect

Corp.

.....................................................

144,478

3,385

95,455

Financials

(0.4%):

OppFi,

Inc.

...........................................................

165,201

1,728

Health

Care

(16.0%):

Align

Technology,

Inc.(a)

.................................................

17,663

2,758

Alkermes

PLC(a)

.......................................................

205,239

5,743

Amicus

Therapeutics,

Inc.(a)

...............................................

312,638

4,452

Amphastar

Pharmaceuticals,

Inc.(a)

..........................................

58,857

1,576

ANI

Pharmaceuticals,

Inc.(a)

..............................................

24,970

1,971

BioCryst

Pharmaceuticals,

Inc.(a)(b)

.........................................

302,599

2,360

BioMarin

Pharmaceutical,

Inc.(a)

...........................................

75,647

4,496

Bioventus,

Inc.,

Class

A(a)

................................................

61,411

457

Victory

Portfolios

II

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

54

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Catalyst

Pharmaceuticals,

Inc.(a)

............................................

142,578

$

3,328

Collegium

Pharmaceutical,

Inc.(a)

...........................................

78,288

3,625

CONMED

Corp.

.......................................................

54,097

2,196

CorMedix,

Inc.(a)(b)

....................................................

306,979

3,570

Esperion

Therapeutics,

Inc.(a)(b)

............................................

568,840

2,105

GoodRx

Holdings,

Inc.,

Class

A

(a)

..........................................

537,685

1,457

Harmony

Biosciences

Holdings,

Inc.(a)

.......................................

118,476

4,434

InfuSystem

Holdings,

Inc.(a)

...............................................

49,475

444

Jazz

Pharmaceuticals

PLC(a)

..............................................

37,142

6,314

Lantheus

Holdings,

Inc.(a)

................................................

38,683

2,574

MannKind

Corp.(a)

.....................................................

371,309

2,105

MiMedx

Group,

Inc.(a)

...................................................

63,639

431

Nutex

Health,

Inc.(a)(b)

..................................................

13,899

2,288

Pacira

BioSciences,

Inc.(a)

................................................

85,793

2,220

Pediatrix

Medical

Group,

Inc.(a)

............................................

91,399

1,955

Progyny,

Inc.(a)

........................................................

96,878

2,488

PTC

Therapeutics,

Inc.(a)

.................................................

30,769

2,337

SIGA

Technologies,

Inc.

..................................................

69,885

427

Tactile

Systems

Technology,

Inc.(a)

..........................................

16,142

468

TG

Therapeutics,

Inc.(a)

..................................................

91,882

2,739

71,318

Industrials

(14.1%):

Alamo

Group,

Inc.

......................................................

8,390

1,408

Allison

Transmission

Holdings,

Inc.

.........................................

29,863

2,924

Blue

Bird

Corp.(a)

......................................................

28,030

1,317

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

...................................

31,669

2,672

Concentrix

Corp.(b)

.....................................................

91,972

3,824

CoreCivic,

Inc.(a)

......................................................

111,481

2,130

DNOW,

Inc.(a)

........................................................

236,017

3,127

Ennis,

Inc.

............................................................

24,997

450

Genpact

Ltd.

..........................................................

55,328

2,588

Gibraltar

Industries,

Inc.(a)

................................................

31,874

1,576

Global

Industrial

Co.

....................................................

15,183

444

Griffon

Corp.

..........................................................

26,181

1,928

HNI

Corp.

............................................................

55,808

2,346

IBEX

Holdings

Ltd.(a)

...................................................

12,271

469

Janus

International

Group,

Inc.(a)

...........................................

114,102

746

Karat

Packaging,

Inc.

....................................................

19,854

448

KBR,

Inc.

............................................................

66,901

2,689

Korn

Ferry

...........................................................

32,435

2,141

Legalzoom.com,

Inc.(a)

..................................................

268,278

2,664

Liquidity

Services,

Inc.(a)

.................................................

14,371

436

Lyft,

Inc.,

Class

A(a)

....................................................

291,250

5,642

Matrix

Service

Co.(a)

....................................................

36,510

427

Miller

Industries,

Inc.

....................................................

11,664

436

OPENLANE,

Inc.(a)

....................................................

79,338

2,363

Sun

Country

Airlines

Holdings,

Inc.(a)

........................................

87,888

1,265

Symbotic,

Inc.,

Class

A(a)

.................................................

89,986

5,354

TaskUS,

Inc.,

Class

A(a)

..................................................

41,799

493

Tennant

Co.

...........................................................

10,866

801

The

Middleby

Corp.(a)

...................................................

17,054

2,535

Tutor

Perini

Corp.

......................................................

69,538

4,661

Upwork,

Inc.(a)

........................................................

119,371

2,366

62,670

Information

Technology

(11.6%):

Amdocs

Ltd.

..........................................................

41,014

3,302

Aviat

Networks,

Inc.(a)

...................................................

20,732

443

BILL

Holdings,

Inc.(a)

...................................................

42,120

2,297

BK

Technologies

Corp.(a)

.................................................

5,830

435

Clear

Secure,

Inc.,

Class

A

................................................

109,627

3,846

Climb

Global

Solutions,

Inc.

...............................................

4,151

427

Commerce.com,

Inc.(a)

..................................................

102,625

423

Victory

Portfolios

II

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

55

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Daktronics,

Inc.(a)

......................................................

31,112

$

615

Dolby

Laboratories,

Inc.,

Class

A

...........................................

42,200

2,710

Dropbox,

Inc.,

Class

A(a)

.................................................

161,067

4,478

ePlus,

Inc.

............................................................

13,101

1,149

Five9,

Inc.(a)

..........................................................

94,344

1,892

Freshworks,

Inc.,

Class

A(a)

...............................................

179,013

2,193

Harmonic,

Inc.(a)

.......................................................

64,801

641

Itron,

Inc.(a)

..........................................................

24,041

2,232

Jamf

Holding

Corp.(a)

...................................................

121,684

1,583

LiveRamp

Holdings,

Inc.(a)

...............................................

71,313

2,094

Mitek

Systems,

Inc.(a)

...................................................

49,315

520

NetScout

Systems,

Inc.(a)

.................................................

95,816

2,593

OneSpan,

Inc.

.........................................................

48,762

626

PagerDuty,

Inc.(a)

......................................................

209,809

2,750

PC

Connection,

Inc.

.....................................................

8,987

519

Penguin

Solutions,

Inc.(a)

.................................................

105,922

2,072

Rapid7,

Inc.(a)

.........................................................

113,334

1,723

RingCentral,

Inc.,

Class

A(a)

...............................................

164,478

4,750

Sprinklr,

Inc.,

Class

A(a)

..................................................

158,853

1,236

Sprout

Social,

Inc.,

Class

A(a)

..............................................

110,886

1,250

Tenable

Holdings,

Inc.(a)

.................................................

90,920

2,139

The

Hackett

Group,

Inc.(b)

................................................

22,920

450

Turtle

Beach

Corp.(a)

....................................................

30,377

426

51,814

Materials

(2.4%):

Century

Aluminum

Co.(a)

.................................................

98,845

3,873

Coeur

Mining,

Inc.(a)

....................................................

182,553

3,255

Contango

ORE,

Inc.(a)

...................................................

16,533

437

NewMarket

Corp.

......................................................

3,312

2,276

SunCoke

Energy,

Inc.

....................................................

153,737

1,107

10,948

Utilities

(0.1%):

Genie

Energy

Ltd.,

Class

B

................................................

32,087

442

Total

Common

Stocks

(Cost

$429,204)

a

a

a

443,561

Collateral

for

Securities

Loaned

(3.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

3.69%(c)

........

3,650,710

3,650

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.69%(c)

............

3,650,710

3,651

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

3.67%(c)

...............

3,650,710

3,651

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

3.69%(c)

.

3,650,710

3,651

Total

Collateral

for

Securities

Loaned

(Cost

$14,603)

a

a

a

14,603

Total

Investments

(Cost

$443,807)

—

102.8%

458,164

Liabilities

in

excess

of

other

assets

—  (2.8)%

(12,678)

NET

ASSETS

-

100.00%

$

445,486

^

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

December

31,

2025.

PLC

—

Public

Limited

Company

Victory

Portfolios

II

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

56

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

Russell

2000

Index

Futures

......

15

3/20/26

$

1,910

$

1,874

$

(36)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(36)

Total

net

unrealized

appreciation

(depreciation)

$

(36)

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Free

Cash

Flow

Growth

ETF

57

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.8%)

Communication

Services

(4.4%):

Match

Group,

Inc.

......................................................

49,998

$

1,614

Pinterest,

Inc.

,

Class

A

(a)

.................................................

95,311

2,468

Reddit,

Inc.

,

Class

A

(a)

...................................................

23,130

5,317

Spotify

Technology

SA

(a)

.................................................

10,038

5,829

The

New

York

Times

Co.

,

Class

A

...........................................

61,200

4,249

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

224,625

8,526

28,003

Communications

Equipment

(2.0%):

Arista

Networks,

Inc.

(a)

..................................................

29,538

3,870

Motorola

Solutions,

Inc.

..................................................

23,285

8,926

12,796

Consumer

Discretionary

(12.7%):

Airbnb,

Inc.

,

Class

A

(a)

..................................................

38,074

5,167

Booking

Holdings,

Inc.

...................................................

605

3,240

Brinker

International,

Inc.

(a)

...............................................

9,371

1,345

Chewy,

Inc.

,

Class

A

(a)

..................................................

44,894

1,484

Deckers

Outdoor

Corp.

(a)

.................................................

75,285

7,805

DoorDash,

Inc.

,

Class

A

(a)

................................................

25,341

5,739

DraftKings,

Inc.

(a)

......................................................

85,360

2,942

Duolingo,

Inc.

,

Class

A

(a)

.................................................

17,429

3,059

Expedia

Group,

Inc.

.....................................................

27,700

7,848

Hilton

Worldwide

Holdings,

Inc.

............................................

10,935

3,141

Marriott

International,

Inc.

,

Class

A

..........................................

6,051

1,877

Ralph

Lauren

Corp.

,

Class

A

...............................................

34,593

12,232

SharkNinja,

Inc.

(a)

......................................................

14,416

1,613

The

TJX

Cos.,

Inc.

......................................................

68,637

10,543

Viking

Holdings

Ltd.

(a)

..................................................

163,529

11,678

Wingstop,

Inc.

.........................................................

7,007

1,671

81,384

Consumer

Staples

(1.9%):

Celsius

Holdings,

Inc.

(a)

..................................................

100,212

4,584

Coca-Cola

Consolidated,

Inc.

..............................................

39,504

6,056

Maplebear,

Inc.

(a)

......................................................

27,732

1,247

11,887

Electronic

Equipment,

Instruments

&

Components

(2.5%):

Amphenol

Corp.

,

Class

A

.................................................

120,001

16,217

Health

Care

(18.2%):

Alnylam

Pharmaceuticals,

Inc.

(a)

...........................................

30,349

12,068

Cardinal

Health,

Inc.

....................................................

84,177

17,298

Dexcom,

Inc.

(a)

........................................................

40,071

2,660

Doximity,

Inc.

,

Class

A

(a)

.................................................

42,805

1,895

Halozyme

Therapeutics,

Inc.

(a)

.............................................

108,626

7,311

IDEXX

Laboratories,

Inc.

(a)

...............................................

17,346

11,735

Incyte

Corp.

(a)

.........................................................

114,157

11,275

McKesson

Corp.

.......................................................

20,090

16,480

Medpace

Holdings,

Inc.

(a)

................................................

18,050

10,138

Neurocrine

Biosciences,

Inc.

(a)

.............................................

29,803

4,227

ResMed,

Inc.

..........................................................

10,551

2,541

Royalty

Pharma

PLC

,

Class

A

..............................................

451,741

17,455

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

8,281

1,849

116,932

Industrials

(19.8%):

Armstrong

World

Industries,

Inc.

............................................

17,350

3,316

Cintas

Corp.

..........................................................

35,515

6,680

Comfort

Systems

USA,

Inc.

...............................................

12,229

11,413

EMCOR

Group,

Inc.

....................................................

5,513

3,373

ExlService

Holdings,

Inc.

(a)

...............................................

55,904

2,373

GE

Vernova,

Inc.

.......................................................

25,716

16,807

Victory

Portfolios

II

VictoryShares

Free

Cash

Flow

Growth

ETF

58

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Hubbell,

Inc.

,

Class

B

....................................................

4,693

$

2,084

IES

Holdings,

Inc.

(a)

....................................................

8,727

3,395

Lennox

International,

Inc.

.................................................

8,184

3,974

Lincoln

Electric

Holdings,

Inc.

.............................................

14,529

3,482

Lyft,

Inc.

,

Class

A

(a)

....................................................

306,225

5,932

Mueller

Industries,

Inc.

...................................................

94,249

10,820

Nextpower,

Inc.

,

Class

A

(a)

................................................

88,832

7,738

Paycom

Software,

Inc.

...................................................

22,196

3,537

Paylocity

Holding

Corp.

(a)

................................................

29,990

4,573

Rollins,

Inc.

...........................................................

109,754

6,587

Sterling

Infrastructure,

Inc.

(a)

..............................................

16,129

4,939

Trane

Technologies

PLC

..................................................

6,870

2,674

Uber

Technologies,

Inc.

(a)

................................................

233,010

19,039

Vertiv

Holdings

Co.

,

Class

A

...............................................

27,892

4,519

127,255

IT

Services

(2.4%):

Gartner,

Inc.

(a)

........................................................

47,980

12,105

Snowflake,

Inc.

,

Class

A

(a)

................................................

15,774

3,460

15,565

Materials

(1.1%):

NewMarket

Corp.

......................................................

10,213

7,019

Semiconductors

&

Semiconductor

Equipment

(14.8%):

Astera

Labs,

Inc.

(a)

.....................................................

10,322

1,717

Broadcom,

Inc.

........................................................

57,442

19,881

Credo

Technology

Group

Holding

Ltd.

(a)

.....................................

40,647

5,849

KLA

Corp.

...........................................................

13,274

16,129

Lam

Research

Corp.

.....................................................

107,390

18,383

Lattice

Semiconductor

Corp.

(a)

.............................................

28,870

2,124

Monolithic

Power

Systems,

Inc.

............................................

7,955

7,210

NVIDIA

Corp.

.........................................................

108,190

20,177

Rambus,

Inc.

(a)

........................................................

38,034

3,495

94,965

Software

(19.8%):

Adobe,

Inc.

(a)

.........................................................

44,921

15,721

AppLovin

Corp.

,

Class

A

(a)

...............................................

17,246

11,621

Atlassian

Corp.

,

Class

A

(a)

................................................

45,187

7,327

Autodesk,

Inc.

(a)

.......................................................

4,229

1,252

Cadence

Design

Systems,

Inc.

(a)

............................................

7,192

2,248

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......................................

12,731

5,968

Datadog,

Inc.

,

Class

A

(a)

.................................................

8,174

1,112

Docusign,

Inc.

,

Class

A

(a)

.................................................

40,339

2,759

Dynatrace,

Inc.

(a)

......................................................

83,720

3,628

Elastic

NV

(a)

..........................................................

34,087

2,572

Fair

Isaac

Corp.

(a)

......................................................

1,421

2,402

Fortinet,

Inc.

(a)

........................................................

40,405

3,209

HubSpot,

Inc.

(a)

.......................................................

12,173

4,885

InterDigital,

Inc.

.......................................................

19,229

6,122

Intuit,

Inc.

............................................................

3,628

2,403

Manhattan

Associates,

Inc.

(a)

..............................................

31,865

5,523

Nutanix,

Inc.

,

Class

A

(a)

..................................................

69,122

3,573

Palantir

Technologies,

Inc.

,

Class

A

(a)

........................................

72,568

12,898

Palo

Alto

Networks,

Inc.

(a)

................................................

8,541

1,573

PTC,

Inc.

(a)

...........................................................

16,708

2,911

Salesforce,

Inc.

........................................................

43,229

11,452

Samsara,

Inc.

,

Class

A

(a)

.................................................

26,382

935

ServiceNow,

Inc.

(a)

.....................................................

53,384

8,178

UiPath,

Inc.

,

Class

A

(a)

..................................................

74,989

1,229

Workday,

Inc.

,

Class

A

(a)

.................................................

17,006

3,653

Zscaler,

Inc.

(a)

.........................................................

9,653

2,171

127,325

Victory

Portfolios

II

VictoryShares

Free

Cash

Flow

Growth

ETF

59

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Technology

Hardware,

Storage

&

Peripherals

(0.2%):

Pure

Storage,

Inc.

,

Class

A

(a)

..............................................

16,464

$

1,103

Total

Common

Stocks

(Cost

$595,631)

a

a

a

640,451

Total

Investments

(Cost

$595,631)

—

99.8%

640,451

Other

assets

in

excess

of

liabilities

—  0.2%

1,283

NET

ASSETS

-

100.00%

$

641,734

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

4

3/20/26

$

1,377

$

1,379

$

2

Total

unrealized

appreciation

$

2

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

2

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

ETF

60

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Common

Stocks

(99.3%)

Australia

(2.4%):

Energy

(0.8%):

Santos

Ltd.

...........................................................

204,275

$

841

Industrials

(1.6%):

Brambles

Ltd.

.........................................................

65,924

1,010

Computershare

Ltd.

.....................................................

32,855

748

1,758

2,599

Austria

(0.7%):

Industrials

(0.7%):

ANDRITZ

AG

.........................................................

9,472

743

Belgium

(0.4%):

Consumer

Discretionary

(0.4%):

D'ieteren

Group

........................................................

2,291

414

Canada

(18.8%):

Consumer

Discretionary

(0.7%):

Gildan

Activewear,

Inc.,

Class

A

............................................

11,747

734

Consumer

Staples

(0.5%):

Saputo,

Inc.

...........................................................

16,650

501

Energy

(7.6%):

ARC

Resources

Ltd.

.....................................................

47,765

896

Canadian

Natural

Resources

Ltd.

............................................

60,650

2,055

Cenovus

Energy,

Inc.

....................................................

75,501

1,277

Imperial

Oil

Ltd.

.......................................................

15,932

1,377

Suncor

Energy,

Inc.

.....................................................

43,269

1,921

Whitecap

Resources,

Inc.(a)

...............................................

94,162

789

8,315

Industrials

(0.7%):

TFI

International,

Inc.

....................................................

7,344

759

Information

Technology

(2.9%):

CGI,

Inc.

.............................................................

13,360

1,234

Constellation

Software,

Inc.

...............................................

519

1,249

Open

Text

Corp.

........................................................

20,610

671

3,154

Materials

(6.4%):

Agnico

Eagle

Mines

Ltd.

.................................................

8,694

1,474

Barrick

Mining

Corp.

....................................................

31,795

1,385

CCL

Industries,

Inc.,

Class

B

..............................................

9,435

596

Kinross

Gold

Corp.

.....................................................

71,005

1,999

Pan

American

Silver

Corp.

................................................

26,291

1,362

6,816

20,279

Denmark

(2.0%):

Consumer

Discretionary

(0.7%):

Pandora

A/S

..........................................................

7,167

798

Health

Care

(1.3%):

Genmab

A/S(b)

........................................................

4,258

1,358

2,156

Finland

(0.7%):

Industrials

(0.7%):

Wartsila

Oyj

Abp

.......................................................

21,185

757

France

(12.4%):

Communication

Services

(1.7%):

Publicis

Groupe

SA

.....................................................

17,523

1,825

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

ETF

61

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Health

Care

(3.1%):

Ipsen

SA

.............................................................

4,817

$

674

Sanofi

SA

............................................................

27,309

2,654

3,328

Industrials

(5.4%):

Bouygues

SA

..........................................................

17,114

892

Bureau

Veritas

SA

......................................................

22,337

713

Dassault

Aviation

SA

....................................................

1,458

469

Eiffage

SA

............................................................

9,523

1,370

SPIE

SA

.............................................................

10,520

609

Vinci

SA

.............................................................

12,330

1,740

5,793

Information

Technology

(2.2%):

Capgemini

SE

.........................................................

8,584

1,435

Dassault

Systemes

SE

....................................................

35,353

990

2,425

13,371

Germany

(2.6%):

Communication

Services

(0.3%):

CTS

Eventim

AG

&

Co.

KGaA

.............................................

3,919

362

Consumer

Staples

(0.7%):

Beiersdorf

AG

.........................................................

6,427

708

Industrials

(0.6%):

GEA

Group

AG

........................................................

8,841

600

Materials

(1.0%):

Heidelberg

Materials

AG

.................................................

4,317

1,131

2,801

Hong

Kong

(2.2%):

Consumer

Discretionary

(0.7%):

Galaxy

Entertainment

Group

Ltd.

...........................................

150,262

740

Industrials

(1.5%):

SITC

International

Holdings

Co.

Ltd.

.........................................

220,250

788

Techtronic

Industries

Co.

Ltd.

..............................................

68,863

796

1,584

2,324

Israel

(2.6%):

Information

Technology

(2.6%):

Check

Point

Software

Technologies

Ltd.(b)

....................................

5,192

964

Nice

Ltd.(b)

...........................................................

8,423

946

Wix.com

Ltd.(b)

.......................................................

8,742

908

2,818

Italy

(0.9%):

Health

Care

(0.5%):

Recordati

Industria

Chimica

e

Farmaceutica

SpA

................................

8,347

476

Materials

(0.4%):

Buzzi

SpA

............................................................

7,619

466

942

Japan

(24.3%):

Consumer

Discretionary

(7.3%):

Aisin

Corp.

...........................................................

51,400

960

Bandai

Namco

Holdings,

Inc.

..............................................

28,800

767

Bridgestone

Corp.

......................................................

43,600

978

Denso

Corp.

..........................................................

218,500

3,011

Niterra

Co.

Ltd.

........................................................

8,900

392

Subaru

Corp.

..........................................................

47,600

1,031

Suzuki

Motor

Corp.

.....................................................

62,500

932

8,071

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

ETF

62

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Consumer

Staples

(1.0%):

MatsukiyoCocokara

&

Co.

................................................

20,000

$

346

Suntory

Beverage

&

Food

Ltd.

.............................................

13,700

413

Toyo

Suisan

Kaisha

Ltd.

..................................................

4,400

302

1,061

Energy

(0.8%):

Inpex

Corp.

...........................................................

43,900

876

Health

Care

(4.6%):

Astellas

Pharma,

Inc.

....................................................

118,600

1,585

Shionogi

&

Co.

Ltd.

.....................................................

53,900

978

Takeda

Pharmaceutical

Co.

Ltd.

............................................

79,600

2,457

5,020

Industrials

(4.9%):

Japan

Airlines

Co.

Ltd.

...................................................

39,400

731

Kawasaki

Kisen

Kaisha

Ltd.

...............................................

60,500

842

Komatsu

Ltd.

..........................................................

34,100

1,089

NIDEC

Corp.

..........................................................

60,800

828

Obayashi

Corp.

........................................................

46,000

960

Taisei

Corp.

...........................................................

7,800

739

5,189

Information

Technology

(3.6%):

Canon,

Inc.

...........................................................

43,800

1,296

Otsuka

Corp.

..........................................................

19,700

407

Renesas

Electronics

Corp.

.................................................

68,900

942

SCREEN

Holdings

Co.

Ltd.

...............................................

5,900

574

Trend

Micro,

Inc.

.......................................................

6,600

274

Yokogawa

Electric

Corp.

.................................................

11,400

365

3,858

Materials

(2.1%):

Nippon

Sanso

Holdings

Corp.

..............................................

31,000

924

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

42,700

1,328

2,252

26,327

Luxembourg

(1.0%):

Energy

(1.0%):

Tenaris

SA

............................................................

56,757

1,101

Netherlands

(1.5%):

Consumer

Staples

(0.5%):

JDE

Peet's

NV

.........................................................

15,475

579

Industrials

(1.0%):

Wolters

Kluwer

NV

.....................................................

9,724

1,010

1,589

Norway

(4.2%):

Consumer

Staples

(0.5%):

Orkla

ASA

............................................................

47,909

535

Energy

(3.1%):

Equinor

ASA

..........................................................

144,866

3,408

Materials

(0.6%):

Norsk

Hydro

ASA

......................................................

81,973

636

4,579

Portugal

(1.0%):

Energy

(1.0%):

Galp

Energia

SGPS

SA

...................................................

60,109

1,033

Spain

(1.9%):

Energy

(0.9%):

Repsol

SA

............................................................

50,140

938

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

ETF

63

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Industrials

(1.0%):

Aena

SME

SA(c)

.......................................................

41,323

$

1,157

2,095

Sweden

(2.5%):

Consumer

Discretionary

(2.0%):

Autoliv,

Inc.

..........................................................

6,409

761

Evolution

AB(c)

........................................................

20,273

1,387

2,148

Industrials

(0.5%):

Securitas

AB,

Class

B

....................................................

34,786

556

2,704

Switzerland

(3.0%):

Consumer

Staples

(2.2%):

Chocoladefabriken

Lindt

&

Spruengli

AG,

Participation

Certificates

...................

160

2,341

Materials

(0.8%):

DSM-Firmenich

AG

.....................................................

10,764

870

3,211

United

Kingdom

(14.2%):

Communication

Services

(1.6%):

Auto

Trader

Group

PLC(c)

................................................

61,616

487

Informa

PLC

..........................................................

76,828

915

Rightmove

PLC

........................................................

47,504

333

1,735

Energy

(7.4%):

BP

PLC

..............................................................

437,643

2,553

Shell

PLC

............................................................

117,579

4,348

TechnipFMC

PLC

......................................................

25,677

1,144

8,045

Industrials

(3.5%):

Ashtead

Group

PLC

.....................................................

18,757

1,286

International

Consolidated

Airlines

Group

SA

...................................

350,483

1,956

Intertek

Group

PLC

.....................................................

8,480

529

3,771

Materials

(1.7%):

Endeavour

Mining

PLC

..................................................

34,560

1,803

15,354

Total

Common

Stocks

(Cost

$103,374)

107,197

Collateral

for

Securities

Loaned

(0.5%)^

United

States

(0.5%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

3.69%(d)

........

134,250

135

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.69%(d)

............

134,250

134

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

3.67%(d)

...............

134,250

134

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

3.69%(d)

.

134,250

134

Total

Collateral

for

Securities

Loaned

(Cost

$537)

537

Total

Investments

(Cost

$103,911)

—

99.8%

107,734

Other

assets

in

excess

of

liabilities

—

0.2%

244

NET

ASSETS

-

100.00%

$

107,978

^

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

December

31,

2025,

the

fair

value

of

these

securities

was

$3,031

(thousands)

and

amounted

to

2.8%

of

net

assets.

(d)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

PLC

—

Public

Limited

Company

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

ETF

64

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

MSCI

EAFE

Index

Futures

......

5

3/20/26

$

725

$

726

$

1

Total

unrealized

appreciation

$

1

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

1

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

Growth

ETF

65

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Common

Stocks

(99.7%)

Australia

(4.2%):

Health

Care

(0.1%):

Pro

Medicus

Ltd.

.......................................................

2,300

$

339

Industrials

(1.3%):

Brambles

Ltd.

.........................................................

142,739

2,187

Computershare

Ltd.

.....................................................

30,676

699

2,886

Information

Technology

(0.6%):

Technology

One

Ltd.

....................................................

16,030

299

WiseTech

Global

Ltd.

....................................................

26,194

1,196

1,495

Materials

(2.2%):

Evolution

Mining

Ltd.

...................................................

585,845

4,956

9,676

Belgium

(0.2%):

Consumer

Discretionary

(0.2%):

D'ieteren

Group

........................................................

2,731

494

Canada

(21.3%):

Consumer

Discretionary

(1.9%):

Dollarama,

Inc.

........................................................

29,577

4,421

Energy

(1.7%):

ARC

Resources

Ltd.

.....................................................

37,957

712

Imperial

Oil

Ltd.

.......................................................

37,382

3,230

3,942

Industrials

(2.6%):

Bombardier,

Inc.,

Class

B(a)

...............................................

29,626

5,041

Stantec,

Inc.

...........................................................

7,856

741

5,782

Information

Technology

(3.5%):

Celestica,

Inc.(a)

.......................................................

11,250

3,326

Constellation

Software,

Inc.

...............................................

1,200

2,887

Lumine

Group,

Inc.(a)

...................................................

23,784

470

Shopify,

Inc.,

Class

A(a)

..................................................

5,479

882

The

Descartes

Systems

Group,

Inc.(a)

........................................

7,921

694

8,259

Materials

(11.6%):

Agnico

Eagle

Mines

Ltd.

.................................................

46,199

7,831

Alamos

Gold,

Inc.

......................................................

94,403

3,642

Kinross

Gold

Corp.

.....................................................

252,236

7,103

Lundin

Gold,

Inc.

.......................................................

45,072

3,745

Pan

American

Silver

Corp.

................................................

88,118

4,565

26,886

49,290

Denmark

(6.8%):

Consumer

Discretionary

(1.0%):

Pandora

A/S

..........................................................

21,169

2,357

Health

Care

(4.3%):

Genmab

A/S(a)

........................................................

9,321

2,973

Novo

Nordisk

A/S,

Class

B

................................................

134,995

6,910

9,883

Industrials

(1.5%):

Vestas

Wind

Systems

A/S

.................................................

130,380

3,557

15,797

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

Growth

ETF

66

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Finland

(1.7%):

Industrials

(1.7%):

Wartsila

Oyj

Abp

.......................................................

110,730

$

3,956

France

(10.1%):

Consumer

Discretionary

(0.5%):

Hermes

International

SCA

................................................

490

1,222

Industrials

(9.6%):

Airbus

SE

............................................................

23,324

5,438

Safran

SA

............................................................

18,201

6,361

Schneider

Electric

SE

....................................................

6,218

1,716

SPIE

SA

.............................................................

54,120

3,133

Thales

SA

............................................................

21,246

5,737

22,385

23,607

Germany

(7.8%):

Communication

Services

(0.2%):

CTS

Eventim

AG

&

Co.

KGaA

.............................................

4,556

420

Industrials

(7.4%):

HOCHTIEF

AG

........................................................

8,282

3,280

Rational

AG

..........................................................

1,403

1,091

Rheinmetall

AG

........................................................

2,820

5,173

Siemens

Energy

AG(a)

...................................................

54,136

7,658

17,202

Information

Technology

(0.2%):

Nemetschek

SE

........................................................

4,803

524

18,146

Hong

Kong

(0.5%):

Consumer

Staples

(0.5%):

Alibaba

Health

Information

Technology

Ltd.(a)

.................................

1,884,826

1,223

Ireland

(2.3%):

Industrials

(2.3%):

Ryanair

Holdings

PLC

...................................................

155,966

5,416

Israel

(2.4%):

Information

Technology

(2.4%):

Monday.com

Ltd.(a)

.....................................................

6,350

937

Nice

Ltd.(a)

...........................................................

12,916

1,451

Nova

Ltd.(a)

..........................................................

6,061

1,990

Wix.com

Ltd.(a)

........................................................

10,681

1,110

5,488

Italy

(1.7%):

Consumer

Discretionary

(1.4%):

Ferrari

NV

............................................................

4,802

1,798

Moncler

SpA

..........................................................

22,370

1,444

3,242

Health

Care

(0.3%):

Recordati

Industria

Chimica

e

Farmaceutica

SpA

................................

11,137

635

3,877

Japan

(11.7%):

Communication

Services

(1.0%):

Capcom

Co.

Ltd.

.......................................................

15,200

354

Konami

Group

Corp.

....................................................

15,000

2,043

2,397

Consumer

Discretionary

(2.4%):

Asics

Corp.

...........................................................

52,400

1,256

Bandai

Namco

Holdings,

Inc.

..............................................

103,200

2,749

Fast

Retailing

Co.

Ltd.

...................................................

3,300

1,200

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

Growth

ETF

67

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Sanrio

Co.

Ltd.

........................................................

10,800

$

339

5,544

Industrials

(3.2%):

BayCurrent,

Inc.

.......................................................

12,000

498

Fujikura

Ltd.

..........................................................

35,900

3,998

MonotaRO

Co.

Ltd.

.....................................................

23,200

370

Recruit

Holdings

Co.

Ltd.

.................................................

46,300

2,615

7,481

Information

Technology

(4.8%):

Advantest

Corp.

........................................................

32,700

4,100

Disco

Corp.

...........................................................

2,100

646

Lasertec

Corp.

.........................................................

13,300

2,517

Obic

Co.

Ltd.

..........................................................

14,300

449

Otsuka

Corp.

..........................................................

39,300

811

Tokyo

Electron

Ltd.

.....................................................

11,500

2,520

11,043

Materials

(0.3%):

Nippon

Sanso

Holdings

Corp.

..............................................

22,600

674

27,139

Macau

(0.2%):

Consumer

Discretionary

(0.2%):

Sands

China

Ltd.

.......................................................

223,686

563

Netherlands

(4.6%):

Communication

Services

(0.6%):

Universal

Music

Group

NV

................................................

54,367

1,420

Health

Care

(1.3%):

Argenx

SE(a)

..........................................................

3,459

2,914

Information

Technology

(2.7%):

ASM

International

NV

...................................................

1,053

640

ASML

Holding

NV

.....................................................

5,111

5,534

Topicus.com,

Inc.(a)

.....................................................

2,992

277

6,451

10,785

New

Zealand

(0.8%):

Information

Technology

(0.8%):

Xero

Ltd.(a)

...........................................................

25,765

1,960

Norway

(0.3%):

Industrials

(0.3%):

Kongsberg

Gruppen

ASA

.................................................

28,113

722

Singapore

(0.8%):

Communication

Services

(0.8%):

Sea

Ltd.,

ADR(a)

.......................................................

14,114

1,801

Spain

(2.2%):

Consumer

Discretionary

(1.5%):

Amadeus

IT

Group

SA

...................................................

26,547

1,960

Industria

de

Diseno

Textil

SA

..............................................

22,519

1,491

3,451

Industrials

(0.7%):

Aena

SME

SA(b)

.......................................................

58,762

1,645

5,096

Sweden

(3.8%):

Consumer

Discretionary

(1.3%):

Evolution

AB(b)

.......................................................

42,633

2,917

Consumer

Staples

(0.2%):

AAK

AB

.............................................................

20,199

579

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

Growth

ETF

68

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Health

Care

(0.3%):

Swedish

Orphan

Biovitrum

AB(a)

...........................................

21,915

$

792

Industrials

(2.0%):

AddTech

AB,

B

Shares

...................................................

12,729

453

Alfa

Laval

AB

.........................................................

20,354

1,030

Atlas

Copco

AB,

Class

A

.................................................

92,108

1,663

Epiroc

AB,

Class

A

......................................................

29,470

672

Indutrade

AB

..........................................................

32,255

842

4,660

8,948

Switzerland

(1.4%):

Consumer

Discretionary

(0.3%):

On

Holding

AG,

Class

A(a)

................................................

16,911

786

Health

Care

(0.6%):

Straumann

Holding

AG,

Class

R

............................................

12,510

1,477

Industrials

(0.5%):

Belimo

Holding

AG,

Class

R

..............................................

1,083

1,068

3,331

United

Kingdom

(14.9%):

Communication

Services

(0.9%):

Auto

Trader

Group

PLC(b)

................................................

188,016

1,485

Rightmove

PLC

........................................................

97,336

682

2,167

Consumer

Discretionary

(2.5%):

Compass

Group

PLC

....................................................

76,204

2,428

InterContinental

Hotels

Group

PLC

..........................................

5,821

—

Next

PLC

............................................................

18,563

3,422

5,850

Energy

(1.6%):

TechnipFMC

PLC

......................................................

82,343

3,669

Health

Care

(2.3%):

AstraZeneca

PLC

.......................................................

28,926

5,376

Industrials

(5.7%):

Diploma

PLC

.........................................................

17,625

1,258

International

Consolidated

Airlines

Group

SA

...................................

549,490

3,066

Rolls-Royce

Holdings

PLC

................................................

572,754

8,878

13,202

Information

Technology

(1.9%):

Halma

PLC

...........................................................

53,846

2,567

The

Sage

Group

PLC

....................................................

132,831

1,939

4,506

34,770

Total

Common

Stocks

(Cost

$219,041)

232,085

Total

Investments

(Cost

$219,041)

—

99.7%

232,085

Other

assets

in

excess

of

liabilities

—

0.3%

747

NET

ASSETS

-

100.00%

$

232,832

(a)

Non-income

producing

security.

(b)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$6,047

(thousands)

and

amounted

to

2.6%

of

net

assets.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Victory

Portfolios

II

VictoryShares

International

Free

Cash

Flow

Growth

ETF

69

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

MSCI

EAFE

Index

Futures

......

5

3/20/26

$

722

$

726

$

4

Total

unrealized

appreciation

$

4

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

4

Statements

of

Assets

and

Liabilities

December

31,

2025

70

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

US

500

Volatility

Wtd

ETF

VictoryShares

International

Volatility

Wtd

ETF

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

Assets:

Investments,

at

value

(Cost

$388,635,

$50,673

and

$332,412)

$

524,646‌(a)

$

63,004‌(b)

$

356,851‌(c)

Foreign

currency,

at

value

(Cost

$—,

$19

and

$—)

—‌

19‌

—‌

Cash

762‌

281‌

1,044‌

Deposit

with

broker

for

futures

contracts

188‌

69‌

411‌

Receivables:

Dividends,

interest,

and

securities

lending

income

445‌

60‌

774‌

Investments

sold

—‌

4‌

—‌

From

Adviser

—‌(d)

15‌

2‌

Reclaims

—‌

386‌

—‌

Prepaid

expenses

1‌

—‌(d)

1‌

Total

Assets

526,042‌

63,838‌

359,083‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

3,114‌

1,558‌

4,617‌

Investments

purchased

—‌

4‌

—‌

Variation

margin

on

open

futures

contracts

7‌

2‌

10‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

134‌

22‌

91‌

Administration

fees

9‌

1‌

6‌

Custodian

fees

4‌

1‌

3‌

Compliance

fees

—‌(d)

—‌(d)

—‌(d)

Other

accrued

expenses

21‌

19‌

18‌

Total

Liabilities

3,289‌

1,607‌

4,745‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

453,456‌

31,391‌

380,755‌

Total

accumulated

earnings

(loss)

69,297‌

30,840‌

(26,417‌)

Net

Assets

$

522,753‌

$

62,231‌

$

354,338‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

5,750‌

1,150‌

5,150‌

Net

asset

value:

$

90.91‌

$

54.11‌

$

68.80‌

(a)

Includes

$2,489

thousand

of

securities

on

loan.

(b)

Includes

$1,478

thousand

of

securities

on

loan.

(c)

Includes

$4,484

thousand

of

securities

on

loan.

(d)

Rounds

to

less

than

$1

thousand.

Statements

of

Assets

and

Liabilities

December

31,

2025

71

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

VictoryShares

Dividend

Accelerator

ETF

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

Assets:

Investments,

at

value

(Cost

$250,298,

$213,738

and

$139,916)

$

253,338‌(a)

$

222,380‌(b)

$

159,788‌

Cash

891‌

589‌

251‌

Deposit

with

broker

for

futures

contracts

320‌

210‌

85‌

Receivables:

Dividends,

interest,

and

securities

lending

income

685‌

570‌

149‌

From

Adviser

3‌

4‌

4‌

Prepaid

expenses

1‌

—‌(c)

—‌(c)

Total

Assets

255,238‌

223,753‌

160,277‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

11,834‌

4,736‌

—‌

Variation

margin

on

open

futures

contracts

9‌

5‌

3‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

64‌

57‌

41‌

Administration

fees

4‌

4‌

3‌

Custodian

fees

3‌

2‌

1‌

Compliance

fees

—‌(c)

—‌(c)

—‌(c)

Other

accrued

expenses

18‌

16‌

16‌

Total

Liabilities

11,932‌

4,820‌

64‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

321,837‌

232,500‌

165,543‌

Total

accumulated

earnings

(loss)

(78,531‌)

(13,567‌)

(5,330‌)

Net

Assets

$

243,306‌

$

218,933‌

$

160,213‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

4,150‌

4,150‌

2,900‌

Net

asset

value:

$

58.63‌

$

52.75‌

$

55.25‌

(a)

Includes

$10,680

thousand

of

securities

on

loan.

(b)

Includes

$4,588

thousand

of

securities

on

loan.

(c)

Rounds

to

less

than

$1

thousand.

Statements

of

Assets

and

Liabilities

December

31,

2025

72

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

VictoryShares

Free

Cash

Flow

ETF

Assets:

Investments,

at

value

(Cost

$341,619,

$666,453

and

$5,307,694)

$

404,136‌(a)

$

702,662‌(b)

$

5,583,091‌

Cash

—‌

—‌

15,434‌

Deposit

with

broker

for

futures

contracts

198‌

808‌

2,192‌

Receivables:

Dividends,

interest,

and

securities

lending

income

345‌

1,538‌

4,758‌

Capital

shares

issued

—‌

—‌

12,594‌

From

Adviser

1‌

—‌

1‌

Prepaid

expenses

1‌

2‌

22‌

Total

Assets

404,681‌

705,010‌

5,618,092‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

2,464‌

5,729‌

—‌

Investments

purchased

—‌

—‌

12,548‌

Payable

to

Adviser

—‌

—‌(c)

—‌

Variation

margin

on

open

futures

contracts

8‌

21‌

132‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

104‌

180‌

1,636‌

Administration

fees

7‌

13‌

98‌

Custodian

fees

4‌

6‌

27‌

Compliance

fees

—‌(c)

—‌(c)

3‌

Trustees'

fees

—‌

—‌

7‌

Other

accrued

expenses

19‌

31‌

89‌

Total

Liabilities

2,606‌

5,980‌

14,540‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

474,686‌

1,073,504‌

5,265,944‌

Total

accumulated

earnings

(loss)

(72,611‌)

(374,474‌)

337,608‌

Net

Assets

$

402,075‌

$

699,030‌

$

5,603,552‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

5,450‌

10,600‌

142,380‌

Net

asset

value:

$

73.78‌

$

65.95‌

$

39.36‌

(a)

Includes

$1,979

thousand

of

securities

on

loan.

(b)

Includes

$5,571

thousand

of

securities

on

loan.

(c)

Rounds

to

less

than

$1

thousand.

Statements

of

Assets

and

Liabilities

December

31,

2025

73

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

VictoryShares

Free

Cash

Flow

Growth

ETF

VictoryShares

International

Free

Cash

Flow

ETF

Assets:

Investments,

at

value

(Cost

$443,807,

$595,631

and

$103,911)

$

458,164‌(a)

$

640,451‌

$

107,734‌(b)

Foreign

currency,

at

value

(Cost

$—,

$—

and

$2)

—‌

—‌

2‌

Cash

1,561‌

1,163‌

613‌

Deposit

with

broker

for

futures

contracts

277‌

231‌

107‌

Receivables:

Dividends,

interest,

and

securities

lending

income

291‌

139‌

119‌

Capital

shares

issued

295‌

—‌

—‌

From

Adviser

5‌

2‌

6‌

Reclaims

—‌

—‌

9‌

Prepaid

expenses

—‌(c)

1‌

21‌

Total

Assets

460,593‌

641,987‌

108,611‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

14,603‌

—‌

537‌

Investments

purchased

294‌

—‌

30‌

Variation

margin

on

open

futures

contracts

14‌

10‌

3‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

169‌

196‌

47‌

Administration

fees

8‌

12‌

2‌

Custodian

fees

2‌

3‌

—‌(c)

Compliance

fees

—‌(c)

—‌(c)

—‌(c)

Trustees'

fees

—‌(c)

1‌

—‌(c)

Other

accrued

expenses

17‌

31‌

14‌

Total

Liabilities

15,107‌

253‌

633‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

442,502‌

572,103‌

100,898‌

Total

accumulated

earnings

(loss)

2,984‌

69,631‌

7,080‌

Net

Assets

$

445,486‌

$

641,734‌

$

107,978‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

15,120‌

22,775‌

3,800‌

Net

asset

value:

$

29.46‌

$

28.18‌

$

28.42‌

(a)

Includes

$18,083

thousand

of

securities

on

loan.

(b)

Includes

$503

thousand

of

securities

on

loan.

(c)

Rounds

to

less

than

$1

thousand.

Statements

of

Assets

and

Liabilities

December

31,

2025

74

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

International

Free

Cash

Flow

Growth

ETF

Assets:

Investments,

at

value

(Cost

$219,041)

$

232,085‌

Cash

684‌

Deposit

with

broker

for

futures

contracts

76‌

Receivables:

Dividends

and

interest

71‌

From

Adviser

6‌

Reclaims

9‌

Prepaid

expenses

21‌

Total

Assets

232,952‌

Liabilities:

Payables:

Variation

margin

on

open

futures

contracts

4‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

99‌

Administration

fees

4‌

Custodian

fees

—‌(a)

Compliance

fees

—‌(a)

Trustees'

fees

1‌

Other

accrued

expenses

12‌

Total

Liabilities

120‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

219,580‌

Total

accumulated

earnings

(loss)

13,252‌

Net

Assets

$

232,832‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

8,450‌

Net

asset

value:

$

27.55‌

(a)

Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

75

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

US

500

Volatility

Wtd

ETF

VictoryShares

International

Volatility

Wtd

ETF

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

Investment

Income:

Dividends

$

4,406‌

$

1,036‌

$

6,697‌

Interest

22‌

11‌

31‌

Securities

lending

(net

of

fees)

9‌

3‌

1‌

Foreign

tax

withholding

(

1‌

)

(

111‌

)

—‌

Total

Income

4,436‌

939‌

6,729‌

Expenses:

Investment

advisory

fees

796‌

186‌

542‌

Administration

fees

125‌

22‌

85‌

Sub-Administration

fees

10‌

12‌

10‌

Custodian

fees

12‌

27‌

8‌

Trustees'

fees

13‌

4‌

9‌

Compliance

fees

2‌

—‌

(a)

1‌

Legal

and

audit

fees

17‌

8‌

13‌

Other

expenses

25‌

14‌

22‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

2‌

—‌

—‌

Total

Expenses

1,002‌

273‌

690‌

Expenses

waived/reimbursed

by

Adviser

(

73‌

)

(

64‌

)

(

59‌

)

Net

Expenses

929‌

209‌

631‌

Net

Investment

Income

(Loss)

3,507‌

730‌

6,098‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

3,917‌

267‌

3,356‌

Net

realized

gains

(losses)

from

futures

contracts

126‌

40‌

186‌

Net

realized

gains

(losses)

from

in-kind

redemptions

8,177‌

23,321‌

1,769‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

6,025‌

(

17,422‌

)

7,520‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

33‌

)

(

13‌

)

(

57‌

)

Net

realized/unrealized

gains

(losses)

on

investments

18,212‌

6,193‌

12,774‌

Change

in

net

assets

resulting

from

operations

$

21,719‌

$

6,923‌

$

18,872‌

(a)

Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

76

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

VictoryShares

Dividend

Accelerator

ETF

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

Investment

Income:

Dividends

$

5,515‌

$

3,379‌

$

1,176‌

Interest

22‌

17‌

8‌

Securities

lending

(net

of

fees)

6‌

—‌

(a)

—‌

Foreign

tax

withholding

(

4‌

)

—‌

—‌

(a)

Total

Income

5,539‌

3,396‌

1,184‌

Expenses:

Investment

advisory

fees

398‌

355‌

197‌

Administration

fees

63‌

56‌

31‌

Sub-Administration

fees

10‌

10‌

10‌

Custodian

fees

7‌

6‌

3‌

Trustees'

fees

7‌

6‌

4‌

Compliance

fees

1‌

1‌

1‌

Legal

and

audit

fees

11‌

10‌

7‌

Other

expenses

19‌

20‌

16‌

Total

Expenses

516‌

464‌

269‌

Expenses

waived/reimbursed

by

Adviser

(

52‌

)

(

50‌

)

(

38‌

)

Net

Expenses

464‌

414‌

231‌

Net

Investment

Income

(Loss)

5,075‌

2,982‌

953‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(

49‌

)

2,682‌

3,480‌

Net

realized

gains

(losses)

from

futures

contracts

263‌

93‌

36‌

Net

realized

gains

(losses)

from

in-kind

redemptions

4,214‌

4,026‌

—‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

12,011‌

(

1,386‌

)

11,297‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

68‌

)

(

29‌

)

(

11‌

)

Net

realized/unrealized

gains

(losses)

on

investments

16,371‌

5,386‌

14,802‌

Change

in

net

assets

resulting

from

operations

$

21,446‌

$

8,368‌

$

15,755‌

(a)

Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

77

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

VictoryShares

Free

Cash

Flow

ETF

Investment

Income:

Dividends

$

3,468‌

$

13,690‌

$

43,761‌

Interest

4‌

11‌

296‌

Securities

lending

(net

of

fees)

5‌

1‌

6‌

Foreign

tax

withholding

(

1‌

)

—‌

—‌

Total

Income

3,476‌

13,702‌

44,063‌

Expenses:

Investment

advisory

fees

624‌

1,104‌

8,593‌

Administration

fees

98‌

174‌

1,151‌

Sub-Administration

fees

10‌

10‌

10‌

Custodian

fees

10‌

16‌

90‌

Trustees'

fees

11‌

18‌

109‌

Compliance

fees

2‌

3‌

19‌

Legal

and

audit

fees

14‌

22‌

114‌

Other

expenses

22‌

31‌

171‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—‌

(a)

8‌

31‌

Total

Expenses

791‌

1,386‌

10,288‌

Expenses

waived/reimbursed

by

Adviser

(

63‌

)

(

99‌

)

(

699‌

)

Net

Expenses

728‌

1,287‌

9,589‌

Net

Investment

Income

(Loss)

2,748‌

12,415‌

34,474‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

2,034‌

7,725‌

(

1,422‌

)

Net

realized

gains

(losses)

from

futures

contracts

109‌

414‌

1,891‌

Net

realized

gains

(losses)

from

in-kind

redemptions

5,789‌

5,861‌

326,762‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

6,273‌

12,606‌

202,685‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

31‌

)

(

112‌

)

(

675‌

)

Net

realized/unrealized

gains

(losses)

on

investments

14,174‌

26,494‌

529,241‌

Change

in

net

assets

resulting

from

operations

$

16,922‌

$

38,909‌

$

563,715‌

(a)

Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

78

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

VictoryShares

Free

Cash

Flow

Growth

ETF

VictoryShares

International

Free

Cash

Flow

ETF

Investment

Income:

Dividends

$

2,597‌

$

828‌

$

950‌

Interest

18‌

22‌

3‌

Securities

lending

(net

of

fees)

73‌

—‌

(a)

—‌

(a)

Foreign

tax

withholding

—‌

(a)

—‌

(

124‌

)

Total

Income

2,688‌

850‌

829‌

Expenses:

Investment

advisory

fees

826‌

1,053‌

200‌

Administration

fees

86‌

141‌

18‌

Sub-Administration

fees

10‌

10‌

9‌

Custodian

fees

7‌

11‌

12‌

Trustees'

fees

8‌

14‌

2‌

Compliance

fees

1‌

2‌

—‌

(a)

Legal

and

audit

fees

12‌

17‌

24‌

Other

expenses

27‌

21‌

13‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—‌

4‌

—‌

Total

Expenses

977‌

1,273‌

278‌

Custody

waiver

—‌

—‌

(

11‌

)

Expenses

waived/reimbursed

by

Adviser

(

74‌

)

(

98‌

)

(

42‌

)

Net

Expenses

903‌

1,175‌

225‌

Net

Investment

Income

(Loss)

1,785‌

(

325‌

)

604‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

18,839‌

(

10,845‌

)

(

2,003‌

)

Net

realized

gains

(losses)

from

futures

contracts

202‌

94‌

13‌

Net

realized

gains

(losses)

from

in-kind

redemptions

4,182‌

61,990‌

5,297‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

14,364‌

(

11,714‌

)

3,717‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

48‌

)

(

9‌

)

1‌

Net

realized/unrealized

gains

(losses)

on

investments

37,539‌

39,516‌

7,025‌

Change

in

net

assets

resulting

from

operations

$

39,324‌

$

39,191‌

$

7,629‌

(a)

Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

79

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

International

Free

Cash

Flow

Growth

ETF

Investment

Income:

Dividends

$

699‌

Interest

10‌

Foreign

tax

withholding

(

83‌

)

Total

Income

626‌

Expenses:

Investment

advisory

fees

368‌

Administration

fees

33‌

Sub-Administration

fees

9‌

Custodian

fees

12‌

Trustees'

fees

3‌

Compliance

fees

—‌

(a)

Legal

and

audit

fees

26‌

Other

expenses

20‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

1‌

Total

Expenses

472‌

Custody

waiver

(

12‌

)

Expenses

waived/reimbursed

by

Adviser

(

45‌

)

Net

Expenses

415‌

Net

Investment

Income

(Loss)

211‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(

7,219‌

)

Net

realized

gains

(losses)

from

futures

contracts

18‌

Net

realized

gains

(losses)

from

in-kind

redemptions

7,443‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

12,868‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

4‌

Net

realized/unrealized

gains

(losses)

on

investments

13,114‌

Change

in

net

assets

resulting

from

operations

$

13,325‌

(a)

Rounds

to

less

than

$1

thousand.

80

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

VictoryShares

US

500

Volatility

Wtd

ETF

VictoryShares

International

Volatility

Wtd

ETF

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

3,507‌

$

7,232‌

$

730‌

$

2,733‌

$

6,098‌

$

11,725‌

Net

realized

gains

(losses)

12,220‌

33,918‌

23,628‌

3,217‌

5,311‌

23,353‌

Net

change

in

unrealized

appreciation/

depreciation

5,992‌

20,412‌

(17,435‌)

16,495‌

7,463‌

6,238‌

Change

in

net

assets

resulting

from

operations

21,719‌

61,562‌

6,923‌

22,445‌

18,872‌

41,316‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(4,035‌)

(7,078‌)

(1,229‌)

(3,320‌)

(7,044‌)

(11,453‌)

Change

in

net

assets

resulting

from

capital

transactions

(22,469‌)

(38,526‌)

(57,322‌)

2,197‌

(6,907‌)

(16,414‌)

Change

in

net

assets

(4,785‌)

15,958‌

(51,628‌)

21,322‌

4,921‌

13,449‌

Net

Assets:

Beginning

of

period

527,538‌

511,580‌

113,859‌

92,537‌

349,417‌

335,968‌

End

of

period

$

522,753‌

$

527,538‌

$

62,231‌

$

113,859‌

$

354,338‌

$

349,417‌

Capital

Transactions:

Proceeds

from

shares

issued

$

—‌

$

8,437‌

$

10,394‌

$

2,197‌

$

3,387‌

$

9,862‌

Cost

of

shares

redeemed

(22,469‌)

(46,963‌)

(67,716‌)

—‌

(10,294‌)

(26,276‌)

Change

in

net

assets

resulting

from

capital

transactions

$

(22,469‌)

$

(38,526‌)

$

(57,322‌)

$

2,197‌

$

(6,907‌)

$

(16,414‌)

Share

Transactions:

Issued

—‌

100‌

200‌

50‌

50‌

150‌

Redeemed

(250‌)

(550‌)

(1,300‌)

—‌

(150‌)

(400‌)

Change

in

Shares

(250‌)

(450‌)

(1,100‌)

50‌

(100‌)

(250‌)

81

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

VictoryShares

Dividend

Accelerator

ETF

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

5,075‌

$

9,801‌

$

2,982‌

$

6,473‌

$

953‌

$

1,742‌

Net

realized

gains

(losses)

4,428‌

21,476‌

6,801‌

13,371‌

3,516‌

20,033‌

Net

change

in

unrealized

appreciation/

depreciation

11,943‌

(

9,897‌

)

(

1,415‌

)

4,117‌

11,286‌

(

9,812‌

)

Change

in

net

assets

resulting

from

operations

21,446‌

21,380‌

8,368‌

23,961‌

15,755‌

11,963‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

5,783‌

)

(

9,674‌

)

(

3,812‌

)

(

6,236‌

)

(

1,123‌

)

(

1,613‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

43,891‌

)

(

31,732‌

)

(

23,842‌

)

(

21,182‌

)

34,688‌

(

37,937‌

)

Change

in

net

assets

(

28,228‌

)

(

20,026‌

)

(

19,286‌

)

(

3,457‌

)

49,320‌

(

27,587‌

)

Net

Assets:

Beginning

of

period

271,534‌

291,560‌

238,219‌

241,676‌

110,893‌

138,480‌

End

of

period

$

243,306‌

$

271,534‌

$

218,933‌

$

238,219‌

$

160,213‌

$

110,893‌

Capital

Transactions:

Proceeds

from

shares

issued

$

—‌

$

5,427‌

$

2,677‌

$

35,938‌

$

34,688‌

$

84,180‌

Cost

of

shares

redeemed

(

43,891‌

)

(

37,159‌

)

(

26,519‌

)

(

57,120‌

)

—‌

(

122,117‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

(

43,891‌

)

$

(

31,732‌

)

$

(

23,842‌

)

$

(

21,182‌

)

$

34,688‌

$

(

37,937‌

)

Share

Transactions:

Issued

—‌

100‌

50‌

700‌

650‌

1,750‌

Redeemed

(

750‌

)

(

650‌

)

(

500‌

)

(

1,100‌

)

—‌

(

2,550‌

)

Change

in

Shares

(

750‌

)

(

550‌

)

(

450‌

)

(

400‌

)

650‌

(

800‌

)

82

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

VictoryShares

Free

Cash

Flow

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

2,748‌

$

5,862‌

$

12,415‌

$

26,537‌

$

34,474‌

$

31,702‌

Net

realized

gains

(losses)

7,932‌

20,669‌

14,000‌

59,062‌

327,231‌

109,463‌

Net

change

in

unrealized

appreciation/

depreciation

6,242‌

23,470‌

12,494‌

11,150‌

202,010‌

72,238‌

Change

in

net

assets

resulting

from

operations

16,922‌

50,001‌

38,909‌

96,749‌

563,715‌

213,403‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

2,699‌

)

(

5,766‌

)

(

14,499‌

)

(

26,172‌

)

(

50,415‌

)

(

31,008‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

29,071‌

)

(

54,905‌

)

(

59,092‌

)

(

142,124‌

)

786,473‌

3,672,972‌

Change

in

net

assets

(

14,848‌

)

(

10,670‌

)

(

34,682‌

)

(

71,547‌

)

1,299,773‌

3,855,367‌

Net

Assets:

Beginning

of

period

416,923‌

427,593‌

733,712‌

805,259‌

4,303,779‌

448,412‌

End

of

period

$

402,075‌

$

416,923‌

$

699,030‌

$

733,712‌

$

5,603,552‌

$

4,303,779‌

Capital

Transactions:

Proceeds

from

shares

issued

$

—‌

$

—‌

$

—‌

$

12,560‌

$

2,580,818‌

$

5,773,042‌

Cost

of

shares

redeemed

(

29,071‌

)

(

54,905‌

)

(

59,092‌

)

(

154,684‌

)

(

1,794,345‌

)

(

2,100,070‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

(

29,071‌

)

$

(

54,905‌

)

$

(

59,092‌

)

$

(

142,124‌

)

$

786,473‌

$

3,672,972‌

Share

Transactions:

Issued

—‌

—‌

—‌

200‌

68,720‌

168,330‌

Redeemed

(

400‌

)

(

800‌

)

(

900‌

)

(

2,450‌

)

(

48,110‌

)

(

61,070‌

)

Change

in

Shares

(

400‌

)

(

800‌

)

(

900‌

)

(

2,250‌

)

20,610‌

107,260‌

83

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

VictoryShares

Free

Cash

Flow

Growth

ETF

VictoryShares

International

Free

Cash

Flow

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Period

December

4,

2024

(a)

through

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Period

June

26,

2025

(a)

through

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

1,785‌

$

2,425‌

$

(

325‌

)

$

88‌

$

604‌

$

4‌

Net

realized

gains

(losses)

23,223‌

4,118‌

51,239‌

(

1,717‌

)

3,307‌

—‌

Net

change

in

unrealized

appreciation/

depreciation

14,316‌

(

368‌

)

(

11,723‌

)

56,545‌

3,718‌

106‌

Change

in

net

assets

resulting

from

operations

39,324‌

6,175‌

39,191‌

54,916‌

7,629‌

110‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

1,954‌

)

(

2,414‌

)

(

79‌

)

(

47‌

)

(

659‌

)

—‌

Change

in

net

assets

resulting

from

capital

transactions

126,202‌

222,915‌

63,992‌

483,761‌

89,475‌

11,423‌

Change

in

net

assets

163,572‌

226,676‌

103,104‌

538,630‌

96,445‌

11,533‌

Net

Assets:

Beginning

of

period

281,914‌

55,238‌

538,630‌

—‌

11,533‌

—‌

End

of

period

$

445,486‌

$

281,914‌

$

641,734‌

$

538,630‌

$

107,978‌

$

11,533‌

Capital

Transactions:

Proceeds

from

shares

issued

$

151,395‌

$

420,477‌

$

294,385‌

$

606,743‌

$

128,501‌

$

11,423‌

Cost

of

shares

redeemed

(

25,193‌

)

(

197,562‌

)

(

230,393‌

)

(

122,982‌

)

(

39,026‌

)

—‌

Change

in

net

assets

resulting

from

capital

transactions

$

126,202‌

$

222,915‌

$

63,992‌

$

483,761‌

$

89,475‌

$

11,423‌

Share

Transactions:

Issued

5,260‌

16,350‌

10,600‌

25,400‌

4,750‌

450‌

Redeemed

(

900‌

)

(

7,710‌

)

(

8,250‌

)

(

4,975‌

)

(

1,400‌

)

—‌

Change

in

Shares

4,360‌

8,640‌

2,350‌

20,425‌

3,350‌

450‌

(a)

Commencement

of

operations.

84

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

VictoryShares

International

Free

Cash

Flow

Growth

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Period

June

26,

2025

(a)

through

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

211‌

$

2‌

Net

realized

gains

(losses)

242‌

—‌

Net

change

in

unrealized

appreciation/depreciation

12,872‌

176‌

Change

in

net

assets

resulting

from

operations

13,325‌

178‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

251‌

)

—‌

Change

in

net

assets

resulting

from

capital

transactions

208,190‌

11,390‌

Change

in

net

assets

221,264‌

11,568‌

Net

Assets:

Beginning

of

period

11,568‌

—‌

End

of

period

$

232,832‌

$

11,568‌

Capital

Transactions:

Proceeds

from

shares

issued

$

251,906‌

$

11,390‌

Cost

of

shares

redeemed

(

43,716‌

)

—‌

Change

in

net

assets

resulting

from

capital

transactions

$

208,190‌

$

11,390‌

Share

Transactions:

Issued

9,600‌

450‌

Redeemed

(

1,600‌

)

—‌

Change

in

Shares

8,000‌

450‌

(a)

Commencement

of

operations.

Victory

Portfolios

II

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

85

See

notes

to

financial

statements.

VictoryShares

US

500

Volatility

Wtd

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$87.92

$79.31

$71.20

$64.27

$71.26

$50.57

Investment

Activities:

Net

investment

income

(loss)(a)

0.60

1.16

1.08

1.08

0.94

0.69

Net

realized

and

unrealized

gains

(losses)

3.08

8.59

8.14

6.95

(6.99)

20.68

Total

from

Investment

Activities

3.68

9.75

9.22

8.03

(6.05)

21.37

Distributions

to

Shareholders

from:

Net

investment

income

(0.69)

(1.14)

(1.11)

(1.10)

(0.94)

(0.68)

Total

Distributions

(0.69)

(1.14)

(1.11)

(1.10)

(0.94)

(0.68)

Net

Asset

Value,

End

of

Period

$90.91

$87.92

$79.31

$71.20

$64.27

$71.26

Total

Return(b)(c)

4.19%

12.36%

13.07%

12.62%

(8.63)%

42.51%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)(d)

1.32%

1.37%

1.45%

1.59%

1.30%

1.13%

Gross

Expenses(d)(e)

0.38%

0.39%

0.39%

0.39%

0.38%

0.39%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$522,753

$527,538

$511,580

$548,224

$533,403

$705,437

Portfolio

Turnover(b)(f)

13%

24%

21%

24%

21%

34%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

86

See

notes

to

financial

statements.

VictoryShares

International

Volatility

Wtd

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$50.60

$42.06

$40.09

$36.36

$44.89

$34.63

Investment

Activities:

Net

investment

income

(loss)(a)

0.41

1.22

1.12

1.05

1.20

0.95

Net

realized

and

unrealized

gains

(losses)

3.78

8.81

2.12

3.60

(8.23)

10.25

Total

from

Investment

Activities

4.19

10.03

3.24

4.65

(7.03)

11.20

Distributions

to

Shareholders

from:

Net

investment

income

(0.68)

(1.49)

(1.27)

(0.92)

(1.50)

(0.94)

Total

Distributions

(0.68)

(1.49)

(1.27)

(0.92)

(1.50)

(0.94)

Net

Asset

Value,

End

of

Period

$54.11

$50.60

$42.06

$40.09

$36.36

$44.89

Total

Return(b)(c)

8.60%

24.36%

8.20%

12.96%

(16.10)%

32.59%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.45%

0.45%

0.45%

0.45%

0.45%

0.45%

Net

Investment

Income

(Loss)(d)

1.57%

2.73%

2.76%

2.80%

2.79%

2.34%

Gross

Expenses(d)(e)

0.59%

0.60%

0.60%

0.64%

0.58%

0.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$62,231

$113,859

$92,537

$88,199

$92,713

$116,710

Portfolio

Turnover(b)(f)

12%

27%

30%

30%

32%

45%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

87

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$66.56

$61.09

$56.55

$58.02

$56.68

$39.52

Investment

Activities:

Net

investment

income

(loss)(a)

1.17

2.24

2.12

2.04

1.84

1.45

Net

realized

and

unrealized

gains

(losses)

2.43

5.42

4.63

(1.52)

1.30

17.10

Total

from

Investment

Activities

3.60

7.66

6.75

0.52

3.14

18.55

Distributions

to

Shareholders

from:

Net

investment

income

(1.36)

(2.19)

(2.21)

(1.99)

(1.80)

(1.39)

Total

Distributions

(1.36)

(2.19)

(2.21)

(1.99)

(1.80)

(1.39)

Net

Asset

Value,

End

of

Period

$68.80

$66.56

$61.09

$56.55

$58.02

$56.68

Total

Return(b)(c)

5.44%

12.65%

12.24%

0.86%

5.50%

47.74%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)(d)

3.38%

3.38%

3.65%

3.51%

3.06%

3.04%

Gross

Expenses(d)(e)

0.38%

0.39%

0.40%

0.40%

0.40%

0.41%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$354,338

$349,417

$335,968

$361,890

$284,307

$221,056

Portfolio

Turnover(b)(f)

18%

44%

38%

47%

43%

67%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

88

See

notes

to

financial

statements.

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$55.42

$53.50

$51.33

$52.43

$59.95

$36.75

Investment

Activities:

Net

investment

income

(loss)(a)

1.12

1.96

1.81

1.97

1.83

1.85

Net

realized

and

unrealized

gains

(losses)

3.39

1.90

2.24

(1.14)

(7.52)

23.26

Total

from

Investment

Activities

4.51

3.86

4.05

0.83

(5.69)

25.11

Distributions

to

Shareholders

from:

Net

investment

income

(1.30)

(1.94)

(1.88)

(1.93)

(1.83)

(1.91)

Total

Distributions

(1.30)

(1.94)

(1.88)

(1.93)

(1.83)

(1.91)

Net

Asset

Value,

End

of

Period

$58.63

$55.42

$53.50

$51.33

$52.43

$59.95

Total

Return(b)(c)

8.15%

7.14%

8.02%

1.62%

(9.76)%

69.75%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)(d)

3.82%

3.39%

3.45%

3.77%

3.14%

3.51%

Gross

Expenses(d)(e)

0.39%

0.40%

0.40%

0.40%

0.40%

0.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$243,306

$271,534

$291,560

$384,979

$270,019

$251,797

Portfolio

Turnover(b)(f)

34%

66%

73%

82%

68%

104%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

89

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

Dividend

Accelerator

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$51.79

$48.34

$46.24

$41.48

$44.12

$33.14

Investment

Activities:

Net

investment

income

(loss)(a)

0.67

1.35

1.01

0.87

0.70

0.66

Net

realized

and

unrealized

gains

(losses)

1.16

3.41

2.10

4.75

(2.63)

10.95

Total

from

Investment

Activities

1.83

4.76

3.11

5.62

(1.93)

11.61

Distributions

to

Shareholders

from:

Net

investment

income

(0.87)

(1.31)

(1.01)

(0.86)

(0.71)

(0.63)

Total

Distributions

(0.87)

(1.31)

(1.01)

(0.86)

(0.71)

(0.63)

Net

Asset

Value,

End

of

Period

$52.75

$51.79

$48.34

$46.24

$41.48

$44.12

Total

Return(b)(c)

3.54%

9.92%

6.81%

13.68%

(4.49)%

35.33%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)(d)

2.52%

2.63%

2.15%

1.97%

1.55%

1.67%

Gross

Expenses(d)(e)

0.39%

0.40%

0.40%

0.40%

0.39%

0.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$218,933

$238,219

$241,676

$251,999

$277,909

$344,154

Portfolio

Turnover(b)(f)

14%

39%

50%

54%

43%

41%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

90

See

notes

to

financial

statements.

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$49.29

$45.40

$40.74

$36.75

$38.15

$30.73

Investment

Activities:

Net

investment

income

(loss)(a)

0.39

0.69

0.69

0.76

0.66

0.62

Net

realized

and

unrealized

gains

(losses)

6.02

3.84

4.68

4.01

(1.39)

7.43

Total

from

Investment

Activities

6.41

4.53

5.37

4.77

(0.73)

8.05

Distributions

to

Shareholders

from:

Net

investment

income

(0.45)

(0.64)

(0.71)

(0.78)

(0.67)

(0.63)

Total

Distributions

(0.45)

(0.64)

(0.71)

(0.78)

(0.67)

(0.63)

Net

Asset

Value,

End

of

Period

$55.25

$49.29

$45.40

$40.74

$36.75

$38.15

Total

Return(b)(c)

13.05%

10.01%

13.33%

13.15%

(2.04)%

26.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)(d)

1.45%

1.43%

1.64%

1.98%

1.66%

1.80%

Gross

Expenses(d)(e)

0.41%

0.42%

0.42%

0.42%

0.41%

0.41%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$160,213

$110,893

$138,480

$124,246

$119,441

$164,065

Portfolio

Turnover(b)(f)

38%

71%

48%

73%

63%

56%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

91

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$71.27

$64.30

$61.69

$64.36

$71.28

$51.88

Investment

Activities:

Net

investment

income

(loss)(a)

0.49

0.94

1.02

1.29

0.87

0.70

Net

realized

and

unrealized

gains

(losses)

2.50

6.96

2.76

(1.29)

(6.95)

19.32

Total

from

Investment

Activities

2.99

7.90

3.78

—(b)

(6.08)

20.02

Distributions

to

Shareholders

from:

Net

investment

income

(0.48)

(0.93)

(1.17)

(1.26)

(0.84)

(0.62)

Net

realized

gains

—

—

—

(1.41)

—

—

Total

Distributions

(0.48)

(0.93)

(1.17)

(2.67)

(0.84)

(0.62)

Net

Asset

Value,

End

of

Period

$73.78

$71.27

$64.30

$61.69

$64.36

$71.28

Total

Return(c)(d)

4.19%

12.36%

6.23%

(0.12)%

(8.67)%

38.78%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)(e)

1.32%

1.37%

1.66%

2.00%

1.20%

1.13%

Gross

Expenses(e)(f)

0.38%

0.39%

0.40%

0.39%

0.38%

0.39%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$402,075

$416,923

$427,593

$669,367

$891,353

$937,341

Portfolio

Turnover(c)(g)

13%

24%(h)

117%(h)

271%(i)

101%(j)

34%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Excludes

impact

of

in-kind

transactions.

(h)

Portfolio

turnover

decreased

significantly

due

to

the

long/cash

strategy.

(i)

Increased

trading

levels

in

a

given

year

reflect

additional

portfolio

transactions

required

to

track

the

“enhanced

volatility”

methodology

of

the

Fund’s

underlying

index.

The

Fund

expects

trading

levels

to

be

lower

during

periods

of

lower

market

volatility.

(j)

Portfolio

turnover

increased

significantly

due

to

changes

in

the

volume

and

timing

of

purchases

and

sales

of

portfolio

holdings

during

the

year.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

92

See

notes

to

financial

statements.

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$63.80

$58.56

$57.64

$66.11

$64.57

$46.58

Investment

Activities:

Net

investment

income

(loss)(a)

1.12

2.14

2.29

2.18

2.14

1.56

Net

realized

and

unrealized

gains

(losses)

2.34

5.21

1.05

(8.47)

1.42

17.87

Total

from

Investment

Activities

3.46

7.35

3.34

(6.29)

3.56

19.43

Distributions

to

Shareholders

from:

Net

investment

income

(1.31)

(2.11)

(2.42)

(2.18)

(2.02)

(1.44)

Total

Distributions

(1.31)

(2.11)

(2.42)

(2.18)

(2.02)

(1.44)

Net

Asset

Value,

End

of

Period

$65.95

$63.80

$58.56

$57.64

$66.11

$64.57

Total

Return(b)(c)

5.44%

12.66%

6.01%

(9.69)%

5.49%

42.31%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)(d)

3.38%

3.37%

4.02%

3.47%

3.13%

2.80%

Gross

Expenses(d)(e)

0.38%

0.38%

0.39%

0.38%

0.39%

0.40%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$699,030

$733,712

$805,259

$1,585,204

$1,907,396

$916,846

Portfolio

Turnover(b)(f)

18%

45%(g)

196%(g)

333%(h)

41%

65%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

(g)

Portfolio

turnover

decreased

significantly

due

to

the

long/cash

strategy.

(h)

Portfolio

turnover

increased

significantly

due

to

tactical

rebalances.

93

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

Free

Cash

Flow

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

June

22,

2023(a)

through

June

30,

2023

Net

Asset

Value,

Beginning

of

Period

$35.34

$30.90

$25.40

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.26

0.51

0.42

0.01

Net

realized

and

unrealized

gains

(losses)

4.14

4.39

5.48

0.39

Total

from

Investment

Activities

4.40

4.90

5.90

0.40

Distributions

to

Shareholders

from:

Net

investment

income

(0.38)

(0.46)

(0.40)

—

Total

Distributions

(0.38)

(0.46)

(0.40)

—

Net

Asset

Value,

End

of

Period

$39.36

$35.34

$30.90

$25.40

Total

Return(c)(d)

12.48%

15.93%

23.39%

1.59%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.39%

0.39%

0.39%

0.35%(g)

Net

Investment

Income

(Loss)(e)

1.40%

1.50%

1.41%

2.30%

Gross

Expenses(e)(f)

0.42%

0.44%

0.48%

2.27%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,603,552

$4,303,779

$448,412

$44,700

Portfolio

Turnover(c)(h)

71%

142%

118%(i)

0%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Includes

impact

of

voluntary

waivers.

Without

these

voluntary

waivers,

the

net

expense

ratio

would

have

been

at

the

contractual

cap.

(h)

Excludes

impact

of

in-kind

transactions.

(i)

Reflects

overall

increase

in

trading

due

to

prior

period’s

portfolio

turnover

ratio

not

being

indicative

of

12

months

of

operations.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

94

See

notes

to

financial

statements.

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

December

21,

2023(a)

through

June

30,

2024

Net

Asset

Value,

Beginning

of

Period

$26.20

$26.06

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.14

0.35

0.21

Net

realized

and

unrealized

gains

(losses)

3.27

0.14

1.00

Total

from

Investment

Activities

3.41

0.49

1.21

Distributions

to

Shareholders

from:

Net

investment

income

(0.15)

(0.35)

(0.15)

Total

Distributions

(0.15)

(0.35)

(0.15)

Net

Asset

Value,

End

of

Period

$29.46

$26.20

$26.06

Total

Return(c)(d)

13.04%

1.94%

4.83%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.49%

0.49%

0.49%

Net

Investment

Income

(Loss)(e)

0.97%

1.37%

1.51%

Gross

Expenses(e)(f)

0.53%

0.56%

0.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$445,486

$281,914

$55,238

Portfolio

Turnover(c)(g)

70%

125%

77%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Excludes

impact

of

in-kind

transactions.

95

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

Free

Cash

Flow

Growth

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

December

4,

2024(a)

through

June

30,

2025

Net

Asset

Value,

Beginning

of

Period

$26.37

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

(0.02)

0.01

Net

realized

and

unrealized

gains

(losses)

1.83

1.37

Total

from

Investment

Activities

1.81

1.38

Distributions

to

Shareholders

from:

Net

investment

income

—(c)

(0.01)

Total

Distributions

—(c)

(0.01)

Net

Asset

Value,

End

of

Period

$28.18

$26.37

Total

Return(d)(e)

6.87%

5.51%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.39%

0.39%

Net

Investment

Income

(Loss)(f)

(0.11)%

0.06%

Gross

Expenses(f)(g)

0.42%

0.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$641,734

$538,630

Portfolio

Turnover(d)(h)

60%

96%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Amount

is

less

than

$0.005

per

share.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f)

Annualized

for

periods

less

than

one

year.

(g)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

96

See

notes

to

financial

statements.

VictoryShares

International

Free

Cash

Flow

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

June

26,

2025(a)

through

June

30,

2025

Net

Asset

Value,

Beginning

of

Period

$25.63

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.21

0.02

Net

realized

and

unrealized

gains

(losses)

2.79

0.61

Total

from

Investment

Activities

3.00

0.63

Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

—

Total

Distributions

(0.21)

—

Net

Asset

Value,

End

of

Period

$28.42

$25.63

Total

Return(c)(d)

11.71%

2.52%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.56%

0.56%

Net

Investment

Income

(Loss)(e)

1.50%

6.12%

Gross

Expenses(e)(f)

0.69%

53.32%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$107,978

$11,533

Portfolio

Turnover(c)(g)

56%

0%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Excludes

impact

of

in-kind

transactions.

97

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

International

Free

Cash

Flow

Growth

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

June

26,

2025(a)

through

June

30,

2025

Net

Asset

Value,

Beginning

of

Period

$25.71

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.04

0.01

Net

realized

and

unrealized

gains

(losses)

1.84

0.70

Total

from

Investment

Activities

1.88

0.71

Distributions

to

Shareholders

from:

Net

investment

income

(0.04)

—

Total

Distributions

(0.04)

—

Net

Asset

Value,

End

of

Period

$27.55

$25.71

Total

Return(c)(d)

7.74%

2.82%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.56%

0.56%

Net

Investment

Income

(Loss)(e)

0.28%

2.52%

Gross

Expenses(e)(f)

0.64%

53.18%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$232,832

$11,568

Portfolio

Turnover(c)(g)

55%

0%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Excludes

impact

of

in-kind

transactions.

Notes

to

Financial

Statements

December

31,

2025

Victory

Portfolios

II

98

(Unaudited)

1.

Organization:

Victory

Portfolios

II

(the

“Trust”)

is

organized as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

27

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following 13

funds

(collectively,

the

“Funds”

and

individually,

a

“Fund”).

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

*

Commenced

operations

December

4,

2024.

**

Commenced

operations

June

26,

2025. 

Victory

Capital

Management

Inc.

(“VCM”

or

the

“Adviser”)

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies:

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”).

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

(“ASC”)

Topic

946.

Shares

of

the

Funds

are

listed

and

traded

on

the

Nasdaq

Stock

Market,

LLC.

(the

“Exchange”).

The

Funds

issue

and

redeem

shares at

Net

Asset

Value

(“NAV”)

only

in

aggregations

of

50,000

shares

and

10,000

shares

for

Free

Cash

Flow

ETF,

Small

Cap

Free

Cash

Flow

ETF

and Free

Cash

Flow

Growth

ETF (each

a

“Creation

Unit”).

Creation

Units

are

issued

and

redeemed

in

exchange

for

a

basket

of

securities

included

in

the

respective

Fund’s

Index

(the

“Deposit

Securities”),

and/or

with

the

deposit

of

a

specified

cash

payment

(the

“Cash

Component”),

plus

a

transaction

fee.

Shares

trade

on

the

Exchange

at

market

prices

that

may

be

below,

at,

or

above

NAV.

Shares

of

a

Fund

may

only

be

purchased

or

redeemed

by

certain

financial

institutions

(“Authorized

Participants”).

An

Authorized

Participant

is

either

(i)

a

broker-dealer

or

other

participant

in

the

clearing

process

through

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation

or

(ii)

a

Depository

Trust

Company

participant

and,

in

each

case,

must

have

executed

a

Participant

Agreement

with

the

distributor.

In

addition,

shares

may

be

issued

in

advance

of

receipt

of

Deposit

Securities

subject

to

various

conditions,

including

a

requirement

to

maintain

on

deposit

with

the

Trust

cash

equal

to

at

least 105%

of

the

market

value

of

the

missing

Deposit

Securities.

In

each

instance

of

such

cash

creations

or

redemptions,

transaction

fees

may

be

imposed

and

may

be

higher

than

the

transaction

fees

associated

with

in-kind

creations

or

redemptions.

Shares

of

each

Fund

have

equal

rights

and

privileges.

A

purchase

(i.e.,

creation)

transaction

fee

is

imposed

for

the

transfer

and

other

transactional

costs

associated

with

the

purchase

of

Creation

Units.

In

addition,

a

variable

fee

may

be

charged

on

all

cash

transactions

or

substitutes

for

Creation

Units.

Variable

fees

received

by

each

Fund

are

displayed

in

the

Capital

Transactions

section

of

the

Statements

of

Changes

in

Net

Assets

as

an

increase

to

Capital.

Funds

(Legal

Name)

Funds

(Short

Name)

VictoryShares

US

500

Volatility

Wtd

ETF

US

500

Volatility

Wtd

ETF

VictoryShares

International

Volatility

Wtd

ETF

International

Volatility

Wtd

ETF

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF

US

Large

Cap

High

Div

Volatility

Wtd

ETF

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF

US

Small

Cap

High

Div

Volatility

Wtd

ETF

VictoryShares

Dividend

Accelerator

ETF

Dividend

Accelerator

ETF

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF

US

Multi-Factor

Minimum

Volatility

ETF

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF

US

500

Enhanced

Volatility

Wtd

ETF

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

VictoryShares

Free

Cash

Flow

ETF

Free

Cash

Flow

ETF

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

Small

Cap

Free

Cash

Flow

ETF

VictoryShares

Free

Cash

Flow

Growth

ETF*

Free

Cash

Flow

Growth

ETF

VictoryShares

International

Free

Cash

Flow

ETF**

International

Free

Cash

Flow

ETF

VictoryShares

International

Free

Cash

Flow

Growth

ETF**

International

Free

Cash

Flow

Growth

ETF

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

99

(Unaudited)

The

transaction

fees

for

each

Fund

are

listed

below:

Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds’

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

3

—

significant

unobservable

inputs

(including

the

Adviser’s

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust’s

Board

of

Trustees

(the

“Board”),

has

established

the

Pricing

Committee

(the

“Committee”),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds’

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

(“ETFs”)

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

NAV.

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments  (amounts

in

thousands):

Fee

for

In-Kind

and

Cash

Purchases

and

Redemptions

Maximum

Additional

Variable

Charge

for

Cash

Purchases

and

Redemptions*

US

500

Volatility

Wtd

ETF

...............................................

$

750

2.00%

International

Volatility

Wtd

ETF

...........................................

6,000

2.00%

US

Large

Cap

High

Div

Volatility

Wtd

ETF

...................................

250

2.00%

US

Small

Cap

High

Div

Volatility

Wtd

ETF

...................................

250

2.00%

Dividend

Accelerator

ETF

...............................................

250

2.00%

US

Multi-Factor

Minimum

Volatility

ETF

....................................

250

2.00%

US

500

Enhanced

Volatility

Wtd

ETF

.......................................

750

2.00%

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

..................................

250

2.00%

Free

Cash

Flow

ETF

...................................................

250

2.00%

Small

Cap

Free

Cash

Flow

ETF

...........................................

250

2.00%

Free

Cash

Flow

Growth

ETF

.............................................

250

2.00%

International

Free

Cash

Flow

ETF

..........................................

1,500

2.00%

International

Free

Cash

Flow

Growth

ETF

....................................

1,500

2.00%

*  

As

a

percentage

of

the

amount

invested

Level

1

Level

2

Level

3

Total

US

500

Volatility

Wtd

ETF

Common

Stocks

...............................................

$

521,532

$

—

$

—

$

521,532

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

100

(Unaudited)

Level

1

Level

2

Level

3

Total

US

500

Volatility

Wtd

ETF,

continued

Collateral

for

Securities

Loaned

...................................

$

3,114

$

—

$

—

$

3,114

Total

.......................................................

$

524,646

$

—

$

—

$

524,646

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

1

—

—

1

Total

.......................................................

$

1

$

—

$

—

$

1

International

Volatility

Wtd

ETF

Common

Stocks

...............................................

61,446

—

—(a)

61,446

Warrants

....................................................

—

—

—(a)

—(a)

Collateral

for

Securities

Loaned

...................................

1,558

—

—

1,558

Total

.......................................................

$

63,004

$

—

$

—(a)

$

63,004

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

1

—

—

1

Total

.......................................................

$

1

$

—

$

—

$

1

US

Large

Cap

High

Div

Volatility

Wtd

ETF

Common

Stocks

...............................................

352,234

—

—

352,234

Collateral

for

Securities

Loaned

...................................

4,617

—

—

4,617

Total

.......................................................

$

356,851

$

—

$

—

$

356,851

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

—**

—

—

—**

Total

.......................................................

$

—**

$

—

$

—

$

—**

US

Small

Cap

High

Div

Volatility

Wtd

ETF

Common

Stocks

...............................................

241,504

—

—

241,504

Collateral

for

Securities

Loaned

...................................

11,834

—

—

11,834

Total

.......................................................

$

253,338

$

—

$

—

$

253,338

Other

Financial

Investments:*

Liabilities:

Futures

Contracts

..............................................

(27)

—

—

(27)

Total

.......................................................

$

(27)

$

—

$

—

$

(27)

Dividend

Accelerator

ETF

Common

Stocks

...............................................

217,644

—

—

217,644

Collateral

for

Securities

Loaned

...................................

4,736

—

—

4,736

Total

.......................................................

$

222,380

$

—

$

—

$

222,380

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

3

—

—

3

Total

.......................................................

$

3

$

—

$

—

$

3

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

101

(Unaudited)

Level

1

Level

2

Level

3

Total

US

Multi-Factor

Minimum

Volatility

ETF

Common

Stocks

...............................................

$

159,788

$

—

$

—

$

159,788

Total

.......................................................

$

159,788

$

—

$

—

$

159,788

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

—**

—

—

—**

Total

.......................................................

$

—**

$

—

$

—

$

—**

US

500

Enhanced

Volatility

Wtd

ETF

Common

Stocks

...............................................

400,688

—

—

400,688

Investment

Companies

..........................................

984

—

—

984

Collateral

for

Securities

Loaned

...................................

2,464

—

—

2,464

Total

.......................................................

$

404,136

$

—

$

—

$

404,136

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

3

—

—

3

Total

.......................................................

$

3

$

—

$

—

$

3

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

Common

Stocks

...............................................

694,859

—

—

694,859

Investment

Companies

..........................................

2,074

—

—

2,074

Collateral

for

Securities

Loaned

...................................

5,729

—

—

5,729

Total

.......................................................

$

702,662

$

—

$

—

$

702,662

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

1

—

—

1

Total

.......................................................

$

1

$

—

$

—

$

1

Free

Cash

Flow

ETF

Common

Stocks

...............................................

5,583,091

—

—

5,583,091

Total

.......................................................

$

5,583,091

$

—

$

—

$

5,583,091

Other

Financial

Investments:*

Liabilities:

Futures

Contracts

..............................................

(37)

—

—

(37)

Total

.......................................................

$

(37)

$

—

$

—

$

(37)

Small

Cap

Free

Cash

Flow

ETF

Common

Stocks

...............................................

443,561

—

—

443,561

Collateral

for

Securities

Loaned

...................................

14,603

—

—

14,603

Total

.......................................................

$

458,164

$

—

$

—

$

458,164

Other

Financial

Investments:*

Liabilities:

Futures

Contracts

..............................................

(36)

—

—

(36)

Total

.......................................................

$

(36)

$

—

$

—

$

(36)

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

102

(Unaudited)

As

of December

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3.

Real

Estate

Investment

Trusts

(“REITs”):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Derivative

Instruments:

Futures

Contracts:

The

Funds

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Funds

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Funds

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

Level

1

Level

2

Level

3

Total

Free

Cash

Flow

Growth

ETF

Common

Stocks

...............................................

$

640,451

$

—

$

—

$

640,451

Total

.......................................................

$

640,451

$

—

$

—

$

640,451

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

2

—

—

2

Total

.......................................................

$

2

$

—

$

—

$

2

International

Free

Cash

Flow

ETF

Common

Stocks

...............................................

107,197

—

—

107,197

Collateral

for

Securities

Loaned

...................................

537

—

—

537

Total

.......................................................

$

107,734

$

—

$

—

$

107,734

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

1

—

—

1

Total

.......................................................

$

1

$

—

$

—

$

1

International

Free

Cash

Flow

Growth

ETF

Common

Stocks

...............................................

232,085

—

—

232,085

Total

.......................................................

$

232,085

$

—

$

—

$

232,085

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

4

—

—

4

Total

.......................................................

$

4

$

—

$

—

$

4

*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

**

Rounds

to

less

than

$1

thousand.

(a)

Zero

market

value

securities.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

103

(Unaudited)

the

option

period.

Futures

transactions

involve

brokerage

costs and

a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian,

which is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Funds

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Funds

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Funds

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Funds’

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Funds’

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Funds

are

not

subject

to

master

netting

agreements

for

futures

contracts. During

the

six

months

ended December

31,

2025,

the Funds entered

into

futures

contracts

primarily

for

the

strategy

of

hedging

or

other

purposes,

including

but

not

limited

to,

providing

liquidity

and

equitizing

cash.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

December

31,

2025

(amounts

in

thousands):

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

December

31,

2025 (amounts

in

thousands):

Assets

Liabilities

Receivable:

Variation

margin

on

open

futures

contracts*

Payable:

Variation

margin

on

open

futures

contracts*

Equity

Risk

Exposure:

16,000

(100,000)

US

500

Volatility

Wtd

ETF

...............................................................

$

1

$

–

International

Volatility

Wtd

ETF

...........................................................

1

–

US

Large

Cap

High

Div

Volatility

Wtd

ETF

...................................................

–**

–

US

Small

Cap

High

Div

Volatility

Wtd

ETF

...................................................

–

27

Dividend

Accelerator

ETF

...............................................................

3

–

US

Multi-Factor

Minimum

Volatility

ETF

....................................................

–**

–

US

500

Enhanced

Volatility

Wtd

ETF

.......................................................

3

–

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

..................................................

1

–

Free

Cash

Flow

ETF

...................................................................

–

37

Small

Cap

Free

Cash

Flow

ETF

...........................................................

–

36

Free

Cash

Flow

Growth

ETF

.............................................................

2

–

International

Free

Cash

Flow

ETF

..........................................................

1

–

International

Free

Cash

Flow

Growth

ETF

....................................................

4

–

*

Includes

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedules

of

Portfolio

Investments.

Only

current

day’s

variation

margin

for

futures

contracts

is

reported

within

the

Statements

of

Assets

and

Liabilities.

**

Rounds

to

less

than

$1

thousand.

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Equity

Risk

Exposure:

3,485,000

(1,081,000)

US

500

Volatility

Wtd

ETF

...........................................................

$

126

$

(33)

International

Volatility

Wtd

ETF

.......................................................

40

(13)

US

Large

Cap

High

Div

Volatility

Wtd

ETF

...............................................

186

(57)

US

Small

Cap

High

Div

Volatility

Wtd

ETF

...............................................

263

(68)

Dividend

Accelerator

ETF

...........................................................

93

(29)

US

Multi-Factor

Minimum

Volatility

ETF

................................................

36

(11)

US

500

Enhanced

Volatility

Wtd

ETF

...................................................

109

(31)

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

104

(Unaudited)

All

open

derivative

positions

at

period

end

are

reflected

on

each

respective

Fund’s

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund’s

net

assets

at

period end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statements

of

Operations. 

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment’s

applicable

country’s

tax

rules

and

rates.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

(“Citibank”), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds’

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds’

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds’

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds’

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds’

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

..............................................

$

414

$

(112)

Free

Cash

Flow

ETF

...............................................................

1,891

(675)

Small

Cap

Free

Cash

Flow

ETF

.......................................................

202

(48)

Free

Cash

Flow

Growth

ETF

.........................................................

94

(9)

International

Free

Cash

Flow

ETF

......................................................

13

1

International

Free

Cash

Flow

Growth

ETF

................................................

18

4

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

105

(Unaudited)

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Funds

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Funds

do

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statements

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statements

of

Operations.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

June

30.

For

the

six

months

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3.

Purchases

and

Sales:

Purchases

and

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

and

purchases

and

sales

associated

with

in-kind

transactions

for

the

six

months

ended

December

31,

2025,

are

included

in

the

table

below

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in-kind

redemptions

are

reflected

on

the

Statements

of

Operations

as

net

realized

gains

(losses)

from

in-kind

redemptions.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

US

500

Volatility

Wtd

ETF

..........................................

$

2,489

$

—

$

3,114

International

Volatility

Wtd

ETF

......................................

1,478

—

1,558

US

Large

Cap

High

Div

Volatility

Wtd

ETF

..............................

4,484

—

4,617

US

Small

Cap

High

Div

Volatility

Wtd

ETF

..............................

10,680

—

11,834

Dividend

Accelerator

ETF

..........................................

4,588

—

4,736

US

500

Enhanced

Volatility

Wtd

ETF

..................................

1,979

—

2,464

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.............................

5,571

—

5,729

Small

Cap

Free

Cash

Flow

ETF

......................................

18,083

4,517

14,603

International

Free

Cash

Flow

ETF

.....................................

503

—

537

Excluding

U.S.

Government

Securities

and

In-Kind

Transactions

Associated

with

In-Kind

Transactions

Purchases

Sales

Purchases

Sales

US

500

Volatility

Wtd

ETF

..................................

$

68,634

$

68,769

$

—

$

22,384

International

Volatility

Wtd

ETF

..............................

11,140

13,286

9,700

64,836

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

106

(Unaudited)

4.

Affiliated

Fund

Ownership:

The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

funds.

The affiliated

funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund’s

assets,

and

together

with

the

investments

of

the

other

affiliated

funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund’s

net

assets.

The

affiliated

funds

annual

and

semi-annual

reports

may

be

viewed

at

vcm.

com.

As

of

December

31,

2025,

certain

affiliated

funds owned

total

outstanding

shares

of

the

Funds

as

follows:

Excluding

U.S.

Government

Securities

and

In-Kind

Transactions

Associated

with

In-Kind

Transactions

Purchases

Sales

Purchases

Sales

US

Large

Cap

High

Div

Volatility

Wtd

ETF

......................

$

63,489

$

63,866

$

3,370

$

10,217

US

Small

Cap

High

Div

Volatility

Wtd

ETF

......................

88,385

89,072

—

43,630

Dividend

Accelerator

ETF

..................................

32,467

33,050

2,661

26,395

US

Multi-Factor

Minimum

Volatility

ETF

.......................

48,941

48,866

34,578

—

US

500

Enhanced

Volatility

Wtd

ETF

..........................

53,739

53,853

—

28,945

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.....................

130,492

131,354

—

58,717

Free

Cash

Flow

ETF

......................................

3,436,789

3,429,802

2,558,147

1,804,933

Small

Cap

Free

Cash

Flow

ETF

..............................

251,071

252,094

150,495

25,052

Free

Cash

Flow

Growth

ETF

................................

355,556

355,234

294,254

230,143

International

Free

Cash

Flow

ETF

.............................

44,937

43,036

125,862

39,035

International

Free

Cash

Flow

Growth

ETF

.......................

82,027

76,811

245,997

43,730

International

Volatility

Wtd

ETF

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

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.

.

.

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.

.

.

.

.

.

3.3

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

13.6

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

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.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.1

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

15.3

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.1

US

Multi-Factor

Minimum

Volatility

ETF

Ownership

%

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

9.9

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.5

Free

Cash

Flow

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.5

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.1

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2

Small

Cap

Free

Cash

Flow

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.2

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.3

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.7

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.0

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.7

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0

Free

Cash

Flow

Growth

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.1

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.5

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.5

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.7

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.5

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.4

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

107

(Unaudited)

5.

Fees

and

Transactions

with

Affiliates

and

Related

Parties:

Investment

Advisory

Fees: 

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds’

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios.

The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

(“CCO”),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.2

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

16.1

International

Free

Cash

Flow

ETF

Ownership

%

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10.0

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

26.0

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

61.4

International

Free

Cash

Flow

Growth

ETF

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.9

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

8.4

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.5

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.3

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.6

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

11.7

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

36.1

Fee

Rate

US

500

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

International

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40%

US

Large

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

US

Small

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

Dividend

Accelerator

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

US

Multi-Factor

Minimum

Volatility

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

US

500

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Small

Cap

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.45%

Free

Cash

Flow

Growth

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

International

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

International

Free

Cash

Flow

Growth

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

108

(Unaudited)

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Other

Fees:

Citibank

serves

as

the

Funds’

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

In

addition,

through

an

arrangement

with

the

Funds’

custodian,

the

International

Free

Cash

Flow

ETF

and

International

Free

Cash

Flow

Growth

ETF’s

custodian

expenses

were

waived

for

the

first

6

months

of

operations,

as

reflected

on

the

Statements

of

Operations

as

Custody

waiver.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds’

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36)

months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a)

the

original

waiver

or

expense

reimbursement;

or

(b)

the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025.

For

the

six

months ended

December

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of 

December

31,

2025

,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

In

Effect

Until

October

31,

2026

US

500

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

International

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.45%

US

Large

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

US

Small

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Dividend

Accelerator

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

US

Multi-Factor

Minimum

Volatility

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

US

500

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.39%

Small

Cap

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.49%

Free

Cash

Flow

Growth

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.39%

International

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.56%

International

Free

Cash

Flow

Growth

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.56%

Amount

US

500

Volatility

Wtd

ETF

..............................................................................

$

2

US

500

Enhanced

Volatility

Wtd

ETF

......................................................................

—*

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.................................................................

8

Free

Cash

Flow

ETF

..................................................................................

31

Free

Cash

Flow

Growth

ETF

............................................................................

4

International

Free

Cash

Flow

Growth

ETF

...................................................................

1

*

Rounds

to

less

than

$1

thousand.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

109

(Unaudited)

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Other

Fees:

Citibank

serves

as

the

Funds’

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

In

addition,

through

an

arrangement

with

the

Funds’

custodian,

the

International

Free

Cash

Flow

ETF

and

International

Free

Cash

Flow

Growth

ETF’s

custodian

expenses

were

waived

for

the

first

6

months

of

operations,

as

reflected

on

the

Statements

of

Operations

as

Custody

waiver.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds’

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36)

months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a)

the

original

waiver

or

expense

reimbursement;

or

(b)

the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025.

For

the

six

months ended

December

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of 

December

31,

2025

,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

In

Effect

Until

October

31,

2026

US

500

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

International

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.45%

US

Large

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

US

Small

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Dividend

Accelerator

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

US

Multi-Factor

Minimum

Volatility

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

US

500

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.39%

Small

Cap

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.49%

Free

Cash

Flow

Growth

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.39%

International

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.56%

International

Free

Cash

Flow

Growth

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.56%

Amount

US

500

Volatility

Wtd

ETF

..............................................................................

$

2

US

500

Enhanced

Volatility

Wtd

ETF

......................................................................

—*

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.................................................................

8

Free

Cash

Flow

ETF

..................................................................................

31

Free

Cash

Flow

Growth

ETF

............................................................................

4

International

Free

Cash

Flow

Growth

ETF

...................................................................

1

*

Rounds

to

less

than

$1

thousand.

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time

and

are

reflected

on

the

Statements

of

Operations

as

Expenses

waived/reimbursed

by

Adviser.

For

the six

months ended

December

31,

2025,

the

Adviser

voluntarily

waived

the

following

amounts

(amounts

in

thousands):

Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

distributor.

6.

Risks:

The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund’s

prospectus

contains

unaudited

information

regarding

the

Fund’s

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund’s

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

June

30,

2026

June

30,

2027

June

30,

2028

June

30,

2029

Total

US

500

Volatility

Wtd

ETF

..................................

$

25

$

59

$

21

$

4

$

109

International

Volatility

Wtd

ETF

..............................

74

106

113

52

345

US

Large

Cap

High

Div

Volatility

Wtd

ETF

......................

30

61

35

12

138

US

Small

Cap

High

Div

Volatility

Wtd

ETF

......................

32

63

39

17

151

Dividend

Accelerator

ETF

..................................

24

53

43

19

139

US

Multi-Factor

Minimum

Volatility

ETF

.......................

24

48

49

21

142

US

500

Enhanced

Volatility

Wtd

ETF

..........................

14

65

23

9

111

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.....................

14

90

6

3

113

Free

Cash

Flow

ETF

......................................

—

59

432

65

556

Small

Cap

Free

Cash

Flow

ETF

..............................

—

70

73

27

170

Free

Cash

Flow

Growth

ETF

................................

—

—

114

20

134

International

Free

Cash

Flow

ETF

.............................

—

—

31

32

63

International

Free

Cash

Flow

Growth

ETF

.......................

—

—

30

27

57

Amount

US

500

Volatility

Wtd

ETF

..............................................................................

$

69

International

Volatility

Wtd

ETF

..........................................................................

12

US

Large

Cap

High

Div

Volatility

Wtd

ETF

..................................................................

47

US

Small

Cap

High

Div

Volatility

Wtd

ETF

..................................................................

35

Dividend

Accelerator

ETF

..............................................................................

31

US

Multi-Factor

Minimum

Volatility

ETF

...................................................................

17

US

500

Enhanced

Volatility

Wtd

ETF

......................................................................

54

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.................................................................

96

Free

Cash

Flow

ETF

..................................................................................

634

Small

Cap

Free

Cash

Flow

ETF

..........................................................................

47

Free

Cash

Flow

Growth

ETF

............................................................................

78

International

Free

Cash

Flow

ETF

.........................................................................

10

International

Free

Cash

Flow

Growth

ETF

...................................................................

18

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

110

(Unaudited)

Equity

Securities

Risk

—

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company’s

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors. 

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Limited

History

of

Operations Risk

—

the

Fund(s) may

be fairly new

and,

therefore,

have

a

limited

history

of

operations

for

investors

to

evaluate.

Large-Shareholder Risk

—

Certain

large

shareholders,

including

other

funds

advised

by

the

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund’s

shares. 

The

actions

by

one

shareholder

or

multiple

shareholders

may

have

an

impact

on

the

Fund

and,

therefore,

indirectly

on

other

shareholders.

Shareholder

purchase

and

redemption

activity

may

affect

the

per

share

amount

of

the

Fund’s

distributions

of

its

net

investment

income

and

net

realized

capital

gains,

if

any,

thereby

affecting

the

tax

burden

on

the

Fund’s

shareholders

subject

to

federal

income

tax

and/or

accelerate

the

realization

of

taxable

income

and cause

the

Fund

to

make

taxable

distributions

to

its

shareholders

earlier

than

the

Fund

otherwise

would

have.

To

the

extent

a

larger

shareholder

is

permitted

to

invest

in

the

Fund,

the

Fund

may

experience

large

inflows

or

outflows

of

cash

from

time

to

time.

This

activity

could

magnify

these

adverse

effects

on

the

Fund.

Foreign

Securities

Risk

—

The Fund(s) invest

in

securities

of

foreign

issuers

in

various

countries.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

of

less

foreign

government

regulations,

less

public

information,

and

less

economic,

political,

and

social

stability

in

the

countries

in

which

the

Fund(s)

invest.

The

imposition

of

exchange

controls,

sanctions,

confiscations,

trade

restrictions

(including

tariffs),

and

other

government

restrictions

by

the

United

States

or

other

governments;

or

problems

in

shares

registration,

settlement,

or

custody

also

may

result

in

losses.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

the

Fund(s)

have

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

Large-Capitalization

Stock

Risk

—

The

securities

of

large-sized

companies

may

underperform

the

securities

of

smaller-sized

companies

or

the

market

as

a

whole.

The

growth

rate

of

larger,

more

established

companies

may

lag

those

of

smaller

companies,

especially

during

periods

of

economic

expansion.

Dividend

Investment

Strategy Risk

—

The

Fund(s)

dividend

strategy

may

not

be

successful.

Dividend

paying

stocks

may

fall

out

of

favor

relative

to

the

overall

market.

In

addition,

the

Index

may

not

successfully

identify

companies

that

meet

its

objectives. 

Small-Capitalization

Stock

Risk

—

Certain

Funds invest

in

small-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

making

it

difficult

for

a

Fund

to

buy

and

sell

them

at

the

time

and

price

desired,

and

these

issuers

often

face

greater

business

risks.

Small-capitalization

companies

typically

are

less

financially

stable

than

larger,

more

established

companies,

and

may

depend

on

a

small

number

of

key

personnel,

making

them

vulnerable

to

loss

of

personnel.

These

companies

also

generally

have

less

diverse

product

lines

than

larger

capitalization

companies

and

are

more

susceptible

to

adverse

developments

related

to

their

products.

Mid-Capitalization

Stock

Risk

— Mid-sized

companies

may

be

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

111

(Unaudited)

Sector Risk

— 

To

the

extent

the

Fund(s)

focus

in

one

or

more

sectors,

such

as

the

information

technology

sector

 market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund’s

(or

Funds’)

investments

and

could

make

the

Fund’s

(or

Funds’)

performance

more

volatile.

Consumer

Staples Sector

Risk

—

Companies

in

the

consumer

staples sector

may

be

affected

by

general

economic

conditions,

commodity

production

and

pricing,

consumer

confidence

and

spending,

consumer

preferences,

interest

rates,

and

product

cycles.

They

are

subject

to

government

regulation

affecting

their

products,

which

may

negatively

impact

such

companies’

and

consumer

spending

and

may

be

adversely

affected

by

changes

impacting

consumer

spending.

Companies

in

the

consumer

staples

sector

have

historically

been

characterized

as

non-cy-

clical

in

nature

and

therefore

less

volatile.

Energy

Sector

Risk

—

Companies

operating

in

the

energy

sector

may

be

cyclical

and

highly dependent

on

energy

prices.

They

may

be

ad-

versely

impacted

by

general

economic

conditions,

worldwide

demand,

political

instability

in

the

regions

that

the

companies

operate,

govern-

ment

regulation

stipulating

rates

charged

by

utilities,

interest

rate

sensitivity,

oil

and

other

energy

price

volatility,

energy

conservation

efforts,

environmental

policies,

depletion

of

resources,

the

cost

of

providing

the

specific

utility

services,

and

other

factors

that

they

cannot

control.

Companies

in

this

sector

may

be

subject

to

substantial

government

regulation

and

contractual

fixed

pricing.

In

addition,

these

companies

are

at

risk

of

civil

liability

from

accidents

resulting

in

injury,

loss

of

life

or

property,

pollution

or

other

environmental

damage

claims,

and

risk

of

loss

from

terrorism

and

natural

disasters.

Financials Sector Risk

— 

Companies

in

the

financials

sector

are

subject

to

extensive

government

regulation,

which

may

limit

both

the

amounts

and

types

of

loans

and

other

financial

commitments

that

companies

in

this

sector

can

make,

and

the

interest

rates

and

fees

that

these

companies

can

charge.

Profitability

can

be

largely

dependent

on

the

availability

and

cost

of

capital

and

the

rate

of

corporate

and

consumer

debt

defaults,

and

can

fluctuate

significantly

when

interest

rates

change.

Financial

difficulties

of

borrowers

can

negatively

affect

the

financials

sector.

Insurance

companies

can

be

subject

to

severe

price

competition.

The

financials

sector

can

be

subject

to

relatively

rapid

change

as

dis-

tinctions

between

financial

service

segments

become

increasingly

blurred.

Health

Care

Sector

Risk

—

Companies

in

the

health

care

sector

may

be

adversely

affected

by

extensive

government

regulation,

restrictions

on

government

reimbursement

for

medical

expenses,

rising

or

falling

costs

of

medical

products

and

services,

pricing

pressure,

an

increased

emphasis

on

outpatient

services,

limited

number

of

products,

product

obsolescence,

industry

innovation,

changes

in

technologies,

and

other

market

developments.

Companies

in

the

health

care

sector

are

heavily

dependent

on

patent

protection

and

the

expiration

of

patents

may

ad-

versely

affect

these

companies.

Many

of

these

companies

are

subject

to

extensive

litigation

based

on

product

liability

and

similar

claims.

These

companies

are

subject

to

competitive

forces

that

may

make

it

difficult

to

raise

prices.

Industrials

Sector

Risk

—

Companies

in

the

industrials

sector

are

affected

by

supply

and

demand

both

for

their

specific

product

or

service

and

for

industrials

sector

products

in

general.

Government

regulation,

world

events,

and

economic

conditions

also

affect

the

performance

of

investments

in

such

issuers.

Aerospace

and

defense

companies,

a

component

of

the

industrials

sector,

can

be

significantly

affected

by

govern-

ment

spending

policies.

Transportation

companies

may

experience

occasional

sharp

price

movements,

which

may

result

from

changes

in

the

economy,

fuel

prices,

labor

agreements,

and

insurance

costs.

Information

Technology

Sector

Risk

—

Companies

in

the

information

technology

sector

face

intense

competition,

both

domestically

and

internationally.

These

companies

may

be

smaller

or

newer

and

may

have

limited

product

lines,

markets,

financial

resources,

or

personnel.

The

products

of

companies

in

the

information

technology

sector

may

face

product

obsolescence

due

to

rapid

technological

developments

and

frequent

new

product

introduction,

unpredictable

changes

in

growth

rates,

and

competition

for

the

services

of

qualified

personnel.

These

com-

panies

may

be

developing

or

marketing

new

products

or

services

for

which

markets

are

not

yet

established

and

may

never

become

established.

Utilities Sector

Risk

—

Companies

in

the

utilities

sector

may

be

adversely

affected

by

supply

and

demand,

operating

costs,

government

regulation,

environmental

factors,

liabilities

for

environmental

damage

and

general

civil

liabilities,

and

rate

caps

or

rate

changes.

The

value

of

regulated

utility

equity

securities

may

tend

to

have

an

inverse

relationship

to

the

movement

of

interest

rates.

In

addition,

natural

disasters,

terrorist

attacks,

government

intervention

or

other

factors

may

render

a

utility

company's

equipment

unusable

or

obsolete

and

negatively

impact

these

companies.

Certain

utility

companies

are

frequently

more

similar

to

companies

in

the

industrial

sector.

The

utilities

sector

also

can

be

significantly

affected

by

financing

difficulties,

changes

in

taxation,

natural

resource

conservation,

and

commodity

price

fluctuations.

Geographic

Focus Risk

—

To

the

extent

the

Fund(s)

focuses

its

investments

in

issuers

located

in

a

particular

country

or

region,

the

Fund

is

subject

to

greater

risks

of

volatile

economic

cycles

and/or

conditions

and

developments

that

may

be

particular

to

that

country

or

region.

For

example,

the

Fund

may

be

subject

to

greater

risk

of

adverse

securities

markets,

exchange

rates,

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments,

or

natural

disasters.

7.

Borrowing:

Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

“Line

of

Credit”

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

III

(collectively,

the

“Victory

Funds

Complex”),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

112

(Unaudited)

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10

percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

December

31,

2025.

8.

Federal

Income

Tax

Information:

Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund. 

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

“book/tax”

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended June

30,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

9.

Segment

Reporting:

The

Adviser’s

Management

Committee acts

as

each

Fund’s

Chief

Operating

Decision

Maker

(“CODM”).

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund’s

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds’

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

each

Fund’s

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

is

consistent

with

that

presented

within

each

Fund’s

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Declared

Paid

US

500

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

International

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

US

Large

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

US

Small

Cap

High

Div

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Dividend

Accelerator

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

US

Multi-Factor

Minimum

Volatility

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

US

500

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Small

Cap

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Free

Cash

Flow

Growth

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

International

Free

Cash

Flow

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

International

Free

Cash

Flow

Growth

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

Monthly

Monthly

Short-Term

Amount

Long-Term

Amount

Total

US

500

Volatility

Wtd

ETF

...............................................

$

(46,339)

$

(32,504)

$

(78,843)

International

Volatility

Wtd

ETF

...........................................

(3,184)

(1,012)

(4,196)

US

Large

Cap

High

Div

Volatility

Wtd

ETF

...................................

(33,646)

(22,316)

(55,962)

US

Small

Cap

High

Div

Volatility

Wtd

ETF

...................................

(52,480)

(33,393)

(85,873)

Dividend

Accelerator

ETF

...............................................

(9,859)

(18,797)

(28,656)

US

Multi-Factor

Minimum

Volatility

ETF

....................................

(22,174)

(6,524)

(28,698)

US

500

Enhanced

Volatility

Wtd

ETF

.......................................

(107,143)

(17,653)

(124,796)

US

EQ

Income

Enhanced

Volatility

Wtd

ETF

..................................

(417,936)

(5,942)

(423,878)

Free

Cash

Flow

ETF

...................................................

(237,940)

(6,647)

(244,587)

Small

Cap

Free

Cash

Flow

ETF

...........................................

(32,870)

(1,368)

(34,238)

Free

Cash

Flow

Growth

ETF

.............................................

(23,059)

—

(23,059)

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

113

(Unaudited)

10.

New

Accounting

Pronouncement:

On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(“ASU”)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions. 

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. 

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. 

Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds’

financial

statements.

11.

Subsequent

Event:

On

December 4,

2025,

the

Board,

upon

recommendation

of

the

Adviser,

approved

a

Plan

of

Liquidation

for

International

Volatility

Wtd

ETF.

On

February

4,

2026,

the

Fund

redeemed

all

of

its

outstanding

shares

at

the

net

asset

value

of

such

shares.

Supplemental

Information

December

31,

2025

Victory

Portfolios

II

114

(Unaudited)

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement (the

“Agreement”)

The

Board

approved

the

Agreement

on

behalf

of

each

of

the

Funds

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025.

The

Board

also

considered

information

relating

to

the

Funds

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025.

In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

the

Funds

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

each

Fund’s

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management’s

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser’s

costs)

with

respect

to

the

Adviser’s

relationship

with

the

Funds;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

Tracking

error,

as

applicable;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

The

Board

reviewed

each

Fund’s

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser’s

business

and

services

with

respect

to

each

Fund

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund’s

gross

management

fee

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

exchange-traded

funds

(“ETFs”)

compiled

by

the

consultant

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant’s

analyses

in

the

selection

of

each

Fund’s

peer

group,

including

the

consultant’s

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant’s

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser’s

input,

if

any.

As

in

prior

years,

in

evaluating

the

Adviser’s

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund’s

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Fund’s

management

fee

or

the

Fund’s

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

management,

administration

or

oversight

needs;

the

size

of

the

Fund’s

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

expenses.

The

Board

noted

that

none

of

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

115

(Unaudited)

the

advisory

fee

arrangements

for

these

Funds

included

breakpoints,

which

would

be

a

structure

that

results

in

reduced

fees

as

a

Fund

grows.

The

Board

also

considered

the

Adviser’s

commitment

to

limit

expenses

as

discussed

in

more

detail

below.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser’s

oversight

of

the

Funds’

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

reviewed

each

Fund’s

performance

over

one-,

three-,

five-

and

ten-year

periods

(as

applicable)

against

the

performance

of

the

Fund’s

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

each

Fund

is

net

of

expenses,

while

the

performance

of

each

benchmark

index

reflects

gross

returns.

The

Board

also

recognized

that

each

Fund

will

generally

underperform

its

underlying

reference

index

due

to

fees

and

expenses.

The

Board

considered

that

the

Funds,

and

in

particular

those

Funds

with

investment

strategies

that

include

a

“long/cash”

feature,

could

be

considered

distinct

as

compared

to

the

peer

group

of

ETFs

selected

by

the

independent,

third-party

consultant.

When

a

Fund’s

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund’s

expenses

differed,

including,

for

example,

whether

the

Fund’s

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

12

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds’

performance,

and

received

a

report

each

quarter

on

the

Funds’

performance,

among

other

things,

from

the

Adviser’s

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser’s

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

VictoryShares

US

500

Volatility

Wtd

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2014

and

that

its

investment

objective

is

to

track

the

performance

of

an

index

maintained

by

an

independent

third

party

before

fees

and

expenses,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

both

the

benchmark

index

and

the

peer

group

median

for

all

of

the

periods

reviewed.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

third

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile,

and

the

Fund’s

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

International

Volatility

Wtd

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2015,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

all

of

the

periods

reviewed,

underperformed

the

peer

group

median

for

the

three-year

period,

matched

the

peer

group

median

for

the

five-year

period,

and

outperformed

the

peer

group

median

for

the

one-year

period.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

third

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

(4)

any

discussions

the

Board

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

116

(Unaudited)

had

with

the

Adviser

as

outlined

above;

and

(5)

the

Adviser’s

ability

to

operate

the

Fund

without

disruption

to

shareholders

until

the

date

of

liquidation.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

US

Large

Cap

High

Div

Volatility

Wtd

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2015,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

all

the

periods

reviewed,

underperformed

the

peer

group

median

for

the

one-

and

three-year

periods,

and

outperformed

the

peer

group

median

for

the

five-year

period.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

second

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

US

Small

Cap

High

Div

Volatility

Wtd

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2015,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

all

the

periods

reviewed,

underperformed

the

peer

group

median

for

the

three-

and

five-year

periods,

and

outperformed

the

peer

group

median

for

the

one-year

period.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

second

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

Dividend

Accelerator

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2017,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

both

the

benchmark

index

and

the

peer

group

median

for

all

of

the

periods

reviewed.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

second

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

US

Multi-Factor

Minimum

Volatility

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2017,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

117

(Unaudited)

considered

the

fact

that

the

Fund

underperformed

both

the

benchmark

index

and

peer

group

median

for

all

of

the

periods

reviewed.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

third

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

US

500

Enhanced

Volatility

Wtd

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2014,

the

Board

compared

the

Fund’s

one-,

three-,

five-

and

ten-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

both

the

benchmark

index

and

the

peer

group

median

for

all

of

the

periods

reviewed.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

third

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

US

EQ

Income

Enhanced

Volatility

Wtd

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2014,

the

Board

compared

the

Fund’s

one-,

three-,

five-

and

ten-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

all

the

periods

reviewed,

matched

the

peer

group

median

for

the

one-year

period,

and

underperformed

the

peer

group

median

for

the

three-,

five-

and

ten-year

periods.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

second

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

Free

Cash

Flow

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2023,

the

Board

compared

the

Fund’s

one-year

performance

for

the

period

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

period

and

considered

the

fact

that

the

Fund

outperformed

the

peer

group

median

and

underperformed

the

benchmark

index

for

the

period

reviewed.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

third

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

118

(Unaudited)

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

Small

Cap

Free

Cash

Flow

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2023,

the

Board

compared

the

Fund’s

performance

for

the

one-year

period

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

period

and

considered

the

fact

that

the

Fund

underperformed

the

peer

group

median

and

the

benchmark

index

for

the

period

reviewed.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

Free

Cash

Flow

Growth

ETF:

Performance.

The

Board

noted

that

the

Fund

commenced

operations

in

December

2024

and,

as

a

result,

did

not

yet

have

one

full

year

of

performance

history

as

of

June

30,

2025.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

second

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

Conclusion

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i)

the

Adviser’s

services

benefitted

each

Fund’s

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

each

Fund;

(ii)

it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

each

Fund;

and

(iii)

the

Agreement,

on

behalf

of

each

Fund

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser’s

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser’s

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser’s

resources

to

the

successful

operation

of

each

Fund;

The

Adviser’s

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser’s

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

119

(Unaudited)

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Considerations of

the

Board

in

Approving

the

Investment

Advisory

Agreement

(the

“Agreement”)

The

Board

approved

the

Agreement

on

behalf

of

the

VictoryShares

International

Free

Cash

Flow

ETF

and

the

VictoryShares

International

Free

Cash

Flow

Growth

ETF

(each

a

“Fund”

and

together,

the

“Funds”)

at

a

meeting,

which

was

called

for

that

purpose,

on

May

20,

2025.

In

considering

whether

to

approve

the

Agreement,

the

Board

requested,

and

the

Adviser

provided,

information

that

the

Board

believed

to

be

reasonably

necessary

to

reach

its

conclusions.

The

Board,

including

the

Independent

Trustees,

evaluated

the

information

provided

and

its

extensive

experience

with

the

Adviser

and

was

advised

by

legal

counsel

to

the

Funds,

which

also

serves

as

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

reviewed

numerous

factors

with

respect

to

the

Funds.

The

Board

recognized

that

management

was

proposing

to

add

the

Funds

as

investment

portfolios

of

the

Trust

and

that

the

Funds

had

not

yet

commenced

operations

and

thus

had

no

performance

record

or

historical

expenses.

In

considering

whether

the

compensation

to

be

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

to

be

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

to

the

other

exchange-traded

funds

in

the

Trust

and

expected

to

be

provided

to

the

Funds;

The

proposed

fees

to

be

paid

for

the

services

and

whether

the

fee

arrangements

provide

for

economies

of

scale

that

would

benefit

Fund

share-

holders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

proposed

fees

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

estimated

total

expenses

of

the

Funds;

Management’s

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

expected

profitability

of

the

Adviser

(as

reflected

by

comparing

proposed

fees

against

an

estimate

of

the

Adviser’s

costs)

with

respect

to

the

Adviser’s

relationship

with

the

Funds;

Research

and

other

service

benefits

expected

to

be

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

expected

to

be

received

by

the

Adviser,

and

its

affiliates,

including

revenues

to

be

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution,

if

any;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

the

Trust

and

the

Adviser.

The

Board

reviewed

each

Fund’s

proposed

gross

management

fee

both

in

the

context

of

the

Adviser’s

expected

profitability

from

the

Funds

and

the

historical

costs

associated

with

operating

similar

funds.

The

Board

acknowledged

that

the

Funds’

profitability

is

inherently

difficult

to

estimate

in

a

startup

phase.

In

addition,

the

Board

compared

the

Funds’

expected

operating

expense

ratio,

with

the

understanding

that

no

distribution

or

shareholder

servicing

fees

were

being

proposed

to

be

paid

at

this

time,

and

management

fees

with

comparable

exchange-

traded

funds

in

a

peer

group

of

funds

with

similar

investment

strategies.

The

Board

considered

the

Adviser’s

commitment

to

competitive

total

operating

expense

ratios

through

its

contractual

agreement

to

waive

its

fees

and

reimburse

expenses

for

a

specified

period

of

time,

noting

that

this

could

result

in

substantial

initial

subsidies

by

the

Adviser.

The

Trustees

noted

that

no

breakpoints

in

the

advisory

fee

schedule

for

the

Funds

were

being

proposed

at

this

time.

The

Board

reviewed

various

other

factors

with

respect

to

the

Funds.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

attributed

different

weights

to

various

factors.

Approval

of

the

Agreement

on

Behalf

of

the

Funds

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that

the

Agreement,

on

behalf

of

each

Fund,

was

consistent

with

the

best

interests

of

each

Fund

and

its

future

shareholders,

and

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

initial

two-year

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

requirements

of

the

Funds

for

the

services

to

be

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

to

the

other

exchange-traded

funds

in

the

Trust

and

expected

to

be

provided

to

the

Funds;

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

120

(Unaudited)

The

proposed

fees

to

be

paid

for

the

services

and

whether

the

fee

arrangements

provide

for

economies

of

scale

that

would

benefit

Fund

share-

holders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

proposed

fees

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

estimated

total

expenses

of

the

Funds;

Management’s

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

expected

profitability

of

the

Adviser

(as

reflected

by

comparing

proposed

fees

against

an

estimate

of

the

Adviser’s

costs)

with

respect

to

the

Adviser’s

relationship

with

the

Funds;

Research

and

other

service

benefits

expected

to

be

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

expected

to

be

received

by

the

Adviser,

and

its

affiliates,

including

revenues

to

be

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution,

if

any;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

the

Trust

and

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

866-376-7890

VPII-VICTORYSHARESETF-SAR

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December

31,

2025

Semi-Annual:

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ETF

(Also

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VictoryShares

Core

Plus

Bond

ETF)

VictoryShares

Corporate

Bond

ETF

VictoryShares

WestEnd

Economic

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ETF

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Days

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includes:

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Whether

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that

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We’re

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open.

TABLE

OF

CONTENTS

Victory

Portfolios

II

1

Schedules

of

Portfolio

Investments

(Form

N-CSR

Item

6)

VictoryShares

Short-Term

Bond

ETF

3

VictoryShares

Core

Intermediate

Bond

ETF

25

VictoryShares

Core

Plus

Intermediate

Bond

ETF

49

VictoryShares

Corporate

Bond

ETF

78

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

89

VictoryShares

Pioneer

Asset-Based

Income

ETF

100

Financial

Statements

(Form

N-CSR

Item

7)

Statements

of

Assets

and

Liabilities

103

Statements

of

Operations

105

Statements

of

Changes

in

Net

Assets

107

Financial

Highlights

109

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

115

Supplemental

Information

Advisory

Contract

Approval

(Form

N-CSR

Item

11)

127

2

Call

Victory

at:

866-376-7890

Visit

our

website

at:

vcm.com

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

We

generally

must

withhold

federal

income

tax

at

a

rate

of

10%

of

the

taxable

portion

of

your

distribution

and,

if

you

live

in

a

state

that

requires

state

income

tax

withholding,

at

your

state’s

tax

rate.

However,

you

may

elect

not

to

have

withholding

apply

or

to

have

income

tax

withheld

at

a

higher

rate.

Any

withholding

election

that

you

make

will

apply

to

any

subsequent

distribution

unless

and

until

you

change

or

revoke

the

election.

If

you

wish

to

make

a

withholding

election,

or

change

or

revoke

a

prior

withholding

election,

call

866-376-7890

and

form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

or

annuity

payments)

will

be

electronically

sent.

If

you

do

not

have

a

withholding

election

in

place

by

the

date

of

a

distribution,

federal

income

tax

will

be

withheld

from

the

taxable

portion

of

your

distribution

at

a

rate

of

10%.

If

you

must

pay

estimated

taxes,

you

may

be

subject

to

estimated

tax

penalties

if

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

is

not

withheld

from

your

distribution.

For

more

specific

information,

please

consult

your

tax

adviser.

The

Funds

are

distributed

by

Victory

Capital

Services,

Inc.

Victory

Capital

Management

Inc.

is

the

investment

adviser

to

the

Funds

and

receives

fees

from

the

Funds

for

performing

services

for

the

Funds.

This

report

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

a

current

prospectus

of

the

Victory

Funds.

For

additional

information

about

any

Victory

Fund,

including

fees,

expenses,

and

risks,

view

our

prospectus

online

at

vcm.com

or

call

866-376-7890.

Read

it

carefully

before

you

invest

or

send

money.

The

information

in

this

report

is

based

on

data

obtained

from

recognized

services

and

sources

and

is

believed

to

be

reliable.

Any

opinions,

projections,

or

recommendations

in

this

report

are

subject

to

change

without

notice

and

are

not

intended

as

individual

investment

advice.

Past

investment

performance

of

the

Funds,

markets

or

securities

mentioned

herein

should

not

be

considered

to

be

indicative

of

future

results.

NOT

FDIC

INSURED

NO

BANK

GUARANTEE

MAY

LOSE

VALUE

INVESTMENTS

INVOLVE

RISK

PRINCIPAL

LOSS

IS

POSSIBLE

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

3

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(25.0%)

ABS

Auto

(13.5%):

Alloya

Auto

Receivables

Trust

.............................................

Series

2025-1A,

Class

A4,

4.71%,

1/25/30,

Callable

8/25/28

@

100(a)

.............

$

981

$

992

Series

2025-1A,

Class

B,

4.99%,

3/25/30,

Callable

8/25/28

@

100(a)

..............

506

512

Series

2025-1A,

Class

C,

5.19%,

7/25/30,

Callable

8/25/28

@

100(a)

..............

1,865

1,893

Series

2025-1A,

Class

D,

5.68%,

3/25/33,

Callable

8/25/28

@

100(a)

..............

333

338

Ally

Auto

Receivables

Trust

...............................................

Series

2023-1,

Class

B,

5.76%,

1/15/29,

Callable

6/15/27

@

100(a)

...............

1,000

1,021

Series

2023-1,

Class

D,

6.74%,

4/15/34,

Callable

6/15/27

@

100(a)

...............

422

435

Series

2023-A,

Class

C,

6.08%,

1/17/34,

Callable

8/15/27

@

100(a)

...............

1,000

1,009

Series

2023-A,

Class

D,

7.33%,

1/17/34,

Callable

8/15/27

@

100(a)

...............

667

693

Ally

Bank

Auto

Credit-Linked

Notes

.........................................

Series

2024-B,

Class

D,

5.41%,

9/15/32,

Callable

6/15/28

@

100(a)

...............

514

517

Series

2025-A,

Class

C,

4.84%,

6/15/33,

Callable

11/15/28

@

100(a)

..............

1,245

1,252

Series

2025-B,

Class

E,

6.16%,

9/15/33,

Callable

4/15/29

@

100(a)

...............

666

666

American

Credit

Acceptance

Receivables

Trust

.................................

Series

2022-3,

Class

E,

8.08%,

10/13/28,

Callable

2/13/26

@

100(a)

..............

1,500

1,506

Series

2023-2,

Class

C,

5.96%,

8/13/29,

Callable

1/12/27

@

100(a)

...............

77

77

Series

2024-4,

Class

C,

4.91%,

8/12/31,

Callable

1/12/28

@

100(a)

...............

1,000

1,005

Series

2025-4,

Class

C,

4.83%,

1/13/31,

Callable

4/12/29

@

100(a)

...............

2,000

2,009

American

Heritage

Auto

Receivables

Issuer

Trust

................................

Series

2025-1A,

Class

B,

4.77%,

6/16/31,

Callable

6/15/29

@

100(a)

..............

300

301

Series

2025-1A,

Class

C,

5.04%,

11/17/31,

Callable

6/15/29

@

100(a)

.............

3,000

3,033

Series

2025-1A,

Class

D,

5.92%,

11/15/33,

Callable

6/15/29

@

100(a)

.............

675

688

American

Heritage

Auto

Receivables

Trust

.....................................

Series

2024-1A,

Class

A3,

4.90%,

9/17/29,

Callable

10/15/28

@

100(a)

............

980

990

Series

2024-1A,

Class

B,

5.32%,

9/16/30,

Callable

10/15/28

@

100(a)

.............

333

340

Series

2024-1A,

Class

C,

5.63%,

12/16/30,

Callable

10/15/28

@

100(a)

............

407

418

Series

2024-1A,

Class

D,

6.34%,

1/18/33,

Callable

10/15/28

@

100(a)

.............

348

359

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

C,

1.01%,

1/19/27,

Callable

1/18/26

@

100

.....................................................

65

65

ARI

Fleet

Lease

Trust

....................................................

Series

2024-B,

Class

A3,

5.26%,

4/15/33,

Callable

10/15/27

@

100(a)

.............

1,350

1,379

Series

2024-B,

Class

B,

5.39%,

4/15/33,

Callable

10/15/27

@

100(a)

..............

275

282

Series

2024-B,

Class

C,

5.55%,

4/15/33,

Callable

10/15/27

@

100(a)

..............

344

354

Series

2025-A,

Class

C,

4.90%,

1/17/34,

Callable

9/15/28

@

100(a)

...............

1,083

1,094

Series

2025-B,

Class

B,

4.97%,

3/15/34,

Callable

12/15/28

@

100(a)

..............

1,880

1,916

AutoNation

Finance

Trust

.................................................

Series

2025-1A,

Class

C,

5.19%,

12/10/30,

Callable

9/10/28

@

100(a)

.............

1,263

1,289

Series

2025-1A,

Class

D,

5.63%,

9/10/32,

Callable

9/10/28

@

100(a)

..............

2,770

2,827

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2021-1A,

Class

C,

2.13%,

8/20/27,

Callable

8/20/26

@

100(a)

..............

620

613

Series

2022-3A,

Class

B,

5.31%,

2/20/27,

Callable

3/20/26

@

100(a)

..............

1,000

1,001

Series

2022-5A,

Class

B,

7.09%,

4/20/27(a)

................................

667

670

Series

2023-2A,

Class

C,

6.18%,

10/20/27(a)

...............................

1,000

1,008

Series

2023-5A,

Class

B,

6.12%,

4/20/28(a)

................................

1,000

1,017

Series

2023-5A,

Class

C,

6.85%,

4/20/28(a)

................................

1,000

1,023

Bridgecrest

Lending

Auto

Securitization

Trust,

Series

2024-4,

Class

B,

4.77%,

8/15/30,

Callable

9/15/28

@

100

..............................................

857

862

CarMax

Auto

Owner

Trust

................................................

Series

2022-4,

Class

D,

8.08%,

4/16/29,

Callable

1/15/27

@

100

.................

1,340

1,391

Series

2023-2,

Class

C,

5.57%,

11/15/28,

Callable

5/15/27

@

100

................

1,000

1,017

Series

2023-4,

Class

D,

7.16%,

4/15/30,

Callable

10/15/27

@

100

................

1,000

1,044

Series

2024-1,

Class

C,

5.47%,

8/15/29,

Callable

1/15/28

@

100

.................

1,000

1,020

Series

2024-4,

Class

D,

5.36%,

8/15/31,

Callable

7/15/28

@

100

.................

740

752

Series

2025-4,

Class

C,

4.81%,

9/15/31,

Callable

5/15/29

@

100

.................

1,000

1,008

Series

2025-4,

Class

D,

5.11%,

5/17/32,

Callable

5/15/29

@

100

.................

1,000

1,001

CarMax

Select

Receivables

Trust

...........................................

Series

2025-A,

Class

D,

5.86%,

7/15/31,

Callable

12/15/28

@

100

................

1,815

1,854

Series

2025-B,

Class

B,

4.35%,

7/15/30,

Callable

8/15/29

@

100

.................

1,000

999

Series

2025-B,

Class

D,

5.33%,

7/15/31,

Callable

8/15/29

@

100

.................

1,000

1,009

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Carvana

Auto

Receivables

Trust

............................................

Series

2021-N1,

Class

A,

0.70%,

1/10/28,

Callable

8/10/26

@

100

................

$

59

$

58

Series

2021-N1,

Class

C,

1.30%,

1/10/28,

Callable

8/10/26

@

100

................

111

110

Series

2021-N4,

Class

C,

1.72%,

9/11/28,

Callable

11/10/27

@

100

...............

90

88

Chase

Auto

Owner

Trust

..................................................

Series

2023-AA,

Class

D,

6.85%,

6/25/31,

Callable

5/25/28

@

100(a)

.............

1,878

1,973

Series

2024-2A,

Class

D,

6.15%,

8/25/31,

Callable

5/25/28

@

100(a)

..............

805

834

Series

2024-5A,

Class

D,

4.97%,

1/26/32,

Callable

8/25/28

@

100(a)

..............

356

357

Series

2025-1A,

Class

D,

5.24%,

11/26/32,

Callable

3/25/29

@

100(a)

.............

625

631

Series

2025-2A,

Class

B,

4.32%,

3/25/31,

Callable

5/25/29

@

100(a)

..............

911

910

Series

2025-2A,

Class

C,

4.53%,

4/25/31,

Callable

5/25/29

@

100(a)

..............

813

812

Series

2025-2A,

Class

D,

5.03%,

2/25/33,

Callable

5/25/29

@

100(a)

..............

1,000

999

Chesapeake

Funding

II

LLC

...............................................

Series

2023-1A,

Class

B,

5.59%,

5/15/35,

Callable

5/15/26

@

100(a)

..............

176

177

Series

2023-1A,

Class

C,

6.07%,

5/15/35,

Callable

5/15/26

@

100(a)

..............

200

201

Series

2023-1A,

Class

D,

6.69%,

5/15/35,

Callable

5/15/26

@

100(a)

..............

375

377

Series

2023-2A,

Class

B,

5.97%,

10/15/35,

Callable

10/15/26

@

100(a)

............

791

814

Series

2023-2A,

Class

C,

6.15%,

10/15/35,

Callable

10/15/26

@

100(a)

............

765

788

Series

2024-1A,

Class

C,

5.60%,

5/15/36,

Callable

7/15/27

@

100(a)

..............

600

608

Citizens

Auto

Receivables

Trust

............................................

Series

2023-1,

Class

A4,

5.78%,

10/15/30,

Callable

5/15/27

@

100(a)

.............

2,000

2,037

Series

2023-2,

Class

A4,

5.74%,

10/15/30,

Callable

6/15/27

@

100(a)

.............

1,000

1,021

Series

2024-1,

Class

A4,

5.03%,

10/15/30,

Callable

10/15/27

@

100(a)

............

1,000

1,015

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2022-3A,

Class

C,

8.45%,

2/15/33,

Callable

7/15/26

@

100(a)

..............

489

491

Series

2023-1A,

Class

B,

7.02%,

5/16/33,

Callable

11/15/26

@

100(a)

.............

1,200

1,209

Series

2023-1A,

Class

C,

7.71%,

7/15/33,

Callable

11/15/26

@

100(a)

.............

25

26

Series

2023-2A,

Class

C,

7.15%,

9/15/33,

Callable

11/15/26

@

100(a)

.............

4,500

4,586

Series

2023-3A,

Class

C,

7.62%,

12/15/33,

Callable

3/15/27

@

100(a)

.............

977

1,008

Series

2025-1A,

Class

C,

5.71%,

7/16/35,

Callable

11/15/27

@

100(a)

.............

1,000

1,014

Series

2025-2A,

Class

B,

4.87%,

1/15/36,

Callable

8/15/29

@

100(a)

..............

1,036

1,035

Series

2025-2A,

Class

C,

5.38%,

3/17/36,

Callable

8/15/29

@

100(a)

..............

1,000

1,016

Ent

Auto

Receivables

Trust

................................................

Series

2023-1A,

Class

A4,

6.26%,

11/15/29,

Callable

3/15/29

@

100(a)

............

2,510

2,568

Series

2023-1A,

Class

B,

6.45%,

1/15/30,

Callable

3/15/29

@

100(a)

..............

400

413

Series

2023-1A,

Class

C,

6.77%,

4/15/30,

Callable

3/15/29

@

100(a)

..............

328

341

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-3,

Class

A3,

4.29%,

7/20/29,

Callable

4/20/26

@

100(a)

..............

1,444

1,446

Series

2022-4,

Class

A3,

5.65%,

10/22/29,

Callable

7/20/26

@

100(a)

.............

1,000

1,010

Series

2023-2,

Class

A2,

5.56%,

4/22/30,

Callable

2/20/27

@

100(a)

..............

288

289

Series

2024-1,

Class

A3,

5.16%,

9/20/30,

Callable

8/20/27

@

100(a)

..............

1,000

1,019

Series

2024-2,

Class

A4,

5.69%,

12/20/30,

Callable

1/20/28

@

100(a)

.............

668

690

Series

2024-4,

Class

A3,

4.56%,

11/20/28,

Callable

9/20/28

@

100(a)

.............

500

504

Series

2025-1,

Class

A3,

4.82%,

2/20/29,

Callable

9/20/28

@

100(a)

..............

143

145

Series

2025-2,

Class

A4,

4.58%,

12/22/31,

Callable

2/20/29

@

100(a)

.............

1,000

1,016

Exeter

Automobile

Receivables

Trust,

Series

2025-1A,

Class

C,

5.09%,

5/15/31,

Callable

7/15/29

@

100

.....................................................

1,000

1,010

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-1,

Class

B,

4.87%,

8/15/31,

Callable

3/15/29

@

100

.....................................................

1,000

1,011

FCCU

Auto

Receivables

Trust

..............................................

Series

2024-1A,

Class

A4,

5.46%,

4/15/30,

Callable

7/15/28

@

100(a)

.............

1,212

1,237

Series

2024-1A,

Class

B,

5.71%,

7/15/30,

Callable

7/15/28

@

100(a)

..............

1,142

1,170

Series

2024-1A,

Class

C,

6.00%,

10/15/30,

Callable

7/15/28

@

100(a)

.............

334

344

Series

2024-1A,

Class

D,

6.78%,

7/15/32,

Callable

7/15/28

@

100(a)

..............

568

590

Series

2025-1A,

Class

A4,

5.18%,

5/15/31,

Callable

8/15/29

@

100(a)

.............

1,000

1,029

Series

2025-1A,

Class

B,

5.36%,

9/15/31,

Callable

8/15/29

@

100(a)

..............

324

332

Series

2025-1A,

Class

C,

5.61%,

12/15/31,

Callable

8/15/29

@

100(a)

.............

342

352

First

Investors

Auto

Owner

Trust

............................................

Series

2023-1A,

Class

C,

6.81%,

12/17/29,

Callable

2/15/28

@

100(a)

.............

1,310

1,352

Series

2025-1A,

Class

D,

5.22%,

12/15/33,

Callable

11/15/30

@

100(a)

............

2,222

2,227

Flagship

Credit

Auto

Trust

................................................

Series

2019-4,

Class

E,

4.11%,

3/15/27,

Callable

1/15/26

@

100(a)

...............

448

447

Series

2021-2,

Class

D,

1.59%,

6/15/27,

Callable

10/15/26

@

100(a)

..............

1,352

1,334

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2021-4,

Class

C,

1.96%,

12/15/27,

Callable

4/15/27

@

100(a)

..............

$

373

$

370

Ford

Credit

Auto

Lease

Trust,

Series

2023-B,

Class

C,

6.43%,

4/15/27,

Callable

3/15/26

@

100

786

790

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2023-1,

Class

B,

5.29%,

8/15/35,

Callable

2/15/28

@

100(a)

...............

822

839

Series

2023-1,

Class

C,

5.58%,

8/15/35,

Callable

2/15/28

@

100(a)

...............

1,000

1,021

Series

2023-1,

Class

D,

6.26%,

8/15/35,

Callable

2/15/28

@

100(a)

...............

2,290

2,342

Series

2023-2,

Class

C,

6.16%,

2/15/36,

Callable

8/15/28

@

100(a)

...............

995

1,034

Foursight

Capital

Automobile

Receivables

Trust

.................................

Series

2023-1,

Class

B,

5.35%,

3/15/28,

Callable

3/15/27

@

100(a)

...............

193

194

Series

2024-1,

Class

B,

5.55%,

5/15/29,

Callable

6/15/27

@

100(a)

...............

714

719

GECU

Auto

Receivables

Trust

.............................................

Series

2023-1A,

Class

A4,

5.79%,

10/15/29,

Callable

6/15/28

@

100(a)

............

1,000

1,021

Series

2023-1A,

Class

B,

5.87%,

1/15/30,

Callable

6/15/28

@

100(a)

..............

415

427

Series

2023-1A,

Class

C,

6.33%,

4/15/30,

Callable

6/15/28

@

100(a)

..............

250

260

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2021-3A,

Class

E,

3.20%,

10/16/28,

Callable

4/15/26

@

100(a)

.............

2,000

1,991

Series

2021-4A,

Class

E,

4.43%,

10/16/28,

Callable

3/15/27

@

100(a)

.............

760

753

Series

2023-1A,

Class

D,

7.01%,

1/16/29,

Callable

3/15/28

@

100(a)

..............

750

764

Series

2024-2A,

Class

B,

5.77%,

11/15/28(a)

...............................

667

672

Series

2025-1A,

Class

C,

5.07%,

11/15/30,

Callable

7/15/29

@

100(a)

.............

3,000

3,027

GLS

Auto

Select

Receivables

Trust

..........................................

Series

2023-2A,

Class

D,

8.22%,

2/18/31,

Callable

10/15/28

@

100(a)

.............

1,000

1,076

Series

2024-1A,

Class

C,

5.69%,

3/15/30,

Callable

1/15/29

@

100(a)

..............

500

511

Series

2024-4A,

Class

C,

4.75%,

11/15/30,

Callable

8/15/29

@

100(a)

.............

505

508

Series

2025-1A,

Class

C,

5.26%,

3/15/31,

Callable

9/15/29

@

100(a)

..............

1,083

1,103

Series

2025-1A,

Class

D,

5.74%,

4/15/32,

Callable

9/15/29

@

100(a)

..............

1,300

1,324

GTE

Auto

Receivables

Trust

...............................................

Series

2023-1,

Class

A3,

5.18%,

3/15/28,

Callable

5/15/27

@

100(a)

..............

197

197

Series

2023-1,

Class

A4,

5.12%,

4/16/29,

Callable

5/15/27

@

100(a)

..............

1,000

1,005

Series

2023-1,

Class

B,

5.39%,

8/15/29,

Callable

5/15/27

@

100(a)

...............

500

506

Hertz

Vehicle

Financing

III

LLC,

Series

2023-1A,

Class

C,

6.91%,

6/25/27(a)

...........

1,000

1,005

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2025-1,

Class

B,

4.96%,

3/21/33,

Callable

1/20/29

@

100(a)

...............

727

732

Series

2025-2,

Class

B1,

4.84%,

9/20/33,

Callable

2/20/30

@

100(a)

..............

1,384

1,393

Hyundai

Auto

Receivables

Trust,

Series

2024-C,

Class

B,

4.67%,

1/15/31,

Callable

11/15/28

@

100

.............................................................

471

476

LAD

Auto

Receivables

Trust

...............................................

Series

2022-1A,

Class

B,

5.87%,

9/15/27,

Callable

9/15/26

@

100(a)

..............

350

350

Series

2023-1A,

Class

D,

7.30%,

6/17/30,

Callable

5/15/27

@

100(a)

..............

453

460

Series

2023-2A,

Class

D,

6.30%,

2/15/31,

Callable

7/15/27

@

100(a)

..............

350

356

Series

2023-4A,

Class

C,

6.76%,

3/15/29,

Callable

1/15/28

@

100(a)

..............

500

514

Series

2024-3A,

Class

D,

5.18%,

2/17/32,

Callable

11/15/28

@

100(a)

.............

381

382

Series

2025-1A,

Class

B,

5.05%,

5/15/30,

Callable

10/15/28

@

100(a)

.............

1,000

1,013

Series

2025-1A,

Class

C,

5.11%,

7/15/30,

Callable

10/15/28

@

100(a)

.............

2,000

2,027

Series

2025-1A,

Class

D,

5.52%,

5/17/32,

Callable

10/15/28

@

100(a)

.............

2,000

2,027

Lobel

Automobile

Receivables

Trust

.........................................

Series

2025-1,

Class

B,

5.20%,

4/17/28,

Callable

12/15/27

@

100(a)

..............

1,000

1,005

Series

2025-1,

Class

C,

5.70%,

1/15/30,

Callable

12/15/27

@

100(a)

..............

3,650

3,691

Series

2025-1,

Class

D,

6.19%,

2/15/30,

Callable

12/15/27

@

100(a)

..............

1,750

1,774

M&T

Bank

Auto

Receivables

Trust,

Series

2025-1A,

Class

A3,

4.73%,

6/17/30,

Callable

5/15/29

@

100(a)

...................................................

2,143

2,172

Merchants

Fleet

Funding

LLC

..............................................

Series

2023-1A,

Class

A,

7.21%,

5/20/36,

Callable

6/20/26

@

100(a)

..............

317

318

Series

2024-1A,

Class

A,

5.82%,

4/20/37,

Callable

3/20/27

@

100(a)

..............

869

876

Series

2024-1A,

Class

B,

5.95%,

4/20/37,

Callable

3/20/27

@

100(a)

..............

1,500

1,526

Series

2024-1A,

Class

C,

6.18%,

4/20/37,

Callable

3/20/27

@

100(a)

..............

2,000

2,030

Series

2024-1A,

Class

D,

6.85%,

4/20/37,

Callable

3/20/27

@

100(a)

..............

2,467

2,516

Series

2025-1A,

Class

C,

5.21%,

1/20/39,

Callable

6/20/29

@

100(a)

..............

614

616

Series

2025-1A,

Class

D,

5.76%,

1/20/39,

Callable

6/20/29

@

100(a)

..............

1,000

1,000

Series

2025-1A,

Class

E,

8.48%,

1/20/39,

Callable

6/20/29

@

100(a)

..............

1,000

1,000

Navistar

Financial

Dealer

Note

Master

Owner

Trust

..............................

Series

2024-1,

Class

A,

5.59%,

4/25/29(a)

.................................

1,000

1,005

Series

2024-1,

Class

B,

5.79%,

4/25/29(a)

.................................

390

392

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

6

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2024-1,

Class

C,

6.13%,

4/25/29(a)

.................................

$

633

$

636

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

.............................

Series

2025-1,

Class

B,

4.42%,

9/25/30(a)

.................................

1,773

1,778

Series

2025-1,

Class

C,

4.72%,

9/25/30(a)

.................................

902

897

OCCU

Auto

Receivables

Trust

.............................................

Series

2022-1A,

Class

C,

6.52%,

11/15/29,

Callable

11/15/27

@

100(a)

............

500

516

Series

2023-1A,

Class

A4,

6.29%,

9/17/29,

Callable

1/15/28

@

100(a)

.............

925

945

Series

2023-1A,

Class

B,

6.51%,

9/17/29,

Callable

1/15/28

@

100(a)

..............

1,000

1,034

Series

2023-1A,

Class

C,

6.82%,

9/17/29,

Callable

1/15/28

@

100(a)

..............

1,000

1,042

Series

2023-1A,

Class

D,

7.88%,

12/15/31,

Callable

1/15/28

@

100(a)

.............

1,000

1,057

Series

2025-1A,

Class

A4,

4.79%,

1/15/31,

Callable

10/15/29

@

100(a)

............

2,000

2,025

Series

2025-1A,

Class

B,

4.94%,

4/15/31,

Callable

10/15/29

@

100(a)

.............

1,214

1,225

Series

2025-1A,

Class

C,

5.20%,

10/15/31,

Callable

10/15/29

@

100(a)

............

1,860

1,889

Series

2025-1A,

Class

D,

5.60%,

11/15/34,

Callable

10/15/29

@

100(a)

............

2,000

2,017

Oscar

US

Funding

XII

LLC,

Series

2021-1A,

Class

A4,

1.00%,

4/10/28,

Callable

1/10/26

@

100(a)

...........................................................

140

140

Oscar

US

Funding

XIV

LLC,

Series

2022-1A,

Class

A4,

2.82%,

4/10/29,

Callable

3/10/26

@

100(a)

...........................................................

77

76

Oscar

US

Funding

XVII

LLC,

Series

2024-2A,

Class

A3,

4.47%,

3/12/29,

Callable

12/10/28

@

100(a)

...........................................................

1,530

1,537

PenFed

Auto

Receivables

Owner

Trust

........................................

Series

2022-A,

Class

B,

4.60%,

12/15/28,

Callable

3/15/26

@

100(a)

..............

424

424

Series

2022-A,

Class

C,

4.83%,

12/15/28,

Callable

3/15/26

@

100(a)

..............

917

918

Series

2025-A,

Class

A4,

4.19%,

5/15/31,

Callable

10/15/29

@

100(a)

.............

2,250

2,257

Series

2025-A,

Class

B,

4.37%,

7/15/31,

Callable

10/15/29

@

100(a)

..............

1,667

1,648

Series

2025-A,

Class

C,

4.67%,

2/17/32,

Callable

10/15/29

@

100(a)

..............

2,034

2,027

Series

2025-A,

Class

D,

5.07%,

10/17/33,

Callable

10/15/29

@

100(a)

.............

2,000

1,975

Prestige

Auto

Receivables

Trust

............................................

Series

2023-1A,

Class

C,

5.65%,

2/15/28,

Callable

9/15/27

@

100(a)

..............

579

581

Series

2023-2A,

Class

C,

7.12%,

8/15/29,

Callable

3/15/28

@

100(a)

..............

2,000

2,028

Series

2025-1A,

Class

C,

5.52%,

2/15/30,

Callable

2/15/29

@

100(a)

..............

529

537

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2023-A,

Class

C,

6.74%,

6/15/33,

Callable

9/15/27

@

100(a)

...............

3

3

Series

2023-A,

Class

D,

7.08%,

6/15/33,

Callable

9/15/27

@

100(a)

...............

10

10

Series

2023-B,

Class

C,

5.93%,

12/15/33,

Callable

2/15/28

@

100(a)

..............

246

249

Series

2023-B,

Class

D,

6.66%,

12/15/33,

Callable

2/15/28

@

100(a)

..............

737

748

Series

2024-B,

Class

C,

5.14%,

1/18/33,

Callable

3/15/29

@

100(a)

...............

889

895

Series

2024-B,

Class

D,

5.48%,

1/18/33,

Callable

3/15/29

@

100(a)

...............

1,240

1,249

Series

2024-B,

Class

E,

6.80%,

1/18/33,

Callable

3/15/29

@

100(a)

...............

617

621

Series

2025-A,

Class

E,

6.27%,

1/16/34,

Callable

12/15/29

@

100(a)

..............

1,071

1,074

SBNA

Auto

Receivables

Trust,

Series

2025-SF1,

Class

D,

5.34%,

9/15/31,

Callable

12/15/29

@

100(a)

.........................................................

1,250

1,257

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A,

Class

A4,

5.70%,

8/15/29,

Callable

2/15/28

@

100(a)

.............

1,800

1,835

Series

2023-1A,

Class

B,

6.08%,

11/15/29,

Callable

2/15/28

@

100(a)

.............

1,750

1,800

Series

2023-1A,

Class

C,

6.61%,

3/15/30,

Callable

2/15/28

@

100(a)

..............

1,500

1,556

Series

2023-1A,

Class

D,

7.34%,

11/17/31,

Callable

2/15/28

@

100(a)

.............

1,000

1,046

Series

2025-1A,

Class

B,

4.78%,

12/15/31,

Callable

8/15/29

@

100(a)

.............

1,000

1,004

Series

2025-1A,

Class

C,

5.08%,

2/17/32,

Callable

8/15/29

@

100(a)

..............

560

567

Securitized

Term

Auto

Receivables

Trust

......................................

Series

2025-A,

Class

B,

5.04%,

7/25/31,

Callable

3/25/28

@

100(a)

...............

419

423

Series

2025-A,

Class

C,

5.19%,

7/25/31,

Callable

3/25/28

@

100(a)

...............

407

411

Series

2025-A,

Class

D,

6.75%,

7/25/31,

Callable

3/25/28

@

100(a)

...............

434

441

Series

2025-B,

Class

B,

4.93%,

12/29/32,

Callable

7/25/28

@

100(a)

..............

1,144

1,156

Series

2025-B,

Class

D,

5.46%,

12/29/32,

Callable

7/25/28

@

100(a)

..............

1,121

1,138

SFS

Auto

Receivables

Securitization

Trust

.....................................

Series

2023-1A,

Class

C,

5.97%,

2/20/31,

Callable

10/20/27

@

100(a)

.............

903

927

Series

2024-1A,

Class

B,

5.38%,

1/21/31,

Callable

6/20/28

@

100(a)

..............

840

858

Series

2024-1A,

Class

C,

5.51%,

1/20/32,

Callable

6/20/28

@

100(a)

..............

500

511

Series

2024-2A,

Class

B,

5.41%,

8/20/30,

Callable

11/20/28

@

100(a)

.............

929

952

Series

2024-3A,

Class

B,

4.76%,

11/20/31,

Callable

12/20/28

@

100(a)

............

1,000

1,012

Tesla

Auto

Lease

Trust

...................................................

Series

2023-B,

Class

B,

6.57%,

8/20/27,

Callable

1/20/26

@

100(a)

...............

675

675

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

7

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2024-A,

Class

B,

5.55%,

5/22/28,

Callable

7/20/26

@

100(a)

...............

$

1,000

$

1,008

Tesla

Electric

Vehicle

Trust

................................................

Series

2023-1,

Class

A4,

5.38%,

2/20/29,

Callable

9/20/27

@

100(a)

..............

1,350

1,375

Series

2023-1,

Class

B,

5.82%,

5/20/31,

Callable

9/20/27

@

100(a)

...............

1,300

1,330

Tesla

Lease

Electric

Vehicle

Securitization

LLC,

Series

2025-A,

Class

C,

5.09%,

6/20/29,

Callable

12/20/27

@

100(a)

...........................................

2,083

2,091

Truist

Bank

Auto

Credit-Linked

Notes,

Series

2025-1,

Class

B,

4.73%,

9/26/33,

Callable

8/25/28

@

100(a)

...................................................

3,388

3,401

U.S.

Bank

NA,

Series

2023-1,

Class

B,

6.79%,

8/25/32,

Callable

12/25/26

@

100(a)

.......

1,696

1,714

United

Auto

Credit

Securitization

Trust,

Series

2025-1,

Class

C,

5.15%,

6/10/30,

Callable

5/10/28

@

100(a)

...................................................

3,250

3,264

USB

Auto

Owner

Trust,

Series

2025-1A,

Class

D,

5.40%,

12/15/32,

Callable

6/15/28

@

100(a)

1,433

1,453

Veridian

Auto

Receivables

Trust

............................................

Series

2023-1A,

Class

A3,

5.56%,

3/15/28,

Callable

10/15/27

@

100(a)

............

330

331

Series

2023-1A,

Class

A4,

5.59%,

12/15/28,

Callable

10/15/27

@

100(a)

...........

1,000

1,012

Series

2023-1A,

Class

B,

5.86%,

4/16/29,

Callable

10/15/27

@

100(a)

.............

534

545

Series

2023-1A,

Class

C,

6.37%,

7/16/29,

Callable

10/15/27

@

100(a)

.............

1,000

1,031

VStrong

Auto

Receivables

Trust

............................................

Series

2023-A,

Class

B,

7.11%,

2/15/30,

Callable

7/15/28

@

100(a)

...............

819

833

Series

2024-A,

Class

B,

5.77%,

7/15/30,

Callable

11/15/28

@

100(a)

..............

250

254

Western

Funding

Auto

Loan

Trust

...........................................

Series

2025-1,

Class

B,

4.98%,

9/17/35(a)

.................................

1,696

1,701

Series

2025-1,

Class

C,

5.34%,

11/15/35(a)

................................

3,497

3,520

Westlake

Automobile

Receivables

Trust

.......................................

Series

2023-4A,

Class

D,

7.19%,

7/16/29,

Callable

9/15/27

@

100(a)

..............

2,625

2,721

Series

2024-3A,

Class

B,

4.72%,

11/15/29,

Callable

4/15/28

@

100(a)

.............

500

503

Series

2025-1A,

Class

B,

4.98%,

9/16/30,

Callable

5/15/28

@

100(a)

..............

312

315

Series

2025-1A,

Class

C,

5.14%,

10/15/30,

Callable

5/15/28

@

100(a)

.............

500

505

Series

2025-P1,

Class

C,

5.15%,

11/15/30,

Callable

6/15/28

@

100(a)

.............

1,000

1,018

Wheels

Fleet

Lease

Funding

1

LLC

..........................................

Series

2023-1A,

Class

A,

5.80%,

4/18/38(a)

................................

275

277

Series

2023-1A,

Class

B,

5.80%,

4/18/38(a)

................................

1,000

1,013

Series

2023-1A,

Class

C,

6.18%,

4/18/38(a)

................................

1,667

1,694

Series

2023-2A,

Class

D,

7.38%,

8/18/38(a)

................................

911

940

Series

2024-3A,

Class

C,

5.21%,

9/19/39(a)

................................

822

836

World

Omni

Select

Auto

Trust,

Series

2023-A,

Class

C,

6.00%,

1/16/29,

Callable

2/15/27

@

100

.............................................................

1,250

1,264

233,306

ABS

Card

(0.7%):

American

Express

Credit

Account

Master

Trust,

Series

2024-1,

Class

A,

5.23%,

4/15/29

....

2,000

2,037

CARDS

II

Trust,

Series

2024-1A,

Class

C,

5.84%,

7/15/29(a)

.......................

630

633

Evergreen

Credit

Card

Trust

...............................................

Series

2024-CRT4,

Class

B,

5.25%,

10/15/28(a)

.............................

738

743

Series

2024-CRT4,

Class

C,

5.64%,

10/15/28(a)

.............................

452

454

Series

2025-1A,

Class

C,

4.54%,

10/15/29(a)

...............................

2,150

2,154

Series

2025-CRT5,

Class

B,

5.24%,

5/15/29(a)

..............................

1,014

1,027

Series

2025-CRT5,

Class

C,

5.53%,

5/15/29(a)

..............................

555

559

Golden

Credit

Card

Trust,

Series

2021-1A,

Class

C,

1.74%,

8/15/28(a)

.................

500

490

Master

Credit

Card

Trust

II,

Series

2024-1A,

Class

C,

6.02%,

1/21/28(a)

...............

840

840

Synchrony

Card

Issuance

Trust,

Series

2025-A1,

Class

A,

4.78%,

2/15/31

..............

640

652

Trillium

Credit

Card

Trust

II

...............................................

Series

2023-1A,

Class

B,

5.23%,

3/26/31(a)

................................

1,000

1,016

Series

2023-1A,

Class

C,

6.06%,

3/26/31(a)

................................

375

384

Series

2025-1A,

Class

C,

4.70%,

9/26/30(a)

................................

1,697

1,701

12,690

ABS

Other

(10.8%):

AFG

ABS

I

LLC

.......................................................

Series

2023-1,

Class

B,

7.51%,

9/16/30,

Callable

1/15/27

@

100(a)

...............

748

757

Series

2023-1,

Class

C,

9.40%,

9/16/30,

Callable

1/15/27

@

100(a)

...............

1,000

1,041

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

D,

7.25%,

5/21/29,

Callable

6/20/26

@

100(a)

............................................

1,889

1,910

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

8

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Amur

Equipment

Finance

Receivables

XII

LLC

.................................

Series

2023-1A,

Class

B,

6.03%,

12/20/29,

Callable

6/20/27

@

100(a)

.............

$

750

$

763

Series

2023-1A,

Class

C,

6.36%,

12/20/29,

Callable

6/20/27

@

100(a)

.............

655

671

Series

2023-1A,

Class

D,

7.48%,

7/22/30,

Callable

6/20/27

@

100(a)

..............

3,685

3,824

Amur

Equipment

Finance

Receivables

XIII

LLC,

Series

2024-1A,

Class

B,

5.37%,

1/21/31,

Callable

1/20/28

@

100(a)

............................................

640

650

Amur

Equipment

Finance

Receivables

XV

LLC,

Series

2025-1A,

Class

C,

5.39%,

1/20/32,

Callable

5/20/29

@

100(a)

............................................

1,000

1,022

Ansley

Park

Capital

LLC

.................................................

Series

2025-A,

Class

B,

4.60%,

4/20/35,

Callable

9/20/30

@

100(a)

...............

1,500

1,503

Series

2025-A,

Class

C,

4.82%,

4/20/35,

Callable

9/20/30

@

100(a)

...............

1,000

1,001

Series

2025-A,

Class

D,

5.33%,

4/20/35,

Callable

9/20/30

@

100(a)

...............

1,000

1,002

Series

2025-A,

Class

E,

7.66%,

4/20/35,

Callable

9/20/30

@

100(a)

...............

1,375

1,377

Atalaya

Equipment

Leasing

Trust,

Series

2021-1A,

Class

C,

2.69%,

6/15/28,

Callable

1/15/26

@

100(a)

.........................................................

80

80

Auxilior

Term

Funding

LLC

...............................................

Series

2023-1A,

Class

A3,

5.70%,

2/15/30,

Callable

1/15/28

@

100(a)

.............

1,000

1,015

Series

2023-1A,

Class

B,

6.05%,

6/17/30,

Callable

1/15/28

@

100(a)

..............

413

423

Series

2023-1A,

Class

C,

6.50%,

11/15/30,

Callable

1/15/28

@

100(a)

.............

300

311

Series

2023-1A,

Class

D,

7.27%,

12/16/30,

Callable

1/15/28

@

100(a)

.............

471

493

Series

2024-1A,

Class

A3,

5.49%,

7/15/31,

Callable

2/15/29

@

100(a)

.............

1,000

1,018

Series

2024-1A,

Class

C,

6.01%,

7/15/31,

Callable

2/15/29

@

100(a)

..............

750

779

Series

2024-1A,

Class

D,

6.79%,

7/15/31,

Callable

2/15/29

@

100(a)

..............

1,000

1,048

Barings

Equipment

Finance

LLC,

Series

2025-A,

Class

A2,

4.64%,

10/13/28(a)

..........

823

827

Blue

Bridge

Funding

LLC,

Series

2023-1A,

Class

A,

7.37%,

11/15/30,

Callable

3/15/27

@

100(a)

...........................................................

181

183

Blue

Owl

Asset

Leasing

Trust

LLC

..........................................

Series

2024-1A,

Class

B,

5.41%,

3/15/30,

Callable

6/15/27

@

100(a)

..............

365

369

Series

2024-1A,

Class

C,

6.38%,

1/15/31,

Callable

6/15/27

@

100(a)

..............

552

562

Capital

Automotive

REIT

.................................................

Series

2024-2A,

Class

A1,

4.90%,

5/15/54,

Callable

5/15/27

@

100(a)

.............

282

281

Series

2024-3A,

Class

A1,

4.40%,

10/15/54,

Callable

10/15/27

@

100(a)

...........

717

699

Capteris

Equipment

Finance

LLC,

Series

2024-1A,

Class

A2,

5.58%,

7/20/32,

Callable

3/20/29

@

100(a)

.........................................................

905

922

CARS-DB5

LP,

Series

2021-1A,

Class

A1,

1.44%,

8/15/51,

Callable

1/15/26

@

100(a)

.....

668

654

CARS-DB7

LP,

Series

2023-1A,

Class

A1,

5.75%,

9/15/53,

Callable

9/15/26

@

100(a)

.....

936

943

CCG

Receivables

Trust

...................................................

Series

2023-1,

Class

B,

5.99%,

9/16/30,

Callable

7/14/26

@

100(a)

...............

1,000

1,010

Series

2023-1,

Class

C,

6.28%,

9/16/30,

Callable

7/14/26

@

100(a)

...............

1,778

1,799

Series

2023-2,

Class

C,

6.45%,

4/14/32,

Callable

9/14/27

@

100(a)

...............

1,963

2,027

Series

2023-2,

Class

D,

7.18%,

4/14/32,

Callable

9/14/27

@

100(a)

...............

433

450

Series

2025-1,

Class

D,

5.28%,

10/14/32,

Callable

10/14/28

@

100(a)

.............

1,652

1,674

Series

2025-2,

Class

D,

5.08%,

8/15/34,

Callable

9/14/29

@

100(a)

...............

1,629

1,638

CF

Hippolyta

Issuer

LLC,

Series

2020-1,

Class

A1,

1.69%,

7/15/60(a)

.................

317

266

Clarus

Capital

Funding

LLC

...............................................

Series

2024-1A,

Class

B,

4.79%,

8/20/32,

Callable

2/20/28

@

100(a)

..............

585

587

Series

2024-1A,

Class

C,

5.01%,

8/20/32,

Callable

2/20/28

@

100(a)

..............

292

294

Cloud

Capital

Holdco

LP,

Series

2024-1A,

Class

A2,

5.78%,

11/22/49,

Callable

11/22/27

@

100(a)

...........................................................

2,500

2,492

CP

EF

Asset

Securitization

II

LLC,

Series

2023-1A,

Class

A,

7.48%,

3/15/32,

Callable

7/15/27

@

100(a)

.........................................................

228

230

Crossroads

Asset

Trust

...................................................

Series

2024-A,

Class

B,

5.94%,

8/20/30,

Callable

2/20/28

@

100(a)

...............

839

858

Series

2024-A,

Class

C,

6.52%,

8/20/30,

Callable

2/20/28

@

100(a)

...............

750

778

Series

2025-A,

Class

B,

5.20%,

2/20/32,

Callable

1/20/29

@

100(a)

...............

303

307

CyrusOne

Data

Centers

Issuer

I

LLC

.........................................

Series

2024-2A,

Class

A2,

4.50%,

5/20/49,

Callable

5/20/27

@

100(a)

.............

1,860

1,815

Series

2025-1A,

Class

A2,

5.91%,

2/20/50,

Callable

2/20/28

@

100(a)

.............

1,796

1,832

Dell

Equipment

Finance

Trust

..............................................

Series

2023-2,

Class

C,

6.06%,

1/22/29,

Callable

3/22/26

@

100(a)

...............

1,000

1,004

Series

2023-2,

Class

D,

6.74%,

7/23/29,

Callable

3/22/26

@

100(a)

...............

761

764

Series

2023-3,

Class

D,

6.75%,

10/22/29,

Callable

5/22/26

@

100(a)

..............

353

356

Series

2024-1,

Class

D,

6.12%,

9/23/30,

Callable

12/22/26

@

100(a)

..............

348

353

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

9

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2024-2,

Class

C,

4.99%,

8/22/30,

Callable

5/22/27

@

100(a)

...............

$

500

$

505

Series

2024-2,

Class

D,

5.29%,

2/24/31,

Callable

5/22/27

@

100(a)

...............

584

590

Series

2025-1,

Class

D,

5.64%,

8/22/31,

Callable

12/22/27

@

100(a)

..............

419

428

Series

2025-2,

Class

D,

4.83%,

3/22/32,

Callable

6/22/28

@

100(a)

...............

3,500

3,513

Dext

ABS

LLC

........................................................

Series

2023-1,

Class

A2,

5.99%,

3/15/32,

Callable

4/15/27

@

100(a)

..............

186

187

Series

2023-1,

Class

B,

6.55%,

3/15/32,

Callable

4/15/27

@

100(a)

...............

3,000

3,053

Series

2023-1,

Class

D,

8.82%,

3/15/33,

Callable

4/15/27

@

100(a)

...............

2,300

2,404

Series

2023-2,

Class

B,

6.41%,

5/15/34,

Callable

2/15/28

@

100(a)

...............

1,000

1,015

Series

2023-2,

Class

D,

8.30%,

5/15/34,

Callable

2/15/28

@

100(a)

...............

1,585

1,681

Series

2025-1,

Class

B,

4.98%,

8/15/35,

Callable

4/15/29

@

100(a)

...............

1,000

1,009

Series

2025-1,

Class

C,

5.39%,

8/15/35,

Callable

4/15/29

@

100(a)

...............

1,000

1,016

Series

2025-1,

Class

D,

5.65%,

2/15/36,

Callable

4/15/29

@

100(a)

...............

1,500

1,518

Series

2025-2,

Class

B,

4.66%,

4/15/36,

Callable

11/15/29

@

100(a)

..............

585

585

Series

2025-2,

Class

D,

5.45%,

10/15/36,

Callable

11/15/29

@

100(a)

.............

2,585

2,586

Diamond

Issuer

LLC,

Series

2021-1A,

Class

B,

2.70%,

11/20/51,

Callable

1/20/26

@

100(a)

.

655

628

DLLAA

LLC

..........................................................

Series

2023-1A,

Class

A3,

5.64%,

2/22/28,

Callable

12/20/27

@

100(a)

............

794

802

Series

2025-1A,

Class

A3,

4.95%,

9/20/29,

Callable

6/20/29

@

100(a)

.............

1,391

1,419

DLLAD

LLC

..........................................................

Series

2024-1A,

Class

A3,

5.30%,

7/20/29,

Callable

3/20/29

@

100(a)

.............

1,000

1,020

Series

2024-1A,

Class

A4,

5.38%,

9/22/31,

Callable

3/20/29

@

100(a)

.............

645

668

DLLMT

LLC,

Series

2023-1A,

Class

A4,

5.35%,

3/20/31,

Callable

2/20/27

@

100(a)

......

571

577

FirstKey

Homes

Trust

....................................................

Series

2021-SFR3,

Class

B,

2.44%,

12/17/38(a)(b)

...........................

1,000

979

Series

2021-SFR3,

Class

C,

2.54%,

12/17/38(a)(b)

...........................

1,000

978

Flexential

Issuer,

Series

2021-1A,

Class

A2,

3.25%,

11/27/51,

Callable

1/25/26

@

100(a)

...

457

451

Ford

Credit

Floorplan

Master

Owner

Trus,

Series

2023-1,

Class

C,

5.75%,

5/15/28(a)

......

532

534

Frontier

Issuer

LLC

.....................................................

Series

2023-1,

Class

B,

8.30%,

8/20/53,

Callable

7/20/26

@

100(a)

...............

467

475

Series

2023-1,

Class

C,

11.50%,

8/20/53,

Callable

7/20/26

@

100(a)

..............

400

412

Series

2024-1,

Class

C,

11.16%,

6/20/54,

Callable

5/20/28

@

100(a)

..............

1,175

1,310

Granite

Park

Equipment

Leasing

LLC

........................................

Series

2023-1A,

Class

B,

6.62%,

4/20/33,

Callable

2/20/30

@

100(a)

..............

327

339

Series

2023-1A,

Class

C,

6.97%,

8/22/33,

Callable

2/20/30

@

100(a)

..............

300

317

Series

2023-1A,

Class

D,

7.00%,

8/22/33,

Callable

2/20/30

@

100(a)

..............

200

210

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2023-1,

Class

B,

5.21%,

3/15/30,

Callable

7/15/27

@

100(a)

...............

500

508

Series

2024-1,

Class

B,

5.18%,

12/16/30,

Callable

2/15/28

@

100(a)

..............

740

755

Series

2024-1,

Class

C,

5.43%,

12/15/31,

Callable

2/15/28

@

100(a)

..............

325

332

Series

2025-1,

Class

A3,

4.49%,

4/16/29(a)

................................

1,500

1,518

Series

2025-1,

Class

B,

4.77%,

1/15/32,

Callable

5/15/29

@

100(a)

...............

2,000

2,030

HPEFS

Equipment

Trust

..................................................

Series

2023-2A,

Class

D,

6.97%,

7/21/31,

Callable

1/20/27

@

100(a)

..............

500

505

Series

2024-1A,

Class

D,

5.82%,

11/20/31,

Callable

8/20/27

@

100(a)

.............

2,169

2,195

Series

2024-2A,

Class

D,

5.82%,

4/20/32,

Callable

1/20/28

@

100(a)

..............

714

728

Series

2025-1A,

Class

C,

4.79%,

9/20/32,

Callable

3/20/29

@

100(a)

..............

1,653

1,666

Series

2025-1A,

Class

D,

4.99%,

3/21/33,

Callable

3/20/29

@

100(a)

..............

2,000

2,013

Series

2025-2A,

Class

D,

4.77%,

5/20/33,

Callable

6/20/29

@

100(a)

..............

1,495

1,495

John

Deere

Owner

Trust,

Series

2024-B,

Class

A4,

5.19%,

5/15/31,

Callable

3/15/28

@

100

.

550

564

Kubota

Credit

Owner

Trust

................................................

Series

2024-2A,

Class

A4,

5.19%,

5/15/30,

Callable

4/15/28

@

100(a)

.............

650

667

Series

2025-1A,

Class

A2,

4.61%,

12/15/27(a)

..............................

2,683

2,694

M&T

Equipment

LEAF1

Notes,

Series

2025-1A,

Class

A3,

4.78%,

9/17/29,

Callable

5/16/29

@

100(a)

.........................................................

1,826

1,850

M&T

Equipment

Notes,

Series

2023-1A,

Class

A4,

5.75%,

7/15/30,

Callable

7/15/27

@

100(a)

1,038

1,055

MMAF

Equipment

Finance

LLC

............................................

Series

2021-A,

Class

A4,

1.04%,

11/13/30(a)

...............................

2,000

1,989

Series

2022-A,

Class

A3,

3.20%,

1/13/28(a)

................................

65

65

Series

2023-A,

Class

A3,

5.54%,

12/13/29(a)

...............................

500

507

Series

2024-A,

Class

A4,

5.10%,

7/13/49,

Callable

6/13/29

@

100(a)

..............

173

179

MMP

Capital

LLC,

Series

2025-A,

Class

A,

5.36%,

12/15/31,

Callable

1/15/29

@

100(a)

...

1,948

1,966

MVW

LLC,

Series

2019-2A,

Class

A,

2.22%,

10/20/38,

Callable

1/20/26

@

100(a)

........

534

533

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

10

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

New

Economy

Assets

-

Phase

1

Sponsor

LLC

...................................

Series

2021-1,

Class

A1,

1.91%,

10/20/61,

Callable

1/20/26

@

100(a)

.............

$

903

$

754

Series

2021-1,

Class

B1,

2.41%,

10/20/61,

Callable

1/20/26

@

100(a)

.............

293

180

NMEF

Funding

LLC

....................................................

Series

2023-A,

Class

B,

6.83%,

6/17/30,

Callable

6/15/27

@

100(a)

...............

1,000

1,018

Series

2024-A,

Class

A2,

5.15%,

12/15/31,

Callable

3/15/28

@

100(a)

.............

542

545

Series

2024-A,

Class

B,

5.32%,

12/15/31,

Callable

3/15/28

@

100(a)

..............

678

688

Series

2024-A,

Class

C,

6.33%,

12/15/31,

Callable

3/15/28

@

100(a)

..............

750

769

Series

2025-A,

Class

B,

5.18%,

7/15/32,

Callable

12/15/28

@

100(a)

..............

1,891

1,917

Series

2025-A,

Class

C,

5.79%,

7/15/32,

Callable

12/15/28

@

100(a)

..............

4,916

5,050

Series

2025-B,

Class

C,

5.17%,

1/18/33,

Callable

3/15/29

@

100(a)

...............

2,474

2,500

OneMain

Financial

Issuance

Trust,

Series

2022-3A,

Class

B,

6.45%,

5/15/34,

Callable

1/14/26

@

100(a)

.........................................................

4,500

4,554

PEAC

Solutions

Receivables

LLC

...........................................

Series

2024-1A,

Class

A3,

5.64%,

11/20/30,

Callable

3/20/28

@

100(a)

............

1,500

1,529

Series

2024-1A,

Class

B,

5.79%,

11/20/30,

Callable

3/20/28

@

100(a)

.............

1,500

1,537

Series

2024-2A,

Class

A3,

4.65%,

10/20/31,

Callable

7/20/27

@

100(a)

............

571

575

Series

2025-1A,

Class

A3,

5.04%,

7/20/32,

Callable

10/20/28

@

100(a)

............

837

852

Series

2025-1A,

Class

B,

5.20%,

7/20/32,

Callable

10/20/28

@

100(a)

.............

765

779

Series

2025-1A,

Class

C,

5.49%,

7/20/32,

Callable

10/20/28

@

100(a)

.............

1,200

1,226

Post

Road

Equipment

Finance

LLC

..........................................

Series

2024-1A,

Class

B,

5.58%,

10/15/30,

Callable

3/15/27

@

100(a)

.............

564

569

Series

2024-1A,

Class

C,

5.81%,

10/15/30,

Callable

3/15/27

@

100(a)

.............

747

756

Series

2024-1A,

Class

D,

6.77%,

10/15/30,

Callable

3/15/27

@

100(a)

.............

417

426

Series

2025-1A,

Class

B,

5.04%,

5/15/31,

Callable

6/15/28

@

100(a)

..............

218

221

Series

2025-1A,

Class

C,

5.13%,

5/15/31,

Callable

6/15/28

@

100(a)

..............

1,019

1,031

Series

2025-1A,

Class

D,

5.43%,

5/15/31,

Callable

6/15/28

@

100(a)

..............

1,120

1,132

Series

2025-1A,

Class

E,

7.08%,

5/17/32,

Callable

6/15/28

@

100(a)

..............

941

954

Retained

Vantage

Data

Centers

Issuer

LLC,

Series

2025-1A,

Class

A2A,

5.09%,

8/15/50,

Callable

8/15/28

@

100(a)

............................................

2,000

1,981

SCF

Equipment

Leasing

LLC

..............................................

Series

2023-1A,

Class

B,

6.37%,

5/20/32,

Callable

2/20/30

@

100(a)

..............

857

873

Series

2023-1A,

Class

C,

6.77%,

8/22/33,

Callable

2/20/30

@

100(a)

..............

1,672

1,725

SCF

Equipment

Trust

LLC

................................................

Series

2025-1A,

Class

A3,

5.11%,

11/21/33,

Callable

9/20/31

@

100(a)

............

400

408

Series

2025-1A,

Class

B,

5.23%,

9/20/34,

Callable

9/20/31

@

100(a)

..............

1,250

1,280

Series

2025-1A,

Class

C,

5.37%,

9/20/34,

Callable

9/20/31

@

100(a)

..............

1,500

1,535

Stack

Infrastructure

Issuer

LLC,

Series

2023-1A,

Class

A2,

5.90%,

3/25/48,

Callable

3/25/26

@

100(a)

.........................................................

2,750

2,756

Switch

ABS

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.04%,

3/25/55,

Callable

3/25/28

@

100(a)

...........................................................

2,000

1,970

Tricon

Residential

Trust,

Series

2024-SFR4,

Class

A,

4.30%,

11/17/41,

Callable

11/17/29

@

100(a)(b)

.........................................................

345

342

Uniti

Fiber

ABS

Issuer

LLC

...............................................

Series

2025-1A,

Class

A2,

5.88%,

4/20/55,

Callable

10/20/28

@

100(a)

............

2,917

2,982

Series

2025-1A,

Class

B,

6.37%,

4/20/55,

Callable

10/20/28

@

100(a)

.............

539

552

Vantage

Data

Centers

LLC,

Series

2025-1A,

Class

A2,

5.13%,

8/15/55,

Callable

8/15/28

@

100(a)

...........................................................

2,500

2,478

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A,

Class

C2I,

3.16%,

2/15/52,

Callable

2/15/26

@

100(a)

............

1,000

972

Series

2024-1A,

Class

C2,

5.59%,

5/15/54,

Callable

5/15/27

@

100(a)

.............

1,455

1,467

Series

2024-1A,

Class

D,

6.64%,

5/15/54,

Callable

5/15/27

@

100(a)

..............

167

170

Verdant

Receivables

LLC

.................................................

Series

2023-1A,

Class

A2,

6.24%,

1/13/31,

Callable

11/12/27

@

100(a)

............

216

220

Series

2023-1A,

Class

B,

6.05%,

1/13/31,

Callable

11/12/27

@

100(a)

.............

500

512

Series

2023-1A,

Class

C,

6.73%,

1/13/31,

Callable

11/12/27

@

100(a)

.............

374

387

Series

2024-1A,

Class

A2,

5.68%,

12/12/31,

Callable

10/12/28

@

100(a)

...........

782

796

Series

2024-1A,

Class

B,

5.72%,

12/12/31,

Callable

10/12/28

@

100(a)

............

350

360

Series

2024-1A,

Class

C,

6.25%,

12/12/31,

Callable

10/12/28

@

100(a)

............

292

303

Series

2024-1A,

Class

D,

7.23%,

12/12/31,

Callable

10/12/28

@

100(a)

............

258

271

Series

2025-1A,

Class

A3,

4.96%,

5/12/33,

Callable

9/12/29

@

100(a)

.............

522

531

Series

2025-1A,

Class

D,

6.49%,

5/12/33,

Callable

9/12/29

@

100(a)

..............

473

490

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

11

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Verizon

Master

Trust

....................................................

Series

2024-2,

Class

B,

5.08%,

12/22/31,

Callable

12/20/28

@

100(a)

.............

$

1,000

$

1,023

Series

2024-3,

Class

C,

5.73%,

4/22/30,

Callable

4/20/27

@

100

.................

417

425

Series

2024-8,

Class

C,

4.99%,

11/20/30,

Callable

11/20/27

@

100

...............

1,409

1,426

Series

2025-1,

Class

C,

5.09%,

1/21/31,

Callable

1/20/28

@

100

.................

1,500

1,522

Series

2025-10,

Class

C,

4.67%,

10/20/33,

Callable

10/20/30

@

100(a)

............

700

700

Series

2025-7,

Class

C,

4.40%,

8/20/31,

Callable

8/20/28

@

100

.................

2,000

2,000

VFI

ABS

LLC,

Series

2025-1A,

Class

A,

4.78%,

6/24/30,

Callable

7/24/28

@

100(a)

......

2,550

2,565

Volvo

Financial

Equipment

LLC

............................................

Series

2024-1A,

Class

A3,

4.29%,

10/16/28,

Callable

6/15/28

@

100(a)

............

333

335

Series

2024-1A,

Class

A4,

4.29%,

7/15/31,

Callable

6/15/28

@

100(a)

.............

1,000

1,006

Series

2025-1A,

Class

A4,

4.53%,

10/15/31,

Callable

12/15/28

@

100(a)

...........

2,783

2,821

Wingspire

Equipment

Finance

LLC

..........................................

Series

2024-1A,

Class

B,

5.06%,

9/20/32,

Callable

10/20/27

@

100(a)

.............

1,000

1,009

Series

2024-1A,

Class

C,

5.28%,

9/20/32,

Callable

10/20/27

@

100(a)

.............

584

591

Series

2025-1A,

Class

C,

4.76%,

9/20/33,

Callable

2/20/29

@

100(a)

..............

1,137

1,138

Series

2025-1A,

Class

D,

5.45%,

9/20/33,

Callable

2/20/29

@

100(a)

..............

5,600

5,632

Zayo

Issuer

LLC

.......................................................

Series

2025-1A,

Class

A2,

5.65%,

3/20/55,

Callable

9/20/28

@

100(a)

.............

2,000

2,031

Series

2025-1A,

Class

B,

6.09%,

3/20/55,

Callable

9/20/28

@

100(a)

..............

1,000

1,017

Series

2025-2A,

Class

A2,

5.95%,

6/20/55,

Callable

12/20/28

@

100(a)

............

1,000

1,025

Series

2025-2A,

Class

B,

6.59%,

6/20/55,

Callable

12/20/28

@

100(a)

.............

583

603

185,477

Total

Asset-Backed

Securities

(Cost

$426,620)

a

a

a

431,473

Collateralized

Loan

Obligations

(0.0%)(c)

Cash

Flow

CLO

(0.0%):(c)

Palmer

Square

Loan

Funding

Ltd.,

Series

2024-3A,

Class

A2,

5.51%

(TSFR3M+165bps),

8/8/32,

Callable

2/8/26

@

100(a)(d)

......................................

1,000

999

Total

Collateralized

Loan

Obligations

(Cost

$1,000)

a

a

a

999

Collateralized

Mortgage

Obligations

(4.7%)

Agency

CMO

Other

(2.1%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5270,

Class

AB,

5.50%,

1/25/49

...................................

690

701

Series

5450,

Class

KA,

4.50%,

6/25/51

...................................

1,595

1,592

Series

5478,

Class

J,

5.50%,

3/25/51

.....................................

2,753

2,778

Federal

National

Mortgage

Association

.......................................

Series

2022-88,

Class

BA,

5.50%,

7/25/47

.................................

661

668

Series

2024-33,

Class

PB,

5.00%,

3/25/48

.................................

1,331

1,340

Series

2025-40,

Class

B,

5.00%,

10/25/50

.................................

1,826

1,832

Series

2025-61,

Class

DA,

4.50%,

9/25/51

.................................

1,904

1,899

Government

National

Mortgage

Association

....................................

Series

2023-107,

Class

PA,

5.50%,

1/20/46

................................

790

803

Series

2023-128,

Class

KA,

6.00%,

6/20/47

................................

594

599

Series

2023-131,

Class

P,

5.50%,

6/20/48

..................................

776

781

Series

2024-160,

Class

H,

4.00%,

9/20/62

.................................

1,092

1,094

Series

2024-19,

Class

AD,

5.00%,

6/20/53

.................................

790

798

Series

2024-97,

Class

MC,

5.00%,

1/20/64

.................................

1,029

1,036

Series

2025-131,

Class

CE,

4.50%,

12/20/53

...............................

6,571

6,577

Series

2025-131,

Class

QC,

4.00%,

7/20/51

................................

2,939

2,877

Series

2025-131,

Class

QD,

4.50%,

7/20/51

................................

735

729

Series

2025-139,

Class

DT,

5.00%,

3/20/65

................................

2,883

2,893

Series

2025-139,

Class

EA,

4.00%,

3/20/65

................................

2,931

2,886

Series

2025-150,

Class

QD,

4.50%,

7/20/51

................................

3,449

3,421

Series

2025-2,

Class

EA,

4.50%,

9/20/40

..................................

1,148

1,151

36,455

Commercial

MBS

(2.6%):

ALA

Trust

............................................................

Series

2025-OANA,

Class

A,

5.49%

(TSFR1M+174bps),

6/15/40(a)(b)(d)

..........

1,500

1,504

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

12

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2025-OANA,

Class

B,

5.59%

(TSFR1M+184bps),

6/15/40(a)(b)(d)

..........

$

1,000

$

1,004

AOA

Trust

............................................................

Series

2025-1301,

Class

A,

5.06%,

8/11/42(a)(b)(e)

..........................

944

956

Series

2025-1345,

Class

A,

5.35%

(TSFR1M+160bps),

6/15/42(a)(b)(d)

............

625

627

Atrium

Hotel

Portfolio

Trust

...............................................

Series

2025-ATRM,

Class

A,

5.40%

(TSFR1M+165bps),

8/15/42(a)(b)(d)

..........

1,500

1,499

Series

2025-ATRM,

Class

B,

5.85%

(TSFR1M+210bps),

8/15/42(a)(b)(d)

..........

1,638

1,633

Aventura

Mall

Trust,

Series

2018-AVM,

Class

C,

4.11%,

7/5/40(a)(b)(e)

................

1,000

978

BLP

Commercial

Mortgage

Trust,

Series

2025-IND,

Class

A,

4.95%

(TSFR1M+120bps),

3/15/42(a)(b)(d)

....................................................

953

946

BPR

Trust

............................................................

Series

2021-TY,

Class

A,

4.92%

(TSFR1M+116bps),

9/15/38(a)(b)(d)

.............

1,000

1,000

Series

2021-TY,

Class

C,

5.57%

(TSFR1M+181bps),

9/15/38(a)(b)(d)

.............

1,000

999

BX

Commercial

Mortgage

Trust,

Series

2025-COPT,

Class

A,

5.50%

(TSFR1M+175bps),

8/15/42(a)(b)(d)

....................................................

1,154

1,155

BX

Trust

.............................................................

Series

2022-CLS,

Class

A,

5.76%,

10/13/27(a)(b)

............................

1,000

1,003

Series

2022-CLS,

Class

B,

6.30%,

10/13/27(a)(b)

............................

1,000

997

Series

2022-LBA6,

Class

C,

5.35%

(TSFR1M+160bps),

1/15/39(a)(b)(d)

...........

1,000

998

Series

2025-GW,

Class

A,

5.35%

(TSFR1M+160bps),

7/15/42(a)(b)(d)

............

2,000

2,001

Series

2025-ROIC,

Class

A,

4.89%

(TSFR1M+114bps),

3/15/30(a)(b)(d)

...........

1,551

1,549

Series

2025-VOLT,

Class

A,

5.45%

(TSFR1M+170bps),

12/15/44(a)(b)(d)

..........

1,500

1,500

Series

2025-VOLT,

Class

B,

5.85%

(TSFR1M+210bps),

12/15/44(a)(b)(d)

..........

1,474

1,475

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

A,

5.49%

(TSFR1M+174bps),

4/15/37(a)(b)

(d)

.............................................................

1,000

999

GS

Mortgage

Securities

Corp.

Trust,

Series

2023-SHIP,

Class

B,

4.94%,

9/10/38(a)(b)(e)

...

1,000

1,001

Hudson

Yards

Mortgage

Trust

..............................................

Series

2016-10HY,

Class

A,

2.84%,

8/10/38,

Callable

8/10/26

@

100(a)(b)

..........

3,500

3,463

Series

2025-SPRL,

Class

A,

5.47%,

1/13/40(a)(b)(e)

..........................

663

687

LEX

Mortgage

Trust,

Series

2024-BBG,

Class

A,

4.87%,

10/13/33,

Callable

10/13/28

@

100(a)

(b)(e)

...........................................................

963

969

MAD

Commercial

Mortgage

Trust,

Series

2025-11MD,

Class

A,

4.75%,

10/15/42(a)(b)(e)

..

1,363

1,369

Manhattan

West

Mortgage

Trust

............................................

Series

2020-1MW,

Class

A,

2.13%,

9/10/39(a)(b)

............................

1,000

962

Series

2020-1MW,

Class

B,

2.33%,

9/10/39(a)(b)(e)

..........................

2,500

2,404

MILE

Trust,

Series

2025-STNE,

Class

A,

5.25%

(TSFR1M+150bps),

7/15/42(a)(b)(d)

.....

2,000

2,003

SCG

Commercial

Mortgage

Trust,

Series

2025-FLWR,

Class

B,

5.30%

(TSFR1M+155bps),

8/15/42(a)(b)(d)

....................................................

2,250

2,250

SCOTT

Trust,

Series

2023-SFS,

Class

AS,

6.20%,

3/10/40(a)(b)

.....................

786

807

SHR

Trust,

Series

2024-LXRY,

Class

A,

5.70%

(TSFR1M+195bps),

10/15/41(a)(b)(d)

.....

842

843

SMRT,

Series

2022-MINI,

Class

B,

5.10%

(TSFR1M+135bps),

1/15/39(a)(b)(d)

..........

1,760

1,754

SWCH

Commercial

Mortgage

Trust,

Series

2025-DATA,

Class

A,

5.19%

(TSFR1M+144bps),

2/15/42(a)(b)(d)

....................................................

3,000

2,967

44,302

Total

Collateralized

Mortgage

Obligations

(Cost

$80,300)

a

a

a

80,757

Senior

Secured

Loans

(0.2%)

Materials

(0.2%):

Celanese

US

Holdings

LLC,

Delayed

Draw

Term

Loan,

First

Lien,

3/13/26(f)(g)

.........

3,500

3,500

Total

Senior

Secured

Loans

(Cost

$3,500)

a

a

a

3,500

Corporate

Bonds

(41.1%)

Communication

Services

(0.4%):

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.10%,

6/1/29,

Callable

5/1/29

@

100

..........................................

1,000

1,043

Paramount

Global

4.00%,

1/15/26

....................................................

2,085

2,084

2.90%,

1/15/27,

Callable

10/15/26

@

100

.................................

580

571

Sprint

Spectrum

Co.

LLC/Sprint

Spectrum

Co.

II

LLC/Sprint

Spectrum

Co.

III

LLC,

5.15%,

3/20/28,

Callable

3/20/27

@

100(a)

......................................

1,350

1,358

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

13

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

TEGNA,

Inc.,

4.63%,

3/15/28,

Callable

2/5/26

@

100

.............................

$

1,500

$

1,483

6,539

Consumer

Discretionary

(2.4%):

AutoNation,

Inc.,

4.45%,

1/15/29,

Callable

12/15/28

@

100

........................

2,000

2,006

Brunswick

Corp.,

5.85%,

3/18/29,

Callable

2/18/29

@

100

.........................

1,000

1,036

Daimler

Truck

Finance

North

America

LLC

5.00%,

1/15/27(a)

..................................................

2,000

2,019

4.30%,

8/12/27(a)

..................................................

1,000

1,004

5.13%,

9/25/27,

Callable

8/25/27

@

100(a)

................................

1,000

1,016

eBay,

Inc.,

4.25%,

3/6/29,

Callable

2/6/29

@

100

................................

3,000

3,010

General

Motors

Financial

Co.,

Inc.

5.35%,

7/15/27

....................................................

1,000

1,018

5.05%,

4/4/28

.....................................................

2,000

2,036

Genuine

Parts

Co.,

4.95%,

8/15/29,

Callable

7/15/29

@

100

........................

1,000

1,017

Hyatt

Hotels

Corp.,

5.05%,

3/30/28,

Callable

2/29/28

@

100

........................

1,000

1,018

Las

Vegas

Sands

Corp.,

5.90%,

6/1/27,

Callable

5/1/27

@

100

.......................

2,100

2,140

LKQ

Corp.,

5.75%,

6/15/28,

Callable

5/15/28

@

100

.............................

500

517

Mattel,

Inc.

5.88%,

12/15/27,

Callable

2/5/26

@

100(a)

................................

5,800

5,813

5.00%,

11/17/30,

Callable

10/17/30

@

100

.................................

1,707

1,719

Nissan

Motor

Acceptance

Co.

LLC

1.85%,

9/16/26,

Callable

8/16/26

@

100(a)

................................

1,513

1,475

5.30%,

9/13/27(a)

..................................................

1,000

1,004

Stellantis

Finance

US,

Inc.,

5.35%,

3/17/28,

Callable

2/17/28

@

100(a)

................

1,000

1,019

Stellantis

Financial

Services

US

Corp.,

4.95%,

9/15/28,

Callable

8/15/28

@

100(a)

........

2,000

2,025

Tapestry,

Inc.,

5.10%,

3/11/30,

Callable

2/11/30

@

100

............................

1,000

1,026

The

Home

Depot,

Inc.,

5.15%,

6/25/26

.......................................

1,125

1,132

Volkswagen

Group

of

America

Finance

LLC

4.95%,

3/25/27(a)

..................................................

2,000

2,017

4.45%,

9/11/27(a)

...................................................

4,000

4,015

6.20%,

11/16/28,

Callable

10/16/28

@

100(a)

...............................

1,000

1,047

5.25%,

3/22/29,

Callable

2/22/29

@

100(a)

................................

1,000

1,021

YMCA

of

Greater

New

York,

5.18%,

8/1/30,

Callable

5/1/30

@

100

..................

625

634

41,784

Consumer

Staples

(1.6%):

7-Eleven,

Inc.,

0.95%,

2/10/26,

Callable

2/5/26

@

100(a)

..........................

6,025

6,004

Bimbo

Bakeries

USA,

Inc.,

6.05%,

1/15/29,

Callable

12/15/28

@

100(a)

...............

1,000

1,044

Coca-Cola

Consolidated,

Inc.,

5.25%,

6/1/29,

Callable

5/1/29

@

100

..................

1,000

1,034

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

4.75%,

1/15/29,

Callable

2/5/26

@

101.19(a)

...............................

500

494

5.60%,

1/15/31,

Callable

12/15/30

@

100(a)

...............................

1,235

1,246

Keurig

Dr.

Pepper,

Inc.,

5.05%,

3/15/29,

Callable

2/15/29

@

100

.....................

1,000

1,022

Mars,

Inc.,

4.45%,

3/1/27(a)

...............................................

2,000

2,015

McCormick

&

Co.,

Inc.,

0.90%,

2/15/26,

Callable

1/21/26

@

100

....................

3,000

2,988

Smithfield

Foods,

Inc.,

4.25%,

2/1/27,

Callable

11/1/26

@

100(a)

....................

3,033

3,026

Sodexo,

Inc.

5.15%,

8/15/30,

Callable

7/15/30

@

100(a)

................................

2,000

2,050

2.72%,

4/16/31,

Callable

1/16/31

@

100(a)

................................

1,000

909

Sysco

Corp.,

5.10%,

9/23/30,

Callable

8/23/30

@

100

.............................

2,000

2,064

The

Campbell's

Company,

5.20%,

3/19/27

.....................................

1,000

1,013

The

Kroger

Co.,

3.50%,

2/1/26

.............................................

3,213

3,210

28,119

Energy

(2.5%):

Antero

Resources

Corp.,

7.63%,

2/1/29,

Callable

2/5/26

@

101.27(a)

..................

2,500

2,538

APA

Corp.,

7.75%,

12/15/29

...............................................

1,186

1,304

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

2/5/26

@

104.19(a)

................

1,000

1,041

Columbia

Pipelines

Holding

Co.

LLC

6.06%,

8/15/26,

Callable

7/15/26

@

100(a)

................................

1,288

1,300

6.04%,

8/15/28,

Callable

7/15/28

@

100(a)

................................

1,000

1,039

Energy

Transfer

LP

6.50%

(H15T5Y+569bps),

Callable

11/15/26

@

100(d)(h)

.....................

4,805

4,829

4.75%,

1/15/26

....................................................

1,695

1,695

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

14

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Expand

Energy

Corp.,

5.38%,

2/1/29,

Callable

1/21/26

@

101.34

.....................

$

1,977

$

1,980

Helmerich

&

Payne,

Inc.,

2.90%,

9/29/31,

Callable

6/29/31

@

100

....................

1,250

1,116

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.,

6.00%,

4/15/30,

Callable

2/5/26

@

103(a)

.......

1,667

1,617

Marathon

Petroleum

Corp.,

5.15%,

3/1/30,

Callable

2/1/30

@

100

....................

1,000

1,030

NuStar

Logistics

LP,

6.00%,

6/1/26,

Callable

3/1/26

@

100

.........................

3,229

3,235

ONEOK,

Inc.

4.25%,

9/24/27,

Callable

8/24/27

@

100

..................................

1,000

1,003

5.63%,

1/15/28,

Callable

7/15/27

@

100(a)

................................

3,000

3,061

Parsley

Energy

LLC/Parsley

Finance

Corp.,

4.13%,

2/15/28,

Callable

2/5/26

@

100(a)

.....

2,000

1,964

Permian

Resources

Operating

LLC,

8.00%,

4/15/27,

Callable

2/5/26

@

102(a)

...........

2,033

2,059

Sunoco

LP

5.88%,

7/15/27,

Callable

2/5/26

@

100(a)

.................................

600

601

5.63%,

3/15/31,

Callable

9/15/27

@

102.81(a)

..............................

500

503

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.

5.00%,

1/15/28,

Callable

2/5/26

@

100

...................................

2,871

2,872

5.50%,

3/1/30,

Callable

1/16/26

@

102.75

.................................

1,035

1,051

Valero

Energy

Corp.,

5.15%,

2/15/30,

Callable

1/15/30

@

100

.......................

2,000

2,059

Western

Midstream

Operating

LP

4.65%,

7/1/26,

Callable

4/1/26

@

100

....................................

2,500

2,502

4.75%,

8/15/28,

Callable

5/15/28

@

100

..................................

2,589

2,620

43,019

Financials

(17.9%):

Ally

Financial,

Inc.

4.70%

(H15T5Y+387bps),

Callable

5/15/26

@

100(d)(h)

......................

3,625

3,580

6.99%

(SOFR+326bps),

6/13/29,

Callable

6/13/28

@

100(d)

....................

2,056

2,169

American

Express

Co.,

3.55%

(H15T5Y+285bps),

Callable

9/15/26

@

100(d)(h)

.........

8,989

8,865

American

Honda

Finance

Corp.

4.40%,

10/5/26

....................................................

1,000

1,003

4.55%,

7/9/27

.....................................................

1,000

1,010

4.25%,

9/1/28

.....................................................

4,000

4,022

American

National

Global

Funding

4.63%,

12/15/28(a)

..................................................

2,000

2,009

5.55%,

1/28/30(a)

..................................................

852

877

American

National

Group,

Inc.,

5.75%,

10/1/29,

Callable

9/1/29

@

100

................

1,500

1,553

AmFam

Holdings,

Inc.,

2.81%,

3/11/31,

Callable

12/11/30

@

100(a)

..................

825

724

Antares

Holdings

LP

3.95%,

7/15/26,

Callable

6/15/26

@

100(a)

................................

2,000

1,991

6.35%,

10/23/29,

Callable

9/23/29

@

100(a)

...............................

1,000

1,020

Apollo

Global

Management,

Inc.,

4.60%,

1/15/31,

Callable

12/15/30

@

100

.............

2,500

2,515

Arch

Capital

Finance

LLC,

4.01%,

12/15/26,

Callable

9/15/26

@

100

.................

1,000

1,000

Ares

Capital

Corp.,

2.15%,

7/15/26,

Callable

6/15/26

@

100

........................

3,400

3,359

Ashtead

Capital,

Inc.,

1.50%,

8/12/26,

Callable

7/12/26

@

100(a)

....................

3,334

3,275

Assurant,

Inc.,

7.00%

(US0003M+414bps),

3/27/48,

Callable

3/27/28

@

100(d)(i)

........

2,500

2,569

Athene

Global

Funding,

4.95%,

1/7/27(a)

......................................

4,000

4,029

Atlas

Warehouse

Lending

Co.

LP,

4.63%,

11/15/28,

Callable

10/15/28

@

100(a)

..........

2,000

2,007

Bank

of

America

Corp.,

6.30%

(TSFR3M+481bps),

Callable

3/10/26

@

100(d)(h)(j)

.......

2,500

2,500

Blackstone

Private

Credit

Fund,

2.63%,

12/15/26,

Callable

11/15/26

@

100

.............

3,750

3,684

Block,

Inc.,

2.75%,

6/1/26,

Callable

5/1/26

@

100

...............................

8,328

8,272

Blue

Owl

Capital

Corp.,

3.40%,

7/15/26,

Callable

6/15/26

@

100

....................

2,800

2,782

Blue

Owl

Credit

Income

Corp.,

7.75%,

9/16/27,

Callable

8/16/27

@

100

...............

1,000

1,040

BMW

US

Capital

LLC,

4.60%,

8/13/27(a)

.....................................

1,000

1,010

Brown

&

Brown,

Inc.

4.60%,

12/23/26

....................................................

500

503

4.70%,

6/23/28,

Callable

5/23/28

@

100

..................................

1,091

1,104

Capital

One

Financial

Corp.

3.75%,

7/28/26,

Callable

6/28/26

@

100

..................................

3,000

2,992

5.47%

(SOFR+208bps),

2/1/29,

Callable

2/1/28

@

100(d)

......................

1,000

1,027

6.31%

(SOFR+264bps),

6/8/29,

Callable

6/8/28

@

100(d)

......................

500

525

CDW

LLC/CDW

Finance

Corp.,

2.67%,

12/1/26,

Callable

11/1/26

@

100

..............

3,479

3,433

Citigroup,

Inc.,

6.25%

(TSFR3M+478bps),

Callable

8/15/26

@

100(h)(j)

...............

6,750

6,761

Citizens

Bank

NA,

4.58%

(SOFR+200bps),

8/9/28,

Callable

8/9/27

@

100(d)

............

334

336

Citizens

Financial

Group,

Inc.,

4.00%

(H15T5Y+322bps),

Callable

10/6/26

@

100(d)(h)

....

2,250

2,238

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

15

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Clearinghouse

Community

Development

Financial

Institution,

7.00%,

10/15/30,

Callable

9/15/30

@

100(a)

...................................................

$

1,230

$

1,321

CNO

Global

Funding

5.88%,

6/4/27(a)

...................................................

1,500

1,533

4.88%,

12/10/27(a)

..................................................

2,000

2,026

4.38%,

9/8/28(a)

...................................................

3,000

3,004

4.95%,

9/9/29(a)

...................................................

651

661

4.70%,

12/11/30(a)

..................................................

1,250

1,253

Cullen/Frost

Bankers,

Inc.,

4.50%,

3/17/27,

Callable

2/17/27

@

100

...................

2,489

2,489

Diageo

Investment

Corp.,

5.13%,

8/15/30,

Callable

7/15/30

@

100

...................

727

753

Enact

Holdings,

Inc.,

6.25%,

5/28/29,

Callable

4/28/29

@

100

.......................

2,500

2,616

Entergy

Texas

Restoration

Funding

II

LLC,

3.05%,

12/15/27

........................

218

216

F&G

Global

Funding,

5.88%,

6/10/27(a)

......................................

3,100

3,165

Fells

Point

Funding

Trust,

3.05%,

1/31/27,

Callable

12/31/26

@

100(a)

................

4,561

4,507

First

Horizon

Bank,

5.75%,

5/1/30,

Callable

2/1/30

@

100

.........................

1,350

1,395

First

Horizon

Corp.,

5.51%

(SOFR+177bps),

3/7/31,

Callable

3/7/30

@

100(d)

...........

1,500

1,550

First

Maryland

Capital

I,

5.17%

(TSFR3M+126bps),

1/15/27,

Callable

2/5/26

@

100(d)

....

3,000

2,971

Fiserv,

Inc.

4.75%,

3/15/30,

Callable

2/15/30

@

100

..................................

1,000

1,006

4.55%,

2/15/31,

Callable

1/15/31

@

100

..................................

1,500

1,487

Ford

Motor

Credit

Co.

LLC

6.95%,

3/6/26,

Callable

2/6/26

@

100

....................................

3,209

3,215

5.13%,

11/5/26

.....................................................

1,000

1,005

2.90%,

2/10/29,

Callable

12/10/28

@

100

.................................

1,000

939

FS

KKR

Capital

Corp.,

3.40%,

1/15/26

.......................................

4,724

4,721

Fulton

Financial

Corp.,

6.00%

(TSFR3M+230bps),

3/15/30,

Callable

3/15/26

@

100(d)

....

5,810

5,761

GA

Global

Funding

Trust

1.63%,

1/15/26(a)

..................................................

2,360

2,358

4.40%,

9/23/27(a)

..................................................

500

502

Glencore

Funding

LLC,

5.34%,

4/4/27(a)

......................................

2,000

2,031

Global

Payments,

Inc.,

4.50%,

11/15/28,

Callable

10/15/28

@

100

....................

3,000

3,006

Goldman

Sachs

Private

Credit

Corp.,

5.38%,

1/31/29,

Callable

12/31/28

@

100(a)

........

1,000

1,004

Goodman

US

Finance

Three

LLC,

3.70%,

3/15/28,

Callable

12/15/27

@

100(a)

..........

750

742

HA

Sustainable

Infrastructure

Capital,

Inc.,

6.15%,

1/15/31,

Callable

12/15/30

@

100

......

2,000

2,055

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

3.38%,

6/15/26,

Callable

3/15/26

@

100(a)

................................

1,662

1,650

8.00%,

6/15/27,

Callable

3/15/27

@

100(a)

................................

2,800

2,907

Hercules

Capital,

Inc.,

2.63%,

9/16/26,

Callable

8/16/26

@

100

......................

4,000

3,942

Highmark,

Inc.,

1.45%,

5/10/26,

Callable

4/10/26

@

100(a)

.........................

7,915

7,826

Horace

Mann

Educators

Corp.

7.25%,

9/15/28,

Callable

8/15/28

@

100

..................................

1,400

1,500

4.70%,

10/1/30,

Callable

9/1/30

@

100

...................................

4,000

3,968

Horizon

Mutual

Holdings,

Inc.,

6.20%,

11/15/34,

Callable

8/15/34

@

100(a)

............

3,850

3,731

HSB

Group,

Inc.,

5.08%

(TSFR3M+117bps),

7/15/27,

Callable

2/5/26

@

100(d)

..........

750

734

Huntington

Bancshares,

Inc.,

4.45%

(H15T7Y+405bps),

Callable

10/15/27

@

100(d)(h)

....

4,358

4,285

Hyundai

Capital

America,

Inc.

4.30%,

9/24/27(a)

..................................................

1,000

1,002

4.25%,

9/18/28(a)

..................................................

2,000

1,999

5.30%,

1/8/29,

Callable

12/8/28

@

100(a)

.................................

2,000

2,052

Kemper

Corp.

2.40%,

9/30/30,

Callable

6/30/30

@

100

..................................

837

749

3.80%,

2/23/32,

Callable

11/23/31

@

100

..................................

2,400

2,220

KeyCorp,

5.00%,

Callable

9/15/26

@

100(h)

...................................

2,500

2,487

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

7.00%,

7/15/31,

Callable

7/15/27

@

103.5(a)

...........................................

1,500

1,590

LPL

Holdings,

Inc.,

5.70%,

5/20/27,

Callable

4/20/27

@

100

........................

300

306

Main

Street

Capital

Corp.,

3.00%,

7/14/26,

Callable

6/14/26

@

100

...................

500

496

Mercedes-Benz

Finance

North

America

LLC,

4.65%,

4/1/27(a)

......................

750

757

MGIC

Investment

Corp.,

5.25%,

8/15/28,

Callable

1/21/26

@

100

....................

4,962

4,963

MMI

Capital

Trust

I,

7.63%,

12/15/27

........................................

435

457

Morgan

Stanley,

4.13%

(SOFR+91bps),

10/18/29,

Callable

10/18/28

@

100(d)

...........

3,500

3,497

Morgan

Stanley

Bank

NA,

4.97%

(SOFR+93bps),

7/14/28,

Callable

7/14/27

@

100(d)

.....

1,500

1,521

MSD

Investment

Corp.,

6.13%,

2/5/31,

Callable

1/5/31

@

100(a)

....................

1,500

1,491

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

16

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

NextEra

Energy

Capital

Holdings,

Inc.,

4.85%,

2/4/28

.............................

$

2,000

$

2,037

NLG

Global

Funding,

5.40%,

1/23/30(a)

......................................

2,000

2,058

NMI

Holdings,

Inc.,

6.00%,

8/15/29,

Callable

7/15/29

@

100

.......................

2,000

2,075

Old

Republic

International

Corp.,

3.88%,

8/26/26,

Callable

7/26/26

@

100

..............

7,000

6,993

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

5.75%,

5/24/26,

Callable

4/24/26

@

100(a)

................................

1,000

1,005

5.35%,

3/30/29,

Callable

2/28/29

@

100(a)

................................

1,000

1,029

Pinnacle

Bank,

5.63%,

2/15/28,

Callable

1/15/28

@

100

...........................

1,000

1,020

Pinnacle

Financial

Partners,

Inc.,

7.54%

(USISOA05+338bps),

2/7/29(d)

...............

4,000

4,224

PRA

Group,

Inc.,

8.38%,

2/1/28,

Callable

2/5/26

@

102.09(a)

.......................

944

966

Principal

Life

Global

Funding

II,

4.60%,

8/19/27(a)

..............................

1,500

1,514

Protective

Life

Corp.,

4.70%,

1/15/31,

Callable

12/15/30

@

100(a)

...................

4,000

4,011

Radian

Group,

Inc.,

6.20%,

5/15/29,

Callable

4/15/29

@

100

........................

1,500

1,572

Reliance

Standard

Life

Global

Funding

II,

1.51%,

9/28/26(a)

........................

1,560

1,528

Repsol

E&P

Capital

Markets

US

LLC,

4.81%,

9/16/28,

Callable

8/16/28

@

100(a)

........

842

850

RGA

Global

Funding,

4.35%,

8/25/28(a)

......................................

2,000

2,009

Rocket

Mortgage

LLC/Rocket

Mortgage

Co-Issuer,

Inc.,

2.88%,

10/15/26,

Callable

2/5/26

@

100(a)(j)

.........................................................

5,055

4,982

Sammons

Financial

Group

Global

Funding,

5.05%,

1/10/28(a)

.......................

2,000

2,030

SCE

Recovery

Funding

LLC,

0.86%,

11/15/31

..................................

1,147

1,034

Sixth

Street

Specialty

Lending,

Inc.,

2.50%,

8/1/26,

Callable

7/1/26

@

100(j)

............

1,358

1,342

Starwood

Property

Trust,

Inc.,

3.63%,

7/15/26,

Callable

2/5/26

@

100(a)

...............

500

496

Stewart

Information

Services

Corp.,

3.60%,

11/15/31,

Callable

8/15/31

@

100

...........

1,000

884

Stonebriar

ABF

Issuer

LLC,

8.13%,

12/15/30,

Callable

12/15/27

@

104.06(a)

............

206

212

Synchrony

Financial

3.70%,

8/4/26,

Callable

5/4/26

@

100

....................................

2,000

1,993

3.95%,

12/1/27,

Callable

9/1/27

@

100

...................................

1,000

996

Texas

Capital

Bancshares,

Inc.,

4.00%

(H15T5Y+315bps),

5/6/31,

Callable

5/6/26

@

100(d)

.

5,653

5,569

Texas

Capital

Bank

NA,

5.25%,

1/31/26

......................................

1,500

1,495

The

Bank

of

New

York

Mellon

Corp.

3.70%

(H15T5Y+335bps),

Callable

3/20/26

@

100(d)(h)

......................

5,500

5,479

4.98%

(SOFR+109bps),

3/14/30,

Callable

3/14/29

@

100(d)

....................

1,000

1,029

The

Charles

Schwab

Corp.,

4.00%

(H15T5Y+317bps),

Callable

6/1/26

@

100(d)(h)(j)

.....

8,500

8,439

The

Goldman

Sachs

Group,

Inc.,

4.94%

(SOFR+132bps),

4/23/28,

Callable

4/23/27

@

100(d)

1,000

1,011

The

Hanover

Insurance

Group,

Inc.,

4.50%,

4/15/26,

Callable

1/15/26

@

100

............

4,210

4,209

The

PNC

Financial

Services

Group,

Inc.

3.40%

(H15T5Y+260bps),

Callable

9/15/26

@

100(d)(h)

......................

4,750

4,654

6.20%

(H15T5Y+324bps),

Callable

9/15/27

@

100(d)(h)

......................

1,000

1,016

Toyota

Motor

Credit

Corp.

4.55%,

8/7/26

.....................................................

2,000

2,008

4.80%,

5/15/30

....................................................

2,000

2,051

Truist

Bank,

4.14%

(SOFR+91bps),

10/23/29,

Callable

10/23/28

@

100,

MTN(d)

.........

2,000

1,998

Truist

Financial

Corp.,

4.78%

(TSFR3M+93bps),

5/15/27,

Callable

2/5/26

@

100(d)

.......

4,500

4,474

U.S.

Bancorp

5.30%

(TSFR3M+318bps),

Callable

4/15/27

@

100(d)(h)

......................

3,800

3,810

5.78%

(SOFR+202bps),

6/12/29,

Callable

6/12/28

@

100(d)

....................

1,500

1,560

Veritex

Holdings,

Inc.,

7.88%

(TSFR3M+400bps),

10/15/30,

Callable

1/15/26

@

100(d)

....

2,150

2,150

Wells

Fargo

&

Co.,

3.90%

(H15T5Y+345bps),

Callable

3/15/26

@

100(d)(h)

............

7,600

7,574

Western

Alliance

Bancorp,

3.00%

(TSFR3M+225bps),

6/15/31,

Callable

6/15/26

@

100(d)

..

350

337

Western

Alliance

Bank,

6.54%

(H15T5Y+285bps),

11/15/35,

Callable

11/15/30

@

100(d)

...

2,000

2,009

308,938

Health

Care

(1.7%):

Baxter

International,

Inc.,

4.45%,

2/15/29,

Callable

1/15/29

@

100

...................

1,250

1,253

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

1/21/26

@

100.71(a)

.

3,000

2,974

CommonSpirit

Health,

4.35%,

9/1/30,

Callable

6/1/30

@

100

.......................

2,500

2,491

DENTSPLY

SIRONA,

Inc.,

3.25%,

6/1/30,

Callable

3/1/30

@

100

....................

3,400

3,142

Elevance

Health,

Inc.,

5.15%,

6/15/29,

Callable

5/15/29

@

100

......................

1,000

1,031

HCA,

Inc.

5.00%,

3/1/28,

Callable

2/1/28

@

100

....................................

1,000

1,019

4.30%,

11/15/30,

Callable

10/15/30

@

100

.................................

2,000

1,992

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

5.20%,

6/15/29,

Callable

5/15/29

@

100(a)

................................

2,000

2,050

2.20%,

6/1/30,

Callable

3/1/30

@

100(a)

..................................

1,000

907

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

17

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Humana,

Inc.,

5.38%,

4/15/31,

Callable

2/15/31

@

100

............................

$

1,250

$

1,291

PRA

Health

Sciences,

Inc.,

2.88%,

7/15/26,

Callable

2/5/26

@

100(a)(j)

................

1,943

1,928

Premier

Health

Partners,

2.91%,

11/15/26,

Callable

5/15/26

@

100

...................

1,230

1,213

Solventum

Corp.

5.45%,

2/25/27,

Callable

1/25/27

@

100

..................................

307

312

5.40%,

3/1/29,

Callable

2/1/29

@

100

....................................

388

402

The

Cigna

Group,

4.50%,

9/15/30,

Callable

8/15/30

@

100

.........................

4,000

4,029

Utah

Acquisition

Sub,

Inc.,

3.95%,

6/15/26,

Callable

3/15/26

@

100

..................

3,000

2,990

29,024

Industrials

(4.8%):

AGCO

Corp.,

5.45%,

3/21/27,

Callable

2/21/27

@

100

............................

2,078

2,106

American

Airlines

Pass

Through

Trust

3.70%,

10/1/26

....................................................

3,639

3,617

4.00%,

9/22/27

....................................................

412

406

American

Builders

&

Contractors

Supply

Co.,

Inc.,

4.00%,

1/15/28,

Callable

2/5/26

@

100(a)

1,500

1,490

Aon

North

America,

Inc.,

5.15%,

3/1/29,

Callable

2/1/29

@

100

.....................

1,000

1,029

British

Airways

Pass

Through

Trust,

3.35%,

6/15/29(a)

............................

435

423

CNH

Industrial

Capital

LLC,

5.10%,

4/20/29,

Callable

3/20/29

@

100

.................

1,000

1,022

CRH

America

Finance,

Inc.,

4.40%,

2/9/31,

Callable

1/9/31

@

100

...................

3,000

3,002

Delta

Air

Lines

Pass

Through

Trust,

2.00%,

6/10/28

..............................

671

646

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.,

4.75%,

10/20/28(a)

.........................

2,000

2,012

Extra

Space

Storage

LP,

2.20%,

10/15/30,

Callable

7/15/30

@

100

....................

1,000

905

Ferguson

Enterprises,

Inc.,

4.35%,

3/15/31,

Callable

2/15/31

@

100

...................

3,500

3,488

Georgia-Pacific

LLC,

4.40%,

6/30/28,

Callable

5/30/28

@

100(a)

....................

1,000

1,011

GXO

Logistics,

Inc.,

1.65%,

7/15/26,

Callable

6/15/26

@

100

.......................

1,459

1,438

HEICO

Corp.,

5.25%,

8/1/28,

Callable

7/1/28

@

100

.............................

2,500

2,570

Illinois

Central

Railroad

Co.,

7.70%,

9/15/96,

Callable

9/15/26

@

102.92

...............

5,222

5,450

JB

Hunt

Transport

Services,

Inc.,

4.90%,

3/15/30,

Callable

2/15/30

@

100(j)

............

2,000

2,044

JH

North

America

Holdings,

Inc.,

5.88%,

1/31/31,

Callable

7/31/27

@

102.94(a)

.........

2,708

2,766

Lineage

OP

LP,

5.25%,

7/15/30,

Callable

6/15/30

@

100(a)

.........................

1,500

1,514

MasTec,

Inc.,

5.90%,

6/15/29,

Callable

5/15/29

@

100

............................

952

994

Molex

Electronic

Technologies

LLC,

4.75%,

4/30/28,

Callable

3/30/28

@

100(a)

.........

2,000

2,021

Quanta

Services,

Inc.,

4.75%,

8/9/27,

Callable

7/9/27

@

100

........................

2,000

2,025

Regal

Rexnord

Corp.,

6.05%,

2/15/26

........................................

10,400

10,418

Republic

Services,

Inc.,

5.00%,

11/15/29,

Callable

10/15/29

@

100

...................

1,000

1,033

Rockwell

Collins,

Inc.,

3.50%,

3/15/27,

Callable

12/15/26

@

100

....................

6,000

5,951

RXO,

Inc.,

7.50%,

11/15/27,

Callable

1/16/26

@

101.88(a)

.........................

500

510

Ryder

System,

Inc.

5.25%,

6/1/28,

Callable

5/1/28

@

100,

MTN

...............................

1,000

1,027

5.38%,

3/15/29,

Callable

2/15/29

@

100,

MTN

.............................

1,000

1,035

Southwest

Airlines

Co.

5.13%,

6/15/27,

Callable

4/15/27

@

100

..................................

1,003

1,016

4.38%,

11/15/28,

Callable

10/15/28

@

100

.................................

4,000

4,008

The

Boeing

Co.,

2.20%,

2/4/26,

Callable

1/16/26

@

100

...........................

4,000

3,993

UL

Solutions,

Inc.,

6.50%,

10/20/28,

Callable

9/20/28

@

100

.......................

1,000

1,056

United

Airlines

Pass

Through

Trust

4.88%,

1/15/26

....................................................

795

794

5.88%,

10/15/27

....................................................

1,149

1,176

United

Airlines,

Inc.,

4.38%,

4/15/26,

Callable

2/5/26

@

100(a)

......................

4,911

4,908

Westinghouse

Air

Brake

Technologies

Corp.,

3.45%,

11/15/26,

Callable

8/15/26

@

100

.....

505

502

XPO,

Inc.,

6.25%,

6/1/28,

Callable

1/16/26

@

103.13(a)

...........................

2,519

2,567

81,973

Information

Technology

(2.0%):

Atlassian

Corp.,

5.25%,

5/15/29,

Callable

4/15/29

@

100

..........................

2,000

2,057

Dell

International

LLC/EMC

Corp.

4.75%,

4/1/28,

Callable

3/1/28

@

100

....................................

1,500

1,522

4.15%,

2/15/29,

Callable

1/15/29

@

100

..................................

4,000

3,996

Gartner,

Inc.,

4.95%,

3/20/31,

Callable

2/20/31

@

100

............................

1,000

1,004

Hewlett

Packard

Enterprise

Co.

4.45%,

9/25/26

....................................................

1,000

1,003

4.15%,

9/15/28,

Callable

8/15/28

@

100

..................................

3,500

3,502

Keysight

Technologies,

Inc.,

5.35%,

7/30/30,

Callable

6/30/30

@

100

.................

2,000

2,086

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

18

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Microchip

Technology,

Inc.,

4.90%,

3/15/28

....................................

$

2,000

$

2,028

Oracle

Corp.

1.65%,

3/25/26,

Callable

2/25/26

@

100

..................................

4,500

4,471

4.45%,

9/26/30,

Callable

8/26/30

@

100

..................................

4,000

3,912

RELX

Capital,

Inc.,

4.75%,

3/27/30,

Callable

2/27/30

@

100

........................

2,000

2,039

Skyworks

Solutions,

Inc.,

1.80%,

6/1/26,

Callable

5/1/26

@

100

.....................

3,066

3,034

Synopsys,

Inc.

4.55%,

4/1/27

.....................................................

2,000

2,014

4.65%,

4/1/28,

Callable

3/1/28

@

100

....................................

1,000

1,014

TD

SYNNEX

Corp.,

4.30%,

1/17/29,

Callable

12/17/28

@

100

......................

1,500

1,497

35,179

Materials

(1.5%):

Amcor

Flexibles

North

America,

Inc.,

4.80%,

3/17/28

.............................

2,000

2,027

AptarGroup,

Inc.,

4.75%,

3/30/31,

Callable

2/28/31

@

100

.........................

3,000

3,022

Bayport

Polymers

LLC,

4.74%,

4/14/27,

Callable

3/14/27

@

100(a)

...................

1,700

1,704

Berry

Global,

Inc.

1.57%,

1/15/26

....................................................

2,941

2,937

4.88%,

7/15/26(a)

..................................................

566

566

Chevron

Phillips

Chemical

Co.

LLC/Chevron

Phillips

Chemical

Co.

LP,

4.75%,

5/15/30,

Callable

4/15/30

@

100(a)

............................................

3,000

3,039

Huntsman

International

LLC,

4.50%,

5/1/29,

Callable

2/1/29

@

100

..................

2,000

1,913

LYB

International

Finance

III

LLC,

5.13%,

1/15/31,

Callable

12/15/30

@

100

...........

2,000

2,009

Sealed

Air

Corp.,

1.57%,

10/15/26,

Callable

9/15/26

@

100(a)

.......................

4,286

4,194

Silgan

Holdings,

Inc.,

1.40%,

4/1/26,

Callable

3/1/26

@

100(a)

......................

1,032

1,023

Sonoco

Products

Co.,

4.45%,

9/1/26

.........................................

1,571

1,574

Syensqo

Finance

America

LLC,

5.65%,

6/4/29,

Callable

5/4/29

@

100(a)

...............

1,000

1,035

The

Sherwin-Williams

Co.,

4.55%,

3/1/28,

Callable

2/1/28

@

100

....................

1,000

1,012

26,055

Real

Estate

(3.2%):

Boston

Properties

LP,

3.65%,

2/1/26,

Callable

1/21/26

@

100

.......................

9,708

9,694

CBRE

Services,

Inc.,

4.80%,

6/15/30,

Callable

5/15/30

@

100

.......................

2,000

2,027

Crown

Castle,

Inc.,

3.70%,

6/15/26,

Callable

3/15/26

@

100

........................

3,500

3,492

CubeSmart

LP,

4.38%,

2/15/29,

Callable

11/15/28

@

100

..........................

2,000

2,005

DOC

DR

LLC,

3.95%,

1/15/28,

Callable

10/15/27

@

100

..........................

450

448

Essex

Portfolio

LP,

1.70%,

3/1/28,

Callable

1/1/28

@

100

..........................

500

475

Federal

Realty

OP

LP

1.25%,

2/15/26,

Callable

2/5/26

@

100

...................................

1,000

996

5.38%,

5/1/28,

Callable

4/1/28

@

100

....................................

2,000

2,050

Healthcare

Realty

Holdings

LP

3.75%,

7/1/27,

Callable

4/1/27

@

100

....................................

300

298

3.63%,

1/15/28,

Callable

10/15/27

@

100

.................................

3,000

2,960

Highwoods

Realty

LP

4.13%,

3/15/28,

Callable

12/15/27

@

100

.................................

500

495

4.20%,

4/15/29,

Callable

1/15/29

@

100

..................................

1,000

984

Jones

Lang

LaSalle,

Inc.,

6.88%,

12/1/28,

Callable

11/1/28

@

100

....................

3,000

3,209

Kimco

Realty

OP

LLC

2.80%,

10/1/26,

Callable

7/1/26

@

100

...................................

1,500

1,487

3.80%,

4/1/27,

Callable

1/1/27

@

100

....................................

1,000

999

Kite

Realty

Group

LP,

4.00%,

10/1/26,

Callable

7/1/26

@

100

.......................

2,926

2,921

LXP

Industrial

Trust,

6.75%,

11/15/28,

Callable

10/15/28

@

100

.....................

247

262

Mid-America

Apartments

LP,

5.30%,

2/15/32,

Callable

12/15/31

@

100

................

1,000

1,043

NNN

REIT,

Inc.

2.50%,

4/15/30,

Callable

1/15/30

@

100

..................................

1,000

928

4.60%,

2/15/31,

Callable

1/15/31

@

100

..................................

2,000

2,013

Public

Storage

Operating

Co.,

4.38%,

7/1/30,

Callable

6/1/30

@

100

..................

1,500

1,513

Realty

Income

Corp.,

5.05%,

1/13/26

.........................................

1,000

1,000

SBA

Tower

Trust

6.60%,

1/15/28,

Callable

1/15/27

@

100(a)

................................

846

866

4.83%,

10/15/29,

Callable

10/15/27

@

100(a)

...............................

2,000

2,012

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

6/1/26

@

100

........................

1,322

1,311

The

NHP

Foundation,

5.85%,

12/1/28,

Callable

6/1/28

@

100

.......................

1,000

1,042

UDR,

Inc.,

3.50%,

7/1/27,

Callable

4/1/27

@

100,

MTN

...........................

2,000

1,984

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

19

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Vornado

Realty

LP,

2.15%,

6/1/26,

Callable

5/1/26

@

100

..........................

$

1,600

$

1,582

Welltower

OP

LLC,

4.50%,

7/1/30,

Callable

6/1/30

@

100

.........................

3,000

3,033

WP

Carey,

Inc.,

4.65%,

7/15/30,

Callable

6/15/30

@

100

...........................

2,500

2,518

55,647

Utilities

(3.1%):

AEP

Texas,

Inc.,

5.45%,

5/15/29,

Callable

4/15/29

@

100

..........................

2,500

2,588

Alabama

Power

Co.,

4.30%,

3/15/31,

Callable

1/15/31

@

100

.......................

3,000

3,010

Alliant

Energy

Finance

LLC,

5.40%,

6/6/27,

Callable

5/6/27

@

100(a)

.................

1,000

1,013

Black

Hills

Corp.,

5.95%,

3/15/28,

Callable

2/15/28

@

100

.........................

1,000

1,037

Calpine

Corp.

4.50%,

2/15/28,

Callable

2/5/26

@

100.75(a)

...............................

3,900

3,902

5.13%,

3/15/28,

Callable

2/5/26

@

100.85(a)

...............................

357

357

4.63%,

2/1/29,

Callable

2/5/26

@

100(a)

..................................

2,500

2,498

CenterPoint

Energy,

Inc.,

5.40%,

6/1/29,

Callable

5/1/29

@

100

......................

929

962

CMS

Energy

Corp.,

4.75%

(H15T5Y+412bps),

6/1/50,

Callable

3/1/30

@

100(d)

.........

1,250

1,228

Dominion

Energy,

Inc.,

4.35%

(H15T5Y+320bps),

Callable

1/15/27

@

100(d)(h)

.........

3,500

3,473

DTE

Energy

Co.

4.95%,

7/1/27,

Callable

6/1/27

@

100

....................................

1,000

1,013

4.88%,

6/1/28,

Callable

5/1/28

@

100

....................................

3,000

3,052

Essential

Utilities,

Inc.,

4.80%,

8/15/27,

Callable

7/15/27

@

100

.....................

1,500

1,518

Exelon

Corp.,

5.13%,

3/15/31,

Callable

2/15/31

@

100

............................

1,000

1,033

Florida

Power

&

Light

Co.,

5.05%,

4/1/28,

Callable

3/1/28

@

100

....................

1,000

1,025

ITC

Holdings

Corp.,

3.25%,

6/30/26,

Callable

3/30/26

@

100

.......................

1,105

1,100

KeySpan

Gas

East

Corp.,

2.74%,

8/15/26,

Callable

5/15/26

@

100(a)

..................

1,439

1,425

NorthWestern

Corp.,

5.07%,

3/21/30,

Callable

2/21/30

@

100(a)

.....................

1,500

1,538

NSTAR

Electric

Co.,

4.85%,

3/1/30,

Callable

2/1/30

@

100

........................

1,000

1,022

Oncor

Electric

Delivery

Co.

LLC,

4.50%,

3/20/27(a)

.............................

1,500

1,512

ONE

Gas,

Inc.,

5.10%,

4/1/29,

Callable

3/1/29

@

100

.............................

1,500

1,545

Pinnacle

West

Capital

Corp.,

4.90%,

5/15/28,

Callable

4/15/28

@

100

.................

2,000

2,037

Public

Service

Enterprise

Group,

Inc.,

5.20%,

4/1/29,

Callable

3/1/29

@

100

............

1,000

1,028

The

AES

Corp.,

1.38%,

1/15/26

.............................................

1,710

1,708

The

Dayton

Power

&

Light

Co.,

4.55%,

8/15/30,

Callable

7/15/30

@

100(a)

.............

3,000

2,986

The

Southern

Co.,

4.00%

(H15T5Y+373bps),

1/15/51,

Callable

1/15/26

@

100(d)

........

7,937

7,934

Wisconsin

Electric

Power

Co.,

5.00%,

5/15/29,

Callable

4/15/29

@

100

................

2,000

2,062

53,606

Total

Corporate

Bonds

(Cost

$702,560)

a

a

a

709,883

Yankee

Dollars

(8.4%)

Communication

Services

(0.1%):

Flutter

Treasury

DAC,

5.88%,

6/4/31,

Callable

4/15/27

@

102.94(a)

..................

1,633

1,657

Grupo

Televisa

SAB,

4.63%,

1/30/26

.........................................

1,000

995

2,652

Consumer

Discretionary

(0.7%):

Brightstar

Lottery

PLC/Brightstar

Global

Solutions

Corp.,

5.75%,

1/15/33,

Callable

12/15/28

@

102.88(a)

......................................................

1,295

1,286

Flutter

Treasury

DAC,

6.38%,

4/29/29,

Callable

4/15/26

@

103.19(a)

.................

3,300

3,404

Gildan

Activewear,

Inc.,

4.70%,

10/7/30,

Callable

9/7/30

@

100(a)

...................

3,500

3,485

Honda

Motor

Co.

Ltd.,

4.44%,

7/8/28,

Callable

6/8/28

@

100

.......................

3,000

3,026

Royal

Caribbean

Cruises

Ltd.,

5.50%,

8/31/26,

Callable

2/28/26

@

100(a)

..............

1,650

1,652

12,853

Consumer

Staples

(0.5%):

Bacardi-Martini

BV,

5.55%,

2/1/30,

Callable

1/1/30

@

100(a)

.......................

2,000

2,063

BAT

International

Finance

PLC,

4.45%,

3/16/28,

Callable

2/16/28

@

100

...............

3,000

3,024

Japan

Tobacco,

Inc.,

4.85%,

5/15/28,

Callable

4/15/28

@

100(a)

.....................

2,000

2,035

JDE

Peet's

NV,

2.25%,

9/24/31,

Callable

6/24/31

@

100(a)

.........................

1,135

986

8,108

Energy

(0.7%):

Canadian

Natural

Resources

Ltd.,

5.00%,

12/15/29,

Callable

11/15/29

@

100

............

3,250

3,333

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

20

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Enbridge,

Inc.

5.30%,

4/5/29,

Callable

3/5/29

@

100

....................................

$

1,000

$

1,031

5.75%

(H15T5Y+531bps),

7/15/80,

Callable

4/15/30

@

100(d)

..................

1,515

1,528

Harbour

Energy

PLC,

5.50%,

10/15/26,

Callable

2/5/26

@

100(a)

....................

1,500

1,499

Transcanada

Trust,

5.88%

(US0003M+464bps),

8/15/76,

Callable

8/15/26

@

100(d)(i)

.....

1,623

1,625

Vallourec

SACA,

7.50%,

4/15/32,

Callable

4/15/27

@

103.75(a)

.....................

250

266

Var

Energi

ASA

5.00%,

5/18/27,

Callable

4/18/27

@

100(a)

................................

1,000

1,009

5.88%,

5/22/30,

Callable

4/22/30

@

100(a)

................................

1,000

1,041

11,332

Financials

(3.3%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.45%,

4/3/26,

Callable

2/3/26

@

100

.............................................................

2,627

2,628

Amcor

Group

Finance

PLC,

5.45%,

5/23/29,

Callable

4/23/29

@

100

..................

1,000

1,034

ASB

Bank

Ltd.,

5.28%

(H15T5Y+225bps),

6/17/32,

Callable

6/17/27

@

100(a)(d)

........

1,000

1,013

Aspen

Insurance

Holdings

Ltd.,

5.75%,

7/1/30,

Callable

6/1/30

@

100

.................

606

631

Avolon

Holdings

Funding

Ltd.,

6.38%,

5/4/28,

Callable

4/4/28

@

100(a)

...............

1,000

1,042

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

7.53%

(H15T5Y+300bps),

10/1/28(a)(d)

..................................

500

534

5.62%,

12/10/29,

Callable

11/10/29

@

100(a)

...............................

1,037

1,076

Bank

of

Montreal,

4.46%

(SOFR+70bps),

12/21/26,

(Put

Date

2/10/26),

MTN(d)(k)

.......

2,600

2,607

Barclays

PLC

5.20%,

5/12/26

....................................................

3,000

3,008

4.84%

(SOFR+134bps),

9/10/28,

Callable

9/10/27

@

100(d)

....................

1,000

1,012

5.09%

(SOFR+96bps),

2/25/29,

Callable

2/25/28

@

100(d)

.....................

1,000

1,019

BAT

International

Finance

PLC,

1.67%,

3/25/26,

Callable

2/25/26

@

100

...............

2,347

2,333

Beazley

Insurance

DAC

5.88%,

11/4/26

.....................................................

2,200

2,222

5.50%,

9/10/29

....................................................

3,802

3,852

Brookfield

Asset

Management

Ltd.,

4.65%,

11/15/30,

Callable

10/15/30

@

100

..........

1,649

1,662

Brookfield

Finance,

Inc.,

4.35%,

4/15/30,

Callable

1/15/30

@

100

....................

2,000

2,008

Canadian

Imperial

Bank

of

Commerce

4.51%

(SOFR+93bps),

9/11/27,

Callable

9/11/26

@

100(d)

.....................

2,000

2,006

4.24%

(SOFRINDX+60bps),

9/8/28,

Callable

9/8/27

@

100(d)

..................

3,000

3,011

4.86%

(SOFR+103bps),

3/30/29,

Callable

3/31/28

@

100(d)

....................

1,500

1,525

7.26%,

4/10/32(a)

..................................................

467

493

Essent

Group

Ltd.,

6.25%,

7/1/29,

Callable

6/1/29

@

100

..........................

3,909

4,082

HSBC

Holdings

PLC,

4.90%

(SOFR+103bps),

3/3/29,

Callable

3/3/28

@

100(d)

.........

1,000

1,014

National

Bank

of

Canada,

4.70%

(SOFR+56bps),

3/5/27,

Callable

3/5/26

@

100(d)

........

3,080

3,082

Nationwide

Building

Society,

4.00%,

9/14/26(a)

.................................

1,000

997

Pershing

Square

Holdings

Ltd.,

5.50%,

10/28/32,

Callable

8/28/32

@

100(a)

............

1,200

1,200

Phoenix

Group

Holdings

PLC,

4.75%

(H15T5Y+428bps),

9/4/31,

Callable

6/4/26

@

100(d)

.

2,000

1,996

Santander

UK

Group

Holdings

PLC,

4.32%

(SOFRINDX+107bps),

9/22/29,

Callable

9/22/28

@

100(d)

.........................................................

3,000

3,003

Standard

Chartered

PLC,

5.69%

(H15T1Y+105bps),

5/14/28,

Callable

5/14/27

@

100(a)(d)

.

2,000

2,041

The

Toronto-Dominion

Bank,

3.63%

(USSW5+221bps),

9/15/31,

Callable

9/15/26

@

100(d)

.

5,405

5,376

57,507

Health

Care

(0.5%):

Galaxy

Pipeline

Assets

Bidco

Ltd.,

1.75%,

9/30/27(a)

.............................

160

156

Olympus

Corp.,

2.14%,

12/8/26,

Callable

11/8/26

@

100(a)

........................

5,400

5,301

Royalty

Pharma

PLC,

4.45%,

3/25/31,

Callable

2/25/31

@

100

......................

3,000

2,991

Smith

&

Nephew

PLC,

5.15%,

3/20/27,

Callable

2/20/27

@

100

.....................

500

506

8,954

Industrials

(1.0%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.65%,

7/21/27,

Callable

4/21/27

@

100

...........................................................

2,907

2,889

Air

Canada

Pass

Through

Trust

3.60%,

3/15/27(a)

..................................................

447

441

4.13%,

12/15/27(a)

..................................................

975

956

Avolon

Holdings

Funding

Ltd.,

4.25%,

4/15/26,

Callable

3/15/26

@

100(a)

.............

1,179

1,178

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

21

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Element

Fleet

Management

Corp.

5.64%,

3/13/27,

Callable

2/13/27

@

100(a)

................................

$

2,500

$

2,542

6.32%,

12/4/28,

Callable

11/4/28

@

100(a)

................................

1,000

1,055

LG

Energy

Solution

Ltd.

5.38%,

7/2/27(a)

...................................................

2,273

2,307

5.25%,

4/2/28(a)

...................................................

2,000

2,037

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/26,

Callable

9/15/26

@

100(a)

.......

2,000

1,966

The

Weir

Group

PLC,

2.20%,

5/13/26,

Callable

4/13/26

@

100(a)

....................

900

891

Triton

Container

International

Ltd.,

2.05%,

4/15/26,

Callable

3/15/26

@

100(a)

..........

580

576

16,838

Information

Technology

(0.7%):

CGI,

Inc.,

4.95%,

3/14/30,

Callable

2/14/30

@

100(a)

.............................

1,000

1,013

Genpact

UK

Finco

PLC/Genpact

USA,

Inc.,

4.95%,

11/18/30,

Callable

10/18/30

@

100

....

1,000

1,000

Kioxia

Holdings

Corp.,

6.25%,

7/24/30,

Callable

7/24/27

@

103.13(a)

.................

1,500

1,544

NXP

BV/NXP

Funding

LLC,

5.35%,

3/1/26

....................................

3,038

3,038

Open

Text

Corp.,

6.90%,

12/1/27,

Callable

11/1/27

@

100(a)

........................

5,000

5,201

11,796

Materials

(0.3%):

Braskem

Netherlands

Finance

BV,

4.50%,

1/10/28,

Callable

10/10/27

@

100(a)

..........

1,500

620

Minera

Mexico

SA

de

CV,

5.63%,

2/12/32,

Callable

12/12/31

@

100(a)

................

2,000

2,067

Nutrien

Ltd.,

4.50%,

3/12/27

...............................................

2,000

2,012

Rio

Tinto

Finance

USA

PLC,

4.50%,

3/14/28,

Callable

2/14/28

@

100

.................

1,000

1,011

5,710

Real

Estate

(0.1%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust,

3.88%,

3/20/27,

Callable

12/20/26

@

100(a)

...........................................................

1,000

998

Utilities

(0.5%):

Algonquin

Power

&

Utilities

Corp.,

5.37%,

6/15/26(l)

.............................

8,962

9,003

Total

Yankee

Dollars

(Cost

$144,790)

a

a

a

145,751

Municipal

Bonds

(1.1%)

Alabama

(0.1%):

Black

Belt

Energy

Gas

District

Revenue,

Series

D-2,

6.00%,

2/1/29,

Continuously

Callable

@100

...........................................................

1,000

1,042

Arizona

(0.1%):

Arizona

IDA

Revenue

4.51%,

10/1/26

....................................................

500

500

4.51%,

10/1/27

....................................................

500

501

4.60%,

10/1/28

....................................................

500

501

4.71%,

10/1/29

....................................................

500

501

2,003

California

(0.3%):

California

Infrastructure

&

Economic

Development

Bank

Revenue

Series

B,

5.71%,

7/1/30

..............................................

1,000

1,018

Series

B,

5.76%,

7/1/31

..............................................

1,000

1,018

California

Municipal

Finance

Authority

Revenue,

Series

B,

4.51%,

5/15/30,

Continuously

Callable

@100

.....................................................

2,065

2,049

California

State

Public

Works

Board

Revenue,

Series

B,

4.50%,

4/1/26

................

1,000

1,001

5,086

Colorado

(0.0%):(c)

Colorado

Health

Facilities

Authority

Revenue,

Series

B,

2.80%,

12/1/26

................

195

191

Illinois

(0.0%):(c)

City

of

Kankakee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

4.57%,

12/1/27

....................................................

250

254

4.63%,

12/1/28

....................................................

500

512

766

Indiana

(0.0%):(c)

City

of

Carmel

Waterworks

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

B,

4.94%,

5/1/27

..............................................

200

203

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

22

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

B,

4.97%,

5/1/28

..............................................

$

225

$

230

Series

B,

5.02%,

5/1/29

..............................................

275

283

716

Maryland

(0.1%):

Maryland

Economic

Development

Corp.

Revenue,

4.79%,

11/30/29

...................

750

764

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue,

1.89%,

1/1/26

.......

1,000

1,000

1,764

Massachusetts

(0.2%):

Massachusetts

Development

Finance

Agency

Revenue

Series

G,

6.38%,

10/1/28

.............................................

665

665

Series

G,

6.63%,

10/1/30

.............................................

1,375

1,388

Massachusetts

Educational

Financing

Authority

Revenue,

Series

A,

5.52%,

7/1/35

........

940

959

3,012

New

York

(0.0%):(c)

Albany

Capital

Resource

Corp.

Revenue,

Series

B,

4.78%,

5/1/31

....................

750

756

Ohio

(0.1%):

Columbus

Metropolitan

Housing

Authority

Revenue,

5.38%,

9/1/28,

Continuously

Callable

@100

...........................................................

845

860

Rhode

Island

(0.0%):(c)

Providence

Redevelopment

Agency

Revenue,

Series

A,

2.50%,

3/15/26

................

210

209

South

Carolina

(0.1%):

Greenville-Spartanburg

Airport

District

Revenue

Series

B,

4.75%,

7/1/26

..............................................

250

251

Series

B,

4.61%,

7/1/27

..............................................

350

354

Series

B,

4.59%,

7/1/28

..............................................

250

254

859

Texas

(0.1%):

Culberson

County-Allamoore

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund),

7.00%,

2/15/27,

Continuously

Callable

@100

....................

1,100

1,122

Total

Municipal

Bonds

(Cost

$18,210)

a

a

a

18,386

U.S.

Government

Agency

Mortgages

(0.5%)

CoBank

ACB

Series

I,

6.25%

(TSFR3M+466bps)(d)(h)

..................................

4,300

4,317

Federal

Home

Loan

Mortgage

Corporation

5.50%,

10/1/38

....................................................

569

584

Federal

National

Mortgage

Association

1.50%,

3/1/37

.....................................................

1,867

1,696

4.50%,

11/1/40

.....................................................

2,448

2,451

4,147

Total

U.S.

Government

Agency

Mortgages

(Cost

$8,980)

a

a

a

9,048

U.S.

Treasury

Obligations

(13.7%)

U.S.

Treasury

Notes

4.63%,

9/15/26

....................................................

10,500

10,577

4.38%,

12/15/26

....................................................

33,000

33,256

0.50%,

8/31/27

....................................................

37,000

35,231

4.13%,

11/15/27

....................................................

36,000

36,412

4.00%,

6/30/28

....................................................

18,000

18,210

3.75%,

12/31/28

....................................................

31,000

31,191

1.63%,

8/15/29

....................................................

19,000

17,738

4.13%,

8/31/30

....................................................

30,000

30,530

4.00%,

1/31/31

....................................................

23,000

23,271

Total

U.S.

Treasury

Obligations

(Cost

$233,680)

a

a

a

236,416

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

23

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Commercial

Paper

(5.4%)

Energy

(0.5%):

Ovintiv,

Inc.

4.17%,

1/16/26(a)(m)

................................................

$

3,100

$

3,094

4.19%,

1/20/26(a)(m)

................................................

5,000

4,989

8,083

Financials

(0.6%):

Imperial

Brands

Finance

PLC,

3.88%,

1/13/26(a)(m)

.............................

9,300

9,287

Health

Care

(0.8%):

HCA,

Inc.

4.01%,

1/13/26(a)(m)

................................................

4,000

3,994

4.02%,

1/16/26(a)(m)

................................................

6,900

6,888

4.06%,

1/23/26(a)(m)

................................................

3,000

2,992

13,874

Industrials

(1.2%):

Air

Lease

Corp.

4.01%,

1/2/26(a)(m)

.................................................

8,400

8,398

4.06%,

1/12/26(a)(m)

................................................

5,000

4,993

4.07%,

1/14/26(a)(m)

................................................

3,600

3,595

Aviation

Capital

Group

LLC,

3.82%,

1/7/26(a)(m)

...............................

3,700

3,697

20,683

Information

Technology

(0.5%):

Jabil,

Inc.

4.39%,

1/5/26(a)(m)

.................................................

7,500

7,496

4.39%,

1/8/26(a)(m)

.................................................

1,750

1,748

9,244

Real

Estate

(0.5%):

Crown

Castle,

Inc.

4.20%,

1/6/26(a)(m)

.................................................

4,800

4,797

4.20%,

1/21/26(a)(m)

................................................

4,000

3,990

8,787

Utilities

(1.3%):

Evergy

Missouri

West,

Inc.

3.81%,

1/5/26(a)(m)

.................................................

600

600

3.82%,

1/7/26(a)(m)

.................................................

1,370

1,369

3.85%,

1/15/26(a)(m)

................................................

4,000

3,993

NGPL

PipeCo

LLC

4.08%,

1/6/26(a)(m)

.................................................

8,900

8,894

4.27%,

1/8/26(a)(m)

.................................................

4,300

4,296

4.13%,

1/12/26(a)(m)

................................................

800

799

4.14%,

1/13/26(a)(m)

................................................

3,000

2,995

22,946

Total

Commercial

Paper

(Cost

$92,913)

a

a

a

92,904

Shares

Collateral

for

Securities

Loaned

(0.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

3.69%(n)

........

1,163,020

1,163

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.69%(n)

............

1,163,020

1,163

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

3.67%(n)

...............

1,163,020

1,163

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

3.69%(n)

.

1,163,020

1,163

Total

Collateral

for

Securities

Loaned

(Cost

$4,652)

a

a

a

4,652

Total

Investments

(Cost

$1,717,205)

—

100.4%

1,733,769

Liabilities

in

excess

of

other

assets

—  (0.4)%

(7,690)

NET

ASSETS

-

100.00%

$

1,726,079

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

9.7%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$806,690

(thousands)

and

amounted

to

46.7%

of

net

assets.

Victory

Portfolios

II

VictoryShares

Short-Term

Bond

ETF

24

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

(b)

Security

is

interest

only.

(c)

Amount

represents

less

than

0.05%

of

net

assets.

(d)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

December

31,

2025.

(e)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

December

31,

2025.

(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)

The

Fund

may

enter

into

certain

credit

agreements

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

At

December

31,

2025,

the

Fund

held

unfunded

or

partially

unfunded

loan

commitments

of

$3,500

(thousands),

which

included

no

unrealized

gain

(loss).

(h)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(i)

Securities

referencing

LIBOR

are

expected

to

transition

to

an

alternative

reference

rate

by

the

security's

next

scheduled

coupon

reset

date.

(j)

All

or

a

portion

of

this

security

is

on

loan.

(k)

Put

Bond.

(l)

Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(m)

Rate

represents

the

effective

yield

at

December

31,

2025.

(n)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

H15T7Y

—

7

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

IDA

—

Industrial

Development

Authority

LIBOR

—

London

Interbank

Offered

Rate

LLC

—

Limited

Liability

Company

LLLP

—

Limited

Liability

Limited

Partnership

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

December

31,

2025.

TSFR1M

—

1

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025.

TSFR3M

—

3

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025.

US0003M

—

3

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

December

31,

2025,

based

on

the

last

reset

date

of

the

security.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

5

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025.

USSW5

—

USD

5

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025.

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer’s

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

25

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(12.1%)

ABS

Auto

(6.1%):

Alloya

Auto

Receivables

Trust

,

Series

2025-1A

,

Class

A4

,

4

.71

%

,

1/25/30

,

Callable

8/25/28

@

100

(a)

...........................................................

$

1,634

$

1,652

Ally

Auto

Receivables

Trust

,

Series

2024-1

,

Class

B

,

5

.16

%

,

10/15/29

,

Callable

10/15/27

@

100

.............................................................

1,263

1,284

American

Heritage

Auto

Receivables

Issuer

Trust

,

Series

2025-1A

,

Class

B

,

4

.77

%

,

6/16/31

,

Callable

6/15/29

@

100

(a)

............................................

900

903

American

Heritage

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

A4

,

5

.07

%

,

6/17/30

,

Callable

10/15/28

@

100

(a)

...........................................

2,123

2,168

ARI

Fleet

Lease

Trust

....................................................

Series

2024-A

,

Class

B

,

5

.16

%

,

11/15/32

,

Callable

8/15/27

@

100

(a)

..............

1,300

1,327

Series

2025-A

,

Class

A3

,

4

.46

%

,

1/17/34

,

Callable

9/15/28

@

100

(a)

..............

920

930

AutoNation

Finance

Trust

,

Series

2025-1A

,

Class

B

,

5

.03

%

,

8/12/30

,

Callable

9/10/28

@

100

(a)

...........................................................

2,955

3,017

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2021-2A

,

Class

C

,

2

.35

%

,

2/20/28

,

Callable

2/20/27

@

100

(a)

..............

800

783

Series

2022-5A

,

Class

B

,

7

.09

%

,

4/20/27

(a)

................................

667

670

Series

2023-6A

,

Class

C

,

7

.03

%

,

12/20/29

(a)

...............................

1,000

1,052

CarMax

Auto

Owner

Trust

................................................

Series

2022-3

,

Class

C

,

4

.98

%

,

2/15/28

,

Callable

10/15/26

@

100

................

1,090

1,095

Series

2023-1

,

Class

D

,

6

.27

%

,

11/15/29

,

Callable

3/15/27

@

100

................

1,000

1,021

Series

2024-2

,

Class

B

,

5

.69

%

,

11/15/29

,

Callable

3/15/28

@

100

................

1,450

1,490

Series

2024-4

,

Class

B

,

4

.82

%

,

5/15/30

,

Callable

7/15/28

@

100

.................

2,000

2,027

CarMax

Select

Receivables

Trust

,

Series

2024-A

,

Class

A3

,

5

.40

%

,

11/15/28

,

Callable

6/15/28

@

100

...........................................................

2,000

2,019

Carvana

Auto

Receivables

Trust

,

Series

2021-P2

,

Class

B

,

1

.27

%

,

3/10/27

,

Callable

2/10/27

@

100

.............................................................

1,139

1,135

Chase

Auto

Owner

Trust

..................................................

Series

2023-AA

,

Class

C

,

6

.24

%

,

9/25/29

,

Callable

5/25/28

@

100

(a)

.............

875

911

Series

2024-1A

,

Class

A4

,

5

.05

%

,

10/25/29

,

Callable

3/25/28

@

100

(a)

............

1,400

1,432

Series

2024-1A

,

Class

B

,

5

.16

%

,

11/26/29

,

Callable

3/25/28

@

100

(a)

.............

643

658

Series

2024-2A

,

Class

B

,

5

.55

%

,

1/25/30

,

Callable

5/25/28

@

100

(a)

..............

2,700

2,792

Series

2024-3A

,

Class

A4

,

5

.08

%

,

12/25/29

,

Callable

5/25/28

@

100

(a)

............

2,950

3,022

Series

2024-4A

,

Class

B

,

5

.23

%

,

4/25/30

,

Callable

4/25/28

@

100

(a)

..............

1,450

1,487

Series

2025-2A

,

Class

B

,

4

.32

%

,

3/25/31

,

Callable

5/25/29

@

100

(a)

..............

2,232

2,229

Chesapeake

Funding

II

LLC

...............................................

Series

2023-1A

,

Class

B

,

5

.59

%

,

5/15/35

,

Callable

5/15/26

@

100

(a)

..............

1,897

1,907

Series

2023-2A

,

Class

A1

,

6

.16

%

,

10/15/35

,

Callable

10/15/26

@

100

(a)

...........

444

449

Series

2024-1A

,

Class

A1

,

5

.52

%

,

5/15/36

,

Callable

7/15/27

@

100

(a)

.............

748

756

Citizens

Auto

Receivables

Trust

............................................

Series

2023-1

,

Class

A3

,

5

.84

%

,

1/18/28

,

Callable

5/15/27

@

100

(a)

..............

383

386

Series

2023-1

,

Class

A4

,

5

.78

%

,

10/15/30

,

Callable

5/15/27

@

100

(a)

.............

1,000

1,019

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2023-2A

,

Class

A

,

5

.92

%

,

5/16/33

,

Callable

11/15/26

@

100

(a)

.............

202

203

Series

2023-2A

,

Class

B

,

6

.61

%

,

7/15/33

,

Callable

11/15/26

@

100

(a)

.............

1,000

1,009

Series

2023-3A

,

Class

B

,

7

.09

%

,

10/17/33

,

Callable

3/15/27

@

100

(a)

.............

947

964

Series

2024-3A

,

Class

A

,

4

.68

%

,

9/15/34

,

Callable

5/15/28

@

100

(a)

..............

2,000

1,999

Series

2025-2A

,

Class

B

,

4

.87

%

,

1/15/36

,

Callable

8/15/29

@

100

(a)

..............

829

828

Ent

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A4

,

6

.26

%

,

11/15/29

,

Callable

3/15/29

@

100

(a)

...........................................................

2,700

2,762

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-1

,

Class

A3

,

3

.27

%

,

1/20/28

,

Callable

1/20/26

@

100

(a)

..............

207

207

Series

2022-3

,

Class

A2

,

4

.38

%

,

7/20/29

,

Callable

4/20/26

@

100

(a)

..............

42

42

Series

2022-4

,

Class

A3

,

5

.65

%

,

10/22/29

,

Callable

7/20/26

@

100

(a)

.............

2,000

2,019

Series

2023-2

,

Class

A2

,

5

.56

%

,

4/22/30

,

Callable

2/20/27

@

100

(a)

..............

288

289

Series

2023-3

,

Class

A3

,

6

.41

%

,

6/20/30

,

Callable

7/20/27

@

100

(a)

..............

1,450

1,501

Series

2024-1

,

Class

A3

,

5

.16

%

,

9/20/30

,

Callable

8/20/27

@

100

(a)

..............

2,000

2,039

Series

2024-2

,

Class

A4

,

5

.69

%

,

12/20/30

,

Callable

1/20/28

@

100

(a)

.............

994

1,026

FCCU

Auto

Receivables

Trust

..............................................

Series

2024-1A

,

Class

A4

,

5

.46

%

,

4/15/30

,

Callable

7/15/28

@

100

(a)

.............

1,258

1,284

Series

2025-1A

,

Class

B

,

5

.36

%

,

9/15/31

,

Callable

8/15/29

@

100

(a)

..............

647

662

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

26

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

First

Investors

Auto

Owner

Trust

,

Series

2025-1A

,

Class

B

,

4

.39

%

,

1/15/31

,

Callable

11/15/30

@

100

(a)

.........................................................

$

2,000

$

2,001

Flagship

Credit

Auto

Trust

,

Series

2021-2

,

Class

D

,

1

.59

%

,

6/15/27

,

Callable

10/15/26

@

100

(a)

...........................................................

773

762

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2023-1

,

Class

B

,

5

.29

%

,

8/15/35

,

Callable

2/15/28

@

100

(a)

...............

822

839

Series

2023-2

,

Class

B

,

5

.92

%

,

2/15/36

,

Callable

8/15/28

@

100

(a)

...............

1,000

1,040

Foursight

Capital

Automobile

Receivables

Trust

.................................

Series

2023-1

,

Class

B

,

5

.35

%

,

3/15/28

,

Callable

3/15/27

@

100

(a)

...............

387

387

Series

2024-1

,

Class

B

,

5

.55

%

,

5/15/29

,

Callable

6/15/27

@

100

(a)

...............

1,429

1,439

GECU

Auto

Receivables

Trust

.............................................

Series

2023-1A

,

Class

B

,

5

.87

%

,

1/15/30

,

Callable

6/15/28

@

100

(a)

..............

415

427

Series

2023-1A

,

Class

C

,

6

.33

%

,

4/15/30

,

Callable

6/15/28

@

100

(a)

..............

250

260

GLS

Auto

Receivables

Issuer

Trust

,

Series

2021-3A

,

Class

E

,

3

.20

%

,

10/16/28

,

Callable

4/15/26

@

100

(a)

...................................................

1,000

995

GLS

Auto

Select

Receivables

Trust

..........................................

Series

2023-2A

,

Class

B

,

6

.67

%

,

12/17/29

,

Callable

10/15/28

@

100

(a)

............

2,755

2,833

Series

2024-1A

,

Class

B

,

5

.32

%

,

3/15/30

,

Callable

1/15/29

@

100

(a)

..............

875

886

Series

2024-4A

,

Class

B

,

4

.50

%

,

11/15/30

,

Callable

8/15/29

@

100

(a)

.............

2,000

2,005

Series

2025-1A

,

Class

A2

,

4

.71

%

,

4/15/30

,

Callable

9/15/29

@

100

(a)

.............

1,017

1,023

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2025-1

,

Class

B

,

5

.00

%

,

8/16/30

,

Callable

6/16/28

@

100

........................................

1,450

1,477

GreenState

Auto

Receivables

Trust

..........................................

Series

2024-1A

,

Class

A4

,

5

.17

%

,

1/15/30

,

Callable

1/15/28

@

100

(a)

.............

2,500

2,541

Series

2024-1A

,

Class

B

,

5

.42

%

,

1/15/30

,

Callable

1/15/28

@

100

(a)

..............

1,200

1,223

GTE

Auto

Receivables

Trust

,

Series

2023-1

,

Class

A4

,

5

.12

%

,

4/16/29

,

Callable

5/15/27

@

100

(a)

...........................................................

1,250

1,257

Hertz

Vehicle

Financing

III

LLC

,

Series

2023-3A

,

Class

C

,

7

.26

%

,

2/25/28

(a)

...........

1,000

1,019

Hertz

Vehicle

Financing

III

LP

,

Series

2021-2A

,

Class

A

,

1

.68

%

,

12/27/27

(a)

............

1,000

981

Honda

Auto

Receivables

Owner

Trust

,

Series

2024-4

,

Class

A4

,

4

.35

%

,

12/16/30

,

Callable

1/15/28

@

100

.....................................................

1,500

1,515

Hyundai

Auto

Receivables

Trust

............................................

Series

2021-C

,

Class

B

,

1

.49

%

,

12/15/27

,

Callable

3/15/26

@

100

................

1,129

1,128

Series

2024-C

,

Class

B

,

4

.67

%

,

1/15/31

,

Callable

11/15/28

@

100

................

941

951

LAD

Auto

Receivables

Trust

...............................................

Series

2022-1A

,

Class

B

,

5

.87

%

,

9/15/27

,

Callable

9/15/26

@

100

(a)

..............

699

700

Series

2023-1A

,

Class

B

,

5

.59

%

,

8/16/27

,

Callable

5/15/27

@

100

(a)

..............

9

9

Series

2023-2A

,

Class

C

,

5

.58

%

,

9/15/28

,

Callable

7/15/27

@

100

(a)

..............

1,000

1,006

Series

2023-3A

,

Class

B

,

6

.09

%

,

6/15/28

,

Callable

11/15/27

@

100

(a)

.............

1,000

1,007

Series

2023-4A

,

Class

B

,

6

.39

%

,

10/16/28

,

Callable

1/15/28

@

100

(a)

.............

1,500

1,522

Series

2024-2A

,

Class

D

,

6

.37

%

,

10/15/31

,

Callable

5/15/28

@

100

(a)

.............

500

515

Series

2024-3A

,

Class

B

,

4

.74

%

,

1/15/30

,

Callable

11/15/28

@

100

(a)

.............

2,000

2,016

Series

2025-2A

,

Class

A4

,

4

.36

%

,

7/15/30

,

Callable

6/15/29

@

100

(a)

.............

1,000

1,008

M&T

Bank

Auto

Receivables

Trust

,

Series

2025-1A

,

Class

A4

,

4

.89

%

,

7/15/32

,

Callable

5/15/29

@

100

(a)

...................................................

2,624

2,686

Mercedes-Benz

Auto

Receivables

Trust

,

Series

2025-1

,

Class

A4

,

4

.92

%

,

4/15/31

,

Callable

1/15/29

@

100

.....................................................

1,890

1,936

Merchants

Fleet

Funding

LLC

..............................................

Series

2023-1A

,

Class

A

,

7

.21

%

,

5/20/36

,

Callable

6/20/26

@

100

(a)

..............

634

636

Series

2023-1A

,

Class

B

,

7

.25

%

,

5/20/36

,

Callable

6/20/26

@

100

(a)

..............

2,000

2,019

Series

2024-1A

,

Class

A

,

5

.82

%

,

4/20/37

,

Callable

3/20/27

@

100

(a)

..............

2,318

2,336

Series

2025-1A

,

Class

B

,

4

.91

%

,

1/20/39

,

Callable

6/20/29

@

100

(a)

..............

1,148

1,151

OCCU

Auto

Receivables

Trust

.............................................

Series

2023-1A

,

Class

B

,

6

.51

%

,

9/17/29

,

Callable

1/15/28

@

100

(a)

..............

500

517

Series

2025-1A

,

Class

A4

,

4

.79

%

,

1/15/31

,

Callable

10/15/29

@

100

(a)

............

1,960

1,984

Series

2025-1A

,

Class

B

,

4

.94

%

,

4/15/31

,

Callable

10/15/29

@

100

(a)

.............

1,214

1,225

Oscar

US

Funding

XIII

LLC

,

Series

2021-2A

,

Class

A4

,

1

.27

%

,

9/11/28

,

Callable

1/10/26

@

100

(a)

...........................................................

301

299

Oscar

US

Funding

XVII

LLC

,

Series

2024-2A

,

Class

A3

,

4

.47

%

,

3/12/29

,

Callable

12/10/28

@

100

(a)

...........................................................

1,500

1,507

PenFed

Auto

Receivables

Owner

Trust

........................................

Series

2022-A

,

Class

B

,

4

.60

%

,

12/15/28

,

Callable

3/15/26

@

100

(a)

..............

1,405

1,406

Series

2022-A

,

Class

C

,

4

.83

%

,

12/15/28

,

Callable

3/15/26

@

100

(a)

..............

750

751

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

27

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2024-A

,

Class

A4

,

4

.75

%

,

3/15/30

,

Callable

11/15/28

@

100

(a)

.............

$

1,450

$

1,470

Series

2025-A

,

Class

A4

,

4

.19

%

,

5/15/31

,

Callable

10/15/29

@

100

(a)

.............

1,500

1,504

Series

2025-A

,

Class

B

,

4

.37

%

,

7/15/31

,

Callable

10/15/29

@

100

(a)

..............

666

658

Prestige

Auto

Receivables

Trust

............................................

Series

2023-2A

,

Class

B

,

6

.64

%

,

12/15/27

(a)

...............................

324

325

Series

2024-2A

,

Class

A2

,

4

.72

%

,

2/15/28

(a)

...............................

470

470

Series

2025-1A

,

Class

B

,

5

.34

%

,

11/15/28

(a)

...............................

3,000

3,030

SBNA

Auto

Receivables

Trust

..............................................

Series

2024-A

,

Class

A4

,

5

.21

%

,

4/16/29

,

Callable

7/15/28

@

100

(a)

..............

1,500

1,513

Series

2024-A

,

Class

B

,

5

.29

%

,

9/17/29

,

Callable

7/15/28

@

100

(a)

...............

1,500

1,517

Series

2025-SF1

,

Class

C

,

5

.14

%

,

4/15/31

,

Callable

12/15/29

@

100

(a)

............

1,750

1,758

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A

,

Class

A4

,

5

.70

%

,

8/15/29

,

Callable

2/15/28

@

100

(a)

.............

900

917

Series

2023-1A

,

Class

B

,

6

.08

%

,

11/15/29

,

Callable

2/15/28

@

100

(a)

.............

2,000

2,058

Series

2024-1A

,

Class

B

,

5

.33

%

,

7/15/30

,

Callable

9/15/28

@

100

(a)

..............

1,950

1,986

Series

2025-1A

,

Class

B

,

4

.78

%

,

12/15/31

,

Callable

8/15/29

@

100

(a)

.............

1,000

1,004

Securitized

Term

Auto

Receivables

Trust

......................................

Series

2025-A

,

Class

B

,

5

.04

%

,

7/25/31

,

Callable

3/25/28

@

100

(a)

...............

1,633

1,648

Series

2025-B

,

Class

B

,

4

.93

%

,

12/29/32

,

Callable

7/25/28

@

100

(a)

..............

1,526

1,541

SFS

Auto

Receivables

Securitization

Trust

.....................................

Series

2023-1A

,

Class

B

,

5

.71

%

,

1/22/30

,

Callable

10/20/27

@

100

(a)

.............

1,500

1,533

Series

2024-1A

,

Class

B

,

5

.38

%

,

1/21/31

,

Callable

6/20/28

@

100

(a)

..............

840

858

Series

2024-3A

,

Class

B

,

4

.76

%

,

11/20/31

,

Callable

12/20/28

@

100

(a)

............

2,000

2,025

Tesla

Auto

Lease

Trust

...................................................

Series

2023-B

,

Class

A4

,

6

.22

%

,

3/22/27

,

Callable

1/20/26

@

100

(a)

..............

268

268

Series

2024-A

,

Class

A4

,

5

.31

%

,

12/20/27

,

Callable

7/20/26

@

100

(a)

.............

2,000

2,014

Tesla

Lease

Electric

Vehicle

Securitization

LLC

,

Series

2025-A

,

Class

A4

,

4

.37

%

,

5/21/29

,

Callable

12/20/27

@

100

(a)

...........................................

1,500

1,511

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

1,992

Series

2022-1A

,

Class

A

,

3

.82

%

,

4/25/35

,

Callable

4/25/27

@

100

(a)

..............

2,000

1,999

Toyota

Auto

Receivables

Owner

Trust

........................................

Series

2023-A

,

Class

A3

,

4

.63

%

,

9/15/27

,

Callable

4/15/27

@

100

................

1,370

1,373

Series

2024-D

,

Class

A4

,

4

.43

%

,

4/15/30

,

Callable

8/15/28

@

100

................

2,000

2,026

Truist

Bank

Auto

Credit-Linked

Notes

,

Series

2025-1

,

Class

B

,

4

.73

%

,

9/26/33

,

Callable

8/25/28

@

100

(a)

...................................................

847

850

U.S.

Bank

NA

,

Series

2023-1

,

Class

B

,

6

.79

%

,

8/25/32

,

Callable

12/25/26

@

100

(a)

.......

572

578

USB

Auto

Owner

Trust

...................................................

Series

2025-1A

,

Class

A4

,

4

.62

%

,

12/16/30

,

Callable

6/15/28

@

100

(a)

............

1,470

1,495

Series

2025-1A

,

Class

B

,

4

.81

%

,

1/15/31

,

Callable

6/15/28

@

100

(a)

..............

1,000

1,016

Veridian

Auto

Receivables

Trust

............................................

Series

2023-1A

,

Class

A4

,

5

.59

%

,

12/15/28

,

Callable

10/15/27

@

100

(a)

...........

1,000

1,012

Series

2023-1A

,

Class

B

,

5

.86

%

,

4/16/29

,

Callable

10/15/27

@

100

(a)

.............

2,033

2,076

Western

Funding

Auto

Loan

Trust

,

Series

2025-1

,

Class

A

,

4

.75

%

,

7/16/35

(a)

............

2,155

2,153

Wheels

Fleet

Lease

Funding

1

LLC

..........................................

Series

2023-1A

,

Class

A

,

5

.80

%

,

4/18/38

(a)

................................

412

415

Series

2023-2A

,

Class

B

,

6

.75

%

,

8/18/38

(a)

................................

2,000

2,057

Series

2024-1A

,

Class

B

,

5

.50

%

,

2/18/39

(a)

................................

1,357

1,386

Series

2024-2A

,

Class

B

,

4

.84

%

,

6/21/39

(a)

................................

1,625

1,646

Series

2024-3A

,

Class

B

,

5

.07

%

,

9/19/39

(a)

................................

1,514

1,543

World

Omni

Select

Auto

Trust

,

Series

2023-A

,

Class

C

,

6

.00

%

,

1/16/29

,

Callable

2/15/27

@

100

.............................................................

1,000

1,012

163,917

ABS

Card

(1.2%):

American

Express

Credit

Account

Master

Trust

.................................

Series

2023-4

,

Class

A

,

5

.15

%

,

9/16/30

...................................

2,900

2,998

Series

2024-2

,

Class

A

,

5

.24

%

,

4/15/31

...................................

3,000

3,127

BA

Credit

Card

Trust

....................................................

Series

2023-A2

,

Class

A2

,

4

.98

%

,

11/15/28

................................

1,800

1,818

Series

2024-A1

,

Class

A

,

4

.93

%

,

5/15/29

..................................

3,500

3,555

Capital

One

Multi-Asset

Execution

Trust

,

Series

2021-A2

,

Class

A2

,

1

.39

%

,

7/15/30

.......

4,700

4,427

CARDS

II

Trust

,

Series

2024-1A

,

Class

C

,

5

.84

%

,

7/15/29

(a)

.......................

920

924

Chase

Issuance

Trust

,

Series

2024-A2

,

Class

A

,

4

.63

%

,

1/15/31

......................

4,840

4,955

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

28

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Citibank

Credit

Card

Issuance

Trust

,

Series

2018-A7

,

Class

A7

,

3

.96

%

,

10/13/30

.........

$

1,900

$

1,906

Evergreen

Credit

Card

Trust

...............................................

Series

2024-CRT4

,

Class

C

,

5

.64

%

,

10/15/28

(a)

.............................

903

908

Series

2025-CRT5

,

Class

C

,

5

.53

%

,

5/15/29

(a)

..............................

833

840

Master

Credit

Card

Trust

,

Series

2022-2A

,

Class

C

,

2

.73

%

,

7/21/28

(a)

.................

625

611

Master

Credit

Card

Trust

II

,

Series

2023-4A

,

Class

C

,

7

.53

%

,

10/21/32

(a)

..............

1,145

1,204

Trillium

Credit

Card

Trust

II

...............................................

Series

2021-1A

,

Class

A

,

1

.53

%

,

10/26/29

(a)

...............................

2,000

1,962

Series

2021-1A

,

Class

C

,

2

.42

%

,

10/26/29

(a)

...............................

2,000

1,959

Series

2025-1A

,

Class

B

,

4

.41

%

,

9/26/30

(a)

................................

1,500

1,503

32,697

ABS

Other

(4.6%):

Aligned

Data

Centers

Issuer

LLC

,

Series

2021-1A

,

Class

A2

,

1

.94

%

,

8/15/46

,

Callable

1/15/26

@

100

(a)

.........................................................

1,500

1,472

Amur

Equipment

Finance

Receivables

XI

LLC

,

Series

2022-2A

,

Class

A2

,

5

.30

%

,

6/21/28

,

Callable

6/20/26

@

100

(a)

............................................

132

132

Amur

Equipment

Finance

Receivables

XII

LLC

,

Series

2023-1A

,

Class

B

,

6

.03

%

,

12/20/29

,

Callable

6/20/27

@

100

(a)

............................................

2,710

2,755

Amur

Equipment

Finance

Receivables

XIII

LLC

,

Series

2024-1A

,

Class

B

,

5

.37

%

,

1/21/31

,

Callable

1/20/28

@

100

(a)

............................................

1,081

1,099

Ansley

Park

Capital

LLC

.................................................

Series

2025-A

,

Class

A2

,

4

.43

%

,

4/20/35

,

Callable

9/20/30

@

100

(a)

..............

3,000

3,014

Series

2025-A

,

Class

B

,

4

.60

%

,

4/20/35

,

Callable

9/20/30

@

100

(a)

...............

1,000

1,002

Atalaya

Equipment

Leasing

Trust

,

Series

2021-1A

,

Class

C

,

2

.69

%

,

6/15/28

,

Callable

1/15/26

@

100

(a)

.........................................................

120

120

Auxilior

Term

Funding

LLC

...............................................

Series

2023-1A

,

Class

B

,

6

.05

%

,

6/17/30

,

Callable

1/15/28

@

100

(a)

..............

826

845

Series

2023-1A

,

Class

D

,

7

.27

%

,

12/16/30

,

Callable

1/15/28

@

100

(a)

.............

833

872

Barings

Equipment

Finance

LLC

............................................

Series

2025-A

,

Class

A4

,

5

.02

%

,

6/13/50

,

Callable

6/13/31

@

100

(a)

..............

3,000

3,095

Series

2025-B

,

Class

A4

,

4

.29

%

,

9/13/50

,

Callable

9/13/29

@

100

(a)

..............

2,000

1,996

Blue

Owl

Asset

Leasing

Trust

LLC

,

Series

2024-1A

,

Class

B

,

5

.41

%

,

3/15/30

,

Callable

6/15/27

@

100

(a)

.........................................................

1,216

1,230

CCG

Receivables

Trust

...................................................

Series

2023-1

,

Class

A2

,

5

.82

%

,

9/16/30

,

Callable

7/14/26

@

100

(a)

..............

119

119

Series

2023-2

,

Class

B

,

6

.21

%

,

4/14/32

,

Callable

9/14/27

@

100

(a)

...............

1,450

1,490

Series

2025-1

,

Class

B

,

4

.69

%

,

10/14/32

,

Callable

10/14/28

@

100

(a)

.............

965

976

CF

Hippolyta

Issuer

LLC

.................................................

Series

2020-1

,

Class

A1

,

1

.69

%

,

7/15/60

(a)

................................

475

400

Series

2021-1A

,

Class

A1

,

1

.53

%

,

3/15/61

,

Callable

1/15/26

@

100

(a)

.............

1,393

1,125

CNH

Equipment

Trust

,

Series

2024-C

,

Class

A4

,

4

.12

%

,

3/15/32

,

Callable

6/15/29

@

100

...

1,500

1,507

Crossroads

Asset

Trust

...................................................

Series

2024-A

,

Class

B

,

5

.94

%

,

8/20/30

,

Callable

2/20/28

@

100

(a)

...............

1,637

1,673

Series

2025-A

,

Class

B

,

5

.20

%

,

2/20/32

,

Callable

1/20/29

@

100

(a)

...............

228

231

CyrusOne

Data

Centers

Issuer

I

LLC

.........................................

Series

2024-2A

,

Class

A2

,

4

.50

%

,

5/20/49

,

Callable

5/20/27

@

100

(a)

.............

1,349

1,316

Series

2025-1A

,

Class

A2

,

5

.91

%

,

2/20/50

,

Callable

2/20/28

@

100

(a)

.............

1,796

1,832

Daimler

Trucks

Retail

Trust

,

Series

2023-1

,

Class

A4

,

5

.93

%

,

12/16/30

,

Callable

11/15/26

@

100

.............................................................

1,680

1,704

Dell

Equipment

Finance

Trust

..............................................

Series

2023-3

,

Class

A3

,

5

.93

%

,

4/23/29

,

Callable

5/22/26

@

100

(a)

..............

697

700

Series

2024-1

,

Class

B

,

5

.53

%

,

3/22/30

,

Callable

12/22/26

@

100

(a)

..............

2,000

2,025

Series

2025-1

,

Class

B

,

4

.96

%

,

2/24/31

,

Callable

12/22/27

@

100

(a)

..............

1,550

1,572

Series

2025-2

,

Class

B

,

4

.34

%

,

3/24/31

,

Callable

6/22/28

@

100

(a)

...............

1,000

1,003

Dext

ABS

LLC

........................................................

Series

2023-2

,

Class

B

,

6

.41

%

,

5/15/34

,

Callable

2/15/28

@

100

(a)

...............

1,500

1,523

Series

2025-2

,

Class

A3

,

4

.23

%

,

4/15/36

,

Callable

11/15/29

@

100

(a)

.............

2,000

2,001

Diamond

Infrastructure

Funding

LLC

,

Series

2021-1A

,

Class

A

,

1

.76

%

,

4/15/49

,

Callable

1/20/26

@

100

(a)

...................................................

1,000

972

Diamond

Issuer

LLC

,

Series

2021-1A

,

Class

A

,

2

.31

%

,

11/20/51

,

Callable

1/20/26

@

100

(a)

.

1,125

1,080

DLLAA

LLC

,

Series

2025-1A

,

Class

A4

,

5

.08

%

,

4/20/33

,

Callable

6/20/29

@

100

(a)

......

1,583

1,631

DLLAD

LLC

,

Series

2024-1A

,

Class

A4

,

5

.38

%

,

9/22/31

,

Callable

3/20/29

@

100

(a)

......

919

953

DLLMT

LLC

,

Series

2024-1A

,

Class

A4

,

4

.98

%

,

4/20/32

,

Callable

4/20/28

@

100

(a)

......

1,020

1,041

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

29

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

FirstKey

Homes

Trust

,

Series

2021-SFR2

,

Class

B

,

1

.61

%

,

9/17/38

(a)

(c)

...............

$

1,154

$

1,130

Ford

Credit

Floorplan

Master

Owner

Trus

,

Series

2023-1

,

Class

C

,

5

.75

%

,

5/15/28

(a)

......

532

534

Ford

Credit

Floorplan

Master

Owner

Trust

,

Series

2024-4

,

Class

A

,

4

.40

%

,

9/15/31

(a)

......

1,500

1,516

Granite

Park

Equipment

Leasing

LLC

,

Series

2023-1A

,

Class

B

,

6

.62

%

,

4/20/33

,

Callable

2/20/30

@

100

(a)

...................................................

1,634

1,695

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2024-1

,

Class

B

,

5

.18

%

,

12/16/30

,

Callable

2/15/28

@

100

(a)

..............

1,480

1,509

Series

2025-1

,

Class

A4

,

4

.58

%

,

1/15/32

,

Callable

5/15/29

@

100

(a)

..............

2,180

2,214

Series

2025-2

,

Class

B

,

4

.50

%

,

9/15/32

,

Callable

1/15/30

@

100

(a)

...............

1,000

1,005

HPEFS

Equipment

Trust

..................................................

Series

2023-2A

,

Class

C

,

6

.48

%

,

1/21/31

,

Callable

1/20/27

@

100

(a)

..............

1,194

1,197

Series

2024-1A

,

Class

B

,

5

.18

%

,

5/20/31

,

Callable

8/20/27

@

100

(a)

..............

1,500

1,505

Series

2025-1A

,

Class

B

,

4

.51

%

,

9/20/32

,

Callable

3/20/29

@

100

(a)

..............

2,000

2,013

John

Deere

Owner

Trust

,

Series

2024-C

,

Class

A4

,

4

.15

%

,

8/15/31

,

Callable

8/15/28

@

100

.

1,376

1,383

Kubota

Credit

Owner

Trust

................................................

Series

2022-1A

,

Class

A4

,

2

.78

%

,

2/15/28

,

Callable

1/15/26

@

100

(a)

.............

1,661

1,660

Series

2024-2A

,

Class

A4

,

5

.19

%

,

5/15/30

,

Callable

4/15/28

@

100

(a)

.............

1,268

1,301

Series

2025-1A

,

Class

A4

,

4

.87

%

,

7/15/30

,

Callable

2/15/29

@

100

(a)

.............

1,958

2,004

M&T

Equipment

Notes

..................................................

Series

2023-1A

,

Class

A4

,

5

.75

%

,

7/15/30

,

Callable

7/15/27

@

100

(a)

.............

2,076

2,109

Series

2024-1A

,

Class

A4

,

4

.94

%

,

8/18/31

,

Callable

7/16/28

@

100

(a)

.............

2,360

2,400

MMAF

Equipment

Finance

LLC

............................................

Series

2021-A

,

Class

A4

,

1

.04

%

,

11/13/30

(a)

...............................

2,000

1,989

Series

2022-A

,

Class

A4

,

3

.32

%

,

6/13/44

(a)

................................

1,500

1,498

Series

2023-A

,

Class

A3

,

5

.54

%

,

12/13/29

(a)

...............................

2,000

2,028

Series

2023-A

,

Class

A4

,

5

.50

%

,

12/13/38

(a)

...............................

750

771

Series

2024-A

,

Class

A4

,

5

.10

%

,

7/13/49

,

Callable

6/13/29

@

100

(a)

..............

865

893

MVW

LLC

,

Series

2021-1WA

,

Class

A

,

1

.14

%

,

1/22/41

,

Callable

6/20/27

@

100

(a)

.......

172

164

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

Series

2021-1

,

Class

A1

,

1

.91

%

,

10/20/61

,

Callable

1/20/26

@

100

(a)

............................................

1,807

1,508

NMEF

Funding

LLC

....................................................

Series

2024-A

,

Class

C

,

6

.33

%

,

12/15/31

,

Callable

3/15/28

@

100

(a)

..............

1,519

1,557

Series

2025-A

,

Class

B

,

5

.18

%

,

7/15/32

,

Callable

12/15/28

@

100

(a)

..............

1,418

1,438

Series

2025-B

,

Class

B

,

4

.73

%

,

1/18/33

,

Callable

3/15/29

@

100

(a)

...............

2,994

3,006

NP

SPE

IX

LP

,

Series

2019-1A

,

Class

A2

,

3

.24

%

,

9/20/49

(a)

........................

498

436

NP

SPE

X

LP

,

Series

2019-2A

,

Class

C1

,

6

.44

%

,

11/19/49

(a)

.......................

428

359

OneMain

Financial

Issuance

Trust

,

Series

2022-3A

,

Class

B

,

6

.45

%

,

5/15/34

,

Callable

1/14/26

@

100

(a)

.........................................................

2,960

2,995

PEAC

Solutions

Receivables

LLC

...........................................

Series

2024-1A

,

Class

A3

,

5

.64

%

,

11/20/30

,

Callable

3/20/28

@

100

(a)

............

1,450

1,478

Series

2024-2A

,

Class

A3

,

4

.65

%

,

10/20/31

,

Callable

7/20/27

@

100

(a)

............

1,143

1,152

Series

2025-1A

,

Class

A2

,

4

.94

%

,

10/20/28

(a)

..............................

1,870

1,884

Series

2025-1A

,

Class

A3

,

5

.04

%

,

7/20/32

,

Callable

10/20/28

@

100

(a)

............

773

787

Post

Road

Equipment

Finance

LLC

..........................................

Series

2024-1A

,

Class

B

,

5

.58

%

,

10/15/30

,

Callable

3/15/27

@

100

(a)

.............

2,622

2,643

Series

2025-1A

,

Class

B

,

5

.04

%

,

5/15/31

,

Callable

6/15/28

@

100

(a)

..............

873

884

Progress

Residential

Trust

,

Series

2021-SFR6

,

Class

A

,

1

.52

%

,

7/17/38

,

Callable

7/17/26

@

100

(a)

(c)

.........................................................

1,089

1,075

PSNH

Funding

LLC

,

Series

2018-1

,

Class

A3

,

3

.81

%

,

2/1/35

.......................

4,000

3,926

Retained

Vantage

Data

Centers

Issuer

LLC

,

Series

2025-1A

,

Class

A2A

,

5

.09

%

,

8/15/50

,

Callable

8/15/28

@

100

(a)

............................................

2,000

1,981

SCF

Equipment

Leasing

LLC

,

Series

2023-1A

,

Class

B

,

6

.37

%

,

5/20/32

,

Callable

2/20/30

@

100

(a)

...........................................................

1,243

1,266

Stack

Infrastructure

Issuer

LLC

,

Series

2023-1A

,

Class

A2

,

5

.90

%

,

3/25/48

,

Callable

3/25/26

@

100

(a)

.........................................................

1,400

1,403

Switch

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

5

.04

%

,

3/25/55

,

Callable

3/25/28

@

100

(a)

...........................................................

2,000

1,970

Vantage

Data

Centers

LLC

,

Series

2025-1A

,

Class

A2

,

5

.13

%

,

8/15/55

,

Callable

8/15/28

@

100

(a)

...........................................................

2,000

1,982

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A

,

Class

C2I

,

3

.16

%

,

2/15/52

,

Callable

2/15/26

@

100

(a)

............

1,000

972

Series

2022-1A

,

Class

D

,

4

.29

%

,

2/15/52

,

Callable

2/15/26

@

100

(a)

..............

500

493

Series

2024-1A

,

Class

C2

,

5

.59

%

,

5/15/54

,

Callable

5/15/27

@

100

(a)

.............

1,330

1,341

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

30

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Verdant

Receivables

LLC

.................................................

Series

2023-1A

,

Class

A2

,

6

.24

%

,

1/13/31

,

Callable

11/12/27

@

100

(a)

............

$

540

$

549

Series

2024-1A

,

Class

A2

,

5

.68

%

,

12/12/31

,

Callable

10/12/28

@

100

(a)

...........

587

597

Verizon

Master

Trust

,

Series

2025-10

,

Class

A

,

4

.28

%

,

10/20/33

,

Callable

10/20/30

@

100

(a)

2,000

2,006

Volvo

Financial

Equipment

LLC

............................................

Series

2024-1A

,

Class

A4

,

4

.29

%

,

7/15/31

,

Callable

6/15/28

@

100

(a)

.............

2,420

2,436

Series

2025-1A

,

Class

A4

,

4

.53

%

,

10/15/31

,

Callable

12/15/28

@

100

(a)

...........

1,000

1,014

WEPCO

Environmental

Trust

Finance

I

LLC

,

Series

2021-1

,

Class

A

,

1

.58

%

,

12/15/35

.....

995

892

Zayo

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

5

.65

%

,

3/20/55

,

Callable

9/20/28

@

100

(a)

....

2,500

2,539

123,593

Agency

ABS

Other

(0.2%):

Navient

Student

Loan

Trust

................................................

Series

2015-2

,

Class

B

,

5

.49

%

(

SOFR30A

+

161

bps

)

,

8/25/50

,

Callable

9/25/33

@

100

(d)

3,000

2,967

Series

2018-2A

,

Class

B

,

5

.14

%

(

SOFR30A

+

126

bps

)

,

3/25/67

,

Callable

9/25/37

@

100

(a)

(d)

.........................................................

1,000

913

Nelnet

Student

Loan

Trust

,

Series

2019-5

,

Class

A

,

2

.53

%

,

10/25/67

,

Callable

4/25/33

@

100

(a)

...........................................................

1,285

1,174

SLM

Student

Loan

Trust

..................................................

Series

2006-10

,

Class

B

,

4

.79

%

(

SOFR90A

+

48

bps

)

,

3/25/44

,

Callable

7/25/30

@

100

(d)

103

97

Series

2007-1

,

Class

B

,

4

.79

%

(

SOFR90A

+

48

bps

)

,

1/27/42

,

Callable

7/25/29

@

100

(d)

169

156

5,307

Total

Asset-Backed

Securities

(Cost

$322,629)

a

a

a

325,514

Collateralized

Mortgage

Obligations

(5.3%)

Agency

CMO

Floating

(0.2%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

5522

,

Class

BF

,

4

.92

%

(

SOFR30A

+

105

bps

)

,

3/25/55

(d)

........................................................

3,178

3,184

Federal

National

Mortgage

Association

,

Series

2024-96

,

Class

FC

,

5

.07

%

(

SOFR30A

+

120

bps

)

,

12/25/54

(d)

.......................................................

2,415

2,423

5,607

Agency

CMO

Other

(0.8%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5270

,

Class

AB

,

5

.50

%

,

1/25/49

...................................

1,412

1,434

Series

5450

,

Class

KA

,

4

.50

%

,

6/25/51

...................................

2,392

2,387

Series

5478

,

Class

J

,

5

.50

%

,

3/25/51

.....................................

2,753

2,778

Federal

National

Mortgage

Association

.......................................

Series

2022-88

,

Class

BA

,

5

.50

%

,

7/25/47

.................................

1,160

1,172

Series

2025-40

,

Class

B

,

5

.00

%

,

10/25/50

.................................

1,461

1,466

Government

National

Mortgage

Association

....................................

Series

2020-162

,

Class

AB

,

1

.00

%

,

10/20/50

...............................

2,368

1,852

Series

2022-207

,

Class

NA

,

3

.00

%

,

1/20/52

................................

1,663

1,488

Series

2023-107

,

Class

PA

,

5

.50

%

,

1/20/46

................................

1,185

1,204

Series

2024-20

,

Class

PA

,

4

.50

%

,

2/20/54

.................................

2,912

2,909

Series

2024-95

,

Class

AB

,

2

.50

%

,

6/20/45

.................................

1,580

1,461

Series

2025-114

,

Class

JA

,

4

.50

%

,

8/20/51

.................................

1,461

1,456

Series

2025-131

,

Class

QC

,

4

.00

%

,

7/20/51

................................

1,470

1,438

21,045

Agency

Commercial

MBS

(1.3%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

K087

,

Class

A2

,

3

.77

%

,

12/25/28

..................................

486

485

Series

K091

,

Class

A2

,

3

.51

%

,

3/25/29

...................................

1,250

1,236

Series

K095

,

Class

A2

,

2

.79

%

,

6/25/29

...................................

1,000

965

Series

K096

,

Class

A2

,

2

.52

%

,

7/25/29

...................................

1,000

956

Series

K097

,

Class

A2

,

2

.51

%

,

7/25/29

...................................

2,000

1,908

Series

K100

,

Class

A2

,

2

.67

%

,

9/25/29

...................................

545

522

Series

K135

,

Class

A2

,

2

.15

%

,

10/25/31

(b)

................................

1,000

898

Series

K136

,

Class

A2

,

2

.13

%

,

11/25/31

...................................

4,000

3,580

Series

K141

,

Class

A2

,

2

.25

%

,

2/25/32

...................................

4,000

3,590

Series

K142

,

Class

A2

,

2

.40

%

,

3/25/32

...................................

3,000

2,710

Series

K144

,

Class

A2

,

2

.45

%

,

4/25/32

...................................

3,000

2,712

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

31

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

K146

,

Class

A2

,

2

.92

%

,

6/25/32

...................................

$

4,885

$

4,529

Series

K147

,

Class

A2

,

3

.00

%

,

6/25/32

(b)

.................................

3,000

2,793

Series

K-1510

,

Class

A3

,

3

.79

%

,

1/25/34

..................................

1,000

960

Series

K-1512

,

Class

A3

,

3

.06

%

,

4/25/34

..................................

1,000

903

Series

K159

,

Class

A2

,

3

.95

%

,

11/25/30

(b)

................................

500

498

Series

KG02

,

Class

A2

,

2

.41

%

,

8/25/29

...................................

909

864

Series

KIR3

,

Class

A2

,

3

.28

%

,

8/25/27

...................................

1,500

1,487

Federal

National

Mortgage

Association

.......................................

Series

2018-M4

,

Class

A2

,

3

.07

%

,

3/25/28

(b)

...............................

304

299

Series

2019-M1

,

Class

A2

,

3

.56

%

,

9/25/28

(b)

...............................

530

527

Series

2019-M12

,

Class

A2

,

2

.89

%

,

6/25/29

(b)

..............................

956

927

Series

2022-M12

,

Class

A

,

3

.02

%

,

12/25/28

(b)

..............................

2,243

2,193

35,542

Commercial

MBS

(3.0%):

ALA

Trust

............................................................

Series

2025-OANA

,

Class

A

,

5

.49

%

(

TSFR1M

+

174

bps

)

,

6/15/40

(a)

(c)

(d)

..........

1,955

1,961

Series

2025-OANA

,

Class

B

,

5

.59

%

(

TSFR1M

+

184

bps

)

,

6/15/40

(a)

(c)

(d)

..........

2,000

2,008

AOA

Trust

,

Series

2025-1301

,

Class

A

,

5

.06

%

,

8/11/42

(a)

(b)

(c)

......................

1,259

1,275

Arbor

Multifamily

Mortgage

Securities

Trust

,

Series

2022-MF4

,

Class

A5

,

3

.28

%

,

2/15/55

,

Callable

2/15/32

@

100

(a)

(b)

..........................................

2,000

1,879

Atrium

Hotel

Portfolio

Trust

...............................................

Series

2025-ATRM

,

Class

A

,

5

.40

%

(

TSFR1M

+

165

bps

)

,

8/15/42

(a)

(c)

(d)

..........

1,000

999

Series

2025-ATRM

,

Class

B

,

5

.85

%

(

TSFR1M

+

210

bps

)

,

8/15/42

(a)

(c)

(d)

..........

1,277

1,273

Aventura

Mall

Trust

.....................................................

Series

2018-AVM

,

Class

A

,

4

.11

%

,

7/5/40

(a)

(b)

(c)

...........................

1,740

1,725

Series

2018-AVM

,

Class

C

,

4

.11

%

,

7/5/40

(a)

(b)

(c)

...........................

1,000

978

Benchmark

Mortgage

Trust

................................................

Series

2020-B17

,

Class

ASB

,

2

.18

%

,

3/15/53

,

Callable

3/15/30

@

100

.............

859

827

Series

2020-B22

,

Class

A5

,

1

.97

%

,

1/15/54

,

Callable

1/15/31

@

100

..............

2,400

2,124

BPR

Trust

,

Series

2021-TY

,

Class

A

,

4

.92

%

(

TSFR1M

+

116

bps

)

,

9/15/38

(a)

(c)

(d)

.........

865

865

BX

Commercial

Mortgage

Trust

............................................

Series

2022-CSMO

,

Class

B

,

6

.89

%

(

TSFR1M

+

314

bps

)

,

6/15/27

(a)

(c)

(d)

..........

1,800

1,805

Series

2025-COPT

,

Class

A

,

5

.50

%

(

TSFR1M

+

175

bps

)

,

8/15/42

(a)

(c)

(d)

...........

2,308

2,311

Series

2025-JDI

,

Class

A

,

5

.15

%

(

TSFR1M

+

140

bps

)

,

11/15/42

(a)

(c)

(d)

............

2,000

2,000

BX

Trust

.............................................................

Series

2019-OC11

,

Class

A

,

3

.20

%

,

12/9/41

,

Callable

12/9/29

@

100

(a)

(c)

..........

923

876

Series

2022-CLS

,

Class

B

,

6

.30

%

,

10/13/27

(a)

(c)

............................

2,000

1,994

Series

2025-ARIA

,

Class

A

,

5

.03

%

,

12/13/42

(a)

(b)

(c)

.........................

2,250

2,264

Series

2025-GW

,

Class

A

,

5

.35

%

(

TSFR1M

+

160

bps

)

,

7/15/42

(a)

(c)

(d)

............

2,000

2,001

Series

2025-ROIC

,

Class

A

,

4

.89

%

(

TSFR1M

+

114

bps

)

,

3/15/30

(a)

(c)

(d)

...........

2,327

2,323

Series

2025-VOLT

,

Class

A

,

5

.45

%

(

TSFR1M

+

170

bps

)

,

12/15/44

(a)

(c)

(d)

..........

2,500

2,500

BXP

Trust

............................................................

Series

2021-601L

,

Class

B

,

2

.78

%

,

1/15/44

(a)

(b)

(c)

..........................

550

479

Series

2021-601L

,

Class

C

,

2

.78

%

,

1/15/44

(a)

(b)

(c)

..........................

1,500

1,271

Series

2021-601L

,

Class

D

,

2

.78

%

,

1/15/44

(a)

(b)

(c)

..........................

500

407

Citigroup

Commercial

Mortgage

Trust

........................................

Series

2017-P8

,

Class

AS

,

3

.79

%

,

9/15/50

,

Callable

9/15/27

@

100

(b)

.............

500

470

Series

2020-GC46

,

Class

AAB

,

2

.61

%

,

2/15/53

,

Callable

2/15/30

@

100

...........

614

596

COMM

Mortgage

Trust

..................................................

Series

2020-CX

,

Class

A

,

2

.17

%

,

11/10/46

,

Callable

11/10/30

@

100

(a)

(c)

..........

1,500

1,290

Series

2024-277P

,

Class

A

,

6

.34

%

,

8/10/44

(a)

(c)

.............................

1,960

2,063

CSMC

Trust

,

Series

2019-UVIL

,

Class

A

,

3

.16

%

,

12/15/41

(a)

(c)

.....................

2,252

2,125

DBJPM

Mortgage

Trust

,

Series

2016-C1

,

Class

A4

,

3

.28

%

,

5/10/49

,

Callable

4/10/26

@

100

.

500

498

DBWF

Mortgage

Trust

,

Series

2024-LCRS

,

Class

A

,

5

.49

%

(

TSFR1M

+

174

bps

)

,

4/15/37

(a)

(c)

(d)

.............................................................

1,000

999

GS

Mortgage

Securities

Corp.

Trust

..........................................

Series

2017-GPTX

,

Class

A

,

2

.86

%

,

5/10/34

(a)

(c)

...........................

849

735

Series

2023-SHIP

,

Class

B

,

4

.94

%

,

9/10/38

(a)

(b)

(c)

..........................

1,080

1,081

Houston

Galleria

Mall

Trust

,

Series

2025-HGLR

,

Class

A

,

5

.46

%

,

2/5/45

(a)

(b)

(c)

.........

1,753

1,813

Hudson

Yards

Mortgage

Trust

..............................................

Series

2016-10HY

,

Class

A

,

2

.84

%

,

8/10/38

,

Callable

8/10/26

@

100

(a)

(c)

..........

3,000

2,969

Series

2019-55HY

,

Class

A

,

2

.94

%

,

12/10/41

(a)

(b)

(c)

.........................

535

504

Series

2025-SPRL

,

Class

A

,

5

.47

%

,

1/13/40

(a)

(b)

(c)

..........................

994

1,029

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

32

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

ILPT

Commercial

Mortgage

Trust

,

Series

2022-LPFX

,

Class

A

,

3

.38

%

,

3/15/32

(a)

(c)

......

$

2,000

$

1,826

INT

Commercial

Mortgage

Trust

,

Series

2025-PLAZA

,

Class

A

,

4

.88

%

,

11/5/37

(a)

(b)

(c)

...

2,000

2,007

IRV

Trust

,

Series

2025-200P

,

Class

A

,

5

.29

%

,

3/14/47

,

Callable

2/14/35

@

100

(a)

(b)

(c)

....

2,912

2,969

LBA

Trust

,

Series

2024-7IND

,

Class

A

,

5

.19

%

(

TSFR1M

+

144

bps

)

,

10/15/41

(a)

(c)

(d)

......

1,516

1,517

LEX

Mortgage

Trust

,

Series

2024-BBG

,

Class

A

,

4

.87

%

,

10/13/33

,

Callable

10/13/28

@

100

(a)

(b)

(c)

.......................................................

2,407

2,423

MAD

Commercial

Mortgage

Trust

,

Series

2025-11MD

,

Class

A

,

4

.75

%

,

10/15/42

(a)

(b)

(c)

..

1,818

1,825

MILE

Trust

,

Series

2025-STNE

,

Class

A

,

5

.25

%

(

TSFR1M

+

150

bps

)

,

7/15/42

(a)

(c)

(d)

.....

2,000

2,002

Morgan

Stanley

Capital

I

Trust

,

Series

2021-PLZA

,

Class

B

,

2

.81

%

,

11/9/43

(a)

(c)

........

1,000

866

One

Bryant

Park

Trust

,

Series

2019-OBP

,

Class

A

,

2

.52

%

,

9/15/54

(a)

(c)

................

4,430

4,112

SCG

Commercial

Mortgage

Trust

,

Series

2025-FLWR

,

Class

A

,

5

.00

%

(

TSFR1M

+

125

bps

)

,

8/15/42

(a)

(c)

(d)

....................................................

2,000

2,001

SCOTT

Trust

,

Series

2023-SFS

,

Class

A

,

5

.91

%

,

3/10/40

(a)

(c)

......................

1,000

1,025

SLG

Office

Trust

,

Series

2021-OVA

,

Class

A

,

2

.59

%

,

7/15/41

(a)

(c)

...................

800

714

SREIT

Trust

,

Series

2021-MFP2

,

Class

B

,

5

.04

%

(

TSFR1M

+

129

bps

)

,

11/15/36

(a)

(c)

(d)

....

1,500

1,498

SWCH

Commercial

Mortgage

Trust

,

Series

2025-DATA

,

Class

A

,

5

.19

%

(

TSFR1M

+

144

bps

)

,

2/15/42

(a)

(c)

(d)

....................................................

2,000

1,978

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2018-AUS

,

Class

A

,

4

.06

%

,

8/17/36

(a)

(b)

(c)

..........................

250

246

Series

2025-HI

,

Class

A

,

5

.44

%

(

TSFR1M

+

169

bps

)

,

10/15/42

(a)

(c)

(d)

.............

1,500

1,501

80,827

Total

Collateralized

Mortgage

Obligations

(Cost

$142,874)

a

a

a

143,021

Corporate

Bonds

(19.8%)

Communication

Services

(0.5%):

Alphabet,

Inc.

,

4

.70

%

,

11/15/35

,

Callable

8/15/35

@

100

..........................

1,428

1,431

AT&T,

Inc.

,

3

.10

%

,

2/1/43

,

Callable

8/1/42

@

100

(e)

.............................

2,150

1,576

Comcast

Corp.

,

3

.55

%

,

5/1/28

,

Callable

2/1/28

@

100

............................

1,115

1,105

Meta

Platforms,

Inc.

,

5

.50

%

,

11/15/45

,

Callable

5/15/45

@

100

......................

2,000

1,949

Paramount

Global

4

.20

%

,

6/1/29

,

Callable

3/1/29

@

100

....................................

716

698

4

.38

%

,

3/15/43

....................................................

1,500

1,047

T-Mobile

US,

Inc.

3

.88

%

,

4/15/30

,

Callable

1/15/30

@

100

..................................

1,195

1,175

2

.25

%

,

11/15/31

,

Callable

8/15/31

@

100

..................................

3,500

3,102

Verizon

Communications,

Inc.

3

.40

%

,

3/22/41

,

Callable

9/22/40

@

100

..................................

1,770

1,389

3

.55

%

,

3/22/51

,

Callable

9/22/50

@

100

..................................

795

567

14,039

Consumer

Discretionary

(1.0%):

AutoNation,

Inc.

,

2

.40

%

,

8/1/31

,

Callable

5/1/31

@

100

...........................

2,720

2,404

Brunswick

Corp.

,

2

.40

%

,

8/18/31

,

Callable

5/18/31

@

100

.........................

1,075

941

D.R.

Horton,

Inc.

,

5

.00

%

,

10/15/34

,

Callable

7/15/34

@

100

(e)

......................

1,000

1,012

Daimler

Truck

Finance

North

America

LLC

,

5

.38

%

,

1/13/32

,

Callable

11/13/31

@

100

(a)

(e)

.

1,500

1,546

Genuine

Parts

Co.

4

.95

%

,

8/15/29

,

Callable

7/15/29

@

100

..................................

500

508

2

.75

%

,

2/1/32

,

Callable

11/1/31

@

100

...................................

1,472

1,302

Hasbro,

Inc.

,

3

.90

%

,

11/19/29

,

Callable

8/19/29

@

100

............................

720

708

Lowe's

Cos.,

Inc.

,

2

.80

%

,

9/15/41

,

Callable

3/15/41

@

100

.........................

25

18

Marriott

International,

Inc.

,

5

.50

%

,

4/15/37

,

Callable

1/15/37

@

100

..................

2,000

2,047

Mattel,

Inc.

3

.75

%

,

4/1/29

,

Callable

1/16/26

@

100.94

(a)

...............................

2,720

2,653

5

.00

%

,

11/17/30

,

Callable

10/17/30

@

100

.................................

976

983

O'Reilly

Automotive,

Inc.

4

.20

%

,

4/1/30

,

Callable

1/1/30

@

100

....................................

1,000

997

5

.00

%

,

8/19/34

,

Callable

5/19/34

@

100

..................................

25

25

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

,

4

.63

%

,

4/6/31

,

Callable

1/6/31

@

100

(a)

.

2,388

1,974

Stellantis

Finance

US,

Inc.

,

6

.45

%

,

3/18/35

,

Callable

12/18/34

@

100

(a)

...............

1,035

1,078

Tapestry,

Inc.

,

5

.50

%

,

3/11/35

,

Callable

12/11/34

@

100

...........................

1,595

1,632

The

Home

Depot,

Inc.

,

2

.38

%

,

3/15/51

,

Callable

9/15/50

@

100

.....................

720

414

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

33

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Tractor

Supply

Co.

1

.75

%

,

11/1/30

,

Callable

8/1/30

@

100

...................................

$

1,000

$

886

5

.25

%

,

5/15/33

,

Callable

2/15/33

@

100

..................................

774

800

Volkswagen

Group

of

America

Finance

LLC

4

.85

%

,

9/11/30

,

Callable

8/11/30

@

100

(a)

................................

3,000

3,028

5

.80

%

,

3/27/35

,

Callable

12/27/34

@

100

(a)

...............................

1,500

1,553

26,509

Consumer

Staples

(1.3%):

7-Eleven,

Inc.

,

1

.80

%

,

2/10/31

,

Callable

11/10/30

@

100

(a)

.........................

1,220

1,067

Anheuser-Busch

InBev

Worldwide,

Inc.

,

5

.45

%

,

1/23/39

,

Callable

7/23/38

@

100

.........

320

332

BAT

Capital

Corp.

2

.73

%

,

3/25/31

,

Callable

12/25/30

@

100

.................................

1,017

937

7

.75

%

,

10/19/32

,

Callable

7/19/32

@

100

.................................

945

1,105

4

.39

%

,

8/15/37

,

Callable

2/15/37

@

100

..................................

975

899

Bimbo

Bakeries

USA,

Inc.

,

5

.38

%

,

1/9/36

,

Callable

10/9/35

@

100

(a)

.................

1,270

1,289

Bunge

Ltd.

Finance

Corp.

,

2

.75

%

,

5/14/31

,

Callable

2/14/31

@

100

...................

2,500

2,296

Cargill,

Inc.

2

.13

%

,

11/10/31

,

Callable

8/10/31

@

100

(a)

................................

795

704

5

.13

%

,

10/11/32

,

Callable

7/11/32

@

100

(a)

................................

1,745

1,812

Church

&

Dwight

Co.,

Inc.

,

2

.30

%

,

12/15/31

,

Callable

9/15/31

@

100

.................

865

769

Coca-Cola

Consolidated,

Inc.

,

5

.45

%

,

6/1/34

,

Callable

3/1/34

@

100

..................

1,670

1,747

Constellation

Brands,

Inc.

,

2

.25

%

,

8/1/31

,

Callable

5/1/31

@

100

.....................

720

639

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

5

.60

%

,

1/15/31

,

Callable

12/15/30

@

100

(a)

...........................................

988

997

Dollar

General

Corp.

,

5

.45

%

,

7/5/33

,

Callable

4/5/33

@

100

........................

970

1,006

Keurig

Dr.

Pepper,

Inc.

3

.95

%

,

4/15/29

,

Callable

2/15/29

@

100

..................................

750

741

2

.25

%

,

3/15/31

,

Callable

12/15/30

@

100

.................................

1,075

958

4

.50

%

,

4/15/52

,

Callable

10/15/51

@

100

.................................

1,200

969

Mars,

Inc.

3

.88

%

,

4/1/39

,

Callable

10/1/38

@

100

(a)

.................................

1,150

1,010

5

.65

%

,

5/1/45

,

Callable

11/1/44

@

100

(a)

.................................

1,000

1,011

McCormick

&

Co.,

Inc.

,

1

.85

%

,

2/15/31

,

Callable

11/15/30

@

100

...................

720

635

Sodexo,

Inc.

2

.72

%

,

4/16/31

,

Callable

1/16/31

@

100

(a)

................................

3,000

2,726

5

.80

%

,

8/15/35

,

Callable

5/15/35

@

100

(a)

................................

1,750

1,834

Sysco

Corp.

2

.45

%

,

12/14/31

,

Callable

9/14/31

@

100

.................................

1,500

1,344

5

.40

%

,

3/23/35

,

Callable

12/23/34

@

100

.................................

2,090

2,165

The

Campbell's

Company

5

.20

%

,

3/21/29

,

Callable

2/21/29

@

100

..................................

720

738

4

.75

%

,

3/23/35

,

Callable

12/23/34

@

100

.................................

730

706

The

Coca-Cola

Co.

,

2

.00

%

,

3/5/31

...........................................

1,470

1,332

The

J.M.

Smucker

Co.

,

6

.20

%

,

11/15/33

,

Callable

8/15/33

@

100

....................

910

986

The

Kroger

Co.

,

5

.00

%

,

9/15/34

,

Callable

6/15/34

@

100

..........................

2,700

2,716

35,470

Energy

(1.8%):

APA

Corp.

,

4

.25

%

,

1/15/44

,

Callable

7/15/43

@

100

..............................

1,500

1,075

Boardwalk

Pipelines

LP

4

.45

%

,

7/15/27

,

Callable

4/15/27

@

100

..................................

220

221

4

.80

%

,

5/3/29

,

Callable

2/3/29

@

100

....................................

220

223

3

.60

%

,

9/1/32

,

Callable

6/1/32

@

100

....................................

760

709

5

.38

%

,

2/15/36

,

Callable

11/15/35

@

100

..................................

1,945

1,955

Buckeye

Partners

LP

,

4

.13

%

,

12/1/27

,

Callable

9/1/27

@

100

.......................

635

628

Cameron

LNG

LLC

,

3

.30

%

,

1/15/35

,

Callable

9/15/34

@

100

(a)

.....................

1,191

1,042

Coterra

Energy,

Inc.

,

5

.40

%

,

2/15/35

,

Callable

11/15/34

@

100

......................

1,000

1,015

DCP

Midstream

Operating

LP

,

5

.60

%

,

4/1/44

,

Callable

10/1/43

@

100

.................

25

24

Diamondback

Energy,

Inc.

,

5

.75

%

,

4/18/54

,

Callable

10/18/53

@

100

.................

900

851

DT

Midstream,

Inc.

,

5

.80

%

,

12/15/34

,

Callable

9/15/34

@

100

(a)

....................

500

519

Eastern

Energy

Gas

Holdings

LLC

5

.65

%

,

10/15/54

,

Callable

4/15/54

@

100

.................................

1,000

970

6

.20

%

,

1/15/55

,

Callable

7/15/54

@

100

..................................

1,000

1,035

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

34

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Energy

Transfer

LP

6

.50

%

(

H15T5Y

+

569

bps

)

,

Callable

11/15/26

@

100

(d)

(f)

......................

$

1,000

$

1,005

4

.15

%

,

9/15/29

,

Callable

6/15/29

@

100

..................................

720

716

5

.35

%

,

5/15/45

,

Callable

11/15/44

@

100

..................................

1,143

1,038

Enterprise

Products

Operating

LLC

,

4

.95

%

,

2/15/35

,

Callable

11/15/34

@

100

...........

770

780

EOG

Resources,

Inc.

,

5

.35

%

,

1/15/36

,

Callable

10/15/35

@

100

.....................

1,923

1,976

Evergy

Missouri

West

Storm

Funding

I

LLC

,

5

.10

%

,

12/1/38

.......................

2,336

2,398

Evergy

Missouri

West,

Inc.

,

5

.65

%

,

6/1/34

,

Callable

3/1/34

@

100

(a)

..................

2,235

2,314

Florida

Gas

Transmission

Co.

LLC

,

5

.75

%

,

7/15/35

,

Callable

4/15/35

@

100

(a)

..........

1,626

1,687

Helmerich

&

Payne,

Inc.

2

.90

%

,

9/29/31

,

Callable

6/29/31

@

100

(e)

................................

1,000

893

5

.50

%

,

12/1/34

,

Callable

9/1/34

@

100

(e)

.................................

2,000

1,971

HF

Sinclair

Corp.

,

6

.25

%

,

1/15/35

,

Callable

10/15/34

@

100

........................

2,350

2,453

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

,

6

.25

%

,

11/1/28

,

Callable

2/5/26

@

101.04

(a)

....

1,000

1,008

MPLX

LP

4

.25

%

,

12/1/27

,

Callable

9/1/27

@

100

...................................

220

221

4

.00

%

,

3/15/28

,

Callable

12/15/27

@

100

.................................

220

220

4

.80

%

,

2/15/29

,

Callable

11/15/28

@

100

..................................

210

213

5

.40

%

,

4/1/35

,

Callable

1/1/35

@

100

....................................

720

725

Murphy

Oil

USA,

Inc.

4

.75

%

,

9/15/29

,

Callable

1/21/26

@

101.58

................................

1,000

992

3

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88

(a)

..............................

1,280

1,203

Occidental

Petroleum

Corp.

6

.45

%

,

9/15/36

....................................................

1,645

1,750

4

.40

%

,

8/15/49

,

Callable

2/15/49

@

100

..................................

995

750

ONEOK,

Inc.

5

.05

%

,

11/1/34

,

Callable

8/1/34

@

100

...................................

1,955

1,940

6

.25

%

,

10/15/55

,

Callable

4/15/55

@

100

.................................

1,000

1,006

Phillips

66

Co.

4

.95

%

,

3/15/35

,

Callable

12/15/34

@

100

.................................

730

726

4

.90

%

,

10/1/46

,

Callable

4/1/46

@

100

...................................

1,110

970

Plains

All

American

Pipeline

LP

,

5

.95

%

,

6/15/35

,

Callable

3/15/35

@

100

..............

580

604

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

3

.55

%

,

12/15/29

,

Callable

9/15/29

@

100

.................................

1,611

1,566

5

.60

%

,

1/15/36

,

Callable

10/15/35

@

100

.................................

1,960

1,985

4

.70

%

,

6/15/44

,

Callable

12/15/43

@

100

.................................

300

255

Rockies

Express

Pipeline

LLC

,

4

.95

%

,

7/15/29

,

Callable

4/15/29

@

100

(a)

.............

1,200

1,197

Tampa

Electric

Co.

,

5

.15

%

,

3/1/35

,

Callable

12/1/34

@

100

........................

1,390

1,409

Targa

Resources

Corp.

,

5

.55

%

,

8/15/35

,

Callable

5/15/35

@

100

.....................

1,600

1,639

Western

Midstream

Operating

LP

,

4

.05

%

,

2/1/30

,

Callable

11/1/29

@

100

..............

760

745

48,622

Financials

(5.7%):

200

Park

Funding

Trust

,

5

.74

%

,

2/15/55

,

Callable

8/15/54

@

100

(a)

..................

1,195

1,189

Ally

Financial,

Inc.

,

7

.10

%

,

11/15/27

,

Callable

10/15/27

@

100

......................

553

581

American

Express

Co.

3

.55

%

(

H15T5Y

+

285

bps

)

,

Callable

9/15/26

@

100

(d)

(f)

.......................

1,000

986

4

.99

%

(

SOFR

+

226

bps

)

,

5/26/33

,

Callable

2/26/32

@

100

(d)

....................

1,200

1,220

4

.80

%

(

SOFR

+

124

bps

)

,

10/24/36

,

Callable

10/24/35

@

100

(d)

..................

3,000

2,965

American

National

Global

Funding

,

5

.55

%

,

1/28/30

(a)

............................

1,665

1,713

American

National

Group,

Inc.

,

6

.00

%

,

7/15/35

,

Callable

4/15/35

@

100

...............

2,883

2,929

AmFam

Holdings,

Inc.

,

2

.81

%

,

3/11/31

,

Callable

12/11/30

@

100

(a)

..................

585

513

Amrize

Finance

US

LLC

,

5

.40

%

,

4/7/35

,

Callable

1/7/35

@

100

.....................

1,247

1,286

Apollo

Global

Management,

Inc.

,

5

.15

%

,

8/12/35

,

Callable

5/12/35

@

100

..............

2,000

2,005

Assurant,

Inc.

,

2

.65

%

,

1/15/32

,

Callable

10/15/31

@

100

...........................

1,220

1,081

Athene

Holding

Ltd.

,

4

.13

%

,

1/12/28

,

Callable

10/12/27

@

100

......................

10

10

Bank

of

America

Corp.

4

.38

%

(

H15T5Y

+

276

bps

)

,

Callable

1/27/27

@

100

(d)

(f)

.......................

1,000

991

1

.66

%

(

SOFR

+

91

bps

)

,

3/11/27

,

Callable

3/11/26

@

100

(d)

.....................

500

498

2

.57

%

(

SOFR

+

121

bps

)

,

10/20/32

,

Callable

10/20/31

@

100

(d)

..................

4,100

3,696

2

.48

%

(

H15T5Y

+

120

bps

)

,

9/21/36

,

Callable

9/21/31

@

100

(d)

..................

1,413

1,242

Blue

Owl

Credit

Income

Corp.

,

3

.13

%

,

9/23/26

,

Callable

8/23/26

@

100

...............

355

351

Blue

Owl

Finance

LLC

,

3

.13

%

,

6/10/31

,

Callable

3/10/31

@

100

.....................

1,000

906

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

35

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Brown

&

Brown,

Inc.

4

.20

%

,

3/17/32

,

Callable

12/17/31

@

100

.................................

$

520

$

503

5

.25

%

,

6/23/32

,

Callable

4/23/32

@

100

..................................

1,940

1,982

Capital

One

Financial

Corp.

3

.75

%

,

7/28/26

,

Callable

6/28/26

@

100

..................................

260

259

5

.82

%

(

SOFR

+

260

bps

)

,

2/1/34

,

Callable

2/1/33

@

100

(d)

......................

500

524

Citizens

Financial

Group,

Inc.

2

.50

%

,

2/6/30

,

Callable

11/6/29

@

100

...................................

720

670

5

.25

%

(

SOFR

+

126

bps

)

,

3/5/31

,

Callable

3/5/30

@

100

(d)

......................

2,500

2,567

Clearinghouse

Community

Development

Financial

Institution

,

7

.00

%

,

10/15/30

,

Callable

9/15/30

@

100

(a)

...................................................

1,230

1,321

CNO

Global

Funding

4

.95

%

,

9/9/29

(a)

...................................................

1,628

1,653

4

.70

%

,

12/11/30

(a)

..................................................

1,965

1,969

Compeer

Financial

FLCA/Compeer

Financial

PCA

,

3

.38

%

(

SOFR

+

197

bps

)

,

6/1/36

,

Callable

6/1/31

@

100

(a)

(d)

..................................................

500

423

Fells

Point

Funding

Trust

,

3

.05

%

,

1/31/27

,

Callable

12/31/26

@

100

(a)

................

2,960

2,925

Fifth

Third

Bancorp

3

.95

%

,

3/14/28

,

Callable

2/14/28

@

100

..................................

460

459

4

.34

%

(

SOFR

+

166

bps

)

,

4/25/33

,

Callable

4/25/32

@

100

(d)

....................

2,000

1,955

First

American

Financial

Corp.

,

2

.40

%

,

8/15/31

,

Callable

5/15/31

@

100

...............

1,245

1,087

First

Horizon

Bank

,

5

.75

%

,

5/1/30

,

Callable

2/1/30

@

100

.........................

2,450

2,532

Fiserv,

Inc.

5

.60

%

,

3/2/33

,

Callable

12/2/32

@

100

...................................

1,600

1,652

5

.63

%

,

8/21/33

,

Callable

5/21/33

@

100

..................................

1,456

1,501

4

.40

%

,

7/1/49

,

Callable

1/1/49

@

100

....................................

1,000

785

Ford

Motor

Credit

Co.

LLC

2

.90

%

,

2/10/29

,

Callable

12/10/28

@

100

.................................

750

705

5

.11

%

,

5/3/29

,

Callable

2/3/29

@

100

....................................

25

25

6

.13

%

,

3/8/34

,

Callable

12/8/33

@

100

...................................

1,260

1,279

Glencore

Funding

LLC

1

.63

%

,

4/27/26

,

Callable

3/27/26

@

100

(a)

................................

700

694

2

.50

%

,

9/1/30

,

Callable

6/1/30

@

100

(a)

..................................

500

458

2

.85

%

,

4/27/31

,

Callable

1/27/31

@

100

(a)

................................

1,050

967

Global

Payments,

Inc.

2

.90

%

,

11/15/31

,

Callable

8/15/31

@

100

..................................

1,500

1,344

5

.40

%

,

8/15/32

,

Callable

5/15/32

@

100

..................................

1,000

1,017

5

.55

%

,

11/15/35

,

Callable

8/15/35

@

100

..................................

1,500

1,492

Globe

Life,

Inc.

,

5

.85

%

,

9/15/34

,

Callable

6/15/34

@

100

..........................

637

669

Guardian

Life

Global

Funding

,

1

.40

%

,

7/6/27

(a)

.................................

760

733

Horizon

Mutual

Holdings,

Inc.

,

6

.20

%

,

11/15/34

,

Callable

8/15/34

@

100

(a)

............

4,015

3,891

Huntington

Bancshares,

Inc.

4

.44

%

(

SOFR

+

197

bps

)

,

8/4/28

,

Callable

8/4/27

@

100

(d)

......................

460

462

6

.21

%

(

SOFR

+

202

bps

)

,

8/21/29

,

Callable

8/21/28

@

100

(d)

....................

970

1,018

2

.49

%

(

H15T5Y

+

117

bps

)

,

8/15/36

,

Callable

8/15/31

@

100

(d)

..................

1,000

867

Hyundai

Capital

America,

Inc.

,

3

.50

%

,

11/2/26

,

Callable

9/2/26

@

100

(a)

..............

220

219

ILFC

E-Capital

Trust

I

,

6

.35

%

,

12/21/65

,

Callable

2/5/26

@

100

(a)

(d)

.................

500

420

JPMorgan

Chase

&

Co.

2

.52

%

(

SOFR

+

204

bps

)

,

4/22/31

,

Callable

4/22/30

@

100

(d)

....................

3,060

2,850

1

.95

%

(

SOFR

+

107

bps

)

,

2/4/32

,

Callable

2/4/31

@

100

(d)

......................

2,085

1,859

5

.29

%

(

SOFR

+

146

bps

)

,

7/22/35

,

Callable

7/22/34

@

100

(d)

....................

2,141

2,210

2

.05

%

,

9/15/35

,

Callable

3/15/26

@

100

,

MTN

.............................

1,000

739

KeyBank

NA

,

3

.90

%

,

4/13/29

..............................................

1,505

1,477

KeyCorp

2

.25

%

,

4/6/27

,

MTN

................................................

320

313

4

.79

%

(

SOFRINDX

+

206

bps

)

,

6/1/33

,

Callable

6/1/32

@

100

,

MTN

(d)

............

500

500

6

.40

%

(

SOFRINDX

+

242

bps

)

,

3/6/35

,

Callable

3/6/34

@

100

(d)

.................

1,200

1,303

Lincoln

National

Corp.

,

5

.35

%

,

11/15/35

,

Callable

8/15/35

@

100

....................

2,500

2,524

Loews

Corp.

,

3

.20

%

,

5/15/30

,

Callable

2/15/30

@

100

............................

770

737

LPL

Holdings,

Inc.

,

5

.75

%

,

6/15/35

,

Callable

3/15/35

@

100

........................

1,685

1,735

M&T

Bank

Corp.

,

5

.05

%

(

SOFR

+

185

bps

)

,

1/27/34

,

Callable

1/27/33

@

100

(d)

..........

1,850

1,862

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

36

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

MassMutual

Global

Funding

II

1

.20

%

,

7/16/26

(a)

..................................................

$

860

$

848

4

.35

%

,

9/17/31

(a)

..................................................

2,030

2,011

Metropolitan

Life

Global

Funding

I

,

2

.40

%

,

1/11/32

(a)

............................

2,501

2,223

Midwest

Connector

Capital

Co.

LLC

,

4

.63

%

,

4/1/29

,

Callable

1/1/29

@

100

(a)

...........

1,000

1,000

Morgan

Stanley

2

.51

%

(

SOFR

+

120

bps

)

,

10/20/32

,

Callable

10/20/31

@

100

,

MTN

(d)

.............

2,000

1,794

5

.32

%

(

SOFR

+

156

bps

)

,

7/19/35

,

Callable

7/19/34

@

100

(d)

....................

1,310

1,349

2

.48

%

(

SOFR

+

136

bps

)

,

9/16/36

,

Callable

9/16/31

@

100

(d)

....................

2,075

1,824

New

York

Life

Global

Funding

4

.70

%

,

1/29/29

(a)

..................................................

960

977

1

.85

%

,

8/1/31

(a)

...................................................

1,310

1,149

5

.00

%

,

1/9/34

(a)

...................................................

810

823

NLG

Global

Funding

,

5

.40

%

,

1/23/30

(a)

......................................

2,120

2,182

Pacific

Life

Global

Funding

II

,

1

.38

%

,

4/14/26

(a)

(e)

..............................

1,960

1,946

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

1

.70

%

,

6/15/26

,

Callable

5/15/26

@

100

(a)

................................

770

761

6

.20

%

,

6/15/30

,

Callable

4/15/30

@

100

(a)

................................

470

501

Pinnacle

Financial

Partners,

Inc.

,

7

.54

%

(

USISOA05

+

338

bps

)

,

2/7/29

(d)

...............

795

839

Pricoa

Global

Funding

I

,

4

.65

%

,

8/27/31

(a)

....................................

1,860

1,882

Primerica,

Inc.

,

2

.80

%

,

11/19/31

,

Callable

8/19/31

@

100

..........................

1,470

1,335

Principal

Life

Global

Funding

II

1

.25

%

,

8/16/26

(a)

..................................................

1,960

1,927

5

.10

%

,

1/25/29

(a)

..................................................

960

983

Protective

Life

Corp.

,

5

.35

%

,

12/15/35

,

Callable

9/15/35

@

100

(a)

...................

2,000

2,024

Protective

Life

Global

Funding

1

.90

%

,

7/6/28

(a)

(e)

.................................................

1,960

1,860

5

.43

%

,

1/14/32

(a)

..................................................

1,380

1,436

Prudential

Financial,

Inc.

3

.94

%

,

12/7/49

,

Callable

6/7/49

@

100

...................................

895

695

6

.00

%

(

H15T5Y

+

323

bps

)

,

9/1/52

,

Callable

6/1/32

@

100

(d)

....................

1,000

1,032

Regions

Financial

Corp.

5

.72

%

(

SOFR

+

149

bps

)

,

6/6/30

,

Callable

6/6/29

@

100

(d)

......................

2,000

2,084

5

.50

%

(

SOFR

+

206

bps

)

,

9/6/35

,

Callable

9/6/34

@

100

(d)

(e)

....................

2,010

2,074

Repsol

E&P

Capital

Markets

US

LLC

,

5

.98

%

,

9/16/35

,

Callable

6/16/35

@

100

(a)

........

1,600

1,633

RGA

Global

Funding

,

5

.50

%

,

1/11/31

(a)

......................................

1,860

1,934

Santander

Holdings

USA,

Inc.

4

.40

%

,

7/13/27

,

Callable

4/14/27

@

100

..................................

480

481

6

.57

%

(

SOFR

+

270

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(d)

....................

850

889

5

.35

%

(

SOFR

+

194

bps

)

,

9/6/30

,

Callable

9/6/29

@

100

(d)

......................

1,855

1,897

Simon

Property

Group

LP

4

.75

%

,

9/26/34

,

Callable

6/26/34

@

100

..................................

2,070

2,059

5

.85

%

,

3/8/53

,

Callable

9/8/52

@

100

....................................

270

275

Stellantis

Finance

US,

Inc.

,

2

.69

%

,

9/15/31

,

Callable

6/15/31

@

100

(a)

................

1,410

1,235

Stewart

Information

Services

Corp.

,

3

.60

%

,

11/15/31

,

Callable

8/15/31

@

100

...........

1,390

1,229

Swepco

Storm

Recovery

Funding

LLC

,

4

.88

%

,

9/1/39

............................

2,809

2,837

The

Bank

of

New

York

Mellon

Corp.

3

.75

%

(

H15T5Y

+

263

bps

)

,

Callable

12/20/26

@

100

(d)

(f)

......................

1,000

985

3

.99

%

(

SOFR

+

115

bps

)

,

6/13/28

,

Callable

6/13/27

@

100

,

MTN

(d)

...............

460

460

5

.06

%

(

SOFR

+

123

bps

)

,

7/22/32

,

Callable

7/22/31

@

100

(d)

....................

900

933

5

.19

%

(

SOFR

+

142

bps

)

,

3/14/35

,

Callable

3/14/34

@

100

(d)

(e)

..................

960

991

5

.61

%

(

SOFR

+

177

bps

)

,

7/21/39

,

Callable

7/21/34

@

100

(d)

....................

500

525

The

Charles

Schwab

Corp.

,

5

.85

%

(

SOFR

+

250

bps

)

,

5/19/34

,

Callable

5/19/33

@

100

(d)

....

685

733

The

Huntington

National

Bank

,

5

.65

%

,

1/10/30

,

Callable

11/10/29

@

100

..............

560

587

The

Northwestern

Mutual

Life

Insurance

Co.

,

6

.17

%

,

5/29/55

,

Callable

11/29/54

@

100

(a)

..

1,321

1,408

The

PNC

Financial

Services

Group,

Inc.

2

.55

%

,

1/22/30

,

Callable

10/24/29

@

100

.................................

1,535

1,445

4

.63

%

(

SOFRINDX

+

185

bps

)

,

6/6/33

,

Callable

6/6/32

@

100

(d)

.................

376

373

5

.94

%

(

SOFR

+

195

bps

)

,

8/18/34

,

Callable

8/18/33

@

100

(d)

....................

1,100

1,181

5

.68

%

(

SOFR

+

190

bps

)

,

1/22/35

,

Callable

1/22/34

@

100

(d)

....................

832

877

Toyota

Motor

Credit

Corp.

,

5

.35

%

,

1/9/35

.....................................

2,000

2,094

Truist

Bank

,

4

.63

%

(

H15T5Y

+

115

bps

)

,

9/17/29

,

Callable

0

@

–

(d)

...................

1,150

1,156

Truist

Financial

Corp.

,

5

.87

%

(

SOFR

+

236

bps

)

,

6/8/34

,

Callable

6/8/33

@

100

,

MTN

(d)

....

1,050

1,116

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

37

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

U.S.

Bancorp

5

.78

%

(

SOFR

+

202

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(d)

....................

$

910

$

946

2

.49

%

(

H15T5Y

+

95

bps

)

,

11/3/36

,

Callable

11/3/31

@

100

(d)

...................

1,850

1,617

152,753

Health

Care

(1.7%):

180

Medical,

Inc.

,

5

.30

%

,

10/8/35

,

Callable

7/8/35

@

100

(a)

........................

659

657

AbbVie,

Inc.

,

4

.25

%

,

11/21/49

,

Callable

5/21/49

@

100

...........................

420

347

Adventist

Health

System

,

4

.74

%

,

12/1/30

,

Callable

9/1/30

@

100

....................

1,000

1,004

Amgen,

Inc.

,

5

.25

%

,

3/2/33

,

Callable

12/2/32

@

100

.............................

1,050

1,088

Baxter

International,

Inc.

2

.54

%

,

2/1/32

,

Callable

11/1/31

@

100

...................................

1,470

1,281

5

.65

%

,

12/15/35

,

Callable

9/15/35

@

100

.................................

1,096

1,112

Biogen,

Inc.

,

5

.75

%

,

5/15/35

,

Callable

2/15/35

@

100

.............................

1,500

1,580

Boston

Medical

Center

Corp.

,

3

.91

%

,

7/1/28

...................................

500

491

Bristol-Myers

Squibb

Co.

5

.90

%

,

11/15/33

,

Callable

8/15/33

@

100

..................................

600

655

5

.50

%

,

2/22/44

,

Callable

8/22/43

@

100

..................................

1,970

1,974

Centene

Corp.

,

2

.50

%

,

3/1/31

,

Callable

12/1/30

@

100

............................

1,450

1,251

DENTSPLY

SIRONA,

Inc.

3

.25

%

,

6/1/30

,

Callable

3/1/30

@

100

....................................

4,500

4,158

8

.38

%

(

H15T5Y

+

438

bps

)

,

9/12/55

,

Callable

6/12/30

@

100

(d)

..................

1,000

937

Duke

University

Health

System,

Inc.

,

2

.60

%

,

6/1/30

..............................

2,000

1,858

Eastern

Maine

Healthcare

Systems

,

3

.71

%

,

7/1/26

...............................

100

101

Elevance

Health,

Inc.

2

.88

%

,

9/15/29

,

Callable

6/15/29

@

100

..................................

283

270

2

.55

%

,

3/15/31

,

Callable

12/15/30

@

100

.................................

720

657

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

2

.38

%

,

2/16/31

,

Callable

11/16/30

@

100

(a)

...

1,020

907

HCA,

Inc.

5

.60

%

,

4/1/34

,

Callable

1/1/34

@

100

....................................

1,150

1,200

4

.38

%

,

3/15/42

,

Callable

9/15/41

@

100

..................................

1,245

1,066

5

.25

%

,

6/15/49

,

Callable

12/15/48

@

100

.................................

1,150

1,041

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

5

.45

%

,

6/15/34

,

Callable

3/15/34

@

100

(a)

...........................................................

1,020

1,043

Humana,

Inc.

5

.38

%

,

4/15/31

,

Callable

2/15/31

@

100

..................................

852

880

5

.55

%

,

5/1/35

,

Callable

2/1/35

@

100

....................................

1,316

1,343

Laboratory

Corp.

of

America

Holdings

,

4

.55

%

,

4/1/32

,

Callable

2/1/32

@

100

...........

2,865

2,862

Orlando

Health

Obligated

Group

3

.78

%

,

10/1/28

,

Callable

7/1/28

@

100

...................................

500

495

2

.89

%

,

10/1/35

....................................................

1,000

867

Revvity,

Inc.

2

.55

%

,

3/15/31

,

Callable

12/15/30

@

100

.................................

1,220

1,102

2

.25

%

,

9/15/31

,

Callable

6/15/31

@

100

..................................

460

405

Solventum

Corp.

5

.40

%

,

3/1/29

,

Callable

2/1/29

@

100

....................................

169

175

5

.45

%

,

3/13/31

,

Callable

1/13/31

@

100

..................................

385

402

5

.60

%

,

3/23/34

,

Callable

12/23/33

@

100

.................................

385

401

5

.90

%

,

4/30/54

,

Callable

10/30/53

@

100

(e)

...............................

668

674

Southern

Illinois

Healthcare

Enterprises,

Inc.

,

3

.97

%

,

5/15/50

,

Callable

11/15/49

@

100

....

1,000

727

The

Cigna

Group

2

.38

%

,

3/15/31

,

Callable

12/15/30

@

100

.................................

1,720

1,557

5

.25

%

,

1/15/36

,

Callable

10/15/35

@

100

.................................

2,900

2,950

Universal

Health

Services,

Inc.

2

.65

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

2,000

1,766

5

.05

%

,

10/15/34

,

Callable

7/15/34

@

100

.................................

930

913

VSP

Optical

Group,

Inc.

,

5

.45

%

,

12/1/35

,

Callable

9/1/35

@

100

(a)

...................

1,207

1,216

Zimmer

Biomet

Holdings,

Inc.

,

5

.20

%

,

9/15/34

,

Callable

6/15/34

@

100

...............

1,860

1,897

Zoetis,

Inc.

,

5

.00

%

,

8/17/35

,

Callable

5/17/35

@

100

.............................

1,851

1,872

47,182

Industrials

(2.3%):

Acuity

Brands

Lighting,

Inc.

,

2

.15

%

,

12/15/30

,

Callable

9/15/30

@

100

................

956

859

Air

Lease

Corp.

,

2

.88

%

,

1/15/32

,

Callable

10/15/31

@

100

.........................

960

861

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

38

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

American

Airlines

Pass

Through

Trust

3

.70

%

,

10/1/26

....................................................

$

242

$

240

3

.58

%

,

1/15/28

....................................................

2,288

2,255

3

.85

%

,

2/15/28

....................................................

237

231

3

.60

%

,

10/15/29

(e)

..................................................

297

282

5

.65

%

,

11/11/34

....................................................

286

288

4

.90

%

,

5/11/38

.....................................................

2,360

2,346

Aon

North

America,

Inc.

,

5

.45

%

,

3/1/34

,

Callable

12/1/33

@

100

....................

745

775

Ashtead

Capital,

Inc.

4

.25

%

,

11/1/29

,

Callable

1/16/26

@

101.42

(a)

..............................

1,548

1,531

2

.45

%

,

8/12/31

,

Callable

5/12/31

@

100

(a)

................................

717

639

5

.95

%

,

10/15/33

,

Callable

7/15/33

@

100

(a)

...............................

1,550

1,640

British

Airways

Pass

Through

Trust

3

.35

%

,

6/15/29

(a)

..................................................

372

362

3

.80

%

,

9/20/31

(a)

..................................................

521

510

Carlisle

Cos.,

Inc.

2

.75

%

,

3/1/30

,

Callable

12/1/29

@

100

...................................

720

679

5

.55

%

,

9/15/40

,

Callable

6/15/40

@

100

..................................

369

374

Carrier

Global

Corp.

,

3

.38

%

,

4/5/40

,

Callable

10/5/39

@

100

.......................

280

227

Columbia

Pipelines

Operating

Co.

LLC

,

5

.44

%

,

2/15/35

,

Callable

11/15/34

@

100

(a)

......

1,155

1,180

Cummins,

Inc.

,

4

.90

%

,

2/20/29

,

Callable

1/20/29

@

100

...........................

1,500

1,540

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

,

4

.75

%

,

10/20/28

(a)

.........................

1,250

1,258

FedEx

Corp.

,

4

.05

%

,

2/15/48

,

Callable

8/15/47

@

100

............................

760

581

Fluor

Corp.

,

4

.25

%

,

9/15/28

,

Callable

6/15/28

@

100

(e)

...........................

700

695

GXO

Logistics,

Inc.

2

.65

%

,

7/15/31

,

Callable

4/15/31

@

100

..................................

2,000

1,801

6

.50

%

,

5/6/34

,

Callable

2/6/34

@

100

....................................

1,367

1,477

Hawaiian

Airlines

Pass

Through

Certificates

,

3

.90

%

,

1/15/26

........................

64

64

Hubbell,

Inc.

2

.30

%

,

3/15/31

,

Callable

12/15/30

@

100

.................................

1,220

1,111

4

.80

%

,

11/15/35

,

Callable

8/15/35

@

100

..................................

643

639

Huntington

Ingalls

Industries,

Inc.

,

2

.04

%

,

8/16/28

,

Callable

6/16/28

@

100

.............

1,220

1,156

JetBlue

Pass

Through

Trust

,

2

.95

%

,

5/15/28

....................................

176

161

Kennametal,

Inc.

,

4

.63

%

,

6/15/28

,

Callable

3/15/28

@

100

.........................

778

782

Leidos,

Inc.

5

.75

%

,

3/15/33

,

Callable

12/15/32

@

100

.................................

2,400

2,543

5

.50

%

,

3/15/35

,

Callable

12/15/34

@

100

.................................

890

924

Northwestern

Mutual

Global

Funding

4

.71

%

,

1/10/29

(a)

..................................................

2,510

2,555

4

.96

%

,

1/13/30

(a)

..................................................

1,680

1,721

Otis

Worldwide

Corp.

5

.13

%

,

9/4/35

,

Callable

6/4/35

@

100

....................................

2,279

2,323

3

.11

%

,

2/15/40

,

Callable

8/15/39

@

100

..................................

455

358

Quanta

Services,

Inc.

,

2

.90

%

,

10/1/30

,

Callable

7/1/30

@

100

.......................

600

562

Regal

Rexnord

Corp.

,

6

.40

%

,

4/15/33

,

Callable

1/15/33

@

100

......................

2,000

2,154

Ryder

System,

Inc.

,

5

.38

%

,

3/15/29

,

Callable

2/15/29

@

100

,

MTN

...................

1,100

1,139

Southwest

Airlines

Co.

,

5

.25

%

,

11/15/35

,

Callable

8/15/35

@

100

....................

2,000

1,957

Spirit

Airlines

Pass

Through

Trust

,

3

.38

%

,

2/15/30

...............................

819

766

The

Boeing

Co.

3

.63

%

,

2/1/31

,

Callable

11/1/30

@

100

...................................

2,875

2,763

5

.81

%

,

5/1/50

,

Callable

11/1/49

@

100

...................................

1,700

1,678

The

Timken

Co.

,

4

.13

%

,

4/1/32

,

Callable

1/1/32

@

100

............................

3,150

3,026

UL

Solutions,

Inc.

,

6

.50

%

,

10/20/28

,

Callable

9/20/28

@

100

.......................

2,000

2,113

United

Airlines

Pass

Through

Trust

4

.88

%

,

1/15/26

....................................................

79

79

3

.70

%

,

3/1/30

.....................................................

325

310

5

.45

%

,

2/15/37

....................................................

2,366

2,432

United

Airlines,

Inc.

,

4

.63

%

,

4/15/29

,

Callable

10/15/28

@

100

(a)

....................

1,265

1,258

Verisk

Analytics,

Inc.

,

5

.25

%

,

6/5/34

,

Callable

3/5/34

@

100

........................

1,450

1,484

Waste

Management,

Inc.

,

5

.35

%

,

10/15/54

,

Callable

4/15/54

@

100

...................

1,616

1,574

Weir

Group,

Inc.

,

5

.35

%

,

5/6/30

,

Callable

4/6/30

@

100

(a)

.........................

1,335

1,372

61,635

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

39

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Information

Technology

(0.8%):

Amphenol

Corp.

4

.35

%

,

6/1/29

,

Callable

3/1/29

@

100

....................................

$

220

$

222

2

.20

%

,

9/15/31

,

Callable

6/15/31

@

100

..................................

1,220

1,090

Broadcom,

Inc.

3

.42

%

,

4/15/33

,

Callable

1/15/33

@

100

..................................

2,000

1,852

3

.47

%

,

4/15/34

,

Callable

1/15/34

@

100

..................................

500

457

Dell

International

LLC/EMC

Corp.

4

.85

%

,

2/1/35

,

Callable

11/1/34

@

100

...................................

345

340

5

.10

%

,

2/15/36

,

Callable

11/15/35

@

100

..................................

1,304

1,287

3

.38

%

,

12/15/41

,

Callable

6/15/41

@

100

.................................

1,250

950

Hewlett

Packard

Enterprise

Co.

,

5

.00

%

,

10/15/34

,

Callable

7/15/34

@

100

..............

960

953

HP,

Inc.

,

2

.65

%

,

6/17/31

,

Callable

3/17/31

@

100

................................

1,510

1,361

Jabil,

Inc.

,

3

.00

%

,

1/15/31

,

Callable

10/15/30

@

100

..............................

1,474

1,373

Keysight

Technologies,

Inc.

,

4

.95

%

,

10/15/34

,

Callable

7/15/34

@

100

................

960

968

Marvell

Technology,

Inc.

,

2

.45

%

,

4/15/28

,

Callable

2/15/28

@

100

...................

1,050

1,011

Microsoft

Corp.

,

2

.53

%

,

6/1/50

,

Callable

12/1/49

@

100

...........................

615

377

Motorola

Solutions,

Inc.

2

.75

%

,

5/24/31

,

Callable

2/24/31

@

100

..................................

720

659

5

.60

%

,

6/1/32

,

Callable

3/1/32

@

100

....................................

520

547

Oracle

Corp.

2

.95

%

,

4/1/30

,

Callable

1/1/30

@

100

....................................

1,000

923

3

.85

%

,

7/15/36

,

Callable

1/15/36

@

100

..................................

2,100

1,754

5

.38

%

,

7/15/40

....................................................

2,202

1,976

3

.60

%

,

4/1/50

,

Callable

10/1/49

@

100

...................................

1,000

622

Synopsys,

Inc.

,

5

.15

%

,

4/1/35

,

Callable

1/1/35

@

100

.............................

1,000

1,016

TSMC

Arizona

Corp.

,

2

.50

%

,

10/25/31

,

Callable

7/25/31

@

100

.....................

1,500

1,366

Workday,

Inc.

,

3

.70

%

,

4/1/29

,

Callable

2/1/29

@

100

(e)

...........................

1,500

1,479

22,583

Materials

(1.3%):

Amcor

Flexibles

North

America,

Inc.

,

5

.50

%

,

3/17/35

,

Callable

12/17/34

@

100

(e)

........

1,000

1,034

AptarGroup,

Inc.

4

.75

%

,

3/30/31

,

Callable

2/28/31

@

100

..................................

2,000

2,015

3

.60

%

,

3/15/32

,

Callable

12/15/31

@

100

.................................

672

628

Avery

Dennison

Corp.

,

2

.25

%

,

2/15/32

,

Callable

11/15/31

@

100

....................

1,445

1,270

Ball

Corp.

,

3

.13

%

,

9/15/31

,

Callable

6/15/31

@

100

..............................

1,000

921

Bayport

Polymers

LLC

,

4

.74

%

,

4/14/27

,

Callable

3/14/27

@

100

(a)

...................

1,500

1,503

CF

Industries,

Inc.

,

5

.30

%

,

11/26/35

,

Callable

8/26/35

@

100

.......................

2,000

1,995

Chevron

Phillips

Chemical

Co.

LLC/Chevron

Phillips

Chemical

Co.

LP

,

4

.75

%

,

5/15/30

,

Callable

4/15/30

@

100

(a)

............................................

1,970

1,996

Colonial

Enterprises,

Inc.

,

3

.25

%

,

5/15/30

,

Callable

2/15/30

@

100

(a)

.................

875

821

Eagle

Materials,

Inc.

,

5

.00

%

,

3/15/36

,

Callable

12/15/35

@

100

......................

3,000

2,938

Ecolab,

Inc.

,

5

.00

%

,

9/1/35

,

Callable

6/1/35

@

100

...............................

1,677

1,710

Freeport-McMoRan,

Inc.

,

4

.38

%

,

8/1/28

,

Callable

2/5/26

@

100.73

...................

1,000

1,000

Huntsman

International

LLC

,

5

.70

%

,

10/15/34

,

Callable

7/15/34

@

100

................

2,100

1,908

LYB

International

Finance

III

LLC

,

3

.38

%

,

10/1/40

,

Callable

4/1/40

@

100

.............

3,760

2,731

Martin

Marietta

Materials,

Inc.

2

.40

%

,

7/15/31

,

Callable

4/15/31

@

100

..................................

500

451

5

.50

%

,

12/1/54

,

Callable

6/1/54

@

100

...................................

800

773

NewMarket

Corp.

,

2

.70

%

,

3/18/31

,

Callable

12/18/30

@

100

........................

1,000

915

Packaging

Corp.

of

America

5

.20

%

,

8/15/35

,

Callable

5/15/35

@

100

..................................

1,009

1,025

3

.05

%

,

10/1/51

,

Callable

4/1/51

@

100

...................................

2,268

1,477

Sonoco

Products

Co.

,

5

.00

%

,

9/1/34

,

Callable

6/1/34

@

100

........................

2,000

1,981

Syensqo

Finance

America

LLC

,

5

.85

%

,

6/4/34

,

Callable

3/4/34

@

100

(a)

...............

1,000

1,043

The

Dow

Chemical

Co.

,

5

.65

%

,

3/15/36

,

Callable

12/15/35

@

100

(e)

..................

2,915

2,904

Westlake

Corp.

,

5

.55

%

,

11/15/35

,

Callable

8/15/35

@

100

(e)

........................

2,435

2,441

WRKCo,

Inc.

,

3

.00

%

,

6/15/33

,

Callable

3/15/33

@

100

............................

1,150

1,025

36,505

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

40

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Real

Estate

(1.1%):

Alexandria

Real

Estate

Equities,

Inc.

2

.00

%

,

5/18/32

,

Callable

2/18/32

@

100

..................................

$

3,200

$

2,707

5

.50

%

,

10/1/35

,

Callable

7/1/35

@

100

(e)

.................................

2,062

2,096

AvalonBay

Communities,

Inc.

3

.20

%

,

1/15/28

,

Callable

10/15/27

@

100

,

MTN

.............................

1,050

1,035

2

.45

%

,

1/15/31

,

Callable

10/17/30

@

100

,

MTN

.............................

1,770

1,619

5

.35

%

,

6/1/34

,

Callable

3/1/34

@

100

....................................

845

878

Boston

Properties

LP

,

2

.55

%

,

4/1/32

,

Callable

1/1/32

@

100

........................

1,320

1,152

CBRE

Services,

Inc.

2

.50

%

,

4/1/31

,

Callable

1/1/31

@

100

....................................

1,220

1,107

4

.90

%

,

1/15/33

,

Callable

11/15/32

@

100

..................................

2,000

2,009

5

.50

%

,

6/15/35

,

Callable

3/15/35

@

100

..................................

1,604

1,658

CoStar

Group,

Inc.

,

2

.80

%

,

7/15/30

,

Callable

4/15/30

@

100

(a)

......................

1,000

917

DOC

DR

LLC

,

2

.63

%

,

11/1/31

,

Callable

8/1/31

@

100

............................

1,245

1,120

Essex

Portfolio

LP

,

1

.70

%

,

3/1/28

,

Callable

1/1/28

@

100

..........................

670

636

GLP

Capital

LP/GLP

Financing

II,

Inc.

3

.25

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

933

843

5

.63

%

,

9/15/34

,

Callable

6/15/34

@

100

..................................

1,020

1,035

Host

Hotels

&

Resorts

LP

3

.38

%

,

12/15/29

,

Callable

9/15/29

@

100

.................................

370

355

3

.50

%

,

9/15/30

,

Callable

6/15/30

@

100

..................................

937

894

Kilroy

Realty

LP

,

6

.25

%

,

1/15/36

,

Callable

10/15/35

@

100

........................

1,010

1,047

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

4

.95

%

,

1/15/35

,

Callable

10/15/34

@

100

...........................................................

1,505

1,485

SBA

Tower

Trust

6

.60

%

,

1/15/28

,

Callable

1/15/27

@

100

(a)

................................

1,158

1,186

4

.83

%

,

10/15/29

,

Callable

10/15/27

@

100

(a)

...............................

2,920

2,938

VICI

Properties

LP

,

5

.63

%

,

4/1/35

,

Callable

1/1/35

@

100

..........................

1,500

1,532

VICI

Properties

LP/VICI

Note

Co.,

Inc.

,

4

.13

%

,

8/15/30

,

Callable

2/5/26

@

102.06

(a)

.....

1,000

970

29,219

Utilities

(2.3%):

AEP

Texas,

Inc.

5

.70

%

,

5/15/34

,

Callable

2/15/34

@

100

..................................

1,545

1,612

3

.45

%

,

1/15/50

,

Callable

7/15/49

@

100

..................................

670

458

5

.85

%

,

10/15/55

,

Callable

4/15/55

@

100

.................................

1,000

986

Alabama

Power

Co.

,

3

.13

%

,

7/15/51

,

Callable

1/15/51

@

100

.......................

1,703

1,129

Ameren

Corp.

,

3

.50

%

,

1/15/31

,

Callable

10/15/30

@

100

..........................

770

740

Appalachian

Power

Co.

,

2

.70

%

,

4/1/31

,

Callable

1/1/31

@

100

......................

220

201

Arizona

Public

Service

Co.

,

5

.70

%

,

8/15/34

,

Callable

5/15/34

@

100

..................

1,770

1,862

Black

Hills

Corp.

,

6

.00

%

,

1/15/35

,

Callable

10/15/34

@

100

........................

1,870

1,995

Cleco

Power

LLC

,

5

.30

%

,

1/15/36

,

Callable

10/15/35

@

100

(a)

......................

2,500

2,517

CMS

Energy

Corp.

,

4

.75

%

(

H15T5Y

+

412

bps

)

,

6/1/50

,

Callable

3/1/30

@

100

(d)

.........

1,100

1,081

DTE

Electric

Co.

2

.25

%

,

3/1/30

,

Callable

12/1/29

@

100

...................................

1,000

930

3

.00

%

,

3/1/32

,

Callable

12/1/31

@

100

...................................

960

888

3

.65

%

,

3/1/52

,

Callable

9/1/51

@

100

....................................

310

229

DTE

Energy

Co.

5

.85

%

,

6/1/34

,

Callable

3/1/34

@

100

....................................

482

514

5

.05

%

,

10/1/35

,

Callable

7/1/35

@

100

...................................

1,000

1,000

Duke

Energy

Carolinas

LLC

,

2

.85

%

,

3/15/32

,

Callable

12/15/31

@

100

................

1,200

1,099

Duke

Energy

Carolinas

Storm

Funding

LLC

,

4

.90

%

,

3/1/46

........................

812

812

Duke

Energy

Corp.

5

.45

%

,

6/15/34

,

Callable

3/15/34

@

100

(e)

................................

920

959

4

.95

%

,

9/15/35

,

Callable

6/15/35

@

100

..................................

915

908

Duquesne

Light

Holdings,

Inc.

2

.53

%

,

10/1/30

,

Callable

7/1/30

@

100

(a)

.................................

1,570

1,426

2

.78

%

,

1/7/32

,

Callable

10/7/31

@

100

(a)

.................................

720

641

Entergy

Arkansas

LLC

,

5

.45

%

,

6/1/34

,

Callable

3/1/34

@

100

.......................

895

936

Entergy

Corp.

,

1

.90

%

,

6/15/28

,

Callable

4/15/28

@

100

...........................

1,720

1,631

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

41

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Entergy

Louisiana

LLC

4

.00

%

,

3/15/33

,

Callable

12/15/32

@

100

.................................

$

960

$

926

5

.15

%

,

9/15/34

,

Callable

6/15/34

@

100

..................................

1,888

1,932

5

.70

%

,

3/15/54

,

Callable

9/15/53

@

100

..................................

500

499

5

.80

%

,

3/15/55

,

Callable

9/15/54

@

100

..................................

1,600

1,614

Evergy

Kansas

Central,

Inc.

,

5

.25

%

,

3/15/35

,

Callable

12/15/34

@

100

................

2,360

2,410

IPALCO

Enterprises,

Inc.

,

4

.25

%

,

5/1/30

,

Callable

2/1/30

@

100

.....................

785

769

ITC

Holdings

Corp.

,

4

.95

%

,

9/22/27

,

Callable

8/22/27

@

100

(a)

.....................

720

729

MidAmerican

Energy

Co.

,

2

.70

%

,

8/1/52

,

Callable

2/1/52

@

100

.....................

25

15

NextEra

Energy

Capital

Holdings,

Inc.

,

2

.44

%

,

1/15/32

,

Callable

10/15/31

@

100

.........

1,780

1,585

Niagara

Mohawk

Power

Corp.

,

5

.29

%

,

1/17/34

,

Callable

10/17/33

@

100

(a)

.............

1,020

1,038

Northern

States

Power

Co.

,

5

.65

%

,

6/15/54

,

Callable

12/15/53

@

100

.................

1,415

1,428

Oglethorpe

Power

Corp.

4

.20

%

,

12/1/42

....................................................

950

771

4

.50

%

,

4/1/47

,

Callable

10/1/46

@

100

...................................

1,449

1,216

Oncor

Electric

Delivery

Co.

LLC

5

.35

%

,

4/1/35

,

Callable

1/1/35

@

100

(a)

..................................

1,460

1,506

2

.70

%

,

11/15/51

,

Callable

5/15/51

@

100

..................................

1,575

940

Piedmont

Natural

Gas

Co.,

Inc.

,

5

.40

%

,

6/15/33

,

Callable

3/15/33

@

100

...............

1,175

1,222

Pinnacle

West

Capital

Corp.

,

5

.15

%

,

5/15/30

,

Callable

4/15/30

@

100

.................

890

917

Potomac

Electric

Power

Co.

,

5

.50

%

,

3/15/54

,

Callable

9/15/53

@

100

.................

1,615

1,561

Public

Service

Co.

of

Colorado

,

1

.88

%

,

6/15/31

,

Callable

12/15/30

@

100

..............

2,100

1,848

Public

Service

Co.

of

Oklahoma

,

5

.45

%

,

1/15/36

,

Callable

10/15/35

@

100

.............

1,435

1,472

Public

Service

Electric

&

Gas

Co.

,

1

.90

%

,

8/15/31

,

Callable

5/15/31

@

100

,

MTN

........

2,075

1,832

Rayburn

Country

Securitization

LLC

,

2

.31

%

,

12/1/30

(a)

...........................

309

293

Southern

Co.

Gas

Capital

Corp.

,

1

.75

%

,

1/15/31

,

Callable

10/15/30

@

100

..............

145

128

Southwestern

Electric

Power

Co.

,

3

.25

%

,

11/1/51

,

Callable

5/1/51

@

100

...............

470

310

The

AES

Corp.

,

5

.80

%

,

3/15/32

,

Callable

1/15/32

@

100

..........................

2,000

2,054

The

Southern

Co.

5

.70

%

,

3/15/34

,

Callable

9/15/33

@

100

..................................

2,880

3,035

4

.00

%

(

H15T5Y

+

373

bps

)

,

1/15/51

,

Callable

1/15/26

@

100

(d)

..................

1,525

1,525

Union

Electric

Co.

,

5

.20

%

,

4/1/34

,

Callable

1/1/34

@

100

..........................

1,500

1,545

Vistra

Operations

Co.

LLC

,

4

.30

%

,

7/15/29

,

Callable

4/15/29

@

100

(a)

................

550

546

Wisconsin

Electric

Power

Co.

,

4

.60

%

,

10/1/34

,

Callable

7/1/34

@

100

.................

385

382

Wisconsin

Public

Service

Corp.

,

2

.85

%

,

12/1/51

,

Callable

6/1/51

@

100

...............

460

290

Xcel

Energy,

Inc.

,

2

.35

%

,

11/15/31

,

Callable

5/15/31

@

100

........................

500

444

61,336

Total

Corporate

Bonds

(Cost

$543,578)

a

a

a

535,853

Yankee

Dollars

(4.3%)

Communication

Services

(0.1%):

Rogers

Communications,

Inc.

,

3

.80

%

,

3/15/32

,

Callable

12/15/31

@

100

...............

2,050

1,932

Consumer

Discretionary

(0.2%):

Brightstar

Lottery

PLC

,

5

.25

%

,

1/15/29

,

Callable

2/5/26

@

100

(a)

....................

1,000

997

Gildan

Activewear,

Inc.

,

5

.40

%

,

10/7/35

,

Callable

7/7/35

@

100

(a)

...................

2,484

2,476

Nemak

SAB

de

CV

,

3

.63

%

,

6/28/31

,

Callable

3/28/31

@

100

(a)

.....................

1,000

866

4,339

Consumer

Staples

(0.4%):

Alimentation

Couche-Tard,

Inc.

,

2

.95

%

,

1/25/30

,

Callable

10/25/29

@

100

(a)

............

387

367

Bacardi

Ltd.

,

2

.75

%

,

7/15/26

,

Callable

4/15/26

@

100

(a)

...........................

220

218

Bacardi

Ltd./Bacardi-Martini

BV

,

5

.40

%

,

6/15/33

,

Callable

3/15/33

@

100

(a)

............

675

683

Bacardi-Martini

BV

,

6

.00

%

,

2/1/35

,

Callable

11/1/34

@

100

(a)

......................

2,020

2,099

Becle

SAB

de

CV

,

2

.50

%

,

10/14/31

,

Callable

7/14/31

@

100

(a)

......................

2,000

1,735

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

,

6

.75

%

,

3/15/34

,

Callable

12/15/33

@

100

.............................................

2,518

2,781

JDE

Peet's

NV

,

2

.25

%

,

9/24/31

,

Callable

6/24/31

@

100

(a)

.........................

3,000

2,607

10,490

Energy

(0.4%):

Aker

BP

ASA

,

4

.00

%

,

1/15/31

,

Callable

10/15/30

@

100

(a)

........................

470

454

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

42

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Canadian

Natural

Resources

Ltd.

5

.40

%

,

12/15/34

,

Callable

9/15/34

@

100

(e)

...............................

$

1,930

$

1,966

4

.95

%

,

6/1/47

,

Callable

12/1/46

@

100

...................................

25

22

Enbridge,

Inc.

5

.63

%

,

4/5/34

,

Callable

1/5/34

@

100

....................................

1,635

1,707

5

.20

%

,

11/20/35

,

Callable

8/20/35

@

100

..................................

1,000

1,009

Harbour

Energy

PLC

,

6

.33

%

,

4/1/35

,

Callable

1/1/35

@

100

(a)

......................

2,800

2,837

Shell

International

Finance

BV

,

2

.88

%

,

11/26/41

,

Callable

5/26/41

@

100

..............

10

8

Smurfit

Westrock

Financing

DAC

5

.42

%

,

1/15/35

,

Callable

10/15/34

@

100

.................................

1,000

1,031

5

.19

%

,

1/15/36

,

Callable

10/15/35

@

100

.................................

1,000

1,008

Var

Energi

ASA

,

8

.00

%

,

11/15/32

,

Callable

8/15/32

@

100

(a)

.......................

1,150

1,316

11,358

Financials

(1.9%):

ABN

AMRO

Bank

NV

,

4

.80

%

,

4/18/26

(a)

.....................................

260

260

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

4

.95

%

,

9/10/34

,

Callable

6/10/34

@

100

...........................................................

1,455

1,456

Amcor

Group

Finance

PLC

,

5

.45

%

,

5/23/29

,

Callable

4/23/29

@

100

..................

485

502

Ascot

Group

Ltd.

4

.25

%

,

12/15/30

,

Callable

2/5/26

@

100

(a)

................................

1,930

1,790

6

.35

%

(

H15T5Y

+

238

bps

)

,

6/15/35

,

Callable

3/15/30

@

100

(a)

(d)

................

875

910

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

5

.62

%

,

12/10/29

,

Callable

11/10/29

@

100

(a)

....................................

806

836

Banco

Santander

SA

,

6

.92

%

,

8/8/33

.........................................

750

831

Bank

of

Montreal

,

3

.09

%

(

H15T5Y

+

140

bps

)

,

1/10/37

,

Callable

1/10/32

@

100

(d)

........

1,575

1,417

Barclays

PLC

2

.28

%

(

H15T1Y

+

105

bps

)

,

11/24/27

,

Callable

11/24/26

@

100

(d)

................

960

945

2

.89

%

(

H15T1Y

+

130

bps

)

,

11/24/32

,

Callable

11/24/31

@

100

(d)

................

715

650

7

.44

%

(

H15T1Y

+

350

bps

)

,

11/2/33

,

Callable

11/2/32

@

100

(d)

..................

1,000

1,144

5

.34

%

(

SOFR

+

191

bps

)

,

9/10/35

,

Callable

9/10/34

@

100

(d)

....................

1,050

1,067

BP

Capital

Markets

PLC

,

4

.88

%

(

H15T5Y

+

440

bps

)

,

Callable

3/22/30

@

100

(d)

(f)

........

750

745

BPCE

SA

5

.75

%

(

SOFR

+

287

bps

)

,

7/19/33

,

Callable

7/19/32

@

100

(a)

(d)

..................

900

936

6

.51

%

(

SOFR

+

279

bps

)

,

1/18/35

,

Callable

1/18/34

@

100

(a)

(d)

..................

2,000

2,124

Brookfield

Asset

Management

Ltd.

,

5

.30

%

,

1/15/36

,

Callable

10/15/35

@

100

...........

4,000

3,994

Brookfield

Finance,

Inc.

,

2

.72

%

,

4/15/31

,

Callable

1/15/31

@

100

....................

760

696

Canadian

Imperial

Bank

of

Commerce

,

6

.09

%

,

10/3/33

,

Callable

7/3/33

@

100

...........

830

902

Cooperatieve

Rabobank

,

1

.11

%

(

H15T1Y

+

55

bps

)

,

2/24/27

,

Callable

2/24/26

@

100

(a)

(d)

...

1,960

1,951

Credit

Agricole

SA

,

6

.25

%

(

SOFR

+

267

bps

)

,

1/10/35

,

Callable

1/10/34

@

100

(a)

(d)

.......

400

425

Deutsche

Bank

AG

3

.74

%

(

SOFR

+

226

bps

)

,

1/7/33

,

Callable

10/7/31

@

100

(d)

.....................

2,000

1,857

5

.40

%

(

SOFR

+

205

bps

)

,

9/11/35

,

Callable

9/11/34

@

100

(d)

(e)

..................

1,060

1,081

Federation

des

Caisses

Desjardins

du

Quebec

,

4

.55

%

,

8/23/27

(a)

.....................

1,920

1,939

HSBC

Holdings

PLC

2

.21

%

(

SOFR

+

129

bps

)

,

8/17/29

,

Callable

8/17/28

@

100

(d)

....................

1,010

960

8

.11

%

(

SOFR

+

425

bps

)

,

11/3/33

,

Callable

11/3/32

@

100

(d)

....................

1,050

1,231

Imperial

Brands

Finance

PLC

,

3

.88

%

,

7/26/29

,

Callable

4/26/29

@

100

(a)

..............

670

657

ING

Groep

NV

,

2

.73

%

(

SOFR

+

132

bps

)

,

4/1/32

,

Callable

4/1/31

@

100

(d)

..............

1,560

1,436

Lloyds

Banking

Group

PLC

3

.57

%

(

US0003M

+

121

bps

)

,

11/7/28

,

Callable

11/7/27

@

100

(d)

(g)

...............

210

208

7

.95

%

(

H15T1Y

+

375

bps

)

,

11/15/33

,

Callable

8/15/32

@

100

(d)

.................

606

707

Macquarie

Group

Ltd.

,

4

.10

%

(

SOFR

+

213

bps

)

,

6/21/28

,

Callable

6/21/27

@

100

(a)

(d)

.....

560

560

Mitsubishi

UFJ

Financial

Group,

Inc.

5

.02

%

(

H15T1Y

+

195

bps

)

,

7/20/28

,

Callable

7/20/27

@

100

(d)

..................

1,460

1,481

5

.62

%

(

H15T1Y

+

127

bps

)

,

4/24/36

,

Callable

4/24/35

@

100

(d)

..................

895

938

Mizuho

Financial

Group,

Inc.

,

2

.17

%

(

H15T1Y

+

87

bps

)

,

5/22/32

,

Callable

5/22/31

@

100

(d)

.

320

284

Nationwide

Building

Society

4

.30

%

(

US0003M

+

145

bps

)

,

3/8/29

,

Callable

3/8/28

@

100

(a)

(d)

(g)

...............

905

906

3

.96

%

(

US0003M

+

186

bps

)

,

7/18/30

,

Callable

7/18/29

@

100

(a)

(d)

(g)

.............

385

380

NatWest

Group

PLC

,

4

.45

%

(

US0003M

+

187

bps

)

,

5/8/30

,

Callable

5/8/29

@

100

(d)

(g)

.....

1,260

1,265

Pershing

Square

Holdings

Ltd.

,

5

.50

%

,

10/28/32

,

Callable

8/28/32

@

100

(a)

............

1,200

1,200

RenaissanceRe

Holdings

Ltd.

,

5

.80

%

,

4/1/35

,

Callable

1/1/35

@

100

..................

1,774

1,852

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

43

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Santander

UK

Group

Holdings

PLC

,

2

.90

%

(

SOFR

+

148

bps

)

,

3/15/32

,

Callable

3/15/31

@

100

(d)

...........................................................

$

2,365

$

2,171

Standard

Chartered

PLC

,

4

.87

%

(

USISOA05

+

197

bps

)

,

3/15/33

,

Callable

3/15/28

@

100

(a)

(d)

300

301

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

5

.05

%

,

3/13/35

(a)

.............................

1,370

1,388

The

Bank

of

Nova

Scotia

1

.30

%

,

9/15/26

....................................................

770

756

2

.45

%

,

2/2/32

.....................................................

160

143

The

Toronto-Dominion

Bank

,

5

.15

%

(

H15T5Y

+

150

bps

)

,

9/10/34

,

Callable

9/10/29

@

100

(d)

1,200

1,218

UBS

Group

AG

1

.31

%

(

SOFRINDX

+

98

bps

)

,

2/2/27

,

Callable

2/5/26

@

100

(a)

(d)

................

1,000

997

4

.28

%

,

1/9/28

,

Callable

1/9/27

@

100

(a)

..................................

470

471

5

.01

%

(

SOFR

+

134

bps

)

,

3/23/37

,

Callable

3/23/36

@

100

(a)

(d)

..................

814

807

Westpac

Banking

Corp.

,

4

.32

%

(

USISOA05

+

224

bps

)

,

11/23/31

,

Callable

11/23/26

@

100

(d)

1,000

999

51,774

Health

Care

(0.4%):

Olympus

Corp.

,

2

.14

%

,

12/8/26

,

Callable

11/8/26

@

100

(a)

........................

758

744

Royalty

Pharma

PLC

5

.40

%

,

9/2/34

,

Callable

6/2/34

@

100

....................................

1,650

1,691

3

.30

%

,

9/2/40

,

Callable

3/2/40

@

100

....................................

2,700

2,089

3

.55

%

,

9/2/50

,

Callable

3/2/50

@

100

....................................

870

601

Smith

&

Nephew

PLC

2

.03

%

,

10/14/30

,

Callable

7/14/30

@

100

.................................

1,000

899

5

.40

%

,

3/20/34

,

Callable

12/20/33

@

100

.................................

2,000

2,066

STERIS

Irish

FinCo

Unlimited

Co.

,

2

.70

%

,

3/15/31

,

Callable

12/15/30

@

100

...........

1,970

1,817

Takeda

Pharmaceutical

Co.

Ltd.

,

5

.65

%

,

7/5/54

,

Callable

1/5/54

@

100

(e)

..............

1,850

1,816

11,723

Industrials

(0.4%):

Aircastle

Ltd.

,

6

.50

%

,

7/18/28

,

Callable

6/18/28

@

100

(a)

..........................

820

862

BAE

Systems

PLC

,

3

.40

%

,

4/15/30

,

Callable

1/15/30

@

100

(a)

......................

470

454

Ferguson

Finance

PLC

3

.25

%

,

6/2/30

,

Callable

3/2/30

@

100

(a)

(e)

................................

1,000

954

4

.65

%

,

4/20/32

,

Callable

1/20/32

@

100

(a)

................................

480

478

LG

Energy

Solution

Ltd.

,

5

.50

%

,

7/2/34

(a)

.....................................

2,060

2,085

nVent

Finance

SARL

,

5

.65

%

,

5/15/33

,

Callable

2/15/33

@

100

......................

1,500

1,565

Pentair

Finance

SARL

,

5

.90

%

,

7/15/32

,

Callable

4/15/32

@

100

.....................

1,100

1,168

Port

of

Newcastle

Investments

Financing

Pty

Ltd.

,

5

.90

%

,

11/24/31

,

Callable

8/24/31

@

100

(a)

1,000

1,031

Trane

Technologies

Financing

Ltd.

,

5

.25

%

,

3/3/33

,

Callable

12/3/32

@

100

.............

1,400

1,459

10,056

Information

Technology

(0.2%):

Kioxia

Holdings

Corp.

,

6

.63

%

,

7/24/33

,

Callable

7/24/28

@

103.31

(a)

.................

2,000

2,082

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

,

2

.65

%

,

2/15/32

,

Callable

11/15/31

@

100

....

1,500

1,348

Open

Text

Corp.

,

6

.90

%

,

12/1/27

,

Callable

11/1/27

@

100

(a)

........................

1,036

1,078

4,508

Materials

(0.2%):

CCL

Industries,

Inc.

,

3

.05

%

,

6/1/30

,

Callable

3/1/30

@

100

(a)

.......................

2,700

2,545

Minera

Mexico

SA

de

CV

,

5

.63

%

,

2/12/32

,

Callable

12/12/31

@

100

(a)

................

3,050

3,151

Rio

Tinto

Finance

USA

PLC

,

5

.25

%

,

3/14/35

,

Callable

12/14/34

@

100

................

1,000

1,031

6,727

Real

Estate

(0.1%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

2

.50

%

,

10/15/31

,

Callable

7/15/31

@

100

(a)

...........................................................

3,193

2,867

Utilities

(0.0%):(h)

Enel

Finance

International

NV

,

2

.13

%

,

7/12/28

,

Callable

5/12/28

@

100

(a)

..............

1,585

1,507

Total

Yankee

Dollars

(Cost

$116,416)

a

a

a

117,281

Municipal

Bonds

(1.3%)

Arizona

(0.2%):

Arizona

Board

of

Regents

Revenue

,

Series

A

,

1

.82

%

,

6/1/30

........................

1,000

909

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

44

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Arizona

IDA

Revenue

5

.26

%

,

10/1/33

....................................................

$

2,000

$

2,010

5

.36

%

,

10/1/34

....................................................

2,000

2,009

4,928

California

(0.1%):

California

Statewide

Communities

Development

Authority

Revenue

,

1

.73

%

,

4/1/27

.......

1,000

969

City

of

El

Cajon

Revenue

Series

A

,

1

.70

%

,

4/1/27

..............................................

620

604

Series

A

,

1

.90

%

,

4/1/28

..............................................

500

478

2,051

Connecticut

(0.0%):(h)

State

of

Connecticut,

GO

,

Series

A

,

3

.43

%

,

4/15/28

..............................

500

497

District

of

Columbia

(0.1%):

District

of

Columbia

Revenue

,

Series

B

,

5

.75

%

,

4/1/35

,

Continuously

Callable

@100

......

3,500

3,725

Florida

(0.1%):

Florida

Development

Finance

Corp.

Revenue

,

Series

B

,

3

.22

%

,

2/1/32

,

Continuously

Callable

@100

...........................................................

1,020

938

Hillsborough

County

IDA

Revenue

,

3

.58

%

,

8/1/35

,

Continuously

Callable

@100

.........

1,500

1,302

2,240

Illinois

(0.1%):

City

of

Kankakee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

5

.02

%

,

12/1/32

....................................................

1,000

1,046

5

.12

%

,

12/1/33

....................................................

1,000

1,053

2,099

Louisiana

(0.2%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A

,

4

.28

%

,

2/1/36

..............................................

2,000

1,984

Series

A

,

4

.48

%

,

8/1/39

..............................................

2,760

2,697

4,681

New

Jersey

(0.1%):

New

Jersey

Economic

Development

Authority

Revenue

,

Series

NNN

,

3

.47

%

,

6/15/27

......

1,000

996

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

,

Series

A

,

3

.36

%

,

7/1/40

...

1,000

860

South

Jersey

Transportation

Authority

Revenue

,

Series

B

,

2

.38

%

,

11/1/27

...............

900

869

2,725

Pennsylvania

(0.1%):

Public

Parking

Authority

of

Pittsburgh

Revenue

,

2

.33

%

,

12/1/29

.....................

895

838

State

Public

School

Building

Authority

Revenue

,

3

.15

%

,

4/1/30

......................

1,290

1,245

2,083

Texas

(0.3%):

City

of

San

Antonio,

GO

,

1

.76

%

,

2/1/31

,

Continuously

Callable

@100

.................

630

566

County

of

Bexar

Revenue

,

2

.28

%

,

8/15/32

,

Continuously

Callable

@100

...............

1,070

932

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

3

.34

%

,

11/15/37

......

2,000

1,773

San

Antonio

Education

Facilities

Corp.

Revenue

,

2

.50

%

,

4/1/29

......................

1,270

1,157

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

1

.63

%

,

9/1/26

.....................................................

525

517

1

.82

%

,

9/1/27

.....................................................

700

676

Texas

Water

Development

Board

Revenue

,

Series

B

,

4

.92

%

,

10/15/44

,

Continuously

Callable

@100

...........................................................

2,250

2,204

Uptown

Development

Authority

Tax

Allocation

Series

B

,

2

.58

%

,

9/1/31

..............................................

270

246

Series

B

,

2

.78

%

,

9/1/33

,

Continuously

Callable

@100

.........................

500

443

8,514

Virginia

(0.0%):(h)

Virginia

Housing

Development

Authority

Revenue

Series

J

,

1

.97

%

,

11/1/28

..............................................

225

214

Series

J

,

2

.27

%

,

11/1/31

,

Continuously

Callable

@100

........................

225

202

Series

J

,

2

.42

%

,

11/1/32

,

Continuously

Callable

@100

........................

275

243

Series

J

,

2

.47

%

,

11/1/33

,

Continuously

Callable

@100

........................

270

234

Series

J

,

2

.52

%

,

11/1/34

,

Continuously

Callable

@100

........................

250

213

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

45

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

J

,

2

.57

%

,

11/1/35

,

Continuously

Callable

@100

........................

$

300

$

250

1,356

Total

Municipal

Bonds

(Cost

$36,118)

a

a

a

34,899

U.S.

Government

Agency

Mortgages

(13.2%)

Federal

Farm

Credit

Banks

Funding

Corporation

3

.98

%

,

2/5/29

.....................................................

2,500

2,498

4

.58

%

,

4/2/29

.....................................................

1,340

1,341

2

.55

%

,

12/21/34

....................................................

3,000

2,558

2

.20

%

,

9/2/36

.....................................................

3,414

2,686

5

.60

%

,

8/5/39

.....................................................

1,900

1,888

10,971

Federal

Home

Loan

Mortgage

Corporation

4

.05

%

,

10/1/29

....................................................

4,626

4,612

3

.00

%

,

3/1/31

-

5/1/52

...............................................

8,140

7,345

3

.50

%

,

5/1/33

-

7/1/52

...............................................

4,377

4,077

1

.50

%

,

4/1/37

.....................................................

2,632

2,381

5

.00

%

,

3/1/38

-

12/1/55

..............................................

31,550

31,708

5

.50

%

,

8/1/38

-

11/1/54

..............................................

19,135

19,525

4

.00

%

,

1/1/40

-

9/1/53

...............................................

15,649

14,962

5

.10

%

,

7/1/40

.....................................................

997

1,014

4

.50

%

,

11/1/42

-

7/1/55

..............................................

10,521

10,379

6

.00

%

,

8/1/53

-

3/1/55

...............................................

11,274

11,617

107,620

Federal

National

Mortgage

Association

2

.50

%

,

11/1/34

-

3/1/52

..............................................

3,038

2,597

4

.46

%

,

4/1/35

.....................................................

3,883

3,857

1

.50

%

,

3/1/37

.....................................................

2,801

2,543

5

.00

%

,

12/1/37

-

11/1/55

..............................................

31,261

31,390

4

.50

%

,

1/1/38

-

11/1/55

..............................................

30,905

30,407

4

.00

%

,

4/1/38

-

7/1/53

...............................................

16,830

16,180

3

.50

%

,

12/1/42

-

12/1/53

.............................................

19,536

18,252

5

.50

%

,

12/1/44

-

12/1/55

.............................................

28,911

29,458

3

.00

%

,

2/1/50

-

2/1/52

...............................................

3,320

2,959

2

.00

%

,

11/1/51

-

12/1/51

..............................................

2,725

2,236

6

.00

%

,

9/1/53

-

3/1/54

...............................................

2,296

2,370

142,249

Government

National

Mortgage

Association

5

.00

%

,

8/20/38

-

11/20/54

.............................................

13,814

13,848

2

.50

%

,

1/20/51

-

9/20/53

.............................................

13,266

11,396

3

.00

%

,

10/20/51

-

12/20/53

............................................

17,160

15,383

3

.50

%

,

2/20/52

-

6/20/52

.............................................

7,402

6,756

4

.50

%

,

8/20/52

-

11/20/53

.............................................

18,623

18,239

4

.00

%

,

11/20/52

....................................................

3,569

3,404

5

.50

%

,

4/20/53

-

2/20/54

.............................................

19,679

20,019

6

.00

%

,

9/20/53

....................................................

2,081

2,148

7

.50

%

,

10/20/54

....................................................

2,999

3,049

94,242

Total

U.S.

Government

Agency

Mortgages

(Cost

$352,400)

a

a

a

355,082

U.S.

Treasury

Obligations

(42.5%)

U.S.

Treasury

Bonds

5

.25

%

,

2/15/29

....................................................

7,000

7,347

3

.50

%

,

2/15/39

....................................................

20,250

18,507

1

.13

%

,

5/15/40

....................................................

6,878

4,383

3

.88

%

,

8/15/40

....................................................

25,250

23,459

1

.38

%

,

11/15/40

....................................................

5,250

3,422

2

.25

%

,

5/15/41

....................................................

13,250

9,784

1

.75

%

,

8/15/41

....................................................

21,000

14,228

2

.00

%

,

11/15/41

....................................................

12,190

8,520

2

.38

%

,

2/15/42

....................................................

10,250

7,575

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

46

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

3

.38

%

,

8/15/42

....................................................

$

15,300

$

12,976

3

.13

%

,

2/15/43

....................................................

14,250

11,540

2

.88

%

,

5/15/43

....................................................

2,000

1,558

3

.88

%

,

5/15/43

....................................................

17,000

15,308

4

.38

%

,

8/15/43

....................................................

10,975

10,522

4

.75

%

,

11/15/43

....................................................

7,000

7,026

3

.38

%

,

5/15/44

....................................................

7,000

5,785

4

.13

%

,

8/15/44

....................................................

5,500

5,056

4

.63

%

,

11/15/44

....................................................

4,350

4,279

4

.75

%

,

2/15/45

....................................................

10,000

9,961

5

.00

%

,

5/15/45

....................................................

13,018

13,382

4

.88

%

,

8/15/45

....................................................

9,163

9,265

2

.50

%

,

2/15/46

....................................................

10,500

7,319

2

.75

%

,

8/15/47

....................................................

950

681

2

.75

%

,

11/15/47

....................................................

3,900

2,789

3

.00

%

,

2/15/48

....................................................

3,500

2,615

3

.38

%

,

11/15/48

....................................................

7,012

5,571

3

.00

%

,

2/15/49

....................................................

7,000

5,166

1

.38

%

,

8/15/50

....................................................

7,000

3,458

1

.63

%

,

11/15/50

....................................................

3,000

1,582

1

.88

%

,

2/15/51

....................................................

26,013

14,563

2

.00

%

,

8/15/51

....................................................

24,203

13,894

4

.00

%

,

11/15/52

....................................................

2,000

1,742

3

.63

%

,

2/15/53

....................................................

5,000

4,066

4

.13

%

,

8/15/53

....................................................

10,000

8,891

4

.25

%

,

2/15/54

....................................................

15,000

13,587

4

.50

%

,

11/15/54

....................................................

5,000

4,737

4

.75

%

,

5/15/55

....................................................

13,350

13,148

4

.75

%

,

8/15/55

....................................................

5,908

5,834

U.S.

Treasury

Inflation

Indexed

Notes

,

0

.88

%

,

1/15/29

............................

645

635

U.S.

Treasury

Notes

0

.38

%

,

1/31/26

....................................................

4,000

3,989

0

.75

%

,

5/31/26

....................................................

5,500

5,436

1

.50

%

,

8/15/26

....................................................

2,000

1,975

2

.38

%

,

5/15/27

....................................................

4,625

4,555

0

.50

%

,

6/30/27

....................................................

4,500

4,306

1

.25

%

,

3/31/28

....................................................

9,675

9,210

1

.25

%

,

4/30/28

....................................................

300

285

2

.88

%

,

8/15/28

....................................................

2,280

2,243

3

.38

%

,

9/15/28

....................................................

19,320

19,243

3

.75

%

,

12/31/28

....................................................

10,000

10,062

4

.00

%

,

1/31/29

....................................................

3,000

3,038

2

.88

%

,

4/30/29

....................................................

5,000

4,892

2

.75

%

,

5/31/29

....................................................

7,000

6,812

1

.63

%

,

8/15/29

....................................................

6,175

5,765

3

.63

%

,

8/31/29

....................................................

14,350

14,350

4

.00

%

,

5/31/30

....................................................

39,940

40,452

4

.13

%

,

8/31/30

....................................................

23,050

23,457

3

.63

%

,

9/30/30

....................................................

19,499

19,427

4

.63

%

,

9/30/30

....................................................

5,000

5,197

4

.00

%

,

1/31/31

....................................................

15,000

15,177

1

.13

%

,

2/15/31

....................................................

8,295

7,303

4

.13

%

,

3/31/31

....................................................

15,000

15,272

4

.63

%

,

4/30/31

....................................................

12,250

12,753

1

.63

%

,

5/15/31

....................................................

16,750

15,008

3

.63

%

,

9/30/31

....................................................

5,000

4,952

4

.13

%

,

10/31/31

....................................................

7,000

7,110

1

.38

%

,

11/15/31

....................................................

18,878

16,447

1

.88

%

,

2/15/32

....................................................

20,525

18,312

2

.88

%

,

5/15/32

....................................................

12,185

11,492

4

.13

%

,

5/31/32

....................................................

57,417

58,193

2

.75

%

,

8/15/32

....................................................

29,532

27,539

3

.88

%

,

9/30/32

....................................................

33,539

33,455

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

47

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

4

.13

%

,

11/15/32

....................................................

$

52,300

$

52,921

3

.38

%

,

5/15/33

....................................................

48,400

46,555

3

.88

%

,

8/15/33

....................................................

36,676

36,395

4

.50

%

,

11/15/33

....................................................

49,300

50,933

4

.00

%

,

2/15/34

....................................................

11,030

11,016

3

.88

%

,

8/15/34

....................................................

63,150

62,213

4

.25

%

,

11/15/34

....................................................

28,950

29,280

4

.63

%

,

2/15/35

....................................................

20,000

20,775

4

.25

%

,

5/15/35

....................................................

64,191

64,773

4

.25

%

,

8/15/35

....................................................

29,596

29,832

Total

U.S.

Treasury

Obligations

(Cost

$1,171,211)

a

a

a

1,146,561

Commercial

Paper

(0.7%)

Energy

(0.1%):

Plains

All

American

Pipeline

LP

,

3

.79

%

,

1/2/26

(a)

(i)

..............................

3,000

2,999

Financials

(0.3%):

Imperial

Brands

Finance

PLC

,

3

.83

%

,

1/2/26

(a)

(i)

...............................

8,000

7,998

Utilities

(0.3%):

Evergy

Metro,

Inc.

,

3

.81

%

,

1/5/26

(a)

(i)

.......................................

8,100

8,096

Total

Commercial

Paper

(Cost

$19,095)

a

a

a

19,093

Shares

Collateral

for

Securities

Loaned

(0.7%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(j)

........

4,890,795

4,890

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(j)

............

4,890,795

4,891

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(j)

................

4,890,795

4,891

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(j)

.

4,890,795

4,891

Total

Collateral

for

Securities

Loaned

(Cost

$19,563)

a

a

a

19,563

Total

Investments

(Cost

$2,723,884)

—

99.9%

2,696,867

Other

assets

in

excess

of

liabilities

—  0.1%

1,516

NET

ASSETS

-

100.00%

$

2,698,383

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

5.1%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$540,345

(thousands)

and

amounted

to

20.0%

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

December

31,

2025.

(c)

Security

is

interest

only.

(d)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

December

31,

2025.

(e)

All

or

a

portion

of

this

security

is

on

loan.

(f)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(g)

Securities

referencing

LIBOR

are

expected

to

transition

to

an

alternative

reference

rate

by

the

security's

next

scheduled

coupon

reset

date.

(h)

Amount

represents

less

than

0.05%

of

net

assets.

(i)

Rate

represents

the

effective

yield

at

December

31,

2025.

(j)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

IDA

—

Industrial

Development

Authority

Victory

Portfolios

II

VictoryShares

Core

Intermediate

Bond

ETF

48

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

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

December

31,

2025.

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

December

31,

2025.

SOFR90A

—

90

day

average

of

SOFR,

rate

disclosed

as

of

December

31,

2025.

TSFR1M

—

1

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025.

US0003M

—

3

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

December

31,

2025,

based

on

the

last

reset

date

of

the

security.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

5

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025.

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer’s

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

49

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(15.8%)

ABS

Auto

(7.1%):

Alloya

Auto

Receivables

Trust

.............................................

Series

2025-1A

,

Class

B

,

4

.99

%

,

3/25/30

,

Callable

8/25/28

@

100

(a)

..............

$

189

$

191

Series

2025-1A

,

Class

C

,

5

.19

%

,

7/25/30

,

Callable

8/25/28

@

100

(a)

..............

213

216

Series

2025-1A

,

Class

D

,

5

.68

%

,

3/25/33

,

Callable

8/25/28

@

100

(a)

..............

147

149

Ally

Auto

Receivables

Trust

,

Series

2024-1

,

Class

B

,

5

.16

%

,

10/15/29

,

Callable

10/15/27

@

100

.............................................................

474

482

Ally

Bank

Auto

Credit-Linked

Notes

.........................................

Series

2024-B

,

Class

D

,

5

.41

%

,

9/15/32

,

Callable

6/15/28

@

100

(a)

...............

224

226

Series

2025-A

,

Class

C

,

4

.84

%

,

6/15/33

,

Callable

11/15/28

@

100

(a)

..............

1,453

1,461

Series

2025-A

,

Class

D

,

4

.99

%

,

6/15/33

,

Callable

11/15/28

@

100

(a)

..............

1,611

1,615

Series

2025-B

,

Class

C

,

4

.70

%

,

9/15/33

,

Callable

4/15/29

@

100

(a)

...............

1,027

1,033

American

Credit

Acceptance

Receivables

Trust

,

Series

2022-3

,

Class

E

,

8

.08

%

,

10/13/28

,

Callable

2/13/26

@

100

(a)

............................................

3,100

3,111

American

Heritage

Auto

Receivables

Issuer

Trust

,

Series

2025-1A

,

Class

B

,

4

.77

%

,

6/16/31

,

Callable

6/15/29

@

100

(a)

............................................

300

301

American

Heritage

Auto

Receivables

Trust

.....................................

Series

2024-1A

,

Class

B

,

5

.32

%

,

9/16/30

,

Callable

10/15/28

@

100

(a)

.............

107

109

Series

2024-1A

,

Class

C

,

5

.63

%

,

12/16/30

,

Callable

10/15/28

@

100

(a)

............

131

134

Series

2024-1A

,

Class

D

,

6

.34

%

,

1/18/33

,

Callable

10/15/28

@

100

(a)

.............

112

115

AmeriCredit

Automobile

Receivables

Trust

,

Series

2021-3

,

Class

C

,

1

.41

%

,

8/18/27

,

Callable

7/18/26

@

100

.....................................................

258

256

ARI

Fleet

Lease

Trust

....................................................

Series

2024-A

,

Class

C

,

5

.38

%

,

11/15/32

,

Callable

8/15/27

@

100

(a)

..............

50

51

Series

2024-B

,

Class

A3

,

5

.26

%

,

4/15/33

,

Callable

10/15/27

@

100

(a)

.............

293

299

Series

2024-B

,

Class

B

,

5

.39

%

,

4/15/33

,

Callable

10/15/27

@

100

(a)

..............

53

54

Series

2024-B

,

Class

C

,

5

.55

%

,

4/15/33

,

Callable

10/15/27

@

100

(a)

..............

90

93

Series

2025-A

,

Class

C

,

4

.90

%

,

1/17/34

,

Callable

9/15/28

@

100

(a)

...............

135

137

AutoNation

Finance

Trust

.................................................

Series

2025-1A

,

Class

C

,

5

.19

%

,

12/10/30

,

Callable

9/10/28

@

100

(a)

.............

1,939

1,978

Series

2025-1A

,

Class

D

,

5

.63

%

,

9/10/32

,

Callable

9/10/28

@

100

(a)

..............

2,504

2,555

Avis

Budget

Rental

Car

Funding

AESOP

LLC

..................................

Series

2022-3A

,

Class

B

,

5

.31

%

,

2/20/27

,

Callable

3/20/26

@

100

(a)

..............

667

667

Series

2022-5A

,

Class

B

,

7

.09

%

,

4/20/27

(a)

................................

333

335

Series

2022-5A

,

Class

C

,

6

.24

%

,

4/20/27

(a)

................................

227

227

Series

2023-2A

,

Class

B

,

6

.03

%

,

10/20/27

(a)

...............................

972

981

Series

2023-4A

,

Class

C

,

7

.24

%

,

6/20/29

(a)

................................

280

294

Series

2023-5A

,

Class

C

,

6

.85

%

,

4/20/28

(a)

................................

638

653

Series

2023-6A

,

Class

B

,

6

.40

%

,

12/20/29

(a)

...............................

189

198

Series

2023-6A

,

Class

C

,

7

.03

%

,

12/20/29

(a)

...............................

251

264

Series

2023-8A

,

Class

C

,

7

.34

%

,

2/20/30

(a)

................................

1,900

2,019

Series

2024-1A

,

Class

B

,

5

.85

%

,

6/20/30

,

Callable

6/20/29

@

100

(a)

..............

200

207

Series

2024-1A

,

Class

C

,

6

.48

%

,

6/20/30

,

Callable

6/20/29

@

100

(a)

..............

320

333

BofA

Auto

Trust

,

Series

2024-1A

,

Class

A3

,

5

.35

%

,

11/15/28

,

Callable

7/15/27

@

100

(a)

...

134

135

CarMax

Auto

Owner

Trust

................................................

Series

2022-3

,

Class

D

,

6

.20

%

,

1/16/29

,

Callable

10/15/26

@

100

................

200

203

Series

2023-3

,

Class

D

,

6

.44

%

,

12/16/30

,

Callable

8/15/27

@

100

................

220

227

Series

2023-4

,

Class

D

,

7

.16

%

,

4/15/30

,

Callable

10/15/27

@

100

................

190

198

Series

2024-3

,

Class

D

,

5

.67

%

,

1/15/31

,

Callable

5/15/28

@

100

.................

134

137

CarMax

Select

Receivables

Trust

...........................................

Series

2024-A

,

Class

C

,

5

.62

%

,

1/15/30

,

Callable

6/15/28

@

100

.................

255

260

Series

2024-A

,

Class

D

,

6

.27

%

,

12/16/30

,

Callable

6/15/28

@

100

................

700

720

Series

2025-A

,

Class

D

,

5

.86

%

,

7/15/31

,

Callable

12/15/28

@

100

................

1,815

1,854

Carvana

Auto

Receivables

Trust

............................................

Series

2021-N4

,

Class

D

,

2

.30

%

,

9/11/28

,

Callable

11/10/27

@

100

...............

131

128

Series

2021-P4

,

Class

B

,

1

.98

%

,

2/10/28

,

Callable

8/10/27

@

100

................

500

490

Chase

Auto

Owner

Trust

..................................................

Series

2022-AA

,

Class

D

,

5

.40

%

,

6/25/30

,

Callable

3/25/27

@

100

(a)

.............

200

202

Series

2024-1A

,

Class

D

,

5

.87

%

,

6/25/31

,

Callable

3/25/28

@

100

(a)

..............

211

217

Series

2024-2A

,

Class

D

,

6

.15

%

,

8/25/31

,

Callable

5/25/28

@

100

(a)

..............

242

251

Series

2024-3A

,

Class

B

,

5

.28

%

,

1/25/30

,

Callable

5/25/28

@

100

(a)

..............

198

203

Series

2024-3A

,

Class

C

,

5

.41

%

,

2/28/30

,

Callable

5/25/28

@

100

(a)

..............

295

303

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

50

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2024-4A

,

Class

C

,

5

.46

%

,

7/25/30

,

Callable

4/25/28

@

100

(a)

..............

$

200

$

205

Series

2024-4A

,

Class

D

,

5

.79

%

,

11/25/31

,

Callable

4/25/28

@

100

(a)

.............

187

192

Series

2024-5A

,

Class

C

,

4

.62

%

,

8/26/30

,

Callable

8/25/28

@

100

(a)

..............

274

276

Series

2024-5A

,

Class

D

,

4

.97

%

,

1/26/32

,

Callable

8/25/28

@

100

(a)

..............

122

123

Series

2025-1A

,

Class

D

,

5

.24

%

,

11/26/32

,

Callable

3/25/29

@

100

(a)

.............

2,455

2,478

Series

2025-2A

,

Class

C

,

4

.53

%

,

4/25/31

,

Callable

5/25/29

@

100

(a)

..............

474

473

Chesapeake

Funding

II

LLC

...............................................

Series

2023-1A

,

Class

B

,

5

.59

%

,

5/15/35

,

Callable

5/15/26

@

100

(a)

..............

57

57

Series

2023-1A

,

Class

C

,

6

.07

%

,

5/15/35

,

Callable

5/15/26

@

100

(a)

..............

64

64

Series

2023-1A

,

Class

D

,

6

.69

%

,

5/15/35

,

Callable

5/15/26

@

100

(a)

..............

196

197

Series

2023-2A

,

Class

A1

,

6

.16

%

,

10/15/35

,

Callable

10/15/26

@

100

(a)

...........

38

39

Series

2023-2A

,

Class

B

,

5

.97

%

,

10/15/35

,

Callable

10/15/26

@

100

(a)

............

119

122

Series

2023-2A

,

Class

C

,

6

.15

%

,

10/15/35

,

Callable

10/15/26

@

100

(a)

............

185

191

Series

2024-1A

,

Class

B

,

5

.44

%

,

5/15/36

,

Callable

7/15/27

@

100

(a)

..............

223

226

Series

2024-1A

,

Class

C

,

5

.60

%

,

5/15/36

,

Callable

7/15/27

@

100

(a)

..............

192

195

Credit

Acceptance

Auto

Loan

Trust

..........................................

Series

2023-1A

,

Class

B

,

7

.02

%

,

5/16/33

,

Callable

11/15/26

@

100

(a)

.............

950

957

Series

2023-1A

,

Class

C

,

7

.71

%

,

7/15/33

,

Callable

11/15/26

@

100

(a)

.............

2,493

2,548

Series

2023-2A

,

Class

C

,

7

.15

%

,

9/15/33

,

Callable

11/15/26

@

100

(a)

.............

1,267

1,291

Series

2023-3A

,

Class

A

,

6

.39

%

,

8/15/33

,

Callable

3/15/27

@

100

(a)

..............

73

73

Series

2023-3A

,

Class

B

,

7

.09

%

,

10/17/33

,

Callable

3/15/27

@

100

(a)

.............

118

120

Series

2023-3A

,

Class

C

,

7

.62

%

,

12/15/33

,

Callable

3/15/27

@

100

(a)

.............

196

202

Series

2023-5A

,

Class

A

,

6

.13

%

,

12/15/33

,

Callable

6/15/27

@

100

(a)

.............

302

304

Series

2023-5A

,

Class

C

,

7

.30

%

,

4/17/34

,

Callable

6/15/27

@

100

(a)

..............

3,411

3,523

Series

2024-1A

,

Class

C

,

6

.71

%

,

7/17/34

,

Callable

6/15/27

@

100

(a)

..............

237

243

Series

2025-1A

,

Class

C

,

5

.71

%

,

7/16/35

,

Callable

11/15/27

@

100

(a)

.............

4,400

4,464

Ent

Auto

Receivables

Trust

................................................

Series

2023-1A

,

Class

A4

,

6

.26

%

,

11/15/29

,

Callable

3/15/29

@

100

(a)

............

74

76

Series

2023-1A

,

Class

B

,

6

.45

%

,

1/15/30

,

Callable

3/15/29

@

100

(a)

..............

845

872

Series

2023-1A

,

Class

C

,

6

.77

%

,

4/15/30

,

Callable

3/15/29

@

100

(a)

..............

49

51

Enterprise

Fleet

Financing

LLC

.............................................

Series

2022-4

,

Class

A3

,

5

.65

%

,

10/22/29

,

Callable

7/20/26

@

100

(a)

.............

250

252

Series

2023-2

,

Class

A2

,

5

.56

%

,

4/22/30

,

Callable

2/20/27

@

100

(a)

..............

54

55

Series

2023-3

,

Class

A3

,

6

.41

%

,

6/20/30

,

Callable

7/20/27

@

100

(a)

..............

151

156

Series

2024-1

,

Class

A2

,

5

.23

%

,

3/20/30

,

Callable

8/20/27

@

100

(a)

..............

156

157

Series

2024-2

,

Class

A4

,

5

.69

%

,

12/20/30

,

Callable

1/20/28

@

100

(a)

.............

92

95

FCCU

Auto

Receivables

Trust

..............................................

Series

2024-1A

,

Class

B

,

5

.71

%

,

7/15/30

,

Callable

7/15/28

@

100

(a)

..............

1,000

1,025

Series

2024-1A

,

Class

C

,

6

.00

%

,

10/15/30

,

Callable

7/15/28

@

100

(a)

.............

46

47

Series

2025-1A

,

Class

B

,

5

.36

%

,

9/15/31

,

Callable

8/15/29

@

100

(a)

..............

486

497

Series

2025-1A

,

Class

C

,

5

.61

%

,

12/15/31

,

Callable

8/15/29

@

100

(a)

.............

763

786

First

Investors

Auto

Owner

Trust

,

Series

2022-2A

,

Class

D

,

8

.71

%

,

10/16/28

,

Callable

12/15/26

@

100

(a)

..................................................

323

333

Flagship

Credit

Auto

Trust

................................................

Series

2019-4

,

Class

E

,

4

.11

%

,

3/15/27

,

Callable

1/15/26

@

100

(a)

...............

378

377

Series

2021-4

,

Class

C

,

1

.96

%

,

12/15/27

,

Callable

4/15/27

@

100

(a)

..............

186

185

Ford

Credit

Auto

Lease

Trust

..............................................

Series

2023-B

,

Class

C

,

6

.43

%

,

4/15/27

,

Callable

3/15/26

@

100

.................

196

197

Series

2023-B

,

Class

D

,

6

.97

%

,

6/15/28

,

Callable

3/15/26

@

100

.................

130

131

Ford

Credit

Auto

Owner

Trust

..............................................

Series

2021-1

,

Class

C

,

1

.91

%

,

10/17/33

,

Callable

4/15/26

@

100

(a)

..............

316

314

Series

2021-2

,

Class

C

,

2

.11

%

,

5/15/34

,

Callable

11/15/26

@

100

(a)

..............

689

675

Series

2021-2

,

Class

D

,

2

.60

%

,

5/15/34

,

Callable

11/15/26

@

100

(a)

..............

750

736

Series

2022-1

,

Class

C

,

4

.67

%

,

11/15/34

,

Callable

5/15/27

@

100

(a)

..............

950

952

Series

2022-1

,

Class

D

,

5

.16

%

,

11/15/34

,

Callable

5/15/27

@

100

(a)

..............

102

102

Series

2023-1

,

Class

B

,

5

.29

%

,

8/15/35

,

Callable

2/15/28

@

100

(a)

...............

206

210

Series

2023-1

,

Class

C

,

5

.58

%

,

8/15/35

,

Callable

2/15/28

@

100

(a)

...............

1,240

1,266

Series

2023-1

,

Class

D

,

6

.26

%

,

8/15/35

,

Callable

2/15/28

@

100

(a)

...............

750

767

Series

2023-2

,

Class

B

,

5

.92

%

,

2/15/36

,

Callable

8/15/28

@

100

(a)

...............

195

203

Series

2023-2

,

Class

C

,

6

.16

%

,

2/15/36

,

Callable

8/15/28

@

100

(a)

...............

440

457

Series

2023-2

,

Class

D

,

6

.60

%

,

2/15/36

,

Callable

8/15/28

@

100

(a)

...............

219

225

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2023-1

,

Class

B

,

5

.35

%

,

3/15/28

,

Callable

3/15/27

@

100

(a)

............................................

97

97

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

51

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

GECU

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

C

,

6

.33

%

,

4/15/30

,

Callable

6/15/28

@

100

(a)

...........................................................

$

19

$

20

GLS

Auto

Receivables

Issuer

Trust

..........................................

Series

2021-2A

,

Class

E

,

2

.87

%

,

5/15/28

,

Callable

2/15/26

@

100

(a)

..............

2,500

2,469

Series

2021-3A

,

Class

E

,

3

.20

%

,

10/16/28

,

Callable

4/15/26

@

100

(a)

.............

1,110

1,105

Series

2021-4A

,

Class

E

,

4

.43

%

,

10/16/28

,

Callable

3/15/27

@

100

(a)

.............

1,760

1,743

Series

2022-1A

,

Class

E

,

5

.64

%

,

5/15/29

,

Callable

4/15/27

@

100

(a)

..............

1,430

1,431

Series

2023-1A

,

Class

D

,

7

.01

%

,

1/16/29

,

Callable

3/15/28

@

100

(a)

..............

1,943

1,979

GLS

Auto

Select

Receivables

Trust

..........................................

Series

2023-2A

,

Class

C

,

7

.31

%

,

1/15/30

,

Callable

10/15/28

@

100

(a)

.............

310

325

Series

2023-2A

,

Class

D

,

8

.22

%

,

2/18/31

,

Callable

10/15/28

@

100

(a)

.............

120

129

Series

2024-1A

,

Class

C

,

5

.69

%

,

3/15/30

,

Callable

1/15/29

@

100

(a)

..............

95

97

Series

2024-4A

,

Class

C

,

4

.75

%

,

11/15/30

,

Callable

8/15/29

@

100

(a)

.............

191

192

Series

2025-1A

,

Class

C

,

5

.26

%

,

3/15/31

,

Callable

9/15/29

@

100

(a)

..............

250

255

GM

Financial

Revolving

Receivables

Trust

,

Series

2021-1

,

Class

B

,

1

.49

%

,

6/12/34

,

Callable

9/11/26

@

100

(a)

...................................................

250

245

GMF

Floorplan

Owner

Revolving

Trust

.......................................

Series

2023-1

,

Class

B

,

5

.73

%

,

6/15/28

(a)

.................................

200

202

Series

2024-2A

,

Class

B

,

5

.35

%

,

3/15/31

(a)

................................

1,009

1,039

GreenState

Auto

Receivables

Trust

..........................................

Series

2024-1A

,

Class

C

,

5

.77

%

,

2/15/30

,

Callable

1/15/28

@

100

(a)

..............

73

75

Series

2024-1A

,

Class

D

,

6

.50

%

,

6/15/32

,

Callable

1/15/28

@

100

(a)

..............

70

72

GTE

Auto

Receivables

Trust

...............................................

Series

2023-1

,

Class

A3

,

5

.18

%

,

3/15/28

,

Callable

5/15/27

@

100

(a)

..............

197

197

Series

2023-1

,

Class

B

,

5

.39

%

,

8/15/29

,

Callable

5/15/27

@

100

(a)

...............

224

227

Series

2023-1

,

Class

C

,

5

.88

%

,

11/15/29

,

Callable

5/15/27

@

100

(a)

..............

168

171

Hertz

Vehicle

Financing

III

LLC

............................................

Series

2023-1A

,

Class

C

,

6

.91

%

,

6/25/27

(a)

................................

261

262

Series

2023-2A

,

Class

B

,

6

.49

%

,

9/25/29

(a)

................................

212

220

Series

2023-2A

,

Class

C

,

7

.13

%

,

9/25/29

(a)

................................

75

78

Series

2023-3A

,

Class

A

,

5

.94

%

,

2/25/28

(a)

................................

125

127

Series

2023-3A

,

Class

B

,

6

.53

%

,

2/25/28

(a)

................................

38

39

Series

2023-4A

,

Class

C

,

7

.51

%

,

3/25/30

(a)

................................

220

232

Hertz

Vehicle

Financing

LLC

,

Series

2022-2A

,

Class

B

,

2

.65

%

,

6/26/28

,

Callable

6/25/27

@

100

(a)

...........................................................

1,000

973

Huntington

Bank

Auto

Credit-Linked

Notes

....................................

Series

2024-1

,

Class

B1

,

6

.15

%

,

5/20/32

,

Callable

11/20/27

@

100

(a)

.............

87

89

Series

2024-2

,

Class

B1

,

5

.44

%

,

10/20/32

,

Callable

8/20/28

@

100

(a)

.............

377

382

Series

2025-2

,

Class

B2

,

5

.12

%

(

SOFR30A

+

120

bps

)

,

9/20/33

,

Callable

2/20/30

@

100

(a)

(b)

.........................................................

976

977

Hyundai

Auto

Receivables

Trust

............................................

Series

2021-C

,

Class

C

,

1

.66

%

,

6/15/28

,

Callable

3/15/26

@

100

.................

500

498

Series

2024-C

,

Class

B

,

4

.67

%

,

1/15/31

,

Callable

11/15/28

@

100

................

109

110

LAD

Auto

Receivables

Trust

...............................................

Series

2023-1A

,

Class

B

,

5

.59

%

,

8/16/27

,

Callable

5/15/27

@

100

(a)

..............

4

4

Series

2023-1A

,

Class

C

,

6

.18

%

,

12/15/27

,

Callable

5/15/27

@

100

(a)

.............

520

522

Series

2023-1A

,

Class

D

,

7

.30

%

,

6/17/30

,

Callable

5/15/27

@

100

(a)

..............

226

229

Series

2023-2A

,

Class

C

,

5

.58

%

,

9/15/28

,

Callable

7/15/27

@

100

(a)

..............

200

201

Series

2023-2A

,

Class

D

,

6

.30

%

,

2/15/31

,

Callable

7/15/27

@

100

(a)

..............

52

53

Series

2023-3A

,

Class

B

,

6

.09

%

,

6/15/28

,

Callable

11/15/27

@

100

(a)

.............

214

216

Series

2023-3A

,

Class

D

,

6

.92

%

,

12/16/30

,

Callable

11/15/27

@

100

(a)

............

198

203

Series

2023-4A

,

Class

B

,

6

.39

%

,

10/16/28

,

Callable

1/15/28

@

100

(a)

.............

182

185

Series

2023-4A

,

Class

C

,

6

.76

%

,

3/15/29

,

Callable

1/15/28

@

100

(a)

..............

292

301

Series

2023-4A

,

Class

D

,

7

.37

%

,

4/15/31

,

Callable

1/15/28

@

100

(a)

..............

304

315

Series

2024-1A

,

Class

C

,

5

.64

%

,

6/15/29

,

Callable

2/15/28

@

100

(a)

..............

207

210

Series

2024-2A

,

Class

B

,

5

.50

%

,

7/16/29

,

Callable

5/15/28

@

100

(a)

..............

199

202

Series

2024-2A

,

Class

C

,

5

.66

%

,

10/15/29

,

Callable

5/15/28

@

100

(a)

.............

199

203

Series

2024-2A

,

Class

D

,

6

.37

%

,

10/15/31

,

Callable

5/15/28

@

100

(a)

.............

777

801

Series

2024-3A

,

Class

D

,

5

.18

%

,

2/17/32

,

Callable

11/15/28

@

100

(a)

.............

224

225

Series

2025-2A

,

Class

C

,

4

.70

%

,

8/16/32

,

Callable

6/15/29

@

100

(a)

..............

980

988

Series

2025-2A

,

Class

D

,

5

.01

%

,

12/15/32

,

Callable

6/15/29

@

100

(a)

.............

1,000

993

Merchants

Fleet

Funding

LLC

..............................................

Series

2024-1A

,

Class

A

,

5

.82

%

,

4/20/37

,

Callable

3/20/27

@

100

(a)

..............

206

208

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

52

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2024-1A

,

Class

B

,

5

.95

%

,

4/20/37

,

Callable

3/20/27

@

100

(a)

..............

$

485

$

493

Series

2024-1A

,

Class

C

,

6

.18

%

,

4/20/37

,

Callable

3/20/27

@

100

(a)

..............

659

669

Series

2024-1A

,

Class

D

,

6

.85

%

,

4/20/37

,

Callable

3/20/27

@

100

(a)

..............

476

486

Series

2025-1A

,

Class

B

,

4

.91

%

,

1/20/39

,

Callable

6/20/29

@

100

(a)

..............

294

295

Navistar

Financial

Dealer

Note

Master

Owner

Trust

..............................

Series

2024-1

,

Class

B

,

5

.79

%

,

4/25/29

(a)

.................................

50

50

Series

2024-1

,

Class

C

,

6

.13

%

,

4/25/29

(a)

.................................

82

82

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

,

Series

2025-1

,

Class

C

,

4

.72

%

,

9/25/30

(a)

........................................................

295

293

OCCU

Auto

Receivables

Trust

.............................................

Series

2023-1A

,

Class

A4

,

6

.29

%

,

9/17/29

,

Callable

1/15/28

@

100

(a)

.............

93

95

Series

2023-1A

,

Class

C

,

6

.82

%

,

9/17/29

,

Callable

1/15/28

@

100

(a)

..............

4,000

4,168

Series

2023-1A

,

Class

D

,

7

.88

%

,

12/15/31

,

Callable

1/15/28

@

100

(a)

.............

329

348

Series

2025-1A

,

Class

B

,

4

.94

%

,

4/15/31

,

Callable

10/15/29

@

100

(a)

.............

582

587

Series

2025-1A

,

Class

C

,

5

.20

%

,

10/15/31

,

Callable

10/15/29

@

100

(a)

............

594

603

Oscar

US

Funding

XII

LLC

,

Series

2021-1A

,

Class

A4

,

1

.00

%

,

4/10/28

,

Callable

1/10/26

@

100

(a)

...........................................................

12

12

Oscar

US

Funding

XIV

LLC

,

Series

2022-1A

,

Class

A4

,

2

.82

%

,

4/10/29

,

Callable

3/10/26

@

100

(a)

...........................................................

510

506

Oscar

US

Funding

XVII

LLC

,

Series

2024-2A

,

Class

A3

,

4

.47

%

,

3/12/29

,

Callable

12/10/28

@

100

(a)

...........................................................

241

242

PenFed

Auto

Receivables

Owner

Trust

........................................

Series

2022-A

,

Class

D

,

5

.85

%

,

6/17/30

,

Callable

3/15/26

@

100

(a)

...............

106

106

Series

2025-A

,

Class

C

,

4

.67

%

,

2/17/32

,

Callable

10/15/29

@

100

(a)

..............

1,333

1,329

Prestige

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

C

,

5

.65

%

,

2/15/28

,

Callable

9/15/27

@

100

(a)

...........................................................

153

154

Santander

Bank

Auto

Credit-Linked

Notes

.....................................

Series

2023-A

,

Class

C

,

6

.74

%

,

6/15/33

,

Callable

9/15/27

@

100

(a)

...............

8

8

Series

2023-A

,

Class

D

,

7

.08

%

,

6/15/33

,

Callable

9/15/27

@

100

(a)

...............

1

1

Series

2023-B

,

Class

B

,

5

.64

%

,

12/15/33

,

Callable

2/15/28

@

100

(a)

..............

100

101

Series

2023-B

,

Class

C

,

5

.93

%

,

12/15/33

,

Callable

2/15/28

@

100

(a)

..............

42

43

Series

2023-B

,

Class

D

,

6

.66

%

,

12/15/33

,

Callable

2/15/28

@

100

(a)

..............

123

125

Series

2024-B

,

Class

B

,

4

.97

%

,

1/18/33

,

Callable

3/15/29

@

100

(a)

...............

483

487

Series

2024-B

,

Class

C

,

5

.14

%

,

1/18/33

,

Callable

3/15/29

@

100

(a)

...............

551

555

Series

2024-B

,

Class

D

,

5

.48

%

,

1/18/33

,

Callable

3/15/29

@

100

(a)

...............

684

689

Series

2024-B

,

Class

E

,

6

.80

%

,

1/18/33

,

Callable

3/15/29

@

100

(a)

...............

274

275

Series

2025-A

,

Class

D

,

5

.15

%

,

1/16/34

,

Callable

12/15/29

@

100

(a)

..............

760

763

Series

2025-A

,

Class

E

,

6

.27

%

,

1/16/34

,

Callable

12/15/29

@

100

(a)

..............

536

537

SBNA

Auto

Lease

Trust

,

Series

2024-B

,

Class

A4

,

5

.55

%

,

12/20/28

,

Callable

4/20/27

@

100

(a)

133

134

SBNA

Auto

Receivables

Trust

..............................................

Series

2024-A

,

Class

B

,

5

.29

%

,

9/17/29

,

Callable

7/15/28

@

100

(a)

...............

203

205

Series

2025-SF1

,

Class

D

,

5

.34

%

,

9/15/31

,

Callable

12/15/29

@

100

(a)

............

277

279

SCCU

Auto

Receivables

Trust

..............................................

Series

2023-1A

,

Class

B

,

6

.08

%

,

11/15/29

,

Callable

2/15/28

@

100

(a)

.............

1,738

1,788

Series

2023-1A

,

Class

C

,

6

.61

%

,

3/15/30

,

Callable

2/15/28

@

100

(a)

..............

430

446

Series

2023-1A

,

Class

D

,

7

.34

%

,

11/17/31

,

Callable

2/15/28

@

100

(a)

.............

226

237

Series

2024-1A

,

Class

C

,

5

.62

%

,

12/16/30

,

Callable

9/15/28

@

100

(a)

.............

200

204

Series

2025-1A

,

Class

C

,

5

.08

%

,

2/17/32

,

Callable

8/15/29

@

100

(a)

..............

536

543

Securitized

Term

Auto

Receivables

Trust

......................................

Series

2025-A

,

Class

B

,

5

.04

%

,

7/25/31

,

Callable

3/25/28

@

100

(a)

...............

329

332

Series

2025-A

,

Class

C

,

5

.19

%

,

7/25/31

,

Callable

3/25/28

@

100

(a)

...............

265

268

Series

2025-B

,

Class

D

,

5

.46

%

,

12/29/32

,

Callable

7/25/28

@

100

(a)

..............

262

266

SFS

Auto

Receivables

Securitization

Trust

.....................................

Series

2023-1A

,

Class

C

,

5

.97

%

,

2/20/31

,

Callable

10/20/27

@

100

(a)

.............

167

171

Series

2024-1A

,

Class

C

,

5

.51

%

,

1/20/32

,

Callable

6/20/28

@

100

(a)

..............

126

129

Tesla

Auto

Lease

Trust

,

Series

2023-B

,

Class

A4

,

6

.22

%

,

3/22/27

,

Callable

1/20/26

@

100

(a)

29

29

Tesla

Electric

Vehicle

Trust

,

Series

2023-1

,

Class

B

,

5

.82

%

,

5/20/31

,

Callable

9/20/27

@

100

(a)

...........................................................

200

205

Tesla

Lease

Electric

Vehicle

Securitization

LLC

,

Series

2025-A

,

Class

C

,

5

.09

%

,

6/20/29

,

Callable

12/20/27

@

100

(a)

...........................................

744

747

Truist

Bank

Auto

Credit-Linked

Notes

,

Series

2025-1

,

Class

B

,

4

.73

%

,

9/26/33

,

Callable

8/25/28

@

100

(a)

...................................................

737

740

U.S.

Bank

NA

,

Series

2023-1

,

Class

B

,

6

.79

%

,

8/25/32

,

Callable

12/25/26

@

100

(a)

.......

83

84

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

53

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

United

Auto

Credit

Securitization

Trust

,

Series

2025-1

,

Class

C

,

5

.15

%

,

6/10/30

,

Callable

5/10/28

@

100

(a)

...................................................

$

250

$

251

USB

Auto

Owner

Trust

...................................................

Series

2025-1A

,

Class

C

,

4

.96

%

,

3/17/31

,

Callable

6/15/28

@

100

(a)

..............

1,499

1,519

Series

2025-1A

,

Class

D

,

5

.40

%

,

12/15/32

,

Callable

6/15/28

@

100

(a)

.............

1,807

1,832

Veridian

Auto

Receivables

Trust

............................................

Series

2023-1A

,

Class

B

,

5

.86

%

,

4/16/29

,

Callable

10/15/27

@

100

(a)

.............

636

649

Series

2023-1A

,

Class

C

,

6

.37

%

,

7/16/29

,

Callable

10/15/27

@

100

(a)

.............

220

227

Western

Funding

Auto

Loan

Trust

,

Series

2025-1

,

Class

C

,

5

.34

%

,

11/15/35

(a)

...........

1,009

1,016

Westlake

Automobile

Receivables

Trust

.......................................

Series

2025-P1

,

Class

B

,

4

.86

%

,

5/15/30

,

Callable

6/15/28

@

100

(a)

..............

1,000

1,016

Series

2025-P1

,

Class

D

,

5

.59

%

,

7/15/32

,

Callable

6/15/28

@

100

(a)

..............

2,500

2,551

Wheels

Fleet

Lease

Funding

1

LLC

..........................................

Series

2023-1A

,

Class

A

,

5

.80

%

,

4/18/38

(a)

................................

52

52

Series

2023-2A

,

Class

B

,

6

.75

%

,

8/18/38

(a)

................................

181

186

Series

2023-2A

,

Class

C

,

6

.94

%

,

8/18/38

(a)

................................

195

201

Series

2023-2A

,

Class

D

,

7

.38

%

,

8/18/38

(a)

................................

220

227

Series

2024-1A

,

Class

C

,

5

.69

%

,

2/18/39

(a)

................................

341

349

Series

2024-2A

,

Class

A1

,

4

.87

%

,

6/21/39

(a)

...............................

1,098

1,109

Series

2024-2A

,

Class

B

,

4

.84

%

,

6/21/39

(a)

................................

250

253

Series

2024-2A

,

Class

C

,

4

.89

%

,

6/21/39

(a)

................................

335

340

Series

2024-3A

,

Class

B

,

5

.07

%

,

9/19/39

(a)

................................

318

324

Series

2024-3A

,

Class

C

,

5

.21

%

,

9/19/39

(a)

................................

346

352

Series

2025-2A

,

Class

C

,

4

.86

%

,

5/18/40

(a)

................................

470

473

111,986

ABS

Card

(0.8%):

American

Express

Credit

Account

Master

Trust

,

Series

2024-2

,

Class

A

,

5

.24

%

,

4/15/31

....

3,238

3,375

BA

Credit

Card

Trust

,

Series

2024-A1

,

Class

A

,

4

.93

%

,

5/15/29

......................

232

236

CARDS

II

Trust

........................................................

Series

2024-1A

,

Class

C

,

5

.84

%

,

7/15/29

(a)

................................

168

169

Series

2025-1A

,

Class

C

,

5

.42

%

,

3/15/31

(a)

................................

1,350

1,363

Evergreen

Credit

Card

Trust

...............................................

Series

2024-CRT4

,

Class

B

,

5

.25

%

,

10/15/28

(a)

.............................

467

470

Series

2024-CRT4

,

Class

C

,

5

.64

%

,

10/15/28

(a)

.............................

267

268

Series

2025-1A

,

Class

C

,

4

.54

%

,

10/15/29

(a)

...............................

1,332

1,335

Series

2025-CRT5

,

Class

B

,

5

.24

%

,

5/15/29

(a)

..............................

996

1,009

Series

2025-CRT5

,

Class

C

,

5

.53

%

,

5/15/29

(a)

..............................

600

605

Golden

Credit

Card

Trust

,

Series

2021-1A

,

Class

C

,

1

.74

%

,

8/15/28

(a)

.................

200

196

Master

Credit

Card

Trust

.................................................

Series

2022-2A

,

Class

B

,

2

.38

%

,

7/21/28

(a)

................................

500

491

Series

2022-2A

,

Class

C

,

2

.73

%

,

7/21/28

(a)

................................

312

305

Master

Credit

Card

Trust

II

................................................

Series

2023-4A

,

Class

B

,

6

.56

%

,

10/21/32

(a)

...............................

104

109

Series

2023-4A

,

Class

C

,

7

.53

%

,

10/21/32

(a)

...............................

265

279

Series

2024-1A

,

Class

B

,

5

.53

%

,

1/21/28

(a)

................................

193

193

Series

2024-1A

,

Class

C

,

6

.02

%

,

1/21/28

(a)

................................

171

171

Synchrony

Card

Issuance

Trust

,

Series

2025-A1

,

Class

A

,

4

.78

%

,

2/15/31

..............

240

244

Trillium

Credit

Card

Trust

II

...............................................

Series

2021-1A

,

Class

C

,

2

.42

%

,

10/26/29

(a)

...............................

833

816

Series

2023-1A

,

Class

C

,

6

.06

%

,

3/26/31

(a)

................................

72

74

Series

2023-2A

,

Class

B

,

5

.35

%

,

3/26/33

(a)

................................

100

102

Series

2025-1A

,

Class

C

,

4

.70

%

,

9/26/30

(a)

................................

582

583

12,393

ABS

Other

(7.9%):

AFG

ABS

I

LLC

,

Series

2023-1

,

Class

C

,

9

.40

%

,

9/16/30

,

Callable

1/15/27

@

100

(a)

......

1,000

1,041

Amur

Equipment

Finance

Receivables

XI

LLC

..................................

Series

2022-2A

,

Class

A2

,

5

.30

%

,

6/21/28

,

Callable

6/20/26

@

100

(a)

.............

66

66

Series

2022-2A

,

Class

D

,

7

.25

%

,

5/21/29

,

Callable

6/20/26

@

100

(a)

..............

1,890

1,911

Amur

Equipment

Finance

Receivables

XII

LLC

.................................

Series

2023-1A

,

Class

C

,

6

.36

%

,

12/20/29

,

Callable

6/20/27

@

100

(a)

.............

751

770

Series

2023-1A

,

Class

D

,

7

.48

%

,

7/22/30

,

Callable

6/20/27

@

100

(a)

..............

7,487

7,769

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

54

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Amur

Equipment

Finance

Receivables

XIII

LLC

................................

Series

2024-1A

,

Class

B

,

5

.37

%

,

1/21/31

,

Callable

1/20/28

@

100

(a)

..............

$

119

$

121

Series

2024-1A

,

Class

C

,

5

.55

%

,

1/21/31

,

Callable

1/20/28

@

100

(a)

..............

1,412

1,439

Amur

Equipment

Finance

Receivables

XIV

LLC

................................

Series

2024-2A

,

Class

B

,

5

.20

%

,

7/21/31

,

Callable

8/20/28

@

100

(a)

..............

1,000

1,017

Series

2024-2A

,

Class

C

,

5

.38

%

,

7/21/31

,

Callable

8/20/28

@

100

(a)

..............

2,560

2,608

Amur

Equipment

Finance

Receivables

XV

LLC

,

Series

2025-1A

,

Class

C

,

5

.39

%

,

1/20/32

,

Callable

5/20/29

@

100

(a)

............................................

2,014

2,058

Ansley

Park

Capital

LLC

.................................................

Series

2025-A

,

Class

B

,

4

.60

%

,

4/20/35

,

Callable

9/20/30

@

100

(a)

...............

614

615

Series

2025-A

,

Class

C

,

4

.82

%

,

4/20/35

,

Callable

9/20/30

@

100

(a)

...............

410

410

Series

2025-A

,

Class

D

,

5

.33

%

,

4/20/35

,

Callable

9/20/30

@

100

(a)

...............

410

411

Series

2025-A

,

Class

E

,

7

.66

%

,

4/20/35

,

Callable

9/20/30

@

100

(a)

...............

1,500

1,503

Auxilior

Term

Funding

LLC

...............................................

Series

2023-1A

,

Class

B

,

6

.05

%

,

6/17/30

,

Callable

1/15/28

@

100

(a)

..............

124

127

Series

2023-1A

,

Class

C

,

6

.50

%

,

11/15/30

,

Callable

1/15/28

@

100

(a)

.............

88

91

Series

2023-1A

,

Class

D

,

7

.27

%

,

12/16/30

,

Callable

1/15/28

@

100

(a)

.............

141

148

Series

2024-1A

,

Class

B

,

5

.69

%

,

7/15/31

,

Callable

2/15/29

@

100

(a)

..............

124

128

Barings

Equipment

Finance

LLC

............................................

Series

2025-A

,

Class

A4

,

5

.02

%

,

6/13/50

,

Callable

6/13/31

@

100

(a)

..............

1,031

1,064

Series

2025-B

,

Class

A4

,

4

.29

%

,

9/13/50

,

Callable

9/13/29

@

100

(a)

..............

588

587

Blue

Owl

Asset

Leasing

Trust

LLC

..........................................

Series

2024-1A

,

Class

B

,

5

.41

%

,

3/15/30

,

Callable

6/15/27

@

100

(a)

..............

254

257

Series

2024-1A

,

Class

C

,

6

.38

%

,

1/15/31

,

Callable

6/15/27

@

100

(a)

..............

780

794

Capital

Automotive

REIT

,

Series

2024-3A

,

Class

A1

,

4

.40

%

,

10/15/54

,

Callable

10/15/27

@

100

(a)

...........................................................

270

264

CARS-DB7

LP

,

Series

2023-1A

,

Class

A1

,

5

.75

%

,

9/15/53

,

Callable

9/15/26

@

100

(a)

.....

198

199

CCG

Receivables

Trust

...................................................

Series

2023-1

,

Class

C

,

6

.28

%

,

9/16/30

,

Callable

7/14/26

@

100

(a)

...............

173

175

Series

2023-2

,

Class

B

,

6

.21

%

,

4/14/32

,

Callable

9/14/27

@

100

(a)

...............

1,000

1,027

Series

2023-2

,

Class

D

,

7

.18

%

,

4/14/32

,

Callable

9/14/27

@

100

(a)

...............

93

97

Series

2025-1

,

Class

C

,

4

.89

%

,

10/14/32

,

Callable

10/14/28

@

100

(a)

.............

500

505

Series

2025-1

,

Class

D

,

5

.28

%

,

10/14/32

,

Callable

10/14/28

@

100

(a)

.............

133

135

Series

2025-2

,

Class

D

,

5

.08

%

,

8/15/34

,

Callable

9/14/29

@

100

(a)

...............

559

562

CF

Hippolyta

Issuer

LLC

,

Series

2020-1

,

Class

A1

,

1

.69

%

,

7/15/60

(a)

.................

325

273

Clarus

Capital

Funding

LLC

,

Series

2024-1A

,

Class

C

,

5

.01

%

,

8/20/32

,

Callable

2/20/28

@

100

(a)

...........................................................

70

70

Cloud

Capital

Holdco

LP

,

Series

2024-1A

,

Class

A2

,

5

.78

%

,

11/22/49

,

Callable

11/22/27

@

100

(a)

...........................................................

604

602

Consolidated

Communications

LLC/Fidium

Fiber

Finance

Holdco

LLC

,

Series

2025-1A

,

Class

A2

,

6

.00

%

,

5/20/55

,

Callable

5/20/28

@

100

(a)

.............................

365

374

Crossroads

Asset

Trust

,

Series

2025-A

,

Class

B

,

5

.20

%

,

2/20/32

,

Callable

1/20/29

@

100

(a)

.

1,517

1,539

CyrusOne

Data

Centers

Issuer

I

LLC

.........................................

Series

2024-2A

,

Class

A2

,

4

.50

%

,

5/20/49

,

Callable

5/20/27

@

100

(a)

.............

205

200

Series

2025-1A

,

Class

A2

,

5

.91

%

,

2/20/50

,

Callable

2/20/28

@

100

(a)

.............

441

450

DB

Master

Finance

LLC

,

Series

2021-1A

,

Class

A2II

,

2

.49

%

,

11/20/51

,

Callable

2/20/26

@

100

(a)

...........................................................

1,296

1,226

Dell

Equipment

Finance

Trust

..............................................

Series

2023-2

,

Class

C

,

6

.06

%

,

1/22/29

,

Callable

3/22/26

@

100

(a)

...............

125

125

Series

2023-2

,

Class

D

,

6

.74

%

,

7/23/29

,

Callable

3/22/26

@

100

(a)

...............

237

238

Series

2023-3

,

Class

D

,

6

.75

%

,

10/22/29

,

Callable

5/22/26

@

100

(a)

..............

73

74

Series

2024-1

,

Class

C

,

5

.73

%

,

3/22/30

,

Callable

12/22/26

@

100

(a)

..............

92

93

Series

2024-1

,

Class

D

,

6

.12

%

,

9/23/30

,

Callable

12/22/26

@

100

(a)

..............

92

93

Series

2025-1

,

Class

D

,

5

.64

%

,

8/22/31

,

Callable

12/22/27

@

100

(a)

..............

109

111

Series

2025-2

,

Class

D

,

4

.83

%

,

3/22/32

,

Callable

6/22/28

@

100

(a)

...............

992

996

Dext

ABS

LLC

........................................................

Series

2023-1

,

Class

B

,

6

.55

%

,

3/15/32

,

Callable

4/15/27

@

100

(a)

...............

100

102

Series

2023-1

,

Class

D

,

8

.82

%

,

3/15/33

,

Callable

4/15/27

@

100

(a)

...............

2,175

2,274

Series

2023-2

,

Class

C

,

6

.93

%

,

5/15/34

,

Callable

2/15/28

@

100

(a)

...............

224

232

Series

2023-2

,

Class

D

,

8

.30

%

,

5/15/34

,

Callable

2/15/28

@

100

(a)

...............

1,001

1,061

Series

2025-1

,

Class

B

,

4

.98

%

,

8/15/35

,

Callable

4/15/29

@

100

(a)

...............

542

547

Series

2025-1

,

Class

D

,

5

.65

%

,

2/15/36

,

Callable

4/15/29

@

100

(a)

...............

100

101

Series

2025-2

,

Class

C

,

4

.89

%

,

4/15/36

,

Callable

11/15/29

@

100

(a)

..............

854

853

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

55

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2025-2

,

Class

D

,

5

.45

%

,

10/15/36

,

Callable

11/15/29

@

100

(a)

.............

$

480

$

480

Diamond

Issuer

LLC

,

Series

2021-1A

,

Class

B

,

2

.70

%

,

11/20/51

,

Callable

1/20/26

@

100

(a)

.

654

627

DLLAA

LLC

,

Series

2025-1A

,

Class

A4

,

5

.08

%

,

4/20/33

,

Callable

6/20/29

@

100

(a)

......

1,069

1,101

DLLAD

LLC

..........................................................

Series

2024-1A

,

Class

A4

,

5

.38

%

,

9/22/31

,

Callable

3/20/29

@

100

(a)

.............

129

134

Series

2025-1A

,

Class

A4

,

4

.59

%

,

10/20/32

,

Callable

6/20/30

@

100

(a)

............

500

507

DLLMT

LLC

,

Series

2024-1A

,

Class

A3

,

4

.84

%

,

8/21/28

,

Callable

4/20/28

@

100

(a)

......

201

202

Elara

HGV

Timeshare

Issuer

LLC

,

Series

2019-A

,

Class

A

,

2

.61

%

,

1/25/34

,

Callable

3/25/26

@

100

(a)

.........................................................

78

78

FirstKey

Homes

Trust

....................................................

Series

2021-SFR3

,

Class

A

,

2

.14

%

,

12/17/38

(a)

(c)

...........................

703

689

Series

2021-SFR3

,

Class

B

,

2

.44

%

,

12/17/38

(a)

(c)

...........................

500

490

Series

2021-SFR3

,

Class

D

,

2

.79

%

,

12/17/38

(a)

(c)

...........................

750

735

Ford

Credit

Floorplan

Master

Owner

Trus

,

Series

2023-1

,

Class

C

,

5

.75

%

,

5/15/28

(a)

......

106

106

Ford

Credit

Floorplan

Master

Owner

Trust

A

...................................

Series

2023-1

,

Class

B

,

5

.31

%

,

5/15/28

(a)

.................................

70

70

Series

2024-2

,

Class

B

,

5

.56

%

,

4/15/31

(a)

.................................

225

233

Series

2024-4

,

Class

B

,

4

.61

%

,

9/15/31

(a)

.................................

1,829

1,862

Frontier

Issuer

LLC

.....................................................

Series

2023-1

,

Class

A2

,

6

.60

%

,

8/20/53

,

Callable

7/20/26

@

100

(a)

..............

558

563

Series

2023-1

,

Class

B

,

8

.30

%

,

8/20/53

,

Callable

7/20/26

@

100

(a)

...............

415

423

Series

2023-1

,

Class

C

,

11

.50

%

,

8/20/53

,

Callable

7/20/26

@

100

(a)

..............

5,137

5,288

Series

2024-1

,

Class

A2

,

6

.19

%

,

6/20/54

,

Callable

5/20/28

@

100

(a)

..............

199

204

Series

2024-1

,

Class

C

,

11

.16

%

,

6/20/54

,

Callable

5/20/28

@

100

(a)

..............

1,539

1,716

Granite

Park

Equipment

Leasing

LLC

........................................

Series

2023-1A

,

Class

B

,

6

.62

%

,

4/20/33

,

Callable

2/20/30

@

100

(a)

..............

97

101

Series

2023-1A

,

Class

C

,

6

.97

%

,

8/22/33

,

Callable

2/20/30

@

100

(a)

..............

89

94

Series

2023-1A

,

Class

E

,

7

.00

%

,

6/20/35

,

Callable

2/20/30

@

100

(a)

..............

74

73

GreatAmerica

Leasing

Receivables

Funding

LLC

................................

Series

2024-1

,

Class

C

,

5

.43

%

,

12/15/31

,

Callable

2/15/28

@

100

(a)

..............

65

66

Series

2025-1

,

Class

C

,

5

.01

%

,

1/18/33

,

Callable

5/15/29

@

100

(a)

...............

698

707

HPEFS

Equipment

Trust

..................................................

Series

2023-2A

,

Class

D

,

6

.97

%

,

7/21/31

,

Callable

1/20/27

@

100

(a)

..............

250

253

Series

2024-1A

,

Class

D

,

5

.82

%

,

11/20/31

,

Callable

8/20/27

@

100

(a)

.............

411

416

Series

2024-2A

,

Class

B

,

5

.35

%

,

10/20/31

,

Callable

1/20/28

@

100

(a)

.............

265

268

Series

2024-2A

,

Class

D

,

5

.82

%

,

4/20/32

,

Callable

1/20/28

@

100

(a)

..............

142

145

Series

2025-1A

,

Class

C

,

4

.79

%

,

9/20/32

,

Callable

3/20/29

@

100

(a)

..............

365

368

Series

2025-1A

,

Class

D

,

4

.99

%

,

3/21/33

,

Callable

3/20/29

@

100

(a)

..............

970

976

Series

2025-2A

,

Class

D

,

4

.77

%

,

5/20/33

,

Callable

6/20/29

@

100

(a)

..............

990

990

Kubota

Credit

Owner

Trust

................................................

Series

2024-2A

,

Class

A4

,

5

.19

%

,

5/15/30

,

Callable

4/15/28

@

100

(a)

.............

129

132

Series

2025-1A

,

Class

A4

,

4

.87

%

,

7/15/30

,

Callable

2/15/29

@

100

(a)

.............

399

408

Lyra

Music

Assets

Delaware

LP

,

Series

2025-1A

,

Class

A2

,

5

.60

%

,

9/20/65

,

Callable

12/20/27

@

100

(a)

.........................................................

1,000

1,009

M&T

Equipment

LEAF1

Notes

.............................................

Series

2023-1A

,

Class

A3

,

5

.74

%

,

7/15/30

,

Callable

7/15/27

@

100

(a)

.............

60

61

Series

2024-1A

,

Class

A2

,

4

.99

%

,

8/18/31

,

Callable

7/16/28

@

100

(a)

.............

104

104

Series

2025-1A

,

Class

A4

,

4

.91

%

,

3/16/32

,

Callable

5/16/29

@

100

(a)

.............

2,172

2,213

M&T

Equipment

Notes

,

Series

2024-1A

,

Class

A4

,

4

.94

%

,

8/18/31

,

Callable

7/16/28

@

100

(a)

270

275

MMAF

Equipment

Finance

LLC

............................................

Series

2021-A

,

Class

A4

,

1

.04

%

,

11/13/30

(a)

...............................

252

251

Series

2023-A

,

Class

A4

,

5

.50

%

,

12/13/38

(a)

...............................

152

156

Series

2024-A

,

Class

A4

,

5

.10

%

,

7/13/49

,

Callable

6/13/29

@

100

(a)

..............

486

502

MMP

Capital

LLC

,

Series

2025-A

,

Class

A

,

5

.36

%

,

12/15/31

,

Callable

1/15/29

@

100

(a)

...

412

416

MVW

LLC

,

Series

2019-2A

,

Class

A

,

2

.22

%

,

10/20/38

,

Callable

1/20/26

@

100

(a)

........

534

533

New

Economy

Assets

-

Phase

1

Sponsor

LLC

...................................

Series

2021-1

,

Class

A1

,

1

.91

%

,

10/20/61

,

Callable

1/20/26

@

100

(a)

.............

677

565

Series

2021-1

,

Class

B1

,

2

.41

%

,

10/20/61

,

Callable

1/20/26

@

100

(a)

.............

366

225

NMEF

Funding

LLC

....................................................

Series

2023-A

,

Class

B

,

6

.83

%

,

6/17/30

,

Callable

6/15/27

@

100

(a)

...............

207

211

Series

2023-A

,

Class

C

,

8

.04

%

,

6/17/30

,

Callable

6/15/27

@

100

(a)

...............

3,241

3,367

Series

2024-A

,

Class

A2

,

5

.15

%

,

12/15/31

,

Callable

3/15/28

@

100

(a)

.............

183

184

Series

2024-A

,

Class

B

,

5

.32

%

,

12/15/31

,

Callable

3/15/28

@

100

(a)

..............

222

225

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

56

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2024-A

,

Class

C

,

6

.33

%

,

12/15/31

,

Callable

3/15/28

@

100

(a)

..............

$

1,900

$

1,948

Series

2025-A

,

Class

A2

,

4

.72

%

,

7/15/32

,

Callable

12/15/28

@

100

(a)

.............

76

76

Series

2025-A

,

Class

B

,

5

.18

%

,

7/15/32

,

Callable

12/15/28

@

100

(a)

..............

615

624

Series

2025-A

,

Class

C

,

5

.79

%

,

7/15/32

,

Callable

12/15/28

@

100

(a)

..............

928

953

Series

2025-B

,

Class

C

,

5

.17

%

,

1/18/33

,

Callable

3/15/29

@

100

(a)

...............

4,747

4,797

OneMain

Financial

Issuance

Trust

,

Series

2022-3A

,

Class

B

,

6

.45

%

,

5/15/34

,

Callable

1/14/26

@

100

(a)

.........................................................

1,065

1,078

PEAC

Solutions

Receivables

LLC

...........................................

Series

2025-1A

,

Class

A3

,

5

.04

%

,

7/20/32

,

Callable

10/20/28

@

100

(a)

............

412

419

Series

2025-1A

,

Class

B

,

5

.20

%

,

7/20/32

,

Callable

10/20/28

@

100

(a)

.............

376

383

Series

2025-1A

,

Class

C

,

5

.49

%

,

7/20/32

,

Callable

10/20/28

@

100

(a)

.............

295

301

Post

Road

Equipment

Finance

LLC

..........................................

Series

2024-1A

,

Class

A2

,

5

.59

%

,

11/15/29

,

Callable

3/15/27

@

100

(a)

............

58

58

Series

2024-1A

,

Class

C

,

5

.81

%

,

10/15/30

,

Callable

3/15/27

@

100

(a)

.............

76

77

Series

2024-1A

,

Class

D

,

6

.77

%

,

10/15/30

,

Callable

3/15/27

@

100

(a)

.............

531

543

Series

2025-1A

,

Class

B

,

5

.04

%

,

5/15/31

,

Callable

6/15/28

@

100

(a)

..............

105

106

Series

2025-1A

,

Class

C

,

5

.13

%

,

5/15/31

,

Callable

6/15/28

@

100

(a)

..............

250

253

Retained

Vantage

Data

Centers

Issuer

LLC

.....................................

Series

2024-1A

,

Class

A2

,

4

.99

%

,

9/15/49

,

Callable

9/15/27

@

100

(a)

.............

396

392

Series

2024-1A

,

Class

B

,

5

.78

%

,

9/15/49

,

Callable

9/15/27

@

100

(a)

..............

107

106

Series

2025-1A

,

Class

A2A

,

5

.09

%

,

8/15/50

,

Callable

8/15/28

@

100

(a)

............

1,000

991

SCF

Equipment

Leasing

LLC

..............................................

Series

2022-2A

,

Class

D

,

6

.50

%

,

10/20/32

,

Callable

6/20/26

@

100

(a)

.............

66

66

Series

2023-1A

,

Class

A3

,

6

.17

%

,

5/20/32

,

Callable

2/20/30

@

100

(a)

.............

77

78

Series

2024-1A

,

Class

A3

,

5

.52

%

,

1/20/32

,

Callable

11/20/28

@

100

(a)

............

3,000

3,060

Series

2024-1A

,

Class

D

,

6

.58

%

,

6/21/33

,

Callable

11/20/28

@

100

(a)

.............

500

523

SCF

Equipment

Trust

LLC

................................................

Series

2025-1A

,

Class

B

,

5

.23

%

,

9/20/34

,

Callable

9/20/31

@

100

(a)

..............

1,765

1,808

Series

2025-1A

,

Class

C

,

5

.37

%

,

9/20/34

,

Callable

9/20/31

@

100

(a)

..............

3,099

3,171

Series

2025-1A

,

Class

D

,

5

.88

%

,

11/20/35

,

Callable

9/20/31

@

100

(a)

.............

4,190

4,300

Sotheby's

Artfi

Master

Trust

...............................................

Series

2024-1A

,

Class

A1

,

6

.43

%

,

12/22/31

,

Callable

3/20/26

@

100

(a)

............

1,000

1,003

Series

2024-1A

,

Class

D

,

7

.91

%

,

12/22/31

,

Callable

3/20/26

@

100

(a)

.............

1,044

1,046

Stack

Infrastructure

Issuer

LLC

,

Series

2023-1A

,

Class

A2

,

5

.90

%

,

3/25/48

,

Callable

3/25/26

@

100

(a)

.........................................................

199

200

Subway

Funding

LLC

,

Series

2024-1A

,

Class

A2II

,

6

.27

%

,

7/30/54

,

Callable

7/30/28

@

100

(a)

4,248

4,338

Switch

ABS

Issuer

LLC

,

Series

2025-1A

,

Class

A2

,

5

.04

%

,

3/25/55

,

Callable

3/25/28

@

100

(a)

...........................................................

501

494

Tricon

Residential

Trust

..................................................

Series

2022-SFR2

,

Class

B

,

5

.24

%

,

7/17/40

,

Callable

7/17/28

@

100

(a)

(c)

..........

200

202

Series

2024-SFR4

,

Class

A

,

4

.30

%

,

11/17/41

,

Callable

11/17/29

@

100

(a)

(c)

........

218

217

Trinity

Rail

Leasing

LLC

,

Series

2022-1A

,

Class

A

,

4

.55

%

,

5/19/52

,

Callable

1/21/26

@

100

(a)

...........................................................

443

437

Uniti

Fiber

ABS

Issuer

LLC

...............................................

Series

2025-1A

,

Class

A2

,

5

.88

%

,

4/20/55

,

Callable

10/20/28

@

100

(a)

............

426

436

Series

2025-1A

,

Class

B

,

6

.37

%

,

4/20/55

,

Callable

10/20/28

@

100

(a)

.............

177

181

Vantage

Data

Centers

LLC

................................................

Series

2020-2A

,

Class

A2

,

1

.99

%

,

9/15/45

,

Callable

1/15/26

@

100

(a)

.............

453

431

Series

2025-1A

,

Class

A2

,

5

.13

%

,

8/15/55

,

Callable

8/15/28

@

100

(a)

.............

2,401

2,380

VB-S1

Issuer

LLC

-

VBTEL

...............................................

Series

2022-1A

,

Class

C2II

,

3

.71

%

,

2/15/57

,

Callable

2/15/30

@

100

(a)

............

1,000

914

Series

2022-1A

,

Class

D

,

4

.29

%

,

2/15/52

,

Callable

2/15/26

@

100

(a)

..............

300

296

Series

2022-1A

,

Class

F

,

5

.27

%

,

2/15/52

,

Callable

2/15/26

@

100

(a)

..............

1,500

1,467

Series

2024-1A

,

Class

C2

,

5

.59

%

,

5/15/54

,

Callable

5/15/27

@

100

(a)

.............

1,514

1,526

Series

2024-1A

,

Class

D

,

6

.64

%

,

5/15/54

,

Callable

5/15/27

@

100

(a)

..............

107

109

Series

2024-1A

,

Class

F

,

8

.87

%

,

5/15/54

,

Callable

5/15/27

@

100

(a)

..............

7

7

Verdant

Receivables

LLC

.................................................

Series

2023-1A

,

Class

A2

,

6

.24

%

,

1/13/31

,

Callable

11/12/27

@

100

(a)

............

21

22

Series

2023-1A

,

Class

C

,

6

.73

%

,

1/13/31

,

Callable

11/12/27

@

100

(a)

.............

47

49

Series

2024-1A

,

Class

A2

,

5

.68

%

,

12/12/31

,

Callable

10/12/28

@

100

(a)

...........

127

129

Series

2024-1A

,

Class

B

,

5

.72

%

,

12/12/31

,

Callable

10/12/28

@

100

(a)

............

57

59

Series

2024-1A

,

Class

C

,

6

.25

%

,

12/12/31

,

Callable

10/12/28

@

100

(a)

............

47

49

Series

2024-1A

,

Class

D

,

7

.23

%

,

12/12/31

,

Callable

10/12/28

@

100

(a)

............

59

62

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

57

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2025-1A

,

Class

A3

,

4

.96

%

,

5/12/33

,

Callable

9/12/29

@

100

(a)

.............

$

461

$

469

Series

2025-1A

,

Class

C

,

5

.57

%

,

5/12/33

,

Callable

9/12/29

@

100

(a)

..............

2,207

2,253

Series

2025-1A

,

Class

D

,

6

.49

%

,

5/12/33

,

Callable

9/12/29

@

100

(a)

..............

915

948

Verizon

Master

Trust

....................................................

Series

2024-2

,

Class

B

,

5

.08

%

,

12/22/31

,

Callable

12/20/28

@

100

(a)

.............

265

271

Series

2024-3

,

Class

C

,

5

.73

%

,

4/22/30

,

Callable

4/20/27

@

100

.................

1,105

1,125

Series

2024-4

,

Class

C

,

5

.60

%

,

6/20/29

,

Callable

6/20/26

@

100

.................

80

80

Series

2024-7

,

Class

C

,

4

.84

%

,

8/20/32

,

Callable

8/20/29

@

100

(a)

...............

479

484

Series

2024-8

,

Class

C

,

4

.99

%

,

11/20/30

,

Callable

11/20/27

@

100

...............

302

306

Series

2025-10

,

Class

C

,

4

.67

%

,

10/20/33

,

Callable

10/20/30

@

100

(a)

............

502

502

Series

2025-2

,

Class

C

,

5

.34

%

,

1/20/33

,

Callable

1/20/30

@

100

(a)

...............

1,906

1,965

Volvo

Financial

Equipment

LLC

,

Series

2024-1A

,

Class

A4

,

4

.29

%

,

7/15/31

,

Callable

6/15/28

@

100

(a)

.........................................................

1,000

1,006

Wingspire

Equipment

Finance

LLC

..........................................

Series

2024-1A

,

Class

D

,

6

.31

%

,

9/20/32

,

Callable

10/20/27

@

100

(a)

.............

108

110

Series

2025-1A

,

Class

C

,

4

.76

%

,

9/20/33

,

Callable

2/20/29

@

100

(a)

..............

302

302

Series

2025-1A

,

Class

D

,

5

.45

%

,

9/20/33

,

Callable

2/20/29

@

100

(a)

..............

991

997

Zayo

Issuer

LLC

.......................................................

Series

2025-1A

,

Class

A2

,

5

.65

%

,

3/20/55

,

Callable

9/20/28

@

100

(a)

.............

383

389

Series

2025-1A

,

Class

B

,

6

.09

%

,

3/20/55

,

Callable

9/20/28

@

100

(a)

..............

340

346

Series

2025-2A

,

Class

A2

,

5

.95

%

,

6/20/55

,

Callable

12/20/28

@

100

(a)

............

309

317

Series

2025-2A

,

Class

B

,

6

.59

%

,

6/20/55

,

Callable

12/20/28

@

100

(a)

.............

180

186

124,556

Total

Asset-Backed

Securities

(Cost

$247,679)

a

a

a

248,935

Collateralized

Loan

Obligations

(1.4%)

Cash

Flow

CLO

(1.4%):

720

East

CLO

I

Ltd.

.....................................................

Series

2022-1A

,

Class

A2R

,

5

.48

%

(

TSFR3M

+

160

bps

)

,

1/20/38

,

Callable

1/20/27

@

100

(a)

(b)

.........................................................

442

443

Series

2022-1A

,

Class

BR

,

5

.58

%

(

TSFR3M

+

170

bps

)

,

1/20/38

,

Callable

1/20/27

@

100

(a)

(b)

.........................................................

442

443

720

East

CLO

II

Ltd.

,

Series

2023-2A

,

Class

A2R

,

5

.62

%

(

TSFR3M

+

145

bps

)

,

10/15/38

,

Callable

10/15/27

@

100

(a)

(b)

.........................................

1,319

1,316

720

East

CLO

IV

Ltd.

,

Series

2024-1A

,

Class

A2

,

5

.70

%

(

TSFR3M

+

180

bps

)

,

4/15/37

,

Callable

4/15/26

@

100

(a)

(b)

.................................................

185

185

720

East

CLO

VII

Ltd.

,

Series

2025-7A

,

Class

A2

,

5

.28

%

(

TSFR3M

+

140

bps

)

,

4/20/37

,

Callable

4/20/26

@

100

(a)

(b)

..........................................

300

300

AIMCO

CLO

Ltd.

,

Series

2022-17A

,

Class

XR

,

5

.01

%

(

TSFR3M

+

115

bps

)

,

7/20/37

,

Callable

7/22/26

@

100

(a)

(b)

.................................................

207

207

Ballyrock

CLO

Ltd.

,

Series

2025-30A

,

Class

A1B

,

5

.49

%

(

TSFR3M

+

150

bps

)

,

10/25/38

,

Callable

10/25/27

@

100

(a)

(b)

.........................................

1,000

1,002

Barings

CLO

Ltd.

......................................................

Series

2025-5A

,

Class

A1

,

5

.24

%

(

TSFR3M

+

127

bps

)

,

10/15/38

,

Callable

10/15/27

@

100

(a)

(b)

.........................................................

940

942

Series

2025-5A

,

Class

A2

,

5

.47

%

(

TSFR3M

+

150

bps

)

,

10/15/38

,

Callable

10/15/27

@

100

(a)

(b)

.........................................................

1,264

1,264

Columbia

Cent

CLO

Ltd.

,

Series

2022-32A

,

Class

BF

,

5

.20

%

,

7/24/34

,

Callable

4/24/26

@

100

(a)

...........................................................

250

250

Dryden

CLO

Ltd.

.......................................................

Series

2021-93A

,

Class

A2R

,

5

.50

%

(

TSFR3M

+

160

bps

)

,

1/15/38

,

Callable

1/15/27

@

100

(a)

(b)

.........................................................

171

171

Series

2021-93A

,

Class

XR

,

5

.05

%

(

TSFR3M

+

115

bps

)

,

1/15/38

,

Callable

1/15/27

@

100

(a)

(b)

.........................................................

302

302

Series

2022-113A

,

Class

BR3

,

5

.35

%

(

TSFR3M

+

145

bps

)

,

10/15/37

,

Callable

10/15/26

@

100

(a)

(b)

.........................................................

1,723

1,724

Series

2022-97A

,

Class

A2R

,

5

.35

%

(

TSFR3M

+

147

bps

)

,

10/20/38

,

Callable

10/20/27

@

100

(a)

(b)

.........................................................

1,604

1,607

Series

2024-121A

,

Class

B

,

5

.60

%

(

TSFR3M

+

170

bps

)

,

1/15/37

,

Callable

1/15/27

@

100

(a)

(b)

.........................................................

428

429

NGC

Ltd.

,

Series

2024-1A

,

Class

X

,

5

.03

%

(

TSFR3M

+

115

bps

)

,

7/20/37

,

Callable

7/20/26

@

100

(a)

(b)

.........................................................

205

205

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

58

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

OCP

CLO

Ltd.

.........................................................

Series

2020-8RA

,

Class

B2R2

,

5

.10

%

,

10/17/38

,

Callable

10/17/27

@

100

(a)

........

$

1,470

$

1,471

Series

2025-48A

,

Class

B2

,

5

.05

%

,

12/15/38

(a)

.............................

2,078

2,082

Palmer

Square

Loan

Funding

Ltd.

,

Series

2024-3A

,

Class

A2

,

5

.51

%

(

TSFR3M

+

165

bps

)

,

8/8/32

,

Callable

2/8/26

@

100

(a)

(b)

......................................

259

259

Trimaran

Cavu

Ltd.

,

Series

2021-3A

,

Class

C1

,

6

.62

%

(

TSFR3M

+

273

bps

)

,

1/18/35

,

Callable

1/18/26

@

100

(a)

(b)

.................................................

750

748

Venture

CLO

Ltd.

......................................................

Series

2022-45A

,

Class

A2FR

,

4

.94

%

,

7/20/35

,

Callable

1/20/27

@

100

(a)

..........

1,365

1,361

Series

2022-45A

,

Class

A2NR

,

5

.43

%

(

TSFR3M

+

155

bps

)

,

7/20/35

,

Callable

1/20/27

@

100

(a)

(b)

.........................................................

3,302

3,288

Series

2023-47A

,

Class

AJR

,

5

.63

%

(

TSFR3M

+

175

bps

)

,

4/20/36

,

Callable

7/20/26

@

100

(a)

(b)

.........................................................

1,000

1,001

Series

2023-48A

,

Class

BR

,

5

.48

%

(

TSFR3M

+

175

bps

)

,

10/20/36

(a)

(b)

............

630

630

Series

2024-49A

,

Class

X

,

5

.23

%

(

TSFR3M

+

135

bps

)

,

4/20/37

,

Callable

4/20/26

@

100

(a)

(b)

.........................................................

108

108

Series

2024-50A

,

Class

X

,

5

.13

%

(

TSFR3M

+

125

bps

)

,

10/20/37

,

Callable

10/20/26

@

100

(a)

(b)

.........................................................

213

213

21,951

Total

Collateralized

Loan

Obligations

(Cost

$21,955)

a

a

a

21,951

Collateralized

Mortgage

Obligations

(8.1%)

Agency

CMO

(0.1%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

4772

,

Class

ZG

,

4

.50

%

,

12/15/47

.......

2,281

2,253

Agency

CMO

Floating

(0.2%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5522

,

Class

BF

,

4

.92

%

(

SOFR30A

+

105

bps

)

,

3/25/55

(b)

..................

1,680

1,683

Series

5525

,

Class

FA

,

5

.07

%

(

SOFR30A

+

120

bps

)

,

4/25/55

(b)

..................

282

282

Series

5527

,

Class

FC

,

5

.07

%

(

SOFR30A

+

120

bps

)

,

9/25/54

(b)

..................

379

380

2,345

Agency

CMO

Other

(1.3%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

5270

,

Class

AB

,

5

.50

%

,

1/25/49

...................................

190

193

Series

5450

,

Class

KA

,

4

.50

%

,

6/25/51

...................................

431

430

Series

5478

,

Class

J

,

5

.50

%

,

3/25/51

.....................................

1,219

1,231

Series

5547

,

Class

V

,

5

.00

%

,

4/25/39

.....................................

1,482

1,499

Federal

National

Mortgage

Association

.......................................

Series

2022-88

,

Class

BA

,

5

.50

%

,

7/25/47

.................................

105

106

Series

2024-33

,

Class

PB

,

5

.00

%

,

3/25/48

.................................

664

669

Series

2025-33

,

Class

P

,

5

.00

%

,

5/25/54

...................................

3,952

3,980

Government

National

Mortgage

Association

....................................

Series

2020-162

,

Class

AB

,

1

.00

%

,

10/20/50

...............................

1,957

1,530

Series

2022-207

,

Class

NA

,

3

.00

%

,

1/20/52

................................

155

138

Series

2023-107

,

Class

PA

,

5

.50

%

,

1/20/46

................................

238

242

Series

2023-131

,

Class

P

,

5

.50

%

,

6/20/48

..................................

140

141

Series

2024-19

,

Class

AD

,

5

.00

%

,

6/20/53

.................................

1,229

1,241

Series

2024-95

,

Class

AB

,

2

.50

%

,

6/20/45

.................................

1,023

945

Series

2025-114

,

Class

JA

,

4

.50

%

,

8/20/51

.................................

2,434

2,427

Series

2025-131

,

Class

QD

,

4

.50

%

,

7/20/51

................................

4,899

4,860

Series

2025-139

,

Class

DT

,

5

.00

%

,

3/20/65

................................

346

347

Series

2025-98

,

Class

ET

,

4

.50

%

,

6/20/65

.................................

910

910

20,889

Agency

Commercial

MBS

(0.6%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

K143

,

Class

A2

,

2

.35

%

,

3/25/32

...................................

354

319

Series

K144

,

Class

A2

,

2

.45

%

,

4/25/32

...................................

33

30

Series

K145

,

Class

A2

,

2

.58

%

,

5/25/32

...................................

2,547

2,316

Series

K146

,

Class

A2

,

2

.92

%

,

6/25/32

...................................

2,154

1,997

Series

K147

,

Class

A2

,

3

.00

%

,

6/25/32

(d)

.................................

815

758

Series

K149

,

Class

A2

,

3

.53

%

,

8/25/32

...................................

1,178

1,129

Series

K-159

,

Class

A2

,

4

.50

%

,

7/25/33

(d)

.................................

1,566

1,580

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

59

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

K536

,

Class

AS

,

4

.51

%

(

SOFR30A

+

50

bps

)

,

11/25/29

(b)

..................

$

1,000

$

1,000

9,129

Commercial

MBS

(5.9%):

ALA

Trust

............................................................

Series

2025-OANA

,

Class

A

,

5

.49

%

(

TSFR1M

+

174

bps

)

,

6/15/40

(a)

(b)

(c)

..........

2,328

2,335

Series

2025-OANA

,

Class

C

,

5

.84

%

(

TSFR1M

+

209

bps

)

,

6/15/40

(a)

(b)

(c)

..........

469

470

Series

2025-OANA

,

Class

D

,

6

.84

%

(

TSFR1M

+

309

bps

)

,

6/15/40

(a)

(b)

(c)

..........

909

913

AOA

Trust

............................................................

Series

2025-1301

,

Class

A

,

5

.06

%

,

8/11/42

(a)

(c)

(d)

..........................

754

763

Series

2025-1301

,

Class

B

,

5

.30

%

,

8/11/42

(a)

(c)

(d)

..........................

479

484

Series

2025-1301

,

Class

C

,

5

.64

%

,

8/11/42

(a)

(c)

(d)

..........................

959

969

Series

2025-1345

,

Class

A

,

5

.35

%

(

TSFR1M

+

160

bps

)

,

6/15/42

(a)

(b)

(c)

............

3,900

3,912

Arbor

Multifamily

Mortgage

Securities

Trust

...................................

Series

2020-MF1

,

Class

AS

,

3

.06

%

,

5/15/53

,

Callable

5/15/30

@

100

(a)

(d)

.........

350

329

Series

2021-MF2

,

Class

B

,

2

.56

%

,

6/15/54

,

Callable

7/15/31

@

100

(a)

(d)

..........

1,050

922

Series

2022-MF4

,

Class

A5

,

3

.28

%

,

2/15/55

,

Callable

2/15/32

@

100

(a)

(d)

.........

500

470

Atrium

Hotel

Portfolio

Trust

...............................................

Series

2025-ATRM

,

Class

B

,

5

.85

%

(

TSFR1M

+

210

bps

)

,

8/15/42

(a)

(b)

(c)

..........

408

407

Series

2025-ATRM

,

Class

D

,

7

.05

%

(

TSFR1M

+

330

bps

)

,

8/15/42

(a)

(b)

(c)

..........

1,299

1,284

Series

2025-ATRM

,

Class

F

,

9

.25

%

(

TSFR1M

+

550

bps

)

,

8/15/42

(a)

(b)

(c)

...........

750

741

Aventura

Mall

Trust

.....................................................

Series

2018-AVM

,

Class

A

,

4

.11

%

,

7/5/40

(a)

(c)

(d)

...........................

790

783

Series

2018-AVM

,

Class

C

,

4

.11

%

,

7/5/40

(a)

(c)

(d)

...........................

100

98

BAMLL

Commercial

Mortgage

Securities

Trust

,

Series

2025-HYT

,

Class

B

,

6

.05

%

(

TSFR1M

+

190

bps

)

,

12/15/42

(a)

(b)

(c)

....................................

195

195

Benchmark

Mortgage

Trust

................................................

Series

2020-B19

,

Class

AS

,

2

.15

%

,

9/15/53

,

Callable

10/15/30

@

100

.............

1,000

843

Series

2022-B36

,

Class

XA

,

0

.64

%

,

7/15/55

,

Callable

6/15/32

@

100

(c)

(d)

.........

9,994

393

BLP

Commercial

Mortgage

Trust

,

Series

2025-IND

,

Class

A

,

4

.95

%

(

TSFR1M

+

120

bps

)

,

3/15/42

(a)

(b)

(c)

....................................................

286

284

BPR

Trust

............................................................

Series

2021-TY

,

Class

A

,

4

.92

%

(

TSFR1M

+

116

bps

)

,

9/15/38

(a)

(b)

(c)

.............

500

500

Series

2021-TY

,

Class

C

,

5

.57

%

(

TSFR1M

+

181

bps

)

,

9/15/38

(a)

(b)

(c)

.............

120

120

Series

2021-TY

,

Class

D

,

6

.22

%

(

TSFR1M

+

246

bps

)

,

9/15/38

(a)

(b)

(c)

.............

310

309

BSTN

Commercial

Mortgage

Trust

,

Series

2025-1C

,

Class

A

,

5

.37

%

,

6/15/44

(a)

(c)

(d)

.....

4,569

4,693

BX

Commercial

Mortgage

Trust

............................................

Series

2020-VIV4

,

Class

A

,

2

.84

%

,

3/9/44

,

Callable

3/9/30

@

100

(a)

(c)

............

3,500

3,249

Series

2021-XL2

,

Class

B

,

4

.86

%

(

TSFR1M

+

111

bps

)

,

10/15/38

(a)

(b)

(c)

...........

175

175

Series

2021-XL2

,

Class

C

,

5

.06

%

(

TSFR1M

+

131

bps

)

,

10/15/38

(a)

(b)

(c)

...........

105

105

Series

2022-CSMO

,

Class

A

,

5

.86

%

(

TSFR1M

+

211

bps

)

,

6/15/27

(a)

(b)

(c)

..........

3,575

3,580

Series

2022-CSMO

,

Class

C

,

7

.64

%

(

TSFR1M

+

389

bps

)

,

6/15/27

(a)

(b)

(c)

..........

500

502

Series

2022-CSMO

,

Class

D

,

8

.09

%

(

TSFR1M

+

434

bps

)

,

6/15/27

(a)

(b)

(c)

..........

100

100

Series

2025-COPT

,

Class

B

,

5

.95

%

(

TSFR1M

+

220

bps

)

,

8/15/42

(a)

(b)

(c)

...........

94

94

BX

Trust

.............................................................

Series

2019-OC11

,

Class

A

,

3

.20

%

,

12/9/41

,

Callable

12/9/29

@

100

(a)

(c)

..........

1,620

1,538

Series

2022-CLS

,

Class

A

,

5

.76

%

,

10/13/27

(a)

(c)

............................

1,721

1,726

Series

2022-CLS

,

Class

B

,

6

.30

%

,

10/13/27

(a)

(c)

............................

250

249

Series

2025-ARIA

,

Class

A

,

5

.03

%

,

12/13/42

(a)

(c)

(d)

.........................

907

913

Series

2025-GW

,

Class

A

,

5

.35

%

(

TSFR1M

+

160

bps

)

,

7/15/42

(a)

(b)

(c)

............

533

533

Series

2025-GW

,

Class

B

,

5

.60

%

(

TSFR1M

+

185

bps

)

,

7/15/42

(a)

(b)

(c)

............

666

667

Series

2025-GW

,

Class

C

,

5

.85

%

(

TSFR1M

+

210

bps

)

,

7/15/42

(a)

(b)

(c)

............

400

400

Series

2025-GW

,

Class

D

,

6

.50

%

(

TSFR1M

+

275

bps

)

,

7/15/42

(a)

(b)

(c)

............

1,339

1,340

Series

2025-ROIC

,

Class

A

,

4

.89

%

(

TSFR1M

+

114

bps

)

,

3/15/30

(a)

(b)

(c)

...........

892

890

Series

2025-ROIC

,

Class

B

,

5

.14

%

(

TSFR1M

+

139

bps

)

,

3/15/30

(a)

(b)

(c)

...........

168

167

Series

2025-VOLT

,

Class

A

,

5

.45

%

(

TSFR1M

+

170

bps

)

,

12/15/44

(a)

(b)

(c)

..........

614

614

Series

2025-VOLT

,

Class

B

,

5

.85

%

(

TSFR1M

+

210

bps

)

,

12/15/44

(a)

(b)

(c)

..........

1,508

1,509

Series

2025-VOLT

,

Class

C

,

6

.10

%

(

TSFR1M

+

235

bps

)

,

12/15/44

(a)

(b)

(c)

..........

976

976

BXP

Trust

............................................................

Series

2021-601L

,

Class

A

,

2

.62

%

,

1/15/44

(a)

(c)

............................

2,037

1,794

Series

2021-601L

,

Class

B

,

2

.78

%

,

1/15/44

(a)

(c)

(d)

..........................

500

435

Series

2021-601L

,

Class

C

,

2

.78

%

,

1/15/44

(a)

(c)

(d)

..........................

250

212

Series

2021-601L

,

Class

D

,

2

.78

%

,

1/15/44

(a)

(c)

(d)

..........................

1,250

1,017

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

60

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

CAMB

Commercial

Mortgage

Trust

.........................................

Series

2021-CX2

,

Class

A

,

2

.70

%

,

11/10/46

,

Callable

11/10/31

@

100

(a)

(c)

.........

$

250

$

222

Series

2021-CX2

,

Class

B

,

2

.77

%

,

11/10/46

,

Callable

11/10/31

@

100

(a)

(c)

(d)

.......

150

129

COMM

Mortgage

Trust

..................................................

Series

2020-CX

,

Class

A

,

2

.17

%

,

11/10/46

,

Callable

11/10/30

@

100

(a)

(c)

..........

185

159

Series

2024-277P

,

Class

A

,

6

.34

%

,

8/10/44

(a)

(c)

.............................

267

281

Series

2024-277P

,

Class

B

,

7

.00

%

,

8/10/44

(a)

(c)

(d)

..........................

1,533

1,630

CSMC

Trust

,

Series

2019-UVIL

,

Class

A

,

3

.16

%

,

12/15/41

(a)

(c)

.....................

302

285

DBWF

Mortgage

Trust

...................................................

Series

2024-LCRS

,

Class

A

,

5

.49

%

(

TSFR1M

+

174

bps

)

,

4/15/37

(a)

(b)

(c)

...........

232

232

Series

2024-LCRS

,

Class

B

,

5

.99

%

(

TSFR1M

+

224

bps

)

,

4/15/37

(a)

(b)

(c)

...........

250

250

GFH

Mortgage

Trust

....................................................

Series

2025-IND

,

Class

B

,

5

.55

%

,

6/15/33

(a)

(c)

.............................

1,266

1,275

Series

2025-IND

,

Class

C

,

6

.19

%

,

6/15/33

(a)

(c)

.............................

950

956

GS

Mortgage

Securities

Corp.

Trust

,

Series

2023-SHIP

,

Class

C

,

5

.51

%

,

9/10/38

(a)

(c)

(d)

...

118

119

Hilton

USA

Trust

.......................................................

Series

2016-HHV

,

Class

A

,

3

.72

%

,

11/5/38

(a)

(c)

............................

1,752

1,737

Series

2016-HHV

,

Class

B

,

4

.19

%

,

11/5/38

(a)

(c)

(d)

..........................

850

846

Series

2016-HHV

,

Class

C

,

4

.19

%

,

11/5/38

(a)

(c)

(d)

..........................

1,136

1,128

Series

2016-HHV

,

Class

D

,

4

.19

%

,

11/5/38

(a)

(c)

(d)

..........................

169

167

Houston

Galleria

Mall

Trust

,

Series

2025-HGLR

,

Class

A

,

5

.46

%

,

2/5/45

(a)

(c)

(d)

.........

177

184

Hudson

Yards

Mortgage

Trust

..............................................

Series

2016-10HY

,

Class

A

,

2

.84

%

,

8/10/38

,

Callable

8/10/26

@

100

(a)

(c)

..........

435

430

Series

2019-30HY

,

Class

A

,

3

.23

%

,

7/10/39

(a)

(c)

............................

579

554

Series

2019-30HY

,

Class

D

,

3

.44

%

,

7/10/39

(a)

(c)

(d)

..........................

115

107

Series

2019-55HY

,

Class

A

,

2

.94

%

,

12/10/41

(a)

(c)

(d)

.........................

2,115

1,993

Series

2025-SPRL

,

Class

A

,

5

.47

%

,

1/13/40

(a)

(c)

(d)

..........................

766

793

Series

2025-SPRL

,

Class

B

,

5

.76

%

,

1/13/40

(a)

(c)

(d)

..........................

274

283

HYT

Commercial

Mortgage

Trust

,

Series

2024-RGCY

,

Class

A

,

5

.59

%

(

TSFR1M

+

184

bps

)

,

9/15/41

(a)

(b)

(c)

....................................................

1,413

1,417

ILPT

Commercial

Mortgage

Trust

,

Series

2022-LPFX

,

Class

C

,

3

.82

%

,

3/15/32

(a)

(c)

(d)

....

750

679

INT

Commercial

Mortgage

Trust

,

Series

2025-PLAZA

,

Class

B

,

5

.17

%

,

11/5/37

(a)

(c)

(d)

...

500

505

IRV

Trust

,

Series

2025-200P

,

Class

A

,

5

.29

%

,

3/14/47

,

Callable

2/14/35

@

100

(a)

(c)

(d)

....

2,185

2,228

JW

Commercial

Mortgage

Trust

,

Series

2024-MRCO

,

Class

A

,

5

.37

%

(

TSFR1M

+

162

bps

)

,

6/15/39

(a)

(b)

(c)

....................................................

2,662

2,670

LBA

Trust

,

Series

2024-7IND

,

Class

B

,

5

.49

%

(

TSFR1M

+

174

bps

)

,

10/15/41

(a)

(b)

(c)

......

524

524

LEX

Mortgage

Trust

,

Series

2024-BBG

,

Class

A

,

4

.87

%

,

10/13/33

,

Callable

10/13/28

@

100

(a)

(c)

(d)

.......................................................

331

333

MAD

Commercial

Mortgage

Trust

,

Series

2025-11MD

,

Class

A

,

4

.75

%

,

10/15/42

(a)

(c)

(d)

..

670

673

Manhattan

West

Mortgage

Trust

............................................

Series

2020-1MW

,

Class

A

,

2

.13

%

,

9/10/39

(a)

(c)

............................

3,176

3,056

Series

2020-1MW

,

Class

B

,

2

.33

%

,

9/10/39

(a)

(c)

(d)

..........................

2,762

2,657

Series

2020-1MW

,

Class

D

,

2

.33

%

,

9/10/39

(a)

(c)

(d)

..........................

166

157

MHP

,

Series

2022-MHIL

,

Class

D

,

5

.36

%

(

TSFR1M

+

161

bps

)

,

1/15/39

(a)

(b)

(c)

..........

400

399

MILE

Trust

,

Series

2025-STNE

,

Class

C

,

5

.85

%

(

TSFR1M

+

210

bps

)

,

7/15/42

(a)

(b)

(c)

.....

363

362

Morgan

Stanley

Capital

I

Trust

.............................................

Series

2021-PLZA

,

Class

B

,

2

.81

%

,

11/9/43

(a)

(c)

............................

500

433

Series

2021-PLZA

,

Class

C

,

2

.81

%

,

11/9/43

(a)

(c)

............................

750

623

NY

Commercial

Mortgage

Trust

,

Series

2025-299P

,

Class

A

,

5

.66

%

,

2/10/47

(a)

(c)

(d)

......

1,632

1,715

NYC

Commercial

Mortgage

Trust

...........................................

Series

2025-300P

,

Class

A

,

4

.88

%

,

7/13/42

(a)

(c)

(d)

..........................

490

492

Series

2025-300P

,

Class

B

,

5

.18

%

,

7/13/42

(a)

(c)

(d)

..........................

639

641

One

Bryant

Park

Trust

,

Series

2019-OBP

,

Class

A

,

2

.52

%

,

9/15/54

(a)

(c)

................

4,230

3,927

ONE

Mortgage

Trust

,

Series

2021-PARK

,

Class

D

,

5

.36

%

(

TSFR1M

+

161

bps

)

,

3/15/36

(a)

(b)

(c)

.............................................................

225

223

SCG

Commercial

Mortgage

Trust

...........................................

Series

2025-FLWR

,

Class

B

,

5

.30

%

(

TSFR1M

+

155

bps

)

,

8/15/42

(a)

(b)

(c)

..........

1,000

1,000

Series

2025-FLWR

,

Class

C

,

5

.50

%

(

TSFR1M

+

175

bps

)

,

8/15/42

(a)

(b)

(c)

..........

667

667

SHR

Trust

............................................................

Series

2024-LXRY

,

Class

B

,

6

.20

%

(

TSFR1M

+

245

bps

)

,

10/15/41

(a)

(b)

(c)

..........

377

378

Series

2024-LXRY

,

Class

C

,

6

.70

%

(

TSFR1M

+

295

bps

)

,

10/15/41

(a)

(b)

(c)

..........

303

304

SLG

Office

Trust

.......................................................

Series

2021-OVA

,

Class

A

,

2

.59

%

,

7/15/41

(a)

(c)

............................

625

558

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

61

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2021-OVA

,

Class

B

,

2

.71

%

,

7/15/41

(a)

(c)

............................

$

1,500

$

1,333

Series

2021-OVA

,

Class

C

,

2

.85

%

,

7/15/41

(a)

(c)

............................

2,477

2,199

SREIT

Trust

..........................................................

Series

2021-MFP2

,

Class

B

,

5

.04

%

(

TSFR1M

+

129

bps

)

,

11/15/36

(a)

(b)

(c)

..........

500

499

Series

2021-MFP2

,

Class

D

,

5

.43

%

(

TSFR1M

+

168

bps

)

,

11/15/36

(a)

(b)

(c)

..........

760

759

SUMIT

Mortgage

Trust

,

Series

2022-BVUE

,

Class

D

,

2

.89

%

,

2/12/41

,

Callable

2/12/29

@

100

(a)

(c)

(d)

.......................................................

1

1

SWCH

Commercial

Mortgage

Trust

,

Series

2025-DATA

,

Class

A

,

5

.19

%

(

TSFR1M

+

144

bps

)

,

2/15/42

(a)

(b)

(c)

....................................................

1,715

1,696

Wells

Fargo

Commercial

Mortgage

Trust

......................................

Series

2021-SAVE

,

Class

B

,

5

.42

%

(

TSFR1M

+

166

bps

)

,

2/15/40

(a)

(b)

(c)

...........

200

200

Series

2021-SAVE

,

Class

C

,

5

.77

%

(

TSFR1M

+

201

bps

)

,

2/15/40

(a)

(b)

(c)

...........

200

199

Series

2025-HI

,

Class

A

,

5

.44

%

(

TSFR1M

+

169

bps

)

,

10/15/42

(a)

(b)

(c)

.............

405

405

92,674

Total

Collateralized

Mortgage

Obligations

(Cost

$126,960)

a

a

a

127,290

Senior

Secured

Loans

(1.7%)

Communication

Services

(0.4%):

Altice

France

SA,

USD

Term

Loan

B-14,

First

Lien

,

10

.86

%

(

SOFR03M

+

688

bps

)

,

5/15/31

(b)

500

499

Frontier

Communications

Holdings

LLC,

Initial

Term

Loan,

First

Lien

,

6

.24

%

(

SOFR01M

+

250

bps

)

,

7/1/31

(b)

.........................................

1,092

1,090

Lumen

Technologies,

Inc.,

Term

Loan

A,

First

Lien

,

9

.92

%

(

SOFR01M

+

600

bps

)

,

6/1/28

(b)

..

1,923

1,930

The

E.W.

Scripps

Co.,

Tranche

B-2

Term

Loan,

First

Lien

,

9

.49

%

(

SOFR01M

+

575

bps

)

,

6/30/28

(b)

........................................................

1,852

1,868

5,387

Consumer

Discretionary

(0.7%):

AMC

Entertainment

Holdings,

Inc.,

Initial

Exchange

Term

Loan,

First

Lien

,

10

.73

%

(

SOFR01M

+

700

bps

)

,

1/4/29

(b)

.........................................

2,116

2,116

BJ's

Wholesale

Club,

Inc.,

Tranch

B

Term,

First

Lien

,

5

.88

%

(

SOFR06M

+

175

bps

)

,

2/5/29

(b)

165

166

Burlington

Coat

Factory

Warehouse

Corp.,

Term

Loan

B7,

First

Lien

,

5

.67

%

(

SOFR01M

+

175

bps

)

,

9/19/31

(b)

........................................

123

124

Charter

Communications

Operating

LLC,

Term

Loan

B-5,

First

Lien

,

6

.24

%

(

SOFR03M

+

225

bps

)

,

12/15/31

(b)

.......................................

568

568

DK

Crown

Holdings,

Inc.,

Term

B

Loans,

First

Lien

,

5

.53

%

(

SOFR01M

+

175

bps

)

,

3/4/32

(b)

.

695

695

Flutter

Entertainment

PLC,

2024

Refinancing

Term

B

Loan,

First

Lien

,

5

.75

%

(

SOFR03M

+

175

bps

)

,

11/29/30

(b)

.......................................

692

691

Flutter

Financing

B.V.,

Third

Incremental

Term

B

Loans,

First

Lien

,

6

.00

%

(

SOFR03M

+

200

bps

)

,

6/4/32

(b)

.........................................

1,493

1,492

Four

Seasons

Hotels

Ltd.,

2025

Refinancing

Term

Loan,

First

Lien

,

5

.67

%

(

SOFR01M

+

175

bps

)

,

9/22/32

(b)

........................................

596

599

Great

Outdoors

Group

LLC,

Term

Loan

B,

First

Lien

,

7

.17

%

(

SOFR01M

+

325

bps

)

,

1/23/32

(b)

535

538

Light

&

Wonder

International,

Inc.,

Term

B-2

Loan,

First

Lien

,

5

.99

%

(

SOFR01M

+

225

bps

)

,

4/16/29

(b)

........................................................

241

242

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loan,

First

Lien

,

7

.25

%

(

SOFR03M

+

325

bps

)

,

3/6/28

(b)

.........................................................

1,162

1,149

PetSmart,

Inc.,

Initial

Term

Loan,

First

Lien

,

7

.73

%

(

SOFR01M

+

400

bps

)

,

8/18/32

(b)

......

1,500

1,492

9,872

Consumer

Staples

(0.0%):(e)

Reynolds

Consumer

Products

LLC,

Initial

Term

Loan,

First

Lien

,

5

.67

%

(

SOFR01M

+

175

bps

)

,

3/4/32

(b)

.........................................................

241

242

Energy

(0.0%):(e)

Hilcorp

Energy

I

LP,

Initial

Loan,

First

Lien

,

5

.74

%

(

SOFR01M

+

200

bps

)

,

2/11/30

(b)

......

471

472

Murphy

USA,

Inc.,

Tranche

B

Term

Loan,

First

Lien

,

5

.59

%

(

SOFR01M

+

175

bps

)

,

4/7/32

(b)

.

200

202

674

Financials

(0.6%):

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien

,

6

.75

%

(

SOFR03M

+

275

bps

)

,

2/18/31

(b)

........................................

61

60

Ardonagh

Group

Finco

Pty

Ltd.,

Syndicated

Facility

B

(USD)

Loan,

First

Lien

,

6

.95

%

(

SOFR06M

+

275

bps

)

,

2/18/31

(b)

........................................

1,180

1,176

AS

Mileage

Plan

IP

Ltd.,

Initial

Term

Loan,

First

Lien

,

5

.63

%

(

SOFR03M

+

175

bps

)

,

10/15/31

(b)

.......................................................

122

123

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

62

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asplundh

Tree

Expert

LLC,

Term

Loan

B,

First

Lien

,

5

.67

%

(

SOFR01M

+

175

bps

)

,

5/23/31

(b)

$

147

$

147

Boost

Newco

Borrower

LLC,

Term

Loan

B-2,

First

Lien

,

6

.00

%

(

SOFR03M

+

200

bps

)

,

1/31/31

(b)

........................................................

99

99

Chicago

US

Midco

III

LP,

Delayed

Draw

Term

Loan,

First

Lien

,

10/9/32

(f)

(g)

...........

51

51

Chicago

US

Midco

III,

LP,

Closing

Date

Term

Loans,

First

Lien

,

6

.42

%

(

SOFR01M

+

250

bps

)

,

10/29/32

(b)

.......................................................

340

341

CNT

Holdings

I

Corp.,

2025

Replacement

Term

Loans,

First

Lien

,

6

.34

%

(

SOFR03M

+

250

bps

)

,

11/8/32

(b)

........................................

464

465

Colossus

Acquireco

LLC,

Initial

Term

Loan,

First

Lien

,

5

.87

%

(

SOFRDAILY

+

175

bps

)

,

7/30/32

(b)

........................................................

1,496

1,494

CPI

Holdco

B

LLC,

2025

Fourth

Amendment

Incremental

Term

Loans,

First

Lien

,

5

.92

%

(

SOFR01M

+

200

bps

)

,

5/19/31

(b)

........................................

1,244

1,247

Directv

Financing

LLC,

2024

Refinancing

Term

B

Loan,

First

Lien

,

9

.09

%

(

SOFR03M

+

525

bps

)

,

8/2/29

(b)

.........................................

924

926

OEG

Borrower

LLC,

Amendment

No.1

Term

Loan,

First

Lien

,

7

.20

%

(

SOFR03M

+

350

bps

)

,

6/30/31

(b)

........................................................

49

49

OneDigital

Borrower

LLC,

2025

Refinancing

Term

Loans,

First

Lien

,

6

.92

%

(

SOFR01M

+

300

bps

)

,

7/2/31

(b)

.........................................

123

123

Truist

Insurance

Holdings

LLC,

Term

Loan

B,

First

Lien

,

6

.75

%

(

SOFR03M

+

275

bps

)

,

5/6/31

(b)

.........................................................

276

276

Voyager

Parent

LLC,

Term

B

Loan,

First

Lien

,

8

.75

%

(

SOFR03M

+

475

bps

)

,

7/1/32

(b)

.....

1,771

1,770

8,347

Health

Care

(0.0%):(e)

Delta

2

(LUX)

SARL,

Term

Loan

B,

First

Lien

,

5

.75

%

(

SOFR03M

+

175

bps

)

,

9/19/31

(b)

....

250

251

Industrials

(0.0%):(e)

Arcosa,

Inc.,

2025

Refinancing

Term

Loan,

First

Lien

,

5

.92

%

(

SOFR01M

+

200

bps

)

,

10/1/31

(b)

115

115

Janus

International

Group

LLC,

Term

Loan

B,

First

Lien

,

6

.32

%

(

SOFR03M

+

250

bps

)

,

8/5/30

(b)

.........................................................

44

44

Knife

River

Corp.,

Initial

Tranche

B

Term

Loans,

First

Lien

,

5

.74

%

(

SOFR03M

+

200

bps

)

,

3/8/32

(b)

.........................................................

199

199

SGH2

LLC,

Initial

Term

Loan,

First

Lien

,

8

.51

%

(

SOFR06M

+

450

bps

)

,

8/18/32

(b)

........

237

238

596

Information

Technology

(0.0%):(e)

Open

Text

Corp.,

Term

Loan

B,

First

Lien

,

5

.67

%

(

SOFR01M

+

175

bps

)

,

1/31/30

(b)

.......

279

279

Sandisk

Corp.,

Term

B

Loan,

First

Lien

,

6

.86

%

(

SOFR03M

+

300

bps

)

,

2/23/32

(b)

.........

179

180

UKG,

Inc.,

Initial

Term

Loans,

First

Lien

,

6

.34

%

(

SOFR03M

+

250

bps

)

,

2/10/31

(b)

........

33

33

492

Materials

(0.0%):(e)

Solstice

Advanced

Materials,

Inc.,

Term

Loan

B,

First

Lien

,

5

.59

%

(

SOFR03M

+

175

bps

)

,

10/29/32

(b)

.......................................................

500

502

Utilities

(0.0%):(e)

NRG

Energy,

Inc.,

2024

New

Term

Loans,

First

Lien

,

5

.59

%

(

SOFR03M

+

175

bps

)

,

4/16/31

(b)

316

316

Total

Senior

Secured

Loans

(Cost

$26,518)

a

a

a

26,679

Corporate

Bonds

(18.4%)

Communication

Services

(1.5%):

Alphabet,

Inc.

,

5

.45

%

,

11/15/55

,

Callable

5/15/55

@

100

..........................

597

587

AMC

Networks,

Inc.

,

10

.50

%

,

7/15/32

,

Callable

7/15/28

@

105.25

(a)

(h)

...............

221

244

AT&T,

Inc.

,

4

.50

%

,

5/15/35

,

Callable

11/15/34

@

100

............................

386

371

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

5

.85

%

,

12/1/35

,

Callable

9/1/35

@

100

...................................

360

359

4

.80

%

,

3/1/50

,

Callable

9/1/49

@

100

....................................

60

45

Clear

Channel

Outdoor

Holdings,

Inc.

7

.88

%

,

4/1/30

,

Callable

10/1/26

@

103.94

(a)

...............................

450

475

7

.50

%

,

3/15/33

,

Callable

9/15/28

@

103.75

(a)

..............................

250

265

DISH

Network

Corp.

,

11

.75

%

,

11/15/27

,

Callable

1/16/26

@

102.94

(a)

................

1,994

2,075

EchoStar

Corp.

10

.75

%

,

11/30/29

,

Callable

11/30/26

@

105.38

..............................

2,121

2,343

6

.75

%

,

11/30/30

,

Callable

11/30/26

@

102

(i)

...............................

3,181

3,259

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

63

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Lamar

Media

Corp.

3

.63

%

,

1/15/31

,

Callable

1/21/26

@

101.81

................................

$

200

$

188

5

.38

%

,

11/1/33

,

Callable

11/1/28

@

102.69

(a)

..............................

149

149

Meta

Platforms,

Inc.

,

5

.63

%

,

11/15/55

,

Callable

5/15/55

@

100

......................

1,201

1,155

Netflix,

Inc.

,

5

.40

%

,

8/15/54

,

Callable

2/15/54

@

100

.............................

1,040

1,009

Paramount

Global

,

4

.38

%

,

3/15/43

..........................................

2,909

2,031

ROBLOX

Corp.

,

3

.88

%

,

5/1/30

,

Callable

2/5/26

@

100.97

(a)

.......................

612

585

T-Mobile

US,

Inc.

4

.95

%

,

11/15/35

,

Callable

8/15/35

@

100

..................................

981

976

5

.70

%

,

1/15/56

,

Callable

7/15/55

@

100

..................................

589

576

Verizon

Communications,

Inc.

,

5

.88

%

,

11/30/55

,

Callable

5/30/55

@

100

...............

1,012

1,002

Versant

Media

Group,

Inc.

,

7

.25

%

,

1/30/31

,

Callable

1/30/28

@

103.63

(a)

..............

500

516

Warnermedia

Holdings,

Inc.

,

5

.05

%

,

3/15/42

,

Callable

9/15/41

@

100

.................

5,542

3,914

WMG

Acquisition

Corp.

,

3

.88

%

,

7/15/30

,

Callable

2/5/26

@

101.94

(a)

................

1,429

1,368

23,492

Consumer

Discretionary

(1.1%):

Advance

Auto

Parts,

Inc.

,

7

.38

%

,

8/1/33

,

Callable

8/1/28

@

103.69

(a)

(h)

...............

500

503

Asbury

Automotive

Group,

Inc.

,

5

.00

%

,

2/15/32

,

Callable

11/15/26

@

102.5

(a)

..........

500

486

AutoNation,

Inc.

,

5

.89

%

,

3/15/35

,

Callable

12/15/34

@

100

........................

100

104

Boyd

Gaming

Corp.

,

4

.75

%

,

6/15/31

,

Callable

6/15/26

@

102.38

(a)

(h)

.................

500

489

Boyne

USA,

Inc.

,

4

.75

%

,

5/15/29

,

Callable

2/5/26

@

101.19

(a)

......................

1,198

1,181

Caesars

Entertainment,

Inc.

6

.50

%

,

2/15/32

,

Callable

2/15/27

@

103.25

(a)

..............................

200

205

6

.00

%

,

10/15/32

,

Callable

10/15/27

@

103

(a)

(h)

............................

500

486

D.R.

Horton,

Inc.

,

5

.50

%

,

10/15/35

,

Callable

7/15/35

@

100

........................

345

359

Daimler

Truck

Finance

North

America

LLC

,

5

.38

%

,

6/25/34

,

Callable

3/25/34

@

100

(a)

....

907

926

ERAC

USA

Finance

LLC

,

4

.90

%

,

5/1/33

,

Callable

2/1/33

@

100

(a)

...................

788

799

Genuine

Parts

Co.

,

2

.75

%

,

2/1/32

,

Callable

11/1/31

@

100

.........................

944

835

Group

1

Automotive,

Inc.

,

6

.38

%

,

1/15/30

,

Callable

7/15/26

@

103.19

(a)

...............

500

514

Hilton

Domestic

Operating

Co.,

Inc.

,

4

.00

%

,

5/1/31

,

Callable

5/1/26

@

102

(a)

...........

500

478

Hyatt

Hotels

Corp.

5

.75

%

,

3/30/32

,

Callable

1/30/32

@

100

..................................

14

15

5

.50

%

,

6/30/34

,

Callable

3/30/34

@

100

..................................

99

102

5

.40

%

,

12/15/35

,

Callable

9/15/35

@

100

.................................

509

511

LKQ

Corp.

,

6

.25

%

,

6/15/33

,

Callable

3/15/33

@

100

.............................

73

78

Lowe's

Cos.,

Inc.

,

4

.85

%

,

10/15/35

,

Callable

7/15/35

@

100

........................

2,535

2,514

Marriott

International,

Inc.

5

.25

%

,

10/15/35

,

Callable

7/15/35

@

100

(h)

...............................

425

431

5

.50

%

,

4/15/37

,

Callable

1/15/37

@

100

..................................

179

183

Meritage

Homes

Corp.

,

5

.65

%

,

3/15/35

,

Callable

12/15/34

@

100

....................

592

605

MGM

Resorts

International

,

6

.13

%

,

9/15/29

,

Callable

9/15/26

@

103.06

...............

500

514

O'Reilly

Automotive,

Inc.

,

5

.00

%

,

8/19/34

,

Callable

5/19/34

@

100

...................

1,072

1,080

PetSmart

LLC/PetSmart

Finance

Corp.

,

7

.50

%

,

9/15/32

,

Callable

9/15/28

@

103.75

(a)

.....

288

293

PulteGroup,

Inc.

,

6

.00

%

,

2/15/35

............................................

671

721

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo,

Inc.

,

6

.63

%

,

3/1/30

,

Callable

2/5/26

@

103.31

(a)

......................................................

594

528

Six

Flags

Entertainment

Corp./Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Co.

,

6

.63

%

,

5/1/32

,

Callable

5/1/27

@

103.31

(a)

(h)

...................................

532

537

Toll

Brothers

Finance

Corp.

,

5

.60

%

,

6/15/35

,

Callable

3/15/35

@

100

(h)

...............

680

704

Tractor

Supply

Co.

,

1

.75

%

,

11/1/30

,

Callable

8/1/30

@

100

.........................

579

513

Vail

Resorts,

Inc.

,

6

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.25

(a)

.....................

250

260

16,954

Consumer

Staples

(1.4%):

7-Eleven,

Inc.

1

.80

%

,

2/10/31

,

Callable

11/10/30

@

100

(a)

................................

1,539

1,347

2

.80

%

,

2/10/51

,

Callable

8/2/50

@

100

(a)

.................................

150

91

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

6

.50

%

,

2/15/28

,

Callable

2/5/26

@

103.25

(a)

...............................

131

134

6

.25

%

,

3/15/33

,

Callable

3/15/28

@

103.13

(a)

..............................

710

730

5

.75

%

,

3/31/34

,

Callable

11/15/28

@

102.88

(a)

.............................

179

180

Bimbo

Bakeries

USA,

Inc.

,

5

.38

%

,

1/9/36

,

Callable

10/9/35

@

100

(a)

.................

1,188

1,206

Coca-Cola

Consolidated,

Inc.

,

5

.45

%

,

6/1/34

,

Callable

3/1/34

@

100

..................

783

819

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

64

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Constellation

Brands,

Inc.

,

4

.95

%

,

11/1/35

,

Callable

8/1/35

@

100

(h)

..................

$

978

$

968

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

6

.63

%

,

7/15/30

,

Callable

7/16/26

@

103.31

(a)

(h)

............................

1,571

1,612

5

.60

%

,

1/15/31

,

Callable

12/15/30

@

100

(a)

...............................

872

880

Dollar

Tree,

Inc.

,

2

.65

%

,

12/1/31

,

Callable

9/1/31

@

100

...........................

605

546

General

Mills,

Inc.

,

2

.25

%

,

10/14/31

,

Callable

7/14/31

@

100

.......................

675

599

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

5

.50

%

,

1/15/36

,

Callable

10/15/35

@

100

(a)

...............................

781

792

6

.25

%

,

3/1/56

,

Callable

9/1/55

@

100

(a)

..................................

541

539

Kellanova

,

4

.50

%

,

4/1/46

.................................................

311

274

Keurig

Dr.

Pepper,

Inc.

,

5

.15

%

,

5/15/35

,

Callable

2/15/35

@

100

.....................

1,882

1,888

Kraft

Heinz

Foods

Co.

,

6

.88

%

,

1/26/39

.......................................

2,176

2,432

Mars,

Inc.

,

5

.20

%

,

3/1/35

,

Callable

12/1/34

@

100

(a)

.............................

1,296

1,331

PepsiCo,

Inc.

,

5

.00

%

,

7/23/35

,

Callable

4/23/35

@

100

............................

354

362

Performance

Food

Group,

Inc.

4

.25

%

,

8/1/29

,

Callable

2/5/26

@

101.06

(a)

................................

250

245

6

.13

%

,

9/15/32

,

Callable

9/15/27

@

103.06

(a)

..............................

500

516

Post

Holdings,

Inc.

,

6

.38

%

,

3/1/33

,

Callable

9/1/27

@

103.19

(a)

.....................

200

202

Sodexo,

Inc.

,

5

.80

%

,

8/15/35

,

Callable

5/15/35

@

100

(a)

..........................

1,609

1,686

Sysco

Corp.

,

5

.40

%

,

3/23/35

,

Callable

12/23/34

@

100

............................

1,472

1,525

The

Hershey

Co.

,

5

.10

%

,

2/24/35

,

Callable

11/24/34

@

100

........................

531

546

The

J.M.

Smucker

Co.

,

6

.50

%

,

11/15/53

,

Callable

5/15/53

@

100

(h)

..................

612

662

The

Kroger

Co.

,

5

.50

%

,

9/15/54

,

Callable

3/15/54

@

100

..........................

572

547

22,659

Energy

(0.7%):

Boardwalk

Pipelines

LP

,

5

.38

%

,

2/15/36

,

Callable

11/15/35

@

100

...................

817

821

Cheniere

Energy

Partners

LP

,

5

.55

%

,

10/30/35

,

Callable

4/30/35

@

100

(a)

..............

107

110

CITGO

Petroleum

Corp.

,

8

.38

%

,

1/15/29

,

Callable

2/5/26

@

104.19

(a)

................

1,042

1,084

Coterra

Energy,

Inc.

,

5

.40

%

,

2/15/35

,

Callable

11/15/34

@

100

......................

279

283

Diamondback

Energy,

Inc.

5

.40

%

,

4/18/34

,

Callable

1/18/34

@

100

..................................

209

214

5

.75

%

,

4/18/54

,

Callable

10/18/53

@

100

.................................

423

400

DT

Midstream,

Inc.

,

5

.80

%

,

12/15/34

,

Callable

9/15/34

@

100

(a)

....................

796

827

Enterprise

Products

Operating

LLC

,

5

.20

%

,

1/15/36

,

Callable

10/15/35

@

100

...........

842

857

Evergy

Missouri

West

Storm

Funding

I

LLC

,

5

.10

%

,

12/1/38

.......................

198

203

Florida

Gas

Transmission

Co.

LLC

,

5

.75

%

,

7/15/35

,

Callable

4/15/35

@

100

(a)

..........

423

439

Harvest

Midstream

I

LP

,

7

.50

%

,

5/15/32

,

Callable

5/15/27

@

103.75

(a)

................

240

250

Helmerich

&

Payne,

Inc.

,

5

.50

%

,

12/1/34

,

Callable

9/1/34

@

100

(h)

..................

100

99

Murphy

Oil

USA,

Inc.

,

3

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88

(a)

.................

500

470

Occidental

Petroleum

Corp.

,

6

.45

%

,

9/15/36

...................................

3

3

ONEOK,

Inc.

5

.40

%

,

10/15/35

,

Callable

7/15/35

@

100

.................................

702

710

5

.15

%

,

10/15/43

,

Callable

4/15/43

@

100

.................................

203

185

Permian

Resources

Operating

LLC

,

6

.25

%

,

2/1/33

,

Callable

8/1/27

@

103.13

(a)

..........

200

205

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

,

5

.70

%

,

9/15/34

,

Callable

6/15/34

@

100

694

717

Sunoco

LP

,

7

.25

%

,

5/1/32

,

Callable

5/1/27

@

103.63

(a)

...........................

750

792

Venture

Global

Plaquemines

LNG

LLC

,

7

.75

%

,

5/1/35

,

Callable

12/1/34

@

100

(a)

........

1,045

1,144

Viper

Energy

Partners

LLC

,

5

.70

%

,

8/1/35

,

Callable

5/1/35

@

100

....................

1,147

1,167

10,980

Financials

(5.8%):

Acrisure

LLC/Acrisure

Finance,

Inc.

,

6

.75

%

,

7/1/32

,

Callable

7/1/28

@

103.38

(a)

.........

916

942

Affiliated

Managers

Group,

Inc.

,

5

.50

%

,

2/15/36

,

Callable

11/15/35

@

100

..............

1,561

1,562

American

Express

Co.

,

4

.80

%

(

SOFR

+

124

bps

)

,

10/24/36

,

Callable

10/24/35

@

100

(b)

.....

730

722

American

National

Global

Funding

,

5

.55

%

,

1/28/30

(a)

............................

168

173

Amrize

Finance

US

LLC

,

5

.40

%

,

4/7/35

,

Callable

1/7/35

@

100

.....................

935

964

Amynta

Agency

Borrower,

Inc.

and

Amynta

Warranty

Borrower,

Inc.

,

7

.50

%

,

7/15/33

,

Callable

7/15/28

@

103.75

(a)

................................................

500

508

Apollo

Global

Management,

Inc.

,

5

.15

%

,

8/12/35

,

Callable

5/12/35

@

100

..............

900

902

Arthur

J.

Gallagher

&

Co.

5

.45

%

,

7/15/34

,

Callable

4/15/34

@

100

..................................

605

627

5

.55

%

,

2/15/55

,

Callable

8/15/54

@

100

..................................

1,770

1,699

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

65

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Baldwin

Insurance

Group

Holdings

LLC/Baldwin

Insurance

Group

Holdings

Finance

,

7

.13

%

,

5/15/31

,

Callable

5/15/27

@

103.56

(a)

....................................

$

500

$

517

Bank

of

America

Corp.

,

2

.48

%

(

H15T5Y

+

120

bps

)

,

9/21/36

,

Callable

9/21/31

@

100

(b)

....

693

609

Blackstone

Reg

Finance

Co.

LLC

,

4

.95

%

,

2/15/36

,

Callable

11/15/35

@

100

............

795

791

Block,

Inc.

,

6

.00

%

,

8/15/33

,

Callable

8/15/28

@

103

(a)

............................

1,934

1,985

BMW

US

Capital

LLC

,

5

.20

%

,

8/11/35

,

Callable

5/11/35

@

100

(a)

...................

895

905

Boost

Newco

Borrower

LLC

,

7

.50

%

,

1/15/31

,

Callable

1/15/27

@

103.75

(a)

............

6,536

6,947

Brown

&

Brown,

Inc.

5

.65

%

,

6/11/34

,

Callable

3/11/34

@

100

..................................

350

361

5

.55

%

,

6/23/35

,

Callable

3/23/35

@

100

..................................

1,086

1,115

6

.25

%

,

6/23/55

,

Callable

12/12/54

@

100

.................................

335

349

Burford

Capital

Global

Finance

LLC

,

7

.50

%

,

7/15/33

,

Callable

7/15/28

@

103.75

(a)

.......

214

206

Citigroup,

Inc.

,

3

.88

%

(

H15T5Y

+

342

bps

)

,

Callable

2/18/26

@

100

(b)

(j)

...............

586

584

Clearinghouse

Community

Development

Financial

Institution

,

7

.00

%

,

10/15/30

,

Callable

9/15/30

@

100

(a)

...................................................

430

462

Diageo

Investment

Corp.

,

5

.63

%

,

4/15/35

,

Callable

1/15/35

@

100

...................

625

661

EZCORP,

Inc.

,

7

.38

%

,

4/1/32

,

Callable

4/1/28

@

103.69

(a)

.........................

500

532

Fiserv,

Inc.

5

.25

%

,

8/11/35

,

Callable

5/11/35

@

100

..................................

1,951

1,947

4

.40

%

,

7/1/49

,

Callable

1/1/49

@

100

....................................

902

708

Focus

Financial

Partners

LLC

,

6

.75

%

,

9/15/31

,

Callable

9/15/27

@

103.38

(a)

............

667

690

Ford

Motor

Credit

Co.

LLC

5

.11

%

,

5/3/29

,

Callable

2/3/29

@

100

....................................

21

21

6

.13

%

,

3/8/34

,

Callable

12/8/33

@

100

...................................

332

337

6

.50

%

,

2/7/35

,

Callable

11/7/34

@

100

...................................

777

805

5

.87

%

,

10/31/35

,

Callable

7/31/35

@

100

(h)

...............................

1,350

1,333

Getty

Images,

Inc.

,

10

.50

%

,

11/15/30

,

Callable

11/15/27

@

105.25

(a)

.................

500

504

Global

Atlantic

Fin

Co.

,

7

.95

%

,

6/15/33

,

Callable

3/15/33

@

100

(a)

...................

100

114

Global

Payments,

Inc.

5

.55

%

,

11/15/35

,

Callable

8/15/35

@

100

..................................

2,026

2,015

5

.95

%

,

8/15/52

,

Callable

2/15/52

@

100

..................................

277

265

Huntington

Bancshares,

Inc.

,

2

.49

%

(

H15T5Y

+

117

bps

)

,

8/15/36

,

Callable

8/15/31

@

100

(b)

.

500

434

Jane

Street

Group/JSG

Finance,

Inc.

,

6

.75

%

,

5/1/33

,

Callable

5/1/28

@

103.38

(a)

.........

2,709

2,827

Jefferies

Finance

LLC/JFIN

Co-Issuer

Corp.

,

6

.63

%

,

10/15/31

,

Callable

10/15/27

@

103.31

(a)

526

517

JPMorgan

Chase

&

Co.

5

.58

%

(

SOFR

+

164

bps

)

,

7/23/36

,

Callable

7/23/35

@

100

(b)

....................

1,805

1,871

4

.81

%

(

SOFR

+

119

bps

)

,

10/22/36

,

Callable

10/22/35

@

100

(b)

..................

953

948

KeyCorp

4

.79

%

(

SOFRINDX

+

206

bps

)

,

6/1/33

,

Callable

6/1/32

@

100

,

MTN

(b)

............

145

145

6

.40

%

(

SOFRINDX

+

242

bps

)

,

3/6/35

,

Callable

3/6/34

@

100

(b)

.................

298

324

KKR

&

Co.,

Inc.

,

5

.10

%

,

8/7/35

,

Callable

5/7/35

@

100

...........................

992

992

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

,

7

.00

%

,

7/15/31

,

Callable

7/15/27

@

103.5

(a)

...........................................

582

617

LPL

Holdings,

Inc.

,

5

.65

%

,

3/15/35

,

Callable

12/15/34

@

100

.......................

407

417

M&T

Bank

Corp.

,

5

.40

%

(

H15T5Y

+

143

bps

)

,

7/30/35

,

Callable

7/30/30

@

100

(b)

........

619

626

Marsh

&

McLennan

Cos.,

Inc.

,

5

.40

%

,

3/15/55

,

Callable

9/15/54

@

100

...............

556

535

MassMutual

Global

Funding

II

,

5

.05

%

,

8/26/35

(a)

...............................

2,784

2,801

MetLife,

Inc.

,

9

.25

%

,

4/8/38

,

Callable

4/8/33

@

100

(a)

............................

55

66

Metropolitan

Life

Global

Funding

I

,

2

.40

%

,

1/11/32

(a)

............................

650

578

Mobius

Merger

Sub,

Inc.

,

9

.00

%

,

6/1/30

,

Callable

6/1/26

@

104.5

(a)

..................

1,422

985

Morgan

Stanley

5

.32

%

(

SOFR

+

156

bps

)

,

7/19/35

,

Callable

7/19/34

@

100

(b)

....................

200

206

2

.48

%

(

SOFR

+

136

bps

)

,

9/16/36

,

Callable

9/16/31

@

100

(b)

....................

654

575

4

.89

%

(

SOFR

+

131

bps

)

,

10/22/36

,

Callable

10/22/35

@

100

(b)

..................

1,391

1,382

Morgan

Stanley

Private

Bank

NA

,

4

.73

%

(

SOFR

+

108

bps

)

,

7/18/31

,

Callable

7/18/30

@

100

(b)

651

660

MSCI,

Inc.

,

5

.25

%

,

9/1/35

,

Callable

6/1/35

@

100

...............................

541

544

MSD

Investment

Corp.

,

6

.13

%

,

2/5/31

,

Callable

1/5/31

@

100

(a)

....................

2,026

2,014

New

York

Life

Global

Funding

1

.85

%

,

8/1/31

(a)

...................................................

1,325

1,163

5

.35

%

,

1/23/35

(a)

..................................................

1,713

1,786

Northern

Trust

Corp.

,

5

.12

%

(

H15T5Y

+

105

bps

)

,

11/19/40

,

Callable

11/19/35

@

100

(b)

....

1,430

1,433

Osaic

Holdings,

Inc.

,

8

.00

%

,

8/1/33

,

Callable

8/1/28

@

104

(a)

.......................

500

518

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

,

6

.20

%

,

6/15/30

,

Callable

4/15/30

@

100

(a)

507

541

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

66

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Pinnacle

Financial

Partners,

Inc.

,

7

.54

%

(

USISOA05

+

338

bps

)

,

2/7/29

(b)

...............

$

958

$

1,012

PPL

Capital

Funding,

Inc.

,

5

.25

%

,

9/1/34

,

Callable

6/1/34

@

100

.....................

124

127

Raymond

James

Financial,

Inc.

,

4

.90

%

,

9/11/35

,

Callable

6/11/35

@

100

...............

973

969

Rocket

Cos.,

Inc.

,

6

.38

%

,

8/1/33

,

Callable

8/1/28

@

103.19

(a)

.......................

93

97

Ryan

Specialty

LLC

,

5

.88

%

,

8/1/32

,

Callable

8/1/27

@

102.94

(a)

....................

2,930

2,996

Santander

Holdings

USA,

Inc.

,

6

.34

%

(

SOFR

+

214

bps

)

,

5/31/35

,

Callable

5/31/34

@

100

(b)

(h)

455

488

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.

,

6

.75

%

,

8/15/32

,

Callable

8/15/27

@

103.38

(a)

.........................................................

500

516

State

Street

Corp.

4

.16

%

(

SOFR

+

173

bps

)

,

8/4/33

,

Callable

8/4/32

@

100

(b)

......................

750

735

6

.12

%

(

SOFR

+

196

bps

)

,

11/21/34

,

Callable

11/21/33

@

100

(b)

..................

579

626

Stonebriar

ABF

Issuer

LLC

,

8

.13

%

,

12/15/30

,

Callable

12/15/27

@

104.06

(a)

............

230

237

Stonepeak

Nile

Parent

LLC

,

7

.25

%

,

3/15/32

,

Callable

3/15/28

@

103.63

(a)

.............

652

690

Swepco

Storm

Recovery

Funding

LLC

,

4

.88

%

,

9/1/39

............................

478

482

Texas

Capital

Bancshares,

Inc.

,

4

.00

%

(

H15T5Y

+

315

bps

)

,

5/6/31

,

Callable

5/6/26

@

100

(b)

.

500

493

The

Bank

of

New

York

Mellon

Corp.

5

.19

%

(

SOFR

+

142

bps

)

,

3/14/35

,

Callable

3/14/34

@

100

(b)

....................

2,014

2,079

5

.61

%

(

SOFR

+

177

bps

)

,

7/21/39

,

Callable

7/21/34

@

100

(b)

....................

960

1,008

The

Carlyle

Group,

Inc.

,

5

.05

%

,

9/19/35

,

Callable

6/19/35

@

100

....................

1,358

1,340

The

Charles

Schwab

Corp.

4

.00

%

(

H15T5Y

+

317

bps

)

,

Callable

6/1/26

@

100

(b)

(j)

........................

583

579

5

.85

%

(

SOFR

+

250

bps

)

,

5/19/34

,

Callable

5/19/33

@

100

(b)

....................

352

377

4

.91

%

(

SOFR

+

123

bps

)

,

11/14/36

,

Callable

11/14/35

@

100

(b)

..................

715

712

The

Goldman

Sachs

Group,

Inc.

,

5

.85

%

(

SOFR

+

155

bps

)

,

4/25/35

,

Callable

4/25/34

@

100

(b)

901

958

The

Northwestern

Mutual

Life

Insurance

Co.

,

6

.17

%

,

5/29/55

,

Callable

11/29/54

@

100

(a)

..

979

1,043

The

PNC

Financial

Services

Group,

Inc.

5

.68

%

(

SOFR

+

190

bps

)

,

1/22/35

,

Callable

1/22/34

@

100

(b)

....................

1,383

1,458

5

.58

%

(

SOFR

+

139

bps

)

,

1/29/36

,

Callable

1/29/35

@

100

(b)

....................

365

381

5

.37

%

(

SOFR

+

142

bps

)

,

7/21/36

,

Callable

7/21/35

@

100

(b)

....................

1,132

1,166

Toyota

Motor

Credit

Corp.

,

5

.35

%

,

1/9/35

.....................................

642

672

TPG

Operating

Group

II

LP

,

5

.38

%

,

1/15/36

,

Callable

10/15/35

@

100

.................

1,365

1,362

Truist

Financial

Corp.

5

.10

%

(

H15T10Y

+

435

bps

)

,

Callable

3/1/30

@

100

(b)

(j)

.......................

8

8

4

.96

%

(

SOFR

+

140

bps

)

,

10/23/36

,

Callable

10/23/35

@

100

,

MTN

(b)

.............

696

689

U.S.

Bancorp

,

4

.97

%

(

SOFR

+

211

bps

)

,

7/22/33

,

Callable

7/22/32

@

100

(b)

.............

543

548

Veritex

Holdings,

Inc.

,

7

.88

%

(

TSFR3M

+

400

bps

)

,

10/15/30

,

Callable

1/15/26

@

100

(b)

....

674

674

Voyager

Parent

LLC

,

9

.25

%

,

7/1/32

,

Callable

7/1/28

@

104.63

(a)

....................

1,923

2,040

Wells

Fargo

&

Co.

,

3

.90

%

(

H15T5Y

+

345

bps

)

,

Callable

3/15/26

@

100

(b)

(j)

............

4,473

4,458

Willis

North

America,

Inc.

5

.35

%

,

5/15/33

,

Callable

2/15/33

@

100

..................................

719

742

5

.15

%

,

3/15/36

,

Callable

12/15/35

@

100

.................................

990

991

5

.90

%

,

3/5/54

,

Callable

9/5/53

@

100

....................................

676

676

91,796

Health

Care

(1.4%):

180

Medical,

Inc.

,

5

.30

%

,

10/8/35

,

Callable

7/8/35

@

100

(a)

........................

450

449

Agilent

Technologies,

Inc.

,

4

.75

%

,

9/9/34

,

Callable

6/9/34

@

100

....................

399

398

Alcon

Finance

Corp.

,

5

.75

%

,

12/6/52

,

Callable

6/6/52

@

100

(a)

.....................

501

507

Baxter

International,

Inc.

,

5

.65

%

,

12/15/35

,

Callable

9/15/35

@

100

...................

629

638

Centene

Corp.

4

.63

%

,

12/15/29

,

Callable

2/5/26

@

101.54

................................

2,505

2,429

2

.50

%

,

3/1/31

,

Callable

12/1/30

@

100

...................................

651

562

CVS

Health

Corp.

,

6

.75

%

(

H15T5Y

+

252

bps

)

,

12/10/54

,

Callable

9/10/34

@

100

(b)

.......

65

68

DENTSPLY

SIRONA,

Inc.

3

.25

%

,

6/1/30

,

Callable

3/1/30

@

100

(h)

..................................

1,579

1,459

8

.38

%

(

H15T5Y

+

438

bps

)

,

9/12/55

,

Callable

6/12/30

@

100

(b)

..................

4,524

4,239

GE

HealthCare

Technologies,

Inc.

,

4

.95

%

,

12/15/35

,

Callable

9/15/35

@

100

............

1,040

1,039

HCA,

Inc.

5

.60

%

,

4/1/34

,

Callable

1/1/34

@

100

....................................

2

2

5

.70

%

,

11/15/55

,

Callable

5/15/55

@

100

..................................

1,297

1,238

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

5

.88

%

,

6/15/54

,

Callable

12/15/53

@

100

(a)

...........................................................

455

438

Orlando

Health

Obligated

Group

,

5

.48

%

,

10/1/35

,

Callable

4/1/35

@

100

...............

1,685

1,757

Prestige

Brands,

Inc.

,

3

.75

%

,

4/1/31

,

Callable

4/1/26

@

101.88

(a)

....................

250

233

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

67

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Solventum

Corp.

,

5

.60

%

,

3/23/34

,

Callable

12/23/33

@

100

........................

$

414

$

432

Takeda

US

Financing,

Inc.

,

5

.20

%

,

7/7/35

,

Callable

4/7/35

@

100

....................

1,024

1,043

Tenet

Healthcare

Corp.

,

5

.13

%

,

11/1/27

,

Callable

1/21/26

@

100

.....................

500

500

The

Cigna

Group

,

5

.25

%

,

1/15/36

,

Callable

10/15/35

@

100

........................

495

504

Thermo

Fisher

Scientific,

Inc.

,

4

.89

%

,

10/7/37

,

Callable

7/7/37

@

100

.................

878

873

UnitedHealth

Group,

Inc.

,

5

.63

%

,

7/15/54

,

Callable

1/15/54

@

100

...................

894

880

Universal

Health

Services,

Inc.

,

5

.05

%

,

10/15/34

,

Callable

7/15/34

@

100

..............

482

473

VSP

Optical

Group,

Inc.

,

5

.45

%

,

12/1/35

,

Callable

9/1/35

@

100

(a)

...................

1,232

1,241

Zimmer

Biomet

Holdings,

Inc.

,

5

.20

%

,

9/15/34

,

Callable

6/15/34

@

100

...............

760

775

Zoetis,

Inc.

,

5

.00

%

,

8/17/35

,

Callable

5/17/35

@

100

.............................

835

844

23,021

Industrials

(2.2%):

Acuity

Brands

Lighting,

Inc.

,

2

.15

%

,

12/15/30

,

Callable

9/15/30

@

100

................

10

9

Air

Lease

Corp.

,

4

.65

%

(

H15T5Y

+

408

bps

)

,

Callable

6/15/26

@

100

(b)

(j)

..............

34

34

American

Airlines

Pass

Through

Trust

,

5

.65

%

,

11/11/34

...........................

429

432

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

4

.00

%

,

1/15/28

,

Callable

2/5/26

@

100

(a)

695

690

Aon

North

America,

Inc.

,

5

.75

%

,

3/1/54

,

Callable

9/1/53

@

100

.....................

267

266

Arcosa,

Inc.

,

6

.88

%

,

8/15/32

,

Callable

8/15/27

@

103.44

(a)

.........................

500

527

Axon

Enterprise,

Inc.

,

6

.25

%

,

3/15/33

,

Callable

3/15/28

@

103.13

(a)

..................

500

520

BlueLinx

Holdings,

Inc.

,

6

.00

%

,

11/15/29

,

Callable

2/5/26

@

101.5

(a)

.................

867

850

Carlisle

Cos.,

Inc.

,

5

.55

%

,

9/15/40

,

Callable

6/15/40

@

100

.........................

490

496

CRH

America

Finance,

Inc.

5

.50

%

,

1/9/35

,

Callable

10/9/34

@

100

...................................

577

601

5

.00

%

,

2/9/36

,

Callable

11/9/35

@

100

...................................

1,168

1,173

5

.88

%

,

1/9/55

,

Callable

7/9/54

@

100

....................................

405

415

Delta

Air

Lines

Pass

Through

Trust

,

2

.50

%

,

6/10/28

..............................

80

78

Delta

Air

Lines,

Inc.

3

.75

%

,

10/28/29

,

Callable

7/28/29

@

100

.................................

201

196

5

.25

%

,

7/10/30

,

Callable

6/10/30

@

100

..................................

339

348

EMRLD

Borrower

LP/Emerald

Co-Issuer,

Inc.

,

6

.75

%

,

7/15/31

,

Callable

7/15/27

@

103.38

(a)

488

514

Esab

Corp.

,

6

.25

%

,

4/15/29

,

Callable

4/15/26

@

103.13

(a)

.........................

534

550

Extra

Space

Storage

LP

,

5

.35

%

,

1/15/35

,

Callable

10/15/34

@

100

....................

1,159

1,186

GATX

Corp.

,

5

.50

%

,

6/15/35

,

Callable

3/15/35

@

100

............................

700

718

Genesee

&

Wyoming,

Inc.

,

6

.25

%

,

4/15/32

,

Callable

4/15/27

@

103.13

(a)

..............

944

975

GXO

Logistics,

Inc.

,

6

.50

%

,

5/6/34

,

Callable

2/6/34

@

100

.........................

234

253

HEICO

Corp.

,

5

.35

%

,

8/1/33

,

Callable

5/1/33

@

100

.............................

1,145

1,187

Herc

Holdings,

Inc.

,

7

.25

%

,

6/15/33

,

Callable

6/15/28

@

103.63

(a)

(h)

.................

250

265

Hubbell,

Inc.

,

4

.80

%

,

11/15/35

,

Callable

8/15/35

@

100

...........................

301

299

JetBlue

Pass

Through

Trust

,

2

.75

%

,

5/15/32

....................................

151

135

JH

North

America

Holdings,

Inc.

,

6

.13

%

,

7/31/32

,

Callable

7/31/28

@

103.06

(a)

.........

3,645

3,740

Lockheed

Martin

Corp.

,

5

.00

%

,

8/15/35

,

Callable

5/15/35

@

100

.....................

947

965

MasTec,

Inc.

,

5

.90

%

,

6/15/29

,

Callable

5/15/29

@

100

............................

132

138

Masterbrand,

Inc.

,

7

.00

%

,

7/15/32

,

Callable

7/15/27

@

103.5

(a)

.....................

500

519

Northwestern

Mutual

Global

Funding

,

4

.96

%

,

1/13/30

(a)

..........................

157

161

Otis

Worldwide

Corp.

,

5

.13

%

,

9/4/35

,

Callable

6/4/35

@

100

.......................

859

875

Paychex,

Inc.

,

5

.60

%

,

4/15/35

,

Callable

1/15/35

@

100

............................

1,005

1,052

Regal

Rexnord

Corp.

,

6

.40

%

,

4/15/33

,

Callable

1/15/33

@

100

......................

49

53

Resideo

Funding,

Inc.

,

6

.50

%

,

7/15/32

,

Callable

7/15/27

@

103.25

(a)

.................

787

807

Roller

Bearing

Co.

of

America,

Inc.

,

4

.38

%

,

10/15/29

,

Callable

2/5/26

@

101.09

(a)

.......

424

418

Southwest

Airlines

Co.

,

5

.25

%

,

11/15/35

,

Callable

8/15/35

@

100

....................

2,884

2,822

Textron,

Inc.

,

4

.95

%

,

3/15/36

,

Callable

12/15/35

@

100

...........................

701

696

The

Boeing

Co.

6

.88

%

,

3/15/39

....................................................

3,582

4,037

5

.81

%

,

5/1/50

,

Callable

11/1/49

@

100

...................................

598

590

6

.86

%

,

5/1/54

,

Callable

11/1/53

@

100

...................................

527

593

The

Timken

Co.

,

4

.13

%

,

4/1/32

,

Callable

1/1/32

@

100

............................

1,126

1,082

United

Airlines

Pass

Through

Trust

4

.00

%

,

4/11/26

.....................................................

428

427

5

.88

%

,

2/15/37

....................................................

128

131

United

Airlines,

Inc.

,

4

.63

%

,

4/15/29

,

Callable

10/15/28

@

100

(a)

....................

130

129

Weir

Group,

Inc.

,

5

.35

%

,

5/6/30

,

Callable

4/6/30

@

100

(a)

.........................

1,311

1,347

Windsor

Holdings

III

LLC

,

8

.50

%

,

6/15/30

,

Callable

6/15/26

@

104.25

(a)

..............

500

529

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

68

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

XPO,

Inc.

,

6

.25

%

,

6/1/28

,

Callable

1/16/26

@

103.13

(a)

...........................

$

840

$

856

34,684

Information

Technology

(1.1%):

Atlassian

Corp.

,

5

.50

%

,

5/15/34

,

Callable

2/15/34

@

100

..........................

1,227

1,270

Cadence

Design

Systems,

Inc.

,

4

.70

%

,

9/10/34

,

Callable

6/10/34

@

100

................

981

981

Cloud

Software

Group,

Inc.

,

6

.50

%

,

3/31/29

,

Callable

1/16/26

@

103.25

(a)

.............

500

507

Dell

International

LLC/EMC

Corp.

,

5

.10

%

,

2/15/36

,

Callable

11/15/35

@

100

...........

920

908

Fair

Isaac

Corp.

,

6

.00

%

,

5/15/33

,

Callable

5/15/28

@

103

(a)

........................

1,396

1,431

Foundry

JV

Holdco

LLC

6

.40

%

,

1/25/38

,

Callable

10/25/37

@

100

(a)

...............................

846

902

6

.30

%

,

1/25/39

,

Callable

10/25/38

@

100

(a)

...............................

694

734

Keysight

Technologies,

Inc.

,

4

.95

%

,

10/15/34

,

Callable

7/15/34

@

100

................

1,020

1,028

Micron

Technology,

Inc.

,

6

.05

%

,

11/1/35

,

Callable

8/2/35

@

100

.....................

355

379

Oracle

Corp.

5

.20

%

,

9/26/35

,

Callable

6/26/35

@

100

..................................

2,410

2,313

3

.85

%

,

7/15/36

,

Callable

1/15/36

@

100

..................................

601

502

5

.95

%

,

9/26/55

,

Callable

3/26/55

@

100

(h)

................................

1,526

1,355

Qnity

Electronics,

Inc.

5

.75

%

,

8/15/32

,

Callable

8/15/28

@

102.88

(a)

..............................

670

686

6

.25

%

,

8/15/33

,

Callable

8/15/28

@

103.13

(a)

..............................

500

519

Roper

Technologies,

Inc.

,

5

.10

%

,

9/15/35

,

Callable

6/15/35

@

100

...................

1,080

1,088

South

Bow

USA

Infrastructure

Holdings

LLC

,

5

.58

%

,

10/1/34

,

Callable

7/1/34

@

100

.....

81

82

Synopsys,

Inc.

,

5

.15

%

,

4/1/35

,

Callable

1/1/35

@

100

.............................

588

597

TD

SYNNEX

Corp.

,

5

.30

%

,

10/10/35

,

Callable

7/10/35

@

100

......................

686

680

Trimble,

Inc.

,

6

.10

%

,

3/15/33

,

Callable

12/15/32

@

100

...........................

455

490

UKG,

Inc.

,

6

.88

%

,

2/1/31

,

Callable

2/1/27

@

103.44

(a)

............................

250

258

VMware

LLC

,

2

.20

%

,

8/15/31

,

Callable

5/15/31

@

100

...........................

550

489

17,199

Materials

(1.4%):

Amcor

Flexibles

North

America,

Inc.

,

5

.50

%

,

3/17/35

,

Callable

12/17/34

@

100

(h)

........

1,278

1,321

AmeriTex

HoldCo

Intermediate

LLC

,

7

.63

%

,

8/15/33

,

Callable

8/15/28

@

103.81

(a)

......

500

526

AptarGroup,

Inc.

,

3

.60

%

,

3/15/32

,

Callable

12/15/31

@

100

........................

657

614

Eagle

Materials,

Inc.

,

5

.00

%

,

3/15/36

,

Callable

12/15/35

@

100

......................

1,305

1,278

Ecolab,

Inc.

,

5

.00

%

,

9/1/35

,

Callable

6/1/35

@

100

...............................

667

680

Huntsman

International

LLC

4

.50

%

,

5/1/29

,

Callable

2/1/29

@

100

....................................

798

763

2

.95

%

,

6/15/31

,

Callable

3/15/31

@

100

..................................

799

674

LYB

International

Finance

III

LLC

,

3

.38

%

,

10/1/40

,

Callable

4/1/40

@

100

.............

3,872

2,812

Martin

Marietta

Materials,

Inc.

5

.15

%

,

12/1/34

,

Callable

9/1/34

@

100

...................................

363

370

5

.50

%

,

12/1/54

,

Callable

6/1/54

@

100

...................................

783

757

Olin

Corp.

5

.00

%

,

2/1/30

,

Callable

2/5/26

@

100.63

(h)

................................

375

369

6

.63

%

,

4/1/33

,

Callable

4/1/28

@

103.31

(a)

................................

1,200

1,192

Packaging

Corp.

of

America

,

5

.20

%

,

8/15/35

,

Callable

5/15/35

@

100

.................

488

496

Panther

Escrow

Issuer

LLC

,

7

.13

%

,

6/1/31

,

Callable

6/1/27

@

103.56

(a)

...............

565

586

Reliance,

Inc.

,

6

.85

%

,

11/15/36

.............................................

215

243

Sonoco

Products

Co.

,

5

.00

%

,

9/1/34

,

Callable

6/1/34

@

100

(h)

......................

1,095

1,085

Syensqo

Finance

America

LLC

,

5

.85

%

,

6/4/34

,

Callable

3/4/34

@

100

(a)

...............

945

986

The

Dow

Chemical

Co.

5

.65

%

,

3/15/36

,

Callable

12/15/35

@

100

(h)

...............................

3,286

3,274

6

.90

%

,

5/15/53

,

Callable

11/15/52

@

100

..................................

552

567

The

Sherwin-Williams

Co.

,

5

.15

%

,

8/15/35

,

Callable

5/15/35

@

100

..................

1,063

1,082

Vulcan

Materials

Co.

5

.35

%

,

12/1/34

,

Callable

9/1/34

@

100

...................................

410

425

5

.70

%

,

12/1/54

,

Callable

6/1/54

@

100

...................................

490

489

Westlake

Corp.

,

5

.55

%

,

11/15/35

,

Callable

8/15/35

@

100

(h)

........................

1,148

1,151

21,740

Real

Estate

(0.6%):

Alexandria

Real

Estate

Equities,

Inc.

,

5

.50

%

,

10/1/35

,

Callable

7/1/35

@

100

............

1,201

1,221

American

Assets

Trust

LP

,

6

.15

%

,

10/1/34

,

Callable

7/1/34

@

100

....................

131

133

American

Tower

Trust

#1

,

5

.49

%

,

3/15/28

,

Callable

3/15/27

@

100

(a)

.................

260

264

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

69

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Boston

Properties

LP

,

2

.45

%

,

10/1/33

,

Callable

7/1/33

@

100

.......................

$

841

$

697

CBRE

Services,

Inc.

,

5

.50

%

,

6/15/35

,

Callable

3/15/35

@

100

.......................

241

249

CoStar

Group,

Inc.

,

2

.80

%

,

7/15/30

,

Callable

4/15/30

@

100

(a)

......................

113

104

EPR

Properties

,

3

.60

%

,

11/15/31

,

Callable

8/15/31

@

100

..........................

100

93

Healthpeak

OP

LLC

,

5

.38

%

,

2/15/35

,

Callable

11/15/34

@

100

......................

584

597

Kilroy

Realty

LP

,

6

.25

%

,

1/15/36

,

Callable

10/15/35

@

100

........................

387

401

Public

Storage

Operating

Co.

,

5

.00

%

,

7/1/35

,

Callable

4/1/35

@

100

..................

1,234

1,252

Regency

Centers

LP

,

5

.10

%

,

1/15/35

,

Callable

10/15/34

@

100

......................

1,564

1,584

RHP

Hotel

Properties

LP/RHP

Finance

Corp.

,

6

.50

%

,

4/1/32

,

Callable

4/1/27

@

103.25

(a)

..

100

104

SBA

Tower

Trust

6

.60

%

,

1/15/28

,

Callable

1/15/27

@

100

(a)

................................

211

216

4

.83

%

,

10/15/29

,

Callable

10/15/27

@

100

(a)

...............................

688

692

2

.59

%

,

10/15/31

(a)

..................................................

500

451

The

NHP

Foundation

,

6

.00

%

,

12/1/33

,

Callable

6/1/33

@

100

.......................

179

193

VICI

Properties

LP

,

5

.63

%

,

4/1/35

,

Callable

1/1/35

@

100

..........................

1,128

1,152

9,403

Utilities

(1.2%):

Black

Hills

Corp.

,

6

.00

%

,

1/15/35

,

Callable

10/15/34

@

100

........................

311

332

Calpine

Corp.

5

.13

%

,

3/15/28

,

Callable

2/5/26

@

100.85

(a)

...............................

870

870

5

.00

%

,

2/1/31

,

Callable

2/5/26

@

102.5

(a)

.................................

5,421

5,501

CenterPoint

Energy

Houston

Electric

LLC

,

5

.05

%

,

3/1/35

,

Callable

12/1/34

@

100

........

1,300

1,315

Cleco

Power

LLC

,

5

.30

%

,

1/15/36

,

Callable

10/15/35

@

100

(a)

......................

920

926

CMS

Energy

Corp.

,

4

.75

%

(

H15T5Y

+

412

bps

)

,

6/1/50

,

Callable

3/1/30

@

100

(b)

.........

27

27

DTE

Energy

Co.

,

5

.85

%

,

6/1/34

,

Callable

3/1/34

@

100

...........................

878

936

Duke

Energy

Carolinas

Storm

Funding

LLC

,

4

.90

%

,

3/1/46

........................

388

388

Duke

Energy

Corp.

5

.45

%

,

6/15/34

,

Callable

3/15/34

@

100

..................................

460

479

4

.95

%

,

9/15/35

,

Callable

6/15/35

@

100

..................................

1,089

1,081

Duke

Energy

Progress

SC

Storm

Funding

LLC

,

5

.40

%

,

3/1/44

.......................

168

173

Duquesne

Light

Holdings,

Inc.

,

2

.78

%

,

1/7/32

,

Callable

10/7/31

@

100

(a)

..............

900

801

Entergy

Louisiana

LLC

,

5

.15

%

,

9/15/34

,

Callable

6/15/34

@

100

....................

475

486

Essex

Portfolio

LP

,

5

.50

%

,

4/1/34

,

Callable

1/1/34

@

100

..........................

1,183

1,225

Gulfstream

Natural

Gas

System

LLC

,

5

.60

%

,

7/23/35

,

Callable

4/23/35

@

100

(a)

.........

727

745

Interstate

Power

and

Light

Co.

,

5

.60

%

,

6/29/35

,

Callable

3/29/35

@

100

...............

474

493

Oncor

Electric

Delivery

Co.

LLC

,

5

.35

%

,

4/1/35

,

Callable

1/1/35

@

100

(a)

.............

1,372

1,415

Public

Service

Co.

of

Oklahoma

,

5

.45

%

,

1/15/36

,

Callable

10/15/35

@

100

.............

1,266

1,299

The

Southern

Co.

,

4

.00

%

(

H15T5Y

+

373

bps

)

,

1/15/51

,

Callable

1/15/26

@

100

(b)

........

182

182

18,674

Total

Corporate

Bonds

(Cost

$288,140)

a

a

a

290,602

Yankee

Dollars

(3.7%)

Communication

Services

(0.3%):

Altice

France

SA

,

9

.50

%

,

11/1/29

,

Callable

10/1/26

@

101

(a)

.......................

100

103

Flutter

Treasury

DAC

,

5

.88

%

,

6/4/31

,

Callable

4/15/27

@

102.94

(a)

..................

1,715

1,739

Rogers

Communications,

Inc.

,

3

.80

%

,

3/15/32

,

Callable

12/15/31

@

100

...............

873

823

TELUS

Corp.

,

6

.38

%

(

H15T5Y

+

269

bps

)

,

6/9/56

,

Callable

3/9/31

@

100

(b)

.............

762

764

Zegona

Finance

PLC

,

8

.63

%

,

7/15/29

,

Callable

7/15/26

@

104.31

(a)

..................

368

389

3,818

Consumer

Discretionary

(0.9%):

Brightstar

Lottery

PLC

,

5

.25

%

,

1/15/29

,

Callable

2/5/26

@

100

(a)

....................

2,484

2,478

Brightstar

Lottery

PLC/Brightstar

Global

Solutions

Corp.

,

5

.75

%

,

1/15/33

,

Callable

12/15/28

@

102.88

(a)

......................................................

1,555

1,544

Carnival

Corp.

7

.00

%

,

8/15/29

,

Callable

8/15/26

@

103.5

(a)

...............................

622

652

6

.13

%

,

2/15/33

,

Callable

2/15/28

@

103.06

(a)

..............................

1,147

1,184

Flutter

Treasury

DAC

,

6

.38

%

,

4/29/29

,

Callable

4/15/26

@

103.19

(a)

.................

1,238

1,277

Gildan

Activewear,

Inc.

,

5

.40

%

,

10/7/35

,

Callable

7/7/35

@

100

(a)

...................

541

539

NCL

Corp.

Ltd.

,

6

.75

%

,

2/1/32

,

Callable

2/1/28

@

103.38

(a)

........................

2,992

3,065

Royal

Caribbean

Cruises

Ltd.

6

.25

%

,

3/15/32

,

Callable

3/15/27

@

103.13

(a)

..............................

2,810

2,910

6

.00

%

,

2/1/33

,

Callable

8/1/27

@

103

(a)

..................................

197

202

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

70

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5

.63

%

,

2/15/29

,

Callable

2/5/26

@

101.41

(a)

........

$

500

$

501

14,352

Consumer

Staples

(0.2%):

Alimentation

Couche-Tard,

Inc.

,

5

.08

%

,

9/29/35

,

Callable

6/29/35

@

100

(a)

.............

1,271

1,278

Bacardi

Ltd./Bacardi-Martini

BV

,

5

.40

%

,

6/15/33

,

Callable

3/15/33

@

100

(a)

............

54

55

Bacardi-Martini

BV

,

6

.00

%

,

2/1/35

,

Callable

11/1/34

@

100

(a)

......................

559

581

Becle

SAB

de

CV

,

2

.50

%

,

10/14/31

,

Callable

7/14/31

@

100

(a)

......................

1,794

1,556

3,470

Energy

(0.1%):

Aker

BP

ASA

,

5

.13

%

,

10/1/34

,

Callable

7/1/34

@

100

(a)

..........................

523

512

Breakwater

Energy

Holdings

SARL

,

9

.25

%

,

11/15/30

,

Callable

11/15/27

@

104.63

(a)

......

776

804

Enbridge,

Inc.

,

5

.63

%

,

4/5/34

,

Callable

1/5/34

@

100

.............................

100

104

Harbour

Energy

PLC

,

6

.33

%

,

4/1/35

,

Callable

1/1/35

@

100

(a)

......................

11

11

Var

Energi

ASA

,

6

.50

%

,

5/22/35

,

Callable

2/22/35

@

100

(a)

........................

442

467

1,898

Financials

(1.6%):

Allianz

SE

,

6

.35

%

(

H15T5Y

+

323

bps

)

,

9/6/53

,

Callable

3/6/33

@

100

(a)

(b)

.............

300

322

AS

Mileage

Plan

IP

Ltd.

,

5

.31

%

,

10/20/31

,

Callable

8/20/31

@

100

(a)

(h)

...............

886

894

Ascot

Group

Ltd.

,

6

.35

%

(

H15T5Y

+

238

bps

)

,

6/15/35

,

Callable

3/15/30

@

100

(a)

(b)

.......

613

637

Aspen

Insurance

Holdings

Ltd.

,

5

.75

%

,

7/1/30

,

Callable

6/1/30

@

100

.................

244

254

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

5

.62

%

,

12/10/29

,

Callable

11/10/29

@

100

(a)

....................................

167

173

Banco

Santander

SA

,

6

.92

%

,

8/8/33

.........................................

400

443

Bank

of

Montreal

,

3

.09

%

(

H15T5Y

+

140

bps

)

,

1/10/37

,

Callable

1/10/32

@

100

(b)

........

1,247

1,122

Barclays

PLC

,

3

.56

%

(

H15T5Y

+

290

bps

)

,

9/23/35

,

Callable

9/23/30

@

100

(b)

...........

750

708

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

7

.63

%

(

H15T5Y

+

338

bps

)

,

2/11/35

,

Callable

2/11/30

@

100

(a)

(b)

................

294

309

8

.45

%

(

H15T5Y

+

466

bps

)

,

6/29/38

,

Callable

6/29/33

@

100

(a)

(b)

................

116

128

8

.13

%

(

H15T5Y

+

421

bps

)

,

1/8/39

,

Callable

1/8/34

@

100

(a)

(b)

..................

288

311

BNP

Paribas

SA

,

5

.74

%

(

SOFR

+

188

bps

)

,

2/20/35

,

Callable

2/20/34

@

100

(a)

(b)

(h)

.......

520

546

BPCE

SA

,

6

.29

%

(

SOFR

+

204

bps

)

,

1/14/36

,

Callable

1/14/35

@

100

(a)

(b)

..............

205

219

Brookfield

Asset

Management

Ltd.

5

.30

%

,

1/15/36

,

Callable

10/15/35

@

100

.................................

2,047

2,044

6

.08

%

,

9/15/55

,

Callable

3/15/55

@

100

..................................

866

889

Credit

Agricole

SA

,

6

.25

%

(

SOFR

+

267

bps

)

,

1/10/35

,

Callable

1/10/34

@

100

(a)

(b)

.......

300

319

Deutsche

Bank

AG

,

5

.40

%

(

SOFR

+

205

bps

)

,

9/11/35

,

Callable

9/11/34

@

100

(b)

.........

35

36

Fidelis

Insurance

Holdings

Ltd.

,

7

.75

%

(

H15T5Y

+

428

bps

)

,

6/15/55

,

Callable

12/15/34

@

100

(b)

(h)

.........................................................

664

719

GGAM

Finance

Ltd.

6

.88

%

,

4/15/29

,

Callable

4/15/26

@

103.44

(a)

..............................

500

518

5

.88

%

,

3/15/30

,

Callable

9/15/26

@

102.94

(a)

..............................

500

507

HSBC

Holdings

PLC

,

8

.11

%

(

SOFR

+

425

bps

)

,

11/3/33

,

Callable

11/3/32

@

100

(b)

........

50

59

Imperial

Brands

Finance

PLC

,

5

.63

%

,

7/1/35

,

Callable

4/1/35

@

100

(a)

................

1,246

1,280

ING

Groep

NV

,

6

.11

%

(

SOFR

+

209

bps

)

,

9/11/34

,

Callable

9/11/33

@

100

(b)

............

882

953

Lloyds

Banking

Group

PLC

,

7

.95

%

(

H15T1Y

+

375

bps

)

,

11/15/33

,

Callable

8/15/32

@

100

(b)

275

321

Macquarie

Airfinance

Holdings

Ltd.

,

6

.50

%

,

3/26/31

,

Callable

1/26/31

@

100

(a)

.........

5

5

Mitsubishi

UFJ

Financial

Group,

Inc.

,

5

.62

%

(

H15T1Y

+

127

bps

)

,

4/24/36

,

Callable

4/24/35

@

100

(b)

...........................................................

1,315

1,377

Mizuho

Financial

Group,

Inc.

,

5

.58

%

(

H15T1Y

+

130

bps

)

,

5/26/35

,

Callable

5/26/34

@

100

(b)

227

238

Nationwide

Building

Society

,

5

.54

%

(

SOFR

+

165

bps

)

,

7/14/36

,

Callable

7/14/35

@

100

(a)

(b)

566

584

Pershing

Square

Holdings

Ltd.

,

5

.50

%

,

10/28/32

,

Callable

8/28/32

@

100

(a)

............

3,000

3,001

Royal

Bank

of

Canada

,

5

.15

%

,

2/1/34

........................................

669

698

Societe

Generale

SA

5

.44

%

(

SOFR

+

173

bps

)

,

10/3/36

,

Callable

10/3/35

@

100

(a)

(b)

..................

687

688

4

.03

%

(

H15T1Y

+

190

bps

)

,

1/21/43

,

Callable

1/21/42

@

100

(a)

(b)

................

250

193

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

5

.05

%

,

3/13/35

(a)

.............................

817

828

Sumitomo

Mitsui

Trust

Group,

Inc.

,

5

.42

%

(

SOFR

+

165

bps

)

,

9/11/36

,

Callable

9/11/35

@

100

(a)

(b)

.........................................................

603

606

The

Toronto-Dominion

Bank

,

5

.15

%

(

H15T5Y

+

150

bps

)

,

9/10/34

,

Callable

9/10/29

@

100

(b)

1,497

1,519

UBS

Group

AG

,

5

.01

%

(

SOFR

+

134

bps

)

,

3/23/37

,

Callable

3/23/36

@

100

(a)

(b)

..........

1,105

1,096

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

71

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Westpac

Banking

Corp.

,

3

.02

%

(

H15T5Y

+

153

bps

)

,

11/18/36

,

Callable

11/18/31

@

100

(b)

..

$

400

$

361

24,905

Health

Care

(0.1%):

Bausch

+

Lomb

Corp.

,

8

.38

%

,

10/1/28

,

Callable

1/16/26

@

104.19

(a)

.................

500

521

Perrigo

Finance

Unlimited

Co.

,

6

.13

%

,

9/30/32

,

Callable

9/30/27

@

103.06

.............

1,112

1,085

1,606

Industrials

(0.2%):

Aircastle

Ltd.

,

5

.25

%

(

H15T5Y

+

441

bps

)

,

Callable

6/15/26

@

100

(a)

(b)

(j)

..............

146

146

Avianca

Midco

2

PLC

,

9

.63

%

,

2/14/30

,

Callable

2/14/27

@

104.81

(a)

(h)

...............

977

980

Azorra

Finance

Ltd.

,

7

.75

%

,

4/15/30

,

Callable

10/15/26

@

103.88

(a)

..................

300

317

Bombardier,

Inc.

,

7

.25

%

,

7/1/31

,

Callable

7/1/27

@

103.63

(a)

.......................

200

213

Grupo

Aeromexico

SAB

de

CV

,

8

.63

%

,

11/15/31

,

Callable

11/15/27

@

104.31

(a)

.........

1

1

Latam

Airlines

Group

SA

,

7

.63

%

,

1/7/31

,

Callable

7/7/27

@

103.81

(a)

(h)

..............

315

331

LG

Energy

Solution

Ltd.

,

5

.50

%

,

7/2/34

(a)

.....................................

221

224

nVent

Finance

SARL

,

5

.65

%

,

5/15/33

,

Callable

2/15/33

@

100

......................

985

1,028

3,240

Information

Technology

(0.2%):

Kioxia

Holdings

Corp.

,

6

.63

%

,

7/24/33

,

Callable

7/24/28

@

103.31

(a)

.................

1,061

1,104

Open

Text

Corp.

,

6

.90

%

,

12/1/27

,

Callable

11/1/27

@

100

(a)

........................

1,412

1,469

Seagate

Data

Storage

Technology

Pte

Ltd.

,

8

.50

%

,

7/15/31

,

Callable

7/15/26

@

104.25

(a)

...

500

532

3,105

Materials

(0.0%):(e)

Minera

Mexico

SA

de

CV

,

5

.63

%

,

2/12/32

,

Callable

12/12/31

@

100

(a)

................

588

608

Real

Estate

(0.1%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

2

.50

%

,

10/15/31

,

Callable

7/15/31

@

100

(a)

...........................................................

755

678

Utilities

(0.0%):(e)

GENM

Capital

Labuan

Ltd.

,

3

.88

%

,

4/19/31

,

Callable

1/19/31

@

100

(a)

...............

25

23

Total

Yankee

Dollars

(Cost

$56,586)

a

a

a

57,703

Municipal

Bonds

(3.8%)

Arizona

(0.0%):(e)

Arizona

Board

of

Regents

Revenue

,

Series

B

,

4

.81

%

,

7/1/35

........................

545

558

California

(0.0%):(e)

California

Infrastructure

&

Economic

Development

Bank

Revenue

,

Series

B

,

6

.03

%

,

7/1/38

.

110

113

Colorado

(0.2%):

Colorado

Housing

and

Finance

Authority

Revenue

Series

C1

,

5

.66

%

,

11/1/39

,

Continuously

Callable

@100

.......................

625

639

Series

D-1

,

5

.84

%

,

5/1/44

,

Continuously

Callable

@100

.......................

370

371

Series

E1

,

5

.28

%

,

11/1/39

,

Continuously

Callable

@102

.......................

125

122

Series

G-1

,

5

.86

%

,

11/1/43

,

Continuously

Callable

@100

......................

505

510

Series

O-1

,

5

.52

%

,

11/1/42

,

Continuously

Callable

@100

......................

2,000

1,987

3,629

Connecticut

(0.0%):(e)

Connecticut

Housing

Finance

Authority

Revenue

,

Series

C-2

,

5

.81

%

,

11/15/39

,

Continuously

Callable

@100

.....................................................

320

329

Delaware

(0.1%):

Delaware

State

Housing

Authority

Revenue

,

Series

D

,

5

.65

%

,

7/1/40

,

Continuously

Callable

@100

...........................................................

2,000

2,026

Florida

(0.3%):

County

of

Miami-Dade

Aviation

Revenue

,

Series

C

,

5

.55

%

,

10/1/43

,

Continuously

Callable

@100

...........................................................

750

759

Florida

Housing

Finance

Corp.

Revenue

Series

4

,

5

.67

%

,

7/1/39

,

Continuously

Callable

@100

.........................

295

304

Series

4

,

5

.88

%

,

7/1/44

,

Continuously

Callable

@100

.........................

195

203

Series

6

,

5

.07

%

,

7/1/39

,

Continuously

Callable

@100

.........................

45

44

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

72

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

State

Board

of

Administration

Finance

Corp.

Revenue

,

Series

A

,

5

.53

%

,

7/1/34

,

Continuously

Callable

@100

.....................................................

$

3,430

$

3,608

4,918

Georgia

(0.1%):

City

of

Atlanta

Airport

Customer

Facility

Charge

Revenue

,

Series

A

,

5

.43

%

,

7/1/40

,

Continuously

Callable

@100

...........................................

1,650

1,674

Hawaii

(0.0%):(e)

State

of

Hawaii,

GO

Series

GN

,

4

.64

%

,

10/1/34

............................................

340

345

Series

GN

,

5

.11

%

,

10/1/43

,

Continuously

Callable

@100

......................

310

309

654

Idaho

(0.2%):

Idaho

Housing

&

Finance

Association

Revenue

Series

A

,

5

.67

%

,

1/1/45

,

Continuously

Callable

@100

.........................

495

500

Series

C

,

5

.43

%

,

7/1/39

,

Continuously

Callable

@100

.........................

410

409

Series

D

,

5

.76

%

,

7/1/40

,

Continuously

Callable

@100

........................

740

751

Series

E

,

5

.44

%

,

7/1/40

,

Continuously

Callable

@100

.........................

1,390

1,376

3,036

Illinois

(0.1%):

City

of

Chicago,

GO

Series

D

,

5

.90

%

,

1/1/32

..............................................

305

309

Series

G

,

6

.25

%

,

1/1/35

..............................................

250

252

City

of

Kankakee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.28

%

,

12/1/36

,

Continuously

Callable

@100

...........................................

65

68

Illinois

Housing

Development

Authority

Revenue

Series

B

,

5

.63

%

,

10/1/41

,

Continuously

Callable

@100

........................

345

346

Series

F

,

5

.44

%

,

10/1/39

,

Continuously

Callable

@100

........................

250

249

Sales

Tax

Securitization

Corp.

Revenue

,

Series

B

,

5

.23

%

,

1/1/39

,

Continuously

Callable

@100

175

177

1,401

Indiana

(0.1%):

Indiana

Housing

&

Community

Development

Authority

Revenue

Series

A-2

,

5

.83

%

,

7/1/45

,

Continuously

Callable

@100

.......................

355

354

Series

C-2

,

5

.56

%

,

7/1/40

,

Continuously

Callable

@100

.......................

960

962

1,316

Iowa

(0.1%):

Iowa

Finance

Authority

Revenue

Series

D

,

5

.64

%

,

7/1/37

,

Continuously

Callable

@100

........................

500

515

Series

H

,

5

.38

%

,

7/1/39

,

Continuously

Callable

@100

........................

1,000

1,003

1,518

Louisiana

(0.1%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A

,

4

.48

%

,

8/1/39

..............................................

906

885

Series

A1-A3

,

5

.08

%

,

6/1/31

...........................................

55

56

941

Maryland

(0.1%):

Maryland

Department

of

Housing

&

Community

Development

Revenue

,

Series

D

,

5

.96

%

,

9/1/40

,

Continuously

Callable

@100

.....................................

1,000

1,031

Maryland

Economic

Development

Corp.

Revenue

,

5

.07

%

,

11/30/34

...................

65

66

1,097

Massachusetts

(0.1%):

Massachusetts

Educational

Financing

Authority

Revenue

,

Series

A

,

6

.17

%

,

7/1/50

,

Continuously

Callable

@100

...........................................

1,865

1,884

Massachusetts

Housing

Finance

Agency

Revenue

,

Series

238

,

4

.94

%

,

12/1/39

,

Continuously

Callable

@100

.....................................................

150

142

2,026

Michigan

(0.0%):(e)

Michigan

State

Housing

Development

Authority

Revenue

,

Series

E

,

5

.10

%

,

12/1/39

,

Continuously

Callable

@100

...........................................

380

368

Minnesota

(0.1%):

Minnesota

Housing

Finance

Agency

Revenue

Series

D

,

5

.58

%

,

8/1/39

,

Continuously

Callable

@100

........................

90

92

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

73

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

J

,

5

.62

%

,

7/1/39

,

Continuously

Callable

@100

.........................

$

175

$

184

Series

M

,

5

.73

%

,

7/1/39

,

Continuously

Callable

@100

........................

350

364

Series

M

,

5

.92

%

,

7/1/44

,

Continuously

Callable

@100

........................

330

343

Series

P

,

5

.39

%

,

7/1/39

,

Continuously

Callable

@100

.........................

470

469

Series

V

,

5

.88

%

,

7/1/44

,

Continuously

Callable

@100

.........................

425

430

1,882

Montana

(0.0%):(e)

Montana

Facility

Finance

Authority

Revenue

,

2

.44

%

,

8/15/31

.......................

250

226

Nebraska

(0.0%):(e)

Nebraska

Investment

Finance

Authority

Revenue

,

Series

H

,

5

.77

%

,

3/1/43

,

Continuously

Callable

@100

.....................................................

190

191

Nevada

(0.1%):

Nevada

Housing

Division

Revenue

Series

B

,

5

.68

%

,

10/1/45

,

Continuously

Callable

@100

........................

700

674

Series

D

,

5

.79

%

,

10/1/35

,

Continuously

Callable

@100

........................

255

270

Series

F

,

5

.13

%

,

10/1/39

,

Continuously

Callable

@100

........................

170

166

1,110

New

Hampshire

(0.0%):(e)

New

Hampshire

Business

Finance

Authority

Revenue

,

Series

B

,

5

.35

%

,

11/1/39

,

Continuously

Callable

@100

.....................................................

310

315

New

Jersey

(0.1%):

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Series

L

,

5

.64

%

,

10/1/34

,

Continuously

Callable

@100

........................

30

31

Series

L

,

5

.71

%

,

10/1/35

,

Continuously

Callable

@100

........................

40

42

Series

N

,

5

.85

%

,

10/1/40

,

Continuously

Callable

@100

........................

1,465

1,498

1,571

New

York

(0.4%):

City

of

New

York,

GO

,

5

.16

%

,

10/1/40

,

Continuously

Callable

@100

.................

3,000

2,979

New

York

City

Housing

Development

Corp.

Revenue

3

.76

%

,

1/1/29

.....................................................

250

248

Series

C

,

5

.71

%

,

11/1/39

,

Continuously

Callable

@100

........................

265

271

Series

C

,

5

.90

%

,

11/1/44

,

Continuously

Callable

@100

........................

225

228

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

,

Series

G-3

,

5

.11

%

,

5/1/36

,

Continuously

Callable

@100

................................

225

229

New

York

State

Dormitory

Authority

Revenue

,

Series

B

,

5

.23

%

,

7/1/35

................

1,460

1,516

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

,

Series

268

,

5

.57

%

,

10/1/40

,

Continuously

Callable

@100

....................................

260

261

5,732

North

Carolina

(0.3%):

City

of

Charlotte

Certificate

of

Participation

,

5

.46

%

,

6/1/40

,

Continuously

Callable

@100

...

790

813

North

Carolina

Housing

Finance

Agency

Revenue

Series

54-B

,

5

.60

%

,

7/1/39

,

Continuously

Callable

@100

......................

130

131

Series

54-B

,

5

.81

%

,

7/1/44

,

Continuously

Callable

@100

......................

325

324

Series

57-B

,

5

.80

%

,

7/1/50

,

Continuously

Callable

@100

......................

200

194

Series

58-B

,

5

.98

%

,

7/1/40

,

Continuously

Callable

@100

......................

2,785

2,861

4,323

North

Dakota

(0.1%):

North

Dakota

Housing

Finance

Agency

Revenue

,

Series

B

,

6

.01

%

,

7/1/40

,

Continuously

Callable

@100

.....................................................

1,000

1,031

Ohio

(0.0%):(e)

University

of

Cincinnati

Revenue

,

Series

B

,

5

.53

%

,

6/1/40

,

Continuously

Callable

@100

...

65

67

Oregon

(0.0%):(e)

State

of

Oregon,

GO

,

Series

B

,

5

.36

%

,

5/1/39

,

Continuously

Callable

@100

.............

190

197

Pennsylvania

(0.2%):

Allegheny

County

Airport

Authority

Revenue

Series

B

,

5

.50

%

,

1/1/36

,

Continuously

Callable

@100

.........................

305

317

Series

B

,

5

.62

%

,

1/1/37

,

Continuously

Callable

@100

.........................

255

265

Pennsylvania

Housing

Finance

Agency

Revenue

Series

145B

,

5

.71

%

,

10/1/39

,

Continuously

Callable

@100

.....................

195

198

Series

146B

,

5

.56

%

,

10/1/39

,

Continuously

Callable

@100

.....................

65

65

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

74

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

147B

,

5

.89

%

,

10/1/44

,

Continuously

Callable

@100

.....................

$

155

$

156

Series

149B

,

5

.97

%

,

10/1/40

,

Continuously

Callable

@100

.....................

2,230

2,300

3,301

Rhode

Island

(0.1%):

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Series

83-T

,

5

.71

%

,

10/1/39

,

Continuously

Callable

@100

.....................

200

205

Series

83-T

,

5

.89

%

,

10/1/44

,

Continuously

Callable

@100

.....................

330

333

Series

84-T

,

4

.93

%

,

10/1/39

,

Continuously

Callable

@100

.....................

275

261

799

South

Carolina

(0.1%):

Charleston

County

Airport

District

Revenue

Series

C

,

4

.58

%

,

7/1/33

..............................................

750

756

Series

C

,

4

.63

%

,

7/1/34

..............................................

730

733

County

of

Charleston

Revenue

,

1

.92

%

,

12/1/29

.................................

250

231

Greenville-Spartanburg

Airport

District

Revenue

Series

B

,

5

.06

%

,

7/1/34

..............................................

15

15

Series

B

,

5

.11

%

,

7/1/35

,

Continuously

Callable

@100

.........................

20

21

1,756

South

Dakota

(0.1%):

South

Dakota

Housing

Development

Authority

Revenue

,

Series

D

,

5

.88

%

,

11/1/40

,

Continuously

Callable

@100

...........................................

768

788

Tennessee

(0.1%):

Metropolitan

Government

Nashville

&

Davidson

County

Sports

Authority

Revenue

,

Series

D

,

5

.27

%

,

7/1/35

.....................................................

75

79

Tennessee

Housing

Development

Agency

Revenue

Series

1B

,

5

.64

%

,

7/1/40

,

Continuously

Callable

@100

........................

740

744

Series

2B

,

5

.65

%

,

7/1/39

,

Continuously

Callable

@100

........................

190

192

1,015

Texas

(0.2%):

County

of

Harris

Hotel

Occupancy

Tax

Revenue

,

5

.26

%

,

8/15/44

,

Continuously

Callable

@100

160

160

State

of

Texas,

GO

5

.31

%

,

10/1/40

,

Continuously

Callable

@100

...............................

1,500

1,544

5

.36

%

,

10/1/41

,

Continuously

Callable

@100

...............................

395

404

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Series

D

,

5

.55

%

,

1/1/39

,

Continuously

Callable

@100

........................

65

69

Series

D

,

5

.73

%

,

1/1/44

,

Continuously

Callable

@100

........................

65

67

Texas

Water

Development

Board

Revenue

,

Series

B

,

4

.31

%

,

10/15/34

.................

150

149

University

of

Houston

Revenue

,

Series

B

,

4

.86

%

,

2/15/37

,

Continuously

Callable

@100

....

25

25

2,418

Utah

(0.1%):

Utah

Housing

Corp.

Revenue

Series

F

,

5

.61

%

,

7/1/36

,

Continuously

Callable

@100

.........................

85

85

Series

F

,

5

.69

%

,

7/1/39

,

Continuously

Callable

@100

.........................

265

266

Series

F

,

5

.94

%

,

7/1/40

,

Continuously

Callable

@100

.........................

1,210

1,244

1,595

Virginia

(0.2%):

Virginia

Housing

Development

Authority

Revenue

Series

B

,

5

.66

%

,

10/1/39

,

Continuously

Callable

@100

........................

320

326

Series

B

,

5

.87

%

,

7/1/40

,

Continuously

Callable

@100

.........................

1,230

1,247

Series

C

,

5

.31

%

,

10/1/39

,

Continuously

Callable

@100

........................

300

299

Series

E

,

5

.51

%

,

7/1/39

,

Continuously

Callable

@100

.........................

480

486

Series

F

,

5

.34

%

,

7/1/40

,

Continuously

Callable

@100

.........................

1,545

1,543

3,901

Washington

(0.1%):

Port

of

Seattle

Revenue

,

Series

C

,

4

.45

%

,

9/1/32

.................................

750

761

West

Virginia

(0.0%):(e)

West

Virginia

Housing

Development

Fund

Revenue

Series

C

,

5

.83

%

,

11/1/39

,

Continuously

Callable

@100

........................

115

118

Series

C

,

6

.02

%

,

11/1/44

,

Continuously

Callable

@100

........................

130

133

251

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

75

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Wisconsin

(0.0%):(e)

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue

,

Series

B

,

5

.87

%

,

9/1/40

,

Continuously

Callable

@100

...............................

$

665

$

679

Total

Municipal

Bonds

(Cost

$58,758)

a

a

a

59,513

U.S.

Government

Agency

Mortgages

(28.9%)

Federal

Farm

Credit

Banks

Funding

Corporation

2

.55

%

,

12/21/34

....................................................

309

263

2

.20

%

,

9/2/36

.....................................................

795

625

5

.60

%

,

8/5/39

.....................................................

333

331

1,219

Federal

Home

Loan

Mortgage

Corporation

1

.50

%

,

4/1/37

.....................................................

428

387

5

.50

%

,

8/1/38

-

2/1/55

...............................................

16,822

17,126

5

.00

%

,

2/1/40

-

12/1/55

..............................................

31,695

31,800

3

.00

%

,

4/1/40

-

5/1/52

...............................................

1,532

1,365

5

.10

%

,

7/1/40

.....................................................

429

436

2

.50

%

,

5/1/42

.....................................................

1,227

1,103

4

.50

%

,

11/1/42

-

12/1/55

..............................................

91,123

89,592

4

.00

%

,

1/1/43

-

12/1/54

..............................................

26,888

25,640

3

.50

%

,

5/1/52

-

12/1/52

..............................................

12,854

11,910

6

.00

%

,

8/1/53

-

3/1/55

...............................................

4,264

4,389

183,748

Federal

National

Mortgage

Association

2

.13

%

,

1/1/34

.....................................................

503

431

4

.46

%

,

4/1/35

.....................................................

1,235

1,227

1

.50

%

,

3/1/37

.....................................................

736

668

5

.00

%

,

12/1/37

-

11/1/55

..............................................

92,347

92,445

4

.00

%

,

4/1/38

-

2/1/55

...............................................

28,854

27,487

4

.50

%

,

11/1/40

-

1/1/56

..............................................

30,652

30,147

3

.50

%

,

12/1/42

-

12/1/53

.............................................

12,641

11,725

5

.50

%

,

12/1/44

-

12/1/55

.............................................

50,572

51,522

2

.50

%

,

10/1/50

-

7/1/52

..............................................

869

739

3

.00

%

,

12/1/51

....................................................

225

199

6

.00

%

,

7/1/52

-

11/1/54

..............................................

2,901

2,991

219,581

Government

National

Mortgage

Association

5

.00

%

,

8/20/38

-

11/20/54

.............................................

6,254

6,265

3

.00

%

,

6/20/50

-

12/20/53

.............................................

24,386

21,969

2

.50

%

,

1/20/51

-

9/20/53

.............................................

10,210

8,799

3

.50

%

,

2/20/52

-

2/20/54

.............................................

2,845

2,619

4

.00

%

,

6/20/52

-

5/20/53

.............................................

2,878

2,739

4

.50

%

,

8/20/52

-

11/20/53

.............................................

4,139

4,055

5

.50

%

,

4/20/53

-

2/20/54

.............................................

3,071

3,123

6

.00

%

,

9/20/53

-

10/20/53

.............................................

723

742

5

.50

%

,

1/20/54

....................................................

231

235

7

.50

%

,

10/20/54

....................................................

431

439

50,985

Total

U.S.

Government

Agency

Mortgages

(Cost

$451,526)

a

a

a

455,533

U.S.

Treasury

Obligations

(16.6%)

U.S.

Treasury

Bonds

4

.50

%

,

2/15/36

....................................................

21,378

22,102

5

.00

%

,

5/15/37

....................................................

28,526

30,594

4

.38

%

,

11/15/39

....................................................

20,068

19,852

1

.38

%

,

11/15/40

....................................................

2,500

1,629

4

.75

%

,

2/15/41

....................................................

10,000

10,191

1

.75

%

,

8/15/41

....................................................

10,650

7,215

3

.38

%

,

8/15/42

....................................................

2,275

1,929

3

.88

%

,

5/15/43

....................................................

796

717

4

.38

%

,

8/15/43

....................................................

6,174

5,919

4

.75

%

,

11/15/43

....................................................

3,590

3,603

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

76

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

4

.63

%

,

11/15/44

....................................................

$

2,450

$

2,410

4

.75

%

,

2/15/45

....................................................

8,712

8,678

5

.00

%

,

5/15/45

....................................................

3,000

3,084

4

.88

%

,

8/15/45

....................................................

2,500

2,528

1

.25

%

,

5/15/50

....................................................

465

223

2

.00

%

,

8/15/51

....................................................

4,250

2,440

3

.63

%

,

2/15/53

....................................................

763

621

3

.63

%

,

5/15/53

....................................................

921

748

4

.13

%

,

8/15/53

....................................................

7,019

6,240

4

.75

%

,

11/15/53

....................................................

5,342

5,253

4

.25

%

,

8/15/54

....................................................

5,078

4,601

4

.63

%

,

2/15/55

....................................................

6,048

5,852

4

.75

%

,

5/15/55

....................................................

3,000

2,955

4

.75

%

,

8/15/55

....................................................

1,500

1,481

U.S.

Treasury

Notes

3

.75

%

,

5/15/28

....................................................

500

503

4

.00

%

,

5/31/30

....................................................

500

506

4

.63

%

,

5/31/31

....................................................

5,639

5,871

4

.13

%

,

5/31/32

....................................................

250

253

3

.88

%

,

8/31/32

....................................................

200

200

4

.13

%

,

11/15/32

....................................................

25,130

25,428

3

.50

%

,

2/15/33

....................................................

475

462

4

.50

%

,

11/15/33

....................................................

40,542

41,885

4

.63

%

,

2/15/35

....................................................

7,981

8,290

4

.25

%

,

5/15/35

....................................................

13,000

13,118

4

.25

%

,

8/15/35

....................................................

14,499

14,615

Total

U.S.

Treasury

Obligations

(Cost

$263,340)

a

a

a

261,996

Commercial

Paper

(1.2%)

Industrials

(0.4%):

Air

Lease

Corp.

,

4

.01

%

,

1/2/26

(a)

(k)

.........................................

6,700

6,699

Information

Technology

(0.8%):

Jabil,

Inc.

4

.38

%

,

1/2/26

(a)

(k)

.................................................

3,300

3,299

4

.39

%

,

1/8/26

(a)

(k)

.................................................

9,000

8,991

12,290

Total

Commercial

Paper

(Cost

$18,992)

a

a

a

18,989

Shares

Collateral

for

Securities

Loaned

(1.0%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(l)

........

3,820,006

3,820

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(l)

............

3,820,006

3,820

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(l)

................

3,837,840

3,838

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(l)

.

3,802,172

3,802

Total

Collateral

for

Securities

Loaned

(Cost

$15,280)

a

a

a

15,280

Total

Investments

(Cost

$1,575,734)

—

100.6%

1,584,471

Liabilities

in

excess

of

other

assets

—  (0.6)%

(9,110)

NET

ASSETS

-

100.00%

$

1,575,361

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

5.8%

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

December

31,

2025,

the

fair

value

of

these

securities

was

$515,586

(thousands)

and

amounted

to

32.7%

of

net

assets.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

December

31,

2025.

(c)

Security

is

interest

only.

(d)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

December

31,

2025.

(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.

Victory

Portfolios

II

VictoryShares

Core

Plus

Intermediate

Bond

ETF

77

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

(g)

The

Fund

may

enter

into

certain

credit

agreements

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

At

December

31,

2025,

the

Fund

held

unfunded

or

partially

unfunded

loan

commitments

of

$51

(thousands),

which

included

less

than

$1

(thousand)

unrealized

loss.

(h)

All

or

a

portion

of

this

security

is

on

loan.

(i)

Up

to

6.75%

of

the

coupon

may

be

PIK.

(j)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(k)

Rate

represents

the

effective

yield

at

December

31,

2025.

(l)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

H15T10Y

—

10

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

LLC

—

Limited

Liability

Company

LLLP

—

Limited

Liability

Limited

Partnership

LP

—

Limited

Partnership

MBS

—

Mortgage-Backed

Securities

MTN

—

Medium

Term

Note

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

December

31,

2025.

SOFR01M

—

1

Month

SOFR,

rate

disclosed

as

of

December

31,

2025.

SOFR03M

—

3

Month

SOFR,

rate

disclosed

as

of

December

31,

2025.

SOFR06M

—

6

Month

SOFR,

rate

disclosed

as

of

December

31,

2025.

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

December

31,

2025.

TSFR1M

—

1

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025.

TSFR3M

—

3

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

5

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025.

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer’s

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

10-Year

U.S.

Treasury

Note

Futures

......

360

3/20/26

$

40,585

$

40,477

$

(

108

)

30

Year

US

Treasury

Bond

Futures

......

220

3/20/26

25,589

25,430

(

159

)

5-Year

U.S.

Treasury

Note

Futures

.......

140

3/31/26

15,314

15,303

(

11

)

$

(

278

)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(

278

)

Total

net

unrealized

appreciation

(depreciation)

$

(

278

)

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

78

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Corporate

Bonds

(76.2%)

Communication

Services

(4.8%):

AT&T,

Inc.

,

3

.10

%

,

2/1/43

,

Callable

8/1/42

@

100

(a)

.............................

$

2,000

$

1,466

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

,

5

.38

%

,

4/1/38

,

Callable

10/1/37

@

100

.........................................

750

690

Comcast

Corp.

5

.30

%

,

6/1/34

,

Callable

3/1/34

@

100

....................................

300

309

2

.89

%

,

11/1/51

,

Callable

5/1/51

@

100

(b)

.................................

1,000

562

Discovery

Communications

LLC

,

3

.63

%

,

5/15/30

,

Callable

2/15/30

@

100

..............

250

231

Meta

Platforms,

Inc.

,

5

.50

%

,

11/15/45

,

Callable

5/15/45

@

100

......................

150

146

Paramount

Global

3

.38

%

,

2/15/28

,

Callable

11/15/27

@

100

..................................

445

432

4

.20

%

,

6/1/29

,

Callable

3/1/29

@

100

....................................

550

536

4

.38

%

,

3/15/43

....................................................

190

133

T-Mobile

US,

Inc.

2

.55

%

,

2/15/31

,

Callable

11/15/30

@

100

..................................

800

731

2

.25

%

,

11/15/31

,

Callable

8/15/31

@

100

..................................

500

443

5

.70

%

,

1/15/56

,

Callable

7/15/55

@

100

..................................

190

186

Verizon

Communications,

Inc.

1

.75

%

,

1/20/31

,

Callable

10/20/30

@

100

.................................

750

660

2

.88

%

,

11/20/50

,

Callable

5/20/50

@

100

..................................

1,000

621

7,146

Consumer

Discretionary

(4.3%):

AutoNation,

Inc.

3

.85

%

,

3/1/32

,

Callable

12/1/31

@

100

...................................

500

470

5

.89

%

,

3/15/35

,

Callable

12/15/34

@

100

.................................

210

218

Brunswick

Corp.

,

4

.40

%

,

9/15/32

,

Callable

6/15/32

@

100

.........................

250

238

Choice

Hotels

International,

Inc.

,

5

.85

%

,

8/1/34

,

Callable

5/1/34

@

100

(a)

..............

300

306

Daimler

Truck

Finance

North

America

LLC

2

.38

%

,

12/14/28

(b)

.................................................

350

333

5

.38

%

,

6/25/34

,

Callable

3/25/34

@

100

(b)

................................

200

204

General

Motors

Financial

Co.,

Inc.

5

.35

%

,

7/15/27

....................................................

200

204

5

.95

%

,

4/4/34

,

Callable

1/4/34

@

100

....................................

300

314

Genuine

Parts

Co.

6

.50

%

,

11/1/28

,

Callable

10/1/28

@

100

..................................

175

185

2

.75

%

,

2/1/32

,

Callable

11/1/31

@

100

...................................

167

148

Lithia

Motors,

Inc.

,

3

.88

%

,

6/1/29

,

Callable

2/5/26

@

100.97

(b)

.....................

250

242

Lowe's

Cos.,

Inc.

,

2

.80

%

,

9/15/41

,

Callable

3/15/41

@

100

.........................

1,000

719

Marriott

International,

Inc.

3

.50

%

,

10/15/32

,

Callable

7/15/32

@

100

.................................

250

233

5

.25

%

,

10/15/35

,

Callable

7/15/35

@

100

(a)

...............................

150

152

Mattel,

Inc.

3

.75

%

,

4/1/29

,

Callable

1/16/26

@

100.94

(b)

...............................

320

312

5

.00

%

,

11/17/30

,

Callable

10/17/30

@

100

.................................

54

54

Nissan

Motor

Acceptance

Co.

LLC

,

6

.95

%

,

9/15/26

(b)

............................

250

253

O'Reilly

Automotive,

Inc.

,

5

.00

%

,

8/19/34

,

Callable

5/19/34

@

100

...................

350

352

Stellantis

Finance

US,

Inc.

,

6

.45

%

,

3/18/35

,

Callable

12/18/34

@

100

(b)

...............

200

208

Tapestry,

Inc.

,

5

.50

%

,

3/11/35

,

Callable

12/11/34

@

100

...........................

260

266

The

Home

Depot,

Inc.

,

2

.38

%

,

3/15/51

,

Callable

9/15/50

@

100

.....................

600

345

Volkswagen

Group

of

America

Finance

LLC

4

.60

%

,

6/8/29

,

Callable

4/8/29

@

100

(b)

..................................

250

251

5

.80

%

,

3/27/35

,

Callable

12/27/34

@

100

(b)

...............................

275

285

6,292

Consumer

Staples

(4.9%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

,

4

.88

%

,

2/15/30

,

Callable

2/5/26

@

103.66

(b)

...........................................

250

248

BAT

Capital

Corp.

2

.73

%

,

3/25/31

,

Callable

12/25/30

@

100

.................................

300

277

6

.42

%

,

8/2/33

,

Callable

5/2/33

@

100

....................................

200

221

Bimbo

Bakeries

USA,

Inc.

,

5

.38

%

,

1/9/36

,

Callable

10/9/35

@

100

(b)

.................

400

406

Bunge

Ltd.

Finance

Corp.

,

2

.75

%

,

5/14/31

,

Callable

2/14/31

@

100

...................

500

459

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

79

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Church

&

Dwight

Co.,

Inc.

,

2

.30

%

,

12/15/31

,

Callable

9/15/31

@

100

.................

$

250

$

222

Coca-Cola

Consolidated,

Inc.

,

5

.45

%

,

6/1/34

,

Callable

3/1/34

@

100

..................

300

314

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

6

.63

%

,

7/15/30

,

Callable

7/16/26

@

103.31

(b)

..............................

190

195

5

.60

%

,

1/15/31

,

Callable

12/15/30

@

100

(b)

...............................

47

47

Dollar

General

Corp.

,

5

.20

%

,

7/5/28

,

Callable

6/5/28

@

100

........................

250

256

General

Mills,

Inc.

,

2

.25

%

,

10/14/31

,

Callable

7/14/31

@

100

.......................

250

222

JBS

USA

LUX

SARL/JBS

USA

Food

Co./JBS

USA

Foods

Group

,

5

.95

%

,

4/20/35

,

Callable

1/20/35

@

100

(b)

...................................................

200

210

Keurig

Dr.

Pepper,

Inc.

3

.95

%

,

4/15/29

,

Callable

2/15/29

@

100

..................................

250

247

4

.50

%

,

4/15/52

,

Callable

10/15/51

@

100

.................................

325

263

Mars,

Inc.

,

5

.70

%

,

5/1/55

,

Callable

11/1/54

@

100

(b)

.............................

275

275

McCormick

&

Co.,

Inc.

,

1

.85

%

,

2/15/31

,

Callable

11/15/30

@

100

...................

500

441

Philip

Morris

International,

Inc.

,

5

.63

%

,

9/7/33

,

Callable

6/7/33

@

100

................

500

530

Sodexo,

Inc.

,

2

.72

%

,

4/16/31

,

Callable

1/16/31

@

100

(b)

..........................

750

681

Sysco

Corp.

2

.45

%

,

12/14/31

,

Callable

9/14/31

@

100

.................................

500

448

5

.40

%

,

3/23/35

,

Callable

12/23/34

@

100

.................................

100

104

The

Campbell's

Company

,

5

.40

%

,

3/21/34

,

Callable

12/21/33

@

100

..................

300

306

The

J.M.

Smucker

Co.

6

.50

%

,

11/15/43

,

Callable

5/15/43

@

100

..................................

225

241

6

.50

%

,

11/15/53

,

Callable

5/15/53

@

100

..................................

225

244

The

Kroger

Co.

,

5

.50

%

,

9/15/54

,

Callable

3/15/54

@

100

..........................

350

335

7,192

Energy

(5.1%):

APA

Corp.

,

4

.25

%

,

1/15/44

,

Callable

7/15/43

@

100

..............................

250

179

Boardwalk

Pipelines

LP

,

5

.38

%

,

2/15/36

,

Callable

11/15/35

@

100

...................

235

236

Columbia

Pipelines

Operating

Co.

LLC

,

6

.54

%

,

11/15/53

,

Callable

5/15/53

@

100

(b)

......

200

214

ConocoPhillips

Co.

,

5

.55

%

,

3/15/54

,

Callable

9/15/53

@

100

.......................

250

242

Coterra

Energy,

Inc.

,

5

.40

%

,

2/15/35

,

Callable

11/15/34

@

100

......................

450

457

DCP

Midstream

Operating

LP

,

5

.60

%

,

4/1/44

,

Callable

10/1/43

@

100

.................

250

242

DT

Midstream,

Inc.

,

5

.80

%

,

12/15/34

,

Callable

9/15/34

@

100

(b)

....................

300

312

Eastern

Energy

Gas

Holdings

LLC

5

.80

%

,

1/15/35

,

Callable

10/15/34

@

100

.................................

225

238

5

.65

%

,

10/15/54

,

Callable

4/15/54

@

100

.................................

275

267

Energy

Transfer

LP

6

.50

%

(

H15T5Y

+

569

bps

)

,

Callable

11/15/26

@

100

(c)

(d)

......................

250

251

5

.35

%

,

5/15/45

,

Callable

11/15/44

@

100

..................................

200

182

Enterprise

Products

Operating

LLC

,

5

.55

%

,

2/16/55

,

Callable

8/15/54

@

100

............

350

339

Evergy

Missouri

West,

Inc.

,

5

.65

%

,

6/1/34

,

Callable

3/1/34

@

100

(b)

..................

300

311

Helmerich

&

Payne,

Inc.

,

5

.50

%

,

12/1/34

,

Callable

9/1/34

@

100

(a)

..................

260

256

HF

Sinclair

Corp.

,

6

.25

%

,

1/15/35

,

Callable

10/15/34

@

100

........................

250

261

MPLX

LP

,

4

.70

%

,

4/15/48

,

Callable

10/15/47

@

100

.............................

500

417

Occidental

Petroleum

Corp.

,

4

.40

%

,

8/15/49

,

Callable

2/15/49

@

100

.................

400

301

ONEOK,

Inc.

5

.05

%

,

11/1/34

,

Callable

8/1/34

@

100

...................................

260

258

6

.25

%

,

10/15/55

,

Callable

4/15/55

@

100

.................................

250

251

Patterson-UTI

Energy,

Inc.

,

7

.15

%

,

10/1/33

,

Callable

7/1/33

@

100

...................

250

267

Phillips

66

Co.

,

4

.90

%

,

10/1/46

,

Callable

4/1/46

@

100

(b)

..........................

250

218

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

3

.80

%

,

9/15/30

,

Callable

6/15/30

@

100

..................................

300

291

5

.70

%

,

9/15/34

,

Callable

6/15/34

@

100

..................................

150

155

5

.60

%

,

1/15/36

,

Callable

10/15/35

@

100

.................................

200

203

Shell

Finance

US,

Inc.

,

2

.75

%

,

4/6/30

,

Callable

1/6/30

@

100

.......................

250

237

Targa

Resources

Corp.

,

5

.55

%

,

8/15/35

,

Callable

5/15/35

@

100

.....................

125

128

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.

,

5

.50

%

,

3/1/30

,

Callable

1/16/26

@

102.75

..................................................

250

254

Valero

Energy

Corp.

,

5

.15

%

,

2/15/30

,

Callable

1/15/30

@

100

.......................

265

273

Western

Midstream

Operating

LP

,

5

.25

%

,

2/1/50

,

Callable

8/1/49

@

100

...............

350

300

7,540

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

80

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Financials

(22.4%):

200

Park

Funding

Trust

,

5

.74

%

,

2/15/55

,

Callable

8/15/54

@

100

(b)

..................

$

220

$

219

Ally

Financial,

Inc.

4

.70

%

(

H15T5Y

+

387

bps

)

,

Callable

5/15/26

@

100

(a)

(c)

(d)

....................

190

188

7

.10

%

,

11/15/27

,

Callable

10/15/27

@

100

.................................

278

292

6

.18

%

(

SOFR

+

229

bps

)

,

7/26/35

,

Callable

7/26/34

@

100

(c)

....................

200

208

American

Express

Co.

4

.99

%

(

SOFR

+

226

bps

)

,

5/26/33

,

Callable

2/26/32

@

100

(c)

....................

500

509

4

.80

%

(

SOFR

+

124

bps

)

,

10/24/36

,

Callable

10/24/35

@

100

(c)

..................

420

415

American

National

Global

Funding

,

5

.55

%

,

1/28/30

(b)

............................

162

167

AmFam

Holdings,

Inc.

,

2

.81

%

,

3/11/31

,

Callable

12/11/30

@

100

(b)

..................

500

439

Antares

Holdings

LP

,

6

.35

%

,

10/23/29

,

Callable

9/23/29

@

100

(b)

....................

250

255

Arthur

J.

Gallagher

&

Co.

,

5

.15

%

,

2/15/35

,

Callable

11/15/34

@

100

..................

250

253

Assurant,

Inc.

,

2

.65

%

,

1/15/32

,

Callable

10/15/31

@

100

...........................

250

222

Aviation

Capital

Group

LLC

,

6

.75

%

,

10/25/28

,

Callable

9/25/28

@

100

(b)

..............

250

265

Bank

of

America

Corp.

4

.38

%

(

H15T5Y

+

276

bps

)

,

Callable

1/27/27

@

100

(c)

(d)

......................

500

495

3

.42

%

(

TSFR3M

+

130

bps

)

,

12/20/28

,

Callable

12/20/27

@

100

(c)

................

1,250

1,235

2

.69

%

(

SOFR

+

132

bps

)

,

4/22/32

,

Callable

4/22/31

@

100

(c)

....................

1,750

1,605

Blue

Owl

Credit

Income

Corp.

,

4

.70

%

,

2/8/27

,

Callable

1/8/27

@

100

.................

175

175

Blue

Owl

Finance

LLC

,

3

.13

%

,

6/10/31

,

Callable

3/10/31

@

100

.....................

250

226

BMW

US

Capital

LLC

,

3

.70

%

,

4/1/32

,

Callable

1/1/32

@

100

(b)

....................

250

238

Brown

&

Brown,

Inc.

5

.65

%

,

6/11/34

,

Callable

3/11/34

@

100

..................................

300

310

5

.55

%

,

6/23/35

,

Callable

3/23/35

@

100

..................................

84

86

Capital

One

Financial

Corp.

,

5

.82

%

(

SOFR

+

260

bps

)

,

2/1/34

,

Callable

2/1/33

@

100

(c)

.....

500

524

Citizens

Financial

Group,

Inc.

,

5

.25

%

(

SOFR

+

126

bps

)

,

3/5/31

,

Callable

3/5/30

@

100

(c)

...

225

231

CNO

Global

Funding

,

4

.70

%

,

12/11/30

(b)

.....................................

300

301

Cullen/Frost

Bankers,

Inc.

,

4

.50

%

,

3/17/27

,

Callable

2/17/27

@

100

...................

500

500

F&G

Global

Funding

,

2

.00

%

,

9/20/28

(b)

......................................

250

234

Fells

Point

Funding

Trust

,

3

.05

%

,

1/31/27

,

Callable

12/31/26

@

100

(b)

................

750

741

First

American

Financial

Corp.

,

2

.40

%

,

8/15/31

,

Callable

5/15/31

@

100

...............

750

655

First

Horizon

Bank

,

5

.75

%

,

5/1/30

,

Callable

2/1/30

@

100

.........................

250

258

First

Horizon

Corp.

,

5

.51

%

(

SOFR

+

177

bps

)

,

3/7/31

,

Callable

3/7/30

@

100

(c)

...........

50

52

Fiserv,

Inc.

5

.60

%

,

3/2/33

,

Callable

12/2/32

@

100

...................................

250

258

5

.25

%

,

8/11/35

,

Callable

5/11/35

@

100

(a)

................................

250

249

Ford

Motor

Credit

Co.

LLC

6

.80

%

,

5/12/28

,

Callable

4/12/28

@

100

..................................

250

261

5

.11

%

,

5/3/29

,

Callable

2/3/29

@

100

....................................

300

301

Glencore

Funding

LLC

,

1

.63

%

,

4/27/26

,

Callable

3/27/26

@

100

(b)

...................

300

298

Global

Atlantic

Fin

Co.

,

3

.13

%

,

6/15/31

,

Callable

3/15/31

@

100

(b)

...................

250

226

Global

Payments,

Inc.

5

.40

%

,

8/15/32

,

Callable

5/15/32

@

100

..................................

250

254

5

.55

%

,

11/15/35

,

Callable

8/15/35

@

100

..................................

150

149

Globe

Life,

Inc.

,

5

.85

%

,

9/15/34

,

Callable

6/15/34

@

100

..........................

115

121

Horizon

Mutual

Holdings,

Inc.

,

6

.20

%

,

11/15/34

,

Callable

8/15/34

@

100

(b)

............

150

145

Huntington

Bancshares,

Inc.

4

.44

%

(

SOFR

+

197

bps

)

,

8/4/28

,

Callable

8/4/27

@

100

(c)

......................

250

251

2

.49

%

(

H15T5Y

+

117

bps

)

,

8/15/36

,

Callable

8/15/31

@

100

(c)

..................

500

434

Hyundai

Capital

America,

Inc.

,

5

.30

%

,

1/8/29

,

Callable

12/8/28

@

100

(b)

..............

300

308

JPMorgan

Chase

&

Co.

2

.95

%

(

SOFR

+

117

bps

)

,

2/24/28

,

Callable

2/24/27

@

100

(c)

....................

250

247

2

.96

%

(

TSFR3M

+

252

bps

)

,

5/13/31

,

Callable

5/13/30

@

100

(c)

..................

250

236

1

.95

%

(

SOFR

+

107

bps

)

,

2/4/32

,

Callable

2/4/31

@

100

(c)

......................

530

473

5

.29

%

(

SOFR

+

146

bps

)

,

7/22/35

,

Callable

7/22/34

@

100

(c)

....................

720

743

5

.58

%

(

SOFR

+

164

bps

)

,

7/23/36

,

Callable

7/23/35

@

100

(c)

....................

285

295

3

.16

%

(

TSFR3M

+

146

bps

)

,

4/22/42

,

Callable

4/22/41

@

100

(c)

..................

500

389

3

.33

%

(

SOFR

+

158

bps

)

,

4/22/52

,

Callable

4/22/51

@

100

(c)

....................

1,000

711

KeyBank

NA

,

3

.90

%

,

4/13/29

..............................................

500

491

LPL

Holdings,

Inc.

,

5

.75

%

,

6/15/35

,

Callable

3/15/35

@

100

........................

215

221

M&T

Bank

Corp.

,

5

.05

%

(

SOFR

+

185

bps

)

,

1/27/34

,

Callable

1/27/33

@

100

(c)

..........

250

252

Marsh

&

McLennan

Cos.,

Inc.

,

5

.40

%

,

3/15/55

,

Callable

9/15/54

@

100

...............

325

313

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

81

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

MetLife,

Inc.

,

4

.13

%

,

8/13/42

..............................................

$

500

$

427

Morgan

Stanley

1

.59

%

(

SOFR

+

88

bps

)

,

5/4/27

,

Callable

5/4/26

@

100

(c)

.......................

1,950

1,933

1

.93

%

(

SOFR

+

102

bps

)

,

4/28/32

,

Callable

4/28/31

@

100

,

MTN

(c)

...............

250

219

5

.32

%

(

SOFR

+

156

bps

)

,

7/19/35

,

Callable

7/19/34

@

100

(c)

....................

250

257

2

.48

%

(

SOFR

+

136

bps

)

,

9/16/36

,

Callable

9/16/31

@

100

(c)

....................

550

483

2

.80

%

(

SOFR

+

143

bps

)

,

1/25/52

,

Callable

1/25/51

@

100

(c)

....................

1,000

637

MSCI,

Inc.

,

5

.25

%

,

9/1/35

,

Callable

6/1/35

@

100

...............................

240

242

MSD

Investment

Corp.

,

6

.13

%

,

2/5/31

,

Callable

1/5/31

@

100

(b)

....................

100

99

New

York

Life

Global

Funding

,

1

.85

%

,

8/1/31

(b)

................................

500

439

Northern

Trust

Corp.

,

6

.13

%

,

11/2/32

,

Callable

8/2/32

@

100

.......................

500

545

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

5

.35

%

,

3/30/29

,

Callable

2/28/29

@

100

(b)

................................

100

103

6

.20

%

,

6/15/30

,

Callable

4/15/30

@

100

(b)

................................

250

267

PPL

Capital

Funding,

Inc.

,

5

.25

%

,

9/1/34

,

Callable

6/1/34

@

100

.....................

88

90

Primerica,

Inc.

,

2

.80

%

,

11/19/31

,

Callable

8/19/31

@

100

..........................

250

227

Protective

Life

Global

Funding

,

5

.47

%

,

12/8/28

(b)

...............................

300

311

Prudential

Financial,

Inc.

,

3

.94

%

,

12/7/49

,

Callable

6/7/49

@

100

....................

500

388

Regions

Bank

,

6

.45

%

,

6/26/37

.............................................

500

542

Repsol

E&P

Capital

Markets

US

LLC

,

5

.98

%

,

9/16/35

,

Callable

6/16/35

@

100

(b)

........

200

204

RGA

Global

Funding

,

5

.50

%

,

1/11/31

(b)

......................................

350

364

Santander

Holdings

USA,

Inc.

,

6

.57

%

(

SOFR

+

270

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(c)

.

250

261

State

Street

Corp.

,

6

.12

%

(

SOFR

+

196

bps

)

,

11/21/34

,

Callable

11/21/33

@

100

(c)

.........

250

270

Stewart

Information

Services

Corp.

,

3

.60

%

,

11/15/31

,

Callable

8/15/31

@

100

...........

250

221

Synchrony

Financial

,

5

.94

%

(

SOFRINDX

+

213

bps

)

,

8/2/30

,

Callable

8/2/29

@

100

(c)

......

200

208

The

Allstate

Corp.

,

7

.05

%

(

TSFR3M

+

320

bps

)

,

8/15/53

,

Callable

2/5/26

@

100

(c)

.........

500

500

The

Bank

of

New

York

Mellon

Corp.

,

5

.61

%

(

SOFR

+

177

bps

)

,

7/21/39

,

Callable

7/21/34

@

100

(c)

...........................................................

227

238

The

Charles

Schwab

Corp.

,

5

.85

%

(

SOFR

+

250

bps

)

,

5/19/34

,

Callable

5/19/33

@

100

(c)

....

150

161

The

Huntington

National

Bank

,

5

.65

%

,

1/10/30

,

Callable

11/10/29

@

100

..............

250

262

The

Northwestern

Mutual

Life

Insurance

Co.

,

6

.17

%

,

5/29/55

,

Callable

11/29/54

@

100

(b)

..

188

200

The

PNC

Financial

Services

Group,

Inc.

2

.55

%

,

1/22/30

,

Callable

10/24/29

@

100

.................................

1,000

941

5

.68

%

(

SOFR

+

190

bps

)

,

1/22/35

,

Callable

1/22/34

@

100

(c)

....................

250

264

Truist

Financial

Corp.

5

.10

%

(

H15T10Y

+

435

bps

)

,

Callable

3/1/30

@

100

(c)

(d)

......................

500

503

1

.89

%

(

SOFR

+

86

bps

)

,

6/7/29

,

Callable

6/7/28

@

100

,

MTN

(c)

..................

1,000

950

U.S.

Bancorp

,

5

.78

%

(

SOFR

+

202

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(c)

.............

250

260

W.R.

Berkley

Corp.

,

3

.55

%

,

3/30/52

,

Callable

9/30/51

@

100

.......................

250

175

Webster

Financial

Corp.

,

4

.10

%

,

3/25/29

,

Callable

12/25/28

@

100

...................

500

492

Wells

Fargo

&

Co.

,

2

.88

%

(

TSFR3M

+

143

bps

)

,

10/30/30

,

Callable

10/30/29

@

100

,

MTN

(c)

.

250

238

Willis

North

America,

Inc.

,

5

.15

%

,

3/15/36

,

Callable

12/15/35

@

100

.................

143

143

32,988

Health

Care

(6.4%):

180

Medical,

Inc.

,

5

.30

%

,

10/8/35

,

Callable

7/8/35

@

100

(b)

........................

99

99

AbbVie,

Inc.

,

4

.25

%

,

11/21/49

,

Callable

5/21/49

@

100

...........................

500

413

Agilent

Technologies,

Inc.

,

4

.75

%

,

9/9/34

,

Callable

6/9/34

@

100

....................

275

274

Amgen,

Inc.

1

.65

%

,

8/15/28

,

Callable

6/15/28

@

100

..................................

500

471

4

.20

%

,

2/22/52

,

Callable

8/22/51

@

100

..................................

250

198

Baxter

International,

Inc.

2

.54

%

,

2/1/32

,

Callable

11/1/31

@

100

(b)

.................................

250

210

5

.65

%

,

12/15/35

,

Callable

9/15/35

@

100

.................................

66

67

3

.50

%

,

8/15/46

,

Callable

2/15/46

@

100

..................................

535

379

Biogen,

Inc.

,

5

.75

%

,

5/15/35

,

Callable

2/15/35

@

100

.............................

210

221

Bio-Rad

Laboratories,

Inc.

,

3

.30

%

,

3/15/27

,

Callable

2/15/27

@

100

..................

250

248

Bristol-Myers

Squibb

Co.

5

.90

%

,

11/15/33

,

Callable

8/15/33

@

100

..................................

148

162

4

.55

%

,

2/20/48

,

Callable

8/20/47

@

100

..................................

300

260

2

.55

%

,

11/13/50

,

Callable

5/13/50

@

100

..................................

500

296

CVS

Health

Corp.

,

1

.75

%

,

8/21/30

,

Callable

5/21/30

@

100

........................

750

666

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

82

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

DENTSPLY

SIRONA,

Inc.

3

.25

%

,

6/1/30

,

Callable

3/1/30

@

100

(a)

..................................

$

1,000

$

924

8

.38

%

(

H15T5Y

+

438

bps

)

,

9/12/55

,

Callable

6/12/30

@

100

(c)

..................

120

112

Elevance

Health,

Inc.

5

.15

%

,

6/15/29

,

Callable

5/15/29

@

100

..................................

300

309

4

.55

%

,

5/15/52

,

Callable

11/15/51

@

100

..................................

250

207

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

2

.38

%

,

2/16/31

,

Callable

11/16/30

@

100

(b)

...

250

222

HCA,

Inc.

4

.38

%

,

3/15/42

,

Callable

9/15/41

@

100

..................................

94

80

5

.25

%

,

6/15/49

,

Callable

12/15/48

@

100

.................................

500

453

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

5

.88

%

,

6/15/54

,

Callable

12/15/53

@

100

(b)

...........................................................

300

289

Humana,

Inc.

5

.38

%

,

4/15/31

,

Callable

2/15/31

@

100

..................................

170

176

5

.55

%

,

5/1/35

,

Callable

2/1/35

@

100

....................................

250

255

Regeneron

Pharmaceuticals,

Inc.

,

2

.80

%

,

9/15/50

,

Callable

3/15/50

@

100

..............

400

245

Revvity,

Inc.

,

2

.55

%

,

3/15/31

,

Callable

12/15/30

@

100

...........................

500

452

Solventum

Corp.

5

.40

%

,

3/1/29

,

Callable

2/1/29

@

100

....................................

30

31

5

.45

%

,

3/13/31

,

Callable

1/13/31

@

100

..................................

75

78

5

.60

%

,

3/23/34

,

Callable

12/23/33

@

100

.................................

75

78

5

.90

%

,

4/30/54

,

Callable

10/30/53

@

100

(a)

...............................

74

75

The

Cigna

Group

3

.40

%

,

3/1/27

,

Callable

12/1/26

@

100

...................................

500

497

5

.25

%

,

1/15/36

,

Callable

10/15/35

@

100

.................................

225

229

Universal

Health

Services,

Inc.

2

.65

%

,

1/15/32

,

Callable

10/15/31

@

100

(b)

...............................

191

169

5

.05

%

,

10/15/34

,

Callable

7/15/34

@

100

.................................

150

147

VSP

Optical

Group,

Inc.

,

5

.45

%

,

12/1/35

,

Callable

9/1/35

@

100

(b)

...................

81

82

Zoetis,

Inc.

,

5

.00

%

,

8/17/35

,

Callable

5/17/35

@

100

.............................

400

405

9,479

Industrials

(6.9%):

Acuity

Brands

Lighting,

Inc.

,

2

.15

%

,

12/15/30

,

Callable

9/15/30

@

100

................

750

674

AGCO

Corp.

,

5

.80

%

,

3/21/34

,

Callable

12/21/33

@

100

...........................

215

225

Air

Lease

Corp.

,

2

.88

%

,

1/15/32

,

Callable

10/15/31

@

100

.........................

250

224

American

Airlines

Pass

Through

Trust

,

3

.58

%

,

1/15/28

............................

209

206

Aon

North

America,

Inc.

,

5

.45

%

,

3/1/34

,

Callable

12/1/33

@

100

....................

300

312

Ashtead

Capital,

Inc.

,

5

.50

%

,

8/11/32

,

Callable

5/11/32

@

100

(b)

....................

500

516

Burlington

Northern

Santa

Fe

LLC

,

3

.90

%

,

8/1/46

,

Callable

2/1/46

@

100

..............

500

400

Carlisle

Cos.,

Inc.

,

5

.55

%

,

9/15/40

,

Callable

6/15/40

@

100

.........................

55

56

Carrier

Global

Corp.

,

3

.38

%

,

4/5/40

,

Callable

10/5/39

@

100

.......................

400

324

CRH

America

Finance,

Inc.

,

5

.50

%

,

1/9/35

,

Callable

10/9/34

@

100

..................

250

261

Delta

Air

Lines,

Inc.

,

5

.25

%

,

7/10/30

,

Callable

6/10/30

@

100

.......................

150

154

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

,

4

.75

%

,

10/20/28

(b)

.........................

250

252

FedEx

Corp.

,

4

.05

%

,

2/15/48

,

Callable

8/15/47

@

100

............................

250

191

Fortune

Brands

Innovations,

Inc.

,

4

.00

%

,

3/25/32

,

Callable

12/25/31

@

100

.............

250

240

GXO

Logistics,

Inc.

,

2

.65

%

,

7/15/31

,

Callable

4/15/31

@

100

.......................

750

675

HEICO

Corp.

,

5

.25

%

,

8/1/28

,

Callable

7/1/28

@

100

.............................

250

257

Hubbell,

Inc.

,

2

.30

%

,

3/15/31

,

Callable

12/15/30

@

100

...........................

500

455

Leidos,

Inc.

5

.75

%

,

3/15/33

,

Callable

12/15/32

@

100

.................................

250

265

5

.50

%

,

3/15/35

,

Callable

12/15/34

@

100

.................................

150

156

MasTec,

Inc.

,

5

.90

%

,

6/15/29

,

Callable

5/15/29

@

100

............................

214

223

Otis

Worldwide

Corp.

,

3

.11

%

,

2/15/40

,

Callable

8/15/39

@

100

......................

500

394

Owens

Corning

,

5

.95

%

,

6/15/54

,

Callable

12/15/53

@

100

(a)

.......................

300

304

Quanta

Services,

Inc.

,

2

.90

%

,

10/1/30

,

Callable

7/1/30

@

100

.......................

300

281

Regal

Rexnord

Corp.

,

6

.40

%

,

4/15/33

,

Callable

1/15/33

@

100

......................

182

196

RTX

Corp.

,

4

.20

%

,

12/15/44

,

Callable

6/15/44

@

100

.............................

250

207

Ryder

System,

Inc.

,

2

.85

%

,

3/1/27

,

Callable

2/1/27

@

100

,

MTN

.....................

500

494

Southwest

Airlines

Co.

,

5

.25

%

,

11/15/35

,

Callable

8/15/35

@

100

....................

300

294

The

Boeing

Co.

3

.63

%

,

2/1/31

,

Callable

11/1/30

@

100

...................................

500

481

5

.81

%

,

5/1/50

,

Callable

11/1/49

@

100

...................................

300

296

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

83

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

The

Timken

Co.

,

4

.13

%

,

4/1/32

,

Callable

1/1/32

@

100

............................

$

500

$

480

United

Airlines

Pass

Through

Trust

,

5

.45

%

,

2/15/37

..............................

266

273

Verisk

Analytics,

Inc.

,

5

.25

%

,

6/5/34

,

Callable

3/5/34

@

100

........................

300

307

Weir

Group,

Inc.

,

5

.35

%

,

5/6/30

,

Callable

4/6/30

@

100

(b)

.........................

157

161

10,234

Information

Technology

(5.0%):

Atlassian

Corp.

,

5

.50

%

,

5/15/34

,

Callable

2/15/34

@

100

..........................

230

238

Autodesk,

Inc.

,

2

.40

%

,

12/15/31

,

Callable

9/15/31

@

100

..........................

450

400

Broadcom,

Inc.

,

2

.60

%

,

2/15/33

,

Callable

11/15/32

@

100

..........................

1,000

881

Dell

International

LLC/EMC

Corp.

4

.85

%

,

2/1/35

,

Callable

11/1/34

@

100

...................................

150

148

5

.10

%

,

2/15/36

,

Callable

11/15/35

@

100

..................................

283

279

3

.38

%

,

12/15/41

,

Callable

6/15/41

@

100

(b)

...............................

500

380

Hewlett

Packard

Enterprise

Co.

,

5

.00

%

,

10/15/34

,

Callable

7/15/34

@

100

..............

215

213

Jabil,

Inc.

,

3

.00

%

,

1/15/31

,

Callable

10/15/30

@

100

..............................

500

466

Keysight

Technologies,

Inc.

,

4

.95

%

,

10/15/34

,

Callable

7/15/34

@

100

................

200

202

Marvell

Technology,

Inc.

,

2

.45

%

,

4/15/28

,

Callable

2/15/28

@

100

...................

150

145

Micron

Technology,

Inc.

5

.88

%

,

2/9/33

,

Callable

11/9/32

@

100

...................................

250

266

6

.05

%

,

11/1/35

,

Callable

8/2/35

@

100

...................................

150

160

Microsoft

Corp.

,

2

.53

%

,

6/1/50

,

Callable

12/1/49

@

100

...........................

250

153

Motorola

Solutions,

Inc.

,

5

.55

%

,

8/15/35

,

Callable

5/15/35

@

100

....................

240

250

Oracle

Corp.

1

.65

%

,

3/25/26

,

Callable

2/25/26

@

100

..................................

600

596

3

.85

%

,

7/15/36

,

Callable

1/15/36

@

100

..................................

320

267

5

.88

%

,

9/26/45

,

Callable

3/26/45

@

100

..................................

300

272

3

.60

%

,

4/1/50

,

Callable

10/1/49

@

100

...................................

650

405

South

Bow

USA

Infrastructure

Holdings

LLC

,

5

.58

%

,

10/1/34

,

Callable

7/1/34

@

100

.....

230

232

Synopsys,

Inc.

,

5

.15

%

,

4/1/35

,

Callable

1/1/35

@

100

.............................

245

249

TD

SYNNEX

Corp.

,

5

.30

%

,

10/10/35

,

Callable

7/10/35

@

100

......................

240

238

TSMC

Arizona

Corp.

,

2

.50

%

,

10/25/31

,

Callable

7/25/31

@

100

.....................

200

182

Western

Digital

Corp.

,

2

.85

%

,

2/1/29

,

Callable

12/1/28

@

100

.......................

250

239

Workday,

Inc.

,

3

.70

%

,

4/1/29

,

Callable

2/1/29

@

100

(a)

...........................

500

493

7,354

Materials

(4.2%):

Albemarle

Corp.

,

4

.65

%

,

6/1/27

,

Callable

5/1/27

@

100

...........................

250

252

Amcor

Flexibles

North

America,

Inc.

,

2

.69

%

,

5/25/31

,

Callable

2/25/31

@

100

(a)

.........

227

208

AptarGroup,

Inc.

,

3

.60

%

,

3/15/32

,

Callable

12/15/31

@

100

........................

588

549

Avery

Dennison

Corp.

,

2

.25

%

,

2/15/32

,

Callable

11/15/31

@

100

....................

500

439

Bayport

Polymers

LLC

,

4

.74

%

,

4/14/27

,

Callable

3/14/27

@

100

(b)

...................

500

501

CF

Industries,

Inc.

,

5

.30

%

,

11/26/35

,

Callable

8/26/35

@

100

.......................

235

235

Chevron

Phillips

Chemical

Co.

LLC/Chevron

Phillips

Chemical

Co.

LP

,

4

.75

%

,

5/15/30

,

Callable

4/15/30

@

100

(b)

............................................

215

218

Ecolab,

Inc.

5

.00

%

,

9/1/35

,

Callable

6/1/35

@

100

....................................

218

222

2

.70

%

,

12/15/51

,

Callable

6/15/51

@

100

.................................

250

155

Huntsman

International

LLC

,

5

.70

%

,

10/15/34

,

Callable

7/15/34

@

100

................

220

200

LYB

International

Finance

III

LLC

3

.38

%

,

10/1/40

,

Callable

4/1/40

@

100

...................................

185

134

4

.20

%

,

5/1/50

,

Callable

11/1/49

@

100

...................................

500

357

Martin

Marietta

Materials,

Inc.

,

5

.50

%

,

12/1/54

,

Callable

6/1/54

@

100

................

150

145

Packaging

Corp.

of

America

5

.20

%

,

8/15/35

,

Callable

5/15/35

@

100

..................................

83

84

3

.05

%

,

10/1/51

,

Callable

4/1/51

@

100

...................................

750

488

Reliance,

Inc.

,

2

.15

%

,

8/15/30

,

Callable

5/15/30

@

100

............................

250

226

Sealed

Air

Corp.

,

7

.25

%

,

2/15/31

,

Callable

11/15/26

@

103.63

(b)

....................

350

365

Syensqo

Finance

America

LLC

,

5

.85

%

,

6/4/34

,

Callable

3/4/34

@

100

(b)

...............

300

313

The

Dow

Chemical

Co.

,

5

.65

%

,

3/15/36

,

Callable

12/15/35

@

100

(a)

..................

240

239

Vulcan

Materials

Co.

5

.35

%

,

12/1/34

,

Callable

9/1/34

@

100

...................................

160

166

5

.70

%

,

12/1/54

,

Callable

6/1/54

@

100

...................................

200

200

Westlake

Corp.

,

5

.55

%

,

11/15/35

,

Callable

8/15/35

@

100

(a)

........................

275

276

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

84

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

WRKCo,

Inc.

,

3

.00

%

,

6/15/33

,

Callable

3/15/33

@

100

............................

$

200

$

178

6,150

Real

Estate

(3.9%):

Alexandria

Real

Estate

Equities,

Inc.

2

.00

%

,

5/18/32

,

Callable

2/18/32

@

100

..................................

500

423

5

.50

%

,

10/1/35

,

Callable

7/1/35

@

100

...................................

270

275

3

.55

%

,

3/15/52

,

Callable

9/15/51

@

100

..................................

500

340

Boston

Properties

LP

,

2

.55

%

,

4/1/32

,

Callable

1/1/32

@

100

........................

500

436

CBRE

Services,

Inc.

2

.50

%

,

4/1/31

,

Callable

1/1/31

@

100

....................................

250

227

5

.50

%

,

6/15/35

,

Callable

3/15/35

@

100

..................................

150

155

Crown

Castle,

Inc.

2

.25

%

,

1/15/31

,

Callable

10/15/30

@

100

.................................

250

223

2

.90

%

,

4/1/41

,

Callable

10/1/40

@

100

...................................

250

182

DOC

DR

LLC

,

2

.63

%

,

11/1/31

,

Callable

8/1/31

@

100

............................

250

225

ERP

Operating

LP

,

2

.85

%

,

11/1/26

,

Callable

8/1/26

@

100

.........................

500

496

Essex

Portfolio

LP

,

2

.65

%

,

3/15/32

,

Callable

12/15/31

@

100

.......................

500

446

GLP

Capital

LP/GLP

Financing

II,

Inc.

3

.25

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

117

106

5

.63

%

,

9/15/34

,

Callable

6/15/34

@

100

..................................

150

152

Highwoods

Realty

LP

,

2

.60

%

,

2/1/31

,

Callable

11/1/30

@

100

.......................

400

359

Host

Hotels

&

Resorts

LP

,

3

.50

%

,

9/15/30

,

Callable

6/15/30

@

100

...................

500

477

Kilroy

Realty

LP

,

2

.65

%

,

11/15/33

,

Callable

8/15/33

@

100

........................

400

329

Kimco

Realty

OP

LLC

,

4

.85

%

,

3/1/35

,

Callable

12/1/34

@

100

......................

350

348

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

4

.95

%

,

1/15/35

,

Callable

10/15/34

@

100

...........................................................

215

212

Simon

Property

Group

LP

,

2

.25

%

,

1/15/32

,

Callable

10/15/31

@

100

..................

250

221

VICI

Properties

LP

,

5

.63

%

,

4/1/35

,

Callable

1/1/35

@

100

..........................

100

102

5,734

Utilities

(8.3%):

AEP

Texas,

Inc.

5

.70

%

,

5/15/34

,

Callable

2/15/34

@

100

..................................

275

287

5

.85

%

,

10/15/55

,

Callable

4/15/55

@

100

.................................

375

370

Alabama

Power

Co.

,

3

.13

%

,

7/15/51

,

Callable

1/15/51

@

100

.......................

500

331

Alliant

Energy

Finance

LLC

,

5

.40

%

,

6/6/27

,

Callable

5/6/27

@

100

(b)

.................

250

253

Ameren

Corp.

,

3

.50

%

,

1/15/31

,

Callable

10/15/30

@

100

..........................

250

240

Ameren

Illinois

Co.

,

5

.55

%

,

7/1/54

,

Callable

1/1/54

@

100

.........................

300

295

Arizona

Public

Service

Co.

,

5

.70

%

,

8/15/34

,

Callable

5/15/34

@

100

..................

250

263

Cleco

Power

LLC

,

5

.30

%

,

1/15/36

,

Callable

10/15/35

@

100

(b)

.....................

235

237

CMS

Energy

Corp.

,

4

.75

%

(

H15T5Y

+

412

bps

)

,

6/1/50

,

Callable

3/1/30

@

100

(c)

.........

300

295

DTE

Electric

Co.

,

3

.65

%

,

3/1/52

,

Callable

9/1/51

@

100

...........................

500

369

DTE

Energy

Co.

4

.95

%

,

7/1/27

,

Callable

6/1/27

@

100

....................................

100

101

5

.85

%

,

6/1/34

,

Callable

3/1/34

@

100

....................................

47

50

Duke

Energy

Carolinas

LLC

,

2

.85

%

,

3/15/32

,

Callable

12/15/31

@

100

................

250

229

Duke

Energy

Corp.

,

5

.80

%

,

6/15/54

,

Callable

12/15/53

@

100

.......................

250

247

Duke

Energy

Florida

LLC

,

2

.40

%

,

12/15/31

,

Callable

9/15/31

@

100

..................

1,000

904

Duquesne

Light

Holdings,

Inc.

2

.53

%

,

10/1/30

,

Callable

7/1/30

@

100

(b)

.................................

150

136

2

.78

%

,

1/7/32

,

Callable

10/7/31

@

100

(b)

.................................

250

223

Entergy

Corp.

,

2

.40

%

,

6/15/31

,

Callable

3/5/31

@

100

............................

500

449

Entergy

Louisiana

LLC

5

.70

%

,

3/15/54

,

Callable

9/15/53

@

100

..................................

250

250

5

.80

%

,

3/15/55

,

Callable

9/15/54

@

100

..................................

200

202

Florida

Power

&

Light

Co.

3

.15

%

,

10/1/49

,

Callable

4/1/49

@

100

...................................

250

171

2

.88

%

,

12/4/51

,

Callable

6/4/51

@

100

...................................

500

319

Georgia

Power

Co.

,

5

.25

%

,

3/15/34

,

Callable

9/15/33

@

100

........................

500

516

Gulfstream

Natural

Gas

System

LLC

,

5

.60

%

,

7/23/35

,

Callable

4/23/35

@

100

(b)

.........

260

266

ITC

Holdings

Corp.

,

3

.35

%

,

11/15/27

,

Callable

8/15/27

@

100

......................

500

494

MidAmerican

Energy

Co.

,

2

.70

%

,

8/1/52

,

Callable

2/1/52

@

100

.....................

500

306

NextEra

Energy

Capital

Holdings,

Inc.

,

2

.44

%

,

1/15/32

,

Callable

10/15/31

@

100

.........

500

445

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

85

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Niagara

Mohawk

Power

Corp.

,

5

.29

%

,

1/17/34

,

Callable

10/17/33

@

100

(b)

............

$

250

$

254

Northern

States

Power

Co.

,

5

.65

%

,

6/15/54

,

Callable

12/15/53

@

100

.................

200

202

Oglethorpe

Power

Corp.

4

.20

%

,

12/1/42

....................................................

100

81

4

.50

%

,

4/1/47

,

Callable

10/1/46

@

100

...................................

312

262

5

.80

%

,

6/1/54

,

Callable

12/1/53

@

100

...................................

150

147

Oncor

Electric

Delivery

Co.

LLC

3

.75

%

,

4/1/45

,

Callable

10/1/44

@

100

...................................

500

392

5

.80

%

,

4/1/55

,

Callable

10/1/54

@

100

(b)

.................................

220

222

PECO

Energy

Co.

,

3

.00

%

,

9/15/49

,

Callable

3/15/49

@

100

........................

500

328

Piedmont

Natural

Gas

Co.,

Inc.

,

5

.40

%

,

6/15/33

,

Callable

3/15/33

@

100

...............

250

260

Potomac

Electric

Power

Co.

,

5

.50

%

,

3/15/54

,

Callable

9/15/53

@

100

.................

300

290

Southwestern

Electric

Power

Co.

,

3

.25

%

,

11/1/51

,

Callable

5/1/51

@

100

...............

250

165

The

Southern

Co.

,

4

.00

%

(

H15T5Y

+

373

bps

)

,

1/15/51

,

Callable

1/15/26

@

100

(c)

.........

300

300

Union

Electric

Co.

,

2

.15

%

,

3/15/32

,

Callable

12/15/31

@

100

.......................

500

439

Wisconsin

Public

Service

Corp.

,

2

.85

%

,

12/1/51

,

Callable

6/1/51

@

100

...............

250

158

Xcel

Energy,

Inc.

,

2

.35

%

,

11/15/31

,

Callable

5/15/31

@

100

........................

500

444

12,192

Total

Corporate

Bonds

(Cost

$119,041)

a

a

a

112,301

Yankee

Dollars

(15.7%)

Communication

Services

(0.3%):

Rogers

Communications,

Inc.

,

4

.50

%

,

3/15/42

,

Callable

9/15/41

@

100

(b)

..............

500

427

Consumer

Discretionary

(0.3%):

Carnival

Corp.

,

5

.13

%

,

5/1/29

,

Callable

2/1/29

@

100

(b)

...........................

192

194

Gildan

Activewear,

Inc.

,

5

.40

%

,

10/7/35

,

Callable

7/7/35

@

100

(b)

...................

312

311

505

Consumer

Staples

(0.8%):

Alimentation

Couche-Tard,

Inc.

,

2

.95

%

,

1/25/30

,

Callable

10/25/29

@

100

(b)

............

250

237

Bacardi

Ltd./Bacardi-Martini

BV

,

5

.40

%

,

6/15/33

,

Callable

3/15/33

@

100

(b)

............

300

303

Bacardi-Martini

BV

,

6

.00

%

,

2/1/35

,

Callable

11/1/34

@

100

(b)

......................

150

156

Becle

SAB

de

CV

,

2

.50

%

,

10/14/31

,

Callable

7/14/31

@

100

(b)

......................

250

217

JBS

USA

Holding

LUX

SARL/JBS

USA

Food

Co./JBS

LUX

Co.

SARL

,

5

.75

%

,

4/1/33

,

Callable

1/1/33

@

100

...............................................

182

190

1,103

Energy

(1.4%):

Canadian

Natural

Resources

Ltd.

,

5

.40

%

,

12/15/34

,

Callable

9/15/34

@

100

.............

450

458

Enbridge,

Inc.

,

5

.63

%

,

4/5/34

,

Callable

1/5/34

@

100

.............................

300

313

Harbour

Energy

PLC

,

6

.33

%

,

4/1/35

,

Callable

1/1/35

@

100

(b)

......................

200

203

Shell

International

Finance

BV

,

2

.88

%

,

11/26/41

,

Callable

5/26/41

@

100

..............

500

370

Smurfit

Westrock

Financing

DAC

,

5

.42

%

,

1/15/35

,

Callable

10/15/34

@

100

............

200

206

Var

Energi

ASA

8

.00

%

,

11/15/32

,

Callable

8/15/32

@

100

(b)

...............................

250

286

6

.50

%

,

5/22/35

,

Callable

2/22/35

@

100

(b)

................................

200

212

2,048

Financials

(9.1%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

4

.95

%

,

9/10/34

,

Callable

6/10/34

@

100

...........................................................

300

300

Allianz

SE

,

6

.35

%

(

H15T5Y

+

323

bps

)

,

9/6/53

,

Callable

3/6/33

@

100

(b)

(c)

.............

200

215

Banco

Santander

SA

,

6

.92

%

,

8/8/33

.........................................

200

222

Bank

of

New

Zealand

,

2

.87

%

,

1/27/32

(b)

......................................

250

228

Barclays

PLC

5

.83

%

(

SOFR

+

221

bps

)

,

5/9/27

,

Callable

5/9/26

@

100

(c)

......................

250

251

4

.95

%

,

1/10/47

....................................................

1,000

919

BNP

Paribas

SA

,

4

.63

%

,

3/13/27

(b)

..........................................

500

502

BP

Capital

Markets

PLC

,

4

.88

%

(

H15T5Y

+

440

bps

)

,

Callable

3/22/30

@

100

(c)

(d)

........

250

248

BPCE

SA

,

6

.51

%

(

SOFR

+

279

bps

)

,

1/18/35

,

Callable

1/18/34

@

100

(b)

(c)

..............

300

319

Brookfield

Asset

Management

Ltd.

,

6

.08

%

,

9/15/55

,

Callable

3/15/55

@

100

............

114

117

Brookfield

Finance,

Inc.

,

2

.72

%

,

4/15/31

,

Callable

1/15/31

@

100

....................

500

458

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

86

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Canadian

Imperial

Bank

of

Commerce

7

.26

%

,

4/10/32

(b)

..................................................

$

156

$

164

6

.09

%

,

10/3/33

,

Callable

7/3/33

@

100

...................................

250

272

Commonwealth

Bank

of

Australia

,

2

.69

%

,

3/11/31

(b)

.............................

500

455

Credit

Agricole

SA

,

6

.25

%

(

SOFR

+

267

bps

)

,

1/10/35

,

Callable

1/10/34

@

100

(b)

(c)

.......

250

266

Deutsche

Bank

AG

4

.88

%

(

USISOA05

+

255

bps

)

,

12/1/32

,

Callable

12/1/27

@

100

(c)

................

500

502

5

.40

%

(

SOFR

+

205

bps

)

,

9/11/35

,

Callable

9/11/34

@

100

(a)

(c)

..................

250

255

HSBC

Holdings

PLC

,

2

.21

%

(

SOFR

+

129

bps

)

,

8/17/29

,

Callable

8/17/28

@

100

(c)

........

1,000

951

JAB

Holdings

BV

,

4

.50

%

,

4/8/52

,

Callable

10/8/51

@

100

(b)

.......................

250

194

Lloyds

Banking

Group

PLC

1

.63

%

(

H15T1Y

+

85

bps

)

,

5/11/27

,

Callable

5/11/26

@

100

(c)

...................

1,000

991

7

.95

%

(

H15T1Y

+

375

bps

)

,

11/15/33

,

Callable

8/15/32

@

100

(c)

.................

303

353

Macquarie

Airfinance

Holdings

Ltd.

5

.15

%

,

3/17/30

,

Callable

2/17/30

@

100

(b)

................................

112

114

6

.50

%

,

3/26/31

,

Callable

1/26/31

@

100

(b)

................................

42

45

Macquarie

Bank

Ltd.

,

3

.05

%

(

H15T5Y

+

170

bps

)

,

3/3/36

,

Callable

3/3/31

@

100

(b)

(c)

......

500

455

Mitsubishi

UFJ

Financial

Group,

Inc.

,

5

.62

%

(

H15T1Y

+

127

bps

)

,

4/24/36

,

Callable

4/24/35

@

100

(c)

...........................................................

200

210

Mizuho

Financial

Group,

Inc.

,

5

.58

%

(

H15T1Y

+

130

bps

)

,

5/26/35

,

Callable

5/26/34

@

100

(c)

293

307

NatWest

Group

PLC

,

1

.64

%

(

H15T1Y

+

90

bps

)

,

6/14/27

,

Callable

6/14/26

@

100

(c)

.......

1,000

989

Standard

Chartered

PLC

,

7

.77

%

(

H15T1Y

+

345

bps

)

,

11/16/28

,

Callable

11/16/27

@

100

(b)

(c)

500

532

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2

.47

%

,

1/14/29

...........................

250

238

Sumitomo

Mitsui

Trust

Group,

Inc.

,

5

.42

%

(

SOFR

+

165

bps

)

,

9/11/36

,

Callable

9/11/35

@

100

(b)

(c)

.........................................................

207

208

The

Bank

of

Nova

Scotia

,

5

.13

%

(

SOFR

+

107

bps

)

,

2/14/31

,

Callable

2/14/30

@

100

(c)

.....

275

283

The

Toronto-Dominion

Bank

,

3

.63

%

(

USSW5

+

221

bps

)

,

9/15/31

,

Callable

9/15/26

@

100

(c)

.

500

497

UBS

Group

AG

4

.28

%

,

1/9/28

,

Callable

1/9/27

@

100

(b)

..................................

217

217

3

.09

%

(

SOFR

+

173

bps

)

,

5/14/32

,

Callable

5/14/31

@

100

(b)

(c)

..................

500

464

5

.01

%

(

SOFR

+

134

bps

)

,

3/23/37

,

Callable

3/23/36

@

100

(b)

(c)

..................

244

242

Westpac

Banking

Corp.

,

4

.32

%

(

USISOA05

+

224

bps

)

,

11/23/31

,

Callable

11/23/26

@

100

(c)

.

500

500

13,483

Health

Care

(1.1%):

Olympus

Corp.

,

2

.14

%

,

12/8/26

,

Callable

11/8/26

@

100

(b)

........................

152

149

Royalty

Pharma

PLC

,

3

.55

%

,

9/2/50

,

Callable

3/2/50

@

100

........................

750

518

Smith

&

Nephew

PLC

2

.03

%

,

10/14/30

,

Callable

7/14/30

@

100

.................................

475

427

5

.40

%

,

3/20/34

,

Callable

12/20/33

@

100

.................................

100

104

Takeda

Pharmaceutical

Co.

Ltd.

,

5

.65

%

,

7/5/54

,

Callable

1/5/54

@

100

................

400

393

1,591

Industrials

(1.1%):

Aircastle

Ltd.

,

5

.95

%

,

2/15/29

,

Callable

1/15/29

@

100

(b)

..........................

300

312

Element

Fleet

Management

Corp.

,

6

.32

%

,

12/4/28

,

Callable

11/4/28

@

100

(b)

...........

250

264

Ferguson

Finance

PLC

,

3

.25

%

,

6/2/30

,

Callable

3/2/30

@

100

(a)

(b)

...................

250

239

LG

Energy

Solution

Ltd.

,

5

.38

%

,

7/2/29

(b)

....................................

200

205

Pentair

Finance

SARL

,

5

.90

%

,

7/15/32

,

Callable

4/15/32

@

100

.....................

250

265

Trane

Technologies

Financing

Ltd.

,

5

.25

%

,

3/3/33

,

Callable

12/3/32

@

100

.............

250

260

1,545

Information

Technology

(0.8%):

Kioxia

Holdings

Corp.

,

6

.63

%

,

7/24/33

,

Callable

7/24/28

@

103.31

(b)

.................

200

208

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

,

3

.25

%

,

5/11/41

,

Callable

11/11/40

@

100

....

600

455

Open

Text

Corp.

,

6

.90

%

,

12/1/27

,

Callable

11/1/27

@

100

(b)

.......................

338

351

SK

Hynix,

Inc.

,

5

.50

%

,

1/16/29

(b)

...........................................

200

207

1,221

Materials

(0.5%):

Alcoa

Nederland

Holding

BV

,

7

.13

%

,

3/15/31

,

Callable

3/15/27

@

103.56

(b)

............

37

39

ArcelorMittal

SA

,

6

.80

%

,

11/29/32

,

Callable

8/29/32

@

100

........................

250

280

CCL

Industries,

Inc.

,

3

.25

%

,

10/1/26

,

Callable

7/1/26

@

100

(b)

......................

250

248

Minera

Mexico

SA

de

CV

,

5

.63

%

,

2/12/32

,

Callable

12/12/31

@

100

(b)

................

200

207

774

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

87

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Real

Estate

(0.3%):

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

,

2

.50

%

,

10/15/31

,

Callable

7/15/31

@

100

(b)

...........................................................

$

504

$

453

Total

Yankee

Dollars

(Cost

$23,603)

a

a

a

23,150

U.S.

Treasury

Obligations

(6.6%)

U.S.

Treasury

Bonds

3

.88

%

,

5/15/43

....................................................

1,300

1,171

4

.50

%

,

2/15/44

....................................................

800

777

3

.38

%

,

5/15/44

....................................................

1,100

909

3

.00

%

,

5/15/45

....................................................

750

578

4

.88

%

,

8/15/45

....................................................

530

536

3

.38

%

,

11/15/48

....................................................

500

397

4

.00

%

,

11/15/52

....................................................

200

174

4

.13

%

,

8/15/53

....................................................

1,350

1,200

4

.25

%

,

8/15/54

....................................................

750

680

4

.75

%

,

8/15/55

....................................................

450

444

U.S.

Treasury

Notes

1

.63

%

,

11/30/26

....................................................

100

98

3

.88

%

,

12/31/27

....................................................

100

101

3

.38

%

,

9/15/28

....................................................

1,100

1,096

3

.75

%

,

12/31/28

....................................................

300

302

3

.63

%

,

9/30/30

....................................................

650

648

3

.88

%

,

9/30/32

....................................................

400

399

3

.88

%

,

8/15/34

....................................................

100

98

4

.25

%

,

8/15/35

....................................................

120

121

Total

U.S.

Treasury

Obligations

(Cost

$9,923)

a

a

a

9,729

Commercial

Paper

(0.2%)

Financials

(0.2%):

Columbia

Pipelines

Holding

Co.

LLC

,

3

.89

%

,

1/2/26

(b)

(e)

.........................

300

300

Total

Commercial

Paper

(Cost

$300)

a

a

a

300

Shares

Collateral

for

Securities

Loaned

(2.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(f)

........

1,037,326

1,037

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(f)

............

1,037,326

1,037

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(f)

................

998,826

999

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(f)

.

1,075,826

1,076

Total

Collateral

for

Securities

Loaned

(Cost

$4,149)

a

a

a

4,149

Total

Investments

(Cost

$157,016)

—

101.5%

149,629

Liabilities

in

excess

of

other

assets

—  (1.5)%

(2,148)

NET

ASSETS

-

100.00%

$

147,481

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

15.7%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$27,306

(thousands)

and

amounted

to

18.5%

of

net

assets.

(c)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

December

31,

2025.

(d)

Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(e)

Rate

represents

the

effective

yield

at

December

31,

2025.

(f)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

bps

—

Basis

points

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

H15T5Y

—

5

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

H15T10Y

—

10

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

Victory

Portfolios

II

VictoryShares

Corporate

Bond

ETF

88

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

December

31,

2025.

TSFR3M

—

3

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

5

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025.

USSW5

—

USD

5

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025.

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

89

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Corporate

Bonds

(32.0%)

Communication

Services

(2.0%):

AT&T,

Inc.

4

.25

%

,

3/1/27

,

Callable

12/1/26

@

100

...................................

$

150

$

150

1

.65

%

,

2/1/28

,

Callable

12/1/27

@

100

...................................

154

147

4

.35

%

,

3/1/29

,

Callable

12/1/28

@

100

...................................

145

146

5

.40

%

,

2/15/34

,

Callable

11/15/33

@

100

..................................

73

76

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

3

.75

%

,

2/15/28

,

Callable

11/15/27

@

100

..................................

115

113

5

.05

%

,

3/30/29

,

Callable

12/30/28

@

100

.................................

145

147

2

.80

%

,

4/1/31

,

Callable

1/1/31

@

100

....................................

89

80

Comcast

Corp.

2

.65

%

,

2/1/30

,

Callable

11/1/29

@

100

...................................

115

108

3

.40

%

,

4/1/30

,

Callable

1/1/30

@

100

....................................

315

306

Discovery

Communications

LLC

,

3

.63

%

,

5/15/30

,

Callable

2/15/30

@

100

..............

94

87

Paramount

Global

4

.00

%

,

1/15/26

....................................................

34

34

3

.38

%

,

2/15/28

,

Callable

11/15/27

@

100

..................................

94

91

T-Mobile

US,

Inc.

3

.75

%

,

4/15/27

,

Callable

2/15/27

@

100

..................................

234

233

2

.55

%

,

2/15/31

,

Callable

11/15/30

@

100

..................................

75

69

5

.15

%

,

4/15/34

,

Callable

1/15/34

@

100

..................................

115

118

Verizon

Communications,

Inc.

1

.75

%

,

1/20/31

,

Callable

10/20/30

@

100

.................................

109

96

2

.55

%

,

3/21/31

,

Callable

12/21/30

@

100

.................................

101

92

5

.40

%

,

7/2/37

,

Callable

4/2/37

@

100

(a)

..................................

182

184

Warnermedia

Holdings,

Inc.

,

4

.28

%

,

3/15/32

,

Callable

12/15/31

@

100

................

38

33

2,310

Consumer

Discretionary

(1.8%):

AutoNation,

Inc.

,

5

.89

%

,

3/15/35

,

Callable

12/15/34

@

100

........................

96

99

AutoZone,

Inc.

,

4

.75

%

,

8/1/32

,

Callable

5/1/32

@

100

............................

56

56

Brunswick

Corp.

5

.85

%

,

3/18/29

,

Callable

2/18/29

@

100

..................................

52

54

4

.40

%

,

9/15/32

,

Callable

6/15/32

@

100

..................................

29

28

Choice

Hotels

International,

Inc.

,

5

.85

%

,

8/1/34

,

Callable

5/1/34

@

100

................

50

51

General

Motors

Financial

Co.,

Inc.

,

5

.85

%

,

4/6/30

,

Callable

2/6/30

@

100

..............

127

133

Genuine

Parts

Co.

6

.50

%

,

11/1/28

,

Callable

10/1/28

@

100

..................................

82

87

2

.75

%

,

2/1/32

,

Callable

11/1/31

@

100

...................................

51

45

Las

Vegas

Sands

Corp.

,

3

.90

%

,

8/8/29

,

Callable

5/8/29

@

100

.......................

160

156

LKQ

Corp.

,

5

.75

%

,

6/15/28

,

Callable

5/15/28

@

100

.............................

87

90

Lowe's

Cos.,

Inc.

2

.63

%

,

4/1/31

,

Callable

1/1/31

@

100

....................................

135

124

5

.00

%

,

4/15/33

,

Callable

1/15/33

@

100

..................................

66

68

Marriott

International,

Inc.

,

3

.50

%

,

10/15/32

,

Callable

7/15/32

@

100

.................

115

107

Mattel,

Inc.

3

.75

%

,

4/1/29

,

Callable

1/16/26

@

100.94

(a)

...............................

83

81

5

.00

%

,

11/17/30

,

Callable

10/17/30

@

100

.................................

34

34

O'Reilly

Automotive,

Inc.

3

.60

%

,

9/1/27

,

Callable

6/1/27

@

100

....................................

148

147

4

.20

%

,

4/1/30

,

Callable

1/1/30

@

100

....................................

66

66

5

.00

%

,

8/19/34

,

Callable

5/19/34

@

100

..................................

99

100

PulteGroup,

Inc.

5

.00

%

,

1/15/27

,

Callable

10/15/26

@

100

.................................

89

90

6

.38

%

,

5/15/33

....................................................

41

45

Tapestry,

Inc.

,

5

.50

%

,

3/11/35

,

Callable

12/11/34

@

100

...........................

89

91

The

Home

Depot,

Inc.

,

1

.38

%

,

3/15/31

,

Callable

12/15/30

@

100

....................

90

78

Volkswagen

Group

of

America

Finance

LLC

,

4

.85

%

,

9/11/30

,

Callable

8/11/30

@

100

(a)

...

200

202

2,032

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

90

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Consumer

Staples

(1.7%):

BAT

Capital

Corp.

2

.73

%

,

3/25/31

,

Callable

12/25/30

@

100

.................................

$

150

$

138

6

.42

%

,

8/2/33

,

Callable

5/2/33

@

100

....................................

51

56

Bunge

Ltd.

Finance

Corp.

3

.75

%

,

9/25/27

,

Callable

6/25/27

@

100

..................................

93

93

2

.75

%

,

5/14/31

,

Callable

2/14/31

@

100

..................................

133

122

Church

&

Dwight

Co.,

Inc.

,

5

.60

%

,

11/15/32

,

Callable

8/15/32

@

100

.................

70

75

Constellation

Brands,

Inc.

,

2

.25

%

,

8/1/31

,

Callable

5/1/31

@

100

.....................

149

132

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC

,

5

.60

%

,

1/15/31

,

Callable

12/15/30

@

100

(a)

...........................................

25

25

Dollar

General

Corp.

,

5

.20

%

,

7/5/28

,

Callable

6/5/28

@

100

........................

109

112

Keurig

Dr.

Pepper,

Inc.

3

.95

%

,

4/15/29

,

Callable

2/15/29

@

100

..................................

155

153

4

.05

%

,

4/15/32

,

Callable

1/15/32

@

100

..................................

58

56

Kraft

Heinz

Foods

Co.

,

4

.25

%

,

3/1/31

,

Callable

12/1/30

@

100

......................

58

58

Mars,

Inc.

,

4

.80

%

,

3/1/30

,

Callable

2/1/30

@

100

(a)

..............................

223

228

McCormick

&

Co.,

Inc.

,

3

.40

%

,

8/15/27

,

Callable

5/15/27

@

100

....................

114

113

Philip

Morris

International,

Inc.

4

.88

%

,

2/15/28

,

Callable

1/15/28

@

100

..................................

125

127

5

.38

%

,

2/15/33

,

Callable

11/15/32

@

100

..................................

73

77

The

Campbell's

Co.

,

4

.15

%

,

3/15/28

,

Callable

12/15/27

@

100

......................

113

113

The

J.M.

Smucker

Co.

5

.90

%

,

11/15/28

,

Callable

10/15/28

@

100

.................................

145

152

6

.20

%

,

11/15/33

,

Callable

8/15/33

@

100

..................................

75

81

The

Kroger

Co.

,

5

.00

%

,

9/15/34

,

Callable

6/15/34

@

100

..........................

33

33

1,944

Energy

(2.2%):

APA

Corp.

,

4

.38

%

,

10/15/28

,

Callable

7/15/28

@

100

.............................

154

154

ConocoPhillips

Co.

,

5

.90

%

,

10/15/32

.........................................

51

55

Coterra

Energy,

Inc.

,

5

.40

%

,

2/15/35

,

Callable

11/15/34

@

100

......................

146

148

DCP

Midstream

Operating

LP

5

.63

%

,

7/15/27

,

Callable

4/15/27

@

100

..................................

109

111

3

.25

%

,

2/15/32

,

Callable

8/15/31

@

100

..................................

63

58

Duke

Energy

Carolinas

LLC

,

6

.00

%

,

12/1/28

...................................

156

165

Eastern

Energy

Gas

Holdings

LLC

,

5

.80

%

,

1/15/35

,

Callable

10/15/34

@

100

...........

83

88

Energy

Transfer

LP

4

.20

%

,

4/15/27

,

Callable

1/15/27

@

100

..................................

111

111

6

.55

%

,

12/1/33

,

Callable

9/1/33

@

100

...................................

77

84

Enterprise

Products

Operating

LLC

,

4

.95

%

,

2/15/35

,

Callable

11/15/34

@

100

...........

89

90

Helmerich

&

Payne,

Inc.

,

5

.50

%

,

12/1/34

,

Callable

9/1/34

@

100

....................

59

58

HF

Sinclair

Corp.

,

6

.25

%

,

1/15/35

,

Callable

10/15/34

@

100

........................

99

103

Kinder

Morgan,

Inc.

1

.75

%

,

11/15/26

,

Callable

10/15/26

@

100

.................................

95

93

4

.30

%

,

3/1/28

,

Callable

12/1/27

@

100

...................................

89

89

5

.20

%

,

6/1/33

,

Callable

3/1/33

@

100

....................................

62

64

MPLX

LP

,

4

.95

%

,

9/1/32

,

Callable

6/1/32

@

100

................................

68

69

ONEOK,

Inc.

,

5

.05

%

,

11/1/34

,

Callable

8/1/34

@

100

.............................

58

58

Patterson-UTI

Energy,

Inc.

,

7

.15

%

,

10/1/33

,

Callable

7/1/33

@

100

...................

41

44

Phillips

66

Co.

,

3

.15

%

,

12/15/29

,

Callable

9/15/29

@

100

..........................

119

114

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

3

.55

%

,

12/15/29

,

Callable

9/15/29

@

100

.................................

152

148

3

.80

%

,

9/15/30

,

Callable

6/15/30

@

100

..................................

158

153

Shell

Finance

US,

Inc.

,

2

.75

%

,

4/6/30

,

Callable

1/6/30

@

100

.......................

65

62

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.

5

.00

%

,

1/15/28

,

Callable

2/5/26

@

100

...................................

105

105

5

.50

%

,

3/1/30

,

Callable

1/16/26

@

102.75

.................................

58

59

Valero

Energy

Corp.

,

5

.15

%

,

2/15/30

,

Callable

1/15/30

@

100

.......................

115

118

Western

Midstream

Operating

LP

4

.05

%

,

2/1/30

,

Callable

11/1/29

@

100

...................................

66

65

6

.15

%

,

4/1/33

,

Callable

1/1/33

@

100

....................................

71

75

2,541

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

91

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Financials

(10.8%):

Ally

Financial,

Inc.

,

7

.10

%

,

11/15/27

,

Callable

10/15/27

@

100

......................

$

53

$

56

Amcor

Finance

USA,

Inc.

3

.63

%

,

4/28/26

,

Callable

2/5/26

@

100

...................................

54

54

4

.50

%

,

5/15/28

,

Callable

2/15/28

@

100

..................................

89

89

American

Express

Co.

5

.10

%

(

SOFR

+

100

bps

)

,

2/16/28

,

Callable

2/16/27

@

100

(b)

....................

50

51

4

.99

%

(

SOFR

+

226

bps

)

,

5/26/33

,

Callable

2/26/32

@

100

(b)

....................

57

58

4

.80

%

(

SOFR

+

124

bps

)

,

10/24/36

,

Callable

10/24/35

@

100

(b)

..................

99

98

American

Honda

Finance

Corp.

,

4

.60

%

,

4/17/30

.................................

73

74

Aon

Corp.

,

4

.50

%

,

12/15/28

,

Callable

9/15/28

@

100

.............................

133

135

Aon

Corp./Aon

Global

Holdings

PLC

2

.85

%

,

5/28/27

,

Callable

4/28/27

@

100

..................................

154

152

5

.00

%

,

9/12/32

,

Callable

6/12/32

@

100

..................................

66

68

Athene

Holding

Ltd.

,

4

.13

%

,

1/12/28

,

Callable

10/12/27

@

100

......................

162

162

Bank

of

America

Corp.

6

.22

%

,

9/15/26

....................................................

172

175

5

.93

%

(

SOFR

+

134

bps

)

,

9/15/27

,

Callable

9/15/26

@

100

(b)

....................

238

241

4

.18

%

,

11/25/27

,

Callable

11/25/26

@

100

,

MTN

............................

265

265

3

.42

%

(

TSFR3M

+

130

bps

)

,

12/20/28

,

Callable

12/20/27

@

100

(b)

................

113

112

2

.69

%

(

SOFR

+

132

bps

)

,

4/22/32

,

Callable

4/22/31

@

100

(b)

....................

192

176

5

.29

%

(

SOFR

+

191

bps

)

,

4/25/34

,

Callable

4/25/33

@

100

(b)

....................

372

384

Blue

Owl

Credit

Income

Corp.

,

4

.70

%

,

2/8/27

,

Callable

1/8/27

@

100

.................

125

125

Brookfield

Capital

Finance

LLC

,

6

.09

%

,

6/14/33

,

Callable

3/14/33

@

100

..............

53

57

Brown

&

Brown,

Inc.

5

.65

%

,

6/11/34

,

Callable

3/11/34

@

100

..................................

16

16

5

.55

%

,

6/23/35

,

Callable

3/23/35

@

100

..................................

55

56

Capital

One

Financial

Corp.

2

.36

%

(

SOFR

+

134

bps

)

,

7/29/32

,

Callable

7/29/31

@

100

(b)

....................

90

79

5

.82

%

(

SOFR

+

260

bps

)

,

2/1/34

,

Callable

2/1/33

@

100

(b)

......................

134

140

CDW

LLC/CDW

Finance

Corp.

,

2

.67

%

,

12/1/26

,

Callable

11/1/26

@

100

..............

115

113

Citigroup,

Inc.

4

.13

%

,

7/25/28

....................................................

63

63

3

.98

%

(

TSFR3M

+

160

bps

)

,

3/20/30

,

Callable

3/20/29

@

100

(b)

..................

74

73

4

.41

%

(

SOFR

+

391

bps

)

,

3/31/31

,

Callable

3/31/30

@

100

(b)

....................

140

140

6

.17

%

(

SOFR

+

266

bps

)

,

5/25/34

,

Callable

5/25/33

@

100

(b)

....................

94

100

Citizens

Financial

Group,

Inc.

,

5

.84

%

(

SOFR

+

201

bps

)

,

1/23/30

,

Callable

1/23/29

@

100

(b)

.

275

287

Corebridge

Financial,

Inc.

,

3

.65

%

,

4/5/27

,

Callable

3/5/27

@

100

....................

145

144

Fifth

Third

Bancorp

1

.71

%

(

SOFR

+

69

bps

)

,

11/1/27

,

Callable

11/1/26

@

100

(b)

.....................

53

52

5

.63

%

(

SOFR

+

184

bps

)

,

1/29/32

,

Callable

1/29/31

@

100

(b)

....................

108

113

4

.34

%

(

SOFR

+

166

bps

)

,

4/25/33

,

Callable

4/25/32

@

100

(b)

....................

83

81

Fifth

Third

Bank

NA

,

2

.25

%

,

2/1/27

,

Callable

1/1/27

@

100

........................

119

117

First

American

Financial

Corp.

,

2

.40

%

,

8/15/31

,

Callable

5/15/31

@

100

...............

68

59

First

Horizon

Bank

,

5

.75

%

,

5/1/30

,

Callable

2/1/30

@

100

.........................

63

65

First

Horizon

Corp.

,

5

.51

%

(

SOFR

+

177

bps

)

,

3/7/31

,

Callable

3/7/30

@

100

(b)

...........

66

68

Fiserv,

Inc.

3

.50

%

,

7/1/29

,

Callable

4/1/29

@

100

....................................

160

155

5

.60

%

,

3/2/33

,

Callable

12/2/32

@

100

...................................

79

82

Ford

Motor

Credit

Co.

LLC

4

.39

%

,

1/8/26

.....................................................

68

68

6

.80

%

,

5/12/28

,

Callable

4/12/28

@

100

..................................

145

151

General

Motors

Financial

Co.,

Inc.

,

2

.70

%

,

8/20/27

,

Callable

6/20/27

@

100

............

168

164

Global

Payments,

Inc.

5

.40

%

,

8/15/32

,

Callable

5/15/32

@

100

..................................

73

74

5

.55

%

,

11/15/35

,

Callable

8/15/35

@

100

..................................

70

70

Horizon

Mutual

Holdings,

Inc.

,

6

.20

%

,

11/15/34

,

Callable

8/15/34

@

100

(a)

............

58

56

Huntington

Bancshares,

Inc.

,

5

.02

%

(

SOFR

+

205

bps

)

,

5/17/33

,

Callable

5/17/32

@

100

(b)

...

58

59

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

92

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

JPMorgan

Chase

&

Co.

1

.47

%

(

SOFR

+

77

bps

)

,

9/22/27

,

Callable

9/22/26

@

100

(b)

.....................

$

240

$

236

5

.58

%

(

SOFR

+

116

bps

)

,

4/22/30

,

Callable

4/22/29

@

100

(b)

....................

300

313

2

.96

%

(

TSFR3M

+

252

bps

)

,

5/13/31

,

Callable

5/13/30

@

100

(b)

..................

140

132

1

.95

%

(

SOFR

+

107

bps

)

,

2/4/32

,

Callable

2/4/31

@

100

(b)

......................

106

95

6

.25

%

(

SOFR

+

181

bps

)

,

10/23/34

,

Callable

10/23/33

@

100

(b)

..................

80

88

5

.29

%

(

SOFR

+

146

bps

)

,

7/22/35

,

Callable

7/22/34

@

100

(b)

....................

66

68

KeyBank

NA

3

.90

%

,

4/13/29

....................................................

145

142

5

.00

%

,

1/26/33

,

Callable

10/26/32

@

100

.................................

73

74

Lincoln

National

Corp.

,

3

.05

%

,

1/15/30

,

Callable

10/15/29

@

100

....................

55

52

LPL

Holdings,

Inc.

,

5

.75

%

,

6/15/35

,

Callable

3/15/35

@

100

........................

83

85

M&T

Bank

Corp.

,

5

.05

%

(

SOFR

+

185

bps

)

,

1/27/34

,

Callable

1/27/33

@

100

(b)

..........

58

58

MetLife,

Inc.

,

4

.55

%

,

3/23/30

,

Callable

12/23/29

@

100

...........................

73

75

Morgan

Stanley

1

.59

%

(

SOFR

+

88

bps

)

,

5/4/27

,

Callable

5/4/26

@

100

(b)

.......................

236

234

4

.43

%

(

TSFR3M

+

189

bps

)

,

1/23/30

,

Callable

1/23/29

@

100

(b)

..................

450

452

6

.34

%

(

SOFR

+

256

bps

)

,

10/18/33

,

Callable

10/18/32

@

100

(b)

..................

141

155

5

.25

%

(

SOFR

+

187

bps

)

,

4/21/34

,

Callable

4/21/33

@

100

(b)

....................

255

262

MSCI,

Inc.

,

5

.25

%

,

9/1/35

,

Callable

6/1/35

@

100

...............................

100

101

NextEra

Energy

Capital

Holdings,

Inc.

3

.55

%

,

5/1/27

,

Callable

2/1/27

@

100

....................................

125

124

1

.90

%

,

6/15/28

,

Callable

4/15/28

@

100

..................................

155

148

5

.25

%

,

3/15/34

,

Callable

12/15/33

@

100

.................................

45

46

Northern

Trust

Corp.

4

.00

%

,

5/10/27

,

Callable

4/10/27

@

100

..................................

128

128

6

.13

%

,

11/2/32

,

Callable

8/2/32

@

100

...................................

51

56

PNC

Bank

NA

,

4

.05

%

,

7/26/28

.............................................

115

115

PPL

Capital

Funding,

Inc.

,

5

.25

%

,

9/1/34

,

Callable

6/1/34

@

100

.....................

83

85

Primerica,

Inc.

,

2

.80

%

,

11/19/31

,

Callable

8/19/31

@

100

..........................

51

46

Reinsurance

Group

of

America,

Inc.

,

3

.90

%

,

5/15/29

,

Callable

2/15/29

@

100

...........

115

114

Santander

Holdings

USA,

Inc.

6

.57

%

(

SOFR

+

270

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(b)

....................

108

113

5

.35

%

(

SOFR

+

194

bps

)

,

9/6/30

,

Callable

9/6/29

@

100

(b)

......................

49

50

State

Street

Corp.

,

5

.16

%

(

SOFR

+

189

bps

)

,

5/18/34

,

Callable

5/18/33

@

100

(b)

..........

121

125

Stewart

Information

Services

Corp.

,

3

.60

%

,

11/15/31

,

Callable

8/15/31

@

100

...........

66

58

The

Allstate

Corp.

3

.28

%

,

12/15/26

,

Callable

9/15/26

@

100

.................................

93

92

1

.45

%

,

12/15/30

,

Callable

9/15/30

@

100

.................................

54

47

The

Bank

of

New

York

Mellon

Corp.

4

.98

%

(

SOFR

+

109

bps

)

,

3/14/30

,

Callable

3/14/29

@

100

(b)

....................

49

50

5

.83

%

(

SOFRINDX

+

207

bps

)

,

10/25/33

,

Callable

10/25/32

@

100

(b)

..............

53

57

The

Charles

Schwab

Corp.

2

.45

%

,

3/3/27

,

Callable

2/3/27

@

100

....................................

93

92

5

.85

%

(

SOFR

+

250

bps

)

,

5/19/34

,

Callable

5/19/33

@

100

(b)

....................

43

46

The

Goldman

Sachs

Group,

Inc.

1

.95

%

(

SOFR

+

91

bps

)

,

10/21/27

,

Callable

10/21/26

@

100

(b)

...................

151

148

3

.62

%

(

SOFR

+

185

bps

)

,

3/15/28

,

Callable

3/15/27

@

100

(b)

....................

129

128

6

.48

%

(

SOFR

+

177

bps

)

,

10/24/29

,

Callable

10/24/28

@

100

(b)

..................

141

150

2

.60

%

,

2/7/30

,

Callable

11/7/29

@

100

...................................

205

193

3

.10

%

(

SOFR

+

141

bps

)

,

2/24/33

,

Callable

2/24/32

@

100

(b)

....................

140

129

The

Huntington

National

Bank

,

5

.65

%

,

1/10/30

,

Callable

11/10/29

@

100

..............

200

210

The

PNC

Financial

Services

Group,

Inc.

6

.62

%

(

SOFRINDX

+

173

bps

)

,

10/20/27

,

Callable

10/20/26

@

100

(b)

..............

119

121

2

.55

%

,

1/22/30

,

Callable

10/24/29

@

100

.................................

74

70

5

.94

%

(

SOFR

+

195

bps

)

,

8/18/34

,

Callable

8/18/33

@

100

(b)

....................

108

116

5

.68

%

(

SOFR

+

190

bps

)

,

1/22/35

,

Callable

1/22/34

@

100

(b)

....................

68

72

Toyota

Motor

Credit

Corp.

,

4

.80

%

,

1/5/34

,

MTN

................................

105

107

Truist

Financial

Corp.

1

.89

%

(

SOFR

+

86

bps

)

,

6/7/29

,

Callable

6/7/28

@

100

,

MTN

(b)

..................

148

141

5

.44

%

(

SOFR

+

162

bps

)

,

1/24/30

,

Callable

1/24/29

@

100

,

MTN

(b)

...............

214

222

5

.12

%

(

SOFR

+

185

bps

)

,

1/26/34

,

Callable

1/26/33

@

100

(b)

....................

109

111

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

93

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

U.S.

Bancorp

5

.78

%

(

SOFR

+

202

bps

)

,

6/12/29

,

Callable

6/12/28

@

100

(b)

....................

$

191

$

199

4

.97

%

(

SOFR

+

211

bps

)

,

7/22/33

,

Callable

7/22/32

@

100

(b)

....................

138

139

4

.84

%

(

SOFR

+

160

bps

)

,

2/1/34

,

Callable

2/1/33

@

100

(b)

......................

58

58

Wells

Fargo

&

Co.

5

.20

%

(

SOFR

+

150

bps

)

,

1/23/30

,

Callable

1/22/29

@

100

(b)

....................

66

68

2

.88

%

(

TSFR3M

+

143

bps

)

,

10/30/30

,

Callable

10/30/29

@

100

,

MTN

(b)

...........

61

58

2

.57

%

(

TSFR3M

+

126

bps

)

,

2/11/31

,

Callable

2/11/30

@

100

,

MTN

(b)

.............

169

158

5

.50

%

(

SOFR

+

178

bps

)

,

1/23/35

,

Callable

1/23/34

@

100

(b)

....................

81

85

Willis

North

America,

Inc.

,

4

.65

%

,

6/15/27

,

Callable

5/15/27

@

100

..................

129

130

12,204

Health

Care

(3.0%):

AbbVie,

Inc.

3

.20

%

,

11/21/29

,

Callable

8/21/29

@

100

..................................

152

147

4

.95

%

,

3/15/31

,

Callable

1/15/31

@

100

..................................

71

73

5

.05

%

,

3/15/34

,

Callable

12/15/33

@

100

.................................

108

111

Agilent

Technologies,

Inc.

,

4

.75

%

,

9/9/34

,

Callable

6/9/34

@

100

....................

74

74

Amgen,

Inc.

5

.25

%

,

3/2/30

,

Callable

1/2/30

@

100

....................................

250

259

2

.00

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

68

59

Baxter

International,

Inc.

2

.54

%

,

2/1/32

,

Callable

11/1/31

@

100

...................................

85

74

5

.65

%

,

12/15/35

,

Callable

9/15/35

@

100

.................................

33

34

Biogen,

Inc.

,

5

.75

%

,

5/15/35

,

Callable

2/15/35

@

100

.............................

115

121

Bio-Rad

Laboratories,

Inc.

,

3

.30

%

,

3/15/27

,

Callable

2/15/27

@

100

..................

115

114

Bristol-Myers

Squibb

Co.

3

.45

%

,

11/15/27

,

Callable

8/15/27

@

100

..................................

135

135

5

.10

%

,

2/22/31

,

Callable

12/22/30

@

100

.................................

98

102

5

.90

%

,

11/15/33

,

Callable

8/15/33

@

100

..................................

30

33

Centene

Corp.

,

4

.25

%

,

12/15/27

,

Callable

1/21/26

@

100

..........................

152

151

CVS

Health

Corp.

3

.63

%

,

4/1/27

,

Callable

2/1/27

@

100

....................................

111

110

1

.30

%

,

8/21/27

,

Callable

6/21/27

@

100

..................................

124

119

1

.75

%

,

8/21/30

,

Callable

5/21/30

@

100

..................................

78

69

5

.30

%

,

6/1/33

,

Callable

3/1/33

@

100

....................................

61

63

DENTSPLY

SIRONA,

Inc.

,

3

.25

%

,

6/1/30

,

Callable

3/1/30

@

100

(c)

..................

129

119

HCA,

Inc.

4

.13

%

,

6/15/29

,

Callable

3/15/29

@

100

..................................

93

93

3

.50

%

,

9/1/30

,

Callable

3/1/30

@

100

....................................

125

120

5

.60

%

,

4/1/34

,

Callable

1/1/34

@

100

....................................

43

45

Humana,

Inc.

5

.75

%

,

12/1/28

,

Callable

11/1/28

@

100

..................................

107

111

5

.55

%

,

5/1/35

,

Callable

2/1/35

@

100

....................................

113

115

Pfizer,

Inc.

2

.63

%

,

4/1/30

,

Callable

1/1/30

@

100

....................................

94

89

1

.75

%

,

8/18/31

,

Callable

5/18/31

@

100

..................................

89

79

Revvity,

Inc.

3

.30

%

,

9/15/29

,

Callable

6/15/29

@

100

..................................

95

92

2

.55

%

,

3/15/31

,

Callable

12/15/30

@

100

.................................

51

46

Solventum

Corp.

5

.45

%

,

2/25/27

,

Callable

1/25/27

@

100

..................................

37

38

5

.40

%

,

3/1/29

,

Callable

2/1/29

@

100

....................................

33

34

5

.60

%

,

3/23/34

,

Callable

12/23/33

@

100

.................................

103

107

The

Cigna

Group

3

.40

%

,

3/1/27

,

Callable

12/1/26

@

100

...................................

145

144

2

.40

%

,

3/15/30

,

Callable

12/15/29

@

100

.................................

108

100

Universal

Health

Services,

Inc.

2

.65

%

,

10/15/30

,

Callable

7/15/30

@

100

.................................

51

47

2

.65

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

53

47

Zoetis,

Inc.

,

5

.00

%

,

8/17/35

,

Callable

5/17/35

@

100

.............................

100

101

3,375

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

94

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Industrials

(2.5%):

Acuity

Brands

Lighting,

Inc.

,

2

.15

%

,

12/15/30

,

Callable

9/15/30

@

100

................

$

66

$

59

AGCO

Corp.

,

5

.80

%

,

3/21/34

,

Callable

12/21/33

@

100

...........................

64

67

Air

Lease

Corp.

3

.00

%

,

2/1/30

,

Callable

11/1/29

@

100

,

MTN

..............................

61

57

2

.88

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

64

57

American

Airlines

Pass

Through

Trust

,

3

.58

%

,

1/15/28

............................

29

28

Carlisle

Cos.,

Inc.

,

2

.75

%

,

3/1/30

,

Callable

12/1/29

@

100

.........................

85

80

Carrier

Global

Corp.

2

.49

%

,

2/15/27

,

Callable

12/15/26

@

100

.................................

131

129

2

.72

%

,

2/15/30

,

Callable

11/15/29

@

100

..................................

85

80

Delta

Air

Lines,

Inc.

,

5

.25

%

,

7/10/30

,

Callable

6/10/30

@

100

.......................

100

103

FedEx

Corp.

3

.40

%

,

2/15/28

,

Callable

11/15/27

@

100

..................................

90

89

4

.90

%

,

1/15/34

....................................................

45

45

Fortune

Brands

Innovations,

Inc.

,

3

.25

%

,

9/15/29

,

Callable

6/15/29

@

100

..............

167

161

GXO

Logistics,

Inc.

,

2

.65

%

,

7/15/31

,

Callable

4/15/31

@

100

.......................

82

74

HEICO

Corp.

,

5

.25

%

,

8/1/28

,

Callable

7/1/28

@

100

.............................

109

112

Hubbell,

Inc.

,

3

.50

%

,

2/15/28

,

Callable

11/15/27

@

100

...........................

115

114

Leidos,

Inc.

5

.75

%

,

3/15/33

,

Callable

12/15/32

@

100

.................................

78

83

5

.50

%

,

3/15/35

,

Callable

12/15/34

@

100

.................................

41

43

Otis

Worldwide

Corp.

,

2

.57

%

,

2/15/30

,

Callable

11/15/29

@

100

.....................

94

88

Quanta

Services,

Inc.

,

2

.90

%

,

10/1/30

,

Callable

7/1/30

@

100

.......................

85

80

Regal

Rexnord

Corp.

,

6

.40

%

,

4/15/33

,

Callable

1/15/33

@

100

......................

59

63

RTX

Corp.

4

.13

%

,

11/16/28

,

Callable

8/16/28

@

100

..................................

144

144

2

.25

%

,

7/1/30

,

Callable

4/1/30

@

100

....................................

98

90

Ryder

System,

Inc.

2

.85

%

,

3/1/27

,

Callable

2/1/27

@

100

,

MTN

...............................

115

113

5

.25

%

,

6/1/28

,

Callable

5/1/28

@

100

,

MTN

...............................

186

191

The

Boeing

Co.

6

.26

%

,

5/1/27

,

Callable

4/1/27

@

100

....................................

190

195

5

.15

%

,

5/1/30

,

Callable

2/1/30

@

100

....................................

75

77

3

.63

%

,

2/1/31

,

Callable

11/1/30

@

100

...................................

63

61

The

Timken

Co.

,

4

.50

%

,

12/15/28

,

Callable

9/15/28

@

100

.........................

113

114

Union

Pacific

Corp.

6

.63

%

,

2/1/29

.....................................................

103

111

2

.80

%

,

2/14/32

,

Callable

12/15/31

@

100

.................................

84

77

2,785

Information

Technology

(3.0%):

Arrow

Electronics,

Inc.

,

3

.88

%

,

1/12/28

,

Callable

10/12/27

@

100

....................

165

164

Autodesk,

Inc.

3

.50

%

,

6/15/27

,

Callable

3/15/27

@

100

..................................

113

112

2

.40

%

,

12/15/31

,

Callable

9/15/31

@

100

.................................

89

79

Broadcom,

Inc.

4

.11

%

,

9/15/28

,

Callable

6/15/28

@

100

..................................

145

145

4

.75

%

,

4/15/29

,

Callable

1/15/29

@

100

..................................

141

144

4

.15

%

,

11/15/30

,

Callable

8/15/30

@

100

..................................

77

77

3

.42

%

,

4/15/33

,

Callable

1/15/33

@

100

..................................

84

78

Dell

International

LLC/EMC

Corp.

5

.25

%

,

2/1/28

,

Callable

1/1/28

@

100

....................................

109

111

5

.30

%

,

10/1/29

,

Callable

7/1/29

@

100

...................................

208

215

4

.85

%

,

2/1/35

,

Callable

11/1/34

@

100

...................................

53

52

5

.10

%

,

2/15/36

,

Callable

11/15/35

@

100

..................................

65

64

Hewlett

Packard

Enterprise

Co.

,

5

.00

%

,

10/15/34

,

Callable

7/15/34

@

100

..............

74

73

HP,

Inc.

,

2

.65

%

,

6/17/31

,

Callable

3/17/31

@

100

................................

75

68

Jabil,

Inc.

4

.25

%

,

5/15/27

,

Callable

4/15/27

@

100

..................................

89

89

3

.00

%

,

1/15/31

,

Callable

10/15/30

@

100

.................................

51

48

Keysight

Technologies,

Inc.

,

4

.95

%

,

10/15/34

,

Callable

7/15/34

@

100

................

66

67

KLA

Corp.

,

4

.65

%

,

7/15/32

,

Callable

4/15/32

@

100

.............................

89

90

Lam

Research

Corp.

,

1

.90

%

,

6/15/30

,

Callable

3/15/30

@

100

.......................

64

58

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

95

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Marvell

Technology,

Inc.

,

2

.45

%

,

4/15/28

,

Callable

2/15/28

@

100

...................

$

168

$

162

Micron

Technology,

Inc.

,

6

.05

%

,

11/1/35

,

Callable

8/2/35

@

100

.....................

163

174

Motorola

Solutions,

Inc.

,

5

.55

%

,

8/15/35

,

Callable

5/15/35

@

100

....................

150

156

Oracle

Corp.

2

.95

%

,

4/1/30

,

Callable

1/1/30

@

100

....................................

350

323

2

.88

%

,

3/25/31

,

Callable

12/25/30

@

100

.................................

109

98

4

.90

%

,

2/6/33

,

Callable

11/6/32

@

100

...................................

66

64

3

.85

%

,

7/15/36

,

Callable

1/15/36

@

100

..................................

133

111

South

Bow

USA

Infrastructure

Holdings

LLC

,

5

.58

%

,

10/1/34

,

Callable

7/1/34

@

100

.....

66

67

Synopsys,

Inc.

,

5

.15

%

,

4/1/35

,

Callable

1/1/35

@

100

.............................

78

79

TD

SYNNEX

Corp.

,

5

.30

%

,

10/10/35

,

Callable

7/10/35

@

100

......................

100

99

TSMC

Arizona

Corp.

3

.88

%

,

4/22/27

,

Callable

3/22/27

@

100

..................................

149

149

2

.50

%

,

10/25/31

,

Callable

7/25/31

@

100

.................................

67

61

Workday,

Inc.

3

.70

%

,

4/1/29

,

Callable

2/1/29

@

100

....................................

115

113

3

.80

%

,

4/1/32

,

Callable

1/1/32

@

100

....................................

61

58

3,448

Materials

(1.0%):

Albemarle

Corp.

,

4

.65

%

,

6/1/27

,

Callable

5/1/27

@

100

...........................

20

20

AptarGroup,

Inc.

,

3

.60

%

,

3/15/32

,

Callable

12/15/31

@

100

........................

62

58

Avery

Dennison

Corp.

,

4

.88

%

,

12/6/28

,

Callable

9/6/28

@

100

......................

109

111

Chevron

Phillips

Chemical

Co.

LLC/Chevron

Phillips

Chemical

Co.

LP

,

4

.75

%

,

5/15/30

,

Callable

4/15/30

@

100

(a)

............................................

83

84

Freeport-McMoRan,

Inc.

,

4

.63

%

,

8/1/30

,

Callable

2/5/26

@

102.31

...................

134

135

Huntsman

International

LLC

,

5

.70

%

,

10/15/34

,

Callable

7/15/34

@

100

................

41

37

LYB

International

Finance

III

LLC

2

.25

%

,

10/1/30

,

Callable

7/1/30

@

100

...................................

51

46

5

.63

%

,

5/15/33

,

Callable

2/15/33

@

100

..................................

59

60

Packaging

Corp.

of

America

,

3

.40

%

,

12/15/27

,

Callable

9/15/27

@

100

................

115

114

Reliance,

Inc.

,

2

.15

%

,

8/15/30

,

Callable

5/15/30

@

100

............................

64

58

The

Dow

Chemical

Co.

2

.10

%

,

11/15/30

,

Callable

8/15/30

@

100

..................................

69

61

5

.65

%

,

3/15/36

,

Callable

12/15/35

@

100

.................................

100

100

Vulcan

Materials

Co.

,

5

.35

%

,

12/1/34

,

Callable

9/1/34

@

100

.......................

83

86

Westlake

Corp.

,

5

.55

%

,

11/15/35

,

Callable

8/15/35

@

100

..........................

125

125

WRKCo,

Inc.

,

3

.00

%

,

6/15/33

,

Callable

3/15/33

@

100

............................

51

45

1,140

Real

Estate

(1.6%):

Alexandria

Real

Estate

Equities,

Inc.

4

.90

%

,

12/15/30

,

Callable

9/15/30

@

100

.................................

80

81

5

.50

%

,

10/1/35

,

Callable

7/1/35

@

100

...................................

50

51

Boston

Properties

LP

,

2

.55

%

,

4/1/32

,

Callable

1/1/32

@

100

........................

85

74

CBRE

Services,

Inc.

5

.50

%

,

4/1/29

,

Callable

3/1/29

@

100

....................................

103

107

5

.50

%

,

6/15/35

,

Callable

3/15/35

@

100

..................................

49

51

Crown

Castle,

Inc.

4

.30

%

,

2/15/29

,

Callable

11/15/28

@

100

..................................

135

135

2

.25

%

,

1/15/31

,

Callable

10/15/30

@

100

.................................

79

71

DOC

DR

LLC

,

2

.63

%

,

11/1/31

,

Callable

8/1/31

@

100

............................

65

58

ERP

Operating

LP

,

3

.00

%

,

7/1/29

,

Callable

4/1/29

@

100

..........................

168

162

GLP

Capital

LP/GLP

Financing

II,

Inc.

3

.25

%

,

1/15/32

,

Callable

10/15/31

@

100

.................................

51

46

5

.63

%

,

9/15/34

,

Callable

6/15/34

@

100

..................................

16

16

Highwoods

Realty

LP

,

2

.60

%

,

2/1/31

,

Callable

11/1/30

@

100

.......................

54

48

Host

Hotels

&

Resorts

LP

3

.38

%

,

12/15/29

,

Callable

9/15/29

@

100

.................................

123

118

3

.50

%

,

9/15/30

,

Callable

6/15/30

@

100

..................................

78

74

Kilroy

Realty

LP

,

3

.05

%

,

2/15/30

,

Callable

11/15/29

@

100

........................

125

116

Kimco

Realty

OP

LLC

,

4

.85

%

,

3/1/35

,

Callable

12/1/34

@

100

......................

115

115

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

4

.95

%

,

1/15/35

,

Callable

10/15/34

@

100

...........................................................

74

73

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

96

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Regency

Centers

LP

3

.60

%

,

2/1/27

,

Callable

11/1/26

@

100

...................................

$

162

$

161

2

.95

%

,

9/15/29

,

Callable

6/15/29

@

100

..................................

49

47

Simon

Property

Group

LP

,

2

.20

%

,

2/1/31

,

Callable

11/1/30

@

100

....................

95

86

VICI

Properties

LP/VICI

Note

Co.,

Inc.

,

4

.13

%

,

8/15/30

,

Callable

2/5/26

@

102.06

(a)

.....

115

112

1,802

Utilities

(2.4%):

AEP

Texas,

Inc.

,

3

.95

%

,

6/1/28

,

Callable

3/1/28

@

100

............................

115

115

Ameren

Corp.

,

1

.95

%

,

3/15/27

,

Callable

2/15/27

@

100

...........................

119

116

Arizona

Public

Service

Co.

2

.60

%

,

8/15/29

,

Callable

5/15/29

@

100

..................................

121

114

5

.55

%

,

8/1/33

,

Callable

5/1/33

@

100

....................................

71

74

DTE

Electric

Co.

,

5

.20

%

,

4/1/33

,

Callable

1/1/33

@

100

...........................

89

93

Duke

Energy

Carolinas

LLC

,

3

.95

%

,

11/15/28

,

Callable

8/15/28

@

100

................

111

111

Duke

Energy

Corp.

,

2

.65

%

,

9/1/26

,

Callable

6/1/26

@

100

.........................

148

147

Duke

Energy

Florida

LLC

,

3

.80

%

,

7/15/28

,

Callable

4/15/28

@

100

..................

66

66

Entergy

Corp.

,

2

.40

%

,

6/15/31

,

Callable

3/5/31

@

100

............................

254

228

Entergy

Louisiana

LLC

,

3

.12

%

,

9/1/27

,

Callable

6/1/27

@

100

......................

115

114

Exelon

Corp.

,

4

.05

%

,

4/15/30

,

Callable

1/15/30

@

100

............................

213

211

Florida

Power

&

Light

Co.

3

.30

%

,

5/30/27

,

Callable

2/28/27

@

100

..................................

124

123

2

.45

%

,

2/3/32

,

Callable

11/3/31

@

100

...................................

69

62

Gulfstream

Natural

Gas

System

LLC

,

5

.60

%

,

7/23/35

,

Callable

4/23/35

@

100

(a)

.........

100

103

ITC

Holdings

Corp.

,

3

.35

%

,

11/15/27

,

Callable

8/15/27

@

100

......................

138

136

MidAmerican

Energy

Co.

,

3

.65

%

,

4/15/29

,

Callable

1/15/29

@

100

...................

115

114

NextEra

Energy

Capital

Holdings,

Inc.

,

2

.44

%

,

1/15/32

,

Callable

10/15/31

@

100

.........

55

49

Oncor

Electric

Delivery

Co.

LLC

,

5

.75

%

,

3/15/29

,

Callable

12/15/28

@

100

............

104

109

Piedmont

Natural

Gas

Co.,

Inc.

,

3

.50

%

,

6/1/29

,

Callable

3/1/29

@

100

.................

119

116

The

Southern

Co.

3

.70

%

,

4/30/30

,

Callable

1/30/30

@

100

..................................

79

77

5

.70

%

,

10/15/32

,

Callable

4/15/32

@

100

.................................

143

152

Union

Electric

Co.

2

.95

%

,

6/15/27

,

Callable

3/15/27

@

100

..................................

85

84

2

.15

%

,

3/15/32

,

Callable

12/15/31

@

100

.................................

64

56

Xcel

Energy,

Inc.

,

2

.35

%

,

11/15/31

,

Callable

5/15/31

@

100

........................

99

88

2,658

Total

Corporate

Bonds

(Cost

$35,466)

a

a

a

36,239

Yankee

Dollars

(4.8%)

Communication

Services

(0.2%):

Rogers

Communications,

Inc.

5

.00

%

,

2/15/29

,

Callable

1/15/29

@

100

..................................

132

134

3

.80

%

,

3/15/32

,

Callable

12/15/31

@

100

.................................

73

69

203

Consumer

Discretionary

(0.0%):(d)

Gildan

Activewear,

Inc.

,

5

.40

%

,

10/7/35

,

Callable

7/7/35

@

100

(a)

...................

39

39

Consumer

Staples

(0.1%):

JBS

USA

Holding

LUX

SARL/JBS

USA

Food

Co./JBS

LUX

Co.

SARL

,

5

.75

%

,

4/1/33

,

Callable

1/1/33

@

100

...............................................

70

73

Energy

(0.1%):

Canadian

Natural

Resources

Ltd.

,

5

.40

%

,

12/15/34

,

Callable

9/15/34

@

100

.............

83

84

Shell

International

Finance

BV

,

2

.75

%

,

4/6/30

,

Callable

1/6/30

@

100

.................

25

24

108

Financials

(3.6%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

1

.75

%

,

1/30/26

....................................................

56

56

3

.00

%

,

10/29/28

,

Callable

8/29/28

@

100

.................................

194

188

3

.30

%

,

1/30/32

,

Callable

10/30/31

@

100

.................................

51

47

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

97

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Banco

Santander

SA

2

.96

%

,

3/25/31

....................................................

$

63

$

59

6

.92

%

,

8/8/33

.....................................................

84

93

Barclays

PLC

2

.28

%

(

H15T1Y

+

105

bps

)

,

11/24/27

,

Callable

11/24/26

@

100

(b)

................

118

116

4

.84

%

,

5/9/28

,

Callable

5/7/27

@

100

....................................

146

147

5

.09

%

(

US0003M

+

305

bps

)

,

6/20/30

,

Callable

6/20/29

@

100

(b)

(e)

...............

56

57

6

.22

%

(

SOFR

+

298

bps

)

,

5/9/34

,

Callable

5/9/33

@

100

(b)

......................

77

83

Brookfield

Finance,

Inc.

,

2

.72

%

,

4/15/31

,

Callable

1/15/31

@

100

....................

99

91

Deutsche

Bank

AG

5

.37

%

,

9/9/27

.....................................................

109

112

6

.82

%

(

SOFR

+

251

bps

)

,

11/20/29

,

Callable

11/20/28

@

100

(b)

..................

141

150

7

.08

%

(

SOFR

+

365

bps

)

,

2/10/34

,

Callable

11/10/32

@

100

(b)

...................

53

58

HSBC

Holdings

PLC

2

.25

%

(

SOFR

+

110

bps

)

,

11/22/27

,

Callable

11/22/26

@

100

(b)

..................

207

204

6

.16

%

(

SOFR

+

197

bps

)

,

3/9/29

,

Callable

3/9/28

@

100

(b)

......................

145

151

2

.21

%

(

SOFR

+

129

bps

)

,

8/17/29

,

Callable

8/17/28

@

100

(b)

....................

214

203

7

.40

%

(

SOFR

+

302

bps

)

,

11/13/34

,

Callable

11/13/33

@

100

(b)

..................

59

67

Lloyds

Banking

Group

PLC

1

.63

%

(

H15T1Y

+

85

bps

)

,

5/11/27

,

Callable

5/11/26

@

100

(b)

...................

135

134

5

.87

%

(

H15T1Y

+

170

bps

)

,

3/6/29

,

Callable

3/6/28

@

100

(b)

....................

208

216

7

.95

%

(

H15T1Y

+

375

bps

)

,

11/15/33

,

Callable

8/15/32

@

100

(b)

.................

48

56

5

.68

%

(

H15T1Y

+

175

bps

)

,

1/5/35

,

Callable

1/5/34

@

100

(b)

....................

73

77

Mitsubishi

UFJ

Financial

Group,

Inc.

5

.02

%

(

H15T1Y

+

195

bps

)

,

7/20/28

,

Callable

7/20/27

@

100

(b)

..................

109

111

5

.35

%

(

H15T1Y

+

190

bps

)

,

9/13/28

,

Callable

9/13/27

@

100

(b)

..................

158

161

3

.74

%

,

3/7/29

.....................................................

155

154

NatWest

Group

PLC

4

.89

%

(

US0003M

+

175

bps

)

,

5/18/29

,

Callable

5/18/28

@

100

(b)

(e)

...............

153

155

5

.08

%

(

US0003M

+

191

bps

)

,

1/27/30

,

Callable

1/27/29

@

100

(b)

(e)

...............

140

143

Pfizer

Investment

Enterprises

Pte

Ltd.

,

4

.45

%

,

5/19/28

,

Callable

4/19/28

@

100

..........

147

149

Santander

UK

Group

Holdings

PLC

,

2

.90

%

(

SOFR

+

148

bps

)

,

3/15/32

,

Callable

3/15/31

@

100

(b)

...........................................................

64

59

Sumitomo

Mitsui

Financial

Group,

Inc.

2

.47

%

,

1/14/29

....................................................

145

138

2

.22

%

,

9/17/31

....................................................

82

73

5

.77

%

,

1/13/33

....................................................

63

67

The

Bank

of

Nova

Scotia

,

5

.13

%

(

SOFR

+

107

bps

)

,

2/14/31

,

Callable

2/14/30

@

100

(b)

.....

155

160

The

Toronto-Dominion

Bank

,

3

.63

%

(

USSW5

+

221

bps

)

,

9/15/31

,

Callable

9/15/26

@

100

(b)

.

108

107

UBS

AG

,

5

.65

%

,

9/11/28

.................................................

139

145

Westpac

Banking

Corp.

,

4

.32

%

(

USISOA05

+

224

bps

)

,

11/23/31

,

Callable

11/23/26

@

100

(b)

56

56

4,043

Health

Care

(0.2%):

Royalty

Pharma

PLC

1

.75

%

,

9/2/27

,

Callable

7/2/27

@

100

....................................

95

92

2

.15

%

,

9/2/31

,

Callable

6/2/31

@

100

....................................

70

62

Smith

&

Nephew

PLC

,

2

.03

%

,

10/14/30

,

Callable

7/14/30

@

100

....................

65

58

212

Industrials

(0.2%):

Aircastle

Ltd.

,

4

.25

%

,

6/15/26

,

Callable

4/15/26

@

100

............................

68

68

Pentair

Finance

SARL

4

.50

%

,

7/1/29

,

Callable

4/1/29

@

100

....................................

113

114

5

.90

%

,

7/15/32

,

Callable

4/15/32

@

100

..................................

53

56

Trane

Technologies

Financing

Ltd.

,

5

.25

%

,

3/3/33

,

Callable

12/3/32

@

100

.............

53

55

293

Information

Technology

(0.2%):

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

4

.30

%

,

6/18/29

,

Callable

3/18/29

@

100

..................................

162

162

5

.00

%

,

1/15/33

,

Callable

10/15/32

@

100

.................................

105

107

269

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

98

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Materials

(0.2%):

ArcelorMittal

SA

4

.25

%

,

7/16/29

....................................................

$

162

$

162

6

.80

%

,

11/29/32

,

Callable

8/29/32

@

100

..................................

68

76

238

Total

Yankee

Dollars

(Cost

$5,346)

a

a

a

5,478

U.S.

Treasury

Obligations

(61.7%)

U.S.

Treasury

Bonds

4

.50

%

,

2/15/36

....................................................

3,835

3,965

4

.25

%

,

5/15/39

....................................................

552

542

2

.50

%

,

2/15/45

....................................................

2,989

2,119

1

.63

%

,

11/15/50

....................................................

12,080

6,372

2

.88

%

,

5/15/52

....................................................

5,729

4,021

4

.25

%

,

2/15/54

....................................................

6,428

5,822

U.S.

Treasury

Notes

3

.63

%

,

5/31/28

....................................................

400

401

1

.88

%

,

2/28/29

....................................................

9,350

8,884

3

.75

%

,

6/30/30

....................................................

7,359

7,384

3

.75

%

,

12/31/30

....................................................

6,215

6,225

4

.13

%

,

3/31/31

....................................................

3,848

3,918

2

.88

%

,

5/15/32

....................................................

4,152

3,916

4

.13

%

,

11/15/32

....................................................

5,750

5,818

4

.50

%

,

11/15/33

....................................................

3,394

3,506

4

.00

%

,

2/15/34

....................................................

5,244

5,238

4

.25

%

,

8/15/35

....................................................

1,800

1,814

Total

U.S.

Treasury

Obligations

(Cost

$69,464)

a

a

a

69,945

Commercial

Paper

(0.2%)

Utilities

(0.2%):

Ameren

Corp.

,

3

.75

%

,

1/2/26

(a)

(f)

..........................................

250

250

Total

Commercial

Paper

(Cost

$250)

a

a

a

250

Shares

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(g)

........

27,478

28

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(g)

............

27,478

28

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(g)

...............

27,478

27

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(g)

.

27,478

27

Total

Collateral

for

Securities

Loaned

(Cost

$110)

a

a

a

110

Total

Investments

(Cost

$110,636)

—

98.8%

112,022

Other

assets

in

excess

of

liabilities

—  1.2%

1,416

NET

ASSETS

-

100.00%

$

113,438

^

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

December

31,

2025,

the

fair

value

of

these

securities

was

$1,364

(thousands)

and

amounted

to

1.2%

of

net

assets.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

December

31,

2025.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Amount

represents

less

than

0.05%

of

net

assets.

(e)

Securities

referencing

LIBOR

are

expected

to

transition

to

an

alternative

reference

rate

by

the

security's

next

scheduled

coupon

reset

date.

(f)

Rate

represents

the

effective

yield

at

December

31,

2025.

(g)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

bps

—

Basis

points

H15T1Y

—

1

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

December

31,

2025.

ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

Victory

Portfolios

II

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

99

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

LIBOR

—

London

Interbank

Offered

Rate

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

December

31,

2025.

TSFR3M

—

3

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025.

US0003M

—

3

Month

US

Dollar

LIBOR,

rate

disclosed

as

of

December

31,

2025,

based

on

the

last

reset

date

of

the

security.

USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

5

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025.

USSW5

—

USD

5

Year

Swap

Rate,

rate

disclosed

as

of

December

31,

2025.

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Pioneer

Asset-Based

Income

ETF

100

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(44.1%)

ABS

Auto

(21.3%):

Ally

Bank

Auto

Credit-Linked

Notes

,

Series

2025-A

,

Class

F

,

6

.94

%

,

6/15/33

,

Callable

11/15/28

@

100

(a)

..................................................

$

623

$

625

Arivo

Acceptance

Auto

Loan

Receivables

Trust

,

Series

2025-1A

,

Class

E

,

7

.30

%

,

10/15/32

,

Callable

2/15/30

@

100

(a)

............................................

600

592

CPS

Auto

Receivables

Trust

,

Series

2024-B

,

Class

E

,

8

.36

%

,

11/17/31

,

Callable

10/15/28

@

100

(a)

...........................................................

700

736

Exeter

Automobile

Receivables

Trust

.........................................

Series

2022-1A

,

Class

E

,

5

.02

%

,

10/15/29

,

Callable

8/15/27

@

100

(a)

.............

1,070

1,060

Series

2024-3A

,

Class

E

,

7

.84

%

,

10/15/31

,

Callable

4/15/29

@

100

(a)

.............

1,156

1,189

Series

2024-4A

,

Class

E

,

7

.65

%

,

2/17/32

,

Callable

3/15/28

@

100

(a)

..............

1,480

1,516

Series

2024-5A

,

Class

E

,

7

.22

%

,

5/17/32

,

Callable

4/15/28

@

100

(a)

..............

1,410

1,429

Series

2025-1A

,

Class

E

,

7

.48

%

,

9/15/32

,

Callable

7/15/29

@

100

(a)

..............

940

966

Exeter

Select

Automobile

Receivables

Trust

,

Series

2025-2

,

Class

E

,

6

.87

%

,

2/15/33

,

Callable

1/15/30

@

100

(a)

...................................................

500

474

GLS

Auto

Receivables

Issuer

Trust

,

Series

2021-4A

,

Class

E

,

4

.43

%

,

10/16/28

,

Callable

3/15/27

@

100

(a)

...................................................

890

882

Huntington

Bank

Auto

Credit-Linked

Notes

,

Series

2025-2

,

Class

D

,

7

.17

%

(

SOFR30A

+

325

bps

)

,

9/20/33

,

Callable

2/20/30

@

100

(a)

(b)

....................

441

443

Merchants

Fleet

Funding

LLC

,

Series

2025-1A

,

Class

E

,

8

.48

%

,

1/20/39

,

Callable

6/20/29

@

100

(a)

...........................................................

1,000

1,000

Tricolor

Auto

Securitization

Trust

,

Series

2025-1A

,

Class

E

,

10

.37

%

,

4/15/32

,

Callable

7/15/27

@

100

(a)

(c)

.......................................................

400

33

Veros

Auto

Receivables

Trust

,

Series

2025-1

,

Class

D

,

8

.79

%

,

5/17/32

,

Callable

3/15/28

@

100

(a)

...........................................................

1,000

1,028

11,973

ABS

Home

(0.9%):

Vista

Point

Securitization

Trust

,

Series

2025-CES3

,

Class

A1

,

5

.30

%

,

11/25/55

,

Callable

10/25/28

@

100

(a)

(d)

................................................

499

500

ABS

Other

(21.9%):

Ascent

Career

Funding

Trust

,

Series

2024-1A

,

Class

B

,

9

.73

%

,

10/25/32

,

Callable

10/25/27

@

100

(a)

...........................................................

370

380

BHG

Securitization

Trust

.................................................

Series

2022-C

,

Class

E

,

9

.73

%

,

10/17/35

,

Callable

1/17/29

@

100

(a)

..............

800

859

Series

2025-2CON

,

Class

E

,

7

.76

%

,

9/17/36

,

Callable

2/17/33

@

100

(a)

...........

520

509

Blue

Owl

Asset

Leasing

Trust

LLC

,

Series

2024-1A

,

Class

D

,

8

.00

%

,

12/15/31

,

Callable

6/15/27

@

100

(a)

...................................................

250

254

Elara

HGV

Timeshare

Issuer

LLC

,

Series

2025-A

,

Class

D

,

6

.91

%

,

1/25/40

,

Callable

1/25/32

@

100

(a)

.........................................................

221

217

FIGRE

Trust

,

Series

2025-HE6

,

Class

A

,

5

.04

%

,

9/25/55

,

Callable

4/25/33

@

100

(a)

(d)

....

351

350

GreenSky

Home

Improvement

Issuer

Trust

,

Series

2025-2A

,

Class

E

,

7

.79

%

,

6/25/60

(a)

....

1,000

1,018

GS

Mortgage-Backed

Securities

Trust

........................................

Series

2025-HE1

,

Class

M3

,

6

.32

%

(

SOFR30A

+

245

bps

)

,

10/25/55

,

Callable

7/25/28

@

100

(a)

(b)

.........................................................

500

502

Series

2025-HE2

,

Class

M3

,

6

.22

%

(

SOFR30A

+

235

bps

)

,

12/25/65

,

Callable

10/25/28

@

100

(a)

(b)

.........................................................

520

522

Home

Partners

of

America

Trust

,

Series

2019-1

,

Class

F

,

4

.10

%

,

9/17/39

,

Callable

1/17/26

@

100

(a)

(e)

.........................................................

191

186

Lending

Funding

Trust

,

Series

2020-2A

,

Class

D

,

6

.77

%

,

4/21/31

,

Callable

1/20/26

@

100

(a)

1,000

996

MMP

Capital

LLC

,

Series

2025-A

,

Class

C

,

8

.41

%

,

12/15/31

,

Callable

1/15/29

@

100

(a)

...

500

513

NMEF

Funding

LLC

,

Series

2025-B

,

Class

E

,

7

.66

%

,

1/18/33

,

Callable

3/15/29

@

100

(a)

...

500

509

Octane

Receivables

Trust

,

Series

2023-2A

,

Class

E

,

10

.50

%

,

6/20/31

,

Callable

12/20/27

@

100

(a)

...........................................................

1,000

1,084

RCKT

Trust

,

Series

2025-1A

,

Class

E

,

7

.12

%

,

7/25/34

,

Callable

6/25/28

@

100

(a)

........

1,000

999

RCKTL

,

Series

2025-2A

,

Class

E

,

7

.83

%

,

11/27/34

,

Callable

9/25/28

@

100

(a)

..........

250

255

Reach

ABS

Trust

.......................................................

Series

2025-1A

,

Class

C

,

5

.99

%

,

8/16/32

,

Callable

6/15/29

@

100

(a)

..............

500

502

Series

2025-2A

,

Class

D

,

7

.31

%

,

8/18/32

,

Callable

1/15/30

@

100

(a)

..............

500

501

Saluda

Grade

Alternative

Mortgage

Trust

......................................

Series

2025-LOC4

,

Class

A1A

,

5

.70

%

(

SOFR30A

+

175

bps

)

,

6/25/55

,

Callable

6/25/29

@

100

(a)

(b)

.........................................................

719

721

Victory

Portfolios

II

VictoryShares

Pioneer

Asset-Based

Income

ETF

101

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2025-LOC4

,

Class

M3

,

6

.90

%

(

SOFR30A

+

295

bps

)

,

6/25/55

,

Callable

6/25/29

@

100

(a)

(b)

.........................................................

$

470

$

470

VFI

ABS

LLC

,

Series

2025-1A

,

Class

D

,

7

.69

%

,

4/26/32

,

Callable

7/24/28

@

100

(a)

......

745

751

Westgate

Resorts

LLC

,

Series

2023-1A

,

Class

D

,

10

.14

%

,

12/20/37

,

Callable

4/20/27

@

100

(a)

240

246

12,344

Total

Asset-Backed

Securities

(Cost

$25,212)

a

a

a

24,817

Collateralized

Loan

Obligations

(11.8%)

Cash

Flow

CLO

(11.8%):

ABPCI

Direct

Lending

Fund

CLO

LLC

,

Series

2025-21A

,

Class

A1

,

5

.64

%

(

TSFR3M

+

153

bps

)

,

7/20/37

,

Callable

10/20/27

@

100

(a)

(b)

....................

1,000

1,003

ACRES

LLC

,

Series

2025-FL3

,

Class

A

,

5

.35

%

(

TSFR1M

+

162

bps

)

,

8/18/40

,

Callable

8/18/27

@

100

(a)

(b)

(e)

.....................................................

860

861

BXDL

Static

CLO

LLC

,

Series

2025-1A

,

Class

A1

,

5

.62

%

(

TSFR3M

+

130

bps

)

,

7/20/35

,

Callable

7/20/26

@

100

(a)

(b)

..........................................

1,000

999

Dwight

Issuer

LLC

,

Series

2025-FL1

,

Class

A

,

5

.40

%

(

TSFR1M

+

166

bps

)

,

6/18/42

,

Callable

7/18/27

@

100

(a)

(b)

.................................................

1,000

1,002

Fortress

Credit

Opportunities

XXXVII

CLO

Ltd.

,

Series

2025-37A

,

Class

B

,

6

.87

%

(

TSFR3M

+

260

bps

)

,

7/20/33

,

Callable

10/20/26

@

100

(a)

(b)

....................

500

500

FS

Rialto

,

Series

2021-FL3

,

Class

D

,

6

.35

%

(

TSFR1M

+

261

bps

)

,

11/16/36

,

Callable

1/16/26

@

100

(a)

(b)

.........................................................

980

978

MCF

CLO

VII

LLC

,

Series

2017-3A

,

Class

ER2

,

10

.88

%

(

TSFR3M

+

700

bps

)

,

7/20/37

,

Callable

7/20/27

@

100

(a)

(b)

..........................................

500

500

MF1

Ltd.

,

Series

2021-FL7

,

Class

C

,

5

.90

%

(

TSFR1M

+

216

bps

)

,

10/16/36

,

Callable

1/16/26

@

100

(a)

(b)

.........................................................

840

834

6,677

Total

Collateralized

Loan

Obligations

(Cost

$6,676)

a

a

a

6,677

Collateralized

Mortgage

Obligations

(39.9%)

Commercial

MBS

(4.5%):

BWAY

Mortgage

Trust

,

Series

2013-1515

,

Class

B

,

3

.47

%

,

3/10/33

,

Callable

3/10/26

@

100

(a)

290

268

BX

Commercial

Mortgage

Trust

,

Series

2025-BCAT

,

Class

E

,

7

.25

%

(

TSFR1M

+

350

bps

)

,

8/15/42

(a)

(b)

(e)

....................................................

479

475

BX

Trust

,

Series

2025-LUNR

,

Class

E

,

7

.70

%

(

TSFR1M

+

395

bps

)

,

6/15/40

(a)

(b)

(e)

.......

533

535

MCR

Mortgage

Trust

,

Series

2024-TWA

,

Class

D

,

7

.40

%

,

6/12/39

(a)

(e)

................

390

395

MHP

Commercial

Mortgage

Trust

,

Series

2025-MHIL2

,

Class

D

,

6

.40

%

(

TSFR1M

+

265

bps

)

,

9/15/40

(a)

(b)

(e)

....................................................

360

360

PRM

Trust

,

Series

2025-PRM6

,

Class

D

,

5

.68

%

,

7/5/33

(a)

(d)

(e)

.....................

320

320

SMRT

,

Series

2022-MINI

,

Class

E

,

6

.45

%

(

TSFR1M

+

270

bps

)

,

1/15/39

(a)

(b)

(e)

..........

250

249

2,602

Private

CMO

FLT

(10.0%):

Bellemeade

Re

Ltd.

,

Series

2025-1

,

Class

M1C

,

7

.12

%

(

SOFR30A

+

325

bps

)

,

10/25/35

,

Callable

10/25/29

@

100

(a)

(b)

.........................................

260

262

Connecticut

Avenue

Securities

Trust

.........................................

Series

2021-R01

,

Class

1B2

,

9

.87

%

(

SOFR30A

+

600

bps

)

,

10/25/41

,

Callable

10/25/26

@

100

(a)

(b)

.........................................................

1,000

1,035

Series

2022-R05

,

Class

2B2

,

10

.87

%

(

SOFR30A

+

700

bps

)

,

4/25/42

,

Callable

4/25/27

@

100

(a)

(b)

.........................................................

510

543

Series

2023-R05

,

Class

1B1

,

8

.62

%

(

SOFR30A

+

475

bps

)

,

6/25/43

,

Callable

6/25/28

@

100

(a)

(b)

.........................................................

1,000

1,069

Series

2024-R02

,

Class

1M1

,

4

.97

%

(

SOFR30A

+

110

bps

)

,

2/25/44

,

Callable

2/25/29

@

100

(a)

(b)

.........................................................

357

357

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

2019-FTR1

,

Class

B2

,

12

.34

%

(

SOFR30A

+

846

bps

)

,

1/25/48

,

Callable

5/25/29

@

100

(a)

(b)

.........................................................

470

565

Series

2025-DNA4

,

Class

A1

,

4

.77

%

(

SOFR30A

+

90

bps

)

,

10/25/45

,

Callable

10/25/30

@

100

(a)

(b)

.........................................................

907

906

Series

2025-DNA4

,

Class

M1

,

4

.97

%

(

SOFR30A

+

110

bps

)

,

10/25/45

,

Callable

10/25/30

@

100

(a)

(b)

.......................................................

508

508

Victory

Portfolios

II

VictoryShares

Pioneer

Asset-Based

Income

ETF

102

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

2025-HQA1

,

Class

M1

,

5

.02

%

(

SOFR30A

+

115

bps

)

,

2/25/45

,

Callable

2/25/30

@

100

(a)

(b)

.........................................................

$

326

$

326

5,571

Private

CMO

Other

(25.4%):

A&D

Mortgage

Trust

....................................................

Series

2023-NQM3

,

Class

B1

,

8

.10

%

,

7/25/68

,

Callable

7/25/26

@

100

(a)

(d)

........

850

857

Series

2023-NQM4

,

Class

B1

,

8

.05

%

,

9/25/68

,

Callable

10/25/26

@

100

(a)

(d)

.......

900

912

Series

2025-NQM2

,

Class

M1B

,

7

.29

%

,

6/25/70

,

Callable

5/25/28

@

100

(a)

(d)

......

470

488

Series

2025-NQM4

,

Class

B1

,

7

.15

%

,

10/25/70

,

Callable

10/25/28

@

100

(a)

........

512

514

CFMT

LLC

,

Series

2024-HB14

,

Class

M3

,

3

.00

%

,

6/25/34

,

Callable

6/25/27

@

100

(a)

(d)

...

238

228

COLT

Mortgage

Loan

Trust

...............................................

Series

2024-3

,

Class

B1

,

8

.42

%

,

6/25/69

,

Callable

5/25/27

@

100

(a)

(d)

............

721

736

Series

2024-INV2

,

Class

B1

,

8

.07

%

,

5/25/69

,

Callable

4/25/27

@

100

(a)

(d)

.........

500

513

LHOME

Mortgage

Trust

..................................................

Series

2024-RTL1

,

Class

A1

,

7

.02

%

,

1/25/29

,

Callable

8/25/26

@

100

(a)

(d)

(e)

.......

1,000

1,004

Series

2024-RTL2

,

Class

A1

,

7

.13

%

,

3/25/29

,

Callable

10/25/26

@

100

(a)

(d)

(e)

......

1,000

1,007

Series

2024-RTL3

,

Class

A1

,

6

.90

%

,

5/25/29

,

Callable

12/25/26

@

100

(a)

(d)

(e)

......

270

272

MFA

Trust

,

Series

2024-NQM2

,

Class

B1B

,

7

.29

%

,

8/25/69

,

Callable

9/25/27

@

100

(a)

(d)

..

410

420

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

Series

2023-NQM1

,

Class

B1

,

7

.36

%

,

9/25/68

,

Callable

10/25/26

@

100

(a)

(d)

...................................

520

523

PRKCM

Trust

,

Series

2023-AFC1

,

Class

M1

,

7

.40

%

,

2/25/58

,

Callable

2/25/26

@

100

(a)

(d)

.

750

749

PRPM

Trust

...........................................................

Series

2025-NQM2

,

Class

B1

,

7

.85

%

,

4/25/70

,

Callable

5/25/28

@

100

(a)

(d)

........

275

284

Series

2025-NQM3

,

Class

B2

,

6

.94

%

,

5/25/70

,

Callable

7/25/28

@

100

(a)

(d)

........

791

774

Verus

Securitization

Trust

.................................................

Series

2023-3

,

Class

B2

,

7

.71

%

,

3/25/68

,

Callable

4/25/26

@

100

(a)

(d)

............

850

849

Series

2023-4

,

Class

B1

,

8

.02

%

,

5/25/68

,

Callable

5/25/26

@

100

(a)

(d)

............

1,240

1,244

Series

2023-7

,

Class

B1

,

7

.90

%

,

10/25/68

,

Callable

10/25/26

@

100

(a)

(d)

..........

300

304

Series

2023-8

,

Class

B1

,

8

.08

%

,

12/25/68

,

Callable

12/25/26

@

100

(a)

(d)

..........

1,000

1,017

Series

2023-INV2

,

Class

B1

,

8

.02

%

,

8/25/68

,

Callable

7/25/26

@

100

(a)

(d)

.........

550

554

Series

2023-INV3

,

Class

B2

,

8

.17

%

,

11/25/68

,

Callable

11/25/26

@

100

(a)

(d)

.......

640

642

Series

2024-2

,

Class

B1

,

7

.86

%

,

2/25/69

,

Callable

2/25/27

@

100

(a)

(d)

............

450

458

14,349

Total

Collateralized

Mortgage

Obligations

(Cost

$22,443)

a

a

a

22,522

Total

Investments

(Cost

$54,331)

—

95.8%

54,016

Other

assets

in

excess

of

liabilities

—  4.2%

2,379

NET

ASSETS

-

100.00%

$

56,395

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

5.6%

of

net

assets.

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$54,016

(thousands)

and

amounted

to

95.8%

of

net

assets.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

December

31,

2025.

(c)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(d)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

December

31,

2025.

(e)

Security

is

interest

only.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CLO

—

Collateralized

Loan

Obligations

CMO

—

Collateralized

Mortgage

Obligations

LLC

—

Limited

Liability

Company

MBS

—

Mortgage-Backed

Securities

SOFR

—

Secured

Overnight

Financing

Rate

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

December

31,

2025.

TSFR1M

—

1

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025.

TSFR3M

—

3

Month

Term

SOFR,

rate

disclosed

as

of

December

31,

2025.

Statements

of

Assets

and

Liabilities

December

31,

2025

103

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

Short-Term

Bond

ETF

VictoryShares

Core

Intermediate

Bond

ETF

VictoryShares

Core

Plus

Intermediate

Bond

ETF

Assets:

Investments,

at

value

(Cost

$1,717,205,

$2,723,884

and

$1,575,734)

$

1,733,769‌

(a)

$

2,696,867‌

(b)

$

1,584,471‌

(c)

Cash

4,012‌

544‌

1,449‌

Deposit

with

broker

for

futures

contracts

—‌

47‌

3,009‌

Receivables:

Interest

and

securities

lending

income

12,529‌

21,277‌

12,363‌

Investments

sold

—‌

79‌

69‌

Prepaid

expenses

2‌

5‌

1‌

Total

Assets

1,750,312‌

2,718,819‌

1,601,362‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

4,652‌

19,563‌

15,280‌

Investments

purchased

19,100‌

—‌

10,058‌

Payable

to

Adviser

—‌

—‌

—‌

(d)

Variation

margin

on

open

futures

contracts

—‌

—‌

138‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

362‌

683‌

454‌

Administration

fees

64‌

100‌

27‌

Custodian

fees

7‌

17‌

—‌

Compliance

fees

1‌

2‌

1‌

Trustees'

fees

2‌

1‌

4‌

Other

accrued

expenses

45‌

70‌

39‌

Total

Liabilities

24,233‌

20,436‌

26,001‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

1,717,588‌

2,790,152‌

1,589,475‌

Total

accumulated

earnings

(loss)

8,491‌

(

91,769‌

)

(

14,114‌

)

Net

Assets

$

1,726,079‌

$

2,698,383‌

$

1,575,361‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

34,000‌

57,000‌

71,775‌

Net

asset

value:

$

50

.77‌

$

47

.34‌

$

21

.95‌

(a)

Includes

$4,518

thousand

of

securities

on

loan.

(b)

Includes

$18,900

thousand

of

securities

on

loan.

(c)

Includes

$13,875

thousand

of

securities

on

loan.

(d)

Rounds

to

less

than

$1

thousand.

Statements

of

Assets

and

Liabilities

December

31,

2025

104

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

Corporate

Bond

ETF

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

VictoryShares

Pioneer

Asset-

Based

Income

ETF

Assets:

Investments,

at

value

(Cost

$157,016,

$110,636

and

$54,331)

$

149,629‌

(a)

$

112,022‌

(b)

$

54,016‌

Cash

445‌

575‌

1,425‌

Receivables:

Interest

and

securities

lending

income

1,614‌

999‌

249‌

Capital

shares

issued

—‌

—‌

1,239‌

From

Adviser

4‌

6‌

4‌

Prepaid

expenses

—‌

(c)

—‌

(c)

14‌

Total

Assets

151,692‌

113,602‌

56,947‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

4,149‌

110‌

—‌

Investments

purchased

—‌

—‌

514‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

44‌

34‌

26‌

Administration

fees

3‌

2‌

1‌

Custodian

fees

2‌

1‌

—‌

(c)

Compliance

fees

—‌

(c)

—‌

(c)

—‌

(c)

Trustees'

fees

—‌

1‌

—‌

Other

accrued

expenses

13‌

16‌

11‌

Total

Liabilities

4,211‌

164‌

552‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

162,075‌

112,228‌

56,959‌

Total

accumulated

earnings

(loss)

(

14,594‌

)

1,210‌

(

564‌

)

Net

Assets

$

147,481‌

$

113,438‌

$

56,395‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

6,800‌

4,500‌

2,275‌

Net

asset

value:

$

21

.69‌

$

25

.21‌

$

24

.79‌

(a)

Includes

$3,999

thousand

of

securities

on

loan.

(b)

Includes

$107

thousand

of

securities

on

loan.

(c)

Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

105

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

Short-Term

Bond

ETF

VictoryShares

Core

Intermediate

Bond

ETF

VictoryShares

Core

Plus

Intermediate

Bond

ETF

Investment

Income:

Interest

$

38,338‌

$

56,166‌

$

34,318‌

Securities

lending

(net

of

fees)

10‌

24‌

13‌

Total

Income

38,348‌

56,190‌

34,331‌

Expenses:

Investment

advisory

fees

1,926‌

3,818‌

2,337‌

Administration

fees

360‌

598‌

312‌

Sub-Administration

fees

13‌

13‌

15‌

Custodian

fees

29‌

50‌

24‌

Trustees'

fees

34‌

60‌

28‌

Compliance

fees

6‌

10‌

5‌

Legal

and

audit

fees

40‌

64‌

36‌

Other

expenses

77‌

90‌

80‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—‌

—‌

16‌

Total

Expenses

2,485‌

4,703‌

2,853‌

Expenses

waived/reimbursed

by

Adviser

—‌

—‌

(

175‌

)

Net

Expenses

2,485‌

4,703‌

2,678‌

Net

Investment

Income

(Loss)

35,863‌

51,487‌

31,653‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

1,741‌

(

3,549‌

)

2,335‌

Net

realized

gains

(losses)

from

futures

contracts

—‌

—‌

945‌

Net

realized

gains

(losses)

from

in-kind

redemptions

—‌

196‌

—‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

1,921‌

25,204‌

6,943‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

—‌

—‌

(

974‌

)

Net

realized/unrealized

gains

(losses)

on

investments

3,662‌

21,851‌

9,249‌

Change

in

net

assets

resulting

from

operations

$

39,525‌

$

73,338‌

$

40,902‌

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

106

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

Corporate

Bond

ETF

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

VictoryShares

Pioneer

Asset-

Based

Income

ETF

Investment

Income:

Interest

$

3,179‌

$

2,557‌

$

1,702‌

Securities

lending

(net

of

fees)

3‌

—‌

(a)

—‌

Total

Income

3,182‌

2,557‌

1,702‌

Expenses:

Investment

advisory

fees

253‌

201‌

147‌

Administration

fees

34‌

27‌

12‌

Sub-Administration

fees

10‌

11‌

11‌

Custodian

fees

5‌

3‌

2‌

Trustees'

fees

4‌

4‌

2‌

Compliance

fees

1‌

—‌

(a)

—‌

(a)

Legal

and

audit

fees

8‌

6‌

18‌

Other

expenses

15‌

16‌

10‌

Total

Expenses

330‌

268‌

202‌

Custody

waiver

—‌

—‌

(

1‌

)

Expenses

waived/reimbursed

by

Adviser

(

40‌

)

(

38‌

)

(

27‌

)

Net

Expenses

290‌

230‌

174‌

Net

Investment

Income

(Loss)

2,892‌

2,327‌

1,528‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(

206‌

)

77‌

(

152‌

)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

2,258‌

393‌

(

315‌

)

Net

realized/unrealized

gains

(losses)

on

investments

2,052‌

470‌

(

467‌

)

Change

in

net

assets

resulting

from

operations

$

4,944‌

$

2,797‌

$

1,061‌

(a)

Rounds

to

less

than

$1

thousand.

107

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

VictoryShares

Short-Term

Bond

ETF

VictoryShares

Core

Intermediate

Bond

ETF

VictoryShares

Core

Plus

Intermediate

Bond

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

35,863‌

$

45,493‌

$

51,487‌

$

92,588‌

$

31,653‌

$

26,026‌

Net

realized

gains

(losses)

1,741‌

804‌

(

3,353‌

)

(

26,834‌

)

3,280‌

(

2,910‌

)

Net

change

in

unrealized

appreciation/

depreciation

1,921‌

13,451‌

25,204‌

68,062‌

5,969‌

13,760‌

Change

in

net

assets

resulting

from

operations

39,525‌

59,748‌

73,338‌

133,816‌

40,902‌

36,876‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

40,198‌

)

(

43,315‌

)

(

58,470‌

)

(

90,873‌

)

(

35,368‌

)

(

24,131‌

)

Change

in

net

assets

resulting

from

capital

transactions

437,510‌

635,583‌

340,902‌

232,163‌

546,620‌

659,220‌

Change

in

net

assets

436,837‌

652,016‌

355,770‌

275,106‌

552,154‌

671,965‌

Net

Assets:

Beginning

of

period

1,289,242‌

637,226‌

2,342,613‌

2,067,507‌

1,023,207‌

351,242‌

End

of

period

$

1,726,079‌

$

1,289,242‌

$

2,698,383‌

$

2,342,613‌

$

1,575,361‌

$

1,023,207‌

Capital

Transactions:

Proceeds

from

shares

issued

$

437,510‌

$

635,583‌

$

352,815‌

$

520,499‌

$

546,620‌

$

661,373‌

Cost

of

shares

redeemed

—‌

—‌

(

11,913‌

)

(

288,336‌

)

—‌

(

2,153‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

437,510‌

$

635,583‌

$

340,902‌

$

232,163‌

$

546,620‌

$

659,220‌

Share

Transactions:

Issued

8,600‌

12,600‌

7,450‌

11,100‌

24,875‌

30,550‌

Redeemed

—‌

—‌

(

250‌

)

(

6,250‌

)

—‌

(

100‌

)

Change

in

Shares

8,600‌

12,600‌

7,200‌

4,850‌

24,875‌

30,450‌

108

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

VictoryShares

Corporate

Bond

ETF

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

VictoryShares

Pioneer

Asset-

Based

Income

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Period

June

26,

2025

(a)

through

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

2,892‌

$

5,500‌

$

2,327‌

$

2,708‌

$

1,528‌

$

1‌

Net

realized

gains

(losses)

(

206‌

)

(

737‌

)

77‌

(

164‌

)

(

152‌

)

—‌

Net

change

in

unrealized

appreciation/

depreciation

2,258‌

4,499‌

393‌

1,475‌

(

315‌

)

—‌

Change

in

net

assets

resulting

from

operations

4,944‌

9,262‌

2,797‌

4,019‌

1,061‌

1‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

3,405‌

)

(

5,478‌

)

(

2,737‌

)

(

2,431‌

)

(

1,626‌

)

—‌

Change

in

net

assets

resulting

from

capital

transactions

5,963‌

2,709‌

—‌

56,550‌

54,459‌

2,500‌

Change

in

net

assets

7,502‌

6,493‌

60‌

58,138‌

53,894‌

2,501‌

Net

Assets:

Beginning

of

period

139,979‌

133,486‌

113,378‌

55,240‌

2,501‌

—‌

End

of

period

$

147,481‌

$

139,979‌

$

113,438‌

$

113,378‌

$

56,395‌

$

2,501‌

Capital

Transactions:

Proceeds

from

shares

issued

$

5,963‌

$

3,234‌

$

—‌

$

56,550‌

$

54,459‌

$

2,500‌

Cost

of

shares

redeemed

—‌

(

525‌

)

—‌

—‌

—‌

—‌

Change

in

net

assets

resulting

from

capital

transactions

$

5,963‌

$

2,709‌

$

—‌

$

56,550‌

$

54,459‌

$

2,500‌

Share

Transactions:

Issued

275‌

150‌

—‌

2,275‌

2,175‌

100‌

Redeemed

—‌

(

25‌

)

—‌

—‌

—‌

—‌

Change

in

Shares

275‌

125‌

—‌

2,275‌

2,175‌

100‌

(a)

Commencement

of

operations.

Victory

Portfolios

II

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

109

See

notes

to

financial

statements.

VictoryShares

Short-Term

Bond

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$50.76

$49.78

$48.86

$48.94

$51.87

$51.22

Investment

Activities:

Net

investment

income

(loss)(a)

1.19

2.48

2.48

1.77

0.86

0.84

Net

realized

and

unrealized

gains

(losses)

0.16

0.89

0.98

(0.17)

(2.78)

0.93

Total

from

Investment

Activities

1.35

3.37

3.46

1.60

(1.92)

1.77

Distributions

to

Shareholders

from:

Net

investment

income

(1.34)

(2.39)

(2.54)

(1.68)

(0.84)

(0.90)

Net

realized

gains

—

—

—

—

(0.17)

(0.22)

Total

Distributions

(1.34)

(2.39)

(2.54)

(1.68)

(1.01)

(1.12)

Net

Asset

Value,

End

of

Period

$50.77

$50.76

$49.78

$48.86

$48.94

$51.87

Total

Return(b)(c)

2.68%

6.95%

7.27%

3.32%

(3.73)%

3.48%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.32%

0.34%

0.35%

0.35%

0.32%(f)

0.34%(g)

Net

Investment

Income

(Loss)(d)

4.65%

4.93%

5.03%

3.63%

1.70%

1.62%

Gross

Expenses(d)(e)

0.32%

0.34%

0.35%

0.35%

0.36%

0.37%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,726,079

$1,289,242

$637,226

$522,753

$359,737

$272,296

Portfolio

Turnover(b)(h)

21%

33%

60%

53%

67%

80%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Includes

impact

of

voluntary

waiver.

Without

this

voluntary

waiver,

the

net

expense

ratio

would

have

been

0.02%

higher.

(g)

Includes

impact

of

voluntary

waivers.

Without

these

voluntary

waivers,

the

net

expense

ratio

would

have

been

at

the

contractual

cap.

(h)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

110

See

notes

to

financial

statements.

VictoryShares

Core

Intermediate

Bond

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$47.04

$46.00

$45.98

$47.18

$53.71

$53.67

Investment

Activities:

Net

investment

income

(loss)(a)

0.96

1.87

1.68

1.31

0.89

1.08

Net

realized

and

unrealized

gains

(losses)

0.43

1.00

0.01

(1.26)

(6.37)

0.27

Total

from

Investment

Activities

1.39

2.87

1.69

0.05

(5.48)

1.35

Distributions

to

Shareholders

from:

Net

investment

income

(1.09)

(1.83)

(1.67)

(1.25)

(0.92)

(1.11)

Net

realized

gains

—

—

—

—

(0.13)

(0.20)

Total

Distributions

(1.09)

(1.83)

(1.67)

(1.25)

(1.05)

(1.31)

Net

Asset

Value,

End

of

Period

$47.34

$47.04

$46.00

$45.98

$47.18

$53.71

Total

Return(b)(c)

2.99%

6.38%

3.72%

0.13%

(10.35)%

2.55%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.37%

0.38%

0.39%

0.38%

0.39%

0.37%(f)

Net

Investment

Income

(Loss)(d)

4.04%

4.00%

3.69%

2.83%

1.74%

2.01%

Gross

Expenses(d)(e)

0.37%

0.38%

0.39%

0.38%

0.39%

0.41%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,698,383

$2,342,613

$2,067,507

$1,457,680

$1,236,208

$894,333

Portfolio

Turnover(b)(g)

12%

19%

22%

23%

24%

16%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Includes

impact

of

voluntary

waivers.

Without

these

voluntary

waivers,

the

net

expense

ratio

would

have

been

at

the

contractual

cap.

(g)

Excludes

impact

of

in-kind

transactions.

111

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

,Bo

VictoryShares

Core

Plus

Intermediate

Bond

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

October

4,

2021(a)

through

June

30,

2022

Net

Asset

Value,

Beginning

of

Period

$21.82

$21.35

$21.44

$21.92

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.52

1.02

1.00

0.87

0.38

Net

realized

and

unrealized

gains

(losses)

0.19

0.42

(0.09)

(0.49)

(3.17)

Total

from

Investment

Activities

0.71

1.44

0.91

0.38

(2.79)

Distributions

to

Shareholders

from:

Net

investment

income

(0.58)

(0.97)

(1.00)

(0.86)

(0.29)

Total

Distributions

(0.58)

(0.97)

(1.00)

(0.86)

(0.29)

Net

Asset

Value,

End

of

Period

$21.95

$21.82

$21.35

$21.44

$21.92

Total

Return(c)(d)

3.31%

6.89%

4.37%

1.77%

(11.20)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.40%

0.40%

0.40%

0.40%

0.40%

Net

Investment

Income

(Loss)(e)

4.73%

4.73%

4.69%

4.04%

2.20%

Gross

Expenses(e)(f)

0.43%

0.45%

0.46%

0.45%

0.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,575,361

$1,023,207

$351,242

$213,844

$213,729

Portfolio

Turnover(c)(g)

34%

51%

36%

60%

56%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

112

See

notes

to

financial

statements.

VictoryShares

Corporate

Bond

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

October

5,

2021(a)

through

June

30,

2022

Net

Asset

Value,

Beginning

of

Period

$21.45

$20.86

$20.58

$20.86

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.44

0.85

0.80

0.67

0.37

Net

realized

and

unrealized

gains

(losses)

0.31

0.58

0.30

(0.30)

(4.19)

Total

from

Investment

Activities

0.75

1.43

1.10

0.37

(3.82)

Distributions

to

Shareholders

from:

Net

investment

income

(0.51)

(0.84)

(0.82)

(0.65)

(0.32)

Total

Distributions

(0.51)

(0.84)

(0.82)

(0.65)

(0.32)

Net

Asset

Value,

End

of

Period

$21.69

$21.45

$20.86

$20.58

$20.86

Total

Return(c)(d)

3.52%

7.05%

5.45%

1.85%

(15.37)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.40%

0.40%

0.40%(g)

0.40%(g)

0.40%

Net

Investment

Income

(Loss)(e)

4.00%

3.99%

3.88%

3.26%

2.17%

Gross

Expenses(e)(f)

0.46%

0.47%

0.47%

0.46%

0.53%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$147,481

$139,979

$133,486

$105,486

$104,323

Portfolio

Turnover(c)(h)

7%

16%

9%

27%

9%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Includes

impact

of

voluntary

waivers.

Without

these

voluntary

waivers,

the

net

expense

ratio

would

have

been

at

the

contractual

cap.

(h)

Excludes

impact

of

in-kind

transactions.

113

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

June

21,

2024(a)

through

June

30,

2024

Net

Asset

Value,

Beginning

of

Period

$25.20

$24.83

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.52

1.03

0.03

Net

realized

and

unrealized

gains

(losses)

0.10

0.29

(0.20)

Total

from

Investment

Activities

0.62

1.32

(0.17)

Distributions

to

Shareholders

from:

Net

investment

income

(0.61)

(0.95)

—

Total

Distributions

(0.61)

(0.95)

—

Net

Asset

Value,

End

of

Period

$25.21

$25.20

$24.83

Total

Return(c)(d)

2.49%

5.42%

(0.71)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.40%

0.40%

0.40%

Net

Investment

Income

(Loss)(e)

4.06%

4.12%

4.03%

Gross

Expenses(e)(f)

0.47%

0.56%

1.61%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$113,438

$113,378

$55,240

Portfolio

Turnover(c)(g)

7%

35%

0%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

114

See

notes

to

financial

statements.

VictoryShares

Pioneer

Asset-

Based

Income

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

June

26,

2025(a)

through

June

30,

2025

Net

Asset

Value,

Beginning

of

Period

$25.01

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.74

0.01

Net

realized

and

unrealized

gains

(losses)

(0.21)

—(c)

Total

from

Investment

Activities

0.53

0.01

Distributions

to

Shareholders

from:

Net

investment

income

(0.75)

—

Total

Distributions

(0.75)

—

Net

Asset

Value,

End

of

Period

$24.79

$25.01

Total

Return(d)(e)

2.13%

0.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.67%

0.70%

Net

Investment

Income

(Loss)(f)

5.85%

3.06%

Gross

Expenses(f)(g)

0.77%

92.28%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$56,395

$2,501

Portfolio

Turnover(d)(h)

11%

0%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Amount

is

less

than

$0.005

per

share.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f)

Annualized

for

periods

less

than

one

year.

(g)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h)

Excludes

impact

of

in-kind

transactions.

Notes

to

Financial

Statements

December

31,

2025

Victory

Portfolios

II

115

(Unaudited)

1.

Organization:

Victory

Portfolios

II

(the

“Trust”)

is

organized as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

27

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following six

funds

(collectively,

the

“Funds”

and

individually,

a

“Fund”).

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

(“VCM”

or

the

“Adviser”)

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies:

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”).

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

(“ASC”)

Topic

946.

Shares

of

the

Funds

are

listed

and

traded

on

the Nasdaq

Stock

Market,

LLC. (the

“Exchange”).

The

Funds

issue

and

redeem

shares (“Shares”)

at

net

asset

value

(“NAV”)

only

in

aggregations

of

50,000

shares

(each

a

“Creation

Unit”)

in the

case

of

Short-Term

Bond

ETF

and

Core

Intermediate

Bond

ETF,

or

25,000

shares

in

the

case

of

Core

Plus

Intermediate

Bond

ETF,

Corporate

Bond

ETF,

WestEnd

Economic

Cycle

Bond

ETF,

and

Pioneer

Asset-Based

Income

ETF.

Creation

Units

are

issued

and

redeemed

in

exchange

for

a

basket

of

securities

included

in

the

respective

Fund’s

Index

(the

“Deposit

Securities”),

and/or

with

the

deposit

of

a

specified

cash

payment

(the

“Cash

Component”),

plus

a

transaction

fee.

Shares

trade

on

the Exchange

at

market

prices

that

may

be

below,

at,

or

above

NAV.

Shares

of

a

Fund

may

only

be

purchased

or

redeemed

by

certain

financial

institutions

(“Authorized

Participants”).

An

Authorized

Participant

is

either

(i)

a

broker-dealer

or

other

participant

in

the

clearing

process

through

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation

or

(ii)

a

Depository

Trust

Company

participant

and,

in

each

case,

must

have

executed

a

Participant

Agreement

with

the

distributor.

In

addition,

shares

may

be

issued

in

advance

of

receipt

of

Deposit

Securities

subject

to

various

conditions,

including

a

requirement

to

maintain

on

deposit

with

the

Trust

cash

equal

to at

least 105%

of

the

market

value

of

the

missing

Deposit

Securities.

In

each

instance

of

such

cash

creations

or

redemptions,

transaction

fees

may

be

imposed

and

may

be

higher

than

the

transaction

fees

associated

with

in-kind

creations

or

redemptions.

Shares

of

each

Fund

have

equal

rights

and

privileges.

A

purchase

(i.e.,

creation)

transaction

fee

is

imposed

for

the

transfer

and

other

transactional

costs

associated

with

the

purchase

of

Creation

Units.

In

addition,

a

variable

fee

may

be

charged

on

all

cash

transactions

or

substitutes

for

Creation

Units.

Variable

fees

received

by

each

Fund

are

displayed

in

the

Capital

Transactions

section

of

the

Statements

of

Changes

in

Net

Assets

as

an

increase

to

Capital.

The

transaction

fees

for

each

Fund

are

listed

below:

Funds

(Legal

Name)

Funds

(Short

Name)

VictoryShares

Short-Term

Bond

ETF

Short-Term

Bond

ETF

VictoryShares

Core

Intermediate

Bond

ETF

Core

Intermediate

Bond

ETF

VictoryShares

Core

Plus

Intermediate

Bond

ETF

(Also

Known

as

Victo-

ryShares

Core

Plus

Bond

ETF)

Core

Plus

Intermediate

Bond

ETF

(Also

Known

as

Core

Plus

Bond

ETF)

VictoryShares

Corporate

Bond

ETF

Corporate

Bond

ETF

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

WestEnd

Economic

Cycle

Bond

ETF

VictoryShares

Pioneer

Asset-Based

Income

ETF

Pioneer

Asset-Based

Income

ETF

Fee

for

In-Kind

and

Cash

Purchases

and

Redemptions

Maximum

Additional

Variable

Charge

for

Cash

Purchases

and

Redemptions*

Short-Term

Bond

ETF

..................................................

$

100

2.00%

Core

Intermediate

Bond

ETF

.............................................

100

2.00%

Core

Plus

Intermediate

Bond

ETF

..........................................

100

2.00%

Corporate

Bond

ETF

...................................................

100

2.00%

WestEnd

Economic

Cycle

Bond

ETF

........................................

100

2.00%

Pioneer

Asset-Based

Income

ETF

..........................................

100

2.00%

*  

As

a

percentage

of

the

amount

invested

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

116

(Unaudited)

Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds’

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

3

—

significant

unobservable

inputs

(including

the

Adviser’s

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust’s

Board

of

Trustees

(the

“Board”),

has

established

the

Pricing

Committee

(the

“Committee”),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds’

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Investments

in

open-end

investment

companies are

valued

at their

NAV.

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

60

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund’s

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments  (amounts

in

thousands):

Level

1

Level

2

Level

3

Total

Short-Term

Bond

ETF

Asset-Backed

Securities

.........................................

$

—

$

431,473

$

—

$

431,473

Collateralized

Loan

Obligations

...................................

—

999

—

999

Collateralized

Mortgage

Obligations

................................

—

80,757

—

80,757

Senior

Secured

Loans

...........................................

—

3,500

—

3,500

Corporate

Bonds

..............................................

—

709,883

—

709,883

Yankee

Dollars

...............................................

—

145,751

—

145,751

Municipal

Bonds

..............................................

—

18,386

—

18,386

U.S.

Government

Agency

Mortgages

................................

—

9,048

—

9,048

U.S.

Treasury

Obligations

........................................

—

236,416

—

236,416

Commercial

Paper

.............................................

—

92,904

—

92,904

Collateral

for

Securities

Loaned

...................................

4,652

—

—

4,652

Total

.......................................................

$

4,652

$

1,729,117

$

—

$

1,733,769

Core

Intermediate

Bond

ETF

Asset-Backed

Securities

.........................................

—

325,514

—

325,514

Collateralized

Mortgage

Obligations

................................

—

143,021

—

143,021

Corporate

Bonds

..............................................

—

535,853

—

535,853

Yankee

Dollars

...............................................

—

117,281

—

117,281

Municipal

Bonds

..............................................

—

34,899

—

34,899

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

117

(Unaudited)

*    Futures

contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

As

of December

31,

2025,

there

were

no

significant

transfers

into/out

of

Level

3.

Level

1

Level

2

Level

3

Total

Core

Intermediate

Bond

ETF,

continued

U.S.

Government

Agency

Mortgages

................................

$

—

$

355,082

$

—

$

355,082

U.S.

Treasury

Obligations

........................................

—

1,146,561

—

1,146,561

Commercial

Paper

.............................................

—

19,093

—

19,093

Collateral

for

Securities

Loaned

...................................

19,563

—

—

19,563

Total

.......................................................

$

19,563

$

2,677,304

$

—

$

2,696,867

Core

Plus

Intermediate

Bond

ETF

Asset-Backed

Securities

.........................................

—

248,935

—

248,935

Collateralized

Loan

Obligations

...................................

—

21,951

—

21,951

Collateralized

Mortgage

Obligations

................................

—

127,290

—

127,290

Senior

Secured

Loans

...........................................

—

26,679

—

26,679

Corporate

Bonds

..............................................

—

290,602

—

290,602

Yankee

Dollars

...............................................

—

57,703

—

57,703

Municipal

Bonds

..............................................

—

59,513

—

59,513

U.S.

Government

Agency

Mortgages

................................

—

455,533

—

455,533

U.S.

Treasury

Obligations

........................................

—

261,996

—

261,996

Commercial

Paper

.............................................

—

18,989

—

18,989

Collateral

for

Securities

Loaned

...................................

15,280

—

—

15,280

Total

.......................................................

$

15,280

$

1,569,191

$

—

$

1,584,471

Other

Financial

Investments:*

Liabilities:

Futures

Contracts

..............................................

(278)

—

—

(278)

Total

.......................................................

$

(278)

$

—

$

—

$

(278)

Corporate

Bond

ETF

Corporate

Bonds

..............................................

—

112,301

—

112,301

Yankee

Dollars

...............................................

—

23,150

—

23,150

U.S.

Treasury

Obligations

........................................

—

9,729

—

9,729

Commercial

Paper

.............................................

—

300

—

300

Collateral

for

Securities

Loaned

...................................

4,149

—

—

4,149

Total

.......................................................

$

4,149

$

145,480

$

—

$

149,629

WestEnd

Economic

Cycle

Bond

ETF

Corporate

Bonds

..............................................

—

36,239

—

36,239

Yankee

Dollars

...............................................

—

5,478

—

5,478

U.S.

Treasury

Obligations

........................................

—

69,945

—

69,945

Commercial

Paper

.............................................

—

250

—

250

Collateral

for

Securities

Loaned

...................................

110

—

—

110

Total

.......................................................

$

110

$

111,912

$

—

$

112,022

Pioneer

Asset-Based

Income

ETF

Asset-Backed

Securities

.........................................

—

24,817

—

24,817

Collateralized

Loan

Obligations

...................................

—

6,677

—

6,677

Collateralized

Mortgage

Obligations

................................

—

22,522

—

22,522

Total

.......................................................

$

—

$

54,016

$

—

$

54,016

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

118

(Unaudited)

Securities

Purchased

on

a

Delayed-Delivery

or

When-Issued

Basis:

The

Funds

may

purchase

securities

on

a

delayed-delivery

or

when-issued

basis.

Delivery

and

payment

for

securities

that

have

been

purchased

by

the

Funds

on

a

delayed-delivery

or

when-issued

basis,

or

for

delayed

draws

on

loans

can

generally

take

place

within

35

days after

the

trade

date.

Securities

that

require

more

than

35

days

to

settle

are

considered

a

senior

security

and

subject

to

Rule

18f-4.

At

the

time

the

Funds

make

the

commitment

to

purchase

a

security

on

a

delayed-delivery

or

when-issued

basis,

the

Funds

record

the

transaction

and

reflect

the

value

of

the

security

in

determining

NAV.

No

interest

accrues

to

the

Funds

until

the

transaction

settles

and

payment

takes

place.

If

the

Funds

own

delayed-

delivery

or

when-issued

securities,

these

values

are

included

in

Payables

for

Investments

purchased

on

the

accompanying

Statements

of

Assets

and

Liabilities.

Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

Mortgage-

and

Asset-Backed

Securities:

The

values

of

some

mortgage-related

or

asset-backed

securities

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

Early

repayment

of

principal

on

some

mortgage-related

securities

may

expose

the

Funds

to

a

lower

rate

of

return

upon

reinvestment

of

principal.

The

values

of

mortgage-

and

asset-backed

securities

depend

in

part

on

the

credit

quality

and

adequacy

of

the

underlying

assets

or

collateral

and

may

fluctuate

in

response

to

the

market’s

perception

of

these

factors

as

well

as

current

and

future

repayment

rates.

Some

mortgage-backed

securities

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government

(e.g.,

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association,

commonly

known

as

“Ginnie

Mae”),

while

other

mortgage-backed

securities

(e.g.,

mortgage-backed

securities

issued

by

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

commonly

known

as

“Fannie

Mae”

and

“Freddie

Mac,”

respectively),

are

backed

only

by

the

credit

of

the

government

entity

issuing

them.

In

addition,

some

mortgage-backed

securities

are

issued

by

private

entities

and,

as

such,

are

not

guaranteed

by

the

U.S.

government

or

any

agency

or

instrumentality

of

the

U.S.

government.

Loans:

Floating

rate

loans

in

which

a

Fund

invests

are

primarily

“senior”

loans.

Senior

floating

rate

loans

typically

hold

a

senior

position

in

the

capital

structures

of

the

borrower,

are

typically

secured

by

specific

collateral,

and

have

a

claim

on

the

assets

and/or

stock

of

the

borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

borrower.

While

these

protections

may

reduce

risk,

these

investments

still

present

significant

credit

risk.

A

significant

portion

of

a

Fund’s

floating

rate

investments

may

be

issued

in

connection

with

highly

leveraged

transactions

such

as

leveraged

buyouts,

leveraged

recapitalization

loans,

and

other

types

of

acquisition

financing.

Obligations

in

these

types

of

transactions

are

subject

to

greater

credit

risk

(including

default

and

bankruptcy)

than

many

other

investments

and

may

be,

or

become,

illiquid.

See

the

note

below

regarding

below

investment

grade

securities.

The Funds

may

purchase

second-lien

loans

(secured

loans

with

a

claim

on

collateral

subordinate

to

a

senior

lender’s

claim

on

such

collateral),

fixed

rate

loans,

unsecured

loans,

and

other

debt

obligations.

Transactions

in

loans

often

settle

on

a

delayed

basis,

and

a

Fund

may

not

receive

the

proceeds

from

the

sale

of

a

loan

or

pay

for

a

loan

purchase

for

a

substantial

period

of

time

after

entering

into

the

transactions.

Below-Investment-Grade

Securities:

Certain

Funds

may

invest

in

below-investment-grade

securities

(i.e.,

lower-quality,

“junk”

debt),

which

are

subject

to

various

risks.

Lower-

quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

Collateralized

Loan

Obligations

(“CLOs”):

CLOs

are

securities

issued

by

entities

that

are

collateralized

by

a

pool

of

loans.

CLOs

are

issued

in

multiple

classes

(tranches)

and

can

be

equity

or

debt

with

specific

adjustable

or

fixed

interest

rates

and

varying

maturities.

The

cash

flow

from

the

underlying

loans

is

used

to

pay

off

each

tranche

separately

within

the

debt,

or

senior

tranches.

Equity,

or

subordinated

tranches,

typically

are

not

paid

a

cash

flow

but

do

offer

ownership

in

the

CLO

itself

in

the

event

of

a

sale.

Investment

Companies:

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

119

(Unaudited)

Derivative

Instruments:

Futures

Contracts:

The

Funds

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Funds

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Funds

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs and

a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian,

which is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Funds

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Funds

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Funds

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Funds’

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Funds’

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Funds

are

not

subject

to

master

netting

agreements

for

futures

contracts. During

the

six

months

ended December

31,

2025,

the Funds entered

into

futures

contracts

primarily

for

the

strategy

of

hedging

or

other

purposes,

including

but

not

limited

to,

providing

liquidity

and

equitizing

cash.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

December

31,

2025

(amounts

in

thousands):

*  

Includes

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedule

of

Portfolio

Investments.

Only

current

day’s

variation

margin

for

futures

contracts

is

reported

within

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

December

31,

2025 (amounts

in

thousands):

All

open

derivative

positions

at

period

end

are

reflected

on

each

respective

Fund’s

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund’s

net

assets

at

period end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statements

of

Operations. 

Liabilities

Variation

Margin

Payable

on

Open

Futures

Contracts*

Interest

Rate

Risk

Exposure:

(278,000)

Core

Plus

Intermediate

Bond

ETF

........................................................................

$

278

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Interest

Rate

Risk

Exposure:

945,000

(974,000)

Core

Plus

Intermediate

Bond

ETF

......................................................

945

(974)

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

120

(Unaudited)

The Funds

may

receive

other

income

from

investments

in

loan

assignments

and/or

unfunded

commitments,

including

amendment

fees,

consent

fees,

and

commitment

fees.

These

fees

are

recorded

as

income

when

received.

These

amounts,

if

received,

are

included

in

Interest

income

on

the

Statements

of

Operations.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

(“Citibank”), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds’

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds’

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds’

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds’

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds’

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

June

30.

For

the

six

months

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Short-Term

Bond

ETF

.............................................

$

4,518

$

—

$

4,652

Core

Intermediate

Bond

ETF

........................................

18,900

—

19,563

Core

Plus

Intermediate

Bond

ETF

.....................................

13,875

—

15,280

Corporate

Bond

ETF

..............................................

3,999

—

4,149

WestEnd

Economic

Cycle

Bond

ETF

...................................

107

—

110

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

121

(Unaudited)

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3.

Purchases

and

Sales:

Purchases

and

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

and

purchases

and

sales

associated

with

in-kind

transactions

for

the

six

months

ended

December

31,

2025,

are

included

in

the

table

below

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in-kind

redemptions

are

reflected

on

the

Statements

of

Operations

as

net

realized

gains

(losses)

from

in-kind

redemptions.

4.

Affiliated

Fund

Ownership:

The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

funds.

The affiliated

funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund’s

assets,

and

together

with

the

investments

of

the

other

affiliated

funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund’s

net

assets.

The

affiliated

funds

annual

and

semi-annual

reports

may

be

viewed

at

vcm.

com.

As

of

December

31,

2025,

certain

affiliated

funds owned

total

outstanding

shares

of

the

Funds

as

follows:

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Short-Term

Bond

ETF

............................................

$

556,866

$

231,469

$

88,274

$

39,760

Core

Intermediate

Bond

ETF

.......................................

170,967

136,441

128,638

167,636

Core

Plus

Intermediate

Bond

ETF

....................................

450,637

217,920

546,031

225,268

Corporate

Bond

ETF

.............................................

9,658

8,505

5,239

1,064

WestEnd

Economic

Cycle

Bond

ETF

..................................

2,830

3,090

5,248

6,064

Pioneer

Asset-Based

Income

ETF

....................................

57,660

4,854

2,590

99

Associated

with

In-Kind

Transactions

Purchases

Sales

Core

Intermediate

Bond

ETF

.............................................................

$

315,376

$

11,744

Short-Term

Bond

ETF

Ownership

%

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.8

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.2

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.9

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.3

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.2

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.8

Core

Intermediate

Bond

ETF

Ownership

%

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

8.0

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

14.7

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.4

Core

Plus

Intermediate

Bond

ETF

Ownership

%

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.3

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

8.1

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.2

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.7

Corporate

Bond

ETF

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

27.9

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

33.2

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

27.2

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10.3

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.2

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

122

(Unaudited)

5.

Fees

and

Transactions

with

Affiliates

and

Related

Parties:

Investment

Advisory

Fees: 

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

(a)

Effective

November

1,

2025,

the

rate

changed

from

0.60%

to

0.55%.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds’

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios.

The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

(“CCO”),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

WestEnd

Economic

Cycle

Bond

ETF

Ownership

%

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.4

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29.4

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

60.7

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.9

Pioneer

Asset-Based

Income

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.2

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.3

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

23.7

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

36.9

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.6

Fee

Rate

Short-Term

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Core

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

Core

Plus

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Corporate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

WestEnd

Economic

Cycle

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

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.

.

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.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Pioneer

Asset-Based

Income

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

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.

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.

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.

.

.

.

.

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.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.55%(a)

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

123

(Unaudited)

Other

Fees:

Citibank

serves

as

the

Funds’

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

In

addition,

through

an

arrangement

with

the

Funds’

custodian,

the

Pioneer

Asset-Based

Income

ETF’s

custodian

expenses

were

waived

for

the

first

6

months

of

operations,

as

reflected

on

the

Statements

of

Operations

as

Custody

waiver.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds’

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

(a)

Effective

November

1,

2025,

the

rate

changed

from

0.70%

to

0.65%.

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36)

months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a)

the

original

waiver

or

expense

reimbursement;

or

(b)

the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025.

As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time

and

are

reflected

on

the

Statements

of

Operations

as

Expenses

waived/reimbursed

by

Adviser.

For

the six

months ended

December

31,

2025,

the

Adviser

voluntarily

waived

the

following

amounts

(amounts

in

thousands):

Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

distributor.

6.

Risks:

The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund’s

prospectus

contains

unaudited

information

regarding

the

Fund’s

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund’s

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

In

Effect

Until

October

31,

2026

Short-Term

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Core

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40%

Core

Plus

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40%

Corporate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40%

WestEnd

Economic

Cycle

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40%

Pioneer

Asset-Based

Income

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%(a)

June

30,

2026

June

30,

2027

June

30,

2028

June

30,

2029

Total

Core

Plus

Intermediate

Bond

ETF

.............................

$

9

$

79

$

110

$

4

$

202

Corporate

Bond

ETF

......................................

8

44

46

21

119

WestEnd

Economic

Cycle

Bond

ETF

...........................

—

13

83

23

119

Pioneer

Asset-Based

Income

ETF

.............................

—

—

31

20

51

Amount

Core

Plus

Intermediate

Bond

ETF

.........................................................................

$

171

Corporate

Bond

ETF

..................................................................................

19

WestEnd

Economic

Cycle

Bond

ETF

.......................................................................

15

Pioneer

Asset-Based

Income

ETF

.........................................................................

7

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

124

(Unaudited)

Debt

Securities

or

Bond

Risk

—

  The

Fund(s) are

subject

to

the

risk

that

the

market

value

of

the

bonds

in

the

Fund’s

(or

Funds’)

portfolios

will

fluctuate

because

of

changes

in

interest

rates,

changes

in

the

supply

of

and

demand

for

debt

securities,

and

other

market

factors.

Bond

prices

generally

are

linked

to

the

prevailing

market

interest

rates.

In

general,

when

interest

rates

rise,

bond

prices

typically

fall;

conversely,

when

interest

rates

fall,

bond

prices

typically

rise.

The

price

volatility

of

a

bond

also

depends

on

its

duration,

which

is

a

measure

of

a

bond’s

sensitivity

to

a

change

in

interest

rates.

Generally,

the

longer

the

duration

of

a

bond,

the

greater

is

its

sensitivity

to

interest

rates.

To

compensate

investors

for

this

higher

interest

rate

risk,

bonds

with

longer

durations

generally

offer

higher

yields

than

bonds

with

shorter

durations.

Should

the

U.S.

Federal

Reserve

raise

interest

rates,

the

Fund(s)

may

be

subject

to

risks

associated

with

rising

interest

rates.

The

fixed-income

securities

in

the

Fund’s

(or

Funds’)

portfolios

also

are

subject

to

credit

risk,

which

is

the

possibility

that

an

issuer

of

a

fixed-income

security

cannot

make

timely

interest

and

principal

payments

on

its

securities

or

that

negative

market

perceptions

of

the

issuer’s

ability

to

make

such

payments

will

cause

the

price

of

that

security

to

decline.

The

Fund(s)

accept

some

credit

risk

as

a

recognized

means

to

enhance

an

investor’s

return.

High-Yield

Bond

Risk

—

Fixed-income

securities

rated

below

investment

grade,

also

known

as

“junk”

or

high-yield

bonds,

generally

entail

greater

credit

and

liquidity

risk

than

investment-grade

securities.

Their

prices

also

may

be

more

volatile,

especially

during

economic

downturns

and

financial

setbacks

or

liquidity

events.

The

Fund’s

(Funds’)

values

could

be

hurt

by

price

declines

due

to

actual

or

perceived

changes

in

an

issuer’s

ability

to

make

such

payments.

These

securities

are

considered

by

the

major

rating

agencies

to

be

predominantly

speculative

with

respect

to

the

issuer’s

continuing

ability

to

pay

principal

and

interest,

and

they

carry

a

greater

risk

that

the

issuer

of

such

securities

will

default

on

the

timely

payment

of

principal

and

interest.

Issuers

of

securities

that

are

in

default

or

have

defaulted

may

fail

to

resume

principal

or

interest

payments,

in

which

case

the

Fund(s)

may

lose

their

entire

investment.

The

creditworthiness

of

issuers

of

these

securities

may

be

more

complex

to

analyze

than

that

of

issuers

of

investment-grade

debt

securities,

and

the

overreliance

on

credit

ratings

may

present

additional

risks.

Asset-Backed

and

Mortgage-Backed

Securities

Risk

—

Mortgage-

and

asset-backed

securities

(“MBS”

or

“ABS,”

respectively)

differ

from

conventional

debt

securities

because

principal

is

paid

back

over

the

life

of

the

security

rather

than

at

maturity.

MBS

and

ABS

are

subject

to

prepayment

or

call

risk,

which

is

the

risk

that

a

borrower’s

payments

may

be

received

earlier

than

expected

due

to

changes

in

prepayment

rates

on

underlying

loans.

As

a

result,

the

Fund(s)

may

reinvest

these

early

payments

at

lower

interest

rates,

thereby

reducing

the

Funds’

income.

These

securities

also

are

subject

to

extension

risk,

which

is

the

risk

that

the

life

of

the

ABS

or

MBS

may

be

extended

due

to

higher

interest

rates

and

lower

prepayments.

As

a

result,

the

value

of

the

securities

will

decrease.

The

value

of

MBS

can

be

impacted

by

factors

affecting

the

housing

market,

and

MBS

also

are

subject

to

the

risk

of

high

default

rates

on

the

mortgages

within

the

mortgage

pool.

The

liquidity

of

non-agency

or

privately

issued

ABS

or

MBS

securities,

in

particular

those

that

are

rated

as

non-investment

grade,

may

change

dramatically

over

time.

Foreign

Securities

Risk

—

The Fund(s) invest

in

securities

of

foreign

issuers

in

various

countries.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

of

less

foreign

government

regulations,

less

public

information,

and

less

economic,

political,

and

social

stability

in

the

countries

in

which

the

Fund(s)

invest.

The

imposition

of

exchange

controls,

sanctions,

confiscations,

trade

restrictions

(including

tariffs),

and

other

government

restrictions

by

the

United

States

or

other

governments;

or

problems

in

shares

registration,

settlement,

or

custody

also

may

result

in

losses.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

the

Fund(s)

have

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

Repurchase

Agreement

Risk

—

In

the

event

that

the

counterparty

to

a

repurchase

agreement

is

unwilling

or

unable

to

fulfill

its

contractual

obligations

to

repurchase

the

underlying

security,

the

Fund

may

lose

money,

suffer

delays,

or

incur

costs

arising

from

holding

or

selling

the

underlying

security.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

125

(Unaudited)

Credit

Risk

—

The

Fund(s)

will

be

subject

to

credit

risk

with

respect

to

the

amount

each

expects

to

receive

from

counterparties

for

financial

instruments

entered

into

by

the

Fund(s).

The

Fund(s)

may

be

negatively

impacted

if

a

counterparty

becomes

bankrupt

or

otherwise

fails

to

perform

its

obligations

due

to

financial

difficulties.

The

Fund(s)

may

experience

significant

delays

in

obtaining

any

recovery

in

bankruptcy

or

other

reorganization

proceeding

and

the

Fund(s)

may

obtain

only

limited

recovery

or

may

obtain

no

recovery

in

such

circumstances.

The

Fund(s)

typically

enter

into

transactions

with

counterparties

whose

credit

ratings

are

investment

grade,

as

determined

by

a

nationally

recognized

statistical

rating

organization

or,

if

unrated,

judged

by

the

Adviser

to

be

of

comparable

quality.

Market

Risk

—

The

market

prices

of

securities

or

other

assets

held

by

the

Fund

may

go

up

or

down,

sometimes

rapidly

or

unpredictably,

due

to

general

market

conditions,

such

as

real

or

perceived

adverse

economic,

political,

or

regulatory

conditions,

political

instability,

recessions,

inflation,

changes

in

interest

or

currency

rates,

lack

of

liquidity

in

the

bond

markets,

the

spread

of

infectious

illness

or

other

public

health

issues,

weather

or

climate

events,

armed

conflict,

market

disruptions

caused

by

tariffs,

trade

disputes,

sanctions

or

other

government

actions,

or

other

factors

or

adverse

investor

sentiment.

If

the

market

prices

of

the

Fund’s

securities

and

assets

fall,

the

value

of

your

investment

will

go

down.

A

change

in

financial

condition

or

other

event

affecting

a

single

issuer

or

market

may

adversely

impact

securities

markets

as

a

whole.

Private

Credit

Risk

—

Entities

that

obtain

access

to

credit

from

asset-based

financing

can

differ

from

the

entities

that

have

access

to

traditional

corporate

or

bank

lending.

In

particular,

entities

gaining

access

to

credit

via

“private

credit”

and

other

non-traditional

lenders

may

be

subject

to

higher

levels

of

credit

risk

and

may

lose

access

to

credit

in

an

economic

downturn.

Privately

issued

securities

are

not

traded

on

established

markets

and

may

be

illiquid,

difficult

to

value

and

subject

to

wide

fluctuations

in

value.

Limitations

on

the

resale

of

these

securities

may

have

an

adverse

effect

on

their

marketability,

and

may

prevent

the

Fund(s)

from

disposing

of

them

promptly

at

reasonable

prices.

Private

credit

investments

can

range

in

credit

quality

depending

on

a

variety

of

factors,

including

total

leverage,

amount

of

leverage

senior

to

the

security

in

question,

variability

in

the

issuer’s

cash

flows,

the

size

of

the

issuer,

the

quality

of

assets

securing

debt

and

the

degree

to

which

such

assets

cover

the

subject

company’s

debt

obligations.

In

addition,

there

can

be

no

assurance

that

the

Fund’s

(or

Funds’) Adviser

will

be

able

to

secure

all

of

the

investment

opportunities

that

it

identifies

for

the

Fund(s),

or

that

the

size

of

an

investment

opportunity

available

to

the

Fund

will

be

as

large

as

the

Fund’s

(or

Funds’) Adviser

would

desire,

on

account

of

general

economic

conditions,

specific

market

developments,

or

other

circumstances

outside

of

the

Fund’s

Adviser’s

control.

The

Fund(s)

may

be

exposed

to

losses

should

these

entities

fail

to

perform.

7.

Borrowing:

Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

“Line

of

Credit”

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

III

(collectively,

the

“Victory

Funds

Complex”),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10

percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

December

31,

2025.

8.

Federal

Income

Tax

Information:

Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund. 

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

“book/tax”

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

Declared

Paid

Short-Term

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Core

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Core

Plus

Intermediate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Corporate

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

WestEnd

Economic

Cycle

Bond

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Pioneer

Asset-Based

Income

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

126

(Unaudited)

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended June

30,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

9.

Segment

Reporting:

The

Adviser’s

Management

Committee acts

as

each

Fund’s

Chief

Operating

Decision

Maker

(“CODM”).

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund’s

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds’

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

each

Fund’s

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

is

consistent

with

that

presented

within

each

Fund’s

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

10.

New

Accounting

Pronouncement:

On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(“ASU”)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions. 

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. 

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. 

Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds’

financial

statements.

11.

Subsequent

Event:

On

October

21,

2025,

the

Board,

upon

recommendation

of

the

Adviser,

has

approved

a

change

in

the

name

of

the

VictoryShares

Core

Plus

Intermediate

Bond

ETF.

Effective

at

the

start

of

business

on

January

1,

2026

(the

"Effective

Date"),

the

Fund

was

renamed

to

VictoryShares

Core

Plus

Bond

ETF.

The

Fund’s

investment

objectives,

principal

investment

strategies,

principal

risks,

ticker

symbol

and

management

have

not

changed.

On

the

Effective

Date,

references

to

the

current

name

of

the

Fund

in

the

summary

prospectus,

statutory

prospectus,

and

SAI

will

be

replaced

with

the

new

name.

On

December

4,

2025,

the

Board,

upon

recommendation

of

the

Adviser,

approved

a

Plan

of

Liquidation

for

WestEnd

Economic

Cycle

Bond

ETF.

On

February

4,

2026,

the

Fund redeemed

all

of

its

outstanding

shares

at

the

net

asset

value

of

such

shares. 

Short-Term

Amount

Long-Term

Amount

Total

Short-Term

Bond

ETF

..................................................

$

(2,003)

$

(7,151)

$

(9,154)

Core

Intermediate

Bond

ETF

.............................................

(6,576)

(54,257)

(60,833)

Core

Plus

Intermediate

Bond

ETF

..........................................

(11,800)

(11,596)

(23,396)

Corporate

Bond

ETF

...................................................

(2,436)

(4,327)

(6,763)

WestEnd

Economic

Cycle

Bond

ETF

........................................

(85)

—

(85)

Supplemental

Information

December

31,

2025

Victory

Portfolios

II

127

(Unaudited)

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement (the

“Agreement”)

The

Board

approved

the

Agreement

on

behalf

of

each

of

the

Funds

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025.

The

Board

also

considered

information

relating

to

the

Funds

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025.

In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

the

Funds

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

each

Fund’s

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management’s

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser’s

costs)

with

respect

to

the

Adviser’s

relationship

with

the

Funds;

The

fact

that

the

Funds

are

actively

managed

exchange-traded

funds

(“ETFs”);

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

the

Trust

and

the

Adviser.

The

Board

reviewed

each

Fund’s

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser’s

business

and

services

with

respect

to

each

Fund

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund’s

gross

management

fee

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

ETFs

compiled

by

the

consultant

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant’s

analyses

in

the

selection

of

each

Fund’s

peer

group,

including

the

consultant’s

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant’s

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser’s

input,

if

any.

As

in

prior

years,

in

evaluating

the

Adviser’s

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund’s

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Fund’s

management

fee

or

the

Fund’s

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

management,

administration

or

oversight

needs;

the

size

of

the

Fund’s

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

expenses.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

128

(Unaudited)

The

Board

noted

that

none

of

the

advisory

fee

arrangements

for

these

Funds

included

breakpoints,

which

would

be

a

structure

that

results

in

reduced

fees

as

a

Fund

grows.

The

Board

also

considered

the

Adviser’s

commitment

to

limit

expenses

as

discussed

in

more

detail

below.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser’s

oversight

of

the

Funds’

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

reviewed

each

Fund’s

performance

over

one-,

three-,

five-

and

ten-year

periods

(as

applicable)

against

the

performance

of

the

Fund’s

selected

peer

group

and

benchmark

index.

When

a

Fund’s

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund’s

expenses

differed,

including,

for

example,

whether

the

Fund’s

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

12

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds’

performance,

and

received

a

report

each

quarter

on

the

Funds’

performance,

among

other

things,

from

the

Adviser’s

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser’s

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

VictoryShares

Short-Term

Bond

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2017,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

both

the

benchmark

index

and

the

peer

group

median

for

all

of

the

periods

reviewed.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

second

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1)

the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

Core

Intermediate

Bond

ETF:

Performance.

Noting

that

the

Fund

commenced

operations

in

2017,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

both

the

benchmark

index

and

the

peer

group

median

for

all

of

the

periods

reviewed.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

third

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1)

the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

Core

Plus

Intermediate

Bond

ETF

(Also

Known

as

VictoryShares

Core

Plus

Bond

ETF):

Performance.

Noting

that

the

Fund

commenced

operations

in

2021,

the

Board

compared

the

Fund’s

one-

and

three-year

performance

for

the

period

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

period

and

considered

the

fact

that

the

Fund

outperformed

both

the

benchmark

index

and

the

peer

group

median

for

the

periods

reviewed.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

129

(Unaudited)

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

second

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1)

the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

Corporate

Bond

ETF:

Performance

.

Noting

that

the

Fund

commenced

operations

in

2021,

the

Board

compared

the

Fund’s

one-

and

three-year

performance

for

the

period

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

period

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

the

periods

reviewed

and

matched

the

peer

group

median

for

the

periods

reviewed.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

second

quartile

and

the

Fund’s

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1)

the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF:

Performance

.

Noting

that

the

Fund

commenced

operations

in

2024,

the

Board

compared

the

Fund’s

performance

for

the

one-year

period

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

period

and

considered

the

fact

that

the

Fund

underperformed

both

the

peer

group

median

and

the

benchmark

index

for

the

period

reviewed.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

third

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1)

the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above;

and

(5)

the

Adviser’s

ability

to

operate

the

Fund

without

disruption

to

shareholders

until

the

date

of

liquidation.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

Conclusion

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i)

the

Adviser’s

services

benefitted

each

Fund’s

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

each

Fund;

(ii)

it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

each

Fund;

and

(iii)

the

Agreement,

on

behalf

of

each

Fund

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser’s

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser’s

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser’s

resources

to

the

successful

operation

of

each

Fund;

The

Adviser’s

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

130

(Unaudited)

The

Adviser’s

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Considerations

of

the

Board

in

Approving

the

Investment

Advisory

Agreement

(the

“Agreement”)

The

Board

approved

the

Agreement

on

behalf

of

the

VictoryShares

Pioneer

Asset-Based

Income

ETF

(the

“Fund”)

at

a

meeting,

which

was

called

for

that

purpose,

on

May

20,

2025.

In

considering

whether

to

approve

the

Agreement,

the

Board

requested,

and

the

Adviser

provided,

information

that

the

Board

believed

to

be

reasonably

necessary

to

reach

its

conclusions.

The

Board,

including

the

Independent

Trustees,

evaluated

the

information

provided

and

its

extensive

experience

with

the

Adviser

and

was

advised

by

legal

counsel

to

the

Fund,

which

also

serves

as

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

reviewed

numerous

factors

with

respect

to

the

Fund.

The

Board

recognized

that

management

was

proposing

to

add

the

Fund

as

an

investment

portfolio

of

the

Trust

and

that

the

Fund

had

not

yet

commenced

operations

and

thus

had

no

performance

record

or

historical

expenses.

In

considering

whether

the

compensation

to

be

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Fund

for

the

services

to

be

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

to

the

other

exchange-traded

funds

in

the

Trust

and

expected

to

be

provided

to

the

Fund;

The

proposed

fees

to

be

paid

for

the

services

and

whether

the

fee

arrangements

provide

for

economies

of

scale

that

would

benefit

Fund

share-

holders

as

the

Fund

grows

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

proposed

fees

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Fund;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Fund;

The

estimated

total

expenses

of

the

Fund;

Management’s

commitment

to

operating

the

Fund

at

competitive

expense

levels;

The

expected

profitability

of

the

Adviser

(as

reflected

by

comparing

proposed

fees

against

an

estimate

of

the

Adviser’s

costs)

with

respect

to

the

Adviser’s

relationship

with

the

Fund;

Research

and

other

service

benefits

expected

to

be

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

expected

to

be

received

by

the

Adviser,

and

its

affiliates,

including

revenues

to

be

paid

to

the

Adviser,

or

its

affiliates,

by

the

Fund

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution,

if

any;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

the

Trust

and

the

Adviser.

The

Board

reviewed

the

Fund’s

proposed

gross

management

fee

both

in

the

context

of

the

Adviser’s

expected

profitability

from

the

Fund

and

the

historical

costs

associated

with

operating

similar

funds.

The

Board

acknowledged

that

the

Fund’s

profitability

is

inherently

difficult

to

estimate

in

a

startup

phase.

In

addition,

the

Board

compared

the

Fund’s

expected

operating

expense

ratio,

with

the

understanding

that

no

distribution

or

shareholder

servicing

fees

were

being

proposed

to

be

paid

at

this

time,

and

management

fees

with

comparable

exchange-traded

funds

in

a

peer

group

of

funds

with

similar

investment

strategies.

The

Board

considered

the

Adviser’s

commitment

to

competitive

total

operating

expense

ratios

through

its

contractual

agreement

to

waive

its

fees

and

reimburse

expenses

for

a

specified

period

of

time,

noting

that

this

could

result

in

substantial

initial

subsidies

by

the

Adviser.

The

Trustees

noted

that

no

breakpoints

in

the

advisory

fee

schedule

for

the

Fund

were

being

proposed

at

this

time.

The

Board

reviewed

various

other

factors

with

respect

to

the

Fund.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

attributed

different

weights

to

various

factors.

Approval

of

the

Agreement

on

Behalf

of

the

Fund

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that

the

Agreement,

on

behalf

of

the

Fund,

was

consistent

with

the

best

interests

of

the

Fund

and

its

future

shareholders,

and

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

the

Fund,

for

an

initial

two-year

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

to

be

paid

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

to

be

provided,

the

costs

of

these

services,

the

expected

profitability

of

the

Adviser’s

relationship

with

the

Fund

and

the

comparability

of

the

fee

to

be

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

to

be

provided

by

the

Adviser;

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

131

(Unaudited)

The

Adviser’s

entrepreneurial

commitment

to

the

management

of

the

Fund

and

their

inclusion

in

a

broad-based

family

of

funds,

which

could

entail

a

substantial

commitment

of

the

Adviser’s

resources

to

the

successful

operation

of

the

Fund;

The

Adviser’s

representations

regarding

its

staffing

and

capabilities

to

manage

the

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser’s

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

866-376-7890

VS-BOND-ETF-SAR

(12/25)

December

31,

2025

Semi-Annual:

Full

Financials

VictoryShares

US

Value

Momentum

ETF

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

VictoryShares

International

Value

Momentum

ETF

VictoryShares

Emerging

Markets

Value

Momentum

ETF

VictoryShares

WestEnd

U.S.

Sector

ETF

VictoryShares

WestEnd

Global

Equity

ETF

VictoryShares

Hedged

Equity

Income

ETF

vcm.com

News,

Information

And

Education

24

Hours

A

Day,

7

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you’re

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We’re

always

open.

TABLE

OF

CONTENTS

Victory

Portfolios

II

1

Schedules

of

Portfolio

Investments

(Form

N-CSR

Item

6)

VictoryShares

US

Value

Momentum

ETF

3

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

6

VictoryShares

International

Value

Momentum

ETF

12

VictoryShares

Emerging

Markets

Value

Momentum

ETF

19

VictoryShares

WestEnd

U.S.

Sector

ETF

26

VictoryShares

WestEnd

Global

Equity

ETF

33

VictoryShares

Hedged

Equity

Income

ETF

34

Financial

Statements

(Form

N-CSR

Item

7)

Statements

of

Assets

and

Liabilities

38

Statements

of

Operations

42

Statements

of

Changes

in

Net

Assets

46

Financial

Highlights

50

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

57

Supplemental

Information

Advisory

Contract

Approval

(Form

N-CSR

Item

11)

69

2

Call

Victory

at:

866-376-7890

Visit

our

website

at:

vcm.com

IRA

DISTRIBUTION

WITHHOLDING

DISCLOSURE

We

generally

must

withhold

federal

income

tax

at

a

rate

of

10%

of

the

taxable

portion

of

your

distribution

and,

if

you

live

in

a

state

that

requires

state

income

tax

withholding,

at

your

state’s

tax

rate.

However,

you

may

elect

not

to

have

withholding

apply

or

to

have

income

tax

withheld

at

a

higher

rate.

Any

withholding

election

that

you

make

will

apply

to

any

subsequent

distribution

unless

and

until

you

change

or

revoke

the

election.

If

you

wish

to

make

a

withholding

election,

or

change

or

revoke

a

prior

withholding

election,

call

866-376-7890

and

form

W-4P

(OMB

No.

1545-0074

withholding

certificate

for

pension

or

annuity

payments)

will

be

electronically

sent.

If

you

do

not

have

a

withholding

election

in

place

by

the

date

of

a

distribution,

federal

income

tax

will

be

withheld

from

the

taxable

portion

of

your

distribution

at

a

rate

of

10%.

If

you

must

pay

estimated

taxes,

you

may

be

subject

to

estimated

tax

penalties

if

your

estimated

tax

payments

are

not

sufficient

and

sufficient

tax

is

not

withheld

from

your

distribution.

For

more

specific

information,

please

consult

your

tax

adviser.

The

Funds

are

distributed

by

Victory

Capital

Services,

Inc.

Victory

Capital

Management

Inc.

is

the

investment

adviser

to

the

Funds

and

receives

fees

from

the

Funds

for

performing

services

for

the

Funds.

This

report

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

a

current

prospectus

of

the

Victory

Funds.

For

additional

information

about

any

Victory

Fund,

including

fees,

expenses,

and

risks,

view

our

prospectus

online

at

vcm.com

or

call

866-376-7890.

Read

it

carefully

before

you

invest

or

send

money.

The

information

in

this

report

is

based

on

data

obtained

from

recognized

services

and

sources

and

is

believed

to

be

reliable.

Any

opinions,

projections,

or

recommendations

in

this

report

are

subject

to

change

without

notice

and

are

not

intended

as

individual

investment

advice.

Past

investment

performance

of

the

Funds,

markets

or

securities

mentioned

herein

should

not

be

considered

to

be

indicative

of

future

results.

NOT

FDIC

INSURED

NO

BANK

GUARANTEE

MAY

LOSE

VALUE

INVESTMENTS

INVOLVE

RISK

PRINCIPAL

LOSS

IS

POSSIBLE

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

US

Value

Momentum

ETF

3

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.5%)

Communication

Services

(4.6%):

Alphabet,

Inc.

,

Class

A

...................................................

4,826

$

1,511

Fox

Corp.

,

Class

A

......................................................

24,600

1,797

News

Corp.

,

Class

A

.....................................................

75,724

1,978

ROBLOX

Corp.

,

Class

A

(a)

...............................................

10,586

858

Verizon

Communications,

Inc.

..............................................

61,419

2,502

Warner

Bros

Discovery,

Inc.

(a)

.............................................

31,478

907

9,553

Consumer

Discretionary

(4.6%):

Aptiv

PLC

(a)

..........................................................

16,935

1,289

Carnival

Corp.

(a)

.......................................................

40,353

1,232

eBay,

Inc.

............................................................

15,954

1,390

Ford

Motor

Co.

........................................................

111,857

1,468

General

Motors

Co.

.....................................................

18,907

1,537

Lennar

Corp.

,

Class

A

....................................................

10,673

1,097

Tapestry,

Inc.

..........................................................

10,480

1,339

9,352

Consumer

Staples

(7.5%):

Altria

Group,

Inc.

.......................................................

41,281

2,380

Archer-Daniels-Midland

Co.

...............................................

29,087

1,672

Dollar

General

Corp.

....................................................

13,447

1,785

Performance

Food

Group

Co.

(a)

............................................

19,649

1,767

The

Kraft

Heinz

Co.

.....................................................

79,618

1,931

The

Kroger

Co.

........................................................

29,041

1,815

Tyson

Foods,

Inc.

,

Class

A

................................................

37,024

2,170

U.S.

Foods

Holding

Corp.

(a)

...............................................

25,054

1,887

15,407

Energy

(2.3%):

Devon

Energy

Corp.

.....................................................

31,192

1,143

EQT

Corp.

............................................................

22,618

1,212

Marathon

Petroleum

Corp.

................................................

7,514

1,222

Valero

Energy

Corp.

.....................................................

7,381

1,201

4,778

Financials

(20.3%):

American

International

Group,

Inc.

..........................................

27,132

2,321

Bank

of

America

Corp.

...................................................

34,077

1,874

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.........................................

5,217

2,622

Capital

One

Financial

Corp.

...............................................

6,041

1,464

Citigroup,

Inc.

.........................................................

15,480

1,806

Citizens

Financial

Group,

Inc.

..............................................

27,567

1,610

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

784

1,683

Fiserv,

Inc.

(a)

..........................................................

12,274

825

Global

Payments,

Inc.

....................................................

14,953

1,157

JPMorgan

Chase

&

Co.

..................................................

6,490

2,091

Loews

Corp.

..........................................................

23,807

2,507

M&T

Bank

Corp.

.......................................................

9,772

1,969

Markel

Group,

Inc.

(a)

....................................................

1,105

2,375

Morgan

Stanley

........................................................

9,789

1,738

Northern

Trust

Corp.

....................................................

12,510

1,709

Regions

Financial

Corp.

..................................................

64,437

1,746

Robinhood

Markets,

Inc.

,

Class

A

(a)

.........................................

5,430

614

SoFi

Technologies,

Inc.

(a)

.................................................

26,701

699

State

Street

Corp.

.......................................................

14,635

1,888

Synchrony

Financial

.....................................................

16,440

1,372

The

Bank

of

New

York

Mellon

Corp.

.........................................

19,448

2,258

The

Goldman

Sachs

Group,

Inc.

............................................

1,943

1,708

Truist

Financial

Corp.

....................................................

36,595

1,801

Wells

Fargo

&

Co.

......................................................

19,955

1,860

41,697

Victory

Portfolios

II

VictoryShares

US

Value

Momentum

ETF

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Health

Care

(12.3%):

Biogen,

Inc.

(a)

.........................................................

8,193

$

1,442

Cardinal

Health,

Inc.

....................................................

8,080

1,660

CVS

Health

Corp.

......................................................

22,831

1,812

Gilead

Sciences,

Inc.

....................................................

13,906

1,707

HCA

Healthcare,

Inc.

....................................................

4,020

1,877

Humana,

Inc.

..........................................................

4,457

1,142

Insmed,

Inc.

(a)

.........................................................

4,669

813

Johnson

&

Johnson

.....................................................

12,485

2,584

Labcorp

Holdings,

Inc.

...................................................

7,224

1,812

McKesson

Corp.

.......................................................

2,451

2,011

Medtronic

PLC

........................................................

22,916

2,201

Pfizer,

Inc.

............................................................

69,738

1,736

Quest

Diagnostics,

Inc.

...................................................

11,760

2,041

Tenet

Healthcare

Corp.

(a)

.................................................

5,376

1,068

The

Cigna

Group

.......................................................

5,189

1,428

25,334

Industrials

(14.1%):

API

Group

Corp.

(a)

.....................................................

42,481

1,625

Caterpillar,

Inc.

........................................................

2,693

1,543

Comfort

Systems

USA,

Inc.

...............................................

935

873

Curtiss-Wright

Corp.

....................................................

2,829

1,560

Delta

Air

Lines,

Inc.

.....................................................

14,775

1,025

FedEx

Corp.

..........................................................

5,329

1,539

General

Dynamics

Corp.

..................................................

7,242

2,438

General

Electric

Co.

.....................................................

5,493

1,692

Howmet

Aerospace,

Inc.

..................................................

7,252

1,487

Johnson

Controls

International

PLC

..........................................

14,650

1,754

L3Harris

Technologies,

Inc.

...............................................

8,425

2,473

Rocket

Lab

Corp.

(a)

.....................................................

15,187

1,059

RTX

Corp.

............................................................

10,129

1,858

Snap-on,

Inc.

..........................................................

5,673

1,955

SS&C

Technologies

Holdings,

Inc.

..........................................

23,635

2,066

United

Airlines

Holdings,

Inc.

(a)

............................................

8,231

920

United

Parcel

Service,

Inc.

,

Class

B

..........................................

16,410

1,628

Woodward,

Inc.

........................................................

4,835

1,462

28,957

Information

Technology

(12.7%):

Amphenol

Corp.

,

Class

A

.................................................

10,620

1,435

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

23,207

1,926

CoreWeave,

Inc.

,

Class

A

(a)

(b)

.............................................

8,733

625

Corning,

Inc.

..........................................................

16,790

1,470

Credo

Technology

Group

Holding

Ltd.

(a)

.....................................

3,595

517

Dell

Technologies,

Inc.

,

Class

C

............................................

7,271

915

Gen

Digital,

Inc.

.......................................................

65,626

1,784

Hewlett

Packard

Enterprise

Co.

.............................................

50,838

1,221

HP,

Inc.

..............................................................

51,016

1,137

Intel

Corp.

(a)

..........................................................

19,930

736

Jabil,

Inc.

............................................................

5,740

1,309

Lam

Research

Corp.

.....................................................

6,491

1,111

Micron

Technology,

Inc.

..................................................

3,488

996

ON

Semiconductor

Corp.

(a)

...............................................

16,377

887

QUALCOMM,

Inc.

.....................................................

7,274

1,244

Seagate

Technology

Holdings

PLC

..........................................

3,246

894

TE

Connectivity

PLC

....................................................

7,003

1,593

Teledyne

Technologies,

Inc.

(a)

.............................................

4,344

2,219

Trimble,

Inc.

(a)

........................................................

19,072

1,494

Western

Digital

Corp.

....................................................

5,488

946

Zoom

Communications,

Inc.

,

Class

A

(a)

......................................

18,402

1,588

26,047

Materials

(4.5%):

CF

Industries

Holdings,

Inc.

...............................................

20,523

1,587

Victory

Portfolios

II

VictoryShares

US

Value

Momentum

ETF

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Dow,

Inc.

............................................................

39,480

$

923

DuPont

de

Nemours,

Inc.

.................................................

32,653

1,313

Newmont

Corp.

........................................................

13,227

1,321

Nucor

Corp.

...........................................................

8,233

1,343

Smurfit

WestRock

PLC

...................................................

35,751

1,382

Steel

Dynamics,

Inc.

.....................................................

7,899

1,338

9,207

Real

Estate

(6.8%):

Kimco

Realty

Corp.

.....................................................

103,373

2,095

Prologis,

Inc.

..........................................................

13,517

1,726

Realty

Income

Corp.

....................................................

51,227

2,888

Ventas,

Inc.

...........................................................

30,879

2,390

VICI

Properties,

Inc.

,

Class

A

..............................................

97,383

2,738

Welltower,

Inc.

.........................................................

11,666

2,165

14,002

Utilities

(9.8%):

Ameren

Corp.

.........................................................

29,294

2,925

Atmos

Energy

Corp.

.....................................................

17,519

2,937

CenterPoint

Energy,

Inc.

..................................................

79,602

3,052

Edison

International

.....................................................

28,141

1,689

Entergy

Corp.

.........................................................

26,284

2,429

Evergy,

Inc.

...........................................................

38,442

2,787

Eversource

Energy

......................................................

27,232

1,833

Exelon

Corp.

..........................................................

58,123

2,534

20,186

Total

Common

Stocks

(Cost

$182,256)

a

a

a

204,520

Collateral

for

Securities

Loaned

(0.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(c)

........

98,131

98

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(c)

............

98,131

98

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(c)

...............

98,131

98

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(c)

.

98,131

99

Total

Collateral

for

Securities

Loaned

(Cost

$393)

a

a

a

393

Total

Investments

(Cost

$182,649)

—

99.7%

204,913

Other

assets

in

excess

of

liabilities

—  0.3%

624

NET

ASSETS

-

100.00%

$

205,537

^

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

December

31,

2025.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

S&P

500

Futures

..............

2

3/20/26

$

691

$

689

$

(

2

)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(

2

)

Total

net

unrealized

appreciation

(depreciation)

$

(

2

)

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

6

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.3%)

Communication

Services

(3.8%):

Array

Digital

Infrastructure,

Inc.

(a)

..........................................

72,361

$

3,880

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

........................................

37,326

2,711

Cargurus,

Inc.

,

Class

A

(b)

.................................................

125,927

4,829

EchoStar

Corp.

,

Class

A

(b)

................................................

28,625

3,111

GCI

Liberty,

Inc.

(b)

(c)

...................................................

4,908

—

(d)

IAC,

Inc.

(a)

(b)

.........................................................

126,346

4,940

Nexstar

Media

Group,

Inc.

,

Class

A

..........................................

26,154

5,311

Sphere

Entertainment

Co.

(b)

...............................................

34,644

3,294

Telephone

and

Data

Systems,

Inc.

...........................................

121,341

4,975

TKO

Group

Holdings,

Inc.

,

Class

A

..........................................

26,174

5,470

Ziff

Davis,

Inc.

(b)

......................................................

94,599

3,325

ZoomInfo

Technologies,

Inc.

,

Class

A

(b)

......................................

317,359

3,228

45,074

Consumer

Discretionary

(12.9%):

Academy

Sports

&

Outdoors,

Inc.

...........................................

62,090

3,102

Adient

PLC

(b)

.........................................................

156,853

3,007

ADT,

Inc.

............................................................

772,771

6,236

BorgWarner,

Inc.

.......................................................

124,042

5,589

Boyd

Gaming

Corp.

.....................................................

66,813

5,695

Dana,

Inc.

............................................................

159,123

3,781

Dave

&

Buster's

Entertainment,

Inc.

(a)

(b)

.....................................

134,486

2,180

Dillard's,

Inc.

,

Class

A

(a)

.................................................

5,564

3,374

Five

Below,

Inc.

(b)

......................................................

16,297

3,070

Fox

Factory

Holding

Corp.

(b)

..............................................

173,115

2,962

Garrett

Motion,

Inc.

.....................................................

205,747

3,586

G-III

Apparel

Group

Ltd.

.................................................

132,582

3,840

Graham

Holdings

Co.

,

Class

B

.............................................

4,974

5,465

Harley-Davidson,

Inc.

...................................................

144,859

2,968

KB

Home

............................................................

69,452

3,918

Kohl's

Corp.

..........................................................

85,455

1,744

Laureate

Education,

Inc.

,

Class

A

(b)

.........................................

172,556

5,810

Lear

Corp.

............................................................

42,533

4,874

Levi

Strauss

&

Co.

,

Class

A

...............................................

161,046

3,340

Macy's,

Inc.

...........................................................

135,029

2,977

Marriott

Vacations

Worldwide

Corp.

.........................................

51,210

2,954

Mohawk

Industries,

Inc.

(b)

................................................

37,090

4,054

National

Vision

Holdings,

Inc.

(b)

...........................................

118,198

3,052

Patrick

Industries,

Inc.

...................................................

44,252

4,798

Perdoceo

Education

Corp.

.................................................

148,392

4,352

Phinia,

Inc.

...........................................................

90,111

5,649

Polaris,

Inc.

...........................................................

40,905

2,587

PVH

Corp.

...........................................................

34,848

2,336

QuantumScape

Corp.

,

Class

A

(b)

...........................................

170,942

1,781

Ralph

Lauren

Corp.

,

Class

A

...............................................

11,162

3,947

Sally

Beauty

Holdings,

Inc.

(b)

.............................................

186,077

2,654

Sharplink

Gaming,

Inc.

(b)

.................................................

197,124

1,762

Signet

Jewelers

Ltd.

.....................................................

31,350

2,598

Taylor

Morrison

Home

Corp.

,

Class

A

(b)

......................................

76,413

4,499

The

Buckle,

Inc.

........................................................

89,382

4,775

Thor

Industries,

Inc.

.....................................................

39,643

4,070

Tri

Pointe

Homes,

Inc.

(b)

.................................................

137,859

4,339

Under

Armour,

Inc.

,

Class

A

(a)

(b)

...........................................

667,607

3,318

Urban

Outfitters,

Inc.

(b)

..................................................

37,126

2,794

Visteon

Corp.

..........................................................

44,428

4,225

Wayfair,

Inc.

,

Class

A

(b)

..................................................

18,854

1,893

Worthington

Enterprises,

Inc.

..............................................

72,077

3,717

153,672

Consumer

Staples

(5.2%):

Albertsons

Cos.,

Inc.

,

Class

A

..............................................

299,398

5,141

Bunge

Global

SA

.......................................................

50,450

4,494

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

7

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Cal-Maine

Foods,

Inc.

...................................................

52,342

$

4,165

Edgewell

Personal

Care

Co.

...............................................

223,016

3,802

Fresh

Del

Monte

Produce,

Inc.

.............................................

175,035

6,237

Grocery

Outlet

Holding

Corp.

(a)

(b)

..........................................

230,149

2,325

Molson

Coors

Beverage

Co.

,

Class

B

.........................................

155,543

7,261

Post

Holdings,

Inc.

(b)

....................................................

70,271

6,960

PriceSmart,

Inc.

........................................................

47,935

5,880

Spectrum

Brands

Holdings,

Inc.

............................................

71,149

4,203

The

Andersons,

Inc.

.....................................................

86,636

4,606

Turning

Point

Brands,

Inc.

................................................

35,661

3,866

United

Natural

Foods,

Inc.

(b)

..............................................

87,614

2,950

61,890

Energy

(3.6%):

Centrus

Energy

Corp.

,

Class

A

(a)

(b)

.........................................

8,093

1,965

CNX

Resources

Corp.

(b)

.................................................

141,046

5,186

CVR

Energy,

Inc.

(b)

.....................................................

97,986

2,493

Delek

US

Holdings,

Inc.

..................................................

67,651

2,007

Dorian

LPG

Ltd.

.......................................................

141,614

3,447

HF

Sinclair

Corp.

.......................................................

82,598

3,806

International

Seaways,

Inc.

................................................

79,189

3,845

Murphy

Oil

Corp.

......................................................

92,730

2,898

Ovintiv,

Inc.

..........................................................

85,483

3,350

Par

Pacific

Holdings,

Inc.

(b)

...............................................

61,705

2,168

PBF

Energy,

Inc.

,

Class

A

.................................................

71,845

1,948

Peabody

Energy

Corp.

...................................................

94,589

2,809

SM

Energy

Co.

........................................................

143,699

2,687

Solaris

Energy

Infrastructure,

Inc.

,

Class

A

.....................................

43,620

2,005

Venture

Global,

Inc.

,

Class

A

(a)

............................................

280,601

1,914

42,528

Financials

(20.7%):

Affiliated

Managers

Group,

Inc.

............................................

19,853

5,723

AGNC

Investment

Corp.

.................................................

697,586

7,478

Ally

Financial,

Inc.

......................................................

114,441

5,183

Arbor

Realty

Trust,

Inc.

(a)

................................................

475,614

3,691

Assured

Guaranty

Ltd.

...................................................

78,816

7,083

Axis

Capital

Holdings

Ltd.

................................................

62,412

6,684

Axos

Financial,

Inc.

(b)

...................................................

59,204

5,101

Bank

OZK

............................................................

113,773

5,236

BankUnited,

Inc.

.......................................................

107,097

4,773

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

(a)

....................................

352,799

6,749

Bread

Financial

Holdings,

Inc.

.............................................

56,650

4,194

Brighthouse

Financial,

Inc.

(b)

..............................................

35,898

2,326

Customers

Bancorp,

Inc.

(b)

................................................

61,122

4,469

Ellington

Financial,

Inc.

..................................................

574,181

7,797

Essent

Group

Ltd.

......................................................

121,925

7,926

Federated

Hermes,

Inc.

,

Class

B

............................................

140,639

7,323

First

Horizon

Corp.

.....................................................

219,897

5,255

First

Interstate

BancSystem,

Inc.

,

Class

A

......................................

142,329

4,925

FirstCash

Holdings,

Inc.

..................................................

35,982

5,735

Flagstar

Bank

NA

.......................................................

384,666

4,843

FNB

Corp.

............................................................

309,313

5,289

Franklin

Resources,

Inc.

..................................................

240,284

5,740

Genworth

Financial,

Inc.

,

Class

A

(b)

.........................................

541,648

4,891

Globe

Life,

Inc.

........................................................

45,262

6,330

HCI

Group,

Inc.

........................................................

27,612

5,293

Hilltop

Holdings,

Inc.

....................................................

198,840

6,749

Invesco

Ltd.

...........................................................

164,728

4,327

Jackson

Financial,

Inc.

,

Class

A

.............................................

43,863

4,678

Lincoln

National

Corp.

...................................................

97,906

4,360

Mercury

General

Corp.

...................................................

61,456

5,781

MGIC

Investment

Corp.

..................................................

244,381

7,141

Old

Republic

International

Corp.

............................................

159,324

7,271

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

8

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Popular,

Inc.

..........................................................

51,675

$

6,435

Radian

Group,

Inc.

......................................................

189,852

6,833

RenaissanceRe

Holdings

Ltd.

..............................................

23,640

6,647

Rithm

Capital

Corp.

.....................................................

601,717

6,559

SiriusPoint

Ltd.

(b)

......................................................

251,015

5,495

Starwood

Property

Trust,

Inc.

..............................................

412,716

7,433

Texas

Capital

Bancshares,

Inc.

(b)

...........................................

54,727

4,955

The

Western

Union

Co.

(a)

.................................................

572,770

5,332

Unum

Group

..........................................................

69,137

5,358

Valley

National

Bancorp

..................................................

437,919

5,115

Webster

Financial

Corp.

..................................................

72,961

4,592

245,098

Health

Care

(13.3%):

Acadia

Healthcare

Co.,

Inc.

(b)

.............................................

171,649

2,436

ACADIA

Pharmaceuticals,

Inc.

(b)

...........................................

130,630

3,489

AdaptHealth

Corp.

,

Class

A

(b)

.............................................

356,400

3,550

Adaptive

Biotechnologies

Corp.

(b)

..........................................

114,116

1,853

Alkermes

PLC

(b)

.......................................................

153,502

4,295

ANI

Pharmaceuticals,

Inc.

(b)

..............................................

53,384

4,214

Arrowhead

Pharmaceuticals,

Inc.

(b)

.........................................

42,174

2,800

Artivion,

Inc.

(b)

........................................................

79,100

3,608

Bio-Rad

Laboratories,

Inc.

,

Class

A

(b)

........................................

11,178

3,387

Bridgebio

Pharma,

Inc.

(b)

.................................................

49,799

3,809

BrightSpring

Health

Services,

Inc.

(b)

.........................................

103,194

3,865

Brookdale

Senior

Living,

Inc.

(b)

............................................

351,285

3,790

Celcuity,

Inc.

(b)

........................................................

20,802

2,075

Centene

Corp.

(b)

.......................................................

64,568

2,657

Cidara

Therapeutics,

Inc.

(b)

...............................................

9,616

2,124

DaVita,

Inc.

(b)

.........................................................

47,942

5,447

Doximity,

Inc.

,

Class

A

(b)

.................................................

67,138

2,973

Elanco

Animal

Health,

Inc.

(b)

..............................................

132,292

2,994

Envista

Holdings

Corp.

(b)

................................................

198,279

4,305

GRAIL,

Inc.

(b)

........................................................

18,924

1,620

Guardant

Health,

Inc.

(b)

..................................................

25,224

2,576

Harmony

Biosciences

Holdings,

Inc.

(b)

.......................................

117,041

4,380

Innoviva,

Inc.

(b)

.......................................................

263,870

5,275

Ionis

Pharmaceuticals,

Inc.

(b)

..............................................

35,460

2,805

iRhythm

Technologies,

Inc.

(b)

..............................................

19,867

3,525

Jazz

Pharmaceuticals

PLC

(b)

..............................................

21,810

3,708

Ligand

Pharmaceuticals,

Inc.

(b)

............................................

23,980

4,534

Mirum

Pharmaceuticals,

Inc.

(b)

.............................................

58,732

4,639

Omnicell,

Inc.

(b)

.......................................................

105,067

4,759

Organon

&

Co.

........................................................

324,917

2,330

Pacira

BioSciences,

Inc.

(b)

................................................

175,554

4,543

Perrigo

Co.

PLC

.......................................................

281,878

3,924

Praxis

Precision

Medicines,

Inc.

(b)

..........................................

10,633

3,134

Protagonist

Therapeutics,

Inc.

(b)

............................................

34,437

3,008

Rhythm

Pharmaceuticals,

Inc.

(b)

............................................

24,989

2,675

Roivant

Sciences

Ltd.

(b)

..................................................

245,950

5,337

Select

Medical

Holdings

Corp.

.............................................

230,301

3,420

Solventum

Corp.

(b)

.....................................................

60,854

4,822

Supernus

Pharmaceuticals,

Inc.

(b)

...........................................

98,814

4,911

The

Ensign

Group,

Inc.

...................................................

36,500

6,358

TransMedics

Group,

Inc.

(a)

(b)

.............................................

19,425

2,363

Universal

Health

Services,

Inc.

,

Class

B

.......................................

20,464

4,461

Viatris,

Inc.

...........................................................

441,494

5,496

158,274

Industrials

(13.7%):

AGCO

Corp.

..........................................................

38,637

4,031

Alaska

Air

Group,

Inc.

(b)

.................................................

71,457

3,594

American

Superconductor

Corp.

(b)

..........................................

67,342

1,938

ArcBest

Corp.

.........................................................

44,065

3,269

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

9

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Argan,

Inc.

...........................................................

6,339

$

1,986

Astronics

Corp.

(b)

......................................................

55,709

3,022

Atkore,

Inc.

...........................................................

46,825

2,962

Avis

Budget

Group,

Inc.

(a)

(b)

..............................................

19,148

2,457

AZZ,

Inc.

............................................................

48,566

5,205

Bloom

Energy

Corp.

,

Class

A

(b)

............................................

19,123

1,662

Boise

Cascade

Co.

......................................................

56,489

4,158

Concentrix

Corp.

.......................................................

65,542

2,725

CoreCivic,

Inc.

(b)

......................................................

284,566

5,438

DXP

Enterprises,

Inc.

(b)

..................................................

33,697

3,700

ESCO

Technologies,

Inc.

.................................................

25,617

5,005

Fluor

Corp.

(b)

.........................................................

69,339

2,748

Herc

Holdings,

Inc.

.....................................................

19,796

2,937

Hertz

Global

Holdings,

Inc.

(a)

(b)

...........................................

399,974

2,056

Huntington

Ingalls

Industries,

Inc.

...........................................

18,268

6,212

Innodata,

Inc.

(a)

(b)

.....................................................

36,549

1,862

Kennametal,

Inc.

.......................................................

141,353

4,016

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..............................

87,405

4,569

Kratos

Defense

&

Security

Solutions,

Inc.

(b)

...................................

37,883

2,876

ManpowerGroup,

Inc.

...................................................

116,383

3,460

Masterbrand,

Inc.

(b)

.....................................................

280,079

3,092

Matson,

Inc.

..........................................................

31,474

3,889

Microvast

Holdings,

Inc.

(a)

(b)

.............................................

596,283

1,670

Nextpower,

Inc.

,

Class

A

(b)

...............................................

31,060

2,706

OPENLANE,

Inc.

(b)

....................................................

177,740

5,293

Oshkosh

Corp.

.........................................................

33,519

4,211

Planet

Labs

PBC

(b)

.....................................................

175,540

3,462

Power

Solutions

International,

Inc.

(a)

(b)

......................................

38,719

2,212

Primoris

Services

Corp.

..................................................

28,706

3,564

Resideo

Technologies,

Inc.

(b)

..............................................

86,517

3,038

Rush

Enterprises,

Inc.

,

Class

A

.............................................

97,856

5,278

Ryder

System,

Inc.

......................................................

27,008

5,169

Schneider

National,

Inc.

,

Class

B

............................................

199,505

5,293

SkyWest,

Inc.

(b)

.......................................................

42,259

4,243

Sterling

Infrastructure,

Inc.

(b)

..............................................

8,313

2,546

Symbotic,

Inc.

,

Class

A

(a)

(b)

..............................................

24,937

1,484

Terex

Corp.

...........................................................

71,191

3,800

The

Greenbrier

Cos.,

Inc.

.................................................

87,968

4,112

Tutor

Perini

Corp.

......................................................

43,991

2,948

UL

Solutions,

Inc.

,

Class

A

................................................

50,398

3,974

Werner

Enterprises,

Inc.

..................................................

165,544

4,968

Willdan

Group,

Inc.

(b)

...................................................

30,784

3,191

162,031

Information

Technology

(9.1%):

ACM

Research,

Inc.

,

Class

A

(b)

............................................

68,800

2,714

Amkor

Technology,

Inc.

..................................................

74,594

2,945

Applied

Digital

Corp.

(a)

(b)

................................................

77,556

1,902

Arlo

Technologies,

Inc.

(b)

.................................................

225,260

3,151

Arrow

Electronics,

Inc.

(b)

.................................................

47,073

5,186

ASGN,

Inc.

(b)

.........................................................

86,476

4,166

Avnet,

Inc.

............................................................

104,871

5,042

Bel

Fuse,

Inc.

,

Class

B

...................................................

20,597

3,494

Benchmark

Electronics,

Inc.

...............................................

89,494

3,827

Cipher

Mining,

Inc.

(b)

...................................................

102,650

1,515

Dave,

Inc.

(b)

..........................................................

9,606

2,127

Diodes,

Inc.

(b)

.........................................................

66,188

3,266

Dolby

Laboratories,

Inc.

,

Class

A

...........................................

100,036

6,424

Dropbox,

Inc.

,

Class

A

(b)

.................................................

199,644

5,550

DXC

Technology

Co.

(b)

..................................................

287,967

4,219

InterDigital,

Inc.

.......................................................

11,735

3,736

IonQ,

Inc.

(a)

(b)

........................................................

42,550

1,909

Life360,

Inc.

(a)

(b)

......................................................

32,808

2,104

Navitas

Semiconductor

Corp.

,

Class

A

(a)

(b)

....................................

240,300

1,716

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

10

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

NetScout

Systems,

Inc.

(b)

.................................................

202,115

$

5,469

nLight,

Inc.

(b)

.........................................................

59,294

2,224

Ouster,

Inc.

(b)

.........................................................

90,981

1,969

Photronics,

Inc.

(b)

......................................................

143,424

4,590

Quantum

Computing,

Inc.

(a)

(b)

.............................................

179,024

1,837

Rigetti

Computing,

Inc.

(a)

(b)

..............................................

82,161

1,820

Riot

Platforms,

Inc.

(b)

...................................................

129,505

1,641

Rogers

Corp.

(b)

........................................................

45,105

4,130

Sanmina

Corp.

(b)

.......................................................

17,653

2,649

Skyworks

Solutions,

Inc.

.................................................

52,325

3,318

TD

SYNNEX

Corp.

.....................................................

31,737

4,768

Terawulf,

Inc.

(b)

.......................................................

134,683

1,547

TTM

Technologies,

Inc.

(b)

................................................

39,214

2,706

Viasat,

Inc.

(b)

.........................................................

60,848

2,097

Vishay

Intertechnology,

Inc.

...............................................

190,398

2,759

108,517

Materials

(3.3%):

Celanese

Corp.

,

Class

A

..................................................

61,900

2,617

Coeur

Mining,

Inc.

(b)

....................................................

137,792

2,457

Commercial

Metals

Co.

..................................................

67,623

4,681

FMC

Corp.

...........................................................

167,285

2,320

Greif,

Inc.

,

Class

A

......................................................

78,566

5,319

MP

Materials

Corp.

(a)

(b)

.................................................

33,826

1,709

NewMarket

Corp.

......................................................

8,481

5,829

O-I

Glass,

Inc.

(b)

.......................................................

288,970

4,265

Olin

Corp.

............................................................

126,265

2,630

Perimeter

Solutions,

Inc.

(b)

................................................

117,543

3,236

The

Mosaic

Co.

........................................................

175,721

4,233

39,296

Real

Estate

(8.2%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

74,814

3,661

American

Healthcare

REIT,

Inc.

............................................

129,932

6,115

Apple

Hospitality

REIT,

Inc.

...............................................

442,149

5,239

Broadstone

Net

Lease,

Inc.

,

Class

A

..........................................

440,001

7,643

DiamondRock

Hospitality

Co.

..............................................

543,624

4,871

Douglas

Emmett,

Inc.

....................................................

396,949

4,362

Easterly

Government

Properties,

Inc.

,

Class

A

..................................

254,141

5,385

EPR

Properties

........................................................

127,323

6,353

Highwoods

Properties,

Inc.

................................................

240,791

6,217

Innovative

Industrial

Properties,

Inc.

,

Class

A

...................................

75,111

3,557

JBG

SMITH

Properties

(a)

.................................................

266,520

4,534

Kilroy

Realty

Corp.

(a)

...................................................

129,251

4,830

NETSTREIT

Corp.

(a)

...................................................

457,388

8,068

Opendoor

Technologies,

Inc.

(b)

.............................................

271,288

1,582

Park

Hotels

&

Resorts,

Inc.

................................................

388,706

4,066

Pebblebrook

Hotel

Trust

..................................................

298,900

3,384

RLJ

Lodging

Trust

......................................................

570,604

4,251

WP

Carey,

Inc.

.........................................................

134,704

8,670

Xenia

Hotels

&

Resorts,

Inc.

...............................................

316,475

4,475

97,263

Utilities

(5.5%):

Avista

Corp.

..........................................................

225,938

8,708

Black

Hills

Corp.

.......................................................

116,387

8,080

Clearway

Energy,

Inc.

,

Class

C

.............................................

155,453

5,170

MDU

Resources

Group,

Inc.

...............................................

333,533

6,511

National

Fuel

Gas

Co.

...................................................

93,124

7,455

Oklo,

Inc.

,

Class

A

(b)

....................................................

22,860

1,640

ONE

Gas,

Inc.

.........................................................

103,855

8,023

Spire,

Inc.

............................................................

102,755

8,498

The

AES

Corp.

........................................................

227,685

3,265

Victory

Portfolios

II

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

11

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

UGI

Corp.

............................................................

197,899

$

7,407

64,757

Total

Common

Stocks

(Cost

$1,118,634)

a

a

a

1,178,400

Collateral

for

Securities

Loaned

(4.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(e)

........

12,017,246

12,018

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(e)

............

12,017,246

12,017

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(e)

...............

12,017,246

12,017

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(e)

.

12,017,246

12,017

Total

Collateral

for

Securities

Loaned

(Cost

$48,069)

a

a

a

48,069

Total

Investments

(Cost

$1,166,703)

—

103.4%

1,226,469

Liabilities

in

excess

of

other

assets

—  (3.4)%

(40,559)

NET

ASSETS

-

100.00%

$

1,185,910

^

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)

Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

December

31,

2025.

This

security

is

classified

as

Level

3

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

2

in

the

Notes

to

Financial

Statements)

(d)

Rounds

to

less

than

$1.

(e)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

Russell

2000

Index

Futures

......

40

3/20/26

$

5,114

$

4,996

$

(

118

)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(

118

)

Total

net

unrealized

appreciation

(depreciation)

$

(

118

)

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

12

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Common

Stocks

(99.0%)

Australia

(0.8%):

Industrials

(0.4%):

Qantas

Airways

Ltd.

.....................................................

155,516

$

1,077

Materials

(0.4%):

Rio

Tinto

Ltd.

.........................................................

13,699

1,342

2,419

Austria

(1.8%):

Energy

(0.7%):

OMV

AG

............................................................

35,222

1,967

Financials

(0.4%):

Raiffeisen

Bank

International

AG

...........................................

28,829

1,297

Utilities

(0.7%):

Verbund

AG

..........................................................

28,301

2,062

5,326

Canada

(8.9%):

Communication

Services

(0.7%):

Rogers

Communications,

Inc.

,

Class

B

........................................

52,755

1,992

Consumer

Discretionary

(0.5%):

Magna

International,

Inc.

.................................................

28,882

1,540

Financials

(5.3%):

Canadian

Imperial

Bank

of

Commerce

........................................

37,427

3,393

Fairfax

Financial

Holdings

Ltd.

.............................................

1,256

2,394

Power

Corp.

of

Canada

(a)

.................................................

52,648

2,798

The

Bank

of

Nova

Scotia

.................................................

44,030

3,248

The

Toronto-Dominion

Bank

...............................................

35,922

3,386

15,219

Information

Technology

(0.2%):

Celestica,

Inc.

(b)

.......................................................

1,928

570

Materials

(1.0%):

Agnico

Eagle

Mines

Ltd.

.................................................

7,024

1,191

Kinross

Gold

Corp.

.....................................................

36,030

1,015

Lundin

Gold,

Inc.

.......................................................

9,432

784

2,990

Utilities

(1.2%):

Emera,

Inc.

...........................................................

70,114

3,456

25,767

Denmark

(0.5%):

Industrials

(0.5%):

AP

Moller

-

Maersk

A/S

,

Class

B

(a)

.........................................

558

1,285

France

(6.1%):

Communication

Services

(0.9%):

Orange

SA

............................................................

157,455

2,628

Consumer

Staples

(0.8%):

Carrefour

SA

..........................................................

136,754

2,287

Financials

(1.9%):

BNP

Paribas

SA

........................................................

18,363

1,743

Credit

Agricole

SA

......................................................

105,730

2,180

Societe

Generale

SA

.....................................................

19,597

1,583

5,506

Industrials

(1.5%):

Bouygues

SA

..........................................................

42,643

2,222

Eiffage

SA

............................................................

14,166

2,038

4,260

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

13

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Real

Estate

(1.0%):

Klepierre

SA

..........................................................

72,167

$

2,861

17,542

Germany

(8.0%):

Consumer

Discretionary

(2.4%):

Bayerische

Motoren

Werke

AG

.............................................

14,865

1,627

Continental

AG

........................................................

22,137

1,768

Mercedes-Benz

Group

AG

................................................

25,159

1,776

Volkswagen

AG

,

Preference

Shares

..........................................

14,565

1,772

6,943

Financials

(0.9%):

Commerzbank

AG

......................................................

30,363

1,288

Deutsche

Bank

AG

,

Registered

Shares

........................................

36,646

1,426

2,714

Health

Care

(2.5%):

Bayer

AG

,

Registered

Shares

..............................................

34,482

1,500

Fresenius

Medical

Care

AG

(a)

.............................................

33,987

1,628

Fresenius

SE

&

Co.

KGaA

................................................

40,260

2,317

Merck

KGaA

(a)

........................................................

11,956

1,722

7,167

Industrials

(1.0%):

Deutsche

Lufthansa

AG

,

Registered

Shares

....................................

150,275

1,484

HOCHTIEF

AG

........................................................

3,596

1,424

2,908

Materials

(0.5%):

Heidelberg

Materials

AG

.................................................

5,281

1,384

Utilities

(0.7%):

RWE

AG

.............................................................

39,420

2,097

23,213

Greece

(1.3%):

Financials

(1.3%):

Alpha

Bank

SA

........................................................

281,784

1,186

National

Bank

of

Greece

SA

...............................................

89,900

1,373

Piraeus

Bank

SA

(b)

.....................................................

154,723

1,235

3,794

Hong

Kong

(6.2%):

Consumer

Discretionary

(0.2%):

Geely

Automobile

Holdings

Ltd.

............................................

294,910

678

Consumer

Staples

(0.4%):

WH

Group

Ltd.

(c)

......................................................

1,015,333

1,131

Financials

(0.8%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

235,784

1,194

China

Taiping

Insurance

Holdings

Co.

Ltd.

....................................

276,818

665

Guotai

Junan

International

Holdings

Ltd.

......................................

995,636

326

2,185

Health

Care

(0.2%):

Sino

Biopharmaceutical

Ltd.

...............................................

637,614

506

Industrials

(1.0%):

China

Merchants

Port

Holdings

Co.

Ltd.

......................................

519,590

1,011

CK

Hutchison

Holdings

Ltd.

...............................................

166,787

1,135

Orient

Overseas

International

Ltd.

...........................................

51,522

830

2,976

Real

Estate

(3.6%):

China

Overseas

Land

&

Investment

Ltd.

......................................

628,126

989

China

Resources

Land

Ltd.

................................................

254,750

890

CK

Asset

Holdings

Ltd.

..................................................

265,823

1,343

Henderson

Land

Development

Co.

Ltd.

.......................................

292,243

1,057

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

14

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Hongkong

Land

Holdings

Ltd.

.............................................

160,700

$

1,117

Link

REIT

............................................................

260,038

1,161

Sino

Land

Co.

Ltd.

......................................................

1,145,883

1,505

Sun

Hung

Kai

Properties

Ltd.

..............................................

92,043

1,120

Swire

Pacific

Ltd.

,

Class

A

................................................

166,352

1,340

10,522

17,998

Ireland

(0.6%):

Industrials

(0.6%):

Ryanair

Holdings

PLC

...................................................

49,351

1,714

Israel

(2.6%):

Financials

(2.1%):

Bank

Hapoalim

BM

.....................................................

74,143

1,680

Bank

Leumi

Le-Israel

BM

................................................

75,574

1,668

Israel

Discount

Bank

Ltd.

,

Class

A

...........................................

147,976

1,574

Phoenix

Financial

Ltd.

...................................................

26,554

1,101

6,023

Materials

(0.5%):

ICL

Group

Ltd.

........................................................

257,576

1,482

7,505

Italy

(5.9%):

Communication

Services

(0.5%):

Telecom

Italia

SpA

(b)

...................................................

2,487,695

1,502

Energy

(0.8%):

Eni

SpA

.............................................................

116,823

2,216

Financials

(3.8%):

Banco

BPM

SpA

.......................................................

104,116

1,593

BPER

Banca

SpA

(a)

....................................................

117,644

1,604

Intesa

Sanpaolo

SpA

.....................................................

255,079

1,775

Poste

Italiane

SpA

(c)

....................................................

106,091

2,678

UniCredit

SpA

.........................................................

18,893

1,574

Unipol

Assicurazioni

SpA

.................................................

68,897

1,665

10,889

Utilities

(0.8%):

Italgas

SpA

...........................................................

214,138

2,394

17,001

Japan

(18.6%):

Communication

Services

(0.8%):

LY

Corp.

.............................................................

548,400

1,461

SoftBank

Group

Corp.

...................................................

26,800

753

2,214

Consumer

Discretionary

(3.2%):

Aisin

Corp.

...........................................................

72,000

1,345

Honda

Motor

Co.

Ltd.

...................................................

137,900

1,352

Nissan

Motor

Co.

Ltd.

(b)

.................................................

437,000

1,089

Panasonic

Holdings

Corp.

.................................................

95,400

1,233

Ryohin

Keikaku

Co.

Ltd.

.................................................

53,000

941

Subaru

Corp.

..........................................................

50,700

1,099

Sumitomo

Electric

Industries

Ltd.

...........................................

20,900

844

Suzuki

Motor

Corp.

.....................................................

91,300

1,361

9,264

Consumer

Staples

(0.4%):

Aeon

Co.

Ltd.

.........................................................

82,400

1,303

Energy

(0.5%):

Inpex

Corp.

...........................................................

69,000

1,377

Financials

(1.5%):

Japan

Post

Holdings

Co.

Ltd.

..............................................

153,800

1,621

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

15

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Japan

Post

Insurance

Co.

Ltd.

..............................................

53,300

$

1,604

SBI

Holdings,

Inc.

......................................................

49,300

1,062

4,287

Health

Care

(1.4%):

Shionogi

&

Co.

Ltd.

.....................................................

108,500

1,968

Takeda

Pharmaceutical

Co.

Ltd.

............................................

70,900

2,189

4,157

Industrials

(4.9%):

Central

Japan

Railway

Co.

................................................

60,500

1,675

Fujikura

Ltd.

..........................................................

5,900

657

IHI

Corp.

.............................................................

48,900

860

Japan

Airlines

Co.

Ltd.

...................................................

105,200

1,951

Kawasaki

Kisen

Kaisha

Ltd.

...............................................

110,500

1,539

Marubeni

Corp.

........................................................

55,100

1,531

Mitsui

OSK

Lines

Ltd.

(a)

.................................................

54,500

1,639

Nippon

Yusen

KK

......................................................

51,200

1,660

Seibu

Holdings,

Inc.

.....................................................

39,500

1,086

Toyota

Tsusho

Corp.

.....................................................

43,400

1,462

14,060

Information

Technology

(1.5%):

FUJIFILM

Holdings

Corp.

................................................

71,800

1,533

Kyocera

Corp.

.........................................................

125,900

1,766

NEC

Corp.

...........................................................

29,200

990

4,289

Materials

(1.2%):

Mitsubishi

Chemical

Group

Corp.

...........................................

282,500

1,650

Nippon

Steel

Corp.

......................................................

436,100

1,787

3,437

Real

Estate

(0.8%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

70,400

2,336

Utilities

(2.4%):

Chubu

Electric

Power

Co.,

Inc.

.............................................

125,100

1,927

Osaka

Gas

Co.

Ltd.

.....................................................

57,700

2,000

The

Kansai

Electric

Power

Co.,

Inc.

..........................................

92,000

1,442

Tokyo

Gas

Co.

Ltd.

.....................................................

42,200

1,672

7,041

53,765

Luxembourg

(1.1%):

Health

Care

(0.6%):

Eurofins

Scientific

SE

....................................................

24,382

1,788

Materials

(0.5%):

ArcelorMittal

SA

.......................................................

31,892

1,465

3,253

Mexico

(0.4%):

Materials

(0.4%):

Fresnillo

PLC

.........................................................

27,201

1,222

Netherlands

(3.0%):

Consumer

Discretionary

(0.5%):

Prosus

NV

(b)

..........................................................

25,247

1,568

Consumer

Staples

(1.0%):

Koninklijke

Ahold

Delhaize

NV

............................................

69,735

2,857

Financials

(1.5%):

ABN

AMRO

Bank

NV

,

Class

CV

,

GDR

(c)

.....................................

50,102

1,754

NN

Group

NV

.........................................................

32,866

2,539

4,293

8,718

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

16

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Norway

(1.5%):

Energy

(0.7%):

Equinor

ASA

..........................................................

77,181

$

1,816

Materials

(0.8%):

Yara

International

ASA

(a)

.................................................

57,786

2,374

4,190

Portugal

(0.6%):

Financials

(0.6%):

Banco

Comercial

Portugues

SA

,

Class

R

......................................

1,559,031

1,642

Singapore

(1.6%):

Consumer

Staples

(0.6%):

Wilmar

International

Ltd.

.................................................

725,500

1,739

Industrials

(1.0%):

Keppel

Ltd.

...........................................................

157,100

1,265

Singapore

Airlines

Ltd.

...................................................

335,900

1,673

2,938

4,677

South

Korea

(9.1%):

Communication

Services

(1.1%):

KT

Corp.

.............................................................

27,295

997

NAVER

Corp.

.........................................................

3,858

649

SK

Telecom

Co.

Ltd.

....................................................

45,683

1,697

3,343

Consumer

Discretionary

(1.4%):

Hyundai

Mobis

Co.

Ltd.

..................................................

4,046

1,048

Hyundai

Motor

Co.

.....................................................

4,715

971

Kia

Corp.

............................................................

11,397

964

LG

Electronics,

Inc.

.....................................................

16,309

1,040

4,023

Energy

(0.2%):

HD

Hyundai

Co.

Ltd.

....................................................

4,166

545

Financials

(1.9%):

Hana

Financial

Group,

Inc.

................................................

13,455

879

Industrial

Bank

of

Korea

..................................................

84,313

1,226

Mirae

Asset

Securities

Co.

Ltd.

.............................................

30,483

494

Samsung

Life

Insurance

Co.

Ltd.

............................................

6,980

764

Shinhan

Financial

Group

Co.

Ltd.

...........................................

18,410

983

Woori

Financial

Group,

Inc.

...............................................

55,746

1,084

5,430

Industrials

(2.8%):

Doosan

Co.

Ltd.

........................................................

693

376

Doosan

Enerbility

Co.

Ltd.

(b)

..............................................

8,485

444

HD

Hyundai

Electric

Co.

Ltd.

..............................................

956

514

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

..........................

2,248

635

HMM

Co.

Ltd.

.........................................................

65,332

930

Hyosung

Heavy

Industries

Corp.

............................................

389

481

Hyundai

Glovis

Co.

Ltd.

..................................................

6,400

802

Hyundai

Rotem

Co.

Ltd.

..................................................

4,113

536

LG

Corp.

.............................................................

17,130

960

Samsung

C&T

Corp.

....................................................

4,611

767

Samsung

Heavy

Industries

Co.

Ltd.

(b)

........................................

38,225

640

SK

Square

Co.

Ltd.

(b)

...................................................

2,150

549

SK,

Inc.

..............................................................

3,265

581

8,215

Information

Technology

(1.0%):

Samsung

Electro-Mechanics

Co.

Ltd.

.........................................

3,909

692

Samsung

Electronics

Co.

Ltd.

..............................................

11,856

987

Samsung

SDS

Co.

Ltd.

...................................................

5,605

668

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

17

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

SK

hynix,

Inc.

.........................................................

1,480

$

669

3,016

Materials

(0.5%):

LG

Chem

Ltd.

.........................................................

2,315

536

POSCO

Holdings,

Inc.

...................................................

3,826

810

1,346

Utilities

(0.2%):

Korea

Electric

Power

Corp.

................................................

15,935

522

26,440

Spain

(5.7%):

Energy

(0.7%):

Repsol

SA

............................................................

101,559

1,901

Financials

(1.8%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

70,459

1,660

Banco

Santander

SA

.....................................................

138,755

1,642

CaixaBank

SA

.........................................................

143,910

1,766

5,068

Health

Care

(0.5%):

Grifols

SA

............................................................

113,200

1,423

Industrials

(0.6%):

ACS

Actividades

de

Construccion

y

Servicios

SA

................................

18,563

1,851

Real

Estate

(0.7%):

Merlin

Properties

Socimi

SA

...............................................

147,222

2,150

Utilities

(1.4%):

Acciona

SA

...........................................................

7,971

1,741

Endesa

SA

(a)

..........................................................

62,496

2,250

3,991

16,384

Sweden

(1.6%):

Financials

(1.6%):

Industrivarden

AB

,

Class

C

(a)

..............................................

53,529

2,414

Investor

AB

,

Class

B

....................................................

63,428

2,277

4,691

Switzerland

(1.9%):

Consumer

Discretionary

(0.5%):

The

Swatch

Group

AG

,

Class

BR

...........................................

6,852

1,456

Health

Care

(0.5%):

Galderma

Group

AG

....................................................

6,601

1,351

Information

Technology

(0.4%):

STMicroelectronics

NV

..................................................

44,170

1,165

Materials

(0.5%):

Holcim

AG

(b)

.........................................................

16,181

1,589

5,561

United

Kingdom

(11.2%):

Communication

Services

(1.3%):

BT

Group

PLC

........................................................

758,548

1,882

Vodafone

Group

PLC

....................................................

1,440,852

1,920

3,802

Consumer

Staples

(2.9%):

British

American

Tobacco

PLC

.............................................

38,259

2,173

Imperial

Brands

PLC

....................................................

53,012

2,228

J

Sainsbury

PLC

.......................................................

457,587

2,004

Tesco

PLC

............................................................

317,519

1,891

8,296

Victory

Portfolios

II

VictoryShares

International

Value

Momentum

ETF

18

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Financials

(3.1%):

Barclays

PLC

.........................................................

259,780

$

1,666

HSBC

Holdings

PLC

....................................................

131,346

2,078

Lloyds

Banking

Group

PLC

...............................................

1,385,405

1,834

NatWest

Group

PLC

.....................................................

198,274

1,742

Standard

Chartered

PLC

..................................................

61,902

1,520

8,840

Health

Care

(1.1%):

GSK

PLC

............................................................

73,082

1,797

Smith

&

Nephew

PLC

...................................................

91,171

1,522

3,319

Industrials

(1.8%):

International

Consolidated

Airlines

Group

SA

...................................

250,066

1,396

Rolls-Royce

Holdings

PLC

................................................

105,063

1,628

Smiths

Group

PLC

......................................................

73,149

2,319

5,343

Materials

(0.3%):

Anglogold

Ashanti

PLC

..................................................

10,753

917

Utilities

(0.7%):

Centrica

PLC

..........................................................

843,196

1,926

32,443

Total

Common

Stocks

(Cost

$229,449)

286,550

Collateral

for

Securities

Loaned

(4.3%)^

United

States

(4.3%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(d)

........

3,097,966

3,098

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(d)

............

3,097,966

3,098

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(d)

...............

3,097,966

3,098

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(d)

.

3,097,966

3,098

Total

Collateral

for

Securities

Loaned

(Cost

$12,392)

12,392

Total

Investments

(Cost

$241,841)

—

103.3%

298,942

Liabilities

in

excess

of

other

assets

—

(3.3)%

(

9,489

)

NET

ASSETS

-

100.00%

$

289,453

^

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

December

31,

2025,

the

fair

value

of

these

securities

was

$5,563

(thousands)

and

amounted

to

1.9%

of

net

assets.

(d)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

MSCI

EAFE

Index

Futures

......

13

3/20/26

$

1,877

$

1,886

$

9

Total

unrealized

appreciation

$

9

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

9

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

19

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Common

Stocks

(99.6%)

Brazil

(6.8%):

Communication

Services

(1.1%):

Telefonica

Brasil

SA

.....................................................

223,500

$

1,350

TIM

SA

..............................................................

280,900

1,094

2,444

Consumer

Staples

(0.2%):

MBRF

Global

Foods

Co.

SA

...............................................

142,123

518

Energy

(0.6%):

Petroleo

Brasileiro

SA

,

Preference

Shares

.....................................

228,500

1,286

Financials

(1.1%):

Banco

Bradesco

SA

,

Preference

Shares

.......................................

311,900

1,035

Itau

Unibanco

Holding

SA

,

Preference

Shares

..................................

215,888

1,546

2,581

Health

Care

(0.6%):

Hapvida

Participacoes

e

Investimentos

SA

(a)

(b)

.................................

181,300

487

Hypera

SA

............................................................

203,600

876

1,363

Industrials

(0.4%):

Embraer

SA

...........................................................

54,313

878

Information

Technology

(0.5%):

TOTVS

SA

...........................................................

164,200

1,261

Materials

(0.5%):

Gerdau

SA

,

Preference

Shares

..............................................

321,984

1,198

Utilities

(1.8%):

Cia

De

Sanena

Do

Parana

.................................................

179,700

1,318

Cia

Energetica

de

Minas

Gerais

,

Preference

Shares

...............................

631,690

1,291

Cia

Paranaense

de

Energia

-

Copel

...........................................

618,400

1,477

4,086

15,615

Chile

(4.7%):

Consumer

Discretionary

(0.6%):

Falabella

SA

..........................................................

185,687

1,296

Consumer

Staples

(0.5%):

Cencosud

SA

..........................................................

397,554

1,278

Financials

(2.0%):

Banco

de

Chile

........................................................

7,988,851

1,544

Banco

de

Credito

e

Inversiones

SA

..........................................

22,070

1,431

Banco

Santander

Chile

...................................................

21,640,937

1,709

4,684

Industrials

(0.9%):

Latam

Airlines

Group

SA

.................................................

45,861,813

1,243

Sociedad

Quimica

y

Minera

de

Chile

SA

,

Class

B

(a)

..............................

10,474

742

1,985

Utilities

(0.7%):

Enel

Chile

SA

.........................................................

18,931,638

1,556

10,799

China

(44.9%):

Communication

Services

(2.8%):

Baidu,

Inc.

,

Class

A

(a)

...................................................

62,250

1,052

China

Tower

Corp.

Ltd.

,

Class

H

(b)

..........................................

1,208,083

1,794

Kuaishou

Technology

,

Class

B

(b)

...........................................

97,953

805

Meitu,

Inc.

(a)

(b)

.......................................................

604,101

543

Tencent

Holdings

Ltd.

...................................................

19,980

1,538

XD,

Inc.

.............................................................

88,539

738

6,470

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

20

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Consumer

Discretionary

(3.5%):

BYD

Co.

Ltd.

.........................................................

81,644

$

1,000

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

H

(b)

................................

146,270

1,263

Great

Wall

Motor

Co.

Ltd.

................................................

541,485

1,065

Haier

Smart

Home

Co.

Ltd.

,

Class

A

.........................................

364,801

1,138

Laopu

Gold

Co.

Ltd.

,

Class

H

..............................................

7,320

581

Midea

Group

Co.

Ltd.

,

Class

H

.............................................

118,735

1,296

Pop

Mart

International

Group

Ltd.

(b)

.........................................

24,775

598

Zhongsheng

Group

Holdings

Ltd.

...........................................

633,938

946

7,887

Consumer

Staples

(3.0%):

Hengan

International

Group

Co.

Ltd.

.........................................

641,500

2,300

JD

Health

International,

Inc.

(a)

(b)

...........................................

124,008

884

Nongfu

Spring

Co.

Ltd.

,

Class

H

(b)

..........................................

227,200

1,367

Ping

An

Healthcare

and

Technology

Co.

Ltd.

(a)

(b)

...............................

426,602

772

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

..........................................

244,000

1,528

6,851

Energy

(3.3%):

China

Coal

Energy

Co.

Ltd.

,

Class

H

.........................................

957,366

1,224

China

Petroleum

&

Chemical

Corp.

,

Class

H

...................................

3,590,425

2,154

China

Shenhua

Energy

Co.

Ltd.

,

Class

H

......................................

298,575

1,489

PetroChina

Co.

Ltd.

,

Class

H

..............................................

1,330,603

1,433

Yankuang

Energy

Group

Co.

Ltd.

,

Class

H

(c)

...................................

919,101

1,136

7,436

Financials

(15.3%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

2,431,613

1,806

Bank

of

China

Ltd.

,

Class

H

...............................................

3,473,389

1,991

Bank

of

Communications

Co.

Ltd.

,

Class

H

....................................

2,512,557

2,082

China

Cinda

Asset

Management

Co.

Ltd.

,

Class

H

(c)

.............................

5,559,978

915

China

CITIC

Bank

Corp.

Ltd.

,

Class

H

.......................................

1,941,531

1,731

China

CITIC

Financial

Asset

Management

Co.

Ltd.

,

Class

H

(a)

(b)

....................

7,511,831

801

China

Construction

Bank

Corp.

,

Class

H

......................................

1,793,944

1,773

China

Everbright

Bank

Co.

Ltd.

,

Class

H

......................................

3,282,303

1,535

China

Galaxy

Securities

Co.

Ltd.

,

Class

H

.....................................

737,365

950

China

International

Capital

Corp.

Ltd.

,

Class

H

(b)

...............................

313,152

788

China

Life

Insurance

Co.

Ltd.

,

Class

H

.......................................

326,601

1,149

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................................

246,745

1,674

China

Merchants

Securities

Co.

Ltd.

,

Class

H

(b)

.................................

545,465

977

China

Minsheng

Banking

Corp.

Ltd.

,

Class

H

...................................

2,658,445

1,343

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

H

................................

266,716

1,206

CITIC

Securities

Co.

Ltd.

,

Class

H

..........................................

301,980

1,063

GF

Securities

Co.

Ltd.

,

Class

H

(c)

...........................................

465,791

1,054

Guotai

Haitong

Securities

Co.

Ltd.

,

Class

H

(b)

..................................

582,326

1,245

Huatai

Securities

Co.

Ltd.

,

Class

H

(b)

........................................

437,739

1,059

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

.............................

2,693,852

2,177

JF

SmartInvest

Holdings

Ltd.

..............................................

90,241

569

New

China

Life

Insurance

Co.

Ltd.

,

Class

H

....................................

160,537

1,121

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

623,170

1,310

Ping

An

Insurance

Group

Co.

of

China

Ltd.

....................................

197,612

1,654

Postal

Savings

Bank

of

China

Co.

Ltd.

,

Class

H

(b)

...............................

2,732,571

1,868

The

People's

Insurance

Co.

Group

of

China

Ltd.

,

Class

H

..........................

1,301,814

1,129

34,970

Health

Care

(4.0%):

3SBio,

Inc.

(a)

(b)

.......................................................

141,551

440

China

Resources

Pharmaceutical

Group

Ltd.

(b)

.................................

3,105,135

1,776

CSPC

Pharmaceutical

Group

Ltd.

...........................................

755,708

819

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.

,

Class

H

........................

1,532,476

989

Shanghai

Conant

Optical

Co.

Ltd.

,

Class

H

....................................

123,000

853

Simcere

Pharmaceutical

Group

Ltd.

(b)

........................................

423,348

651

Sinopharm

Group

Co.

Ltd.

,

Class

H

..........................................

775,248

1,936

WuXi

AppTec

Co.

Ltd.

,

Class

H

(b)

..........................................

62,544

793

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

21

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Wuxi

Biologics

Cayman,

Inc.

(a)

(b)

..........................................

188,736

$

762

9,019

Industrials

(4.1%):

AviChina

Industry

&

Technology

Co.

Ltd.

,

Class

H

...............................

2,129,787

1,087

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

H

............................

17,354

1,127

COSCO

SHIPPING

Holdings

Co.

Ltd.

,

Class

H

.................................

716,111

1,265

Fosun

International

Ltd.

..................................................

2,041,000

1,149

J&T

Global

Express

Ltd.

(a)

...............................................

986,130

1,324

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

...........................

1,139,449

1,268

Sinotruk

Hong

Kong

Ltd.

.................................................

327,213

1,161

Weichai

Power

Co.

Ltd.

,

Class

H

............................................

419,521

1,016

9,397

Information

Technology

(1.4%):

AAC

Technologies

Holdings,

Inc.

...........................................

171,592

860

Hua

Hong

Semiconductor

Ltd.

,

Class

H

(a)

(b)

...................................

66,865

638

Lenovo

Group

Ltd.

......................................................

792,472

943

ZTE

Corp.

,

Class

H

.....................................................

188,218

657

3,098

Materials

(3.6%):

Aluminum

Corp.

of

China

Ltd.

,

Class

H

.......................................

683,169

1,068

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

.......................................

439,782

1,248

China

Hongqiao

Group

Ltd.

...............................................

246,264

1,032

China

Nonferrous

Mining

Corp.

Ltd.

.........................................

412,000

781

CMOC

Group

Ltd.

,

Class

H

...............................................

373,020

922

Jiangxi

Copper

Co.

Ltd.

,

Class

H

............................................

223,225

1,230

Shandong

Gold

Mining

Co.

Ltd.

,

Class

H

(b)

...................................

184,708

821

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

249,553

1,144

8,246

Real

Estate

(1.9%):

China

Resources

Mixc

Lifestyle

Services

Ltd.

(b)

................................

213,874

1,180

Country

Garden

Services

Holdings

Co.

Ltd.

....................................

1,444,438

1,119

Greentown

China

Holdings

Ltd.

(c)

..........................................

969,522

1,055

Longfor

Group

Holdings

Ltd.

(b)

............................................

992,422

1,092

4,446

Utilities

(2.0%):

CGN

Power

Co.

Ltd.

,

Class

H

(b)

............................................

4,318,000

1,626

China

Longyuan

Power

Group

Corp.

Ltd.

,

Class

H

...............................

1,674,101

1,428

Huaneng

Power

International,

Inc.

,

Class

H

....................................

2,135,134

1,572

4,626

102,446

Colombia

(0.5%):

Financials

(0.5%):

Grupo

Cibest

SA

.......................................................

73,496

1,165

Czech

Republic

(1.5%):

Financials

(0.6%):

Komercni

Banka

A/S

....................................................

26,929

1,523

Utilities

(0.9%):

CEZ

A/S

.............................................................

32,486

2,047

3,570

Greece

(0.0%):

Consumer

Discretionary

(0.0%):

FF

Group

(a)

(d)

........................................................

14,913

—

Hungary

(2.0%):

Energy

(0.7%):

MOL

Hungarian

Oil

&

Gas

PLC

............................................

170,319

1,532

Financials

(0.6%):

OTP

Bank

Nyrt

........................................................

13,190

1,417

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

22

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Health

Care

(0.7%):

Richter

Gedeon

Nyrt

....................................................

53,684

$

1,621

4,570

India

(9.2%):

Consumer

Discretionary

(2.8%):

Eicher

Motors

Ltd.

......................................................

29,253

2,380

Maruti

Suzuki

India

Ltd.

..................................................

12,611

2,343

Tata

Motors

Passenger

Vehicles

Ltd.

.........................................

394,718

1,613

6,336

Financials

(2.6%):

Anand

Rathi

Wealth

Ltd.

..................................................

43,232

1,497

Indian

Bank

...........................................................

180,768

1,684

L&T

Finance

Ltd.

......................................................

420,151

1,477

One

97

Communications

Ltd.

(a)

............................................

87,328

1,262

5,920

Health

Care

(1.3%):

Aster

DM

Healthcare

Ltd.

(b)

...............................................

194,615

1,336

Laurus

Labs

Ltd.

(b)

.....................................................

132,066

1,628

2,964

Industrials

(1.8%):

Bharat

Electronics

Ltd.

...................................................

390,235

1,735

Force

Motors

Ltd.

......................................................

4,067

931

InterGlobe

Aviation

Ltd.

(b)

................................................

27,185

1,530

4,196

Materials

(0.7%):

JK

Cement

Ltd.

........................................................

24,561

1,512

20,928

Indonesia

(2.4%):

Energy

(1.1%):

PT

Alamtri

Resources

Indonesia

Tbk

.........................................

9,334,721

1,013

PT

United

Tractors

Tbk

..................................................

824,812

1,460

2,473

Industrials

(0.7%):

PT

Astra

International

Tbk

................................................

3,709,483

1,491

Materials

(0.6%):

PT

Aneka

Tambang

Tbk

..................................................

4,586,061

867

PT

Barito

Pacific

Tbk

(a)

..................................................

2,908,067

570

1,437

5,401

Malaysia

(0.7%):

Consumer

Discretionary

(0.7%):

Genting

Bhd

..........................................................

2,038,300

1,518

Mexico

(3.1%):

Consumer

Staples

(1.2%):

Coca-Cola

Femsa

SAB

de

CV

..............................................

152,993

1,454

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

.................................

604,536

1,289

2,743

Financials

(0.4%):

Gentera

SAB

de

CV

.....................................................

356,714

913

Industrials

(0.5%):

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

,

Class

B

.........................

86,377

1,168

Materials

(0.5%):

Cemex

SAB

de

CV

,

Preference

Shares

........................................

982,192

1,128

Real

Estate

(0.5%):

Fibra

Uno

Administracion

SA

de

CV

.........................................

727,947

1,091

7,043

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

23

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

Netherlands

(0.9%):

Real

Estate

(0.9%):

NEPI

Rockcastle

NV

(a)

..................................................

230,269

$

2,029

Poland

(2.0%):

Communication

Services

(0.4%):

CD

Projekt

SA

.........................................................

13,558

911

Energy

(0.6%):

ORLEN

SA

...........................................................

49,034

1,313

Information

Technology

(0.4%):

Asseco

Poland

SA

......................................................

13,467

857

Utilities

(0.6%):

PGE

Polska

Grupa

Energetyczna

SA

(a)

.......................................

298,242

732

Tauron

Polska

Energia

SA

(a)

..............................................

283,386

682

1,414

4,495

Russian

Federation

(0.0%):

Energy

(0.0%):

Gazprom

PJSC

(a)

(d)

(e)

..................................................

324,752

—

Financials

(0.0%):

Sberbank

of

Russia

PJSC

(a)

(d)

(e)

...........................................

177,888

—

T-Tekhnologii

MKPAO

,

GDR

(a)

(d)

..........................................

15,868

—

—

Materials

(0.0%):

PhosAgro

PJSC

,

GDR

(a)

(d)

(e)

.............................................

35,202

—

PhosAgro

Public

Joint

,

Class

BL

,

GDR

(a)

(d)

(e)

.................................

227

—

Severstal

PAO

(a)

(d)

(e)

...................................................

37,552

—

United

Co.

RUSAL

International

PJSC

(a)

(d)

(e)

.................................

555,630

—

—

Utilities

(0.0%):

Inter

RAO

UES

PJSC

(a)

(d)

(e)

..............................................

23,475,472

—

—

South

Africa

(2.6%):

Communication

Services

(0.4%):

MTN

Group

Ltd.

.......................................................

96,401

987

Consumer

Discretionary

(0.6%):

Naspers

Ltd.

,

Class

N

....................................................

19,336

1,290

Consumer

Staples

(0.7%):

Tiger

Brands

Ltd.

.......................................................

66,927

1,481

Materials

(0.2%):

Sasol

Ltd.

(a)

..........................................................

83,552

536

Real

Estate

(0.7%):

Growthpoint

Properties

Ltd.

...............................................

1,599,826

1,659

5,953

Taiwan

(13.6%):

Consumer

Discretionary

(0.5%):

Pou

Chen

Corp.

........................................................

1,326,000

1,273

Health

Care

(0.3%):

Caliway

Biopharmaceuticals

Co.

Ltd.

(a)

......................................

136,000

671

Industrials

(3.6%):

Advanced

Energy

Solution

Holding

Co.

Ltd.

...................................

16,000

677

Bizlink

Holding,

Inc.

....................................................

14,375

696

Eva

Airways

Corp.

......................................................

1,266,000

1,473

Evergreen

Marine

Corp.

Taiwan

Ltd.

.........................................

198,400

1,200

L&K

Engineering

Co.

Ltd.

................................................

60,183

1,057

Teco

Electric

and

Machinery

Co.

Ltd.

........................................

294,000

786

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

24

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

Value

(000)

United

Integrated

Services

Co.

Ltd.

..........................................

38,000

$

1,148

Yang

Ming

Marine

Transport

Corp.

..........................................

637,000

1,129

8,166

Information

Technology

(9.2%):

ASE

Technology

Holding

Co.

Ltd.

...........................................

136,000

1,084

Asustek

Computer,

Inc.

...................................................

56,000

977

Catcher

Technology

Co.

Ltd.

...............................................

218,000

1,443

Chroma

ATE,

Inc.

......................................................

35,000

863

Compal

Electronics,

Inc.

..................................................

1,112,000

1,076

Delta

Electronics,

Inc.

...................................................

32,000

981

Elite

Material

Co.

Ltd.

...................................................

16,000

838

Foxconn

Technology

Co.

Ltd.

..............................................

541,000

1,062

Mitac

Holdings

Corp.

....................................................

292,500

804

Nan

Ya

Printed

Circuit

Board

Corp.

..........................................

82,000

629

Nanya

Technology

Corp.

(a)

...............................................

135,000

829

Pegatron

Corp.

.........................................................

631,000

1,378

Powertech

Technology,

Inc.

................................................

202,000

1,112

Synnex

Technology

International

Corp.

.......................................

614,000

1,132

Tripod

Technology

Corp.

.................................................

109,000

1,102

United

Microelectronics

Corp.

.............................................

1,099,000

1,723

Winbond

Electronics

Corp.

(a)

..............................................

385,000

1,012

WT

Microelectronics

Co.

Ltd.

..............................................

243,000

1,060

Yageo

Corp.

...........................................................

128,000

941

Zhen

Ding

Technology

Holding

Ltd.

.........................................

205,000

927

20,973

31,083

Thailand

(2.8%):

Consumer

Staples

(0.7%):

Charoen

Pokphand

Foods

PCL

.............................................

2,292,500

1,587

Financials

(2.1%):

Kasikornbank

PCL

......................................................

373,800

2,308

SCB

X

PCL

...........................................................

567,200

2,503

4,811

6,398

Turkey

(1.9%):

Energy

(0.4%):

Turkiye

Petrol

Rafinerileri

A/S

.............................................

206,871

890

Industrials

(1.5%):

Aselsan

Elektronik

Sanayi

Ve

Ticaret

A/S

......................................

174,193

941

Enka

Insaat

ve

Sanayi

A/S

................................................

443,375

815

Pegasus

Hava

Tasimaciligi

A/S

(a)

...........................................

185,629

830

Turk

Hava

Yollari

AO

....................................................

150,274

941

3,527

4,417

Total

Common

Stocks

(Cost

$201,715)

227,430

Collateral

for

Securities

Loaned

(0.4%)^

United

States

(0.4%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(f)

........

232,210

233

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(f)

............

232,210

232

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(f)

................

232,210

232

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(f)

.

232,210

232

Total

Collateral

for

Securities

Loaned

(Cost

$929)

929

Total

Investments

(Cost

$202,644)

—

100.0%

228,359

Liabilities

in

excess

of

other

assets

—

0.0%

(

26

)

NET

ASSETS

-

100.00%

$

228,333

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Non-income

producing

security.

Victory

Portfolios

II

VictoryShares

Emerging

Markets

Value

Momentum

ETF

25

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

.............................................

12/8/2017

$

723

Inter

RAO

UES

PJSC

.........................................

5/2/2018

1,576

PhosAgro

PJSC

,

GDR

........................................

12/21/2021

749

PhosAgro

Public

Joint

,

Class

BL

,

GDR

............................

12/21/2021

5

Sberbank

of

Russia

PJSC

......................................

10/24/2017

634

Severstal

PAO

..............................................

5/27/2021

881

United

Co.

RUSAL

International

PJSC

............................

11/30/2021

517

(b)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$29,524

(thousands)

and

amounted

to

12.9%

of

net

assets.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

December

31,

2025.

This

security

is

classified

as

Level

3

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

2

in

the

Notes

to

Financial

Statements)

(e)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

December

31,

2025

(amounts

in

thousands):

(f)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

GDR

—

Global

Depositary

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

MSCI

Emerging

Markets

Index

Futures

..........................

8

3/20/26

$

560

$

565

$

5

Total

unrealized

appreciation

$

5

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

5

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

26

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(99.7%)

Communication

Services

(16.4%):

Alphabet,

Inc.

,

Class

A

...................................................

105,917

$

33,152

Alphabet,

Inc.

,

Class

C

...................................................

91,633

28,754

AT&T,

Inc.

...........................................................

128,678

3,196

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

...................................

1,534

320

Comcast

Corp.

,

Class

A

..................................................

65,173

1,948

Electronic

Arts,

Inc.

.....................................................

4,037

825

Fox

Corp.

,

Class

A

......................................................

3,950

289

Fox

Corp.

,

Class

B

......................................................

2,511

163

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(a)

............................

4,107

405

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

............................

420

38

Live

Nation

Entertainment,

Inc.

(a)

(b)

.........................................

2,893

412

Meta

Platforms,

Inc.

,

Class

A

..............................................

39,690

26,199

Netflix,

Inc.

(a)

.........................................................

82,893

7,772

News

Corp.

,

Class

A

.....................................................

7,055

184

News

Corp.

,

Class

B

(b)

..................................................

1,889

56

Omnicom

Group,

Inc.

....................................................

5,582

451

Pinterest,

Inc.

,

Class

A

(a)

.................................................

11,167

289

Reddit,

Inc.

,

Class

A

(a)

...................................................

2,428

558

ROBLOX

Corp.

,

Class

A

(a)

...............................................

11,200

908

Spotify

Technology

SA

(a)

.................................................

2,776

1,612

Take-Two

Interactive

Software,

Inc.

(a)

........................................

3,228

826

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

8,406

319

The

Walt

Disney

Co.

....................................................

32,443

3,691

T-Mobile

US,

Inc.

......................................................

8,834

1,794

Verizon

Communications,

Inc.

..............................................

76,480

3,115

Warner

Bros

Discovery,

Inc.

(a)

.............................................

44,025

1,269

118,545

Communications

Equipment

(0.7%):

Arista

Networks,

Inc.

(a)

..................................................

9,614

1,260

Ciena

Corp.

(a)

.........................................................

1,308

306

Cisco

Systems,

Inc.

.....................................................

37,186

2,864

F5,

Inc.

(a)

............................................................

525

134

Lumentum

Holdings,

Inc.

(a)

...............................................

648

239

Motorola

Solutions,

Inc.

..................................................

1,567

601

5,404

Consumer

Discretionary

(5.2%):

Airbnb,

Inc.

,

Class

A

(a)

..................................................

2,641

358

Amazon.com,

Inc.

(a)

....................................................

62,005

14,312

AutoZone,

Inc.

(a)

.......................................................

101

342

Best

Buy

Co.,

Inc.

......................................................

1,213

81

Booking

Holdings,

Inc.

...................................................

208

1,114

Burlington

Stores,

Inc.

(a)

.................................................

379

109

Carnival

Corp.

(a)

.......................................................

6,807

208

Carvana

Co.

,

Class

A

(a)

..................................................

804

339

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a)

.......................................

8,398

311

D.R.

Horton,

Inc.

.......................................................

1,645

237

Darden

Restaurants,

Inc.

..................................................

710

131

Domino's

Pizza,

Inc.

.....................................................

207

86

DoorDash,

Inc.

,

Class

A

(a)

................................................

2,126

481

DraftKings,

Inc.

(a)

......................................................

2,976

103

eBay,

Inc.

............................................................

2,868

250

Expedia

Group,

Inc.

.....................................................

713

202

Ford

Motor

Co.

........................................................

24,601

323

Garmin

Ltd.

...........................................................

1,039

211

General

Motors

Co.

.....................................................

5,955

484

Genuine

Parts

Co.

......................................................

889

109

Hilton

Worldwide

Holdings,

Inc.

............................................

1,491

428

Las

Vegas

Sands

Corp.

...................................................

1,961

128

Lennar

Corp.

,

Class

A

....................................................

1,416

146

Lennar

Corp.

,

Class

B

...................................................

60

6

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

27

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Lowe's

Cos.,

Inc.

.......................................................

3,462

$

835

Lululemon

Athletica,

Inc.

(a)

...............................................

622

129

Marriott

International,

Inc.

,

Class

A

..........................................

1,421

441

McDonald's

Corp.

......................................................

4,497

1,374

NIKE,

Inc.

,

Class

B

.....................................................

7,263

463

NVR,

Inc.

(a)

..........................................................

16

117

O'Reilly

Automotive,

Inc.

(a)

...............................................

5,254

479

PulteGroup,

Inc.

........................................................

1,230

144

Rivian

Automotive,

Inc.

,

Class

A

(a)

..........................................

4,710

93

Ross

Stores,

Inc.

.......................................................

1,989

358

Royal

Caribbean

Cruises

Ltd.

..............................................

1,602

447

Somnigroup

International,

Inc.

.............................................

1,199

107

Starbucks

Corp.

........................................................

7,071

595

Tapestry,

Inc.

..........................................................

1,382

177

Tesla,

Inc.

(a)

..........................................................

15,293

6,878

The

Home

Depot,

Inc.

...................................................

6,430

2,213

The

TJX

Cos.,

Inc.

......................................................

7,023

1,079

Tractor

Supply

Co.

......................................................

3,282

164

Ulta

Beauty,

Inc.

(a)

.....................................................

272

165

Viking

Holdings

Ltd.

(a)

..................................................

1,417

101

Williams-Sonoma,

Inc.

...................................................

700

125

Yum!

Brands,

Inc.

......................................................

1,741

263

37,246

Consumer

Staples

(9.9%):

Altria

Group,

Inc.

.......................................................

43,566

2,512

Archer-Daniels-Midland

Co.

...............................................

12,396

713

Brown-Forman

Corp.

,

Class

A

..............................................

1,115

29

Brown-Forman

Corp.

,

Class

B

(b)

...........................................

7,396

193

Bunge

Global

SA

.......................................................

3,990

355

Casey's

General

Stores,

Inc.

...............................................

932

515

Church

&

Dwight

Co.,

Inc.

................................................

6,244

524

Colgate-Palmolive

Co.

...................................................

20,709

1,636

Constellation

Brands,

Inc.

,

Class

A

..........................................

3,976

549

Costco

Wholesale

Corp.

..................................................

11,371

9,806

Dollar

General

Corp.

....................................................

5,652

750

Dollar

Tree,

Inc.

(a)

......................................................

5,133

631

General

Mills,

Inc.

......................................................

13,759

640

Kenvue,

Inc.

..........................................................

49,270

850

Keurig

Dr.

Pepper,

Inc.

...................................................

33,149

928

Kimberly-Clark

Corp.

....................................................

8,419

849

McCormick

&

Co.,

Inc.

..................................................

6,748

460

Mondelez

International,

Inc.

,

Class

A

.........................................

33,075

1,780

Monster

Beverage

Corp.

(a)

................................................

17,879

1,371

PepsiCo,

Inc.

..........................................................

35,051

5,031

Philip

Morris

International,

Inc.

.............................................

39,794

6,383

Sysco

Corp.

...........................................................

12,305

907

Target

Corp.

..........................................................

11,613

1,135

The

Coca-Cola

Co.

......................................................

109,489

7,654

The

Estee

Lauder

Cos.,

Inc.

,

Class

A

.........................................

5,944

622

The

Hershey

Co.

.......................................................

3,764

685

The

Kraft

Heinz

Co.

.....................................................

30,554

741

The

Kroger

Co.

........................................................

17,002

1,062

The

Procter

&

Gamble

Co.

................................................

60,235

8,632

Tyson

Foods,

Inc.

,

Class

A

................................................

7,243

425

U.S.

Foods

Holding

Corp.

(a)

...............................................

5,719

431

Walmart,

Inc.

..........................................................

112,015

12,480

71,279

Electronic

Equipment,

Instruments

&

Components

(0.6%):

Amphenol

Corp.

,

Class

A

.................................................

11,495

1,553

CDW

Corp.

...........................................................

1,246

170

Coherent

Corp.

(a)

......................................................

1,458

269

Corning,

Inc.

..........................................................

7,369

645

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

28

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Jabil,

Inc.

............................................................

998

$

228

Keysight

Technologies,

Inc.

(a)

.............................................

1,612

328

TE

Connectivity

PLC

....................................................

2,787

634

Teledyne

Technologies,

Inc.

(a)

.............................................

429

219

4,046

Financials

(20.8%):

Affirm

Holdings,

Inc.

,

Class

A

(a)

............................................

4,913

366

Aflac,

Inc.

............................................................

8,965

989

American

Express

Co.

...................................................

12,797

4,734

American

International

Group,

Inc.

..........................................

10,456

895

Ameriprise

Financial,

Inc.

.................................................

1,756

861

Aon

PLC

,

Class

A

......................................................

3,929

1,386

Apollo

Global

Management,

Inc.

............................................

7,549

1,093

Arch

Capital

Group

Ltd.

(a)

................................................

6,755

648

Ares

Management

Corp.

,

Class

A

...........................................

3,838

620

Arthur

J.

Gallagher

&

Co.

.................................................

4,766

1,233

Bank

of

America

Corp.

...................................................

135,933

7,476

Berkshire

Hathaway,

Inc.

,

Class

A

(a)

.........................................

6

4,529

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.........................................

25,736

12,936

BlackRock,

Inc.

........................................................

2,692

2,881

Blackstone,

Inc.

........................................................

13,506

2,082

Block,

Inc.

,

Class

A

(a)

...................................................

9,757

635

Brown

&

Brown,

Inc.

....................................................

5,127

409

Capital

One

Financial

Corp.

...............................................

11,991

2,906

Cboe

Global

Markets,

Inc.

................................................

1,959

492

Chubb

Ltd.

...........................................................

7,136

2,227

Cincinnati

Financial

Corp.

................................................

2,896

473

Citigroup,

Inc.

.........................................................

33,185

3,872

Citizens

Financial

Group,

Inc.

..............................................

8,089

472

CME

Group,

Inc.

,

Class

A

.................................................

6,734

1,839

Coinbase

Global,

Inc.

,

Class

A

(a)

...........................................

4,135

935

Corebridge

Financial,

Inc.

.................................................

7,368

222

Corpay,

Inc.

(a)

.........................................................

1,280

385

Erie

Indemnity

Co.

,

Class

A

...............................................

460

132

Fidelity

National

Information

Services,

Inc.

....................................

9,660

642

Fifth

Third

Bancorp

.....................................................

12,367

579

First

Citizens

Bancshares,

Inc.

,

Class

A

.......................................

162

348

Fiserv,

Inc.

(a)

..........................................................

9,945

668

Global

Payments,

Inc.

....................................................

4,488

347

Huntington

Bancshares,

Inc.

...............................................

27,200

472

Interactive

Brokers

Group,

Inc.

,

Class

A

.......................................

7,954

512

Intercontinental

Exchange,

Inc.

.............................................

10,805

1,750

JPMorgan

Chase

&

Co.

..................................................

51,055

16,451

KeyCorp

.............................................................

20,588

425

KKR

&

Co.,

Inc.

.......................................................

12,712

1,621

Loews

Corp.

..........................................................

3,228

340

LPL

Financial

Holdings,

Inc.

...............................................

1,485

530

M&T

Bank

Corp.

.......................................................

2,929

590

Markel

Group,

Inc.

(a)

....................................................

227

488

Marsh

&

McLennan

Cos.,

Inc.

.............................................

9,232

1,713

Mastercard,

Inc.

,

Class

A

.................................................

15,342

8,758

MetLife,

Inc.

..........................................................

10,417

822

Moody's

Corp.

.........................................................

3,323

1,698

Morgan

Stanley

........................................................

22,828

4,053

MSCI,

Inc.

,

Class

A

.....................................................

1,411

810

Nasdaq,

Inc.

..........................................................

8,451

821

Northern

Trust

Corp.

....................................................

3,541

484

PayPal

Holdings,

Inc.

....................................................

17,611

1,028

Principal

Financial

Group,

Inc.

.............................................

4,190

370

Prudential

Financial,

Inc.

.................................................

6,497

733

Raymond

James

Financial,

Inc.

.............................................

3,356

539

Regions

Financial

Corp.

..................................................

16,417

445

Robinhood

Markets,

Inc.

,

Class

A

(a)

.........................................

14,252

1,612

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

29

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Rocket

Cos.,

Inc.

,

Class

A

.................................................

15,770

$

305

S&P

Global,

Inc.

.......................................................

5,725

2,992

SoFi

Technologies,

Inc.

(a)

.................................................

23,362

612

State

Street

Corp.

.......................................................

5,289

682

Synchrony

Financial

.....................................................

6,994

584

T.

Rowe

Price

Group,

Inc.

(b)

...............................................

4,062

416

The

Allstate

Corp.

......................................................

4,925

1,025

The

Bank

of

New

York

Mellon

Corp.

.........................................

13,228

1,536

The

Carlyle

Group,

Inc.

..................................................

4,811

284

The

Charles

Schwab

Corp.

................................................

31,028

3,100

The

Goldman

Sachs

Group,

Inc.

............................................

5,649

4,965

The

Hartford

Insurance

Group,

Inc.

..........................................

5,247

723

The

PNC

Financial

Services

Group,

Inc.

......................................

7,361

1,536

The

Progressive

Corp.

...................................................

10,932

2,489

The

Travelers

Cos.,

Inc.

..................................................

4,247

1,232

Toast,

Inc.

,

Class

A

(a)

....................................................

8,474

301

Truist

Financial

Corp.

....................................................

24,229

1,192

U.S.

Bancorp

..........................................................

29,301

1,564

Visa,

Inc.

,

Class

A

......................................................

31,521

11,055

W.R.

Berkley

Corp.

.....................................................

5,595

392

Wells

Fargo

&

Co.

......................................................

58,425

5,445

Willis

Towers

Watson

PLC

................................................

1,818

597

150,404

Health

Care

(16.4%):

Abbott

Laboratories

.....................................................

26,359

3,303

AbbVie,

Inc.

..........................................................

73,224

16,731

Agilent

Technologies,

Inc.

.................................................

4,413

601

Alnylam

Pharmaceuticals,

Inc.

(a)

...........................................

5,383

2,141

Amgen,

Inc.

...........................................................

22,280

7,292

Becton

Dickinson

&

Co.

..................................................

4,522

878

Biogen,

Inc.

(a)

.........................................................

6,023

1,060

Boston

Scientific

Corp.

(a)

.................................................

22,902

2,184

Bristol-Myers

Squibb

Co.

.................................................

31,118

1,679

Cardinal

Health,

Inc.

....................................................

3,728

766

Cencora,

Inc.

..........................................................

2,929

989

Centene

Corp.

(a)

.......................................................

7,454

307

CVS

Health

Corp.

......................................................

19,898

1,579

Danaher

Corp.

.........................................................

9,833

2,251

Dexcom,

Inc.

(a)

........................................................

6,179

410

Edwards

Lifesciences

Corp.

(a)

.............................................

9,022

769

Elevance

Health,

Inc.

....................................................

3,470

1,216

Eli

Lilly

&

Co.

.........................................................

13,156

14,139

Exact

Sciences

Corp.

(a)

..................................................

7,738

786

GE

HealthCare

Technologies,

Inc.

...........................................

7,141

586

Gilead

Sciences,

Inc.

....................................................

51,320

6,299

HCA

Healthcare,

Inc.

....................................................

2,346

1,095

Hologic,

Inc.

(a)

........................................................

3,465

258

Humana,

Inc.

..........................................................

1,907

488

IDEXX

Laboratories,

Inc.

(a)

...............................................

1,260

852

Illumina,

Inc.

(a)

........................................................

2,359

309

Incyte

Corp.

(a)

.........................................................

8,003

790

Insmed,

Inc.

(a)

.........................................................

8,730

1,519

Insulet

Corp.

(a)

........................................................

1,119

318

Intuitive

Surgical,

Inc.

(a)

.................................................

5,415

3,067

IQVIA

Holdings,

Inc.

(a)

..................................................

2,659

599

Johnson

&

Johnson

.....................................................

37,100

7,678

Labcorp

Holdings,

Inc.

...................................................

1,302

327

McKesson

Corp.

.......................................................

1,942

1,593

Medtronic

PLC

........................................................

19,336

1,857

Merck

&

Co.,

Inc.

......................................................

38,202

4,021

Mettler-Toledo

International,

Inc.

(a)

.........................................

311

434

Natera,

Inc.

(a)

.........................................................

5,455

1,250

Pfizer,

Inc.

............................................................

89,719

2,234

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

30

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Quest

Diagnostics,

Inc.

...................................................

1,757

$

305

Regeneron

Pharmaceuticals,

Inc.

............................................

4,193

3,236

ResMed,

Inc.

..........................................................

2,324

560

STERIS

PLC

..........................................................

1,546

392

Stryker

Corp.

..........................................................

5,631

1,979

Tenet

Healthcare

Corp.

(a)

.................................................

1,285

255

The

Cigna

Group

.......................................................

3,961

1,090

The

Cooper

Cos.,

Inc.

(a)

..................................................

3,114

255

Thermo

Fisher

Scientific,

Inc.

..............................................

5,745

3,329

United

Therapeutics

Corp.

(a)

..............................................

1,714

835

UnitedHealth

Group,

Inc.

.................................................

13,935

4,600

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

2,366

528

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

10,483

4,753

Waters

Corp.

(a)

........................................................

945

359

West

Pharmaceutical

Services,

Inc.

..........................................

1,123

309

Zimmer

Biomet

Holdings,

Inc.

.............................................

3,132

282

Zoetis,

Inc.

,

Class

A

.....................................................

6,933

872

118,594

IT

Services

(1.0%):

Accenture

PLC

,

Class

A

..................................................

5,746

1,542

Cloudflare,

Inc.

,

Class

A

(a)

................................................

2,858

563

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

4,620

384

CoreWeave,

Inc.

,

Class

A

(a)

(b)

.............................................

3,008

215

Gartner,

Inc.

(a)

........................................................

679

171

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

1,318

164

International

Business

Machines

Corp.

........................................

8,781

2,601

MongoDB,

Inc.

,

Class

A

(a)

................................................

719

302

Okta,

Inc.

,

Class

A

(a)

....................................................

1,599

138

Snowflake,

Inc.

,

Class

A

(a)

................................................

3,084

677

Twilio,

Inc.

,

Class

A

(a)

...................................................

1,387

197

VeriSign,

Inc.

..........................................................

902

219

7,173

Semiconductors

&

Semiconductor

Equipment

(10.5%):

Advanced

Micro

Devices,

Inc.

(a)

............................................

15,220

3,260

Analog

Devices,

Inc.

....................................................

4,688

1,271

Applied

Materials,

Inc.

...................................................

7,406

1,903

Astera

Labs,

Inc.

(a)

.....................................................

1,253

208

Broadcom,

Inc.

........................................................

43,529

15,065

Credo

Technology

Group

Holding

Ltd.

(a)

.....................................

1,492

215

First

Solar,

Inc.

(a)

......................................................

976

255

Intel

Corp.

(a)

..........................................................

39,833

1,470

KLA

Corp.

...........................................................

1,246

1,514

Lam

Research

Corp.

.....................................................

11,802

2,020

Marvell

Technology,

Inc.

.................................................

7,816

664

Microchip

Technology,

Inc.

................................................

4,960

316

Micron

Technology,

Inc.

..................................................

10,545

3,010

Monolithic

Power

Systems,

Inc.

............................................

410

372

NVIDIA

Corp.

.........................................................

219,155

40,872

ON

Semiconductor

Corp.

(a)

...............................................

3,858

209

QUALCOMM,

Inc.

.....................................................

10,049

1,719

Teradyne,

Inc.

.........................................................

1,493

289

Texas

Instruments,

Inc.

...................................................

8,707

1,511

76,143

Software

(7.9%):

Adobe,

Inc.

(a)

.........................................................

4,030

1,410

AppLovin

Corp.

,

Class

A

(a)

...............................................

2,087

1,406

Atlassian

Corp.

,

Class

A

(a)

................................................

1,514

245

Autodesk,

Inc.

(a)

.......................................................

2,012

596

Cadence

Design

Systems,

Inc.

(a)

............................................

2,544

795

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......................................

2,244

1,052

Datadog,

Inc.

,

Class

A

(a)

.................................................

2,939

400

Docusign,

Inc.

,

Class

A

(a)

.................................................

1,878

128

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

31

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Dynatrace,

Inc.

(a)

......................................................

2,835

$

123

Fair

Isaac

Corp.

(a)

......................................................

213

360

Fortinet,

Inc.

(a)

........................................................

5,998

476

Gen

Digital,

Inc.

.......................................................

5,302

144

Guidewire

Software,

Inc.

(a)

...............................................

803

161

HubSpot,

Inc.

(a)

.......................................................

460

185

Intuit,

Inc.

............................................................

2,528

1,675

Microsoft

Corp.

........................................................

68,831

33,288

Oracle

Corp.

..........................................................

15,843

3,088

Palantir

Technologies,

Inc.

,

Class

A

(a)

........................................

20,507

3,645

Palo

Alto

Networks,

Inc.

(a)

................................................

6,291

1,159

PTC,

Inc.

(a)

...........................................................

1,143

199

Roper

Technologies,

Inc.

..................................................

1,044

465

Salesforce,

Inc.

........................................................

8,698

2,304

ServiceNow,

Inc.

(a)

.....................................................

9,671

1,482

Strategy,

Inc.

,

Class

A

(a)

..................................................

2,693

409

Synopsys,

Inc.

(a)

.......................................................

1,696

797

Trimble,

Inc.

(a)

........................................................

2,229

175

Tyler

Technologies,

Inc.

(a)

................................................

401

182

Unity

Software,

Inc.

(a)

...................................................

3,211

142

Workday,

Inc.

,

Class

A

(a)

.................................................

2,039

438

Zoom

Communications,

Inc.

,

Class

A

(a)

......................................

2,527

218

Zscaler,

Inc.

(a)

.........................................................

943

212

57,359

Technology

Hardware,

Storage

&

Peripherals

(5.6%):

Apple,

Inc.

...........................................................

138,786

37,730

Dell

Technologies,

Inc.

,

Class

C

............................................

2,949

371

Hewlett

Packard

Enterprise

Co.

.............................................

12,370

297

HP,

Inc.

..............................................................

8,781

196

IonQ,

Inc.

(a)

(b)

........................................................

3,259

146

NetApp,

Inc.

..........................................................

1,888

202

Pure

Storage,

Inc.

,

Class

A

(a)

..............................................

2,888

194

Sandisk

Corp.

(a)

.......................................................

1,303

309

Seagate

Technology

Holdings

PLC

..........................................

1,965

541

Super

Micro

Computer,

Inc.

(a)

.............................................

4,875

143

Western

Digital

Corp.

....................................................

3,086

532

40,661

Utilities

(4.7%):

Alliant

Energy

Corp.

....................................................

6,724

437

Ameren

Corp.

.........................................................

7,063

705

American

Electric

Power

Co.,

Inc.

...........................................

13,950

1,609

American

Water

Works

Co.,

Inc.

............................................

5,223

682

Atmos

Energy

Corp.

.....................................................

4,189

702

CenterPoint

Energy,

Inc.

..................................................

16,966

651

CMS

Energy

Corp.

......................................................

7,776

544

Consolidated

Edison,

Inc.

.................................................

9,362

930

Constellation

Energy

Corp.

................................................

8,123

2,870

Dominion

Energy,

Inc.

...................................................

22,329

1,308

DTE

Energy

Co.

.......................................................

5,421

699

Duke

Energy

Corp.

......................................................

18,747

2,197

Edison

International

.....................................................

10,148

609

Entergy

Corp.

.........................................................

11,593

1,072

Evergy,

Inc.

...........................................................

5,944

431

Eversource

Energy

......................................................

9,711

654

Exelon

Corp.

..........................................................

26,298

1,146

FirstEnergy

Corp.

.......................................................

15,141

678

NextEra

Energy,

Inc.

....................................................

53,409

4,288

NiSource,

Inc.

.........................................................

12,262

512

NRG

Energy,

Inc.

.......................................................

5,016

799

PG&E

Corp.

..........................................................

57,277

920

PPL

Corp.

............................................................

19,249

674

Public

Service

Enterprise

Group,

Inc.

.........................................

13,106

1,052

Victory

Portfolios

II

VictoryShares

WestEnd

U.S.

Sector

ETF

32

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Sempra

..............................................................

16,846

$

1,487

Talen

Energy

Corp.

(a)

...................................................

1,171

439

The

Southern

Co.

.......................................................

28,782

2,510

Vistra

Corp.

...........................................................

8,642

1,394

WEC

Energy

Group,

Inc.

.................................................

6,830

720

Xcel

Energy,

Inc.

.......................................................

15,406

1,138

33,857

Total

Common

Stocks

(Cost

$540,759)

a

a

a

720,711

Rights

(0.0%)(c)

Health

Care

(0.0%):(c)

ABIOMED,

Inc.,

CVR

,

expiring

1/4/27

(a)

(d)

...................................

532

1

Total

Rights

(Cost

$—)

a

a

a

1

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(e)

........

188,779

188

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(e)

............

188,779

189

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(e)

...............

188,779

189

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(e)

.

188,779

189

Total

Collateral

for

Securities

Loaned

(Cost

$755)

a

a

a

755

Total

Investments

(Cost

$541,514)

—

99.8%

721,467

Other

assets

in

excess

of

liabilities

—  0.2%

1,372

NET

ASSETS

-

100.00%

$

722,839

^

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

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

less

than

0.05%

of

net

assets

as

of

December

31,

2025.

This

security

is

classified

as

Level

3

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

2

in

the

Notes

to

Financial

Statements)

(e)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

CVR

—

Contingent

Value

Right

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

WestEnd

Global

Equity

ETF

33

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Exchange-Traded

Funds

(99.9%)

iShares

Biotechnology

ETF

(a)

..............................................

6,932

$

1,170

iShares

Core

MSCI

Europe

ETF

............................................

12,962

920

iShares

Core

S&P

Small-Cap

ETF

...........................................

15,446

1,856

iShares

Expanded

Tech

Sector

ETF

(a)

........................................

9,175

1,185

iShares

MSCI

Emerging

Markets

Asia

ETF

....................................

28,360

2,666

State

Street

Communication

Services

Select

Sector

SPDR

ETF

......................

30,999

3,649

State

Street

Consumer

Discretionary

Select

Sector

SPDR

ETF

.......................

10,113

1,208

State

Street

Consumer

Staples

Select

Sector

SPDR

ETF

...........................

29,564

2,297

State

Street

Financial

Select

Sector

SPDR

ETF

..................................

88,859

4,867

State

Street

Health

Care

Select

Sector

SPDR

ETF

................................

18,789

2,909

State

Street

Technology

Select

Sector

SPDR

ETF

................................

37,021

5,330

State

Street

Utilities

Select

Sector

SPDR

ETF

...................................

25,728

1,098

Vanguard

FTSE

All-World

ex-US

ETF

........................................

61,472

4,522

Vanguard

FTSE

Pacific

ETF

...............................................

29,649

2,680

Total

Exchange-Traded

Funds

(Cost

$35,156)

a

a

a

36,357

Collateral

for

Securities

Loaned

(2.5%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(b)

........

224,350

225

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(b)

............

224,350

224

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(b)

...............

224,350

224

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(b)

.

224,350

224

Total

Collateral

for

Securities

Loaned

(Cost

$897)

a

a

a

897

Total

Investments

(Cost

$36,053)

—

102.4%

37,254

Liabilities

in

excess

of

other

assets

—  (2.4)%

(877)

NET

ASSETS

-

100.00%

$

36,377

At

December

31,

2025,

the

foreign

securities

held

by

the

underlying

Funds

were

75.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

II

VictoryShares

Hedged

Equity

Income

ETF

34

(Unaudited)

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Common

Stocks

(91.6%)

Communication

Services

(4.2%):

AT&T,

Inc.

...........................................................

19,590

$

487

Comcast

Corp.

,

Class

A

..................................................

4,909

147

John

Wiley

&

Sons,

Inc.

,

Class

A

............................................

1,150

35

Nexstar

Media

Group,

Inc.

,

Class

A

..........................................

1,434

291

Verizon

Communications,

Inc.

..............................................

14,473

589

1,549

Consumer

Discretionary

(7.7%):

American

Eagle

Outfitters,

Inc.

.............................................

2,598

69

Best

Buy

Co.,

Inc.

......................................................

583

39

Bloomin'

Brands,

Inc.

....................................................

4,048

25

Brightstar

Lottery

PLC

...................................................

7,316

113

Brunswick

Corp.

.......................................................

4,262

316

Carter's,

Inc.

..........................................................

1,236

40

Dana,

Inc.

............................................................

3,267

78

Darden

Restaurants,

Inc.

..................................................

803

148

Ethan

Allen

Interiors,

Inc.

.................................................

7,361

168

Ford

Motor

Co.

........................................................

12,348

162

Harley-Davidson,

Inc.

...................................................

1,656

34

Hasbro,

Inc.

...........................................................

2,563

210

Kontoor

Brands,

Inc.

....................................................

444

27

LCI

Industries

.........................................................

343

42

Lear

Corp.

............................................................

612

70

Macy's,

Inc.

...........................................................

5,326

117

Meritage

Homes

Corp.

...................................................

538

35

Papa

John's

International,

Inc.

..............................................

1,572

61

Standard

Motor

Products,

Inc.

..............................................

2,950

109

Steven

Madden

Ltd.

.....................................................

3,473

145

The

Buckle,

Inc.

........................................................

2,591

138

The

Cheesecake

Factory,

Inc.

..............................................

587

30

Travel

+

Leisure

Co.

.....................................................

5,348

377

Upbound

Group,

Inc.

....................................................

6,228

109

Vail

Resorts,

Inc.

.......................................................

527

70

Winnebago

Industries,

Inc.

................................................

1,000

41

Wolverine

World

Wide,

Inc.

...............................................

1,664

30

2,803

Consumer

Staples

(15.1%):

Altria

Group,

Inc.

.......................................................

9,868

569

Archer-Daniels-Midland

Co.

...............................................

6,415

369

Bunge

Global

SA

.......................................................

2,685

239

Cal-Maine

Foods,

Inc.

...................................................

1,778

142

Conagra

Brands,

Inc.

....................................................

15,274

264

Edgewell

Personal

Care

Co.

...............................................

1,490

25

Energizer

Holdings,

Inc.

..................................................

1,247

25

Flowers

Foods,

Inc.

.....................................................

46,933

511

Fresh

Del

Monte

Produce,

Inc.

.............................................

3,781

135

General

Mills,

Inc.

......................................................

11,837

550

Kimberly-Clark

Corp.

....................................................

2,165

218

Molson

Coors

Beverage

Co.

,

Class

B

.........................................

4,766

223

PepsiCo,

Inc.

..........................................................

4,632

665

Philip

Morris

International,

Inc.

.............................................

2,259

362

Reynolds

Consumer

Products,

Inc.

..........................................

20,241

464

Spectrum

Brands

Holdings,

Inc.

............................................

684

40

Target

Corp.

..........................................................

3,046

298

The

Clorox

Co.

........................................................

2,438

246

The

Kraft

Heinz

Co.

.....................................................

4,138

100

Universal

Corp.

........................................................

1,064

56

5,501

Energy

(11.9%):

Antero

Midstream

Corp.

..................................................

26,445

470

APA

Corp.

............................................................

14,690

359

Victory

Portfolios

II

VictoryShares

Hedged

Equity

Income

ETF

35

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

Archrock,

Inc.

.........................................................

2,694

$

70

California

Resources

Corp.

................................................

781

35

Chord

Energy

Corp.

.....................................................

582

54

ConocoPhillips

Co.

.....................................................

864

81

Coterra

Energy,

Inc.

.....................................................

6,642

175

Crescent

Energy

Co.

,

Class

A

..............................................

2,488

21

DHT

Holdings,

Inc.

.....................................................

12,408

152

Halliburton

Co.

........................................................

6,139

173

Helmerich

&

Payne,

Inc.

..................................................

11,119

319

International

Seaways,

Inc.

................................................

3,309

161

Kinder

Morgan,

Inc.

.....................................................

17,964

494

Kinetik

Holdings,

Inc.

,

Class

A

(a)

...........................................

1,744

63

Kodiak

Gas

Services,

Inc.

.................................................

3,052

114

Murphy

Oil

Corp.

......................................................

1,966

61

Noble

Corp.

PLC

.......................................................

8,886

251

Nordic

American

Tankers

Ltd.

..............................................

87,298

300

Northern

Oil

&

Gas,

Inc.

..................................................

1,380

30

ONEOK,

Inc.

..........................................................

1,297

95

Phillips

66

Co.

.........................................................

1,390

179

Scorpio

Tankers,

Inc.

....................................................

2,650

135

SFL

Corp.

Ltd.

,

Class

B

..................................................

4,349

34

SLB

Ltd.

.............................................................

2,806

108

SM

Energy

Co.

........................................................

2,007

38

Valero

Energy

Corp.

.....................................................

287

47

Vitesse

Energy,

Inc.

(a)

...................................................

14,940

288

World

Kinect

Corp.

.....................................................

1,296

30

4,337

Financials

(18.1%):

American

Financial

Group,

Inc.

.............................................

2,138

292

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

3,913

159

Banco

Latinoamericano

de

Comercio

Exterior

SA

,

Class

E

.........................

4,019

179

Bank

OZK

............................................................

4,243

195

Central

Pacific

Financial

Corp.

.............................................

4,977

155

Citizens

Financial

Group,

Inc.

..............................................

6,016

351

CVB

Financial

Corp.

....................................................

4,647

87

Dime

Community

Bancshares,

Inc.

..........................................

1,954

59

F&G

Annuities

&

Life,

Inc.

................................................

125

4

Fidelity

National

Financial,

Inc.

............................................

2,080

114

Fifth

Third

Bancorp

.....................................................

4,260

199

First

Hawaiian,

Inc.

.....................................................

12,647

320

First

Horizon

Corp.

.....................................................

13,554

324

First

Interstate

BancSystem,

Inc.

,

Class

A

......................................

1,770

61

Hanmi

Financial

Corp.

...................................................

5,172

140

Heritage

Financial

Corp.

..................................................

4,477

106

Huntington

Bancshares,

Inc.

...............................................

20,453

355

Invesco

Ltd.

...........................................................

4,356

115

Lazard,

Inc.

,

Class

A

.....................................................

1,529

74

Moelis

&

Co.

,

Class

A

...................................................

879

61

Navient

Corp.

.........................................................

8,910

116

Northern

Trust

Corp.

....................................................

2,582

353

Northwest

Bancshares,

Inc.

................................................

16,248

195

OneMain

Holdings,

Inc.

,

Class

A

............................................

8,363

565

Patria

Investments

Ltd.

,

Class

A

............................................

2,590

41

Peoples

Bancorp,

Inc.

....................................................

1,167

35

Principal

Financial

Group,

Inc.

.............................................

2,036

180

Provident

Financial

Services,

Inc.

...........................................

1,993

39

Regions

Financial

Corp.

..................................................

9,278

252

Safety

Insurance

Group,

Inc.

...............................................

660

51

Simmons

First

National

Corp.

,

Class

A

.......................................

3,994

75

T.

Rowe

Price

Group,

Inc.

.................................................

4,012

411

The

Bank

of

NT

Butterfield

&

Son

Ltd.

.......................................

3,761

187

The

PNC

Financial

Services

Group,

Inc.

......................................

1,041

217

The

Western

Union

Co.

...................................................

17,187

160

Victory

Portfolios

II

VictoryShares

Hedged

Equity

Income

ETF

36

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

U.S.

Bancorp

..........................................................

812

$

43

United

Bankshares,

Inc.

..................................................

3,002

115

Valley

National

Bancorp

..................................................

3,975

47

Virtus

Investment

Partners,

Inc.

.............................................

497

81

Zions

Bancorp

NA

......................................................

1,747

102

6,615

Health

Care

(8.3%):

AbbVie,

Inc.

..........................................................

888

203

Amgen,

Inc.

...........................................................

754

247

Bristol-Myers

Squibb

Co.

.................................................

3,927

212

CVS

Health

Corp.

......................................................

3,981

316

DENTSPLY

SIRONA,

Inc.

................................................

11,824

135

Embecta

Corp.

.........................................................

2,474

29

Gilead

Sciences,

Inc.

....................................................

1,275

156

Johnson

&

Johnson

.....................................................

819

169

Medtronic

PLC

........................................................

2,848

274

Merck

&

Co.,

Inc.

......................................................

6,904

727

Perrigo

Co.

PLC

.......................................................

8,530

119

Pfizer,

Inc.

............................................................

10,025

250

Viatris,

Inc.

...........................................................

14,085

175

3,012

Industrials

(2.4%):

Costamare,

Inc.

........................................................

2,974

47

Deluxe

Corp.

..........................................................

1,863

42

Douglas

Dynamics,

Inc.

..................................................

3,292

107

Kennametal,

Inc.

.......................................................

1,850

53

Kforce,

Inc.

...........................................................

2,043

63

MillerKnoll,

Inc.

.......................................................

3,859

71

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

......................................

3,584

301

Pitney

Bowes,

Inc.

......................................................

3,692

39

The

Greenbrier

Cos.,

Inc.

.................................................

815

38

United

Parcel

Service,

Inc.

,

Class

B

..........................................

646

64

Vertiv

Holdings

Co.

,

Class

A

...............................................

372

60

885

Information

Technology

(1.0%):

Cisco

Systems,

Inc.

.....................................................

655

51

HP,

Inc.

..............................................................

8,615

192

Skyworks

Solutions,

Inc.

.................................................

1,945

123

366

Materials

(5.9%):

AdvanSix,

Inc.

.........................................................

1,662

29

Amcor

PLC

...........................................................

62,491

521

Ardagh

Metal

Packaging

SA

...............................................

26,168

107

Ashland,

Inc.

..........................................................

1,672

98

Avient

Corp.

..........................................................

1,079

34

Eastman

Chemical

Co.

...................................................

4,305

275

FMC

Corp.

...........................................................

3,980

55

Greif,

Inc.

,

Class

A

......................................................

1,302

88

Kaiser

Aluminum

Corp.

..................................................

1,110

128

LyondellBasell

Industries

NV

,

Class

A

........................................

2,548

110

Sonoco

Products

Co.

....................................................

8,589

375

Stepan

Co.

............................................................

732

35

SunCoke

Energy,

Inc.

....................................................

5,185

37

Sylvamo

Corp.

.........................................................

706

34

The

Scotts

Miracle-Gro

Co.

...............................................

3,590

209

2,135

Utilities

(17.0%):

American

Electric

Power

Co.,

Inc.

...........................................

3,032

350

American

States

Water

Co.

................................................

481

35

Avista

Corp.

..........................................................

5,117

197

Black

Hills

Corp.

.......................................................

2,742

190

Victory

Portfolios

II

VictoryShares

Hedged

Equity

Income

ETF

37

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

See

notes

to

financial

statements.

Security

Description

Shares

a

Value

(000)

California

Water

Service

Group

.............................................

761

$

33

Chesapeake

Utilities

Corp.

................................................

287

36

Clearway

Energy,

Inc.

,

Class

C

.............................................

12,845

427

Consolidated

Edison,

Inc.

.................................................

2,939

292

DTE

Energy

Co.

.......................................................

2,852

368

Duke

Energy

Corp.

......................................................

3,467

406

Edison

International

.....................................................

2,445

147

Evergy,

Inc.

...........................................................

7,238

525

Eversource

Energy

......................................................

6,419

432

Exelon

Corp.

..........................................................

9,640

420

H2O

America

.........................................................

705

35

New

Jersey

Resources

Corp.

...............................................

3,280

151

Northwest

Natural

Holding

Co.

.............................................

3,246

152

OGE

Energy

Corp.

......................................................

9,917

423

ONE

Gas,

Inc.

.........................................................

1,601

124

Otter

Tail

Corp.

........................................................

464

37

Pinnacle

West

Capital

Corp.

...............................................

5,896

523

Portland

General

Electric

Co.

..............................................

828

40

Southwest

Gas

Holdings,

Inc.

..............................................

1,401

112

Spire,

Inc.

............................................................

2,465

204

UGI

Corp.

............................................................

9,415

352

Unitil

Corp.

...........................................................

688

33

WEC

Energy

Group,

Inc.

.................................................

1,363

144

6,188

Total

Common

Stocks

(Cost

$31,535)

a

a

a

33,391

Collateral

for

Securities

Loaned

(0.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

3

.69

%

(b)

........

14,712

14

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

3

.69

%

(b)

............

14,712

15

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

3

.67

%

(b)

...............

14,712

15

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

3

.69

%

(b)

.

14,712

15

Total

Collateral

for

Securities

Loaned

(Cost

$59)

a

a

a

59

Total

Investments

(Cost

$31,594)

—

91.8%

33,450

Other

assets

in

excess

of

liabilities

—  8.2%

3,007

NET

ASSETS

-

100.00%

$

36,457

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

6.1%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Rate

disclosed

is

the

daily

yield

on

December

31,

2025.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

NASDAQ

100

E-Mini

Futures

.........

96

3/20/26

$

48,890

$

48,877

$

(

13

)

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

E-Mini

Russell

2000

Index

Futures

......

130

3/20/26

$

16,726

$

16,237

$

489

E-Mini

S&P

500

Futures

..............

128

3/20/26

44,088

44,112

(

24

)

$

465

Total

unrealized

appreciation

$

489

Total

unrealized

depreciation

(

37

)

Total

net

unrealized

appreciation

(depreciation)

$

452

Statements

of

Assets

and

Liabilities

December

31,

2025

38

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

US

Value

Momentum

ETF

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

Assets:

Investments,

at

value

(Cost

$182,649

and

$1,166,703)

$

204,913‌

(a)

$

1,226,469‌

(b)

Cash

642‌

4,411‌

Deposit

with

broker

for

futures

contracts

216‌

562‌

Receivables:

Dividends,

interest,

and

securities

lending

income

209‌

2,787‌

Capital

shares

issued

—‌

4,561‌

From

Adviser

2‌

—‌

Prepaid

expenses

—‌

(c)

2‌

Total

Assets

205,982‌

1,238,792‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

393‌

48,069‌

Investments

purchased

—‌

4,532‌

Variation

margin

on

open

futures

contracts

5‌

38‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

26‌

155‌

Administration

fees

4‌

45‌

Custodian

fees

2‌

6‌

Compliance

fees

—‌

(c)

1‌

Trustees'

fees

—‌

1‌

Other

accrued

expenses

15‌

35‌

Total

Liabilities

445‌

52,882‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

239,540‌

1,148,450‌

Total

accumulated

earnings

(loss)

(

34,003‌

)

37,460‌

Net

Assets

$

205,537‌

$

1,185,910‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

2,250‌

13,000‌

Net

asset

value:

$

91

.35‌

$

91

.22‌

(a)

Includes

$372

thousand

of

securities

on

loan.

(b)

Includes

$45,889

thousand

of

securities

on

loan.

(c)

Rounds

to

less

than

$1

thousand.

Statements

of

Assets

and

Liabilities

December

31,

2025

39

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

International

Value

Momentum

ETF

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Assets:

Investments,

at

value

(Cost

$241,841

and

$202,644)

$

298,942‌

(a)

$

228,359‌

(b)

Foreign

currency,

at

value

(Cost

$1,116

and

$150)

1,118‌

150‌

Cash

544‌

449‌

Deposit

with

broker

for

futures

contracts

230‌

93‌

Receivables:

Dividends,

interest,

and

securities

lending

income

216‌

633‌

Investments

sold

119‌

—‌

Reclaims

925‌

14‌

Prepaid

expenses

—‌

(c)

—‌

(c)

Total

Assets

302,094‌

229,698‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

12,392‌

929‌

Investments

purchased

119‌

—‌

Payable

to

Adviser

6‌

6‌

Variation

margin

on

open

futures

contracts

10‌

2‌

Accrued

foreign

capital

gains

taxes

—‌

282‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

61‌

59‌

Administration

fees

5‌

4‌

Custodian

fees

7‌

56‌

Compliance

fees

—‌

(c)

—‌

(c)

Other

accrued

expenses

41‌

27‌

Total

Liabilities

12,641‌

1,365‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

266,364‌

205,931‌

Total

accumulated

earnings

(loss)

23,089‌

22,402‌

Net

Assets

$

289,453‌

$

228,333‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

4,500‌

4,100‌

Net

asset

value:

$

64

.32‌

$

55

.69‌

(a)

Includes

$11,766

thousand

of

securities

on

loan.

(b)

Includes

$1,607

thousand

of

securities

on

loan.

(c)

Rounds

to

less

than

$1

thousand.

Statements

of

Assets

and

Liabilities

December

31,

2025

40

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

WestEnd

U.S.

Sector

ETF

VictoryShares

WestEnd

Global

Equity

ETF

Assets:

Investments,

at

value

(Cost

$541,514

and

$36,053)

$

721,467‌

(a)

$

37,254‌

(b)

Cash

1,986‌

199‌

Receivables:

Dividends,

interest,

and

securities

lending

income

419‌

1‌

Capital

shares

issued

950‌

—‌

From

Adviser

—‌

3‌

Prepaid

expenses

1‌

—‌

(c)

Total

Assets

724,823‌

37,457‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

755‌

897‌

Investments

purchased

941‌

152‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

252‌

15‌

Administration

fees

13‌

1‌

Custodian

fees

4‌

1‌

Compliance

fees

—‌

(c)

—‌

(c)

Trustees'

fees

—‌

(c)

—‌

Other

accrued

expenses

19‌

14‌

Total

Liabilities

1,984‌

1,080‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

552,266‌

35,290‌

Total

accumulated

earnings

(loss)

170,573‌

1,087‌

Net

Assets

$

722,839‌

$

36,377‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

15,220‌

1,180‌

Net

asset

value:

$

47

.49‌

$

30

.83‌

(a)

Includes

$1,417

thousand

of

securities

on

loan.

(b)

Includes

$875

thousand

of

securities

on

loan.

(c)

Rounds

to

less

than

$1

thousand.

Statements

of

Assets

and

Liabilities

December

31,

2025

41

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

VictoryShares

Hedged

Equity

Income

ETF

Assets:

Investments,

at

value

(Cost

$31,594)

$

33,450‌

(a)

Cash

693‌

Deposit

with

broker

for

futures

contracts

2,283‌

Receivables:

Dividends,

interest,

and

securities

lending

income

77‌

From

Adviser

5‌

Variation

margin

on

open

futures

contracts

40‌

Prepaid

expenses

—‌

(b)

Total

Assets

36,548‌

Liabilities:

Payables:

Collateral

received

on

loaned

securities

59‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

16‌

Administration

fees

1‌

Custodian

fees

1‌

Compliance

fees

—‌

(b)

Trustees'

fees

—‌

(b)

Other

accrued

expenses

14‌

Total

Liabilities

91‌

Commitments

and

contingencies

(Note

5

)

Net

Assets:

Capital

36,128‌

Total

accumulated

earnings

(loss)

329‌

Net

Assets

$

36,457‌

Shares

outstanding

(unlimited

shares

authorized,

no

par

value):

1,370‌

Net

asset

value:

$

26

.61‌

(a)

Includes

$58

thousand

of

securities

on

loan.

(b)

Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

42

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

US

Value

Momentum

ETF

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

Investment

Income:

Dividends

$

1,853‌

$

13,060‌

Interest

12‌

80‌

Securities

lending

(net

of

fees)

1‌

104‌

Foreign

tax

withholding

—‌

(

3‌

)

Total

Income

1,866‌

13,241‌

Expenses:

Investment

advisory

fees

137‌

820‌

Administration

fees

43‌

256‌

Sub-Administration

fees

10‌

10‌

Custodian

fees

5‌

21‌

Trustees'

fees

5‌

25‌

Compliance

fees

1‌

4‌

Legal

and

audit

fees

8‌

29‌

Printing

fees

7‌

25‌

Other

expenses

4‌

25‌

Total

Expenses

220‌

1,215‌

Expenses

waived/reimbursed

by

Adviser

(

37‌

)

—‌

Net

Expenses

183‌

1,215‌

Net

Investment

Income

(Loss)

1,683‌

12,026‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

7,765‌

2,436‌

Net

realized

gains

(losses)

from

futures

contracts

69‌

755‌

Net

realized

gains

(losses)

from

in-kind

redemptions

—‌

52,674‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

4,800‌

33,510‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

23‌

)

(

186‌

)

Net

realized/unrealized

gains

(losses)

on

investments

12,611‌

89,189‌

Change

in

net

assets

resulting

from

operations

$

14,294‌

$

101,215‌

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

43

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

International

Value

Momentum

ETF

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Investment

Income:

Dividends

$

3,392‌

$

4,222‌

Interest

28‌

13‌

Securities

lending

(net

of

fees)

24‌

53‌

Foreign

tax

withholding

(

319‌

)

(

485‌

)

Total

Income

3,125‌

3,803‌

Expenses:

Investment

advisory

fees

342‌

354‌

Administration

fees

64‌

56‌

Sub-Administration

fees

10‌

11‌

Custodian

fees

38‌

105‌

Trustees'

fees

7‌

6‌

Compliance

fees

1‌

1‌

Legal

and

audit

fees

7‌

22‌

Line

of

credit

fees

—‌

2‌

Printing

fees

6‌

7‌

Other

expenses

9‌

6‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

31‌

12‌

Total

Expenses

515‌

582‌

Expenses

waived/reimbursed

by

Adviser

(

36‌

)

(

51‌

)

Net

Expenses

479‌

531‌

Net

Investment

Income

(Loss)

2,646‌

3,272‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

21,311‌

9,885‌

Foreign

taxes

on

realized

gains

—‌

(

287‌

)

Net

realized

gains

(losses)

from

futures

contracts

183‌

136‌

Net

realized

gains

(losses)

from

in-kind

redemptions

1,906‌

11,420‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

6,289‌

(

1,020‌

)

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

8‌

)

(

2‌

)

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—‌

385‌

Net

realized/unrealized

gains

(losses)

on

investments

29,681‌

20,517‌

Change

in

net

assets

resulting

from

operations

$

32,327‌

$

23,789‌

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

44

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

WestEnd

U.S.

Sector

ETF

VictoryShares

WestEnd

Global

Equity

ETF

Investment

Income:

Dividends

$

3,801‌

$

284‌

Interest

34‌

—‌

Securities

lending

(net

of

fees)

26‌

2‌

Foreign

tax

withholding

—‌

(a)

—‌

Total

Income

3,861‌

286‌

Expenses:

Investment

advisory

fees

1,290‌

37‌

Administration

fees

151‌

3‌

Sub-Administration

fees

10‌

9‌

Custodian

fees

13‌

1‌

Trustees'

fees

15‌

1‌

Compliance

fees

2‌

—‌

(a)

Legal

and

audit

fees

19‌

2‌

Printing

fees

12‌

5‌

Other

expenses

10‌

5‌

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

46‌

—‌

Total

Expenses

1,568‌

63‌

Expenses

waived/reimbursed

by

Adviser

(

83‌

)

(

20‌

)

Net

Expenses

1,485‌

43‌

Net

Investment

Income

(Loss)

2,376‌

243‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

3,460‌

(

79‌

)

Net

realized

gains

(losses)

from

futures

contracts

92‌

—‌

Net

realized

gains

(losses)

from

in-kind

redemptions

3,610‌

37‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

54,177‌

998‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(

57‌

)

—‌

Net

realized/unrealized

gains

(losses)

on

investments

61,282‌

956‌

Change

in

net

assets

resulting

from

operations

$

63,658‌

$

1,199‌

(a)

Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

45

See

notes

to

financial

statements.

Victory

Portfolios

II

(Amounts

in

Thousands)

(Unaudited)

VictoryShares

Hedged

Equity

Income

ETF

Investment

Income:

Dividends

$

800‌

Interest

45‌

Securities

lending

(net

of

fees)

—‌

(a)

Foreign

tax

withholding

(

1‌

)

Total

Income

844‌

Expenses:

Investment

advisory

fees

93‌

Administration

fees

9‌

Sub-Administration

fees

11‌

Custodian

fees

2‌

Trustees'

fees

2‌

Compliance

fees

—‌

(a)

Legal

and

audit

fees

5‌

Printing

fees

5‌

Other

expenses

5‌

Total

Expenses

132‌

Expenses

waived/reimbursed

by

Adviser

(

30‌

)

Net

Expenses

102‌

Net

Investment

Income

(Loss)

742‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

365‌

Net

realized

gains

(losses)

from

futures

contracts

(

1,788‌

)

Net

realized

gains

(losses)

from

in-kind

redemptions

254‌

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

758‌

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

443‌

Net

realized/unrealized

gains

(losses)

on

investments

32‌

Change

in

net

assets

resulting

from

operations

$

774‌

(a)

Rounds

to

less

than

$1

thousand.

46

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

VictoryShares

US

Value

Momentum

ETF

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

1,683‌

$

2,972‌

$

12,026‌

$

9,529‌

Net

realized

gains

(losses)

7,834‌

20,711‌

55,865‌

11,362‌

Net

change

in

unrealized

appreciation/depreciation

4,777‌

1,016‌

33,324‌

1,120‌

Change

in

net

assets

resulting

from

operations

14,294‌

24,699‌

101,215‌

22,011‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

1,939‌

)

(

2,873‌

)

(

13,807‌

)

(

8,549‌

)

Change

in

net

assets

resulting

from

capital

transactions

27,061‌

(

5,607‌

)

144,728‌

715,381‌

Change

in

net

assets

39,416‌

16,219‌

232,136‌

728,843‌

Net

Assets:

Beginning

of

period

166,121‌

149,902‌

953,774‌

224,931‌

End

of

period

$

205,537‌

$

166,121‌

$

1,185,910‌

$

953,774‌

Capital

Transactions:

Proceeds

from

shares

issued

$

27,061‌

$

43,502‌

$

367,028‌

$

841,565‌

Cost

of

shares

redeemed

—‌

(

49,109‌

)

(

222,300‌

)

(

126,184‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

27,061‌

$

(

5,607‌

)

$

144,728‌

$

715,381‌

Share

Transactions:

Issued

300‌

550‌

4,050‌

10,000‌

Redeemed

—‌

(

600‌

)

(

2,400‌

)

(

1,550‌

)

Change

in

Shares

300‌

(

50‌

)

1,650‌

8,450‌

47

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

VictoryShares

International

Value

Momentum

ETF

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

2,646‌

$

8,264‌

$

3,272‌

$

7,543‌

Net

realized

gains

(losses)

23,400‌

24,595‌

21,154‌

11,222‌

Net

change

in

unrealized

appreciation/depreciation

6,281‌

28,720‌

(

637‌

)

3,793‌

Change

in

net

assets

resulting

from

operations

32,327‌

61,579‌

23,789‌

22,558‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

5,125‌

)

(

11,409‌

)

(

6,772‌

)

(

11,751‌

)

Change

in

net

assets

resulting

from

capital

transactions

(

2,702‌

)

(

7,876‌

)

(

14,194‌

)

23,937‌

Change

in

net

assets

24,500‌

42,294‌

2,823‌

34,744‌

Net

Assets:

Beginning

of

period

264,953‌

222,659‌

225,510‌

190,766‌

End

of

period

$

289,453‌

$

264,953‌

$

228,333‌

$

225,510‌

Capital

Transactions:

Proceeds

from

shares

issued

$

6,021‌

$

—‌

$

32,945‌

$

26,315‌

Cost

of

shares

redeemed

(

8,723‌

)

(

7,876‌

)

(

47,139‌

)

(

2,378‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

(

2,702‌

)

$

(

7,876‌

)

$

(

14,194‌

)

$

23,937‌

Share

Transactions:

Issued

100‌

—‌

600‌

550‌

Redeemed

(

150‌

)

(

150‌

)

(

850‌

)

(

50‌

)

Change

in

Shares

(

50‌

)

(

150‌

)

(

250‌

)

500‌

48

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

VictoryShares

WestEnd

U.S.

Sector

ETF

VictoryShares

WestEnd

Global

Equity

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

2,376‌

$

3,744‌

$

243‌

$

91‌

Net

realized

gains

(losses)

7,162‌

20,583‌

(

42‌

)

—‌

Net

change

in

unrealized

appreciation/depreciation

54,120‌

45,636‌

998‌

211‌

Change

in

net

assets

resulting

from

operations

63,658‌

69,963‌

1,199‌

302‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

2,694‌

)

(

3,588‌

)

(

253‌

)

(

90‌

)

Change

in

net

assets

resulting

from

capital

transactions

102,574‌

113,985‌

30,620‌

2,098‌

Change

in

net

assets

163,538‌

180,360‌

31,566‌

2,310‌

Net

Assets:

Beginning

of

period

559,301‌

378,941‌

4,811‌

2,501‌

End

of

period

$

722,839‌

$

559,301‌

$

36,377‌

$

4,811‌

Capital

Transactions:

Proceeds

from

shares

issued

$

110,761‌

$

219,753‌

$

31,185‌

$

9,829‌

Cost

of

shares

redeemed

(

8,187‌

)

(

105,768‌

)

(

565‌

)

(

7,731‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

102,574‌

$

113,985‌

$

30,620‌

$

2,098‌

Share

Transactions:

Issued

2,420‌

5,520‌

1,030‌

370‌

Redeemed

(

180‌

)

(

2,690‌

)

(

20‌

)

(

300‌

)

Change

in

Shares

2,240‌

2,830‌

1,010‌

70‌

49

(Amounts

in

Thousands)

Victory

Portfolios

II

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

VictoryShares

Hedged

Equity

Income

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

For

the

Period

July

11,

2024

(a)

through

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

742‌

$

945‌

Net

realized

gains

(losses)

(

1,169‌

)

306‌

Net

change

in

unrealized

appreciation/depreciation

1,201‌

1,107‌

Change

in

net

assets

resulting

from

operations

774‌

2,358‌

Change

in

net

assets

resulting

from

distributions

to

shareholders

(

1,024‌

)

(

849‌

)

Change

in

net

assets

resulting

from

capital

transactions

273‌

34,925‌

Change

in

net

assets

23‌

36,434‌

Net

Assets:

Beginning

of

period

36,434‌

—‌

End

of

period

$

36,457‌

$

36,434‌

Capital

Transactions:

Proceeds

from

shares

issued

$

1,895‌

$

40,246‌

Cost

of

shares

redeemed

(

1,622‌

)

(

5,321‌

)

Change

in

net

assets

resulting

from

capital

transactions

$

273‌

$

34,925‌

Share

Transactions:

Issued

70‌

1,560‌

Redeemed

(

60‌

)

(

200‌

)

Change

in

Shares

10‌

1,360‌

(a)

Commencement

of

operations.

Victory

Portfolios

II

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

50

See

notes

to

financial

statements.

SO

VictoryShares

US

Value

Momentum

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$85.19

$74.95

$64.19

$60.10

$65.66

$45.30

Investment

Activities:

Net

investment

income

(loss)(a)

0.83

1.53

1.25

1.25

1.07

0.81

Net

realized

and

unrealized

gains

(losses)

6.27

10.21

10.84

4.11

(5.52)

20.32

Total

from

Investment

Activities

7.10

11.74

12.09

5.36

(4.45)

21.13

Distributions

to

Shareholders

from:

Net

investment

income

(0.94)

(1.50)

(1.33)

(1.27)

(1.11)

(0.77)

Total

Distributions

(0.94)

(1.50)

(1.33)

(1.27)

(1.11)

(0.77)

Net

Asset

Value,

End

of

Period

$91.35

$85.19

$74.95

$64.19

$60.10

$65.66

Total

Return(b)(c)

8.36%

15.81%

19.08%

8.99%

(6.94)%

47.02%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.20%

0.20%

0.20%

0.20%

0.20%

0.20%

Net

Investment

Income

(Loss)(d)

1.84%

1.90%

1.85%

2.00%

1.59%

1.47%

Gross

Expenses(d)(e)

0.24%

0.25%

0.26%

0.26%

0.27%

0.27%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$205,537

$166,121

$149,902

$192,568

$267,461

$443,213

Portfolio

Turnover(b)(f)

47%

95%

118%

101%

53%

76%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

51

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$84.03

$77.56

$66.86

$60.55

$72.20

$45.57

Investment

Activities:

Net

investment

income

(loss)(a)

0.98

1.45

1.04

1.12

0.88

0.52

Net

realized

and

unrealized

gains

(losses)

7.34

6.59

10.73

6.29

(11.79)

26.84

Total

from

Investment

Activities

8.32

8.04

11.77

7.41

(10.91)

27.36

Distributions

to

Shareholders

from:

Net

investment

income

(1.13)

(1.57)

(1.07)

(1.10)

(0.74)

(0.73)

Total

Distributions

(1.13)

(1.57)

(1.07)

(1.10)

(0.74)

(0.73)

Net

Asset

Value,

End

of

Period

$91.22

$84.03

$77.56

$66.86

$60.55

$72.20

Total

Return(b)(c)

9.93%

10.46%

17.77%

12.33%

(15.24)%

60.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.22%

0.25%

0.24%(f)

0.24%(f)

0.24%(f)

0.24%(f)

Net

Investment

Income

(Loss)(d)

2.20%

1.77%

1.45%

1.75%

1.26%

0.87%

Gross

Expenses(d)(e)

0.22%

0.25%

0.25%

0.27%

0.27%

0.28%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,185,910

$953,774

$224,931

$230,660

$257,356

$299,631

Portfolio

Turnover(b)(g)

57%

112%

104%

126%

70%

78%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Includes

impact

of

voluntary

waivers.

Without

these

voluntary

waivers,

the

net

expense

ratio

would

have

been

at

the

contractual

cap.

(g)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

52

See

notes

to

financial

statements.

VictoryShares

International

Value

Momentum

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$58.23

$47.37

$43.64

$40.14

$49.64

$38.42

Investment

Activities:

Net

investment

income

(loss)(a)

0.59

1.77

1.56

1.59

1.41

1.28

Net

realized

and

unrealized

gains

(losses)

6.65

11.55

4.34

3.33

(9.20)

11.17

Total

from

Investment

Activities

7.24

13.32

5.90

4.92

(7.79)

12.45

Distributions

to

Shareholders

from:

Net

investment

income

(1.15)

(2.46)

(2.17)

(1.42)

(1.71)

(1.23)

Total

Distributions

(1.15)

(2.46)

(2.17)

(1.42)

(1.71)

(1.23)

Net

Asset

Value,

End

of

Period

$64.32

$58.23

$47.37

$43.64

$40.14

$49.64

Total

Return(b)(c)

12.57%

29.09%

13.82%

12.50%

(16.12)%

32.66%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

Net

Investment

Income

(Loss)(d)

1.94%

3.54%

3.44%

3.86%

2.96%

2.86%

Gross

Expenses(d)(e)

0.38%

0.39%

0.39%

0.41%

0.41%

0.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$289,453

$264,953

$222,659

$246,564

$282,957

$357,380

Portfolio

Turnover(b)(f)

48%

99%

84%

105%

68%

90%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

53

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$51.84

$49.55

$42.08

$40.76

$52.08

$37.91

Investment

Activities:

Net

investment

income

(loss)(a)

0.77

1.90

1.48

2.04

1.91

1.36

Net

realized

and

unrealized

gains

(losses)

4.69

3.40

7.75

1.04

(11.18)

14.10

Total

from

Investment

Activities

5.46

5.30

9.23

3.08

(9.27)

15.46

Distributions

to

Shareholders

from:

Net

investment

income

(1.61)

(3.01)

(1.76)

(1.76)

(2.05)

(1.29)

Total

Distributions

(1.61)

(3.01)

(1.76)

(1.76)

(2.05)

(1.29)

Net

Asset

Value,

End

of

Period

$55.69

$51.84

$49.55

$42.08

$40.76

$52.08

Total

Return(b)(c)

10.67%

11.51%

22.64%

7.80%

(18.34)%

41.48%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.45%

0.45%

0.45%

0.45%

0.45%

0.45%

Net

Investment

Income

(Loss)(d)

2.77%

3.97%

3.34%

5.07%

4.05%

2.98%

Gross

Expenses(d)(e)

0.49%

0.53%

0.52%

0.61%

0.55%

0.56%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$228,333

$225,510

$190,766

$170,426

$209,936

$265,591

Portfolio

Turnover(b)(f)

51%

118%

118%

109%

70%

95%

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

54

See

notes

to

financial

statements.

VictoryShares

WestEnd

U.S.

Sector

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

October

12,

2022(a)

through

June

30,

2023

Net

Asset

Value,

Beginning

of

Period

$43.09

$37.33

$31.00

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.17

0.33

0.34

0.28

Net

realized

and

unrealized

gains

(losses)

4.42

5.75

6.32

5.96

Total

from

Investment

Activities

4.59

6.08

6.66

6.24

Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.32)

(0.33)

(0.24)

Total

Distributions

(0.19)

(0.32)

(0.33)

(0.24)

Net

Asset

Value,

End

of

Period

$47.49

$43.09

$37.33

$31.00

Total

Return(c)(d)

10.68%

16.35%

21.67%

25.10%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.46%

0.46%

0.46%

0.42%

Net

Investment

Income

(Loss)(e)

0.74%

0.83%

1.02%

1.39%

Gross

Expenses(e)(f)

0.49%

0.49%

0.50%

0.67%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$722,839

$559,301

$378,941

$181,334

Portfolio

Turnover(c)(g)

33%

31%

30%

43%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Excludes

impact

of

in-kind

transactions.

55

Victory

Portfolios

II

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

See

notes

to

financial

statements.

VictoryShares

WestEnd

Global

Equity

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

June

21,

2024(a)

through

June

30,

2024

Net

Asset

Value,

Beginning

of

Period

$28.30

$25.01

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.52

0.40

0.09

Net

realized

and

unrealized

gains

(losses)

2.36

3.25

(0.08)

Total

from

Investment

Activities

2.88

3.65

0.01

Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.36)

—

Total

Distributions

(0.35)

(0.36)

—

Net

Asset

Value,

End

of

Period

$30.83

$28.30

$25.01

Total

Return(c)(d)

10.21%

14.72%

0.06%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.60%

0.60%

0.60%

Net

Investment

Income

(Loss)(e)

3.38%

1.51%

13.34%

Gross

Expenses(e)(f)

0.87%

1.89%

19.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$36,377

$4,811

$2,501

Portfolio

Turnover(c)(g)

24%

37%

0%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

II

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

56

See

notes

to

financial

statements.

VictoryShares

Hedged

Equity

Income

ETF

Six

Months

Ended

December

31,

2025

(Unaudited)

July

11,

2024(a)

through

June

30,

2025

Net

Asset

Value,

Beginning

of

Period

$26.79

$25.00

Investment

Activities:

Net

investment

income

(loss)(b)

0.54

1.03

Net

realized

and

unrealized

gains

(losses)

0.03

1.65

Total

from

Investment

Activities

0.57

2.68

Distributions

to

Shareholders

from:

Net

investment

income

(0.75)

(0.89)

Total

Distributions

(0.75)

(0.89)

Net

Asset

Value,

End

of

Period

$26.61

$26.79

Total

Return(c)(d)

2.13%

10.87%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.55%

0.55%

Net

Investment

Income

(Loss)(e)

3.99%

4.03%

Gross

Expenses(e)(f)

0.71%

0.92%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$36,457

$36,434

Portfolio

Turnover(c)(g)

15%

76%

(a)

Commencement

of

operations.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g)

Excludes

impact

of

in-kind

transactions.

Notes

to

Financial

Statements

December

31,

2025

Victory

Portfolios

II

57

(Unaudited)

1.

Organization:

Victory

Portfolios

II

(the

“Trust”)

is

organized as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

27

funds, and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following seven

funds

(collectively,

the

“Funds”

and

individually,

a

“Fund”).

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

*

Commenced

operations

July

11,

2024

Victory

Capital

Management

Inc.

(“VCM”

or

the

“Adviser”)

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies:

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”).

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

(“ASC”)

Topic

946.

Shares

of

the

Funds

are

listed

and

traded

on

the

Nasdaq

Stock

Market,

LLC.

(the

“Exchange”).

The

Funds

issue

and

redeem

shares

(“Shares”)

at

net

asset

value

(“NAV”)

only

in

aggregations

of

50,000

shares

(each

a

“Creation

Unit”),

or

10,000

shares

in

the

case

of

WestEnd

U.S.

Sector

ETF, WestEnd

Global

Equity

ETF,

and

Hedged

Equity

Income

ETF.

Creation

Units

are

issued

and

redeemed

in

exchange

for

a

basket

of

securities

included

in

the

respective

Fund’s

Index

(the

“Deposit

Securities”),

and/or

with

the

deposit

of

a

specified

cash

payment

(the

“Cash

Component”),

plus

a

transaction

fee.

Shares

trade

on

the Exchange

at

market

prices

that

may

be

below,

at,

or

above

NAV.

Shares

of

a

Fund

may

only

be

purchased

or

redeemed

by

certain

financial

institutions

(“Authorized

Participants”).

An

Authorized

Participant

is

either

(i)

a

broker-

dealer

or

other

participant

in

the

clearing

process

through

the

Continuous

Net

Settlement

System

of

the

National

Securities

Clearing

Corporation

or

(ii)

a

Depository

Trust

Company

participant

and,

in

each

case,

must

have

executed

a

Participant

Agreement

with

the

distributor. In

addition,

shares

may

be

issued

in

advance

of

receipt

of

Deposit

Securities

subject

to

various

conditions,

including

a

requirement

to

maintain

on

deposit

with

the

Trust

cash

equal

to

at

least

105%

of

the

market

value

of

the

missing

Deposit

Securities.

In

each

instance

of

such

cash

creations

or

redemptions,

transaction

fees

may

be

imposed

and

may

be

higher

than

the

transaction

fees

associated

with

in-kind

creations

or

redemptions.

Shares

of

each

Fund

have

equal

rights

and

privileges.

A

purchase

(i.e.,

creation)

transaction

fee

is

imposed

for

the

transfer

and

other

transactional

costs

associated

with

the

purchase

of

Creation

Units.

In

addition,

a

variable

fee

may

be

charged

on

all

cash

transactions

or

substitutes

for

Creation

Units.

Variable

fees

received

by

each

Fund

are

displayed

in

the

Capital

Transactions

section

of

the

Statements

of

Changes

in

Net

Assets

as

an

increase

to

Capital.

The

transaction

fees

for

each

Fund

are

listed

below:

Funds

(Legal

Name)

Funds

(Short

Name)

VictoryShares

US

Value

Momentum

ETF

US

Value

Momentum

ETF

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

US

Small

Mid

Cap

Value

Momentum

ETF

VictoryShares

International

Value

Momentum

ETF

International

Value

Momentum

ETF

VictoryShares

Emerging

Markets

Value

Momentum

ETF

Emerging

Markets

Value

Momentum

ETF

VictoryShares

WestEnd

U.S.

Sector

ETF

WestEnd

U.S.

Sector

ETF

VictoryShares

WestEnd

Global

Equity

ETF

WestEnd

Global

Equity

ETF

VictoryShares

Hedged

Equity

Income

ETF*

Hedged

Equity

Income

ETF

Fee

for

In-Kind

and

Cash

Purchases

and

Redemptions

Maximum

Additional

Variable

Charge

for

Cash

Purchases

and

Redemptions*

US

Value

Momentum

ETF

...............................................

$

500

2.00%

US

Small

Mid

Cap

Value

Momentum

ETF

....................................

750

2.00%

International

Value

Momentum

ETF

........................................

3,000

2.00%

Emerging

Markets

Value

Momentum

ETF

....................................

5,500

2.00%

WestEnd

U.S.

Sector

ETF

................................................

100

2.00%

WestEnd

Global

Equity

ETF

..............................................

250

2.00%

Hedged

Equity

Income

ETF

..............................................

250

2.00%

*  

As

a

percentage

of

the

amount

invested

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

58

(Unaudited)

Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds’

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

3

—

significant

unobservable

inputs

(including

the

Adviser’s

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust’s

Board

of

Trustees

(the

“Board”),

has

established

the

Pricing

Committee

(the

“Committee”),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds’

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

(“ETFs”),

American

Depositary

Receipts,

and

Rights,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

NAV.

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

2

or

Level

3

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments

(amounts

in

thousands):

Level

1

Level

2

Level

3

Total

US

Value

Momentum

ETF

Common

Stocks

...............................................

$

204,520

$

—

$

—

$

204,520

Collateral

for

Securities

Loaned

...................................

393

—

—

393

Total

.......................................................

$

204,913

$

—

$

—

$

204,913

Other

Financial

Investments:*

Liabilities:

Futures

Contracts

..............................................

(2)

—

—

(2)

Total

.......................................................

$

(2)

$

—

$

—

$

(2)

US

Small

Mid

Cap

Value

Momentum

ETF

Common

Stocks

...............................................

1,178,400

—

—(a)

1,178,400

Collateral

for

Securities

Loaned

...................................

48,069

—

—

48,069

Total

.......................................................

$

1,226,469

$

—

$

—(a)

$

1,226,469

Other

Financial

Investments:*

Liabilities:

Futures

Contracts

..............................................

(118)

—

—

(118)

Total

.......................................................

$

(118)

$

—

$

—

$

(118)

International

Value

Momentum

ETF

Common

Stocks

...............................................

286,550

—

—

286,550

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

59

(Unaudited)

As

of December

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3.

Real

Estate

Investment

Trusts

(“REITs”):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Level

1

Level

2

Level

3

Total

International

Value

Momentum

ETF,

continued

Collateral

for

Securities

Loaned

...................................

$

12,392

$

—

$

—

$

12,392

Total

.......................................................

$

298,942

$

—

$

—

$

298,942

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

9

—

—

9

Total

.......................................................

$

9

$

—

$

—

$

9

Emerging

Markets

Value

Momentum

ETF

Common

Stocks

...............................................

227,430

—

—(b)

227,430

Collateral

for

Securities

Loaned

...................................

929

—

—

929

Total

.......................................................

$

228,359

$

—

$

—(b)

$

228,359

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

5

—

—

5

Total

.......................................................

$

5

$

—

$

—

$

5

WestEnd

U.S.

Sector

ETF

Common

Stocks

...............................................

720,711

—

—

720,711

Rights

......................................................

—

—

1

1

Collateral

for

Securities

Loaned

...................................

755

—

—

755

Total

.......................................................

$

721,466

$

—

$

1

$

721,467

WestEnd

Global

Equity

ETF

Exchange-Traded

Funds

.........................................

36,357

—

—

36,357

Collateral

for

Securities

Loaned

...................................

897

—

—

897

Total

.......................................................

$

37,254

$

—

$

—

$

37,254

Hedged

Equity

Income

ETF

Common

Stocks

...............................................

33,391

—

—

33,391

Collateral

for

Securities

Loaned

...................................

59

—

—

59

Total

.......................................................

$

33,450

$

—

$

—

$

33,450

Other

Financial

Investments:*

Assets:

Futures

Contracts

..............................................

489

—

—

489

Liabilities:

Futures

Contracts

..............................................

(37)

—

—

(37)

Total

.......................................................

$

452

$

—

$

—

$

452

*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a)

Rounds

to

less

than

$1.

(b)

Zero

market

value

security.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

60

(Unaudited)

Investment

Companies:

Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Derivative

Instruments:

Futures

Contracts:

The

Funds

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Funds

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Funds

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs and

a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian,

which is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Funds

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Funds

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Funds

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Funds’

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Funds’

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Funds

is

reflected

on

the

Statements

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Funds

are

not

subject

to

master

netting

agreements

for

futures

contracts. During

the

six

months

ended December

31,

2025,

the Funds entered

into

futures

contracts

primarily

for

the

strategy

of

hedging

or

other

purposes,

including

but

not

limited

to,

providing

liquidity

and

equitizing

cash.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

December

31,

2025

(amounts

in

thousands):

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

December

31,

2025 (amounts

in

thousands):

Assets

Liabilities

Receivable:

Variation

margin

on

open

futures

contracts*

Payable:

Variation

margin

on

open

futures

contracts*

Equity

Risk

Exposure:

503,000

(157,000)

US

Value

Momentum

ETF

...............................................................

$

–

$

2

US

Small

Mid

Cap

Value

Momentum

ETF

....................................................

–

118

International

Value

Momentum

ETF

........................................................

9

–

Emerging

Markets

Value

Momentum

ETF

....................................................

5

–

Hedged

Equity

Income

ETF

..............................................................

489

37

*

Includes

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedules

of

Portfolio

Investments.

Only

current

day’s

variation

margin

for

futures

contracts

is

reported

within

the

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

61

(Unaudited)

All

open

derivative

positions

at

period

end

are

reflected

on

each

respective

Fund’s

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund’s

net

assets

at

period end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment’s

applicable

country’s

tax

rules

and

rates.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

(“Citibank”), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds’

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds’

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds’

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds’

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds’

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Equity

Risk

Exposure:

(553,000)

167,000

US

Value

Momentum

ETF

...........................................................

$

69

$

(23)

US

Small

Mid

Cap

Value

Momentum

ETF

................................................

755

(186)

International

Value

Momentum

ETF

....................................................

183

(8)

Emerging

Markets

Value

Momentum

ETF

................................................

136

(2)

WestEnd

U.S.

Sector

ETF

............................................................

92

(57)

Hedged

Equity

Income

ETF

..........................................................

(1,788)

443

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

US

Value

Momentum

ETF

..........................................

$

372

$

—

$

393

US

Small

Mid

Cap

Value

Momentum

ETF

...............................

45,889

—

48,069

International

Value

Momentum

ETF

...................................

11,766

—

12,392

Emerging

Markets

Value

Momentum

ETF

...............................

1,607

1,190

929

WestEnd

U.S.

Sector

ETF

...........................................

1,417

1,102

755

WestEnd

Global

Equity

ETF

.........................................

875

—

897

Hedged

Equity

Income

ETF

.........................................

58

—

59

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

62

(Unaudited)

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Funds

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Funds

do

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statements

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statements

of

Operations.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

June

30.

For

the

six

months

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3.

Purchases

and

Sales:

Purchases

and

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

and

purchases

and

sales

associated

with

in-kind

transactions

for

the

six

months

ended

December

31,

2025,

are

included

in

the

table

below

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in-kind

redemptions

are

reflected

on

the

Statements

of

Operations

as

net

realized

gains

(losses)

from

in-kind

redemptions.

4.

Affiliated

Fund

Ownership:

The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

funds.

The affiliated

funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund’s

assets,

and

together

with

the

investments

of

the

other

affiliated

funds,

may

represent

a

substantial

portion

or

even

all

of

an

underlying

fund’s

net

assets.

The

affiliated

funds

annual

and

semi-annual

reports

may

be

viewed

at

vcm.

com.

As

of

December

31,

2025,

certain

affiliated

funds owned

total

outstanding

shares

of

the

Funds

as

follows:

Excluding

U.S.

Government

Securities

and

In-Kind

Transactions

Associated

with

In-Kind

Transactions

Purchases

Sales

Purchases

Sales

US

Value

Momentum

ETF

..................................

$

84,351

$

84,619

$

26,936

$

—

US

Small

Mid

Cap

Value

Momentum

ETF

.......................

616,329

615,667

360,610

223,455

International

Value

Momentum

ETF

...........................

127,897

129,661

5,128

7,992

Emerging

Markets

Value

Momentum

ETF

.......................

132,601

119,002

6,435

37,053

WestEnd

U.S.

Sector

ETF

...................................

212,680

211,349

108,133

8,070

WestEnd

Global

Equity

ETF

.................................

4,378

3,720

30,522

563

Hedged

Equity

Income

ETF

.................................

5,068

6,833

1,741

1,477

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

63

(Unaudited)

5.

Fees

and

Transactions

with

Affiliates

and

Related

Parties:

Investment

Advisory

Fees: 

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

US

Value

Momentum

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.6

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.3

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.7

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

13.2

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29.4

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

23.2

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.1

US

Small

Mid

Cap

Value

Momentum

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.8

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.2

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.6

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.7

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.5

International

Value

Momentum

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.1

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.9

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.9

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

15.6

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

27.8

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

20.7

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.3

Emerging

Markets

Value

Momentum

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.4

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.8

Victory

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.5

Victory

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.3

Victory

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.9

Victory

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10.4

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.8

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

9.9

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

20.1

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

14.1

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.2

WestEnd

U.S.

Sector

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.7

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.9

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.7

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.9

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.4

Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

9.7

Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.6

Hedged

Equity

Income

ETF

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.1

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

20.8

Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

23.8

Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

49.2

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

64

(Unaudited)

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds’

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios.

The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

(“CCO”),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

“Distributor”),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Other

Fees:

Citibank

serves

as

the

Funds’

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds’

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36)

months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

Fee

Rate

US

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

US

Small

Mid

Cap

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

International

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Emerging

Markets

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

WestEnd

U.S.

Sector

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40%

WestEnd

Global

Equity

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.52%

Hedged

Equity

Income

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

In

Effect

Until

October

31,

2026

US

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.20%

US

Small

Mid

Cap

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

International

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

Emerging

Markets

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.45%

WestEnd

U.S.

Sector

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.46%

WestEnd

Global

Equity

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Hedged

Equity

Income

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.55%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

65

(Unaudited)

operating

expense

limits

in

effect

at

the

time

of:

(a)

the

original

waiver

or

expense

reimbursement;

or

(b)

the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025.

For

the six

months

ended

December

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Funds

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time

and

are

reflected

on

the

Statements

of

Operations

as

Expenses

waived/reimbursed

by

Adviser.

For

the six

months ended

December

31,

2025,

the

Adviser

voluntarily

waived

the

following

amounts

(amounts

in

thousands):

Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

distributor.

6.

Risks:

The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund’s

prospectus

contains

unaudited

information

regarding

the

Fund’s

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund’s

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Amount

International

Value

Momentum

ETF

.......................................................................

$

31

Emerging

Markets

Value

Momentum

ETF

...................................................................

12

WestEnd

U.S.

Sector

ETF

...............................................................................

46

June

30,

2026

June

30,

2027

June

30,

2028

June

30,

2029

Total

US

Value

Momentum

ETF

..................................

$

19

$

38

$

31

$

13

$

101

International

Value

Momentum

ETF

...........................

—

12

14

—

26

Emerging

Markets

Value

Momentum

ETF

.......................

70

62

85

21

238

WestEnd

U.S.

Sector

ETF

...................................

56

10

3

—

69

WestEnd

Global

Equity

ETF

.................................

—

13

76

18

107

Hedged

Equity

Income

ETF

.................................

—

—

81

25

106

Amount

US

Value

Momentum

ETF

..............................................................................

$

24

International

Value

Momentum

ETF

.......................................................................

36

Emerging

Markets

Value

Momentum

ETF

...................................................................

3

0

WestEnd

U.S.

Sector

ETF

...............................................................................

83

WestEnd

Global

Equity

ETF

.............................................................................

2

Hedged

Equity

Income

ETF

.............................................................................

5

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

66

(Unaudited)

Equity

Securities

Risk

—

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company’s

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors. 

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Foreign

Securities

Risk

—

The Fund(s) invest

in

securities

of

foreign

issuers

in

various

countries.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

of

less

foreign

government

regulations,

less

public

information,

and

less

economic,

political,

and

social

stability

in

the

countries

in

which

the

Fund(s)

invest.

The

imposition

of

exchange

controls,

sanctions,

confiscations,

trade

restrictions

(including

tariffs),

and

other

government

restrictions

by

the

United

States

or

other

governments;

or

problems

in

shares

registration,

settlement,

or

custody

also

may

result

in

losses.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

the

Fund(s)

have

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

Sector Risk

— To

the

extent a

Fund

focuses in

one

or

more

sectors,

such

as

the

financials

sector

or

the

information

technology

sector,

market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund’s investments

and

could

make

the

Fund’s

performance

more

volatile.

Financials

Sector

Risk

—

Companies

in

the

financials

sector

are

subject

to

extensive

government

regulation,

which

may

limit

both

the

amounts

and

types

of

loans

and

other

financial

commitments

that

companies

in

this

sector

can

make,

and

the

interest

rates

and

fees

that

these

companies

can

charge.

Profitability

can

be

largely

dependent

on

the

availability

and

cost

of

capital

and

the

rate

of

corporate

and

consumer

debt

defaults,

and

can

fluctuate

significantly

when

interest

rates

change.

Financial

difficulties

of

borrowers

can

negatively

affect

the

financials

sector.

Insurance

companies

can

be

subject

to

severe

price

competition.

The

financials

sector

can

be

subject

to

relatively

rapid

change

as

dis-

tinctions

between

financial

service

segments

become

increasingly

blurred.

Information

Technology

Sector

Risk

—

Companies

in

the

information

technology

sector

face

intense

competition,

both

domestically

and

internationally.

These

companies

may

be

smaller

or

newer

and

may

have

limited

product

lines,

markets,

financial

resources,

or

personnel.

The

products

of

companies

in

the

information

technology

sector

may

face

product

obsolescence

due

to

rapid

technological

developments

and

frequent

new

product

introduction,

unpredictable

changes

in

growth

rates,

and

competition

for

the

services

of

qualified

personnel.

These

com-

panies

may

be

developing

or

marketing

new

products

or

services

for

which

markets

are

not

yet

established

and

may

never

become

established.

Mid-Capitalization

Stock

Risk

— Mid-sized

companies

may

be

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Geographic

Focus Risk

—

To

the

extent

the

Fund(s)

focuses

its

investments

in

issuers

located

in

a

particular

country

or

region,

the

Fund

is

subject

to

greater

risks

of

volatile

economic

cycles

and/or

conditions

and

developments

that

may

be

particular

to

that

country

or

region.

For

example,

the

Fund

may

be

subject

to

greater

risk

of

adverse

securities

markets,

exchange

rates,

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments,

or

natural

disasters.

Small-Capitalization

Stock

Risk

—

Small-sized

companies

are

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Smaller

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

Investing

in

Other

ETFs

—

ETFs,

which

generally

are

registered

investment

companies,

incur

their

own

management

and

other

fees

and

expenses,

such

as

trustees’

fees,

operating

expenses,

registration

fees,

and

marketing

expenses,

a

proportionate

share

of

which

will

be

borne

indirectly

by

the

Funds

as

a

shareholder

of

an

ETF.

As

a

result,

the

Funds’

investments

in

an

ETF

will

cause

the

Funds

to

indirectly

bear

the

fees

and

expenses

of

the

ETF

and,

in

turn,

the

Funds

performance

may

be

lower

than

if

the

Funds

were

to

invest

directly

in

the

underlying

securities

held

by

the

ETF.

In

addition,

the

Funds

bear

all

risks

of

investment

strategies

employed

by

ETFs

in

which

it

invests.

The

Funds

do

not

control

the

investments

of

these

ETFs,

which

may

have

different

investment

objectives

and

may

engage

in

investment

strategies

that

the

Funds

would

not

engage

in

directly.

ETFs

may

trade

in

the

secondary

market

(i.e.,

on

a

stock

exchange)

at

prices

below

the

value

of

their

underlying

portfolios

and

may

not

be

liquid.

An

ETF

that

is

not

actively

managed

cannot

sell

poorly

performing

stocks

or

other

assets

as

long

as

they

are

represented

in

its

index

or

other

benchmark.

ETFs

that

track

an

index

are

subject

to

tracking

error

risk

(the

risk

of

errors

in

matching

the

ETF’s

underlying

assets

to

its

index

or

other

benchmark).

Limited

History

of

Operations Risk

—

The

Fund(s) may

be fairly new

and,

therefore,

have

a

limited

history

of

operations

for

investors

to

evaluate. 

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

67

(Unaudited)

7.

Borrowing:

Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

“Line

of

Credit”

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

III

(collectively,

the

“Victory

Funds

Complex”),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10

percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

average

borrowing

for

the

days

outstanding

and

average

interest

rate

for

each

Fund

during

the

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

December

31,

2025.

8.

Federal

Income

Tax

Information:

Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund. 

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

“book/tax”

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended June

30,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

9.

Segment

Reporting:

The

Adviser’s

Management

Committee acts

as

each

Fund’s

Chief

Operating

Decision

Maker

(“CODM”).

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

Amount

Outstanding

at

December

31,

2025

Average

Borrowing*

Average

Interest

Rate*

Maximum

Borrowing

During

the

Period

Emerging

Markets

Value

Momentum

ETF

.......................

$

—

$

7,305

5.01%

$

33,600

Declared

Paid

US

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

US

Small

Mid

Cap

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

International

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Emerging

Markets

Value

Momentum

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

WestEnd

U.S.

Sector

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

WestEnd

Global

Equity

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Hedged

Equity

Income

ETF

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Short-Term

Amount

Long-Term

Amount

Total

US

Value

Momentum

ETF

...............................................

$

(57,141)

$

(6,937)

$

(64,078)

US

Small

Mid

Cap

Value

Momentum

ETF

....................................

(78,321)

—

(78,321)

International

Value

Momentum

ETF

........................................

(53,877)

—

(53,877)

Emerging

Markets

Value

Momentum

ETF

....................................

(19,046)

—

(19,046)

WestEnd

U.S.

Sector

ETF

................................................

(12,214)

(3,841)

(16,055)

WestEnd

Global

Equity

ETF

..............................................

(71)

—

(71)

Hedged

Equity

Income

ETF

..............................................

(536)

—

(536)

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

II

68

(Unaudited)

is

pre-determined

in

accordance

with

the

Fund’s

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds’

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

each

Fund’s

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

is

consistent

with

that

presented

within

each

Fund’s

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

10.

New

Accounting

Pronouncement:

On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(“ASU”)

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions. 

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes. 

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. 

Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds’

financial

statements.

11.

Subsequent

Event:

On

December

4,

2025,

the

Board,

upon

recommendation

of

the

Adviser,

approved

a

Plan

of

Liquidation

for

Hedged

Equity

Income

ETF.

On

February

4,

2026,

the

Fund

redeemed

all

of

its

outstanding

shares

at

the

net

asset

value

of

such

shares.

Supplemental

Information

December

31,

2025

Victory

Portfolios

II

69

(Unaudited)

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement (the

“Agreement”)

The

Board

approved

the

Agreement

on

behalf

of

each

of

the

Funds

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025.

The

Board

also

considered

information

relating

to

the

Funds

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025.

In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

the

Funds

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

each

Fund’s

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management’s

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser’s

costs)

with

respect

to

the

Adviser’s

relationship

with

the

Funds;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

Tracking

error,

as

applicable;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

The

Board

reviewed

each

Fund’s

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser’s

business

and

services

with

respect

to

each

Fund

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund’s

gross

management

fee

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

exchange-traded

funds

(“ETFs”)

compiled

by

the

consultant

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant’s

analyses

in

the

selection

of

each

Fund’s

peer

group,

including

the

consultant’s

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant’s

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser’s

input,

if

any.

As

in

prior

years,

in

evaluating

the

Adviser’s

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund’s

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Fund’s

management

fee

or

the

Fund’s

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

management,

administration

or

oversight

needs;

the

size

of

the

Fund’s

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

expenses.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

70

(Unaudited)

The

Board

noted

that

none

of

the

advisory

fee

arrangements

for

these

Funds

included

breakpoints,

which

would

be

a

structure

that

results

in

reduced

fees

as

a

Fund

grows.

The

Board

also

considered

the

Adviser’s

commitment

to

limit

expenses

as

discussed

in

more

detail

below.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser’s

oversight

of

the

Funds’

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

reviewed

each

Fund’s

performance

over

one-,

three-,

five-

and

ten-year

periods

(as

applicable)

against

the

performance

of

the

Fund’s

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

each

Fund

is

net

of

expenses,

while

the

performance

of

each

benchmark

index

reflects

gross

returns,

and

as

a

result,

each

Fund

will

generally

underperform

its

benchmark

index

due

to

fees

and

expenses.

The

Board

considered

that

the

passively

managed

Funds

could

be

considered

distinct

as

compared

to

the

peer

group

of

ETFs

selected

by

the

independent,

third-party

consultant.

When

a

Fund’s

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund’s

expenses

differed,

including,

for

example,

whether

the

Fund’s

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

12

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds’

performance,

and

received

a

report

each

quarter

on

the

Funds’

performance,

among

other

things,

from

the

Adviser’s

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser’s

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

VictoryShares

US

Value

Momentum

ETF:

Performance

.

Noting

that

the

Fund

commenced

operations

in

2017

and

that

performance

for

the

Fund’s

benchmark

index

was

available

only

for

the

one-year

period,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

the

one-year

period,

outperformed

the

peer

group

median

for

the

one-

and

five-year

periods,

and

matched

the

peer

group

median

for

the

three-year

period.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

second

quartile,

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF:

Performance

.

Noting

that

the

Fund

commenced

operations

in

2017

and

that

performance

for

the

Fund’s

benchmark

index

was

available

only

for

the

one-year

period,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

the

one-year

period

and

outperformed

the

peer

group

median

for

all

of

the

periods

reviewed.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

first

quartile

(least

expensive),

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

71

(Unaudited)

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

International

Value

Momentum

ETF:

Performance

.

Noting

that

the

Fund

commenced

operations

in

2017

and

that

performance

for

the

Fund’s

benchmark

index

was

available

only

for

the

one-year

period,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

the

one-year

period,

outperformed

the

peer

group

median

for

the

one-

and

three-year

periods,

and

underperformed

the

peer

group

median

for

the

five-year

period.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

first

quartile

(least

expensive),

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

Emerging

Markets

Value

Momentum

ETF:

Performance

.

Noting

that

the

Fund

commenced

operations

in

2017

and

that

performance

for

the

Fund’s

benchmark

index

was

available

only

for

the

one-year

period,

the

Board

compared

the

Fund’s

one-,

three-

and

five-year

performance

for

the

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

the

one-year

period,

matched

the

peer

group

median

for

the

one-year

period,

and

outperformed

the

peer

group

median

for

the

three-

and

five-year

periods.

The

Board

considered

the

Fund’s

tracking

error

relative

to

its

peers

as

a

factor

in

evaluating

performance,

in

addition

to

a

risk/return

summary

of

the

Fund

as

compared

to

its

peers.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

first

quartile

(least

expensive),

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

WestEnd

U.S.

Sector

ETF:

Performance

.

Noting

that

the

Fund

commenced

operations

in

2022,

the

Board

compared

the

Fund’s

one-year

performance

for

the

period

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

period

and

considered

the

fact

that

the

Fund

outperformed

both

the

benchmark

index

and

peer

group

median

for

the

period

reviewed.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

first

quartile

(least

expensive),

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

WestEnd

Global

Equity

ETF:

Performance

.

Noting

that

the

Fund

commenced

operations

in

2024

the

Board

compared

the

Fund’s

performance

for

the

one-year

period

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund’s

peer

group

and

benchmark

index

for

the

same

period

and

considered

the

fact

that

the

Fund

underperformed

both

the

peer

group

median

and

the

benchmark

index

for

the

period

reviewed.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

II

72

(Unaudited)

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

and

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

VictoryShares

Hedged

Equity

Income

ETF:

Performance

.

The

Board

noted

that

the

Fund

commenced

operations

in

July

2024

and,

as

a

result,

did

not

yet

have

one

full

year

of

performance

history

as

of

June

30,

2025.

Fees

and

Expenses

.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund’s

peer

group,

the

Fund’s

gross

management

fee

ranked

in

the

first

quartile

(least

expensive),

the

Fund’s

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund’s

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund’s

expenses

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund’s

management

fee

compared

to

comparable

ETFs;

(2)

the

Fund’s

total

expense

ratio

compared

to

comparable

ETFs;

(3)

that

the

Adviser’s

willingness

to

limit

the

expenses

for

a

period

of

time

likely

would

stabilize

the

Fund’s

expenses

during

that

period;

(4)

any

discussions

the

Board

had

with

the

Adviser

as

outlined

above;

and

(5)

the

Adviser’s

ability

to

operate

the

Fund

without

disruption

to

shareholders

until

the

date

of

liquidation.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund’s

shareholders.

Conclusion:

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i)

the

Adviser’s

services

benefitted

each

Fund’s

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

each

Fund;

(ii)

it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

each

Fund;

and

(iii)

the

Agreement,

on

behalf

of

each

Fund

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser’s

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser’s

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser’s

resources

to

the

successful

operation

of

each

Fund;

The

Adviser’s

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser’s

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

866-376-7890

VS-ETF-SAR

(12/25)

(b)  The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable. 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable. 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable. 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable. 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable. 

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable. 

Item 16. Controls and Procedures.

(a)  The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.  

(b)  There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable. 

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable. 

Item 19. Exhibits.

(a)(1)  Not applicable.

(a)(2)  Not applicable. 

(a)(3)  The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.

(a)(4)  Not Applicable  

(a)(5)  Not Applicable 

(b)  The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)            Victory Portfolios II                                                                                                                                                              

By (Signature and Title) /s/ Carol D. Trevino                                                                                                                                                                    

Carol D. Trevino, Treasurer and Principal Financial Officer

Date:      March 9, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Thomas Dusenberry                                                                                                                                                   

Thomas Dusenberry, President and Principal Executive Officer

Date:      March 9, 2026

By (Signature and Title) /s/ Carol D. Trevino                                                                                                                                                                    

Carol D. Trevino, Treasurer and Principal Financial Officer

Date:      March 9, 2026